Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

<ul>
<li>With Japan’s policy rate at 0.5% and the last hike in January 2025, markets are closely watching the BoJ’s next move on June 17.</li>
<li>Historical data shows limited market impact from anticipated rate decisions—but rare surprises, like the July 2025 hike, have triggered outsized index reactions.</li>
<li>While historical data and current option pricing suggest the June BoJ decision is unlikely to move markets significantly, investors should be aware of low-probability tail risk when positioning.</li>
</ul>


With Japan’s policy rate at 0.5% and the last hike in January 2025, markets are closely watching the BoJ’s next move on June 17.
Historical data shows limited market impact from anticipated rate decisions—but rare surprises, like the July 2025 hike, have triggered outsized index reactions.
While historical data and current option pricing suggest the June BoJ decision is unlikely to move markets significantly, investors should be aware of low-probability tail risk when positioning.


Bank of Japan's June Policy Decision: A Non-Event for Markets?

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 Jun 6th. The aggregated net margin trading position is USD17,477m.</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 Advantest, Sbi Sumishin Net Bank, Toyota Industries, Mitsubishi Ufj Financial, Softbank, Toyota Motor, Skylark, Keyence, Nippon Yusen Kabushiki Kaisha, Mitsubishi Heavy Industries.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jun 6th. The aggregated net margin trading position is USD17,477m.
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 Advantest, Sbi Sumishin Net Bank, Toyota Industries, Mitsubishi Ufj Financial, Softbank, Toyota Motor, Skylark, Keyence, Nippon Yusen Kabushiki Kaisha, Mitsubishi Heavy Industries.


JPX Margin Trading Weekly (Jun 6th): Advantest, Sbi Sumishin Net Bank, Toyota Industries

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

Rikki Malik

Equity Bottom-Up

<ul>
<li>Non-Controversial changes in asset allocation will provide a big boost to earnings.</li>
<li>Demand problems brewing in the JGB market may provide the catalyst</li>
<li>The path is clear to enter new businesses after parent lowers  stake below 50%</li>
</ul>


Non-Controversial changes in asset allocation will provide a big boost to earnings.
Demand problems brewing in the JGB market may provide the catalyst
The path is clear to enter new businesses after parent lowers  stake below 50%


Japan Post Bank: From Stagnation to Opportunity

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of May 30th. The aggregated net margin trading position is USD17,220m.</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 Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco, Hitachi, Toyota Industries, Skylark, Toyota Motor, Sanrio, Ihi, Create Sd.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of May 30th. The aggregated net margin trading position is USD17,220m.
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 Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco, Hitachi, Toyota Industries, Skylark, Toyota Motor, Sanrio, Ihi, Create Sd.


JPX Margin Trading Weekly (May 30th): Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>A group of shareholders aims to raise around US$380m via selling around 4% of <a href="https://www.smartkarma.com/entities/isuzu-motors-ltd" target="_blank" data-smartkarma-citation="entities:14726:1" rel="noopener">Isuzu Motors (7202 JP).</a>
</li>
<li>Being another cross-shareholding unwind in Japan, it shouldn’t carry much negative connotations, in our view.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


A group of shareholders aims to raise around US$380m via selling around 4% of Isuzu Motors (7202 JP).

Being another cross-shareholding unwind in Japan, it shouldn’t carry much negative connotations, in our view.
In this note, we will talk about the placement and run the deal through our ECM framework.


Isuzu Motors Placement - Relatively Small Deal Along with Buyback

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) ADR (MUFG US)

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

Mitsubishi UFJ Financial (MUFG) ADR (MUFG US)

Bank of Japan's June Policy Decision: A Non-Event for Markets?

Stay ahead of potential tail risks: with the Bank of Japan's crucial rate decision just two days away, this analysis reveals why the June 17...

Gaudenz Schneider

JPX Margin Trading Weekly (Jun 6th): Advantest, Sbi Sumishin Net Bank, Toyota Industries

We analyzed JPX margin trading positions report for the past week and highlighted Advantest (6857 JP), Sbi Sumishin Net Bank (7163 JP), Toyota...

Ke Yan, CFA, FRM

Japan Post Bank: From Stagnation to Opportunity

Non-controversial changes in asset allocation can boost earnings, with a potential catalyst from demand problems in JGB market. Clear path to...

Rikki Malik

JPX Margin Trading Weekly (May 30th): Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco

We analyzed JPX margin trading positions report for the past week and highlighted Kawasaki Heavy Industries (7012 JP), Mitsubishi Ufj Financial...

Ke Yan, CFA, FRM

Isuzu Motors Placement - Relatively Small Deal Along with Buyback

A group of shareholders aims to raise around US$380m via selling around 4% of Isuzu Motors (7202 JP). In this note, we talk about the deal dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bank of Japan's June Policy Decision: A Non-Event for Markets?

Stay ahead of potential tail risks: with the Bank of Japan's crucial rate decision just two days away, this analysis reveals why the June 17...

Gaudenz Schneider

JPX Margin Trading Weekly (Jun 6th): Advantest, Sbi Sumishin Net Bank, Toyota Industries

We analyzed JPX margin trading positions report for the past week and highlighted Advantest (6857 JP), Sbi Sumishin Net Bank (7163 JP), Toyota...

Ke Yan, CFA, FRM

Japan Post Bank: From Stagnation to Opportunity

​Non-controversial changes in asset allocation can boost earnings, with a potential catalyst from demand problems in JGB market. Clear path to...

Rikki Malik

JPX Margin Trading Weekly (May 30th): Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco

We analyzed JPX margin trading positions report for the past week and highlighted Kawasaki Heavy Industries (7012 JP), Mitsubishi Ufj Financial...

Ke Yan, CFA, FRM

Isuzu Motors Placement - Relatively Small Deal Along with Buyback

A group of shareholders aims to raise around US$380m via selling around 4% of Isuzu Motors (7202 JP). In this note, we talk about the deal dynamics.

Sumeet Singh

Non-controversial changes in asset allocation can boost earnings, with a potential catalyst from demand problems in JGB market. Clear path to...