Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>
 Good Morning Japan:  We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP ABREAST.
</li>
<li>OVERSEAS: STRONG Jobs numbers- dent in Fed pivot narrative; BUT Nov Manuf PMI supportive w/Contraction; SPX -0.1%, intraday-Lower left upper right day; Big airplane UAL order for BA. </li>
<li>JAPAN: Focus: WCup. JP vs Croatia tonight;  USDJPY 134 handle; Energy security: Govt wants LNG reserves+New plants; Weak Nov retail numbers; Retailer Nojima blazing the trail with +6% wage hike</li>
</ul>



 Good Morning Japan:  We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP ABREAST.

OVERSEAS: STRONG Jobs numbers- dent in Fed pivot narrative; BUT Nov Manuf PMI supportive w/Contraction; SPX -0.1%, intraday-Lower left upper right day; Big airplane UAL order for BA. 
JAPAN: Focus: WCup. JP vs Croatia tonight;  USDJPY 134 handle; Energy security: Govt wants LNG reserves+New plants; Weak Nov retail numbers; Retailer Nojima blazing the trail with +6% wage hike


Good Morning Japan | Fed Raised Hopes-Dashed by Jobs but PMI Supportive

<ul>
<li>The Nikkei was down -3.4% over the past week (-4.3% YTD); the yen was flat at ¥142/$ (-24.1% YTD)</li>
<li>Shares of travel and tourism related companies advanced on hopes for a rebound in inbound tourism as Japan aims to ease travel restrictions in October</li>
<li>Shares of IHI slumped 9% in the week. We are interested in the energy segment that is geared to nuclear re-starts and longer-term, ammonia. </li>
</ul>


The Nikkei was down -3.4% over the past week (-4.3% YTD); the yen was flat at ¥142/$ (-24.1% YTD)
Shares of travel and tourism related companies advanced on hopes for a rebound in inbound tourism as Japan aims to ease travel restrictions in October
Shares of IHI slumped 9% in the week. We are interested in the energy segment that is geared to nuclear re-starts and longer-term, ammonia. 


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

<ul>
<li>The bear market rally that we were on watch for started last week, confirmed by the bullish reversals on the DAX, Hang Seng, MSCI China (MCHI-US), and China Internet (KWEB-US).</li>
<li>Is this just another bear market rally, or will indexes are able to make a higher low and start a new bull market? Either way, it's a start.</li>
<li>We highlight attractive stocks from a bottoms-up perspective, spanning several Sectors. Over half hail from Japan, where the TOPIX Small index is reversing its downtrend.</li>
</ul>


The bear market rally that we were on watch for started last week, confirmed by the bullish reversals on the DAX, Hang Seng, MSCI China (MCHI-US), and China Internet (KWEB-US).
Is this just another bear market rally, or will indexes are able to make a higher low and start a new bull market? Either way, it's a start.
We highlight attractive stocks from a bottoms-up perspective, spanning several Sectors. Over half hail from Japan, where the TOPIX Small index is reversing its downtrend.


Cautiously Optimistic Following Downtrend Reversals; Japan Continues to Lead; Bottoms-Up Stock Rec's

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jul 17th. The aggregated net margin trading position is USD28,293m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, SoftBank, Yaskawa Electric, Taiyo Yuden, Tokyo Electron, Mizuho Financial, Mitsubishi UFJ Financial, Advantest, Nintendo, Sumco.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jul 17th. The aggregated net margin trading position is USD28,293m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, SoftBank, Yaskawa Electric, Taiyo Yuden, Tokyo Electron, Mizuho Financial, Mitsubishi UFJ Financial, Advantest, Nintendo, Sumco.


JPX Margin Trading Weekly (Jul 17th): Kioxia, SoftBank, Yaskawa Electric, Taiyo Yuden, Advantest

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

Kawasaki Heavy Industries / Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kawasaki-heavy-industries" target="_blank" data-smartkarma-citation="entities:8790:1" rel="noopener">Kawasaki Heavy Industries (7012 JP)</a> cash flow remains highly constrained, failing to comfortably cover the group's legacy debt obligations. </li>
<li>The stock price dropped down to JPY 2,690 (July 14) and it is currently consolidating around JPY 2,725 as of mid-July 2026, breaking below its 200-day moving average.</li>
<li>The stock's sell-off appears tactically exhausted according to our model, a rebound rally from here could reach the 3000 price zone in 2-3 weeks.
</li>
</ul>



Kawasaki Heavy Industries (7012 JP) cash flow remains highly constrained, failing to comfortably cover the group's legacy debt obligations. 
The stock price dropped down to JPY 2,690 (July 14) and it is currently consolidating around JPY 2,725 as of mid-July 2026, breaking below its 200-day moving average.
The stock's sell-off appears tactically exhausted according to our model, a rebound rally from here could reach the 3000 price zone in 2-3 weeks.



Kawasaki Heavy Ind (7012)Tactical Outlook: Exhausted Sell-Off, Possible Rally to 3K

Japan

IHI Corporation manufactures heavy machinery. The Company produces aircraft jet engines, rocket propulsion systems, and ships for military and commercial use. Ishikawajima-Harima also constructs petroleum refineries and nuclear power plants.

Price Gauge
52-week Range	0.00 - 0.00
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IHI Corp (7013 JP)

Good Morning Japan | Fed Raised Hopes-Dashed by Jobs but PMI Supportive

Good Morning Japan: We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP...

Mark Chadwick

Japan Weekly | JR East, Matsukiyo, IHI

Stocks in Japan are benefiting from continued expectations for a loosening of inbound tourist restrictions. Meanwhile, the drop in IHI could be an...

Mark Chadwick

Cautiously Optimistic Following Downtrend Reversals; Japan Continues to Lead; Bottoms-Up Stock Rec's

The bear market rally that we were on watch for started last week, confirmed by the bullish reversals on the DAX, Hang Seng, MSCI China $MCHI, and...

Vermilion Research

JPX Margin Trading Weekly (Jul 17th): Kioxia, SoftBank, Yaskawa Electric, Taiyo Yuden, Advantest

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), SoftBank (9984 JP), Yaskawa Electric (6506 JP),...

Ke Yan, CFA, FRM

Kawasaki Heavy Ind (7012)Tactical Outlook: Exhausted Sell-Off, Possible Rally to 3K

Kawasaki Heavy Industries (7012 JP) has been in a downtrend for months. The recent sell-off seems nearly exhausted. The rebound rally may reach...

Nico Rosti

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Good Morning Japan | Fed Raised Hopes-Dashed by Jobs but PMI Supportive

Good Morning Japan: We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP...

Mark Chadwick

Japan Weekly | JR East, Matsukiyo, IHI

Stocks in Japan are benefiting from continued expectations for a loosening of inbound tourist restrictions. Meanwhile, the drop in IHI could be an...

Mark Chadwick

Cautiously Optimistic Following Downtrend Reversals; Japan Continues to Lead; Bottoms-Up Stock Rec's

The bear market rally that we were on watch for started last week, confirmed by the bullish reversals on the DAX, Hang Seng, MSCI China $MCHI, and...

Vermilion Research

JPX Margin Trading Weekly (Jul 17th): Kioxia, SoftBank, Yaskawa Electric, Taiyo Yuden, Advantest

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), SoftBank (9984 JP), Yaskawa Electric (6506 JP),...

Ke Yan, CFA, FRM

Kawasaki Heavy Ind (7012)Tactical Outlook: Exhausted Sell-Off, Possible Rally to 3K

​Kawasaki Heavy Industries (7012 JP) has been in a downtrend for months. The recent sell-off seems nearly exhausted. The rebound rally may reach...

Nico Rosti

Kawasaki Heavy Industries (7012 JP) has been in a downtrend for months. The recent sell-off seems nearly exhausted. The rebound rally may reach...