Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

Independent Leading Corporate Governance Research

Metrical Inc

METRICAL INC. is an independent leading Corporate Governance research firm in Japan where Corporate Governance is increasingly recognized as an important element on corporate management in these days. Thus, CG research and solutions would become an essential component of global capital markets and play important to contribute to transparency of the markets and maximize shareholders’ value in Japan. 

METRICAL INC. provides Corporate Governance research and analysis including rating services, and  also offers investment research and IR services with solutions and customized profound research on CG and IR issues.

<ul>
<li>Japan's stocks are notable for low trading liquidity due to relatively small market capitalization and skewed investor-base. Many companies have major shareholders, and BoJ's ETF further limit the free-floating shares.</li>
<li>Trends in derivative positions—such as the “gamma squeeze” strategy—that utilize the Nikkei 225, which includes stocks with low trading liquidity, are further amplifying the magnitude of market volatility.</li>
<li>The BoJ’s ETF holdings pose a major problem in corporate governance, perspective and it should now accelerate the sale of ETFs to ensure trading liquidity and “avoid impacting the market.”</li>
</ul>


Japan's stocks are notable for low trading liquidity due to relatively small market capitalization and skewed investor-base. Many companies have major shareholders, and BoJ's ETF further limit the free-floating shares.
Trends in derivative positions—such as the “gamma squeeze” strategy—that utilize the Nikkei 225, which includes stocks with low trading liquidity, are further amplifying the magnitude of market volatility.
The BoJ’s ETF holdings pose a major problem in corporate governance, perspective and it should now accelerate the sale of ETFs to ensure trading liquidity and “avoid impacting the market.”


The Bank of Japan Should Also Accelerate Its ETF Sales “to Avoid Impacting the Market”

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

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>The BoJ's reluctance to raise rates ensures negative real rates for longer</li>
<li>Supply and Demand for both commercial and residential are skewed towards price rises in central Tokyo and other urban areas</li>
<li>Property prices are at a big discount to other major developed countries</li>
</ul>


The BoJ's reluctance to raise rates ensures negative real rates for longer
Supply and Demand for both commercial and residential are skewed towards price rises in central Tokyo and other urban areas
Property prices are at a big discount to other major developed countries


Property Sector a Winner in Japan Reflationary Era

Cross Asset Strategy

<ul>
<li>A review of recent events and data impacting our investment themes and outlook</li>
<li>China has another breakthrough moment with DeepSeek changing standard AI architecture</li>
<li>The case for precious metals and commodities continues to build, but short-term caution is warranted.</li>
</ul>


A review of recent events and data impacting our investment themes and outlook
China has another breakthrough moment with DeepSeek changing standard AI architecture
The case for precious metals and commodities continues to build, but short-term caution is warranted.


Overview #46 - From GPUs to Geopolitics: Is China Winning the AI Race?

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>What are major global bond markets telling us about the world?</li>
<li>We look at potential beneficiaries  of the next wave of inflation </li>
</ul>


A review of recent events/data impacting our investment themes and outlook
What are major global bond markets telling us about the world?
We look at potential beneficiaries  of the next wave of inflation 


Overview #27 – The Big Beautiful Tragi-Comedy Continues

<ul>
<li>Regulators have established a legal framework for listed companies based on the belief that improving corporate governance practices leads to improved return on capital and better stock price performance.</li>
<li>Even regulators have recently begun requiring companies to take Key Actions to improve capital profitability and stock valuations, through “TSE’s request” and this year’s revision of Corporate Governance Code.</li>
<li>A company should be evaluated based on the results of its value creation, such as capital profitability and stock performance. The board practice is one factor that should be analyzed.</li>
</ul>


Regulators have established a legal framework for listed companies based on the belief that improving corporate governance practices leads to improved return on capital and better stock price performance.
Even regulators have recently begun requiring companies to take Key Actions to improve capital profitability and stock valuations, through “TSE’s request” and this year’s revision of Corporate Governance Code.
A company should be evaluated based on the results of its value creation, such as capital profitability and stock performance. The board practice is one factor that should be analyzed.


Isn't the Debate over the Amendment to the Companies Act Failing to Learn from past Mistakes?

Japan

The TOPIX, also known as the Tokyo Stock Price Index, is a capitalization-weighted index of all companies listed on the First Section of the Tokyo Stock Exchange. The index is supplemented by the subindices of the 33 industry sectors. The index calculation excludes temporary issues and preferred stocks, and has a base value of 100 as of January 4, 1968.

TSE Tokyo Price Index TOPIX (TPX INDEX)

The Bank of Japan Should Also Accelerate Its ETF Sales “to Avoid Impacting the Market”

I would like to discuss the issues on the June 10 Nikkei article titled “Call for Additional ETF Sales by the Bank of Japan.”

Metrical Inc

Property Sector a Winner in Japan Reflationary Era

Misui Fudosan is back to the levels where Elliott Mgmt disclosed their 2.5% stake. It rallied to an ATH on the disclosure and has corrected 15-17%...

Rikki Malik

Overview #46 - From GPUs to Geopolitics: Is China Winning the AI Race?

A review of recent events/data impacting our investment themes and outlook. We look at the implications of recent Chinese tech breakthroughs

Rikki Malik

Overview #27 – The Big Beautiful Tragi-Comedy Continues

More positive news for the Uranium Sector. Jefferies upgraded the Australian uranium miners yesterday with $PDN, $BOE and $DLY rallying 15-20% & up...

Rikki Malik

Isn't the Debate over the Amendment to the Companies Act Failing to Learn from past Mistakes?

I'll discuss Nikkei article on July 14 “To Curb the Runaway Power of ‘Friends’ Appointed to Nomination Committees: Discussion on Corporate Law...

Metrical Inc