Japan Weekly Kickstart

The report highlights strong foreign inflows into Japanese equities, led by record North American buying, alongside a summary of the FY3/26 earnings season showing a high rate of positive surprises.

Key Takeaways

• 1.North American net buying of Japanese cash equities reached its highest 3-month rolling level since May 2013, totaling ¥2tn.
• 2.The 3-month rolling correlation between Japanese equities and bond yields has turned negative, reaching historic lows.
• 3.FY3/26 earnings results were broadly positive with 55% of companies reporting surprises, the largest gap over negative surprises in several quarters.

Table of Contents

• Summary of the week
• Foreign flow breakdown update, rising JGB yields
• FY3/26 earnings summary
• Market Dashboard
• Strategy Focus
• Valuation/Performance
• Flows/Positioning/Earnings Momentum
• Style/Baskets
• Sector Performance/Revisions/Valuations
• Appendix One - Methodology

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