Scan is one factor: earnings yield vs bonds tops 10 of 10. Normal vol, normal credit, steep curve. Cheap-vs-rates book, not a sector bet. Univ 96-100, sec 97-100. Konica Minolta, Inc. ($4902.T) and KA

SoftBank Group Corp. ($9984.T) +10.2%, conf 83. Downside risk (+) and 12mo momentum (-) are the differentiators. Yamaha Motor Co., Ltd. ($7272.T) +9.8%, conf 83. 12mo momentum is a drag; 6mo momentum (+) is doing the lifting. Daiwa House Industry Co., Ltd. ($1925.T) +9.2%, conf 83. Real Estate. Lower downside risk (-) and 12mo momentum (+) separate it. Sumitomo Pharma Co., Ltd. ($4506.T) +8.8%, conf 83. Healthcare. 6mo momentum (-) and 6mo alpha vs SPY (-) are both fighting it. Tokuyama Corporation ($4043.T) +8.6%, conf 83. Basic Materials. Downside risk (+) and illiquidity (+) — smaller, jumpier. Nomura Holdings, Inc. ($8604.T) +7.9%, conf 83. Financials. Downside risk (+) and vol instability (+). Good signal, not clean. Japan Airlines Co., Ltd. ($9201.T) +7.3%, conf 83. Industrials. Lower downside risk (-) and 12mo momentum (+) stand out. The Yokohama Rubber Company, Limited ($5101.T) +7.2%, conf 82. Consumer Cyclical. Downside risk (+) and 12mo momentum (-) — weakest rank, still top

SoftBank Group Corp. ($9984.T) +10.2%, conf 83. Downside risk (+) and 12mo momentum (-) are the differentiators. Yamaha Motor Co., Ltd. ($7272.T) +9.8%, conf 83. 12mo momentum is a drag; 6mo momentum