Earnings yield vs bonds is dragging all 10 names. Every single short has the same anchor. This is a rates trade wearing a stock-picker costume.

Fast Retailing (9983.T) tops the list at -12.2%, conf 89. Momentum and illiquidity both bleeding. Takeda Pharmaceutical (4502.T) right behind at -10.7% — downside risk stacking on top of the same yield problem. $9983.T $4502.T Aeon (8267.T) is the odd one — 12mo momentum is actually pushing UP, but the yield gap still buries it at -9.2%. Sompo Holdings (8630.T) at -9.1%, pure yield drag plus downside risk. $8267.T $8630.T HOYA (7741.T) at -8.8% is interesting — sec rank 15%, the weakest sector position here. Alpha vs SPY is negative too. Not just a Japan problem. $7741.T Mitsubishi Corp (8058.T) and Mitsubishi Heavy (7011.T) both at univ 3%, conf 89-90. Heavy has 12mo momentum pushing up but yield gap -0.0862 kills it. Same name, same trap. $8058.T $7011.T Takashimaya (8233.T), Teijin (3401.T), Nikon (7731.T) round out the bottom. Teijin's illiquidity is actually a positive driver — thin float. Nikon's downside risk is UP, which is rare here. $8233.T $3401.T $7731.T

Fast Retailing (9983.T) tops the list at -12.2%, conf 89. Momentum and illiquidity both bleeding. Takeda Pharmaceutical (4502.T) right behind at -10.7% — downside risk stacking on top of the same yiel