Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS.  SPX Gains (barely) after a brutal week; Durable Goods Ex-Transport point to economic resilience;  Beta/Growth&gt; Value as Cyclicals rebound; JPM Quant Sees $50bn Selling if SPX breeches 3940</li>
<li>JAPAN. NKY Futs +0.4% vs Cash; USDJPY 136.2; BOJ Gov Designate Ueda says no change to Easing for now; Japan Post Massive X-Share $9bn sale of Sub shares; Auto Upgrades</li>
<li>NUGGETS NUGGET. Nidec's E-Axle Future may rest with the Europeans, not the Chinese !</li>
</ul>


OVERSEAS.  SPX Gains (barely) after a brutal week; Durable Goods Ex-Transport point to economic resilience;  Beta/Growth&gt; Value as Cyclicals rebound; JPM Quant Sees $50bn Selling if SPX breeches 3940
JAPAN. NKY Futs +0.4% vs Cash; USDJPY 136.2; BOJ Gov Designate Ueda says no change to Easing for now; Japan Post Massive X-Share $9bn sale of Sub shares; Auto Upgrades
NUGGETS NUGGET. Nidec's E-Axle Future may rest with the Europeans, not the Chinese !


Good Morning Japan |SPX Holds After Brutal Week; Solid Durable Goods; Japan Post $9bn X-Share Unwind

<ul>
<li>OVERSEAS.  SPX -2% overnight to close below key 4090 suport;  Bonds sell off, USD Bid as cyclicals hit on sticky inflation view; Walmart, Home Depot downbeat outlook hits Sentiment </li>
<li>JAPAN. NKY Futs -0.8% vs Cash; USDJPY weakens to 135; Inflation here too as JGB 10Y breaches 0.5%;  Toyota EV Move;  Japan Condo px-es hit records; Bullish Machinery Sector Upgrades</li>
<li>DAILY NUGGET. Toyota EV shift has started. Rather than Toyota, watch the supply chain - Denso in particular stands to benefit.</li>
</ul>


OVERSEAS.  SPX -2% overnight to close below key 4090 suport;  Bonds sell off, USD Bid as cyclicals hit on sticky inflation view; Walmart, Home Depot downbeat outlook hits Sentiment 
JAPAN. NKY Futs -0.8% vs Cash; USDJPY weakens to 135; Inflation here too as JGB 10Y breaches 0.5%;  Toyota EV Move;  Japan Condo px-es hit records; Bullish Machinery Sector Upgrades
DAILY NUGGET. Toyota EV shift has started. Rather than Toyota, watch the supply chain - Denso in particular stands to benefit.


Good Morning Japan | SPX Plunges Below Key 4000 on Inflation Fears; Toyota EV Shift Begins NOW

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 analysed the earning revision of component stocks of MS-Japan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Recruit, Japan Exchange, Panasonic, Idemitsu Kosan, Mitsubishi UFJ Financial, Nippon Steel, Kioxia.</li>
</ul>


We analysed the earning revision of component stocks of MS-Japan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Recruit, Japan Exchange, Panasonic, Idemitsu Kosan, Mitsubishi UFJ Financial, Nippon Steel, Kioxia.


MS-Japan Index Earning Revision (Jul): Recruit, Japan Exchange, Panasonic, Idemitsu Kosan, Kioxia

<ul>
<li>Yen weakness and stronger macro data propels Japanese stocks to two month high</li>
<li>Two themes to keep an eye on: Nuclear restarts and share buybacks</li>
<li>The IMF believes that Japan needs to embrace digitalisation to spur productivity and growth</li>
</ul>


Yen weakness and stronger macro data propels Japanese stocks to two month high
Two themes to keep an eye on: Nuclear restarts and share buybacks
The IMF believes that Japan needs to embrace digitalisation to spur productivity and growth


Japan Weekly: Nikkei Hits a Two Month High

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. 

<ul>
<li>Amazon Japan continues to lead in online merchandise sales, with GTVs rising faster than Rakuten in 2021 and far ahead of Z Holdings. </li>
<li>Nevertheless both the domestic incumbents are fighting hard to overcome their weaknesses and use their strengths in mobile networks, loyalty points and cashless payments to win share.</li>
<li>Rakuten is also now making it possible to consolidate orders from multiple merchants and plans to open this service to any online merchant – a game changer for online platforms. </li>
</ul>


Amazon Japan continues to lead in online merchandise sales, with GTVs rising faster than Rakuten in 2021 and far ahead of Z Holdings. 
Nevertheless both the domestic incumbents are fighting hard to overcome their weaknesses and use their strengths in mobile networks, loyalty points and cashless payments to win share.
Rakuten is also now making it possible to consolidate orders from multiple merchants and plans to open this service to any online merchant – a game changer for online platforms. 


Japan E-Commerce Wars Intensify Among the Big 3 Online Platforms

Japan

Japan Post Holdings Co. Ltd. operates post stations, banks, and insurance business. The Company offers letters and goods transportation services, stamp sales, deposits, loans, and insurance products.

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Japan Post Holdings (6178 JP)

Good Morning Japan | SPX Plunges Below Key 4000 on Inflation Fears; Toyota EV Shift Begins NOW

US back with a inflation fear driven equity sell off; USDJPY weakens to 135; JGB 10Y breaches 0.5% as BOJ gets tested; Toyota EV Move; JP Condo...

Mark Chadwick

MS-Japan Index Earning Revision (Jul): Recruit, Japan Exchange, Panasonic, Idemitsu Kosan, Kioxia

We analyzed MS-Japan's consensus for Jul 2026 and highlighted changes of EPS in Recruit, Japan Exchange, Panasonic, Idemitsu Kosan, Mitsubishi UFJ...

Ke Yan, CFA, FRM

Japan Weekly: Nikkei Hits a Two Month High

Japanese stocks rose to a two year high on the back of stronger economic data and weakness in the JPY. We highlight nuclear restarts and share...

Mark Chadwick

Japan E-Commerce Wars Intensify Among the Big 3 Online Platforms

The intensity of competition between the big 3 in e-commerce (Amazon, Rakuten, Z Holdings) means that all are investing heavily. Amazon leads but...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Good Morning Japan |SPX Holds After Brutal Week; Solid Durable Goods; Japan Post $9bn X-Share Unwind

US stocks hold on to gains after last week's sell off; In Japan, BOJ Gov Designate Ueda says no change to Easing for now; Japan Post Massive X...

Mark Chadwick

Good Morning Japan | SPX Plunges Below Key 4000 on Inflation Fears; Toyota EV Shift Begins NOW

US back with a inflation fear driven equity sell off; USDJPY weakens to 135; JGB 10Y breaches 0.5% as BOJ gets tested; Toyota EV Move; JP Condo...

Mark Chadwick

MS-Japan Index Earning Revision (Jul): Recruit, Japan Exchange, Panasonic, Idemitsu Kosan, Kioxia

We analyzed MS-Japan's consensus for Jul 2026 and highlighted changes of EPS in Recruit, Japan Exchange, Panasonic, Idemitsu Kosan, Mitsubishi UFJ...

Ke Yan, CFA, FRM

Japan Weekly: Nikkei Hits a Two Month High

Japanese stocks rose to a two year high on the back of stronger economic data and weakness in the JPY. We highlight nuclear restarts and share...

Mark Chadwick

Japan E-Commerce Wars Intensify Among the Big 3 Online Platforms

The intensity of competition between the big 3 in e-commerce (Amazon, Rakuten, Z Holdings) means that all are investing heavily. Amazon leads but...

Michael Causton