Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. US out for Independence Day - not a lot to report; European Stocks gain, and volumes 1/3 of normal;  META to Launch "Thread", to compete with Twitter </li>
<li>JAPAN. NKY Futs -0.8% vs Cash; USDJPY 144.5; NKY -1% as JP succumbs to profit taking; Toyota to cut Solid State battery costs by 50%; Rakuten to list Securities biz</li>
<li>NUGGET.  Lawson - if management can execute on their MTP, the stock is super cheap. Potential growth, Yield, Take out play ?</li>
</ul>


OVERSEAS. US out for Independence Day - not a lot to report; European Stocks gain, and volumes 1/3 of normal;  META to Launch "Thread", to compete with Twitter 
JAPAN. NKY Futs -0.8% vs Cash; USDJPY 144.5; NKY -1% as JP succumbs to profit taking; Toyota to cut Solid State battery costs by 50%; Rakuten to list Securities biz
NUGGET.  Lawson - if management can execute on their MTP, the stock is super cheap. Potential growth, Yield, Take out play ?


Ohayo Japan| US Out - Quiet;  "Thread" To Face off Vs "Twitter"; NUGGET: Lawson - Gunning for Growth

<ul>
<li>OVERSEAS. SPX +0.4% AS Banks lead after passing Fed's stress test= PAYOUTS ! 2 Fed hikes more likely says Swaps markets; US 1Q GDP REVISED UP to 2%.</li>
<li>JAPAN. NKY Futs +0.3% vs Cash; USDJPY 144.8; End of Month/Quarter; Flat NKY Today = +18.5% QTD..best Quarter in a Decade !  Big Japan AGM Week -Biz leaders get heat.</li>
<li>NUGGET. Kandenko(1942) set to benefit from the massive drive to decarbonize by  key client TEPCO.  Co is still trading below book, is net cash, with earnings set to grow !</li>
</ul>


OVERSEAS. SPX +0.4% AS Banks lead after passing Fed's stress test= PAYOUTS ! 2 Fed hikes more likely says Swaps markets; US 1Q GDP REVISED UP to 2%.
JAPAN. NKY Futs +0.3% vs Cash; USDJPY 144.8; End of Month/Quarter; Flat NKY Today = +18.5% QTD..best Quarter in a Decade !  Big Japan AGM Week -Biz leaders get heat.
NUGGET. Kandenko(1942) set to benefit from the massive drive to decarbonize by  key client TEPCO.  Co is still trading below book, is net cash, with earnings set to grow !


Ohayo Japan |NUGGET: Tepco ¥9 Trillion on Decarbonization - Boon for KANDENDO

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Active Emerging Market funds in the Aggressive Growth style group raise out-of-benchmark exposure in Japanese stocks to record levels.</li>
<li>Nearly a fifth of funds are now invested, with <a href="https://www.smartkarma.com/entities/unicharm-corp" target="_blank" data-smartkarma-citation="entities:6246:1" rel="noopener">Unicharm Corp (8113 JP)</a> and <a href="https://www.smartkarma.com/entities/hoya-corp" target="_blank" data-smartkarma-citation="entities:8990:1" rel="noopener">Hoya Corp (7741 JP)</a> the key stock holdings.</li>
<li>Japan is the 9th largest country overweight among Aggressive Growth EM funds, underscoring the commitment of active managers in identifying Emerging Market opportunities beyond conventional indices.</li>
</ul>


Active Emerging Market funds in the Aggressive Growth style group raise out-of-benchmark exposure in Japanese stocks to record levels.
Nearly a fifth of funds are now invested, with Unicharm Corp (8113 JP) and Hoya Corp (7741 JP) the key stock holdings.
Japan is the 9th largest country overweight among Aggressive Growth EM funds, underscoring the commitment of active managers in identifying Emerging Market opportunities beyond conventional indices.


EM Growth Funds Raise Out-Of-Benchmark Exposure to Japan

<ul>
<li>OVERSEAS.  EUR STOXX600 -1% as hikes, recession fears, overbought markets sap risk;  US-China Tensions Eases after Blinken China Trip; Ford Chairman Says US still can't Compete with China on EVs</li>
<li>JAPAN. NKY Futs -0.2% vs Cash; Japan likely starts on backfoot US out and European Sell off;  Interest in investing in Japan spreading to start-ups; Uniqlo headwinds-China, China</li>
<li>NUGGET. Nikkei reported that Japanese Retail (Mrs Watanabe) fx traders turned momentum in FX; Watch for when that happens in Equities...</li>
</ul>


OVERSEAS.  EUR STOXX600 -1% as hikes, recession fears, overbought markets sap risk;  US-China Tensions Eases after Blinken China Trip; Ford Chairman Says US still can't Compete with China on EVs
JAPAN. NKY Futs -0.2% vs Cash; Japan likely starts on backfoot US out and European Sell off;  Interest in investing in Japan spreading to start-ups; Uniqlo headwinds-China, China
NUGGET. Nikkei reported that Japanese Retail (Mrs Watanabe) fx traders turned momentum in FX; Watch for when that happens in Equities...


Ohayo Japan| Europe Sells Off; NUGGET: Mrs Watanabe-Now Momentum FX; Watch for Retail Equity Shift

<ul>
<li>OVERSEAS.  Hawkish Fed Pause is Powell telegraphs +50bps hikes this year; SPX flat with most Sectors in the Red; PPI comfort as shows inflation declining; NVIDIA on the roll Again</li>
<li>JAPAN. NKY Futs +0.3% vs Cash;  Positive earning revisions driving NKY;  Investors Cheer Toyotas revamped EV strategy + votes back in board; Oasis tgts Tsuruha board; Slow Uniqlo China momentum</li>
<li>NUGGET. The Japan Renewables(+Nuclear) Opportunity. Japan is lagging in it's Renewables ramp. The government's 2030 GHG reduction commitment presents signifcant opportunities.</li>
</ul>


OVERSEAS.  Hawkish Fed Pause is Powell telegraphs +50bps hikes this year; SPX flat with most Sectors in the Red; PPI comfort as shows inflation declining; NVIDIA on the roll Again
JAPAN. NKY Futs +0.3% vs Cash;  Positive earning revisions driving NKY;  Investors Cheer Toyotas revamped EV strategy + votes back in board; Oasis tgts Tsuruha board; Slow Uniqlo China momentum
NUGGET. The Japan Renewables(+Nuclear) Opportunity. Japan is lagging in it's Renewables ramp. The government's 2030 GHG reduction commitment presents signifcant opportunities.


Ohayo Japan |Hawkish Fed Pause; SPX Falters; NUGGET: The Japan Renewables(+Nuclear) Opportunity

Japan

FAST RETAILING CO., LTD. operates a chain of clothing stores, UNIQLO, throughout Japan and in other markets overseas including UK, China, Hong Kong, South Korea, US, France, Singapore and Russia.  The Company designs, manufactures, and retails its own line of casual clothing.

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Fast Retailing (9983 JP)

Ohayo Japan| US Out - Quiet; "Thread" To Face off Vs "Twitter"; NUGGET: Lawson - Gunning for Growth

US out for 4th of July - Global markets quiet; NKY Futs -0.8% vs Cash; NKY -1% as JP succumbs to profit taking; Toyota to cut Solid State battery...

Mark Chadwick

Ohayo Japan |NUGGET: Tepco ¥9 Trillion on Decarbonization - Boon for KANDENDO

SPX up lead by Banks; NKY Futs +0.3% vs Cash; USDJPY 144.8; End of Month/Quarter; Flat NKY Today = +18.5% QTD..best Quarter in a Decade ! Big...

Mark Chadwick

EM Growth Funds Raise Out-Of-Benchmark Exposure to Japan

Japan is the 9th largest country overweight among Aggressive Growth EM funds, underscoring the commitment of active managers in identifying...

Steven Holden

Ohayo Japan| Europe Sells Off; NUGGET: Mrs Watanabe-Now Momentum FX; Watch for Retail Equity Shift

Europe DOWN; US out; NKY Futs -0.2% vs Cash; Japan likely starts on backfoot US out and European Sell off; Interest in investing in Japan...

Mark Chadwick

Ohayo Japan |Hawkish Fed Pause; SPX Falters; NUGGET: The Japan Renewables(+Nuclear) Opportunity

Hawkish Fed Pause; Stocks falter; NKY Futs +0.3% vs Cash; Investors Cheer Toyotas revamped EV strategy;votes back in board; Tsuruha in Oasis's...

Mark Chadwick

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