The scan’s top 10 expected returns are all negative— -13.1% to -9.0%—and earnings yield vs bonds is dragging every single name. Vol normal, credit normal, curve steep. This is a rate-driven least-bad

$4502.T Takeda Pharmaceutical Company Limited, healthcare, is the worst at -13.1% conf 86—rate anchor first, then downside risk and 12mo momentum. $9983.T Fast Retailing Co., Ltd., consumer cyclical, -12.9% conf 89, same anchor but illiquidity replaces downside risk as the secondary drag. $8267.T Aeon Co., Ltd., consumer cyclical, is interesting—12mo momentum is positive (+0.0195), but 6mo momentum flips negative and the rate anchor still dominates, -11.6% conf 87. $8630.T Sompo Holdings, Inc., financial services, has no positive offset at -11.2% conf 88. $7741.T HOYA Corporation, healthcare, sits at -9.9% conf 82—less rate pain, still momentum and illiquidity negative. $7011.T Mitsubishi Heavy Industries, Ltd., industrials, is the highest conf at 90; positive 12mo momentum, but a -0.0833 rate hit plus illiquidity keeps it -9.7%. $3401.T Teijin Limited, industrials, has the joint-worst rate drag (-0.0919) plus vol instability, -9.5% conf 89. $7201.T Nissan Motor Co., Ltd., consumer cyc

$4502.T Takeda Pharmaceutical Company Limited, healthcare, is the worst at -13.1% conf 86—rate anchor first, then downside risk and 12mo momentum. $9983.T Fast Retailing Co., Ltd., consumer cyclical,