Nikkei 225 quant shorts: earnings yield vs bonds is the dominant driver in 10 of 10. That is the whole scan. Not a stock picker. Consumer Cyclical supplies 3 names, Industrials 3. Book 6m range -26.3%

Fast Retailing Co., Ltd. ($9983.T) is top short: univ 0%, sec 3%, -26.3%, conf 86. The common drag is maxed, and 12mo momentum plus downside risk both lean down. Takeda Pharmaceutical Company Limited ($4502.T) mirrors it: univ 1%, sec 8%, -23.6%, conf 83, weak momentum and downside risk. Sompo Holdings, Inc. ($8630.T) adds low 60d vol: sec 5%, -20.4%, conf 85. Calmer tape, same rates problem. Aeon Co., Ltd. ($8267.T) is interesting: univ 2%, sec 6%, -20.3%, conf 84. Common drag, but 12mo momentum up and downside risk down. Nissan Motor Co., Ltd. ($7201.T) has momentum up but downside risk up too: sec 9%, -18.5%, conf 82. Teijin Limited ($3401.T) is the illiquidity kicker: univ 3%, sec 2%, -18.3%, conf 86, illiquidity up, downside risk down. HOYA Corporation ($7741.T) is lower conviction: conf 78, univ 3%, sec 15%, -18.1%. Illiquidity and momentum both lean down. SoftBank Corp. ($9434.T) has downside risk doing the work: univ 4%, sec 9%, -17.8%, conf 82, with momentum also down. Both lo

Fast Retailing Co., Ltd. ($9983.T) is top short: univ 0%, sec 3%, -26.3%, conf 86. The common drag is maxed, and 12mo momentum plus downside risk both lean down. Takeda Pharmaceutical Company Limited