Nikkei model is leaning hard on one factor: earnings yield vs bonds. It shows up in 10 of 10 names. That is the whole scan. Not a sector bet, Consumer Cyclical has 3 names, Utilities 1, Industrials 1.

Kansai Electric Power (9503.T) $9503.T tops the list at +29.2%, conf 87. Utilities, univ 100%, sec 100%. Drivers: earnings yield vs bonds, 6mo momentum, 6mo alpha vs SPY. Konica Minolta (4902.T) $4902.T is +28.2%, conf 87. Industrials, univ 100%, sec 100%. Drivers: earnings yield vs bonds, downside risk, illiquidity. Same bond-yield anchor, different kickers: momentum/alpha vs downside/illiquidity. Idemitsu Kosan (5019.T) $5019.T +26.6%, conf 87. Energy, sec 100%. Earnings yield vs bonds up, 12mo momentum down, 6mo momentum up. SoftBank Group (9984.T) $9984.T +23.2%, conf 87. Communication Services, sec 100%. Earnings yield vs bonds, downside risk, 6mo momentum up. Daiwa House Industry (1925.T) $1925.T +23.0%, conf 87. Real Estate, sec 100%. Earnings yield vs bonds, downside risk, 12mo momentum up. Common factor is bond yield. The difference is which momentum window is working. Suzuki Motor (7269.T) $7269.T +21.2%, conf 87. Consumer Cyclical, sec 100%. Earnings yield vs bonds, downside

Kansai Electric Power (9503.T) $9503.T tops the list at +29.2%, conf 87. Utilities, univ 100%, sec 100%. Drivers: earnings yield vs bonds, 6mo momentum, 6mo alpha vs SPY. Konica Minolta (4902.T) $4902