Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. US Rally Pauses as weak(er) Services ISM brings recession risk reminder; MS Big Bearish Call on SPX; Apple unveils Game Changing VR Headset ; Crypto Worries -Binance CEO Charged</li>
<li>JAPAN. NKY Futs -0.3% vs Cash; Expect a pull back today given US pause, overbought markets, and stronger yen;  MS Bullish Call on Japan; Panasonic expands Battery production for TESLA</li>
<li>NUGGET. Data Centers - Demand set to Explode with AI: Next Growth Driver for an Already undervalued Kansai Electric ?</li>
</ul>


OVERSEAS. US Rally Pauses as weak(er) Services ISM brings recession risk reminder; MS Big Bearish Call on SPX; Apple unveils Game Changing VR Headset ; Crypto Worries -Binance CEO Charged
JAPAN. NKY Futs -0.3% vs Cash; Expect a pull back today given US pause, overbought markets, and stronger yen;  MS Bullish Call on Japan; Panasonic expands Battery production for TESLA
NUGGET. Data Centers - Demand set to Explode with AI: Next Growth Driver for an Already undervalued Kansai Electric ?


Ohayo Japan|US Rally Pauses on Services ISM-Recession Fears?; NUGGET: KEPCO, AI, and Data Centers ?

<ul>
<li>OVERSEAS.  US Equities Soar on Debt Resolution and Payrolls; Markets continue to price in Fed Pause; Leaks about China Property stimulus support sentiment; Saudi Arabia slashes oil output.</li>
<li>JAPAN. NKY Futs +1.4% vs Cash;  JP bid to continue after US Rally; Inflation pushing households to stocks; Japan prioritizes hydrogen; Companies face a raft of proposals at June AGMs</li>
<li>NUGGET. Where Nvidia Goes, Advantest Follows; Advantest now simply just a proxy on Nvidia's share price</li>
</ul>


OVERSEAS.  US Equities Soar on Debt Resolution and Payrolls; Markets continue to price in Fed Pause; Leaks about China Property stimulus support sentiment; Saudi Arabia slashes oil output.
JAPAN. NKY Futs +1.4% vs Cash;  JP bid to continue after US Rally; Inflation pushing households to stocks; Japan prioritizes hydrogen; Companies face a raft of proposals at June AGMs
NUGGET. Where Nvidia Goes, Advantest Follows; Advantest now simply just a proxy on Nvidia's share price


Ohayo Japan |Stocks Soar on Debt Resolution/Jobs/China; NUGGET: Where Nvidia Goes, Advantest Follows

<ul>
<li>OVERSEAS. SPX +1% as Cyclicals rose on Congress Debt Limit Deal; NFP in focus &amp; implication for Fed June pause; Dollar General -20%..US consumer headwinds; Boeing scraps next-gen aircraft.</li>
<li>JAPAN. NKY Futs +0.8% Cash; Stronger Yen but expect strong equity open on US rally; Foreigners bought Equities for 9th week; Panasonic sees EV battery Sales at 2.5tril by 2030</li>
<li>NUGGET. The 2nd round of Off-shore wind auctions will conclude at the end of June. This will mark the (re) start of Japan's aggressive push for wind.</li>
</ul>


OVERSEAS. SPX +1% as Cyclicals rose on Congress Debt Limit Deal; NFP in focus &amp; implication for Fed June pause; Dollar General -20%..US consumer headwinds; Boeing scraps next-gen aircraft.
JAPAN. NKY Futs +0.8% Cash; Stronger Yen but expect strong equity open on US rally; Foreigners bought Equities for 9th week; Panasonic sees EV battery Sales at 2.5tril by 2030
NUGGET. The 2nd round of Off-shore wind auctions will conclude at the end of June. This will mark the (re) start of Japan's aggressive push for wind.


Ohayo Japan |RALLY PAUSE ?..Not; Debt Deal Spurs Tech Rebound; NUGGET: JP Off-Shore Wind-Set to BLOW

<ul>
<li>OVERSEAS.  SPX -0.1% fails to make it 3 in a row; Talks paused, now resumed but deal distant; Powell set to pause hikes in June; More worries in US Regionals</li>
<li>JAPAN. NKY Futs flat vs Cash; Kishida hosts a successful G7 summit; April Core Inflation hits 4.1% - Gov Ueda says no early exit; More Japanese are job hopping=&gt;+ve Wages</li>
<li>NUGGET. Panasonic - Found Battery Religion (Finally!) - A more aggressive stance</li>
</ul>


OVERSEAS.  SPX -0.1% fails to make it 3 in a row; Talks paused, now resumed but deal distant; Powell set to pause hikes in June; More worries in US Regionals
JAPAN. NKY Futs flat vs Cash; Kishida hosts a successful G7 summit; April Core Inflation hits 4.1% - Gov Ueda says no early exit; More Japanese are job hopping=&gt;+ve Wages
NUGGET. Panasonic - Found Battery Religion (Finally!) - A more aggressive stance


Ohayo Japan |Stall in Debt Talks = Stall in SPX; NUGGET: Panasonic - Found Religion (Finally !)

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

TSE Tokyo Price Index TOPIX / Technical Analysis

<ul>
<li>We continue to recommend a tactical overweight to defensives (Staples, Health Care, and Utilities) as the MSCI ACWI (ACWI-US) tests the top-end of our anticipated 2023 trading range at $93.</li>
<li>We also remain overweight Europe, Japan, and India, where a lot more than just defensives continue to outperform.</li>
<li>Actionable Themes: Consumer Discretionary and Defensives, Mainly in Japan and Europe</li>
</ul>


We continue to recommend a tactical overweight to defensives (Staples, Health Care, and Utilities) as the MSCI ACWI (ACWI-US) tests the top-end of our anticipated 2023 trading range at $93.
We also remain overweight Europe, Japan, and India, where a lot more than just defensives continue to outperform.
Actionable Themes: Consumer Discretionary and Defensives, Mainly in Japan and Europe


Remain Overweight Japan, Europe, & India; Buys in Discretionary and Defensives W/ Japan/Europe Focus

Japan

Panasonic Corporation manufactures electric and electronic products. The Company produces home appliances, car navigation systems, digital devices, computer peripherals, telecommunications, industrial equipment, and electronic parts. Panasonic has associated companies around the world.

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Panasonic Corp (6752 JP)

Ohayo Japan|US Rally Pauses on Services ISM-Recession Fears?; NUGGET: KEPCO, AI, and Data Centers ?

NKY Futs -0.3% vs Cash; Expect a pull back today given US pause, overbought markets, and stronger yen; MS Bullish Call on Japan; Panasonic expands...

Mark Chadwick

Ohayo Japan |Stocks Soar on Debt Resolution/Jobs/China; NUGGET: Where Nvidia Goes, Advantest Follows

US Equites well bid as SPX closes up +1.5% on Debt relief/Strong payrolls. NKY Futs +1.4% vs Cash; Inflation pushing households to stocks;...

Mark Chadwick

Ohayo Japan |RALLY PAUSE ?..Not; Debt Deal Spurs Tech Rebound; NUGGET: JP Off-Shore Wind-Set to BLOW

Debt Deal drives SPX higher ahead of NFP. NKY Futs +0.8% Cash; Foreigners bought Equities for 9th week; Panasonic sees EV battery Sales at 2.5tril...

Mark Chadwick

Ohayo Japan |Stall in Debt Talks = Stall in SPX; NUGGET: Panasonic - Found Religion (Finally !)

Republican walkout stall SPX -0.1%. NKY Futs flat vs Cash; Kishida hosts a successful G7 summit; April Core Inflation hits 4.1% - Gov Ueda says no...

Mark Chadwick

Remain Overweight Japan, Europe, & India; Buys in Discretionary and Defensives W/ Japan/Europe Focus

We continue to recommend a tactical overweight to defensives as $ACWI tests the top-end of our anticipated 2023 trading range at $93. Remain...

Vermilion Research

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