Scan is one trade: earnings yield vs bonds. It drives all 10. Model leaning into cheap cash flow vs a steep curve, not momentum. Industrials 2, Consumer Cyclical 2, Utilities 1. Univ ranks 96-100%, se

What changed

Konica Minolta, Inc. ($4902.T) +27.8%, Industrials. Downside risk↑, illiquidity↑. KANSAI ELECTRIC POWER CO INC ($9503.T) +26.2%, Utilities. 6mo mom↑, alpha vs SPY↑. Daiwa House Industry Co., Ltd. ($1925.T) +21.7%, Real Estate. Downside risk↑, 12mo mom↑. All conf 87. SoftBank Group Corp. ($9984.T) +21.5%, Comm Svcs. Downside risk↑, 12mo mom↓. Yamaha Motor Co., Ltd. ($7272.T) +20.8%, Consumer Cyclical. 12mo mom↓, 6mo mom↑. Sumitomo Pharma Co., Ltd. ($4506.T) +20.5%, Healthcare. 6mo mom↓, illiquidity↑. All conf 87. The Yokohama Rubber Company, Limited ($5101.T) +19.7%, Consumer Cyclical, conf 86. 12mo mom↓, downside risk↑. Tokio Marine Holdings, Inc. ($8766.T) +19.3%, Financial Services, conf 87. Downside risk↑, 12mo mom↑. Tokuyama Corporation ($4043.T) +19.0%, Basic Materials, conf 87. Downside risk↑, illiquidity↑. TOPPAN Holdings Inc. ($7911.T) +17.3%, Industrials, conf 86. Downside risk↑, 12mo mom↑. The so-what: all 10 are the same rate-spread trade. If bonds sell off or credit tighten

Why it matters