Nikkei 225 quant top 10 shorts: earnings yield vs bonds is dragging all 10. Median conf 76. Book -26.1% to -17.1%. Consumer Cyclical and Industrials cluster. This is a rates trade, not stock picking.

Fast Retailing Co., Ltd. ($9983.T) is the top short at -26.1%, conf 78. 12mo momentum and downside risk both push down. Takeda Pharmaceutical Company Limited ($4502.T) at -24.3%, conf 75. Downside risk and weak momentum do the extra work. Aeon Co., Ltd. ($8267.T) at -21.2%, conf 76. Downside risk drags, but 12mo momentum is actually up. HOYA Corporation ($7741.T) at -18.6%, conf 71. Illiquidity and 12mo momentum both point down. Teijin Limited ($3401.T) at -18.2%, conf 79. Highest confidence here. Downside risk drags, but illiquidity pushes up. Nissan Motor Co., Ltd. ($7201.T) at -18.1%, conf 75. Momentum and downside risk push the other way. SoftBank Corp. ($9434.T) at -17.5%, conf 74. Downside risk and 12mo momentum both point down. Mitsubishi Corporation ($8058.T) at -17.2%, conf 78. Downside risk and illiquidity both point down. Sompo Holdings, Inc. ($8630.T) at -17.2%, conf 77. Downside risk and 60d volatility push down. Mitsubishi Heavy Industries, Ltd. ($7011.T) at -17.1%, conf

Fast Retailing Co., Ltd. ($9983.T) is the top short at -26.1%, conf 78. 12mo momentum and downside risk both push down. Takeda Pharmaceutical Company Limited ($4502.T) at -24.3%, conf 75. Downside ris