Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>NVDA investing further in Coreweave may raise circular investment argument again.</li>
<li>Samsung beats out Micron on news that it is set to supply HBM4 to Nvidia.</li>
<li>Fanuc guidance missed, but orders and enquiries for its 'physical AI' cobot surges.</li>
</ul>


NVDA investing further in Coreweave may raise circular investment argument again.
Samsung beats out Micron on news that it is set to supply HBM4 to Nvidia.
Fanuc guidance missed, but orders and enquiries for its 'physical AI' cobot surges.


Japan Morning Connection: Intel Continues to Fall Despite Apple Looking to Use Its 14A Process

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

ASE Technology Holding   / Technical Analysis

<ul>
<li>We will stay near-term bullish as long as crucial support levels of 6824 on SPX (up from 6480-6520) and $141.50 on ACWI-US (up from $134-135.70) continue to hold.</li>
<li>Signs of impending upside are evident with the ACWI-US and all the other MSCI global indexes (MSCI EAFE, ACWI ex-US, EM) breaking out (more on that below).</li>
<li>Our intermediate-term bullish outlook has been in place since our 5/14/25 Compass. Actionable themes include Technology and Industrials, focused in EM, Europe, and Japan.</li>
</ul>


We will stay near-term bullish as long as crucial support levels of 6824 on SPX (up from 6480-6520) and $141.50 on ACWI-US (up from $134-135.70) continue to hold.
Signs of impending upside are evident with the ACWI-US and all the other MSCI global indexes (MSCI EAFE, ACWI ex-US, EM) breaking out (more on that below).
Our intermediate-term bullish outlook has been in place since our 5/14/25 Compass. Actionable themes include Technology and Industrials, focused in EM, Europe, and Japan.


Breakouts Galore in All MSCI Global Indexes; Bullish Outlook Intact

Japan Specialist

Mark Chadwick

<ul>
<li>Stocks advanced on Wednesday as a sharp 32,000 drop in ADP private payrolls reinforced expectations that the Federal Reserve will cut rates next week</li>
<li>JFE Holdings (5411 JP) will invest ¥270bn for a 50% stake in Bhushan Power &amp; Steel, targeting expansion to 10mtpa by 2030 through tech transfer and ore access.</li>
<li>Fanuc (6954 JP) is shifting toward open, AI-enabled automation through ROS 2 integration and expanded Nvidia partnerships, enhancing interoperability and positioning the company to capture long-term smart-factory growth.</li>
</ul>


Stocks advanced on Wednesday as a sharp 32,000 drop in ADP private payrolls reinforced expectations that the Federal Reserve will cut rates next week
JFE Holdings (5411 JP) will invest ¥270bn for a 50% stake in Bhushan Power &amp; Steel, targeting expansion to 10mtpa by 2030 through tech transfer and ore access.
Fanuc (6954 JP) is shifting toward open, AI-enabled automation through ROS 2 integration and expanded Nvidia partnerships, enhancing interoperability and positioning the company to capture long-term smart-factory growth.


Ohayo Japan | Payroll Drop Drives Fed-Cut Bets as Financials Rally and AI Stocks Lag

<ul>
<li>Strong numbers for Credo after-hours sets a better tone for connectivity related plays.</li>
<li>FA plays may be back in focus on news Yaskawa and Softbank as well as Fanuc and NVDA announce AI focused tie-ups.</li>
<li>Expect a weakish start in Japan but tech weakness yesterday may soften blow.</li>
</ul>


Strong numbers for Credo after-hours sets a better tone for connectivity related plays.
FA plays may be back in focus on news Yaskawa and Softbank as well as Fanuc and NVDA announce AI focused tie-ups.
Expect a weakish start in Japan but tech weakness yesterday may soften blow.


Japan Morning Connection: Crypto Selloff Spooks Risk Assets Although Most Recover in the PM

<ul>
<li>MS downgrades PC makers on risk high memory prices eat into margins.</li>
<li>China angst against Takaichi TW comments will cause JP rails, hotels etc. to fall further.</li>
<li>Advantest CEO meeting yesterday unlikely enough to appease investor demands after huge run.</li>
</ul>


MS downgrades PC makers on risk high memory prices eat into margins.
China angst against Takaichi TW comments will cause JP rails, hotels etc. to fall further.
Advantest CEO meeting yesterday unlikely enough to appease investor demands after huge run.


Japan Morning Connection: Tech Skittish Ahead of NVDA but Memory Continues to Run

Japan

FANUC CORPORATION manufactures factory automation (FA) systems and equipments, and robots. The Company's products include computerized numerically-controlled (CNC) equipment, servo motors, laser systems, industrial robots, wire-cut electric discharge machines, and CNC drill.  Fanuc participates in a joint venture with General Electric in the FA field.

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Fanuc Corp (6954 JP)

Japan Morning Connection: Intel Continues to Fall Despite Apple Looking to Use Its 14A Process

Intel taking its 2-day drop to -22.75% after its earnings missed last week despite a report overnight that Apple will start using Intel’s 14A...

Andrew Jackson

Breakouts Galore in All MSCI Global Indexes; Bullish Outlook Intact

Breakouts Galore in All MSCI Global Indexes (MSCI $ACWI $ACWX $EFA and $EEM) and tons of countries; Bullish Outlook Intact; Remain Overweight...

Vermilion Research

Ohayo Japan | Payroll Drop Drives Fed-Cut Bets as Financials Rally and AI Stocks Lag

Stocks rise on expectations of Fed rate cut after sharp drop in ADP private payrolls; JFE Holdings invests in Bhushan Power & Steel; Fanuc...

Mark Chadwick

Japan Morning Connection: Crypto Selloff Spooks Risk Assets Although Most Recover in the PM

Some rotation into defensive sectors in response to crypto weakness. AI connectivity name Credo is surging post-mkt, setting a better mood for JP...

Andrew Jackson

Japan Morning Connection: Tech Skittish Ahead of NVDA but Memory Continues to Run

JP SPE rebound momentum likely to drop out following the shaky lead overnight. JR rails and hotel names may trade down following tensions with...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Intel Continues to Fall Despite Apple Looking to Use Its 14A Process

Intel taking its 2-day drop to -22.75% after its earnings missed last week despite a report overnight that Apple will start using Intel’s 14A...

Andrew Jackson

Breakouts Galore in All MSCI Global Indexes; Bullish Outlook Intact

Breakouts Galore in All MSCI Global Indexes (MSCI $ACWI $ACWX $EFA and $EEM) and tons of countries; Bullish Outlook Intact; Remain Overweight...

Vermilion Research

Ohayo Japan | Payroll Drop Drives Fed-Cut Bets as Financials Rally and AI Stocks Lag

​Stocks rise on expectations of Fed rate cut after sharp drop in ADP private payrolls; JFE Holdings invests in Bhushan Power & Steel; Fanuc...

Mark Chadwick

Japan Morning Connection: Crypto Selloff Spooks Risk Assets Although Most Recover in the PM

Some rotation into defensive sectors in response to crypto weakness. AI connectivity name Credo is surging post-mkt, setting a better mood for JP...

Andrew Jackson

Japan Morning Connection: Tech Skittish Ahead of NVDA but Memory Continues to Run

JP SPE rebound momentum likely to drop out following the shaky lead overnight. JR rails and hotel names may trade down following tensions with...

Andrew Jackson

Stocks rise on expectations of Fed rate cut after sharp drop in ADP private payrolls; JFE Holdings invests in Bhushan Power & Steel; Fanuc...