The Nikkei 225 quant book is all negative—6m expected returns -11.5% to -7.0%, median conf 88. Earnings yield vs bonds is the drag in 10 of 10. Consumer cyclical and industrial names cluster at the to

Fast Retailing Co., Ltd. ($9983.T) leads the downside at -11.5% conf 89—↓ EY vs bonds -0.0663, ↓ 12mo momentum -0.0149, ↓ illiquidity -0.0112. Takeda Pharmaceutical Company Limited ($4502.T) -10.9% conf 86: ↓ EY vs bonds -0.0919, ↓ downside risk -0.0216. Sompo Holdings, Inc. ($8630.T) -10.7% conf 88: ↑ 12mo momentum +0.0105, but ↓ EY -0.0750 still buries it. Aeon Co., Ltd. ($8267.T) -9.3% conf 87: ↑ 12mo momentum +0.0195 but ↓ 6mo momentum -0.0136—mixed. Mitsubishi Heavy Industries, Ltd. ($7011.T) -8.9% conf 90: ↓ EY vs bonds -0.0862, ↑ 12mo momentum +0.0131, ↓ illiquidity -0.0115. HOYA Corporation ($7741.T) -8.5% conf 82: ↓ EY -0.0455, ↓ illiquidity -0.0108, ↓ 12mo momentum -0.0102. Teijin Limited ($3401.T) -8.3% conf 89: ↓ EY vs bonds -0.0919, ↓ downside risk -0.0143, ↑ illiquidity +0.0107—no clean bid. Nissan Motor Co., Ltd. ($7201.T) -8.0% conf 86: ↓ EY -0.0919, ↑ downside risk +0.0158. Bad signal, not a value long. Shin-Etsu Chemical Co., Ltd. ($4063.T) -7.9% conf 88: ↓ EY -0.0548

Fast Retailing Co., Ltd. ($9983.T) leads the downside at -11.5% conf 89—↓ EY vs bonds -0.0663, ↓ 12mo momentum -0.0149, ↓ illiquidity -0.0112. Takeda Pharmaceutical Company Limited ($4502.T) -10.9% co