Nikkei 225 short scan: earnings yield vs bonds is dragging all 10. Same factor, bottom 4% univ rank. Not a sector washout — a rate-sensitive valuation purge. Fast Retailing ($9983.T) -27.0%, Takeda Ph

Sompo Holdings ($8630.T), Aeon ($8267.T), HOYA Corporation ($7741.T): same ↓ earnings-yield problem, different fingerprints. Sompo conf 85 hit by ↓ 60d vol. Aeon conf 84 has ↑ 12mo momentum offsetting. HOYA conf 78 sees ↓ illiquidity and ↓ 12mo momentum. Sectors scattered. Teijin Limited ($3401.T) highest conviction at 86, sec rank 2% Industrials. Nippon Steel ($5401.T) conf 85 and Nissan Motor ($7201.T) conf 82 have ↑ 12mo momentum, but ↓ earnings yield vs bonds still dominates. Nissan also ↑ downside risk. Watch cyclicals/industrials. Mitsubishi Heavy Industries ($7011.T) conf 86 and Kuraray ($3405.T) conf 82 round out the 10. Same ↓ earnings-yield anchor, both get ↑ 12mo momentum, but Mitsubishi Heavy’s ↓ illiquidity drags and Kuraray’s ↓ downside risk is worst of group. Basic Materials and Industrials showing up hard. So-what: not momentum or vol — bonds are offering better yield than these equity earnings. If JGB yields keep rising or curve steepens, the whole list stays pressuriz

Sompo Holdings ($8630.T), Aeon ($8267.T), HOYA Corporation ($7741.T): same ↓ earnings-yield problem, different fingerprints. Sompo conf 85 hit by ↓ 60d vol. Aeon conf 84 has ↑ 12mo momentum offsetting