The scan says sell the leaders: Fast Retailing Co., Ltd. ($9983.T) -22.7% conf 74 and HOYA Corporation ($7741.T) -22.6% conf 71 sit at the bottom. Earnings yield vs bonds explains 10 of 10 names. Rate

Shin-Etsu Chemical Co., Ltd. ($4063.T) -22.6% conf 73 has ↓ downside risk and ↓ 6mo momentum. Aeon Co., Ltd. ($8267.T) -18.2% conf 72 has ↑ 12mo momentum as the one offset. Bad signal: the positive driver is momentum, not valuation. Basic Materials vs Consumer Cyclical. Teijin Limited ($3401.T) -18.2% conf 74 and Takashimaya Company, Limited ($8233.T) -18.2% conf 70 print the same drivers: ↓ downside risk, ↑ illiquidity. Teijin sec 2, Takashimaya sec 9. Same short reason, different rank story. Fujikura Ltd. ($5803.T) -17.4% conf 74 has ↑ downside risk and ↓ 12mo momentum. SoftBank Corp. ($9434.T) -16.6% conf 70 has ↓ downside risk and ↓ 60d volatility. The issue is the rate spread, not stock-specific risk. ROHM Co., Ltd. ($6963.T) -16.5% conf 73 and Mitsubishi Heavy Industries, Ltd. ($7011.T) -15.9% conf 73 are the least bad. Watch the earnings yield vs bonds spread: if rates keep backing up, these shorts stay crowded, and the least bad names squeeze first.

Shin-Etsu Chemical Co., Ltd. ($4063.T) -22.6% conf 73 has ↓ downside risk and ↓ 6mo momentum. Aeon Co., Ltd. ($8267.T) -18.2% conf 72 has ↑ 12mo momentum as the one offset. Bad signal: the positive dr