Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>
Good Morning Japan:  We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP ABREAST.
</li>
<li>OVERSEAS:  Recession fears reassert,  10/11 SPX sectors in red; Wall street to cut staff; Pepsi cutting staff; Oil making lows; TSMC to lift Arizona Spend to $40bn</li>
<li>JAPAN: Futs indicate -0.8% for NKY cash; Amazing NKY recovery yesterday - we have no clue; Japan consumers spending; Decarbonization spend accelerating; DX too; Kyowa Kirin product failure</li>
</ul>



Good Morning Japan:  We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP ABREAST.

OVERSEAS:  Recession fears reassert,  10/11 SPX sectors in red; Wall street to cut staff; Pepsi cutting staff; Oil making lows; TSMC to lift Arizona Spend to $40bn
JAPAN: Futs indicate -0.8% for NKY cash; Amazing NKY recovery yesterday - we have no clue; Japan consumers spending; Decarbonization spend accelerating; DX too; Kyowa Kirin product failure


Good Morning Japan | Recession Fears (Again)

<ul>
<li>
Good Morning Japan:  We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW US TO KEEP ABREAST.
</li>
<li>
OVERSEAS: Stocks consolidated ahead of Jobs; UST yeild down, USD weaker; Fed's favorite inflation indicator slows; China showing COVID-19 flexibility; TESLA delivers 1st Semi Truck 
</li>
<li>
JAPAN: World Cup: Samurai Blues slay another European giant defeating Spain.  This is the news in Japan today; Foreigners are now buyers in Japan; KDDI hooks up with Starlink 
</li>
</ul>



Good Morning Japan:  We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW US TO KEEP ABREAST.


OVERSEAS: Stocks consolidated ahead of Jobs; UST yeild down, USD weaker; Fed's favorite inflation indicator slows; China showing COVID-19 flexibility; TESLA delivers 1st Semi Truck  


JAPAN: World Cup: Samurai Blues slay another European giant defeating Spain.  This is the news in Japan today; Foreigners are now buyers in Japan; KDDI hooks up with Starlink 



Good Morning Japan | Stocks Holds Gains Head of Jobs; Samurai Blues - Giant Killers (Again !)

<ul>
<li>
Good Morning Japan:  We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW US TO KEEP ABREAST. 
</li>
<li>
OVERSEAS: To Dog Powell confirms 50bps at the next Fed meeting;  Equities rip as it as a "no stock left behind day"; China COVID sentiment continues to improve.  </li>
<li>
JAPAN: NKY to add 1-2% today; Yen at 130/USD; Eisai says the 2 deaths not due to their drug-positive; Shippers continue to diversify-MOL goes into Real Estate. 
</li>
</ul>



Good Morning Japan:  We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW US TO KEEP ABREAST.  


OVERSEAS: To Dog Powell confirms 50bps at the next Fed meeting;  Equities rip as it as a "no stock left behind day"; China COVID sentiment continues to improve.  

JAPAN: NKY to add 1-2% today; Yen at 130/USD; Eisai says the 2 deaths not due to their drug-positive; Shippers continue to diversify-MOL goes into Real Estate.  



Good Morning Japan | Powell: "Pace of Hikes to Moderate in Dec; Landing Plausible"; Equities Rip

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>With just over two months left in the review period, we expect three changes to the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> at the March rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/lasertec-corp" target="_blank" data-smartkarma-citation="entities:4126:1" rel="noopener">Lasertec Corp (6920 JP)</a>, <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a> and <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a> could replace <a href="https://www.smartkarma.com/entities/toyobo-co-ltd" target="_blank" data-smartkarma-citation="entities:6187:1" rel="noopener">Toyobo Co Ltd (3101 JP)</a>, <a href="https://www.smartkarma.com/entities/nippon-light-metal-holdings" target="_blank" data-smartkarma-citation="entities:1485:1" rel="noopener">Nippon Light Metal (5703 JP)</a> and <a href="https://www.smartkarma.com/entities/toho-zinc-co-ltd" target="_blank" data-smartkarma-citation="entities:2796:1" rel="noopener">Toho Zinc (5707 JP)</a>.</li>
<li>As with the last rebalance, there will be a large funding trade estimated at JPY 417bn. There are many stocks with over 0.5x ADV to sell.</li>
</ul>


With just over two months left in the review period, we expect three changes to the Nikkei 225 (NKY INDEX) at the March rebalance.

Lasertec Corp (6920 JP), Oriental Land (4661 JP) and Renesas Electronics (6723 JP) could replace Toyobo Co Ltd (3101 JP), Nippon Light Metal (5703 JP) and Toho Zinc (5707 JP).
As with the last rebalance, there will be a large funding trade estimated at JPY 417bn. There are many stocks with over 0.5x ADV to sell.


Nikkei 225 Index Rebalance Preview (March): Three Potential Changes & Large Funding Trade

<ul>
<li>
 Good Morning Japan:  We strive to provide the very best breaking macro, stock and thematic overnight news that will impact your trading day in Japan. FOLLOW US to keep abreast. 
</li>
<li>OVERSEAS: SPX rallies on signs of FED hike pace slowing; Strong US retail earnings lift sentiment; China locks downs  AGAIN- Long road ahead; HP cuts 10% of workforce-PC weakness</li>
<li>WCup: Japan 2-Germany 1 ! BANZAI!  NKY Catch time.. +2% day?; Mazda splashes out ¥1.5b EVs; Toyota Dec prod plans weak; -ve Chugai's Hemlilbra on imminent approval of competing product </li>
</ul>



 Good Morning Japan:  We strive to provide the very best breaking macro, stock and thematic overnight news that will impact your trading day in Japan. FOLLOW US to keep abreast. 

OVERSEAS: SPX rallies on signs of FED hike pace slowing; Strong US retail earnings lift sentiment; China locks downs  AGAIN- Long road ahead; HP cuts 10% of workforce-PC weakness
WCup: Japan 2-Germany 1 ! BANZAI!  NKY Catch time.. +2% day?; Mazda splashes out ¥1.5b EVs; Toyota Dec prod plans weak; -ve Chugai's Hemlilbra on imminent approval of competing product 


Good Morning Japan | Dovish Fed+ Strong US Earnings = Catch up Time Japan

Japan

SCREEN Holdings Co Ltd.  manufactures and sell semiconductors, FPD devices, commercial printing and printed circuit boards(PCB). The company also provides additional services for its products.

SUMCO Corporation manufactures silicon wafers for the semiconductor industry. The Company produces silicon wafers used to produce solar batteries as well as ultra-high purity quartz used to produce vessels for silicon manufacturing process. SUMCO markets its products worldwide.

ROHM COMPANY LIMITED manufactures custom linear integrated circuits and semiconductor devices for use primarily in consumer electronics.  The Company has plants and sales offices worldwide.  Rohm's subsidiaries include Wako Electric and Apollo Electronics.

SHINKO ELECTRIC INDUSTRIES CO., LTD. designs, manufactures, and markets advanced electronic materials, such as semiconductor packages, including leadframes, and PLP(Plastics Laminated Packages).  The Company markets its products worldwide through a network of sales offices in such places as the Philippines, Germany, and Hong Kong.

ADVANTEST CORPORATION produces semiconductor testing devices and electronic measuring instruments.  The Company's products include large-scale integration (LSI) test systems, memory test systems, dynamic test handlers, network analyzers, electronic meters, optical testing devices, and signal sources.

RORZE CORPORATION manufactures printed circuit board conveyers and wafer handlers for semiconductor manufacturing.  The Company also produces sorters and vacuum chamber robots, as well as controllers and stepping motor drivers used in various automation systems.  Rorze provides parts replacement and repair services for its products.

TOKYO SEIMITSU CO., LTD. manufactures and sells semiconductor manufacturing equipment and measuring instruments.  The Company produces wafer probing machines, wafer dicing machines, electron beam lithography systems, wafer inspection systems, and chemical mechanical planarizers (CMP) systems.

ULVAC, Inc. manufactures vacuum devices for industries such as semiconductor, electronics, chemical, pharmaceutical and food.  The Company's products include pumps, valves, gas analyzers, leak detectors, and surface profile measurement.

MICRONICS JAPAN CO., LTD. designs, manufactures, and markets probe cards, which are used to inspect semiconductors and integrated circuits (ICs).  The Company also makes wafer probers, probe card testers, IC handlers, and inspection devices used for liquid crystal display (LCD) manufacturing.

Mitsui High-tec, Inc. produces integrated circuit leadframes, assembly parts, and related equipment.  The Company also manufactures and sells precision machine tools, such as metal molds for presses and machine tools. Mitsui High-tec also operates a real estate business.

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

MA-COM Technology Solutions Holdings Inc. provides high performance analog semiconductor solutions. The Company supplies semiconductors, active and passive components, and sub-assemblies for use in radio frequency, microwave, and millimeter wave applications. MA-COM Technology Solutions serves customers throughout the United States.

Sanan Optoelectronics Co., Ltd. operates in the business of researching, producing and selling of LED epitaxial wafers and wafers.

MKS Instruments, Inc. develops, manufactures, and supplies instruments and components used to control and analyze gases in semiconductor manufacturing and similar industrial manufacturing processes. The Company's products are used to manufacture flat panel displays, magnetic and optical storage devices and media, solar cells, fiber optic cables, and diamond thin films.

Skyworks Solutions, Inc., a wireless semiconductor company, designs and manufactures radio frequency and complete semiconductor system solutions for mobile communications applications.  The Company provides front-end modules, radio frequency subsystems, and system solutions to wireless handset and infrastructure customers worldwide.

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

Realtek Semiconductor Corp. designs, tests, and distributes integrated circuits which are used in consumer electronics, computer systems and peripherals, and communication network hardware.  The Company also provides technical counseling and systems software services.

Lattice Semiconductor Corporation designs, develops, and markets high speed programmable logic devices.  The Company's products provide electronic systems customers with quickly designed, easily configured components.  Lattice markets its products to original equipment manufacturers of communication, computing, industrial, and military systems.

JCET Group Co., Ltd. operates in the semiconductor industry.  The Company's products include discrete devices and integrated circuits.  Through its subsidiaries, Jiangsu Changjiang also manufactures signal lamps used in industrial equipment and anti-theft door systems for consumer use.

Onto Innovation Inc. provides process control solutions and inspection systems. The Company offers solutions which primarily used in the fabrication of semiconductors and other solid-state devices, as well as industrial and scientific applications. Onto Innovation serves customers in the United States.

Lasertec Corporation develops, designs, manufactures and markets photomask inspection systems to make semiconductor devices, confocal scanning laser microscopes and liquid crystal display (LCD) inspection systems.

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Lasertec Corp (6920 JP)

Good Morning Japan | Recession Fears (Again)

Good Morning Japan: We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP...

Mark Chadwick

Good Morning Japan | Stocks Holds Gains Head of Jobs; Samurai Blues - Giant Killers (Again !)

Good Morning Japan: We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW US TO...

Mark Chadwick

Good Morning Japan | Powell: "Pace of Hikes to Moderate in Dec; Landing Plausible"; Equities Rip

Good Morning Japan: We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW US TO...

Mark Chadwick

Nikkei 225 Index Rebalance Preview (March): Three Potential Changes & Large Funding Trade

There should be 3 changes to the NKY in March. The potential adds have outperformed the potential deletes and there will be large pre-positions on...

Brian Freitas

Good Morning Japan | Dovish Fed+ Strong US Earnings = Catch up Time Japan

Good Morning Japan: We strive to provide the very best breaking macro, stock and thematic overnight news that will impact your trading day in...

Mark Chadwick

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