Nikkei quant book is one trade: earnings yield vs bonds is the top driver in 10 of 10 names. 6m expected returns +12.8% to +20.4%, median conf 92. Only consumer cyclicals and basic materials repeat; r

Konica Minolta, Inc. ($4902.T) +20.4%, conf 92. Industrials, top of universe and sector. Yield tailwind plus 6m alpha vs SPY and downside-risk tailwind. The Kansai Electric Power Company, Incorporated ($9503.T) +17.9%, conf 92. Utilities, max yield, clean 6m momentum/alpha. SoftBank Group Corp. ($9984.T) +15.1%, conf 92. Comms, max yield and downside tailwind, but 12m momentum drag. Daiwa House Industry Co., Ltd. ($1925.T) +15.0%, conf 92. Real estate, max yield, 12m momentum tailwind, but downside risk drag. Idemitsu Kosan Co.,Ltd. ($5019.T) +14.9%, conf 92. Energy, max yield, vol instability tailwind, downside risk drag. Yamaha Motor Co., Ltd. ($7272.T) +14.1%, conf 92. Yield vs bonds is weaker at +0.0837, and both 12m momentum and downside risk drag. The Yokohama Rubber Company, Limited ($5101.T) +13.4%, conf 90, full yield and downside-risk tailwind but 12m momentum drag. Consumer cyclicals both have momentum issues. UBE Corporation ($4208.T) +12.9%, conf 92. Basic materials, lo

Konica Minolta, Inc. ($4902.T) +20.4%, conf 92. Industrials, top of universe and sector. Yield tailwind plus 6m alpha vs SPY and downside-risk tailwind. The Kansai Electric Power Company, Incorporated ($9503.T) +17.9%, conf 92. Utilities, max yield, clean 6m momentum/alpha. SoftBank Group Corp. ($9984.T) +15.1%, conf 92. Comms, max yield and downside tailwind, but 12m momentum drag.