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>Shopping malls are now trading at pre-pandemic levels again and developers and tenants alike are much more upbeat and optimistic about the future. </li>
<li>The pandemic, alongside competition from e-commerce, has left its mark but this has mostly been a good thing, forcing more proactive management of malls.</li>
<li>Profitability remains a concern but rents are up for some and more efficiencies are being introduced through digitisation.</li>
</ul>


Shopping malls are now trading at pre-pandemic levels again and developers and tenants alike are much more upbeat and optimistic about the future. 
The pandemic, alongside competition from e-commerce, has left its mark but this has mostly been a good thing, forcing more proactive management of malls.
Profitability remains a concern but rents are up for some and more efficiencies are being introduced through digitisation.


Japan Shopping Malls: More Proactive and Disciplined Post-Covid

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.

Index Rebalance

<ul>
<li>MS Global adds Kokusai Electric (6525 JP) and deletes JFE Holdings (5411 JP) and Seibu Holdings (9024 JP), effective 1 Sep 2026.</li>
<li>Kokusai Electric enters bridge window with +13.5% pre-announcement alpha. Historical data suggest fading upon positive gap in post-announcement.</li>
<li>We assign both DELETEs to the high-velocity group. Flat-to-down opens suggest a DELETE bridge fade.</li>
</ul>


MS Global adds Kokusai Electric (6525 JP) and deletes JFE Holdings (5411 JP) and Seibu Holdings (9024 JP), effective 1 Sep 2026.
Kokusai Electric enters bridge window with +13.5% pre-announcement alpha. Historical data suggest fading upon positive gap in post-announcement.
We assign both DELETEs to the high-velocity group. Flat-to-down opens suggest a DELETE bridge fade.


MS-Japan Sep 2026 Index Rebalance: Post-Announcement Positioning

<ul>
<li>The long awaited lifting of restrictions on inbound tourists in October seems to have given new confidence to domestic tourists too.</li>
<li>Major airlines, hotels and railways are all reporting a significant uplift in bookings with several forecasting that figures will exceed 2019 by March next year.</li>
<li>Retailers have benefitted too, notably department stores and lifestyle retailers. Now all Japan needs is for Chinese tourists to be allowed out.</li>
</ul>


The long awaited lifting of restrictions on inbound tourists in October seems to have given new confidence to domestic tourists too.
Major airlines, hotels and railways are all reporting a significant uplift in bookings with several forecasting that figures will exceed 2019 by March next year.
Retailers have benefitted too, notably department stores and lifestyle retailers. Now all Japan needs is for Chinese tourists to be allowed out.


Japan's Retailers, Hotels, Carriers Rejoice: Domestic Tourism Surges and Inbound Traffic Rises

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>Since initial publication, the company was outperforming Topix by ~10% until a reversal in January</li>
<li>We look at the causes of the reversal and whether the fundamental story has changed</li>
<li>Overall, the Q1 results reaction is an opportunity to accumulate the stock and provides Japan exposure, which isn't correlated to the AI trade</li>
</ul>


Since initial publication, the company was outperforming Topix by ~10% until a reversal in January
We look at the causes of the reversal and whether the fundamental story has changed
Overall, the Q1 results reaction is an opportunity to accumulate the stock and provides Japan exposure, which isn't correlated to the AI trade


East Japan Railway Co - Overreaction to Q1 Results Provides a Good Entry Point

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

S&P BSE SENSEX Index / Technical Analysis

S&P BSE SENSEX Index (SENSEX INDEX EQUITY)

<ul>
<li>Many major indexes are still testing (and holding above) critical supports. This includes MSCI ACWI (ACWI-US), TOPIX/TOPIX Small/Nikkei 225, EURO STOXX 50, STOXX Europe 600, and the DAX</li>
<li>Our overall outlook remains neutral, and we continue to see many attractive buying opportunities, especially out of Japan, India, and a new one -- Brazil.</li>
<li>Buy ideas focus on the Consumer Discretionary and Financials Sectors, with the vast majority of stock recommendations from Japan, India, and Brazil</li>
</ul>


Many major indexes are still testing (and holding above) critical supports. This includes MSCI ACWI (ACWI-US), TOPIX/TOPIX Small/Nikkei 225, EURO STOXX 50, STOXX Europe 600, and the DAX
Our overall outlook remains neutral, and we continue to see many attractive buying opportunities, especially out of Japan, India, and a new one -- Brazil.
Buy ideas focus on the Consumer Discretionary and Financials Sectors, with the vast majority of stock recommendations from Japan, India, and Brazil


Europe, Japan, $ACWI Testing Critical Supports; Rising DXY, Global Sovereign Yields a Major Headwind

Japan

Seibu Holdings Inc. offers diversified operation. The Company through its subsidiary companies operates transportation, construction, hotel, leisure facilities, and real estate business. Seibu Holdings provides group enterprises strategy planning, operation management, asset management and supply, and business promotions.

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Seibu Holdings (9024 JP)

Japan Shopping Malls: More Proactive and Disciplined Post-Covid

Shopping malls rebound to pre-pandemic levels, prompting optimism for the future as better management drives efficiency. This is an in-depth...

Michael Causton

MS-Japan Sep 2026 Index Rebalance: Post-Announcement Positioning

MS announced the Index Review results after market close on 12 Aug with one ADD and two DELETEs, effective 1 Sep. We review the pre-announcement...

Ke Yan, CFA, FRM

Japan's Retailers, Hotels, Carriers Rejoice: Domestic Tourism Surges and Inbound Traffic Rises

Tourism is back in Japan, both domestic and inbound. We outline some of the key beneficiaries and expectations for a return to 2019 levels by next...

Michael Causton

East Japan Railway Co - Overreaction to Q1 Results Provides a Good Entry Point

Q1 results overreaction and a reversal in negative sentiment on the AI/Semiconductor theme provides an opportunity in this asset recycling play

Rikki Malik

Europe, Japan, $ACWI Testing Critical Supports; Rising DXY, Global Sovereign Yields a Major Headwind

Europe $STOXX 50, Japan $TOPIX $Nikkei 225, $ACWI Testing Critical Supports; Rising $DXY, Global Sovereign Yields Remain Major Headwinds for global...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Shopping Malls: More Proactive and Disciplined Post-Covid

​Shopping malls rebound to pre-pandemic levels, prompting optimism for the future as better management drives efficiency. This is an in-depth...

Michael Causton

MS-Japan Sep 2026 Index Rebalance: Post-Announcement Positioning

MS announced the Index Review results after market close on 12 Aug with one ADD and two DELETEs, effective 1 Sep. We review the pre-announcement...

Ke Yan, CFA, FRM

Japan's Retailers, Hotels, Carriers Rejoice: Domestic Tourism Surges and Inbound Traffic Rises

Tourism is back in Japan, both domestic and inbound. We outline some of the key beneficiaries and expectations for a return to 2019 levels by next...

Michael Causton

East Japan Railway Co - Overreaction to Q1 Results Provides a Good Entry Point

Q1 results overreaction and a reversal in negative sentiment on the AI/Semiconductor theme provides an opportunity in this asset recycling play

Rikki Malik

Europe, Japan, $ACWI Testing Critical Supports; Rising DXY, Global Sovereign Yields a Major Headwind

Europe $STOXX 50, Japan $TOPIX $Nikkei 225, $ACWI Testing Critical Supports; Rising $DXY, Global Sovereign Yields Remain Major Headwinds for global...

Vermilion Research

Shopping malls rebound to pre-pandemic levels, prompting optimism for the future as better management drives efficiency. This is an in-depth...