Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. SPX rose +0.4% lead by gains in Energy, which was well bid on OPEC+ surprise cut; ISM Manf  PMI print weaker; Rates retreat as US 2Yr dips below 4%</li>
<li>JAPAN. NKY Futs +0.1% vs Cash; USDJPY 132.4; BOJ Tankan reading points to weaker manufacturing; Potentially complicates BOJ exit; Activist ValueAct Presses Seven &amp; I </li>
<li>NUGGET. Watch FY3/24  Japan Total Payout Ratios - The Heat is On ! as JP Corporate significantly lags in Total Payout Ratios, while also sitting on ¥100 trn of cash.</li>
</ul>


OVERSEAS. SPX rose +0.4% lead by gains in Energy, which was well bid on OPEC+ surprise cut; ISM Manf  PMI print weaker; Rates retreat as US 2Yr dips below 4%
JAPAN. NKY Futs +0.1% vs Cash; USDJPY 132.4; BOJ Tankan reading points to weaker manufacturing; Potentially complicates BOJ exit; Activist ValueAct Presses Seven &amp; I 
NUGGET. Watch FY3/24  Japan Total Payout Ratios - The Heat is On ! as JP Corporate significantly lags in Total Payout Ratios, while also sitting on ¥100 trn of cash.


Good Morning Japan |Energy Leads SPX to Gains; NUGGET: Watch FY3/24 JP Payout Ratios-The Heat Is On!

<ul>
<li>OVERSEAS.  SPX +0.6% on intraday bounce; Defensives led w/Utilities; Financials lag as Banking fears persist; Rates down on recession view WHILE Fed signals more hikes; MSFT-ATVI deal closer to approval</li>
<li>JAPAN. NKY Futs -0.9% vs Cash; Weaker USDJPY 130.7 ;  Kishida Approval Rating Rises; Feb Inflation 3.1%;  ValueAct takes off gloves with 7&amp;i; Shippers in focus with ex-div this week. </li>
<li>NUGGET. 7&amp;i: Activist ValueAct goes Full John Wick calling for removal of 4 Directors, including Chairman/CEO Isaka. 2023 could be the year of accelerated reforms.  Stock looks attractive post sell-off.</li>
</ul>


OVERSEAS.  SPX +0.6% on intraday bounce; Defensives led w/Utilities; Financials lag as Banking fears persist; Rates down on recession view WHILE Fed signals more hikes; MSFT-ATVI deal closer to approval
JAPAN. NKY Futs -0.9% vs Cash; Weaker USDJPY 130.7 ;  Kishida Approval Rating Rises; Feb Inflation 3.1%;  ValueAct takes off gloves with 7&amp;i; Shippers in focus with ex-div this week. 
NUGGET. 7&amp;i: Activist ValueAct goes Full John Wick calling for removal of 4 Directors, including Chairman/CEO Isaka. 2023 could be the year of accelerated reforms.  Stock looks attractive post sell-off.


Good Morning Japan |SPX Rallies but Uncertainties Remain; NUGGET: 7&I-ValueAct Goes Full John Wick

<ul>
<li>OVERSEAS.  Shares of US regional banks crash; Flight to safe haven assets as US2Yr yield crash; Also, strong Yen bid; Nomura expects Fed to CUT next (now that's original).</li>
<li>JAPAN. NKY Futs -2.2% vs Cash; USDJPY strengthens to 133.21; Masatoshi Ito - founder of Ito-Yokado dies at 98; Nidec -Leadership Transition take shape; Japan Post Bank priced; Komatsu upgrade</li>
<li>NUGGET.  JAL EXCEEDS union demands with wage settlement.  Inflation may act as the slayer of inefficient companies as weaker companies will just not be able to keep up.</li>
</ul>


OVERSEAS.  Shares of US regional banks crash; Flight to safe haven assets as US2Yr yield crash; Also, strong Yen bid; Nomura expects Fed to CUT next (now that's original).
JAPAN. NKY Futs -2.2% vs Cash; USDJPY strengthens to 133.21; Masatoshi Ito - founder of Ito-Yokado dies at 98; Nidec -Leadership Transition take shape; Japan Post Bank priced; Komatsu upgrade
NUGGET.  JAL EXCEEDS union demands with wage settlement.  Inflation may act as the slayer of inefficient companies as weaker companies will just not be able to keep up.


Good Morning Japan |US Bank Turmoil Spur Safe Haven Bid; NUGGET:Japan Wage Hikes - Something Special

<ul>
<li>OVERSEAS. Equity Risk-off ahead of NFP; Banks hit on default risk worries and Silvergate Collapse; Bitcoin hit hard (Silverate); Aggressive GM restructuring</li>
<li>JAPAN. NKY Futs -2.2% vs Cash; USDJPY Strengthens to 136.1 as pare risk ahead of Kuroda's final policy decision today;  MORE ACTIVIST WINS-Massive buyback from DNP;  Seven &amp; I Restructuring.</li>
<li>NUGGET. NISSAN, TAKING IT FROM ALL ANGLES. Nissan's bonds downgraded to junk this week; but its worse than you think..company faces serious headwinds.</li>
</ul>


OVERSEAS. Equity Risk-off ahead of NFP; Banks hit on default risk worries and Silvergate Collapse; Bitcoin hit hard (Silverate); Aggressive GM restructuring
JAPAN. NKY Futs -2.2% vs Cash; USDJPY Strengthens to 136.1 as pare risk ahead of Kuroda's final policy decision today;  MORE ACTIVIST WINS-Massive buyback from DNP;  Seven &amp; I Restructuring.
NUGGET. NISSAN, TAKING IT FROM ALL ANGLES. Nissan's bonds downgraded to junk this week; but its worse than you think..company faces serious headwinds.


Good Morning Japan |EQUITY SELL OFF Ahead of NFP-Banks Bear Brunt; NUGGET: Nissan - Its Worse !

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>After stellar growth in 2020, the e-commerce market grew much slower in 2021 but still outpaced all other channels and set the second highest increase in four years.</li>
<li>At this rate, by 2025 e-commerce should become the largest retail channel, overtaking chain stores.</li>
<li>Japan’s easy access to retail stores means shops aren’t about to disappear anytime soon and Japan will become a model for omnichannel retailing with stores still playing a key role.</li>
</ul>


After stellar growth in 2020, the e-commerce market grew much slower in 2021 but still outpaced all other channels and set the second highest increase in four years.
At this rate, by 2025 e-commerce should become the largest retail channel, overtaking chain stores.
Japan’s easy access to retail stores means shops aren’t about to disappear anytime soon and Japan will become a model for omnichannel retailing with stores still playing a key role.


Japanese E-Commerce Big Review: Still Taking Market Share as Omnichannel Becomes the Norm

Japan

Seven & i Holdings Co., Ltd. is a holding company which was established through the merger of Ito-Yokado Co., Seven Eleven Japan Co., and Denny's Japan. The Company plans, manages, and operates mainly convenience stores, supermarkets, and department stores.

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Seven & I Holdings (3382 JP)

Good Morning Japan |Energy Leads SPX to Gains; NUGGET: Watch FY3/24 JP Payout Ratios-The Heat Is On!

Japan desires inflation, but not the cost input-driven type likely to result from OPEC+'s decision. Tankan manufacturing came in weaker...

Mark Chadwick

Good Morning Japan |SPX Rallies but Uncertainties Remain; NUGGET: 7&I-ValueAct Goes Full John Wick

SPX 0.6% with intraday bounce, with defensives leading the wa. US financial sector lagged due to persisting banking fears; JP inflation 3.1%;...

Mark Chadwick

Good Morning Japan |US Bank Turmoil Spur Safe Haven Bid; NUGGET:Japan Wage Hikes - Something Special

NKY Futures are set for more losses at the open, driven by the safe-haven bid for the yen. Surely, this macro-driven sell-off is a buying opportunity?

Mark Chadwick

Good Morning Japan |EQUITY SELL OFF Ahead of NFP-Banks Bear Brunt; NUGGET: Nissan - Its Worse !

NKY Futs -2.2% vs Cash; USDJPY Strengthens to 136.1 as pare risk ahead of Kuroda's final policy decision today; MORE ACTIVIST WINS-Massive buyback...

Mark Chadwick

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52-week Range

Market Cap (USDm)

P/E

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Good Morning Japan |Energy Leads SPX to Gains; NUGGET: Watch FY3/24 JP Payout Ratios-The Heat Is On!

Japan desires inflation, but not the cost input-driven type likely to result from OPEC+'s decision. Tankan manufacturing came in weaker...

Mark Chadwick

Good Morning Japan |SPX Rallies but Uncertainties Remain; NUGGET: 7&I-ValueAct Goes Full John Wick

SPX 0.6% with intraday bounce, with defensives leading the wa. US financial sector lagged due to persisting banking fears; JP inflation 3.1%;...

Mark Chadwick

Good Morning Japan |US Bank Turmoil Spur Safe Haven Bid; NUGGET:Japan Wage Hikes - Something Special

NKY Futures are set for more losses at the open, driven by the safe-haven bid for the yen. Surely, this macro-driven sell-off is a buying opportunity?

Mark Chadwick

Good Morning Japan |EQUITY SELL OFF Ahead of NFP-Banks Bear Brunt; NUGGET: Nissan - Its Worse !

NKY Futs -2.2% vs Cash; USDJPY Strengthens to 136.1 as pare risk ahead of Kuroda's final policy decision today; MORE ACTIVIST WINS-Massive buyback...

Mark Chadwick

Japanese E-Commerce Big Review: Still Taking Market Share as Omnichannel Becomes the Norm

Japanese e-commerce continues to take more share from other retail channels but Japan is developing a sophisticated omnichannel model where stores...

Michael Causton