Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>
Market Wrap: Japanese equities edged higher. Easing inflation, BoJ's dovish stance and Wall Street optimism influenced the market. Industrials and basic materials best sectors. </li>
<li>
Major Movers: Shipping disruptions benefit container plays; Shiseido plans reforms to cut ¥40 billion; China's gaming crackdown hits Tencent, NetEase, triggering concerns for Nexon.</li>
<li>
Activist Watch: No new activist holdings to report. However, several funds continue to build stakes in existing holdings. 3D Investment Partners drinks up some more Sapporo shares</li>
</ul>



Market Wrap: Japanese equities edged higher. Easing inflation, BoJ's dovish stance and Wall Street optimism influenced the market. Industrials and basic materials best sectors. 

Major Movers: Shipping disruptions benefit container plays; Shiseido plans reforms to cut ¥40 billion; China's gaming crackdown hits Tencent, NetEase, triggering concerns for Nexon.

Activist Watch: No new activist holdings to report. However, several funds continue to build stakes in existing holdings. 3D Investment Partners drinks up some more Sapporo shares


Japan Weekly | Shippers, Shiseido, Nexon, Sapporo, Glosel

<ul>
<li>OVERSEAS: Dow Jones falls 0.2%, Yields surge ahead of Friday Jobs report, Nvidia up almost 3%</li>
<li>JAPAN: Nikkei futures -0.5% vs cash. Tankan (business sentiment) improved in the third quarter, particularly among big non-manufacturers, reaching levels not seen since 1991</li>
<li>JAPAN X: Three Japanese Shipping Giants join Hydrogen Supply Chain. Japan is well on its way to achieving its hydrogen targets</li>
</ul>


OVERSEAS: Dow Jones falls 0.2%, Yields surge ahead of Friday Jobs report, Nvidia up almost 3%
JAPAN: Nikkei futures -0.5% vs cash. Tankan (business sentiment) improved in the third quarter, particularly among big non-manufacturers, reaching levels not seen since 1991
JAPAN X: Three Japanese Shipping Giants join Hydrogen Supply Chain. Japan is well on its way to achieving its hydrogen targets


Ohayo Japan: US Big Tech Higher; Shipping Giants Join Hydrogen Supply Chain

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

EURO STOXX 50 Price EUR / Technical Analysis

<ul>
<li>Key support levels on global equity indexes (EURO STOXX 50, $ACWX, $EFA) are beginning to break as the U.S. dollar (DXY) and 10-year Treasury yield break above $105.70 and 4.35%.</li>
<li>This significantly increases the odds of a break below major $92-$93 support on $ACWI, and we would shift to a more cautious outlook only on a break below $92.</li>
<li>We shifted to overweight value within non-U.S. equities last week, and we are now also shifting to overweight small-caps within non-U.S. equities as well. Buys in Transportation, Communications, and HealthCare</li>
</ul>


Key support levels on global equity indexes (EURO STOXX 50, $ACWX, $EFA) are beginning to break as the U.S. dollar (DXY) and 10-year Treasury yield break above $105.70 and 4.35%.
This significantly increases the odds of a break below major $92-$93 support on $ACWI, and we would shift to a more cautious outlook only on a break below $92.
We shifted to overweight value within non-U.S. equities last week, and we are now also shifting to overweight small-caps within non-U.S. equities as well. Buys in Transportation, Communications, and HealthCare


Supports Starting to Break; Upgrading Non-U.S. Small-Caps to Overweight; Transports/Comm/HC Buys

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>US PPI has steadily eased over the past 15 months, and lower transportation costs have helped</li>
<li>US long-distance trucking and international air freight costs have fallen dramatically from the peak, but ocean freight has surprisingly remained close to peak levels</li>
<li>We believe falling transportation costs are unlikely to provide "tailwinds" for much longer</li>
</ul>


US PPI has steadily eased over the past 15 months, and lower transportation costs have helped
US long-distance trucking and international air freight costs have fallen dramatically from the peak, but ocean freight has surprisingly remained close to peak levels
We believe falling transportation costs are unlikely to provide "tailwinds" for much longer


US PPI: Tailwinds from Transportation Price Collapse Set to Subside in H2 2023

<ul>
<li>OVERSEAS. SPX declined by 0.2% on Friday and 0.3% for the week. VIX trading at 17%, near its one-year lows, despite the possibility of a US default. We are wary..</li>
<li>JAPAN. NKY futures are trading at a 0.6% premium vs Cash; Foreign investors continue to buy; Earnings season continues to see strong improvements to shareholder returns; Remain bullish JAPAN.</li>
<li>NUGGET.  Comprehrensive IEA report EV Outlook 2023.  EV Sales to reach 14 million,+35%YoY in 2023 - Japanese OEMs continue to lag</li>
</ul>


OVERSEAS. SPX declined by 0.2% on Friday and 0.3% for the week. VIX trading at 17%, near its one-year lows, despite the possibility of a US default. We are wary..
JAPAN. NKY futures are trading at a 0.6% premium vs Cash; Foreign investors continue to buy; Earnings season continues to see strong improvements to shareholder returns; Remain bullish JAPAN.
NUGGET.  Comprehrensive IEA report EV Outlook 2023.  EV Sales to reach 14 million,+35%YoY in 2023 - Japanese OEMs continue to lag


Ohayo Japan |US Stocks Tread Water Amid Debt Limit Talks; NUGGET:Bullish BEV Outlook-JP OEM's Absent

Japan

Kawasaki Kisen Kaisha, Ltd. operates marine cargo and passenger transportation around the world.  The Company provides ocean liner, bulk carrier, car carrier, unscheduled specialized carrier, and energy transportation services. The Company also offers insurance, warehousing, and land transportation services.  Items transported include automobile, grain, petroleum, coal, iron ore, and wood chip.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kawasaki Kisen Kaisha (9107 JP)

Japan Weekly | Shippers, Shiseido, Nexon, Sapporo, Glosel

Japanese equities rise as easing inflation, BoJ's dovish stance, and Wall Street optimism influence the market. Shipping disruptions benefit...

Mark Chadwick

Ohayo Japan: US Big Tech Higher; Shipping Giants Join Hydrogen Supply Chain

Dow Jones drops, yields rise before Jobs report; Nikkei futures down; JapanX - Shipping majors join hydrogen supply chain.

Mark Chadwick

Supports Starting to Break; Upgrading Non-U.S. Small-Caps to Overweight; Transports/Comm/HC Buys

Support levels on global indexes (EURO STOXX 50, $ACWX, $EFA) beginning to break as $DXY and 10-year Treasury yield $TNX break above $105.70 and...

Vermilion Research

US PPI: Tailwinds from Transportation Price Collapse Set to Subside in H2 2023

Falling costs for multiple modes of transportation have provided a strong "tailwind" to US PPI, which has declined steadily over the past 15...

Tracking Traffic

Ohayo Japan |US Stocks Tread Water Amid Debt Limit Talks; NUGGET:Bullish BEV Outlook-JP OEM's Absent

We have Rebranded from "Good Morning Japan" to "Ohayo Japan" ! SPX largely unchanged last week amid debt limit talks; Japan equites near 52W highs...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Weekly | Shippers, Shiseido, Nexon, Sapporo, Glosel

​Japanese equities rise as easing inflation, BoJ's dovish stance, and Wall Street optimism influence the market. Shipping disruptions benefit...

Mark Chadwick

Ohayo Japan: US Big Tech Higher; Shipping Giants Join Hydrogen Supply Chain

​Dow Jones drops, yields rise before Jobs report; Nikkei futures down; JapanX - Shipping majors join hydrogen supply chain.

Mark Chadwick

Supports Starting to Break; Upgrading Non-U.S. Small-Caps to Overweight; Transports/Comm/HC Buys

Support levels on global indexes (EURO STOXX 50, $ACWX, $EFA) beginning to break as $DXY and 10-year Treasury yield $TNX break above $105.70 and...

Vermilion Research

US PPI: Tailwinds from Transportation Price Collapse Set to Subside in H2 2023

Falling costs for multiple modes of transportation have provided a strong "tailwind" to US PPI, which has declined steadily over the past 15...

Tracking Traffic

Ohayo Japan |US Stocks Tread Water Amid Debt Limit Talks; NUGGET:Bullish BEV Outlook-JP OEM's Absent

We have Rebranded from "Good Morning Japan" to "Ohayo Japan" ! SPX largely unchanged last week amid debt limit talks; Japan equites near 52W highs...

Mark Chadwick

Japanese equities rise as easing inflation, BoJ's dovish stance, and Wall Street optimism influence the market. Shipping disruptions benefit...

Dow Jones drops, yields rise before Jobs report; Nikkei futures down; JapanX - Shipping majors join hydrogen supply chain.