The scan is screaming one thing: earnings yield vs bonds in 10 of 10. Book +17.5% to +28.6%, median conf 87. Not sector-crowded — only Consumer Cyclical doubles — but rank-crowded: 9 of 10 sec 100, un

What changed

Konica Minolta, Inc. ($4902.T) +28.6% and KANSAI ELECTRIC POWER CO INC ($9503.T) +28.3% sit 1-2. Both univ 100%, sec 100%, conf 87. Konica: ↑ downside risk, ↑ illiquidity. Kansai: ↑ 6mo momentum, ↑ 6mo alpha vs SPY. Utilities/Industrials pair is odd. Yamaha Motor Co., Ltd. ($7272.T) +22.3%, Daiwa House Industry Co., Ltd. ($1925.T) +22.2%, Sumitomo Pharma Co., Ltd. ($4506.T) +21.4%. Same earnings-yield core. Yamaha: ↑ 6mo momentum, ↓ 12mo. Daiwa: ↑ 12mo momentum, ↑ downside risk. Sumitomo: ↑ illiquidity, ↓ 6mo momentum. Healthcare/RE/Cyclical. SoftBank Group Corp. ($9984.T) +21.3%, The Yokohama Rubber Company, Limited ($5101.T) +21.1%, Tokio Marine Holdings, Inc. ($8766.T) +19.8%. Earnings yield still dominant. SoftBank: ↑ downside risk, ↓ 12mo. Yokohama: ↓ 12mo, ↑ downside risk. Tokio: ↑ downside risk, ↑ 12mo. Only Tokio has positive 12mo here. Tokuyama Corporation ($4043.T) +18.0% and Tokyo Electron Limited ($8035.T) +17.5% fill out the list. Same conf 87. Tokuyama: ↑ downside risk, ↑

Why it matters