Earnings yield vs bonds is the whole book—10 of 10 names, median conf 87, 6m expected returns -14.2% to -8.3%. This is not a value story, it’s a relative yield repricing.

Fast Retailing Co., Ltd. ($9983.T) -14.2% conf 89: momentum and downside risk both drag—no cushion. Sompo Holdings, Inc. ($8630.T) -13.0% conf 88: 12mo momentum is the only green, but earnings yield and downside risk bury it. Takeda Pharmaceutical Company Limited ($4502.T) -12.3% conf 86: biggest downside-risk drag in the group. Mitsubishi Heavy Industries, Ltd. ($7011.T) -11.0% conf 90: top confidence, mixed tape—12mo up, 6mo down. HOYA Corporation ($7741.T) -11.0% conf 82: yield spread least negative here, but 6mo momentum and illiquidity still subtract. Aeon Co., Ltd. ($8267.T) -10.4% conf 87: strongest 12mo momentum boost, yet 6mo momentum and yield spread dominate. Shin-Etsu Chemical Co., Ltd. ($4063.T) -9.9% conf 88: only name with 6mo alpha vs SPY as a top drag. Teijin Limited ($3401.T) -9.6% conf 89: illiquidity is the lone positive; vol instability negative. Nissan Motor Co., Ltd. ($7201.T) -9.3% conf 86: downside risk flips positive, 6mo momentum still negative. Nippon Steel

Fast Retailing Co., Ltd. ($9983.T) -14.2% conf 89: momentum and downside risk both drag—no cushion. Sompo Holdings, Inc. ($8630.T) -13.0% conf 88: 12mo momentum is the only green, but earnings yield a