Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Thematic (Sector/Industry)

<ul>
<li>Home centres are the smallest of Japan’s big retail formats, yet remain an important channel.</li>
<li>They sell all kinds of homewares, gardening and pet supplies, and, although less than you may expect, even DIY tools and trades supply.</li>
<li>After a short-lived boom in 2020, the sector is now consolidating fast.</li>
</ul>


Home centres are the smallest of Japan’s big retail formats, yet remain an important channel.
They sell all kinds of homewares, gardening and pet supplies, and, although less than you may expect, even DIY tools and trades supply.
After a short-lived boom in 2020, the sector is now consolidating fast.


Japan's Home Centres Consolidating Amid Wider Competition

Japanese Turnaround Situations, Short-Ideas, Azabu Research

Michael Allen

Japanese Turnaround Situations, Short-Ideas

Azabu Research

Azabu Research is a publishing and consulting firm focused on distressed equities in the Japanese market. We specialize in turnaround strategies, corporate combinations, divestitures, and restructuring.

Publisher of the Tokyo Turnaround Letter, which conducts the most thorough research possible of publicly available information, including forensic tests for fraudulent overstatement of assets and understatement of liabilities, as well as rigorous market and industry analysis to assess the underlying strengths of the company’s products or services, the appropriateness of the company’s turnaround strategy, and the skill of its current management team. The average length of a report exceeds 25 pages of text and tables, excluding any disclosures or executive summaries.

We have more than 30 years of experience in applying this process to distressed equities in Japan. Additionally, subscribers have free access to detailed, yet easily navigated earnings models for the target company as well as the top five comparable companies, and unlimited access to the analyst for follow-up questions.

Azabu Research also conducts be-spoke research on a project basis, and provides consulting services to companies looking to restructure, divest, make acquisitions, go public, or improve investor sentiment toward their stock.

Independent Research and Consulting Firm

<ul>
<li>The worst performers in Topix in any given year almost always outperform the following year. This strategy works on steroids during market drawdowns such as the one we are in.</li>
<li>The year to March 26 was a great example. Topix was up 15% YoY, but last year's worst decile turned out an average gain of 46%!</li>
<li>If you want to do even better than the basket, focus on stocks where you think the long-term sustainable relative RoE is higher than the relative price to book ratio.</li>
</ul>


The worst performers in Topix in any given year almost always outperform the following year. This strategy works on steroids during market drawdowns such as the one we are in.
The year to March 26 was a great example. Topix was up 15% YoY, but last year's worst decile turned out an average gain of 46%!
If you want to do even better than the basket, focus on stocks where you think the long-term sustainable relative RoE is higher than the relative price to book ratio.


Juicing the Turnaround Strategy in War Time

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 analysed the earning revision of component stocks of MS-Japan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Toyota Motor, Nippon Yusen Kabushiki Kaisha, Mitsubishi UFJ Financial, Mitsui O.S.K. Lines, Recruit, Mitsubishi Chemical.</li>
</ul>


We analysed the earning revision of component stocks of MS-Japan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Toyota Motor, Nippon Yusen Kabushiki Kaisha, Mitsubishi UFJ Financial, Mitsui O.S.K. Lines, Recruit, Mitsubishi Chemical.


MS-Japan Index Earning Revision (Sep): Toyota Motor, Nippon Yusen Kabushiki Kaisha, Recruit

<ul>
<li>Some of the investors who are betting on a sales tax cut are betting on all the wrong horses. </li>
<li>Even though any tax cuts are likely to focus on food, discretionary retailers could see their profits surge, while food retailers get nothing.</li>
<li>We have no idea if there will be any move on taxes. Investments that should work whether there is a tax cut or not include Yamada (9831) and Komeri (8218).</li>
</ul>


Some of the investors who are betting on a sales tax cut are betting on all the wrong horses. 
Even though any tax cuts are likely to focus on food, discretionary retailers could see their profits surge, while food retailers get nothing.
We have no idea if there will be any move on taxes. Investments that should work whether there is a tax cut or not include Yamada (9831) and Komeri (8218).


Japan's Sales Tax Cuts: How to Play Without Playing

<ul>
<li>Japanese still love shops partly because they are so easy to access thanks to station shopping hubs and fast transport links. </li>
<li>But new data shows e-commerce not only remains one of the fastest-growing retail channels but is poised to become the country’s largest by 2027. </li>
<li>While economic pressures and consumer interest in physical shopping have slowed year-on-year growth, the broader trends favour online shopping’s expansion – driven by food, fashion and omnichannel innovation.</li>
</ul>


Japanese still love shops partly because they are so easy to access thanks to station shopping hubs and fast transport links. 
But new data shows e-commerce not only remains one of the fastest-growing retail channels but is poised to become the country’s largest by 2027. 
While economic pressures and consumer interest in physical shopping have slowed year-on-year growth, the broader trends favour online shopping’s expansion – driven by food, fashion and omnichannel innovation.


E-Commerce in Japan: Faster Growing but Slowing

Japan

Nitori Holdings Co., Ltd., is based in Hokkaido and operates a furniture retail chain.  The Company sells living room furniture, storage furniture, dining furniture, office furniture, beds, and interior goods.  Nitori Holdings also sells original brand merchandise and imported merchandise.

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Nitori Holdings (9843 JP)

Japan's Home Centres Consolidating Amid Wider Competition

Despite being the smallest retail format in Japan, home centres remain a significant channel for homeware, gardening supplies, and DIY, and now...

Michael Causton

Juicing the Turnaround Strategy in War Time

Worst Topix performers tend to outperform the following year, especially during market downturns. Focus on stocks with high RoE and low price to...

Michael Allen

MS-Japan Index Earning Revision (Sep): Toyota Motor, Nippon Yusen Kabushiki Kaisha, Recruit

We analyzed MS-Japan's consensus for Sep 2026 and highlighted changes of EPS in Toyota Motor (7203 JP), Nippon Yusen Kabushiki Kaisha (9101 JP),...

Ke Yan, CFA, FRM

Japan's Sales Tax Cuts: How to Play Without Playing

Investors betting on a sales tax cut may be focusing on the wrong sectors, with discretionary retailers potentially benefiting far more than food...

Michael Allen

E-Commerce in Japan: Faster Growing but Slowing

The following is a complete review of the Japanese e-commerce sector, highlighting key players and forecasts through the next five years.

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan's Home Centres Consolidating Amid Wider Competition

​Despite being the smallest retail format in Japan, home centres remain a significant channel for homeware, gardening supplies, and DIY, and now...

Michael Causton

Juicing the Turnaround Strategy in War Time

​Worst Topix performers tend to outperform the following year, especially during market downturns. Focus on stocks with high RoE and low price to...

Michael Allen

MS-Japan Index Earning Revision (Sep): Toyota Motor, Nippon Yusen Kabushiki Kaisha, Recruit

We analyzed MS-Japan's consensus for Sep 2026 and highlighted changes of EPS in Toyota Motor (7203 JP), Nippon Yusen Kabushiki Kaisha (9101 JP),...

Ke Yan, CFA, FRM

Japan's Sales Tax Cuts: How to Play Without Playing

​Investors betting on a sales tax cut may be focusing on the wrong sectors, with discretionary retailers potentially benefiting far more than food...

Michael Allen

E-Commerce in Japan: Faster Growing but Slowing

The following is a complete review of the Japanese e-commerce sector, highlighting key players and forecasts through the next five years.

Michael Causton

Despite being the smallest retail format in Japan, home centres remain a significant channel for homeware, gardening supplies, and DIY, and now...

Worst Topix performers tend to outperform the following year, especially during market downturns. Focus on stocks with high RoE and low price to...

Investors betting on a sales tax cut may be focusing on the wrong sectors, with discretionary retailers potentially benefiting far more than food...