Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Tension between China and Japan look set to rise further with talks failing to ease frictions.</li>
<li>Travel names remain vulnerable despite Govt. run tour groups having less clout than they used to.</li>
<li>Medtech may do better on defensive bid and Medtronic, but Sysmex continues to slide.</li>
</ul>


Tension between China and Japan look set to rise further with talks failing to ease frictions.
Travel names remain vulnerable despite Govt. run tour groups having less clout than they used to.
Medtech may do better on defensive bid and Medtronic, but Sysmex continues to slide.


Japan Morning Connection: More AI and Tech Pain Ahead of NVDA Tomorrow

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>It was reported that the Chinese government advised its citizens to refrain from traveling to Japan, which is likely to positively benefit the Korea in-bound tourism related stocks.</li>
<li>If the political tensions between China and Japan are not quickly resolved but continues to last, this would have further negative impact on the Japanese consumer/tourism/leisure related companies. </li>
<li>On the flip side, this could have a positive impact on the Korean consumer/tourism/leisure related companies such as Lotte Tour Development, Hotel Shilla, and Paradise. </li>
</ul>


It was reported that the Chinese government advised its citizens to refrain from traveling to Japan, which is likely to positively benefit the Korea in-bound tourism related stocks.
If the political tensions between China and Japan are not quickly resolved but continues to last, this would have further negative impact on the Japanese consumer/tourism/leisure related companies. 
On the flip side, this could have a positive impact on the Korean consumer/tourism/leisure related companies such as Lotte Tour Development, Hotel Shilla, and Paradise. 


China Advices Its Citizens to Refrain from Traveling to Japan - Beneficial Impact on Korea Tourism

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. 

<ul>
<li>In this in-depth review, it is clear that while Japanese clothing markets had a solid year in FY2024-25, once again the top 100 retailers outperformed by a large margin.</li>
<li>This meant they surpassed 71% share of the market but, within the specialty market alone, the top 10 retailers own 34%. This is now a clear oligopoly.</li>
<li>There are no signs of the situation changing either but rather the capacity of the leaders to invest should further expand share at the top.</li>
</ul>


In this in-depth review, it is clear that while Japanese clothing markets had a solid year in FY2024-25, once again the top 100 retailers outperformed by a large margin.
This meant they surpassed 71% share of the market but, within the specialty market alone, the top 10 retailers own 34%. This is now a clear oligopoly.
There are no signs of the situation changing either but rather the capacity of the leaders to invest should further expand share at the top.


The Great Divide: Fashion Retail’s Oligopoly

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

TSE Tokyo Price Index TOPIX / Event-Driven

<ul>
<li>Every year (actually, every half year) it is a similar trade. There is a fiscal year-end dividend reinvestment trade for passive funds in Japan. </li>
<li>The month-end and quarter-end bring big flows, or not, depending on how things have gone.</li>
<li>Over the past 10-15 years or so, the two-day return on the March trade is pretty good. This year? It's complicated. </li>
</ul>


Every year (actually, every half year) it is a similar trade. There is a fiscal year-end dividend reinvestment trade for passive funds in Japan. 
The month-end and quarter-end bring big flows, or not, depending on how things have gone.
Over the past 10-15 years or so, the two-day return on the March trade is pretty good. This year? It's complicated. 


The Japan March-End Rebal and Dividend Trade (2026 Version)

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>Japan maybe facing an unprecedented heat wave this fall, threatening retailers' profits as high-end seasonal items may not sell </li>
<li>Six major retailers, including Fast Retailing, are at risk of serious profit declines if the weather forecasts are accurate. That's a big "IF", but wait, there's more.</li>
<li>U.S. tariffs on clothing could devastate Fast Retailing's profits there, potentially forcing them to withdraw from the U.S. market.  </li>
</ul>


Japan maybe facing an unprecedented heat wave this fall, threatening retailers' profits as high-end seasonal items may not sell 
Six major retailers, including Fast Retailing, are at risk of serious profit declines if the weather forecasts are accurate. That's a big "IF", but wait, there's more.
U.S. tariffs on clothing could devastate Fast Retailing's profits there, potentially forcing them to withdraw from the U.S. market.  


Japanese Retailer Red Alert Is the Reddest Ever

Japan

Pan Pacific International Holdings Corporation operates discount stores which sell consumer electronics, daily necessities, groceries, watches, and sporting goods. The Company mostly operates small scale stores based in Tokyo.

Pan Pacific International Holdings (7532 JP)

Price Gauge
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Pan Pacific International Holdings (7532 JP)

Japan Morning Connection: More AI and Tech Pain Ahead of NVDA Tomorrow

Some big moves down for SPE and AI related. Diplomatic tensions continue between Japan and China. JP Medtech names may get a lift from Medtronic's...

Andrew Jackson

China Advices Its Citizens to Refrain from Traveling to Japan - Beneficial Impact on Korea Tourism

Chinese government advising against travel to Japan could boost Korean tourism stocks, while prolonged tensions could harm Japanese companies.

Douglas Kim

The Great Divide: Fashion Retail’s Oligopoly

Japanese clothing market dominated by top 100 retailers in FY2024-25, with top 10 owning 34% in specialty market, solidifying oligopoly. Leaders...

Michael Causton

The Japan March-End Rebal and Dividend Trade (2026 Version)

Every year, twice a year, a large number of companies pay dividends. That event is coming up again Monday. ETFs will have to buy the dividend...

Travis Lundy

Japanese Retailer Red Alert Is the Reddest Ever

Japan's retailers face profit decline due to potential heat wave this fall; U.S. tariffs likely to do far more damage to Fast Retailing's profits...

Michael Allen

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: More AI and Tech Pain Ahead of NVDA Tomorrow

Some big moves down for SPE and AI related. Diplomatic tensions continue between Japan and China. JP Medtech names may get a lift from Medtronic's...

Andrew Jackson

China Advices Its Citizens to Refrain from Traveling to Japan - Beneficial Impact on Korea Tourism

​Chinese government advising against travel to Japan could boost Korean tourism stocks, while prolonged tensions could harm Japanese companies.

Douglas Kim

The Great Divide: Fashion Retail’s Oligopoly

​Japanese clothing market dominated by top 100 retailers in FY2024-25, with top 10 owning 34% in specialty market, solidifying oligopoly. Leaders...

Michael Causton

The Japan March-End Rebal and Dividend Trade (2026 Version)

Every year, twice a year, a large number of companies pay dividends. That event is coming up again Monday. ETFs will have to buy the dividend...

Travis Lundy

Japanese Retailer Red Alert Is the Reddest Ever

​Japan's retailers face profit decline due to potential heat wave this fall; U.S. tariffs likely to do far more damage to Fast Retailing's profits...

Michael Allen

Chinese government advising against travel to Japan could boost Korean tourism stocks, while prolonged tensions could harm Japanese companies.

Japanese clothing market dominated by top 100 retailers in FY2024-25, with top 10 owning 34% in specialty market, solidifying oligopoly. Leaders...

Japan's retailers face profit decline due to potential heat wave this fall; U.S. tariffs likely to do far more damage to Fast Retailing's profits...