Nikkei 225 short screen isn't a sector call. Earnings yield vs bonds is the drag in 10 of 10. That's the whole book. These are univ 0-4%. Momentum/illiquidity/downside risk just sort the names.

Fast Retailing Co., Ltd. ($9983.T) -11.1% conf 89 leads. Takeda Pharmaceutical Company Limited ($4502.T) -9.9% conf 86 next. Fast Retailing: weak 12mo momo + illiquidity. Takeda: downside risk + 12mo momo. Consumer cyclical + healthcare at univ 0-1% — no sector escape. Aeon Co., Ltd. ($8267.T) -8.8% conf 87: +12mo momo, but 6mo momo cracks. Sompo Holdings, Inc. ($8630.T) -8.6% conf 88: downside risk + 6mo decay. Takashimaya Company, Limited ($8233.T) -8.2% conf 86: weak 12mo + 20d momo. Different exits. Mitsubishi Corporation ($8058.T) -8.0% conf 90, Mitsubishi Heavy Industries, Ltd. ($7011.T) -7.7% conf 89. Industrial cluster. Corp: downside risk + weak 12mo. Heavy: +12mo momo, illiquidity drag. Teijin Limited ($3401.T) -7.5% conf 88: illiquidity up, vol instability down. HOYA Corporation ($7741.T) -7.3% conf 82 and Nikon Corporation ($7731.T) -7.2% conf 84 round it out. HOYA: weak 6mo momo + illiquidity. Nikon: downside risk pushes up, but 6mo momo and the main drag kill it. Confiden

Fast Retailing Co., Ltd. ($9983.T) -11.1% conf 89 leads. Takeda Pharmaceutical Company Limited ($4502.T) -9.9% conf 86 next. Fast Retailing: weak 12mo momo + illiquidity. Takeda: downside risk + 12mo