Nikkei 225 model is all-in on one trade: earnings yield vs bonds drives 10 of 10 names. Top of book is Konica Minolta, Inc. ($4902.T) at +10.9% conf 83 and KANSAI ELECTRIC POWER CO INC ($9503.T) at +9

SoftBank Group Corp. ($9984.T), +8.7% conf 83, is the noisy one: downside risk ↑, 12mo momentum ↓. Daiwa House Industry Co., Ltd. ($1925.T), +8.2% conf 83, flips it: downside risk ↓, 12mo momentum ↑. Yamaha Motor Co., Ltd. ($7272.T), +8.0% conf 83, is shorter-cycle: 12mo momentum ↓ but 6mo momentum ↑. Different risk plumbing. Sumitomo Pharma Co., Ltd. ($4506.T), +7.7% conf 83, is turnaround, not clean trend: 12mo momentum ↑, 6mo momentum ↓. Tokuyama Corporation ($4043.T), +7.0% conf 83, brings downside risk ↑ and illiquidity ↑ — size matters. The Yokohama Rubber Company, Limited ($5101.T), +6.9% conf 82, has downside risk ↑ and 12mo momentum ↓. Consumer Cyclical shows up twice in the top 10, so it’s not a sector bet. Japan Airlines Co., Ltd. ($9201.T), +6.3% conf 83, is rare: downside risk ↓ and 12mo momentum ↑. Nomura Holdings, Inc. ($8604.T), +5.9% conf 83, is the opposite risk print: downside risk ↑ and vol instability ↑. Financials getting a rates/curve bid is the tell. Watch JGB y

SoftBank Group Corp. ($9984.T), +8.7% conf 83, is the noisy one: downside risk ↑, 12mo momentum ↓. Daiwa House Industry Co., Ltd. ($1925.T), +8.2% conf 83, flips it: downside risk ↓, 12mo momentum ↑.