Every single name on this Nikkei short list is bleeding on the same factor: earnings yield vs bonds. Rates are eating equity valuations alive. $9983.T Fast Retailing leads the pain at -26.8%, conf 86.

Fast Retailing (9983.T) tops the list — worst expected return, worst universe rank. Momentum already rolling over, downside risk stacking. This is the cleanest short on the board. $4502.T Takeda Pharmaceutical (4502.T) right behind at -23.5%, same earnings-yield drag plus fading momentum. $8267.T Aeon (8267.T) is the odd one — 12mo momentum is actually positive, but 6mo has flipped negative. The turn is fresh. $8630.T Sompo Holdings (8630.T) gets hit on vol compression too — low 60d vol, low downside risk. Market's complacent on it. $7741.T HOYA (7741.T) and $5401.T Nippon Steel (5401.T) both sit at -20.3%. HOYA's illiquidity drag is the tell — thin tape, easy to move. Nippon Steel has positive 12mo momentum but the earnings-yield gap is too wide to ignore. $3401.T Teijin (3401.T) at -20.0%, conf 86 — highest conviction tier. Illiquidity is pushing the forecast UP, which is unusual. $7201.T Nissan Motor (7201.T) is the outlier: downside risk is a positive driver, meaning the model sees

Fast Retailing (9983.T) tops the list — worst expected return, worst universe rank. Momentum already rolling over, downside risk stacking. This is the cleanest short on the board. $4502.T Takeda Pharm