The scan says one thing loud: earnings yield vs bonds is dragging all 10 Nikkei shorts. Median conf 87, 6m range -11.5% to -7.3%. Fast Retailing Co., Ltd. ($9983.T) is worst at -11.5%, conf 89 — bond-

Sompo Holdings, Inc. ($8630.T) — Financial Services — at -8.5%, conf 88: same bond-yield spread, plus downside risk and 6mo momentum. Mitsubishi Heavy Industries, Ltd. ($7011.T) — Industrials — at -8.2%, conf 90: different because 12mo momentum is an up driver, but illiquidity and bond yields still bury it. HOYA Corporation ($7741.T) — Healthcare — at -8.1%, conf 82: bond-yield drag is smaller, but 6mo momentum and illiquidity do the damage. Mitsubishi Corporation ($8058.T) — Industrials — at -8.1%, conf 89: earnings yield vs bonds, downside risk, and 12mo momentum all negative. Takashimaya Company, Limited ($8233.T) — Consumer Cyclical — at -8.1%, conf 87: bond-yield spread, weak 12mo momentum, but illiquidity is actually a positive. Aeon Co., Ltd. ($8267.T) — Consumer Cyclical — at -8.0%, conf 86: 12mo momentum is up, yet 6mo momentum and the bond-yield factor drag it down. Teijin Limited ($3401.T) — Industrials — at -7.9%, conf 88: bond-yield factor again, but illiquidity helps and

Sompo Holdings, Inc. ($8630.T) — Financial Services — at -8.5%, conf 88: same bond-yield spread, plus downside risk and 6mo momentum. Mitsubishi Heavy Industries, Ltd. ($7011.T) — Industrials — at -8.