Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS.  SPX -0.5% with most Sector in the Red; Residential Construction STRONG; China Rate Cut disappoints; TESLA +5.3% bags Rivian for Charging Network.</li>
<li>JAPAN. NKY Futs -0.9% vs Cash; Blackrock's Fink say Japan benefitting from China Flight; Labor market loosing as JP workers shying away from liftime employment; Yamato HD exits mail delivery</li>
<li>NUGGET. Nintendo(7974) - Doing a Disney..using its IP…Now Mario out, Rumour are "Legend of Zelda" Movie in the works.. </li>
</ul>


OVERSEAS.  SPX -0.5% with most Sector in the Red; Residential Construction STRONG; China Rate Cut disappoints; TESLA +5.3% bags Rivian for Charging Network.
JAPAN. NKY Futs -0.9% vs Cash; Blackrock's Fink say Japan benefitting from China Flight; Labor market loosing as JP workers shying away from liftime employment; Yamato HD exits mail delivery
NUGGET. Nintendo(7974) - Doing a Disney..using its IP…Now Mario out, Rumour are "Legend of Zelda" Movie in the works.. 


Ohayo Japan| US Back to an Equity Sell Off; NUGGET: Nintendo(7974) - Set to Track Disney's Success ?

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.

Index Rebalance

<ul>
<li>MS Global adds Kokusai Electric (6525 JP) and deletes JFE Holdings (5411 JP) and Seibu Holdings (9024 JP), effective 1 Sep 2026.</li>
<li>Kokusai Electric enters bridge window with +13.5% pre-announcement alpha. Historical data suggest fading upon positive gap in post-announcement.</li>
<li>We assign both DELETEs to the high-velocity group. Flat-to-down opens suggest a DELETE bridge fade.</li>
</ul>


MS Global adds Kokusai Electric (6525 JP) and deletes JFE Holdings (5411 JP) and Seibu Holdings (9024 JP), effective 1 Sep 2026.
Kokusai Electric enters bridge window with +13.5% pre-announcement alpha. Historical data suggest fading upon positive gap in post-announcement.
We assign both DELETEs to the high-velocity group. Flat-to-down opens suggest a DELETE bridge fade.


MS-Japan Sep 2026 Index Rebalance: Post-Announcement Positioning

<ul>
<li>OVERSEAS.  SPX flat on the day as catalysts lacking; Tech down ahead Wed's  CPI as momentum builds for rate hike;  Broad strength in cyclicals - underlying economic strength?</li>
<li>JAPAN. NKY Futs +0.4% vs Cash; USDJPY  133.7;Buffet says he looking to raise Japan equity weighting; MHI awarded big defense contract for missiles: Denso gears up for EV transition </li>
<li>NUGGET.  Toyota gets serious in BEVs - we are excited about the prospects for the supply chain, particularly Denso and Panasonic </li>
</ul>


OVERSEAS.  SPX flat on the day as catalysts lacking; Tech down ahead Wed's  CPI as momentum builds for rate hike;  Broad strength in cyclicals - underlying economic strength?
JAPAN. NKY Futs +0.4% vs Cash; USDJPY  133.7;Buffet says he looking to raise Japan equity weighting; MHI awarded big defense contract for missiles: Denso gears up for EV transition 
NUGGET.  Toyota gets serious in BEVs - we are excited about the prospects for the supply chain, particularly Denso and Panasonic 


Good Morning Japan |No Catalysts-Equities Flat; NUGGET - Toyota Gets Serious, Watch the Supply Chain

<ul>
<li>OVERSEAS.  Shares of US regional banks crash; Flight to safe haven assets as US2Yr yield crash; Also, strong Yen bid; Nomura expects Fed to CUT next (now that's original).</li>
<li>JAPAN. NKY Futs -2.2% vs Cash; USDJPY strengthens to 133.21; Masatoshi Ito - founder of Ito-Yokado dies at 98; Nidec -Leadership Transition take shape; Japan Post Bank priced; Komatsu upgrade</li>
<li>NUGGET.  JAL EXCEEDS union demands with wage settlement.  Inflation may act as the slayer of inefficient companies as weaker companies will just not be able to keep up.</li>
</ul>


OVERSEAS.  Shares of US regional banks crash; Flight to safe haven assets as US2Yr yield crash; Also, strong Yen bid; Nomura expects Fed to CUT next (now that's original).
JAPAN. NKY Futs -2.2% vs Cash; USDJPY strengthens to 133.21; Masatoshi Ito - founder of Ito-Yokado dies at 98; Nidec -Leadership Transition take shape; Japan Post Bank priced; Komatsu upgrade
NUGGET.  JAL EXCEEDS union demands with wage settlement.  Inflation may act as the slayer of inefficient companies as weaker companies will just not be able to keep up.


Good Morning Japan |US Bank Turmoil Spur Safe Haven Bid; NUGGET:Japan Wage Hikes - Something Special

<ul>
<li>OVERSEAS.  Powell Testifies. 50bp hike more likely  as inflation higher than expected. Sparks repricing in markets: US Equities hit, UST dumped, USD rises - Choas all round. </li>
<li>JAPAN.  NKY Futs -0.4% vs Cash; USDJPY weakens to 137.1 as Powell tesimony digested;  H3 failure-blow to JP space hopes; "My Number" Use expanded;  Dentsu UK M&amp;A; Many Rating D/Gs </li>
<li>NUGGET. Carbon Capture is a key part of the decarbonization mix; Expect significant spend locally and globally. We look at the opportunity and the firms likely to benefit.  </li>
</ul>


OVERSEAS.  Powell Testifies. 50bp hike more likely  as inflation higher than expected. Sparks repricing in markets: US Equities hit, UST dumped, USD rises - Choas all round. 
JAPAN.  NKY Futs -0.4% vs Cash; USDJPY weakens to 137.1 as Powell tesimony digested;  H3 failure-blow to JP space hopes; "My Number" Use expanded;  Dentsu UK M&amp;A; Many Rating D/Gs 
NUGGET. Carbon Capture is a key part of the decarbonization mix; Expect significant spend locally and globally. We look at the opportunity and the firms likely to benefit.  


Good Morning Japan |Powell Dishes Bitter Pill - Sparks Cross Market Chaos; NUGGET: CCUS Opportunity

Japan

JFE Holdings, Inc. is a holding company which was established through the merger of NKK Corp and Kawasaki Steel Corp.  The Company manages and conducts its subsidiaries' business, which is steel production and integrated engineering services.

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JFE Holdings (5411 JP)

Ohayo Japan| US Back to an Equity Sell Off; NUGGET: Nintendo(7974) - Set to Track Disney's Success ?

US Back - in the Red despite strong housing; NKY Futs -0.9% vs Cash; Blackrock's Fink say Japan benefitting from China Flight; Yamato HD exits mail...

Mark Chadwick

MS-Japan Sep 2026 Index Rebalance: Post-Announcement Positioning

MS announced the Index Review results after market close on 12 Aug with one ADD and two DELETEs, effective 1 Sep. We review the pre-announcement...

Ke Yan, CFA, FRM

Good Morning Japan |No Catalysts-Equities Flat; NUGGET - Toyota Gets Serious, Watch the Supply Chain

While the US market looks for direction, in Japan, some positive headlines with help underline our bullish outlook. First, Warren Buffet in an...

Mark Chadwick

Good Morning Japan |US Bank Turmoil Spur Safe Haven Bid; NUGGET:Japan Wage Hikes - Something Special

NKY Futures are set for more losses at the open, driven by the safe-haven bid for the yen. Surely, this macro-driven sell-off is a buying opportunity?

Mark Chadwick

Good Morning Japan |Powell Dishes Bitter Pill - Sparks Cross Market Chaos; NUGGET: CCUS Opportunity

REALITY CHECK FROM POWELL; USDJPY weakens to 137.1 as Powell tesimony digested; H3 failure-blow to JP space hopes; "My Number" Use expanded; ...

Mark Chadwick

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