In today’s briefing:
- Japan Activism Briefs: Yamaha Motor, Tamron, NPC
- Ohayo Japan | Dow Jones Closes Above 47,000 for First Time
- Japan Morning Connection: SOX to New Highs After CPI Greenlights Further Cuts and Risk-On Mood
Japan Activism Briefs: Yamaha Motor, Tamron, NPC
- Yamaha Motor (7272) | Silchester raised stake to 8.8%; shares down 20% despite core motorcycles/marine generating 20-30% ROIC, undermined by ¥62bn losses in RVs/Robotics.
- Tamron (7740) | Effissimo increased holding to 13%; company trades at 6x EBIT with 20%+ margins, expanding from camera lenses into automotive ADAS and industrial optics.
- NPC (6255) | LIM acquired 6% stake in solar equipment maker down 20% year-to-date, betting on perovskite cycle recovery despite withdrawn guidance and customer weakness.
Ohayo Japan | Dow Jones Closes Above 47,000 for First Time
- U.S. stocks surged to record highs on Friday following cooler-than-expected September inflation data that reinforced expectations for continued Federal Reserve rate cuts
- US-China officials negotiated a trade deal framework to pause higher US tariffs and Chinese rare earth export controls
- This week: BOJ is expected to hold rates at 0.50%; Takaichi to meet with Trump
Japan Morning Connection: SOX to New Highs After CPI Greenlights Further Cuts and Risk-On Mood
- IBM continues to rerate as a Quantum name after announcing regular AMD chips can be used for qubit error correction.
- Trump in Japan for the next 3-days likely to see defense, soybean and auto re-import pledges, but still waiting for a nuclear Takaichi.
- Shin-Etsu earnings and guidance missed on PVC outlook, but this could be a bottom as US building sentiment set to improve.
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