Nikkei 225 short scan is a rates trade: earnings yield vs bonds is the down driver in all 10. Median conf 80, 6m book -11.5% to -7.4%. Consumer Cyclical and Industrials cluster, but the real cluster i

Fast Retailing ($9983.T) is the worst: -11.5%, conf 82, univ 0%, Consumer Cyclical. Yield gap -0.0663, 12m mom -0.0162, illiquidity -0.0119. Takeda Pharmaceutical ($4502.T): -10.0%, conf 79, Healthcare, yield gap -0.0919, downside risk -0.0179. Aeon ($8267.T) is -8.8%, conf 80, Consumer Cyclical. 12m mom +0.0195 helps, but 6m mom -0.0136 and yield gap -0.0727 drag. Sompo Holdings ($8630.T): -8.7%, conf 81, Financial Services, yield gap -0.0666, downside risk -0.0122, 6m mom -0.0087. Mitsubishi Corporation ($8058.T): -8.2%, conf 83, Industrials. Least-bad yield gap -0.0405, but downside risk -0.0202, 12m mom -0.0110. Mitsubishi Heavy Industries ($7011.T): -8.1%, conf 82, Industrials. 12m mom +0.0131, yet yield gap -0.0862, illiquidity -0.0115. Takashimaya ($8233.T): -7.9%, conf 78, Consumer Cyclical. 6m mom +0.0062 is a positive, but 12m mom -0.0174 and yield gap -0.0919 dominate. HOYA ($7741.T): -7.7%, conf 74, Healthcare, yield gap -0.0455, illiquidity -0.0108, 6m mom -0.0086. Teijin

Fast Retailing ($9983.T) is the worst: -11.5%, conf 82, univ 0%, Consumer Cyclical. Yield gap -0.0663, 12m mom -0.0162, illiquidity -0.0119. Takeda Pharmaceutical ($4502.T): -10.0%, conf 79, Healthcar