Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS.  SPX +1.9% to close on highs; Beta-driven rally as Tech rebounds;  Dovish talk from 2 Fed Members;  Google joins the fray slashing 12,000 staff; US Banks not far behind.</li>
<li>JAPAN.  NKY Futs +1.3% vs Cash; USDJPY 129.6;  CORE Inflation hits 4%;  Kishida: too early to discuss BOJ 2% policy exit;  Japan courts global elite grads; Population declines in 2022</li>
<li>DAILY NUGGET.  Change of Direction with new BOJ Leadership? Ha, policy direction has already been decided, and whoever the Govt selects will just continue where Kuroda left off. </li>
</ul>


OVERSEAS.  SPX +1.9% to close on highs; Beta-driven rally as Tech rebounds;  Dovish talk from 2 Fed Members;  Google joins the fray slashing 12,000 staff; US Banks not far behind.
JAPAN.  NKY Futs +1.3% vs Cash; USDJPY 129.6;  CORE Inflation hits 4%;  Kishida: too early to discuss BOJ 2% policy exit;  Japan courts global elite grads; Population declines in 2022
DAILY NUGGET.  Change of Direction with new BOJ Leadership? Ha, policy direction has already been decided, and whoever the Govt selects will just continue where Kuroda left off. 


Good Morning Japan | The Doves Strike Back; Google Joins Layoff Parade; "Too Early for BOJ Exit"

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jul 31st. The aggregated net margin trading position is USD26,908m.</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 Kioxia, Advantest, Mitsubishi UFJ Financial, Nintendo, Tokyo Electron, Sumitomo Mitsui Trust, Mizuho Financial, Disco, Toyota Motor, Sumitomo Mitsui Financial.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jul 31st. The aggregated net margin trading position is USD26,908m.
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 Kioxia, Advantest, Mitsubishi UFJ Financial, Nintendo, Tokyo Electron, Sumitomo Mitsui Trust, Mizuho Financial, Disco, Toyota Motor, Sumitomo Mitsui Financial.


JPX Margin Trading Weekly (Jul 31st): Kioxia, Advantest, Mitsubishi UFJ Financial, Nintendo, Disco

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>Communication Services allocations among active Global managers are at their lowest levels on record.</li>
<li>Average weights stand at an all-time low of 7.12%, having broken out of a decade long range of between 8% - 10% towards the end of 2021.</li>
<li>Activision Blizzard suffered the worst of the position closures, alongside Meta Platforms, Tencent and Nintendo Co Ltd.</li>
</ul>


Communication Services allocations among active Global managers are at their lowest levels on record.
Average weights stand at an all-time low of 7.12%, having broken out of a decade long range of between 8% - 10% towards the end of 2021.
Activision Blizzard suffered the worst of the position closures, alongside Meta Platforms, Tencent and Nintendo Co Ltd.


Global Communication Services: Lowest Exposure on Record

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jul 24th. The aggregated net margin trading position is USD27,589m.</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 Kioxia, Disco, Advantest, Mizuho Financial, Fast Retailing, Mitsubishi Heavy Industries, Tokyo Electron, Ferrotec, Dai-ichi Life, Nintendo.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jul 24th. The aggregated net margin trading position is USD27,589m.
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 Kioxia, Disco, Advantest, Mizuho Financial, Fast Retailing, Mitsubishi Heavy Industries, Tokyo Electron, Ferrotec, Dai-ichi Life, Nintendo.


JPX Margin Trading Weekly (Jul 24th): Kioxia, Disco, Advantest, Mizuho Financial, Fast Retailing

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jul 17th. The aggregated net margin trading position is USD28,293m.</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 Kioxia, SoftBank, Yaskawa Electric, Taiyo Yuden, Tokyo Electron, Mizuho Financial, Mitsubishi UFJ Financial, Advantest, Nintendo, Sumco.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jul 17th. The aggregated net margin trading position is USD28,293m.
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 Kioxia, SoftBank, Yaskawa Electric, Taiyo Yuden, Tokyo Electron, Mizuho Financial, Mitsubishi UFJ Financial, Advantest, Nintendo, Sumco.


JPX Margin Trading Weekly (Jul 17th): Kioxia, SoftBank, Yaskawa Electric, Taiyo Yuden, Advantest

Japan

Nintendo Co., Ltd. develops, manufactures, and sells household leisure equipment. The Company produces home use video game hardware and software products. Nintendo markets its products throughout Japan.

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Nintendo (NTDOY US)

Good Morning Japan | The Doves Strike Back; Google Joins Layoff Parade; "Too Early for BOJ Exit"

SPX +1.9% to close on highs; Beta-driven rally. NKY Futs +1.3% vs Cash; JP CORE Inflation hits 4%; Kishida: too early to discuss BOJ 2% policy...

Mark Chadwick

JPX Margin Trading Weekly (Jul 31st): Kioxia, Advantest, Mitsubishi UFJ Financial, Nintendo, Disco

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Advantest (6857 JP), Mitsubishi UFJ Financial...

Ke Yan, CFA, FRM

Global Communication Services: Lowest Exposure on Record

Selling in Activision Blizzard, Meta Platforms, Tencent and Nintendo Co Ltd force Communication Services allocations to their lowest levels on record.

Steven Holden

JPX Margin Trading Weekly (Jul 24th): Kioxia, Disco, Advantest, Mizuho Financial, Fast Retailing

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Disco (6146 JP), Advantest (6857 JP), Mizuho...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Jul 17th): Kioxia, SoftBank, Yaskawa Electric, Taiyo Yuden, Advantest

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), SoftBank (9984 JP), Yaskawa Electric (6506 JP),...

Ke Yan, CFA, FRM

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52-week Range

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