Nikkei 225 short scan is a rates trade. Earnings yield vs bonds is the dominant drag in 10 of 10 names. Not a sector call — healthcare, retail, insurance, chemicals, steel, autos all show up. Momentum

What changed

Takeda Pharmaceutical Company Limited ($4502.T) and Fast Retailing Co., Ltd. ($9983.T) top the short list. Takeda: Healthcare, univ 0%, sec 8%, -23.4%, conf 75. Fast Retailing: Consumer Cyclical, univ 1%, sec 3%, -22.2%, conf 78. Both have negative 12mo momentum. Takeda’s earnings-yield gap is worse (-0.0886); Fast Retailing’s momentum drag is worse (-0.0194). Not a quality-safe trade. Sompo Holdings, Inc. ($8630.T), Aeon Co., Ltd. ($8267.T), Teijin Limited ($3401.T). Sompo: Financial Services, univ 1%, sec 5%, -21.0%, conf 77 — 60d vol drag (-0.0093). Aeon: Consumer Cyclical, univ 2%, sec 6%, -19.8%, conf 76 — positive 12mo momentum (+0.0189) but still short. Teijin: Industrials, univ 2%, sec 2%, -18.9%, conf 79 — illiquidity (+0.0124) is the odd kicker. Same earnings-yield problem, different risk flavors. Nippon Steel Corporation ($5401.T), HOYA Corporation ($7741.T), Takashimaya Company, Limited ($8233.T). Nippon Steel: Basic Materials, univ 3%, sec 5%, -18.6%, conf 77 — positive 12

Why it matters