Ten shorts, one factor: earnings yield vs bonds is the top negative driver in 10 of 10. They all yield less than the curve. Steep curve + normal credit = short the basket, conf 80–86. Also the sector

Fast Retailing Co. ($9983.T) tops it at -24%, conf 86 — yield, 12mo momentum and downside risk all point down. Takeda Pharmaceutical ($4502.T) -23%, same yield drag. Sompo Holdings ($8630.T) -20.7%: yield plus a low 60d vol penalty. Model is shorting boring. Aeon Co. ($8267.T) is the odd one — 12mo momentum pushes UP (+0.019), but 6mo momentum and the yield gap kill it. HOYA Corporation ($7741.T) -20.1%: same yield drag plus an illiquidity penalty. Teijin Limited ($3401.T) -19.7%, conf 86 — the only name where illiquidity is a plus, still short. Takashimaya Company ($8233.T) -18.0% is the mildest here: yield plus low 20d vol. Nothing dramatic. Mitsubishi Heavy Industries ($7011.T) -16.9%, conf 86, and 12mo momentum is a positive driver — the model is shorting strength. Consumer Cyclical is 4 of 10, so this isn't a sector call. Nissan Motor ($7201.T) -16.7%: yield drag, but downside risk and 12mo momentum both push up. Conflicted print, lowest conf at 80. Nippon Steel ($5401.T) -16.3% i

Fast Retailing Co. ($9983.T) tops it at -24%, conf 86 — yield, 12mo momentum and downside risk all point down. Takeda Pharmaceutical ($4502.T) -23%, same yield drag. Sompo Holdings ($8630.T) -20.7%: y