The issue is one factor: earnings yield vs bonds drags all 10. Fast Retailing Co., Ltd. ($9983.T) -13.7% conf 89, Sompo Holdings, Inc. ($8630.T) -12.6% conf 88. All univ 0–4%, no clean sector signal.

Takeda Pharmaceutical Company Limited ($4502.T) -11.6% conf 86: downside risk and 12mo momentum both drag. Mitsubishi Heavy Industries, Ltd. ($7011.T) -10.6% conf 90: 12mo up but 6mo down—momentum rollover. Aeon Co., Ltd. ($8267.T) -10.4% conf 87 has the same rollover: 12mo bid, 6mo fade. Shin-Etsu Chemical Co., Ltd. ($4063.T) -9.7% conf 88 is cleaner—valuation gap, 6mo momentum, and 6mo alpha vs SPY all down. HOYA Corporation ($7741.T) -9.7% conf 82 adds illiquidity and 12mo momentum drag, but smaller factor impact. Teijin Limited ($3401.T) -9.3% conf 89 is the odd one—illiquidity pushes up, valuation and downside risk don’t. Nissan Motor Co., Ltd. ($7201.T) -9.0% conf 86: weird print—downside risk pushes up, valuation and 6mo momentum still drag. Kuraray Co., Ltd. ($3405.T) -8.8% conf 85: weak valuation, higher 12mo momentum. Watch the bond yield

Takeda Pharmaceutical Company Limited ($4502.T) -11.6% conf 86: downside risk and 12mo momentum both drag. Mitsubishi Heavy Industries, Ltd. ($7011.T) -10.6% conf 90: 12mo up but 6mo down—momentum rol