Japan Economist, Japan Macro Advisors

Takuji Okubo

Japan Economist

Concise and Insightful Analysis on Japan Economy

Japan Macro Advisors

Our mission is to provide a concise and timely analysis on the Japanese economy for the benefit of global audiences. Communication, especially in foreign languages, has always been a weakness for the Japanese, which was fine when Japan's economic might attracted foreign media and various other institutions to study and report on Japan - such days are long gone. In the last two decades, we saw foreign institutions reallocating their resources from Japan to other more exciting parts of the world. As a result, when we read reporting on Japan in foreign media, we sense a subtle but noticeable decline in the depth of understanding what is actually happening in Japan.

Macroeconomics

<ul>
<li>No monetary policy signal. Himino's speech was entirely focused on digital finance and payment system architecture. This reduces the probability of a June rate hike, in my view.</li>
<li>He described Scott Bessent's stablecoin vision as designed to "induce people around the world to finance the US fiscal deficit", taking a mild jab at the credibility of US dollar.  </li>
<li>Japan will not follow the US toward lighter-touch crypto regulation. Himino's explicit reference to anonymity of crypto use as a "problematic motive" signals his weariness about crypto.  </li>
</ul>


No monetary policy signal. Himino's speech was entirely focused on digital finance and payment system architecture. This reduces the probability of a June rate hike, in my view.
He described Scott Bessent's stablecoin vision as designed to "induce people around the world to finance the US fiscal deficit", taking a mild jab at the credibility of US dollar.  
Japan will not follow the US toward lighter-touch crypto regulation. Himino's explicit reference to anonymity of crypto use as a "problematic motive" signals his weariness about crypto.  


BoJ Himino: A Blunt Critique of US Digital Finance Strategy

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>We recommend taking profit on UNIQLO80 with a return of 17.5%, following a strong share price rally after better-than-expected results.</li><li>Management also provided a positive outlook, noting that cost pressures from the Middle East situation remain limited.</li><li>At the same time, we recommend opening positions in AMD80, ASML01, and GOOG80, which are DRs linked to leading global technology stocks.</li></ul>

We recommend taking profit on UNIQLO80 with a return of 17.5%, following a strong share price rally after better-than-expected results.Management also provided a positive outlook, noting that cost pressures from the Middle East situation remain limited.At the same time, we recommend opening positions in AMD80, ASML01, and GOOG80, which are DRs linked to leading global technology stocks.

KTX TACTICAL DR PICKS - April 16, 2026 (Eng.)

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>We first review at Q1 performance in the major markets we follow</li>
<li>The worst may be over in but news flow will drive markets in the short-term</li>
<li>We look at foreign positioning and fund flow data to assess risks</li>
</ul>


We first review at Q1 performance in the major markets we follow
The worst may be over in but news flow will drive markets in the short-term
We look at foreign positioning and fund flow data to assess risks


Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>The Asian Alpha Hedge Portfolio performance in 1Q26 was +17.83% versus its benchmark performance of +1.79% for an outperformance of 16.04%.</li>
<li>Over the last year, AAHP's Sharpe ratio is 4.39 with a mean excess annualized return of 69%.  The portfolio has a gross and net exposure of 132% and +30%, respectively.</li>
<li>The war has changed outlooks for economies and markets in the region.  Accordingly, we reduced risk in the portfolio and adjusted our long/short exposures to reflect this new reality.</li>
</ul>


The Asian Alpha Hedge Portfolio performance in 1Q26 was +17.83% versus its benchmark performance of +1.79% for an outperformance of 16.04%.
Over the last year, AAHP's Sharpe ratio is 4.39 with a mean excess annualized return of 69%.  The portfolio has a gross and net exposure of 132% and +30%, respectively.
The war has changed outlooks for economies and markets in the region.  Accordingly, we reduced risk in the portfolio and adjusted our long/short exposures to reflect this new reality.


Asian Alpha Hedge Portfolio (March, 2026)

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

Contemporary Amperex Technology (CATL) / Equity Derivatives

Contemporary Amperex Technology (CATL) (300750 CH)

<ul>
<li>WEEKLY tactical global macro recap/analysis for several markets and stocks we track, grouped by sector.</li>
<li>We apply our quantitative models to each instrument's trend, to determine which stocks/markets are just starting a trend, are in the middle of it, or are about to end it.</li>
<li>
Most overbought:  Nikkei 225, Hanwha Solutions (009830 KS), Tokyo Electron (8035 JP), Advantest Corp (6857 JP) Most oversold: NIFTY, CATL (300750 CH), GLD, Zijin Mining, Nippon Steel Corporation (5401 JP)</li>
</ul>


WEEKLY tactical global macro recap/analysis for several markets and stocks we track, grouped by sector.
We apply our quantitative models to each instrument's trend, to determine which stocks/markets are just starting a trend, are in the middle of it, or are about to end it.

Most overbought:  Nikkei 225, Hanwha Solutions (009830 KS), Tokyo Electron (8035 JP), Advantest Corp (6857 JP) Most oversold: NIFTY, CATL (300750 CH), GLD, Zijin Mining, Nippon Steel Corporation (5401 JP)


WEEKLY Tactical Recap | Asymmetric Setup: CATL, Advantest Corp, Tokyo Electron, Zijin Mining, NIFTY

Japan

Mitsubishi UFJ Financial Group, Inc. (MUFG) is a holding company established through the merger of Mitsubishi Tokyo Financial Group and UFJ Holdings. As a financial group, the Company provides a variety of financial and investment services including commercial banking, trust banking, international finance, and assets management services.

Mitsubishi UFJ Financial (MUFG) (8306 JP)

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Mitsubishi UFJ Financial (MUFG) (8306 JP)

BoJ Himino: A Blunt Critique of US Digital Finance Strategy

BoJ Himino Speech: No hints for near term policy decision, reducing June hike probability. His speech revealed a rare blunt critique of US policy...

Takuji Okubo

KTX TACTICAL DR PICKS - April 16, 2026 (Eng.)

We recommend taking profit on UNIQLO80 with a return of 17.5%, following a strong share price rally after better-than-expected results.

Krungthai XSpring

Q2 Outlook - Asian Equity Markets

Our outlook for Q2 2026 onwards. Separating the short-term noise from our longer-term investment themes. In Part 2 look at Asian equities

Rikki Malik

Asian Alpha Hedge Portfolio (March, 2026)

While we do not believe that the Iran conflict is close to a resolution, we believe that the U.S. side needs to reach one, and that will eventually...

David Mudd

WEEKLY Tactical Recap | Asymmetric Setup: CATL, Advantest Corp, Tokyo Electron, Zijin Mining, NIFTY

Weekly Macro Tactical Recap | Asymmetric Setups - Quantitative models tracking momentum extremes across Asian/Global equities and commodities to...

Nico Rosti

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52-week Range

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P/E

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