Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Equity Bottom-Up

Isetan Mitsukoshi Holdings Ltd / Equity Bottom-Up

<ul>
<li>Department stores had a terrific year in FY2024, especially some of the more iconic stores like Isetan Shinjuku and Hankyu Umeda. </li>
<li>Declining custom from tourists is beginning to be a worry but the emphasis on capturing data on core local customers has, and will, pay big dividends for the best stores.</li>
<li>The rest of the sector however, will continue to contract but the polarisation will help highlight the luxury positioning of the best stores.</li>
</ul>


Department stores had a terrific year in FY2024, especially some of the more iconic stores like Isetan Shinjuku and Hankyu Umeda. 
Declining custom from tourists is beginning to be a worry but the emphasis on capturing data on core local customers has, and will, pay big dividends for the best stores.
The rest of the sector however, will continue to contract but the polarisation will help highlight the luxury positioning of the best stores.


Isetan Shinjuku Takes 24% of Tokyo Market but Worries for Future

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>JPX-Nikkei 400 Index consists of stocks listed on the Tokyo Stock Exchange. The index has a complex selection methodology that considers size, fundamentals, and governance factors.</li>
<li>The annual index review takes place in August every year. The base date for the August 2026 review is one month away.</li>
<li>Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance scheduled for August 2026 based on trading data as of end of May 2026.</li>
</ul>


JPX-Nikkei 400 Index consists of stocks listed on the Tokyo Stock Exchange. The index has a complex selection methodology that considers size, fundamentals, and governance factors.
The annual index review takes place in August every year. The base date for the August 2026 review is one month away.
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance scheduled for August 2026 based on trading data as of end of May 2026.


Quiddity JPX-Nikkei 400 Rebal 2026: End-May 2026 Ranks

Thematic (Sector/Industry)

<ul>
<li>Record tourism in Japan is feeding the coffers of hotels, holiday lets and restaurants but retailers are benefiting less because Chinese make up a declining proportion. </li>
<li>This is a huge problem because Chinese spend more than double other nations on shopping despite spending fewer days there on holiday.</li>
<li>With the Chinese government recommending its citizens stay away from Japan, the outlook for duty-free shopping is not as rosy as it could be.</li>
</ul>


Record tourism in Japan is feeding the coffers of hotels, holiday lets and restaurants but retailers are benefiting less because Chinese make up a declining proportion. 
This is a huge problem because Chinese spend more than double other nations on shopping despite spending fewer days there on holiday.
With the Chinese government recommending its citizens stay away from Japan, the outlook for duty-free shopping is not as rosy as it could be.


Record Tourism Not Boosting Japanese Retailers as Chinese Stay Away

Japan Specialist

Mark Chadwick

<ul>
<li>
 Election victory solidifies reflationary agenda: Polls project decisive 300+ seat supermajority for Takaichi's coalition, enabling aggressive fiscal expansion. Equities trade near records; exporters and industrial policy beneficiaries poised to gain.</li>
<li>
 Power generation emerges as critical bottleneck: AI capex cycles constrained by grid capacity, not capital. Record order intake from infrastructure players signals urgent demand for electrification.</li>
<li>
 Global software rout spares few in Japan: Software stocks have plummeted 15%+ globally, with Japanese names also hit hard. This divergence underscores importance of diversified sector selection as AI matures.</li>
</ul>



 Election victory solidifies reflationary agenda: Polls project decisive 300+ seat supermajority for Takaichi's coalition, enabling aggressive fiscal expansion. Equities trade near records; exporters and industrial policy beneficiaries poised to gain.

 Power generation emerges as critical bottleneck: AI capex cycles constrained by grid capacity, not capital. Record order intake from infrastructure players signals urgent demand for electrification.

 Global software rout spares few in Japan: Software stocks have plummeted 15%+ globally, with Japanese names also hit hard. This divergence underscores importance of diversified sector selection as AI matures.


Japan Strategy Weekly | Takaichi's Landslide Mandate Arrives

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Tension between China and Japan look set to rise further with talks failing to ease frictions.</li>
<li>Travel names remain vulnerable despite Govt. run tour groups having less clout than they used to.</li>
<li>Medtech may do better on defensive bid and Medtronic, but Sysmex continues to slide.</li>
</ul>


Tension between China and Japan look set to rise further with talks failing to ease frictions.
Travel names remain vulnerable despite Govt. run tour groups having less clout than they used to.
Medtech may do better on defensive bid and Medtronic, but Sysmex continues to slide.


Japan Morning Connection: More AI and Tech Pain Ahead of NVDA Tomorrow

Japan

Isetan Mitsukoshi Holdings Ltd. is a holding company established through a merger of Mitsukoshi and Isetan. The group operates department stores nationwide, selling clothing, foods, household goods, cosmetics and general merchandise.

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Isetan Mitsukoshi Holdings Ltd (3099 JP)

Isetan Shinjuku Takes 24% of Tokyo Market but Worries for Future

Isetan-Mitsukoshi had a strong year in FY2024 thanks to tourists spending in its main stores but now that the latter have curtailed spending, the...

Michael Causton

Quiddity JPX-Nikkei 400 Rebal 2026: End-May 2026 Ranks

In total, there are 53 Potential ADDs and 47 Potential DELs (unique names) presented in the current Quiddity Leaderboard. The base date is 30th...

Janaghan Jeyakumar, CFA

Record Tourism Not Boosting Japanese Retailers as Chinese Stay Away

Record tourism in Japan is boosting services, but retailers are suffering as Chinese tourists, who spend the most on shopping, are declining due...

Michael Causton

Japan Strategy Weekly | Takaichi's Landslide Mandate Arrives

Election victory boosts reflationary agenda; power generation bottleneck hinders AI capex; global software rout hits Japanese stocks hard.

Mark Chadwick

Japan Morning Connection: More AI and Tech Pain Ahead of NVDA Tomorrow

Some big moves down for SPE and AI related. Diplomatic tensions continue between Japan and China. JP Medtech names may get a lift from Medtronic's...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Isetan Shinjuku Takes 24% of Tokyo Market but Worries for Future

Isetan-Mitsukoshi had a strong year in FY2024 thanks to tourists spending in its main stores but now that the latter have curtailed spending, the...

Michael Causton

Quiddity JPX-Nikkei 400 Rebal 2026: End-May 2026 Ranks

In total, there are 53 Potential ADDs and 47 Potential DELs (unique names) presented in the current Quiddity Leaderboard. The base date is 30th...

Janaghan Jeyakumar, CFA

Record Tourism Not Boosting Japanese Retailers as Chinese Stay Away

​Record tourism in Japan is boosting services, but retailers are suffering as Chinese tourists, who spend the most on shopping, are declining due...

Michael Causton

Japan Strategy Weekly | Takaichi's Landslide Mandate Arrives

​Election victory boosts reflationary agenda; power generation bottleneck hinders AI capex; global software rout hits Japanese stocks hard.

Mark Chadwick

Japan Morning Connection: More AI and Tech Pain Ahead of NVDA Tomorrow

Some big moves down for SPE and AI related. Diplomatic tensions continue between Japan and China. JP Medtech names may get a lift from Medtronic's...

Andrew Jackson

Record tourism in Japan is boosting services, but retailers are suffering as Chinese tourists, who spend the most on shopping, are declining due...

Election victory boosts reflationary agenda; power generation bottleneck hinders AI capex; global software rout hits Japanese stocks hard.