All 10 are shorts and all 10 print the same top driver: earnings yield vs bonds. Not one name escapes it. Industrials and Consumer Cyclical lead the concentration, but this isn't a sector call — it's

Fast Retailing (9983.T) is the cleanest short at -10.9%, conf 89, and the only real driver difference is all three arrows down: earnings yield, 12mo momentum, downside risk. Takeda Pharmaceutical (4502.T) is the same story with the worst earnings-yield print in the book (-0.0919) plus downside risk and weak momentum. Aeon (8267.T) is the odd one: momentum is actually working for it (+0.0182), but the earnings-yield drag (-0.0727) and 6mo fade eat it anyway. Sompo Holdings (8630.T) at conf 88: earnings yield down, downside risk down, but 12mo momentum up (+0.0105) — market likes it, model doesn't. Teijin Limited (3401.T) is the highest conf in the book at 90 and it's the illiquidity name (+0.0114), which means the short is real but crowded to exit. Mitsubishi Heavy Industries (7011.T) is momentum-positive too (+0.0131) with a -0.0862 earnings-yield hit. Takashimaya (8233.T) is the purest valuation fade here: -0.0919 earnings yield with weak momentum and dead volatility, nothing else mov

Fast Retailing (9983.T) is the cleanest short at -10.9%, conf 89, and the only real driver difference is all three arrows down: earnings yield, 12mo momentum, downside risk. Takeda Pharmaceutical (450