Scan says short Japan quality. ↓ earnings yield vs bonds drags 10 of 10. Book -10.9% to -6.5%, median conf 88. Fast Retailing Co., Ltd. ($9983.T) and Takeda Pharmaceutical Company Limited ($4502.T) to

Aeon Co., Ltd. ($8267.T) -8.5%, conf 87. ↓ EY vs bonds, ↓ 6m momentum, but ↑ 12m momentum (+0.0182). Consumer cyclical sec 6%. Sompo Holdings, Inc. ($8630.T) -7.9%, conf 88. ↓ EY, ↓ downside risk, ↓ 6m momentum. Financials not escaping. Teijin Limited ($3401.T) -8.1%, conf 90. Highest conviction here. ↓ EY, ↓ downside risk, but ↑ illiquidity helps. Industrials sec 2%. Mitsubishi Heavy Industries, Ltd. ($7011.T) -7.6%, conf 89. ↓ EY, ↓ illiquidity, but ↑ 12m momentum (+0.0118). Takashimaya Company, Limited ($8233.T) -7.4%, conf 86. Pure derating: ↓ EY, ↓ 12m momentum, ↓ 20d vol. Consumer cyclical sec 9%. Mitsubishi Corporation ($8058.T) -6.6%, conf 88. Least bad EY gap (-0.0348). Still ↓ downside risk and ↓ illiquidity. HOYA Corporation ($7741.T) -6.5%, conf 82. Lowest conf here. ↓ EY, ↓ illiquidity, ↓ 12m momentum. Nippon Steel Corporation ($5401.T) -6.5%, conf 88. ↓ EY, ↓ downside risk, ↓ illiquidity. Both look like value traps if rates don't cooperate. Watch JGB yields and global bon

Aeon Co., Ltd. ($8267.T) -8.5%, conf 87. ↓ EY vs bonds, ↓ 6m momentum, but ↑ 12m momentum (+0.0182). Consumer cyclical sec 6%. Sompo Holdings, Inc. ($8630.T) -7.9%, conf 88. ↓ EY, ↓ downside risk, ↓ 6