Earnings yield vs bonds drags 10 of 10. Not sector — valuation vs rates. Book -22.8% to -14.9%, median conf 87. Fast Retailing Co., Ltd. ($9983.T) tops: -22.8%, conf 89. 12mo momentum + downside risk

Sompo Holdings, Inc. ($8630.T) -20.4%, conf 88. Same rates hit; 6mo momentum + downside risk add. Takeda Pharmaceutical Company Limited ($4502.T) -20.0%, conf 86. Healthcare not defensive here — 12mo momentum drags. Aeon Co., Ltd. ($8267.T) -19.5%, conf 87. 12mo momentum is positive (+0.0170), but 6mo momentum + earnings yield sink it. Teijin Limited ($3401.T) -19.3%, conf 90, sec 2. Industrials. Illiquidity up-driver, not enough. HOYA Corporation ($7741.T) -18.3%, conf 82. Milder earnings-yield drag (-0.0455), but illiquidity + 12mo momentum down. Takashimaya Company, Limited ($8233.T) -16.4%, conf 86. Consumer Cyclical: 20d vol + 12mo momentum soft. Mitsubishi Heavy Industries, Ltd. ($7011.T) -16.2%, conf 89. 12mo momentum positive (+0.0124), but earnings yield + illiquidity dominate. Nissan Motor Co., Ltd. ($7201.T) -15.2%, conf 84. Downside risk up-driver — weird print. Nippon Steel Corporation ($5401.T) -14.9%, conf 88. Basic Materials. Downside risk + illiquidity drag. So what: r

Sompo Holdings, Inc. ($8630.T) -20.4%, conf 88. Same rates hit; 6mo momentum + downside risk add. Takeda Pharmaceutical Company Limited ($4502.T) -20.0%, conf 86. Healthcare not defensive here — 12mo