Scan says the Nikkei 225 book is one factor: earnings yield vs bonds. 10 of 10 top driver. 6m expected +10.0% to +15.1%, median conf 91. This is a JGB-yield trade, not a sector trade.

Idemitsu Kosan Co.,Ltd. ($5019.T) +15.1% conf 91 — yield, 6mo momentum, alpha vs SPY. Konica Minolta, Inc. ($4902.T) +15.0% conf 91 — yield, downside risk, 6mo momentum. Nomura Holdings, Inc. ($8604.T) +13.4% conf 91 — yield, 6mo momentum, downside risk. The Kansai Electric Power Company, Incorporated ($9503.T) +13.1% conf 91 — max yield, 12mo momentum negative, vol instability offset. Sumitomo Pharma Co., Ltd. ($4506.T) +12.2% conf 91 — yield, downside risk, illiquidity. SoftBank Group Corp. ($9984.T) +11.8% conf 91 — biggest downside risk driver, 12mo momentum negative. Daiwa House Industry Co., Ltd. ($1925.T) +11.3% conf 91 — yield, 12mo momentum positive, downside risk a drag. Sharp Corporation ($6753.T) +10.9% conf 91 — 12mo momentum and illiquidity help. Yamaha Motor Co., Ltd. ($7272.T) +10.8% conf 91 — 12mo momentum negative, 6mo momentum positive. The Yokohama Rubber Company, Limited ($5101.T) +10.0% conf 89 — yield max, downside risk up, 12mo momentum negative. Consumer cyclic

Idemitsu Kosan Co.,Ltd. ($5019.T) +15.1% conf 91 — yield, 6mo momentum, alpha vs SPY. Konica Minolta, Inc. ($4902.T) +15.0% conf 91 — yield, downside risk, 6mo momentum.