'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

Quantitative Analysis

• RELATIVE PRICE SCORE • <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/226/original/2019-06-13_16-47-07.png?1560412038" class="editor-image img-responsive" data-smartkarma-image-id="90226"></figure><div class="content-caption">Source: Japan Analytics</div>INTRODUCTION - The Relative Price Score (RPS) is a measure of stock price performance relative to TOPIX calculated by comparing the current deviation with the mean absolute deviation of monthly and daily relative share prices. As all companies are thus on a comparable scale, 'Overbought' and 'Oversold' outliers and changes in scoring can reveal short-term and longer-term trading opportunities. Company outlier thresholds are set at +4 &amp; -2 and equate to the top and bottom first-to-second percentiles of historical observations from which mean reversion takes a matter of months. RPS outliers with a Score of greater than 10.0 are rare outside of the 2000 tech 'bubble'. <a href="https://www.smartkarma.com/entities/goldwin-inc" target="_blank" data-smartkarma-citation="entities:410:1">Goldwin (8111 JP)</a> has the distinction of being one of only two large-cap RPS 'ten-baggers' since that time.This insight updates our list of Overbought and Oversold companies, reviews the best and worst performing companies in terms of RPS over the last three months and adds some specific comments on stocks on each category.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/196/original/2019-06-13_11-15-27.png?1560392157" class="editor-image img-responsive" data-smartkarma-image-id="90196"></figure><div class="content-caption">Source: Japan Analytics</div>STATISTICS - Currently, of the 3,832 listed companies for which daily RPS data is available, 94 companies are 'Overbought', and 131 are 'Oversold' - 2.5% and 3.4%, respectively of the total. For the 758 companies with a market capitalisation of over ¥100b, there are 50 'Overbought' and 18 'Oversold' companies, 6.6% and 5.0%, respectively. As noted the companion Insight, <a href="https://www.smartkarma.com/insights/japan-june-relative-price-scores-market-sectors-peer-groups-more-of-the-same" target="_blank" data-smartkarma-citation="insights:30323">🇯🇵 Japan • June Relative Price Scores: Market, Sectors &amp; Peer Groups - More of The Same</a>, these numbers and percentages are unusual and were last seen in the Japanese market in 2000. <hr>• RELATIVE PRICE SCORE TOPS •<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/202/original/2019-06-13_13-06-49.png?1560398835" class="editor-image img-responsive" data-smartkarma-image-id="90202"></figure><div class="content-caption">Source: Japan Analytics</div>RPS 'TOPS' - In the last two years, 444 companies have achieved an RPS of '4' or more and the average Overbought 'persistence' is 43 days. 1.4% of the total of 1.29 million traded stock days were by companies with an RPS of over 4. For companies with a market capitalisation higher than ¥100b, the numbers are 96 companies and 75 days - demonstrating the superior persistence of large capitalisation companies in this regard. Some examples of RPS mean reversion in the last three months have been <a href="https://www.smartkarma.com/entities/descente-ltd" target="_blank" data-smartkarma-citation="entities:8225:1">Descente (8114 JP)</a>, <a href="https://www.smartkarma.com/entities/alfresa-holdings-corp" target="_blank" data-smartkarma-citation="entities:10610:1">Alfresa (2784 JP)</a>, <a href="https://www.smartkarma.com/entities/320" target="_blank" data-smartkarma-citation="entities:320:1">FamilyMart Uny (8028 JP)</a>, <a href="https://www.smartkarma.com/entities/kikkoman-corp" target="_blank" data-smartkarma-citation="entities:11720:1">Kikkoman (2801 JP)</a>, <a href="https://www.smartkarma.com/entities/kobayashi-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:14930:1">Kobayashi Pharmaceutical (4967 JP)</a>, and <a href="https://www.smartkarma.com/entities/eiken-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:12675:1">Eiken Chemical (4549 JP)</a>.  <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/201/original/2019-06-13_13-04-38.png?1560398780" class="editor-image img-responsive" data-smartkarma-image-id="90201"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/203/original/2019-06-13_13-08-46.png?1560398945" class="editor-image img-responsive" data-smartkarma-image-id="90203"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/204/original/2019-06-13_13-09-37.png?1560399049" class="editor-image img-responsive" data-smartkarma-image-id="90204"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/205/original/2019-06-13_13-12-01.png?1560399142" class="editor-image img-responsive" data-smartkarma-image-id="90205"></figure><div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/316/original/2019-06-15_19-45-47.png?1560595558" class="editor-image img-responsive" data-smartkarma-image-id="90316"></figure>Source: Japan Analytics
</div>RPS 'BOTTOMS' - 372 companies have seen their RPS fall to '-2' or below in the last two years, and the average Oversold 'persistence' is 61 days. 1.5% of the total of 1.29 million traded stock days were by companies with an RPS of less than -2.  For larger capitalisation companies, the numbers are 85 companies and 89 days. A recent example of positive RPS mean reversion is <a href="https://www.smartkarma.com/entities/k-o-energy-group-inc" target="_blank" data-smartkarma-citation="entities:17701:1">K&amp;O Energy (1663 JP)</a>.<div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/207/original/2019-06-13_13-14-03.png?1560399270" class="editor-image img-responsive" data-smartkarma-image-id="90207"></figure>Source: Japan Analytics
</div><div class="content-highlight">In the DETAIL section below, we list the current very overbought (RPS&gt;5), too late to buy (RPS &gt;4&lt;5) and oversold (RPS &lt;-2) stocks as well as the most substantial three-month positive and negative changes in RPS.</div>

• RELATIVE PRICE SCORE • Source: Japan AnalyticsINTRODUCTION - The Relative Price Score (RPS) is a measure of stock price performance relative to TOPIX calculated by comparing the current deviation with the mean absolute deviation of monthly and daily relative share prices. As all companies are thus on a comparable scale, 'Overbought' and 'Oversold' outliers and changes in scoring can reveal short-term and longer-term trading opportunities. Company outlier thresholds are set at +4 &amp; -2 and equate to the top and bottom first-to-second percentiles of historical observations from which mean reversion takes a matter of months. RPS outliers with a Score of greater than 10.0 are rare outside of the 2000 tech 'bubble'. Goldwin (8111 JP) has the distinction of being one of only two large-cap RPS 'ten-baggers' since that time.This insight updates our list of Overbought and Oversold companies, reviews the best and worst performing companies in terms of RPS over the last three months and adds some specific comments on stocks on each category.Source: Japan AnalyticsSTATISTICS - Currently, of the 3,832 listed companies for which daily RPS data is available, 94 companies are 'Overbought', and 131 are 'Oversold' - 2.5% and 3.4%, respectively of the total. For the 758 companies with a market capitalisation of over ¥100b, there are 50 'Overbought' and 18 'Oversold' companies, 6.6% and 5.0%, respectively. As noted the companion Insight, 🇯🇵 Japan • June Relative Price Scores: Market, Sectors &amp; Peer Groups - More of The Same, these numbers and percentages are unusual and were last seen in the Japanese market in 2000. • RELATIVE PRICE SCORE TOPS •Source: Japan AnalyticsRPS 'TOPS' - In the last two years, 444 companies have achieved an RPS of '4' or more and the average Overbought 'persistence' is 43 days. 1.4% of the total of 1.29 million traded stock days were by companies with an RPS of over 4. For companies with a market capitalisation higher than ¥100b, the numbers are 96 companies and 75 days - demonstrating the superior persistence of large capitalisation companies in this regard. Some examples of RPS mean reversion in the last three months have been Descente (8114 JP), Alfresa (2784 JP), FamilyMart Uny (8028 JP), Kikkoman (2801 JP), Kobayashi Pharmaceutical (4967 JP), and Eiken Chemical (4549 JP).  
Source: Japan Analytics
RPS 'BOTTOMS' - 372 companies have seen their RPS fall to '-2' or below in the last two years, and the average Oversold 'persistence' is 61 days. 1.5% of the total of 1.29 million traded stock days were by companies with an RPS of less than -2.  For larger capitalisation companies, the numbers are 85 companies and 89 days. A recent example of positive RPS mean reversion is K&amp;O Energy (1663 JP).
Source: Japan Analytics
In the DETAIL section below, we list the current very overbought (RPS&gt;5), too late to buy (RPS &gt;4&lt;5) and oversold (RPS &lt;-2) stocks as well as the most substantial three-month positive and negative changes in RPS.

🇯🇵 Japan • Relative Price Scores - Overbought & Oversold Companies - June 2019

- RELATIVE PRICE SCORE - INTRODUCTION - The Relative Price Score (RPS) is a measure of stock price performance relative to TOPIX calculated by comparing the current deviation with the mean absolute deviation of monthly and daily relative share prices. As all companies are thus on a comparable scale, 'Overbought' and 'Oversold' outliers and changes in scoring can reveal short-term and longer-term trading opportunities. Company outlier thresholds are set at +4 &amp; -2 and equate to the top and bottom first-to-second percentiles of historical observations from which mean reversion takes a matter of months. This insight updates our list of Overbought and Oversold companies, reviews the best and worst performing companies in terms of RPS over the last three months and adds some specific comments on stocks on each category.STATISTICS - Currently, of the 3,804 listed companies for which daily RPS data is available, 79 companies are 'Overbought', and 117 are 'Oversold' - 2.1% and 3.1%, respectively of the total. For the 779 companies with a market capitalisation of over ¥100b, there are 42 'Overbought' and 28 'Oversold' companies, 5.4% and 3.6%, respectively illustrating the relative strength of larger capitalisation stocks at this stage of the cycle. <hr>RPS 'TOPS' - In the last two years, 438 companies have achieved an RPS of '4' or more and the average Overbought 'persistence' is 45 days.  For companies with a market capitalisation higher than ¥100b, the numbers are 92 companies and 83 days - demonstrating the superior persistence of large capitalisation companies in this regard. Some examples of RPS mean reversion in the last three months have been <a href="https://www.smartkarma.com/entities/5414" target="_blank" data-smartkarma-citation="entities:5414:1">Kyudenko (1959 JP)</a>, <a href="https://www.smartkarma.com/entities/7168" target="_blank" data-smartkarma-citation="entities:7168:1">Nichirei (2871 JP)</a>. <a href="https://www.smartkarma.com/entities/15862" target="_blank" data-smartkarma-citation="entities:15862:1">Fancl (4921 JP)</a>, <a href="https://www.smartkarma.com/entities/320" target="_blank" data-smartkarma-citation="entities:320:1">FamilyMart Uny (8028 JP)</a>, <a href="https://www.smartkarma.com/entities/8412" target="_blank" data-smartkarma-citation="entities:8412:1">Infocom Corp (4348 JP)</a>, and <a href="https://www.smartkarma.com/entities/24540" target="_blank" data-smartkarma-citation="entities:24540:1">SanBio (4592 JP)</a>. <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/084/571/original/2019-04-10_11-06-11.png?1554863890" class="editor-image img-responsive" data-smartkarma-image-id="84571"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/084/572/original/2019-04-10_11-29-31.png?1554863914" class="editor-image img-responsive" data-smartkarma-image-id="84572"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/084/573/original/2019-04-10_11-30-53.png?1554863948" class="editor-image img-responsive" data-smartkarma-image-id="84573"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/084/574/original/2019-04-10_11-32-00.png?1554864056" class="editor-image img-responsive" data-smartkarma-image-id="84574"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/084/575/original/2019-04-10_11-34-40.png?1554864089" class="editor-image img-responsive" data-smartkarma-image-id="84575"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/084/576/original/2019-04-10_11-35-29.png?1554864110" class="editor-image img-responsive" data-smartkarma-image-id="84576"></figure><div class="content-caption">Source: Japan Analytics</div><div class="content-caption"><hr></div>RPS 'BOTTOMS' - 360 companies have seen their RPS fall to '-2' or below in the last two years, and the average Oversold 'persistence' is 59 days. For larger capitalisation companies, the numbers are 82 companies and 84 days. Some recent examples of positive RPS mean reversion in the last two months have been <a href="https://www.smartkarma.com/entities/27149" target="_blank" data-smartkarma-citation="entities:27149:1">Mercari (4385 JP)</a>, <a href="https://www.smartkarma.com/entities/2167" target="_blank" data-smartkarma-citation="entities:2167:1">AGC (5201 JP)</a>, and <a href="https://www.smartkarma.com/entities/26181" target="_blank" data-smartkarma-citation="entities:26181:1">Pksha Technology (3993 JP)</a>.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/084/581/original/2019-04-10_11-46-40.png?1554864563" class="editor-image img-responsive" data-smartkarma-image-id="84581"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/084/582/original/2019-04-10_11-47-16.png?1554864581" class="editor-image img-responsive" data-smartkarma-image-id="84582"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/084/583/original/2019-04-10_11-48-48.png?1554864598" class="editor-image img-responsive" data-smartkarma-image-id="84583"></figure><div class="content-caption">Source: Japan Analytics</div><div class="content-highlight">In the DETAIL section below, we list the current very overbought (RPS&gt;5), too late to buy (RPS &gt;4&lt;5) and oversold (RPS &lt;-2) stocks as well as the most substantial three-month positive and negative changes in RPS.</div>

- RELATIVE PRICE SCORE - INTRODUCTION - The Relative Price Score (RPS) is a measure of stock price performance relative to TOPIX calculated by comparing the current deviation with the mean absolute deviation of monthly and daily relative share prices. As all companies are thus on a comparable scale, 'Overbought' and 'Oversold' outliers and changes in scoring can reveal short-term and longer-term trading opportunities. Company outlier thresholds are set at +4 &amp; -2 and equate to the top and bottom first-to-second percentiles of historical observations from which mean reversion takes a matter of months. This insight updates our list of Overbought and Oversold companies, reviews the best and worst performing companies in terms of RPS over the last three months and adds some specific comments on stocks on each category.STATISTICS - Currently, of the 3,804 listed companies for which daily RPS data is available, 79 companies are 'Overbought', and 117 are 'Oversold' - 2.1% and 3.1%, respectively of the total. For the 779 companies with a market capitalisation of over ¥100b, there are 42 'Overbought' and 28 'Oversold' companies, 5.4% and 3.6%, respectively illustrating the relative strength of larger capitalisation stocks at this stage of the cycle. RPS 'TOPS' - In the last two years, 438 companies have achieved an RPS of '4' or more and the average Overbought 'persistence' is 45 days.  For companies with a market capitalisation higher than ¥100b, the numbers are 92 companies and 83 days - demonstrating the superior persistence of large capitalisation companies in this regard. Some examples of RPS mean reversion in the last three months have been Kyudenko (1959 JP), Nichirei (2871 JP). Fancl (4921 JP), FamilyMart Uny (8028 JP), Infocom Corp (4348 JP), and SanBio (4592 JP). Source: Japan AnalyticsRPS 'BOTTOMS' - 360 companies have seen their RPS fall to '-2' or below in the last two years, and the average Oversold 'persistence' is 59 days. For larger capitalisation companies, the numbers are 82 companies and 84 days. Some recent examples of positive RPS mean reversion in the last two months have been Mercari (4385 JP), AGC (5201 JP), and Pksha Technology (3993 JP).Source: Japan AnalyticsIn the DETAIL section below, we list the current very overbought (RPS&gt;5), too late to buy (RPS &gt;4&lt;5) and oversold (RPS &lt;-2) stocks as well as the most substantial three-month positive and negative changes in RPS.

🇯🇵 Japan • Relative Price Scores - Overbought & Oversold Companies - April 2019

MARKET COMPOSITE<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/073/799/original/2018-12-22_16-48-37.png?1545464931" class="editor-image img-responsive" data-smartkarma-image-id="73799"></figure><div class="content-caption">Source: Japan Analytics</div>TRADING ZONE - As of last Friday, the Japan All Market Composite has now entered a bear market, having declined by 20% from the January 23rd high if Y757t. At the close, only 8% by number and 11% by value of Japanese stocks were trading above their weighted composite of 5, 20, 60, 120, and 240-day moving averages. These were the lowest closing values since February 2016 when the All Market Composite reached a low of Y475tand  offer an entry point for a short-term trade for those happy to hold over the extended New Year Holiday period.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/073/800/original/2018-12-22_16-49-53.png?1545465006" class="editor-image img-responsive" data-smartkarma-image-id="73800"></figure><div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/073/801/original/2018-12-22_16-52-17.png?1545465147" class="editor-image img-responsive" data-smartkarma-image-id="73801"></figure> Source: Japan Analytics</div>BREAKOUTS -  The 'Breaking Bad' percentage reached 11% on December 4th, the tenth-lowest reading in three years bu thas yet to fall below '-15-.  Adding the Breaking Above and Breaking Below percentages together provides a more straightforward view of the 15% threshold that has marked previous short and medium-term turning points, and which again we have yet to reach.<hr> SECTORS<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/073/804/original/2018-12-22_18-10-04.png?1545469815" class="editor-image img-responsive" data-smartkarma-image-id="73804"></figure><div style="text-align: left;" class="content-caption">LEGEND: The 'sparklines' show the three-year trend in the weighted percentage above moving average relative to the Market Composite and the 'STDev' column is a measure of the variability of that relative measure. The table also provides averages for the breaks above and breaks below and the positive and negative 'crossovers'.</div>SECTOR BREAKDOWN - The top six sectors measured by the percentage above the weighted average of 5-240 Days are all, predictably, domestic and defensive -  Food, Beverages &amp; Tobacco, REITs, Information Technology, Internet, Media and Utilities. Equally predictable are the bottom half-dozen - Banks, Non-Bank Finance, Autos, Metals, Electrical Equipment and Chemicals. <hr>COMPANIESCOMPANY MOVING AVERAGE OUTLIERS - As with the market and sectors, out moving average outlier indicator uses a weighted sum of the share price relative to its 5-day, 20-day, 60-day, 120 day and 240-day moving averages. Extreme values are weighted sums greater than 100% and less than -100%. We would caution that this indicator is best used for timing shorter-term reversals and, in many cases, higher highs and lower lows will be seen. <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/073/816/original/2018-12-23_15-00-13.png?1545544826" class="editor-image img-responsive" data-smartkarma-image-id="73816"></figure><div class="content-caption">Source: Japan Analytics</div>THE 100% CLUB - As of Friday 21st, there were 16 extreme positive outliers and 622 extreme negative outliers. The number of extreme negative outliers suggests we are a short-term bottom.<div class="content-highlight">In the DETAIL section below, we highlight the current top and bottom twenty-five larger capitalisation outliers as well as those companies that have seen the most significant positive and negative changes in their outlier percentage in the last two weeks and provide short comments on companies of particular note. </div>

MARKET COMPOSITESource: Japan AnalyticsTRADING ZONE - As of last Friday, the Japan All Market Composite has now entered a bear market, having declined by 20% from the January 23rd high if Y757t. At the close, only 8% by number and 11% by value of Japanese stocks were trading above their weighted composite of 5, 20, 60, 120, and 240-day moving averages. These were the lowest closing values since February 2016 when the All Market Composite reached a low of Y475tand  offer an entry point for a short-term trade for those happy to hold over the extended New Year Holiday period.
 Source: Japan AnalyticsBREAKOUTS -  The 'Breaking Bad' percentage reached 11% on December 4th, the tenth-lowest reading in three years bu thas yet to fall below '-15-.  Adding the Breaking Above and Breaking Below percentages together provides a more straightforward view of the 15% threshold that has marked previous short and medium-term turning points, and which again we have yet to reach. SECTORSLEGEND: The 'sparklines' show the three-year trend in the weighted percentage above moving average relative to the Market Composite and the 'STDev' column is a measure of the variability of that relative measure. The table also provides averages for the breaks above and breaks below and the positive and negative 'crossovers'.SECTOR BREAKDOWN - The top six sectors measured by the percentage above the weighted average of 5-240 Days are all, predictably, domestic and defensive -  Food, Beverages &amp; Tobacco, REITs, Information Technology, Internet, Media and Utilities. Equally predictable are the bottom half-dozen - Banks, Non-Bank Finance, Autos, Metals, Electrical Equipment and Chemicals. COMPANIESCOMPANY MOVING AVERAGE OUTLIERS - As with the market and sectors, out moving average outlier indicator uses a weighted sum of the share price relative to its 5-day, 20-day, 60-day, 120 day and 240-day moving averages. Extreme values are weighted sums greater than 100% and less than -100%. We would caution that this indicator is best used for timing shorter-term reversals and, in many cases, higher highs and lower lows will be seen. Source: Japan AnalyticsTHE 100% CLUB - As of Friday 21st, there were 16 extreme positive outliers and 622 extreme negative outliers. The number of extreme negative outliers suggests we are a short-term bottom.In the DETAIL section below, we highlight the current top and bottom twenty-five larger capitalisation outliers as well as those companies that have seen the most significant positive and negative changes in their outlier percentage in the last two weeks and provide short comments on companies of particular note. 

Japan: Moving Average Outliers - Year-End Blues

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

There are seven stocks which were promoted/reassigned from TSE2, MOTHERS, and JASDAQ in November 2018 leading to the same seven stocks being included in TOPIX at the end of December. 
A couple are decently largecap. Most are smaller.
A good question to ask when looking at these stocks might be... What Really Happens Around TOPIX Inclusions?
Having traded them for much of the last 20yrs, I had my hypotheses, and had done studies over the years for my own purposes, but I had not done a study recently.  To check my personal hypotheses I tested 340+ TOPIX inclusions over the past five years. 
There are patterns to the history of trading these events which are worth a look. Some of the patterns are reasonably interesting.

There are seven stocks which were promoted/reassigned from TSE2, MOTHERS, and JASDAQ in November 2018 leading to the same seven stocks being included in TOPIX at the end of December. 
A couple are decently largecap. Most are smaller.
A good question to ask when looking at these stocks might be... What Really Happens Around TOPIX Inclusions?
Having traded them for much of the last 20yrs, I had my hypotheses, and had done studies over the years for my own purposes, but I had not done a study recently.  To check my personal hypotheses I tested 340+ TOPIX inclusions over the past five years. 
There are patterns to the history of trading these events which are worth a look. Some of the patterns are reasonably interesting.

Historical TOPIX Inclusions:  How Do They Do Around Inclusion Date?

On November 21st, <a href="https://www.smartkarma.com/entities/8412" target="_blank" data-smartkarma-citation="entities:8412:1">Infocom Corp (4348 JP)</a> <a href="http://www2.tse.or.jp/disc/43480/140120181121440082.pdf" target="_blank" data-saferedirecturl="https://www.google.com/url?q=http://www2.tse.or.jp/disc/43480/140120181121440082.pdf&amp;source=gmail&amp;ust=1543503062935000&amp;usg=AFQjCNFlZDxFSzqOJFC0VCEttkeTfjh1XA">announced</a> (J-only) that the TSE had approved its application to move from JASDAQ to the First Section of the TSE as of the 28th of November 2018.On July 30th, the company <a href="http://www2.tse.or.jp/disc/43480/140120180730487670.pdf" target="_blank" data-saferedirecturl="https://www.google.com/url?q=http://www2.tse.or.jp/disc/43480/140120180730487670.pdf&amp;source=gmail&amp;ust=1543503062935000&amp;usg=AFQjCNGirIkBZMXOF6DQFBI6Oo3c-mAwsA">indicated</a> it was preparing to meet the requirements for a TSE1 listing and subsequently <a href="http://www2.tse.or.jp/disc/43480/140120180820499042.pdf" target="_blank" data-saferedirecturl="https://www.google.com/url?q=http://www2.tse.or.jp/disc/43480/140120180820499042.pdf&amp;source=gmail&amp;ust=1543503062935000&amp;usg=AFQjCNEGumKHGGxgG6ZUHkU4tVW5wg8yRg">announced</a> on August 21st that it had formally made its application. The company did not conduct any public or <span id="m_2234688894115969212gmail-640" class="m_2234688894115969212gmail-gr_ m_2234688894115969212gmail-gr_640 m_2234688894115969212gmail-gr-alert m_2234688894115969212gmail-gr_spell m_2234688894115969212gmail-gr_inline_cards m_2234688894115969212gmail-gr_disable_anim_appear m_2234688894115969212gmail-ContextualSpelling">tachiaigai <span id="m_2234688894115969212gmail-638" class="m_2234688894115969212gmail-gr_ m_2234688894115969212gmail-gr_638 m_2234688894115969212gmail-gr-alert m_2234688894115969212gmail-gr_spell m_2234688894115969212gmail-gr_inline_cards m_2234688894115969212gmail-gr_disable_anim_appear m_2234688894115969212gmail-ContextualSpelling m_2234688894115969212gmail-ins-del m_2234688894115969212gmail-multiReplace">bunbai offerings, unlike many companies that usually do so in order to lift shareholder count above the TSE1 examination threshold.This is a reasonably "large small cap" company (¥122 bn market cap now) TOPIX inclusion. <span id="m_2234688894115969212gmail-m_5438784646738093379gmail-17" class="m_2234688894115969212gmail-m_5438784646738093379gmail-gr_ m_2234688894115969212gmail-m_5438784646738093379gmail-gr_17 m_2234688894115969212gmail-m_5438784646738093379gmail-gr-alert m_2234688894115969212gmail-m_5438784646738093379gmail-gr_gramm m_2234688894115969212gmail-m_5438784646738093379gmail-gr_inline_cards m_2234688894115969212gmail-m_5438784646738093379gmail-gr_disable_anim_appear m_2234688894115969212gmail-m_5438784646738093379gmail-Grammar m_2234688894115969212gmail-m_5438784646738093379gmail-only-ins m_2234688894115969212gmail-m_5438784646738093379gmail-doubleReplace m_2234688894115969212gmail-m_5438784646738093379gmail-replaceWithoutSep">The float is also fairly large in comparison to other recent TOPIX inclusions after transfer from JASDAQ.

On November 21st, Infocom Corp (4348 JP) announced (J-only) that the TSE had approved its application to move from JASDAQ to the First Section of the TSE as of the 28th of November 2018.On July 30th, the company indicated it was preparing to meet the requirements for a TSE1 listing and subsequently announced on August 21st that it had formally made its application. The company did not conduct any public or tachiaigai bunbai offerings, unlike many companies that usually do so in order to lift shareholder count above the TSE1 examination threshold.This is a reasonably "large small cap" company (¥122 bn market cap now) TOPIX inclusion. The float is also fairly large in comparison to other recent TOPIX inclusions after transfer from JASDAQ.

Infocom (4348 JP) TOPIX Inclusion - Larger Than You Think

Japan

INFOCOM CORPORATION provides business solutions in information technology.  The Company offers services in such fields as health care, mobile communications, network security, voice recognition, and enterprise resource planning (ERP) systems.  Infocom also provides information distribution and systems management services.

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Infocom Corp (4348 JP)

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