Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>Japanese banks are entering a new, structurally sound phase driven by the BoJ's policy pivot, which is fundamentally elevating Net Interest Income and profitability.</li>
<li>Capital efficiency and mandatory corporate governance reforms are set to significantly close the P/B gap against global peers.</li>
<li>TOPIX Bank Index could be poised for continued outperformance over the broader market, making it an essential, high-conviction portfolio exposure as 8303 Shinsei returns to the index.</li>
</ul>


Japanese banks are entering a new, structurally sound phase driven by the BoJ's policy pivot, which is fundamentally elevating Net Interest Income and profitability.
Capital efficiency and mandatory corporate governance reforms are set to significantly close the P/B gap against global peers.
TOPIX Bank Index could be poised for continued outperformance over the broader market, making it an essential, high-conviction portfolio exposure as 8303 Shinsei returns to the index.


Japanese Banks: TPNBNK Structural Sector Buy-Case, Preparing for Shinsei (8303) January Passive Flow

<ul>
<li>Sustained pressure from the JPX initiative targeting firms trading below P/B is forcing enhanced capital returns (buybacks and dividends), creating opportunity across both indices.</li>
<li>BoJ's shift to a positive rate environment is fundamentally restoring Net Interest Income and profitability to the Financials sector, positioning the TOPIX, in particular, for outperformance.</li>
<li>AI/Tech Sector Dominance: The Nikkei 225 is driven by high-tech firms. This concentration, led by high-priced high weighted stocks like Advantest and Softbank Group, provides high-beta AI exposure</li>
</ul>


Sustained pressure from the JPX initiative targeting firms trading below P/B is forcing enhanced capital returns (buybacks and dividends), creating opportunity across both indices.
BoJ's shift to a positive rate environment is fundamentally restoring Net Interest Income and profitability to the Financials sector, positioning the TOPIX, in particular, for outperformance.
AI/Tech Sector Dominance: The Nikkei 225 is driven by high-tech firms. This concentration, led by high-priced high weighted stocks like Advantest and Softbank Group, provides high-beta AI exposure


2026 High Conviction - Japan's Triple Play: How PBR Reform, AI, and Banks Unlock Alpha

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

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>New LDP leader and Japanese PM favours interest rate normalisation</li>
<li>This supports our outlook for a strengthening JPY against the USD</li>
<li>The Japanese central bank may now face pressure to raise rates</li>
</ul>


New LDP leader and Japanese PM favours interest rate normalisation
This supports our outlook for a strengthening JPY against the USD
The Japanese central bank may now face pressure to raise rates


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

Mitsubishi UFJ Financial (MUFG) / Event-Driven

<ul>
<li>Following up on our earlier cross-shareholding notes, in this note we look at <a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a>’s cross-shareholding.</li>
<li>MUFG had a stake over US$100m in at least 47 listed Japanese stocks, amounting to a total of around US$19bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


Following up on our earlier cross-shareholding notes, in this note we look at Mitsubishi UFJ Financial (MUFG) (8306 JP)’s cross-shareholding.
MUFG had a stake over US$100m in at least 47 listed Japanese stocks, amounting to a total of around US$19bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


MUFG Cross-Shareholding - At Least US$20bn of Cross-Shareholding to Sell, Taking It Slow

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul>
<li>It is time for one of the most important Bank of Japan meetings in decades.</li>
<li>Markets remain unprepared for a move, despite the pre-warning of a higher inflation forecast. Here is our preview!</li>
<li>It is a no-brainer for the BoJ to increase the inflation forecast given how firm inflation has been relative to forecasts, but the big question is whether it matters for the policy decision? The short answer is yes. </li>
</ul>


It is time for one of the most important Bank of Japan meetings in decades.
Markets remain unprepared for a move, despite the pre-warning of a higher inflation forecast. Here is our preview!
It is a no-brainer for the BoJ to increase the inflation forecast given how firm inflation has been relative to forecasts, but the big question is whether it matters for the policy decision? The short answer is yes. 


Japan Watch: Markets Are Unprepared for BoJ Action

Japan

TOPIX-Banks Index is a capitalization-weighted index of all the banks listed on the First Section of the Tokyo Stock Exchange and is one of the 33 industry sectors of the TOPIX Index (TPX). The index was developed with a base value of 1000 as of January 6, 1992. The parent index is TPX.

TOPIX Banks Index (TPNBNK INDEX)

Japanese Banks: TPNBNK Structural Sector Buy-Case, Preparing for Shinsei (8303) January Passive Flow

Japanese banks are experiencing improved profitability due to the BoJ's policy changes, also evidenced by 8303 Shinsei re-listing, leading to...

Jay Cameron

2026 High Conviction - Japan's Triple Play: How PBR Reform, AI, and Banks Unlock Alpha

JPX initiative pressures firms to enhance capital returns, BoJ's positive rate shift boosts Financials, Nikkei 225 driven by high-tech firms for...

Jay Cameron

Banking on the BoJ

New Japanese PM's interest rate stance could lead to a stronger JPY against USD. Higher rates will help certain sectors in the market

Rikki Malik

MUFG Cross-Shareholding - At Least US$20bn of Cross-Shareholding to Sell, Taking It Slow

Following up on our earlier cross-shareholding notes, in this note we look at MUFG (8306 JP)’s cross-shareholding. MUFG had a stake of over US$100m...

Sumeet Singh

Japan Watch: Markets Are Unprepared for BoJ Action

It is time for one of the most important Bank of Japan meetings in decades. Markets remain unprepared for a move, despite the pre-warning of a...

Steno Research

Japanese Banks: TPNBNK Structural Sector Buy-Case, Preparing for Shinsei (8303) January Passive Flow

​Japanese banks are experiencing improved profitability due to the BoJ's policy changes, also evidenced by 8303 Shinsei re-listing, leading to...

Jay Cameron

2026 High Conviction - Japan's Triple Play: How PBR Reform, AI, and Banks Unlock Alpha

​JPX initiative pressures firms to enhance capital returns, BoJ's positive rate shift boosts Financials, Nikkei 225 driven by high-tech firms for...

Jay Cameron

Banking on the BoJ

​New Japanese PM's interest rate stance could lead to a stronger JPY against USD. Higher rates will help certain sectors in the market

Rikki Malik

MUFG Cross-Shareholding - At Least US$20bn of Cross-Shareholding to Sell, Taking It Slow

Following up on our earlier cross-shareholding notes, in this note we look at MUFG (8306 JP)’s cross-shareholding. MUFG had a stake of over US$100m...

Sumeet Singh

Japan Watch: Markets Are Unprepared for BoJ Action

It is time for one of the most important Bank of Japan meetings in decades. Markets remain unprepared for a move, despite the pre-warning of a...

Steno Research

Japanese banks are experiencing improved profitability due to the BoJ's policy changes, also evidenced by 8303 Shinsei re-listing, leading to...

JPX initiative pressures firms to enhance capital returns, BoJ's positive rate shift boosts Financials, Nikkei 225 driven by high-tech firms for...

New Japanese PM's interest rate stance could lead to a stronger JPY against USD. Higher rates will help certain sectors in the market