Telco/Internet specialist

Kirk Boodry

Redex Research

Thematic (Sector/Industry)

<ul>
<li>Japan's telecom regulator has raised the issue of mobile spectrum auctions and is now soliciting public comments</li>
<li>We think this conflicts with national policies to boost ICT exports after years of trade deficits whilst new entrant Rakuten, which MIC supports to promote competition, would suffer</li>
<li>The proposals are for new spectrum only and current licenses and associated annual payments would not be affected. We remain overweight JP telcos, particularly NTT and KDDI</li>
</ul>


Japan's telecom regulator has raised the issue of mobile spectrum auctions and is now soliciting public comments
We think this conflicts with national policies to boost ICT exports after years of trade deficits whilst new entrant Rakuten, which MIC supports to promote competition, would suffer
The proposals are for new spectrum only and current licenses and associated annual payments would not be affected. We remain overweight JP telcos, particularly NTT and KDDI


Japan Telecoms - There Are Hurdles to the Introduction of Mobile Spectrum Auctions

<ul>
<li>5G-Capable devices now account for 25% of total devices in Japan. So far, 5G take-up appears to be quicker than 4G although that doesn't translate into higher revenue</li>
<li>MVNO subscriptions continue to grow despite former leader Rakuten moving users to its own network. IIJ remains the segment leader</li>
<li>Rakuten Mobile's subscriber woes have been well-flagged but another issue may be ahead as the migration of MVNO subs to the MNO platform has slowed in recent quarters.</li>
</ul>


5G-Capable devices now account for 25% of total devices in Japan. So far, 5G take-up appears to be quicker than 4G although that doesn't translate into higher revenue
MVNO subscriptions continue to grow despite former leader Rakuten moving users to its own network. IIJ remains the segment leader
Rakuten Mobile's subscriber woes have been well-flagged but another issue may be ahead as the migration of MVNO subs to the MNO platform has slowed in recent quarters.


Japan Telecoms - MIC Reports Telecom Subscription Data Including a Key 5G Milestone

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>E-Commerce sales of physical goods in Japan jumped nearly 9% in FY2021.</li>
<li>Although this was well down on the pandemic-induced surge the year before, it is still higher than in any year since 2016.</li>
<li>This leaves the sector well on track to become the largest single format channel. Total sales finished above ¥20.6 trillion.</li>
</ul>


E-Commerce sales of physical goods in Japan jumped nearly 9% in FY2021.
Although this was well down on the pandemic-induced surge the year before, it is still higher than in any year since 2016.
This leaves the sector well on track to become the largest single format channel. Total sales finished above ¥20.6 trillion.


E-Commerce in Japan 2021-22: Another High Growth Year

<ul>
<li>The Ministry of Industry Affairs and Communications (MIC) has issued a progress report on its mobile spectrum allocations through 2025</li>
<li>There is no change to previous allocation targets of c. 16 GHz but it is worth highlighting again how huge that is versus current industry holdings of 3 GHz</li>
<li>In general, more spectrum is a positive for Japanese mobile operators, especially as airwaves are allocated not auctioned</li>
</ul>


The Ministry of Industry Affairs and Communications (MIC) has issued a progress report on its mobile spectrum allocations through 2025
There is no change to previous allocation targets of c. 16 GHz but it is worth highlighting again how huge that is versus current industry holdings of 3 GHz
In general, more spectrum is a positive for Japanese mobile operators, especially as airwaves are allocated not auctioned


Japan Telecoms - A Reminder on the Regulator’s Spectrum Plans Through FY25

<ul>
<li>The following is an in-depth review of the Japanese retail sector in 2021-22 and is designed to provide a complete overview for any investor in Japanese retail/consumer markets.</li>
<li>FY2021-22 proved a rebound year for retailers at the sector level. But on a company by company basis, there has been radical divergence between the best and the rest. </li>
<li>We look at the reasons for this divergence and the implications for Japanese retail and consumer firms in the years ahead.</li>
</ul>


The following is an in-depth review of the Japanese retail sector in 2021-22 and is designed to provide a complete overview for any investor in Japanese retail/consumer markets.
FY2021-22 proved a rebound year for retailers at the sector level. But on a company by company basis, there has been radical divergence between the best and the rest. 
We look at the reasons for this divergence and the implications for Japanese retail and consumer firms in the years ahead.


Japanese Retailing 2021-22: What's Really Going on and What's Next?

Japan

Rakuten Group, Inc. provides Internet services. The Company offers Internet finance services which including "Rakuten Card" and "Rakuten Bank". Rakuten Group also provides digital content services including electronic book services.

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Rakuten (4755 JP)

Japan Telecoms - There Are Hurdles to the Introduction of Mobile Spectrum Auctions

The regulator has taken up the issue of mobile spectrum auctions again but we think a focus on ICT export and concerns on competition stand in the way

Kirk Boodry

Japan Telecoms - MIC Reports Telecom Subscription Data Including a Key 5G Milestone

MIC data highlights the rapid proliferation of 5G as capable devices exceed 25% two years after launch. The latest also reiterates mobile strength...

Kirk Boodry

E-Commerce in Japan 2021-22: Another High Growth Year

E-commerce sales grew strongly in 2021-22 despite the surge in 2020 showing the vigour of the channel – but physical stores will always be more...

Michael Causton

Japan Telecoms - A Reminder on the Regulator’s Spectrum Plans Through FY25

The MIC has published a draft report on its progress towards FY25 spectrum allocations. In general, more spectrum is good for the industry...

Kirk Boodry

Japanese Retailing 2021-22: What's Really Going on and What's Next?

There is increasing divergence between the winners and losers in Japanese retailing and the following in-depth review looks at performance in the...

Michael Causton

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