The Point for Japan

This report provides updates on Japanese companies (Coca-Cola Bottlers, SMC), semiconductor industry earnings outlooks, BoJ JGB holdings, and EUR/JPY currency analysis.

Key Takeaways

• 1.Coca-Cola Bottlers Japan achieved its FY12/26 business profit target and is positioned for higher profit growth from FY12/27.
• 2.SMC faces scrutiny from sovereign wealth funds and other investors regarding director elections at the upcoming AGM.
• 3.Japan's Semiconductor Equipment earnings forecasts were raised due to aggressive investment from foundry and memory companies.

Table of Contents

• Company
• Industry
• Fixed Income
• FX
• Key Rating and Target Price Changes
• Appendix A-1

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