Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Japanese equities rose but is AI optimism starting to appear fatigued amid concerns over circular investment flows and capex sustainability. </li>
<li>Diverging central bank policies complicate yen outlook; softer Tokyo inflation and resilient US data challenge expectations for BOJ tightening and Fed easing. </li>
<li>Trump’s 100% drug tariffs hit Japanese pharma stocks, while resource scarcity boosted miners and Russian incursions over EU airspace lifted defence names. </li>
</ul>


Japanese equities rose but is AI optimism starting to appear fatigued amid concerns over circular investment flows and capex sustainability. 
Diverging central bank policies complicate yen outlook; softer Tokyo inflation and resilient US data challenge expectations for BOJ tightening and Fed easing. 
Trump’s 100% drug tariffs hit Japanese pharma stocks, while resource scarcity boosted miners and Russian incursions over EU airspace lifted defence names. 


Japan Strategy Weekly | Between Hype and Hard Ground

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Sep 19th. The aggregated net margin trading position is USD16,218m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Lasertec, Disco, Tokyo Electron, Nintendo, Fast Retailing, Sanrio, Mitsubishi UFJ Financial, Fujikura, Koei Tecmo, Lifedrink, Lasertec, Disco, Tokyo Electron, Nintendo, Fast Retailing.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Sep 19th. The aggregated net margin trading position is USD16,218m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Lasertec, Disco, Tokyo Electron, Nintendo, Fast Retailing, Sanrio, Mitsubishi UFJ Financial, Fujikura, Koei Tecmo, Lifedrink, Lasertec, Disco, Tokyo Electron, Nintendo, Fast Retailing.


JPX Margin Trading Weekly (Sep 19th): Lasertec, Disco, Tokyo Electron, Nintendo, Fast Retailing

<ul>
<li>Technology stocks led gains with Tokyo Electron (+20%) and Resonac (+19%) driven by Intel investment news and semiconductor demand recovery expectations.</li>
<li>Bank of Japan surprised markets by announcing ETF sales while maintaining rates, intensifying October rate hike speculation and triggering profit-taking.</li>
<li>Mixed economic data showed fourth consecutive month of export declines, but core inflation eased to 2.7%, lowest since November 2024.</li>
</ul>


Technology stocks led gains with Tokyo Electron (+20%) and Resonac (+19%) driven by Intel investment news and semiconductor demand recovery expectations.
Bank of Japan surprised markets by announcing ETF sales while maintaining rates, intensifying October rate hike speculation and triggering profit-taking.
Mixed economic data showed fourth consecutive month of export declines, but core inflation eased to 2.7%, lowest since November 2024.


Japan Strategy Weekly | Tech Surges on Intel News While BOJ Policy Shift Sparks Volatility

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Expect big gains for the likes of TEL, Lasertec, TOK with Intel emerging as the clear national champion.</li>
<li>Memory names continue to surge higher, so Kioxia's -7% drop off the highs yesterday likely to draw interest.</li>
<li>Not good news for ARM though, as a NVDA/INTC partnership will make it harder for their architectures to gain traction. Sell Softback.</li>
</ul>


Expect big gains for the likes of TEL, Lasertec, TOK with Intel emerging as the clear national champion.
Memory names continue to surge higher, so Kioxia's -7% drop off the highs yesterday likely to draw interest.
Not good news for ARM though, as a NVDA/INTC partnership will make it harder for their architectures to gain traction. Sell Softback.


Japan Morning Connection: Intel/NVDA Partnership Very Positive for Japanese SPE Suppliers

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Sep 12th. The aggregated net margin trading position is USD16,380m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in SoftBank, Advantest, Tokyo Electron, Disco, Sanrio, Mitsubishi Heavy Industries, IHI, Timee, Furukawa Electric, Lasertec, Softbank, Advantest, Tokyo Electron, Disco, Sanrio.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Sep 12th. The aggregated net margin trading position is USD16,380m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in SoftBank, Advantest, Tokyo Electron, Disco, Sanrio, Mitsubishi Heavy Industries, IHI, Timee, Furukawa Electric, Lasertec, Softbank, Advantest, Tokyo Electron, Disco, Sanrio.


JPX Margin Trading Weekly (Sep 12th): SoftBank, Advantest, Tokyo Electron, Disco, Sanrio

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.

Price Gauge
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Lasertec Corp (6920 JP)

Japan Strategy Weekly | Between Hype and Hard Ground

Japanese equities rise amid concerns over AI optimism fatigue, diverging central bank policies complicate yen outlook, Trump's drug tariffs impact...

Mark Chadwick

JPX Margin Trading Weekly (Sep 19th): Lasertec, Disco, Tokyo Electron, Nintendo, Fast Retailing

We analyzed JPX margin trading positions report for the past week and highlighted Lasertec (6920 JP), Disco (6146 JP), Tokyo Electron (8035 JP),...

Ke Yan, CFA, FRM

Japan Strategy Weekly | Tech Surges on Intel News While BOJ Policy Shift Sparks Volatility

Technology stocks surged on Intel investment news and semiconductor demand recovery expectations, while Bank of Japan's ETF sales announcement...

Mark Chadwick

Japan Morning Connection: Intel/NVDA Partnership Very Positive for Japanese SPE Suppliers

NVDA taking a stake in Intel to allow codevelopment of chips sent INTC rocketing higher, a positive for Shin Etsu as Intel's largest wafer...

Andrew Jackson

JPX Margin Trading Weekly (Sep 12th): SoftBank, Advantest, Tokyo Electron, Disco, Sanrio

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Advantest (6857 JP), Tokyo Electron (8035...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Strategy Weekly | Between Hype and Hard Ground

​Japanese equities rise amid concerns over AI optimism fatigue, diverging central bank policies complicate yen outlook, Trump's drug tariffs impact...

Mark Chadwick

JPX Margin Trading Weekly (Sep 19th): Lasertec, Disco, Tokyo Electron, Nintendo, Fast Retailing

We analyzed JPX margin trading positions report for the past week and highlighted Lasertec (6920 JP), Disco (6146 JP), Tokyo Electron (8035 JP),...

Ke Yan, CFA, FRM

Japan Strategy Weekly | Tech Surges on Intel News While BOJ Policy Shift Sparks Volatility

​Technology stocks surged on Intel investment news and semiconductor demand recovery expectations, while Bank of Japan's ETF sales announcement...

Mark Chadwick

Japan Morning Connection: Intel/NVDA Partnership Very Positive for Japanese SPE Suppliers

NVDA taking a stake in Intel to allow codevelopment of chips sent INTC rocketing higher, a positive for Shin Etsu as Intel's largest wafer...

Andrew Jackson

JPX Margin Trading Weekly (Sep 12th): SoftBank, Advantest, Tokyo Electron, Disco, Sanrio

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Advantest (6857 JP), Tokyo Electron (8035...

Ke Yan, CFA, FRM

Japanese equities rise amid concerns over AI optimism fatigue, diverging central bank policies complicate yen outlook, Trump's drug tariffs impact...

Technology stocks surged on Intel investment news and semiconductor demand recovery expectations, while Bank of Japan's ETF sales announcement...