Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Nikkei gained +0.2%, buoyed by outsized advances in AI-linked names, while the broader Topix declined -0.8%, trimming year-to-date gains amid rising bond yields and trade uncertainty. </li>
<li>Tokyo CPI rose +2.5% y/y, above target; labour market tightness and resilient consumer sentiment reinforce BOJ hike speculation, even as Fed signals potential policy easing.</li>
<li>Nikon surged 16% after EssilorLuxottica proposed lifting its stake to ~20%, fueling speculation over AR/VR synergies.</li>
</ul>


Nikkei gained +0.2%, buoyed by outsized advances in AI-linked names, while the broader Topix declined -0.8%, trimming year-to-date gains amid rising bond yields and trade uncertainty. 
Tokyo CPI rose +2.5% y/y, above target; labour market tightness and resilient consumer sentiment reinforce BOJ hike speculation, even as Fed signals potential policy easing.
Nikon surged 16% after EssilorLuxottica proposed lifting its stake to ~20%, fueling speculation over AR/VR synergies.


Japan Weekly | Narrow Leadership Lifts Nikkei, Topix Retreats

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>HDD plays WD and Seagate pulling ahead of NAND plays but there may be upside on potential for increased DC adoption for likes of Kioxia.</li>
<li>Mitsubishi Motors cut their FY guidance as competition heats up in key Asian markets as China makers muscle their way in.</li>
<li>Nikon +21% yesterday as EL takes a bigger stake, but don't forget the largest holder activist Silchester-  who may have their own plans.</li>
</ul>


HDD plays WD and Seagate pulling ahead of NAND plays but there may be upside on potential for increased DC adoption for likes of Kioxia.
Mitsubishi Motors cut their FY guidance as competition heats up in key Asian markets as China makers muscle their way in.
Nikon +21% yesterday as EL takes a bigger stake, but don't forget the largest holder activist Silchester-  who may have their own plans.


Japan Morning Connection: NVDA Numbers Ahead of Consensus but Not Enough to Push the Stock Higher

<ul>
<li>Lutnick floating the idea that US defense companies may be targets for the US Govt to take stakes in.</li>
<li>Good results for Eli Lily's obesity drug will be a positive for Chugai Pharma.</li>
<li>EssilorLuxottica looking to raise its stake in Nikon to 20% from the current 9%. Expect a big squeeze</li>
</ul>


Lutnick floating the idea that US defense companies may be targets for the US Govt to take stakes in.
Good results for Eli Lily's obesity drug will be a positive for Chugai Pharma.
EssilorLuxottica looking to raise its stake in Nikon to 20% from the current 9%. Expect a big squeeze


Japan Morning Connection: Tech up Ahead of NVDA Numbers with Sentiment Solid Despite China Concerns

<ul>
<li>Meta taking a $3.5bn stake in Essilor Luxottica now gives them exposure to both Nikon and Paris Miki.</li>
<li>Further positive broker rhetoric for power-semis should continues to lift Rohm, while WOLF gains positive for Renesas.</li>
<li>Intel announcing plans to sell Mobileye stake may be seen as positive for foundry expansion plans.</li>
</ul>


Meta taking a $3.5bn stake in Essilor Luxottica now gives them exposure to both Nikon and Paris Miki.
Further positive broker rhetoric for power-semis should continues to lift Rohm, while WOLF gains positive for Renesas.
Intel announcing plans to sell Mobileye stake may be seen as positive for foundry expansion plans.


Japan Morning Connection: Pharma Set for Rough Start on Trump Threats

<ul>
<li>Coherent, SMCI, Entegris all posting solid gains, while Skyworks priced in its poor outlook for its Apple biz.</li>
<li>Monolithic as much as +19% post market setting a better tone for power/analog semi related. Renesas +12.6% yesterday also.</li>
<li>Tokyo Electron numbers mixed but positive overall and any weakness at the open a good chance for dip buying.</li>
</ul>


Coherent, SMCI, Entegris all posting solid gains, while Skyworks priced in its poor outlook for its Apple biz.
Monolithic as much as +19% post market setting a better tone for power/analog semi related. Renesas +12.6% yesterday also.
Tokyo Electron numbers mixed but positive overall and any weakness at the open a good chance for dip buying.


Japan Morning Connection: Mixed Read from the US but Direction Pointing Higher

Japan

NIKON CORPORATION manufactures and sells cameras, lenses, semiconductor-related equipment, eyeglasses, microscopes, and measuring instruments.

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Nikon Corp (7731 JP)

Japan Weekly | Narrow Leadership Lifts Nikkei, Topix Retreats

Nikkei rises on AI gains, Tokyo CPI up, Nikon surges on stake proposal. Bond yields and trade uncertainty weigh on Topix. Fed easing vs BOJ hike...

Mark Chadwick

Japan Morning Connection: NVDA Numbers Ahead of Consensus but Not Enough to Push the Stock Higher

Expect slight weakness for JP SPE after NVDA dip, guidance cut from Mitsubishi Motors looks like it was expected, Nikon limit up on news of EL...

Andrew Jackson

Japan Morning Connection: Tech up Ahead of NVDA Numbers with Sentiment Solid Despite China Concerns

Chugai Pharma may get a lift from Eli Lily's obesity pill news, EL announced they are looking to raise their stake in Nikon which might help spark...

Andrew Jackson

Japan Morning Connection: Pharma Set for Rough Start on Trump Threats

Meta announces stake in Essilor Luxottica, with aims for AI smart glasses. A good tone set for power semis, particularly Renesas. Pharma names...

Andrew Jackson

Japan Morning Connection: Mixed Read from the US but Direction Pointing Higher

Skyworks priced in poor outlook for its Apple business. Market sets a better tone for power/anolog semi related. Any weakness in Tokyo Electron a...

Andrew Jackson

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Japan Weekly | Narrow Leadership Lifts Nikkei, Topix Retreats

​Nikkei rises on AI gains, Tokyo CPI up, Nikon surges on stake proposal. Bond yields and trade uncertainty weigh on Topix. Fed easing vs BOJ hike...

Mark Chadwick

Japan Morning Connection: NVDA Numbers Ahead of Consensus but Not Enough to Push the Stock Higher

Expect slight weakness for JP SPE after NVDA dip, guidance cut from Mitsubishi Motors looks like it was expected, Nikon limit up on news of EL...

Andrew Jackson

Japan Morning Connection: Tech up Ahead of NVDA Numbers with Sentiment Solid Despite China Concerns

Chugai Pharma may get a lift from Eli Lily's obesity pill news, EL announced they are looking to raise their stake in Nikon which might help spark...

Andrew Jackson

Japan Morning Connection: Pharma Set for Rough Start on Trump Threats

​Meta announces stake in Essilor Luxottica, with aims for AI smart glasses. A good tone set for power semis, particularly Renesas. Pharma names...

Andrew Jackson

Japan Morning Connection: Mixed Read from the US but Direction Pointing Higher

Skyworks priced in poor outlook for its Apple business. Market sets a better tone for power/anolog semi related. Any weakness in Tokyo Electron a...

Andrew Jackson

Nikkei rises on AI gains, Tokyo CPI up, Nikon surges on stake proposal. Bond yields and trade uncertainty weigh on Topix. Fed easing vs BOJ hike...

Meta announces stake in Essilor Luxottica, with aims for AI smart glasses. A good tone set for power semis, particularly Renesas. Pharma names...