Nikkei 225 short scan says the same thing in 10 of 10: earnings yield vs bonds is the drag. Book is -11.6% to -7.3% 6m, median conf 87. Not a crash call — just expensive vs bonds. Consumer, healthcare

Fast Retailing Co., Ltd. ($9983.T) -11.6%, conf 89, univ 0% sec 3%. Takeda Pharmaceutical Company Limited ($4502.T) -10.0%, conf 86. Sompo Holdings, Inc. ($8630.T) -8.8%, conf 88. Fast adds ↓12mo momentum, ↓illiquidity; Takeda ↓downside risk; Sompo ↓6mo momentum. Aeon Co., Ltd. ($8267.T) -8.8%, conf 87, odd one: ↑12mo momentum but ↓6mo. Takashimaya Company, Limited ($8233.T) -8.3%, conf 86, earnings-yield hit -0.0919, ↑illiquidity. Mitsubishi Heavy Industries, Ltd. ($7011.T) -8.1%, conf 90, ↑12mo momentum, ↓illiquidity. Mitsubishi Corporation ($8058.T) -7.9%, conf 89. Less earnings-yield damage (-0.0405), but ↓downside risk and ↓illiquidity still bite. Teijin Limited ($3401.T) -7.7%, conf 88, max earnings-yield drag (-0.0919) and ↑illiquidity. Lower return, same short case. HOYA Corporation ($7741.T) -7.4%, conf 82. Nikon Corporation ($7731.T) -7.3%, conf 84. HOYA has smaller earnings-yield hit (-0.0455), ↓illiquidity, ↓6mo momentum. Nikon has full earnings-yield drag, ↑downside risk,

Fast Retailing Co., Ltd. ($9983.T) -11.6%, conf 89, univ 0% sec 3%. Takeda Pharmaceutical Company Limited ($4502.T) -10.0%, conf 86. Sompo Holdings, Inc. ($8630.T) -8.8%, conf 88. Fast adds ↓12mo mome