Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Cautious ASML guidance sets dour tone to start but weakness for semi's limited.</li>
<li>JNJ beats handily thanks to FX and medtech which should cause pharma and likes of Terumo to squeeze off the bell.</li>
<li>7&amp;I likely to be weak to start but unlikely there was too much residual expectation priced in after a difficult road for CT.</li>
</ul>


Cautious ASML guidance sets dour tone to start but weakness for semi's limited.
JNJ beats handily thanks to FX and medtech which should cause pharma and likes of Terumo to squeeze off the bell.
7&amp;I likely to be weak to start but unlikely there was too much residual expectation priced in after a difficult road for CT.


Japan Morning Connection: Couche-Tard Sounds the Retreat on Its Advances for 7&I

<ul>
<li>Oracle order for millions of homes worth of power consumption sends DC and server related higher.</li>
<li>Power semis also up as analysts continue to take a more constructive view.</li>
<li>Gaming names may bounce after yesterdays dip given they are seen as 'tariff proof' ahead of deadline.</li>
</ul>


Oracle order for millions of homes worth of power consumption sends DC and server related higher.
Power semis also up as analysts continue to take a more constructive view.
Gaming names may bounce after yesterdays dip given they are seen as 'tariff proof' ahead of deadline.


Japan Morning Connection: AI and Tech Snaps Back with SOX at Recent Highs

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>We discussed in last week's June 19 report how bullish price and RS trends on Israel's TA-125 was our tell that global equities were looking past Israel-Iran tensions.</li>
<li>Now completely in the rear-view mirror.  We also discussed how we were expecting short-term support on ACWI-US at $123-$123.50 (6.5-month base support), and ACWI-US bottomed at $123.20 on Monday.</li>
<li>As a result, we remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
</ul>


We discussed in last week's June 19 report how bullish price and RS trends on Israel's TA-125 was our tell that global equities were looking past Israel-Iran tensions.
Now completely in the rear-view mirror.  We also discussed how we were expecting short-term support on ACWI-US at $123-$123.50 (6.5-month base support), and ACWI-US bottomed at $123.20 on Monday.
As a result, we remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).


Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding

Japan Specialist

Mark Chadwick

<ul>
<li>Nikkei +4.6%, Topix +2.5% – strongest weekly performance since February and new YTD highs, driven by semiconductors and broad-based tech momentum.</li>
<li>Risk sentiment normalized after initial geopolitical shock from U.S. strikes on Iranian nuclear facilities; focus rotated back to U.S. macro and policy dovishness.</li>
<li>Sector divergence – semiconductors and telcos sharply outperform; Oil &amp; Gas lags amid energy volatility.</li>
</ul>


Nikkei +4.6%, Topix +2.5% – strongest weekly performance since February and new YTD highs, driven by semiconductors and broad-based tech momentum.
Risk sentiment normalized after initial geopolitical shock from U.S. strikes on Iranian nuclear facilities; focus rotated back to U.S. macro and policy dovishness.
Sector divergence – semiconductors and telcos sharply outperform; Oil &amp; Gas lags amid energy volatility.


Japan Weekly | Tech Soars as Geopolitics Risks Ease

<ul>
<li>Big gains for AMD with analysts more upbeat than last weeks reaction to its AI conference suggests.</li>
<li>Advantest 9.6% yesterday on broker comments should see market hunting for laggards such as Kokusai Electric.</li>
<li>Estee lauder seeing an uptick in China may help beleaguered Shiseido and Kose move higher.</li>
</ul>


Big gains for AMD with analysts more upbeat than last weeks reaction to its AI conference suggests.
Advantest 9.6% yesterday on broker comments should see market hunting for laggards such as Kokusai Electric.
Estee lauder seeing an uptick in China may help beleaguered Shiseido and Kose move higher.


Japan Morning Connection: Markets Seeing Iran's Potential Demise as Fuel to Risk-On Fire

Japan

Lasertec Corporation develops, designs, manufactures and markets photomask inspection systems to make semiconductor devices, confocal scanning laser microscopes and liquid crystal display (LCD) inspection systems.

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Lasertec Corp (6920 JP)

Japan Morning Connection: Couche-Tard Sounds the Retreat on Its Advances for 7&I

ASML guidance sets dour tone but market may have seen through the cautiousness, JNJ beats sending pharma higher giving some JP names a potential...

Andrew Jackson

Japan Morning Connection: AI and Tech Snaps Back with SOX at Recent Highs

DC and server-related stocks boosted by Oracle's deal, while power semiconductors rise with positive outlook. Gaming stocks may rebound after a...

Andrew Jackson

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding on $ACWI ($123-123.50), $EEM ($46)

Vermilion Research

Japan Weekly | Tech Soars as Geopolitics Risks Ease

Japanese stock market saw strong gains this week, led by semiconductors and tech, as risk sentiment normalized post-geopolitical tensions.

Mark Chadwick

Japan Morning Connection: Markets Seeing Iran's Potential Demise as Fuel to Risk-On Fire

Japan SPE underperformers may catch a bid. Estee Lauder's jump up has positive implications for Japan's Shiseido and Kose.

Andrew Jackson

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Japan Morning Connection: Couche-Tard Sounds the Retreat on Its Advances for 7&I

​ASML guidance sets dour tone but market may have seen through the cautiousness, JNJ beats sending pharma higher giving some JP names a potential...

Andrew Jackson

Japan Morning Connection: AI and Tech Snaps Back with SOX at Recent Highs

DC and server-related stocks boosted by Oracle's deal, while power semiconductors rise with positive outlook. Gaming stocks may rebound after a...

Andrew Jackson

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding on $ACWI ($123-123.50), $EEM ($46)

Vermilion Research

Japan Weekly | Tech Soars as Geopolitics Risks Ease

​Japanese stock market saw strong gains this week, led by semiconductors and tech, as risk sentiment normalized post-geopolitical tensions.

Mark Chadwick

Japan Morning Connection: Markets Seeing Iran's Potential Demise as Fuel to Risk-On Fire

Japan SPE underperformers may catch a bid. Estee Lauder's jump up has positive implications for Japan's Shiseido and Kose.

Andrew Jackson

ASML guidance sets dour tone but market may have seen through the cautiousness, JNJ beats sending pharma higher giving some JP names a potential...

Japanese stock market saw strong gains this week, led by semiconductors and tech, as risk sentiment normalized post-geopolitical tensions.