Citi
July 7, 2026
The Point for Japan
Daily UpdateEquitiesFXRates Govt BondsIndustrialsInformation Technology
This report provides a daily briefing for Japan markets covering specific company updates, sector-wide earnings previews for chemicals and electronics, and updates on fixed income and FX reserves.
Key Takeaways
- 1.Kawasaki Heavy Industries (KHI) announced equity financing via 37.35mn new shares and CB issues, aiming to reduce net debt-equity ratio below 50%.
- 2.Hitachi remains a top industrial pick, cited as undervalued with a 16% projected OP CAGR, though TOPIX relative performance remains down 19% YTD.
- 3.Global foreign currency reserves trends show JPY share of reserves rising as the currency depreciates, with active selling of JPY noted in Q1 2026.
Table of Contents
- Company
- Industry
- Fixed Income
- FX
- Key Rating and Target Price Changes
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Authors
Masahiro ShibanoTokiya BabaTakero FujiwaraGraeme McDonaldYuta NishiyamaTomohisa FujikiOsamu TakashimaDaniel TobonBrian Levine
Securities
6146.T7974.T6501.T7012.T
Themes
Corporate DeleveragingGlobal Reserve DiversificationJapanese Equity Earnings Season
Regions
GlobalJapan