Japan short scan is a macro trade, not stock picking. Earnings yield vs bonds is the dominant driver in 10 of 10 names. Median conf 84, 6m range -24.1% to -16.7%. Consumer Cyclical and Industrials clu

What changed

Fast Retailing Co., Ltd. $9983.T is the worst of the book at -24.1%, conf 86: earnings yield vs bonds, 12mo momentum, downside risk all drag. Takeda Pharmaceutical Company Limited $4502.T (-22.2%, conf 83) is the same macro hit plus weak momentum; healthcare isn’t hiding it. Sompo Holdings, Inc. $8630.T (-21.1%, conf 85) gets hit by earnings yield vs bonds and 60d vol — financials aren’t immune. Aeon Co., Ltd. $8267.T (-20.2%, conf 84) is odd: ↓ earnings yield vs bonds, but ↑ 12mo momentum and ↓ 6mo momentum. Teijin Limited $3401.T (-19.6%, conf 86) has the same bond-yield drag, plus ↑ illiquidity and ↓ downside risk — industrial small/mid signal. Takashimaya Company, Limited $8233.T (-18.9%, conf 82) is pure retail weakness: ↓ earnings yield, ↓ 12mo momentum, ↓ 20d vol. HOYA Corporation $7741.T (-18.3%, conf 78) is the softest conviction here: ↓ earnings yield vs bonds, ↓ illiquidity, ↓ 12mo momentum. Kuraray Co., Ltd. $3405.T (-17.4%, conf 85) has the biggest downside-risk drag (-0.0

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