Scan: earnings yield vs bonds is the dominant drag in 10 of 10 Nikkei 225 shorts. Book sits -20.2% to -15.1%, median conf 84. Consumer Cyclical is the biggest cluster, Industrials close behind. HOYA C

What changed

Takeda Pharmaceutical Company Limited ($4502.T): -19.6%, conf 78, Healthcare, univ 1%, sec 15%. Earnings yield and downside risk drag, 12mo momentum also down. Aeon Co., Ltd. ($8267.T): -18.3%, conf 84, Consumer Cyclical, univ 2%, sec 6%. Earnings yield drags, but 12mo momentum is a positive and 6mo momentum fades. That split is interesting. Takashimaya Company, Limited ($8233.T): -16.4%, conf 82, Consumer Cyclical, univ 2%, sec 9%. Earnings yield and downside risk drag, 12mo momentum down. Nissan Motor Co., Ltd. ($7201.T): -16.0%, conf 80, Consumer Cyclical, univ 3%, sec 12%. Earnings yield drags, but 12mo momentum and downside risk both push up. Cyclical retail and autos are both in the short screen. Mitsubishi Heavy Industries, Ltd. ($7011.T): -16.0%, conf 86, Industrials, univ 3%, sec 2%. Earnings yield drags, 12mo momentum helps, illiquidity drags. ROHM Co., Ltd. ($6963.T): -15.6%, conf 85, Technology, univ 4%, sec 4%. Earnings yield drags, downside risk helps, 12mo momentum drags

Why it matters