Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. Good Friday holidays. US Economy proving to be pretty resilient. Non-farm payrolls showed hiring continued to be strong in March. NFP was 236k vs Cons 230k. Telsa cuts prices(again)</li>
<li>JAPAN. NKY Futs +0.5% vs Cash as US Equity(Cash) markets closed. USDJPY 132.2. Likely see some beta led reversals of losses seen in the latter half of last week.</li>
<li>NUGGET.  Kuroda bids Farewell after 10 years as BOJ Governor. He created a new playbook on monetary policy that will be studied for years. Net-net, positive outcome.</li>
</ul>


OVERSEAS. Good Friday holidays. US Economy proving to be pretty resilient. Non-farm payrolls showed hiring continued to be strong in March. NFP was 236k vs Cons 230k. Telsa cuts prices(again)
JAPAN. NKY Futs +0.5% vs Cash as US Equity(Cash) markets closed. USDJPY 132.2. Likely see some beta led reversals of losses seen in the latter half of last week.
NUGGET.  Kuroda bids Farewell after 10 years as BOJ Governor. He created a new playbook on monetary policy that will be studied for years. Net-net, positive outcome.


Good Morning Japan |Jobs Galore - Strong NFP; Watch for the Fed Hawks; NUGGET: Kuroda Exits..a Hero?

<ul>
<li>OVERSEAS. SPX -0.2% as Equities continued with Recession trade overnight with Defensive &gt;Cyclicals;  Tech, Discretionary, Industrials stocks hit;  ADP Employment+Services PMI add fuel to Recession narrative; Next up: Non-Farm Payrolls</li>
<li>JAPAN. NKY Futs -0.4% vs Cash; USDJPY 131.4; As US recession narrative strenghtens, expect selling of US exposed Discretionary; China weighs export ban on Rare earths;Rakuen cuts Bank IPO price</li>
<li>NUGGET. Panasonic+Stellantis=Expansion of Battery Profits.  IF Panasonic and Stellantis can agree, it could mean significant share price upside.</li>
</ul>


OVERSEAS. SPX -0.2% as Equities continued with Recession trade overnight with Defensive &gt;Cyclicals;  Tech, Discretionary, Industrials stocks hit;  ADP Employment+Services PMI add fuel to Recession narrative; Next up: Non-Farm Payrolls
JAPAN. NKY Futs -0.4% vs Cash; USDJPY 131.4; As US recession narrative strenghtens, expect selling of US exposed Discretionary; China weighs export ban on Rare earths;Rakuen cuts Bank IPO price
NUGGET. Panasonic+Stellantis=Expansion of Battery Profits.  IF Panasonic and Stellantis can agree, it could mean significant share price upside.


Good Morning Japan |Recession Fears Dominate; NUGGET: Panasonic+Stellantis =Expanded Battery Profits

<ul>
<li>OVERSEAS. SPX broke 4 day winning streak as JOLTS data showed slowing labor market; UST Ylds fell, with 2Yr hitting 3.82% - inflation beaten?; Jamie Dimon offers downbeat outlook</li>
<li>JAPAN. NKY Futs -0.7% vs Cash; USDJPY 131.7;  Strong Mar SSS continue from JP retail - Fast Retailing 11.9% as Inbound demand recovers; Japanese Co's sorely lagging in Cybersecurity</li>
<li>NUGGET. Japan is fighting a losing battle for STEM talent. Demand is there - companies can pay, but legacy rigidities are hindering change and threatening the very survival of firms.</li>
</ul>


OVERSEAS. SPX broke 4 day winning streak as JOLTS data showed slowing labor market; UST Ylds fell, with 2Yr hitting 3.82% - inflation beaten?; Jamie Dimon offers downbeat outlook
JAPAN. NKY Futs -0.7% vs Cash; USDJPY 131.7;  Strong Mar SSS continue from JP retail - Fast Retailing 11.9% as Inbound demand recovers; Japanese Co's sorely lagging in Cybersecurity
NUGGET. Japan is fighting a losing battle for STEM talent. Demand is there - companies can pay, but legacy rigidities are hindering change and threatening the very survival of firms.


Good Morning Japan |JOLTS Jolts Stocks; NUGGET: Battle for Talent - Japan’s Self Inflicted Wounds

<ul>
<li>OVERSEAS. Strong close to SPX on Friday +1.4% on the Day; 3.5%WoW; +7.0%QTD; Light Macro calender this week with Job report Key; OPEC+ surprise cut; Tesla Misses 1Q</li>
<li>JAPAN.  NKY Fut +0.7% vs Cash; USDJPY 132.9; At the start of the new fiscal year, strong tailwinds ahead for Japan: BOJ normalization; Shareholder AGMs; Shareholder returns improvements; Bullish !</li>
<li>NUGGET. Labor Mobility Needed for Sustainable Wage Growth in Japan. This is essential to extend the gains made this year, or we risk reverting to the status quo. </li>
</ul>


OVERSEAS. Strong close to SPX on Friday +1.4% on the Day; 3.5%WoW; +7.0%QTD; Light Macro calender this week with Job report Key; OPEC+ surprise cut; Tesla Misses 1Q
JAPAN.  NKY Fut +0.7% vs Cash; USDJPY 132.9; At the start of the new fiscal year, strong tailwinds ahead for Japan: BOJ normalization; Shareholder AGMs; Shareholder returns improvements; Bullish !
NUGGET. Labor Mobility Needed for Sustainable Wage Growth in Japan. This is essential to extend the gains made this year, or we risk reverting to the status quo. 


Good Morning Japan |SPX-Sizzling 1Q Close; NUGGET: Labor Mobility Needed for Sustainable Wage Growth

<ul>
<li>OVERSEAS.  Choppy Session with SPX closing -0.2%;  Tech down again as reversal continues;  US 2Yr yield back above 4%, Alibaba +14% split to unlock value; Micron after hours-worst over?</li>
<li>JAPAN. NKY Futs -1.0% vs Cash; USDJPY 130.9; US-Japan strikes deal on EV battery materials Under IRA; Japan's FTA fine with MSFT-ATVI, -ve Sony; Alibaba Split +ve Softbank</li>
<li>NUGGET. Panasonic - Potential beneficiary of new IRA related deal with the US. Could see IRA EV tax credit rise from ¥172bn/year to ¥228bn/year.</li>
</ul>


OVERSEAS.  Choppy Session with SPX closing -0.2%;  Tech down again as reversal continues;  US 2Yr yield back above 4%, Alibaba +14% split to unlock value; Micron after hours-worst over?
JAPAN. NKY Futs -1.0% vs Cash; USDJPY 130.9; US-Japan strikes deal on EV battery materials Under IRA; Japan's FTA fine with MSFT-ATVI, -ve Sony; Alibaba Split +ve Softbank
NUGGET. Panasonic - Potential beneficiary of new IRA related deal with the US. Could see IRA EV tax credit rise from ¥172bn/year to ¥228bn/year.


Good Morning Japan |Choppy Equities; Weak Tech; NUGGET: Panasonic-New US Tax Credit Opportunity?

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)

Good Morning Japan |Jobs Galore - Strong NFP; Watch for the Fed Hawks; NUGGET: Kuroda Exits..a Hero?

SDJPY 132.2, weaker post US Non Farm Payrolls. We are likely to see some beta-led reversals of losses observed in the latter half of last week....

Mark Chadwick

Good Morning Japan |Recession Fears Dominate; NUGGET: Panasonic+Stellantis =Expanded Battery Profits

As the US recession narrative strengthens, there is an expectation of increased selling pressure on US-exposed discretionary stocks. Watching the...

Mark Chadwick

Good Morning Japan |JOLTS Jolts Stocks; NUGGET: Battle for Talent - Japan’s Self Inflicted Wounds

US equites go Defensive on JOLTS jobs data; IN JAPAN, Strong Mar SSS continue from JP retail - Fast Retailing 11.9% as Inbound demand recovers;...

Mark Chadwick

Good Morning Japan |SPX-Sizzling 1Q Close; NUGGET: Labor Mobility Needed for Sustainable Wage Growth

US equities close out a solid quarter. For Japan, at the start of the new fiscal year, strong tailwinds ahead: BOJ normalization; Shareholder AGMs;...

Mark Chadwick

Good Morning Japan |Choppy Equities; Weak Tech; NUGGET: Panasonic-New US Tax Credit Opportunity?

US Markets Choppy; Tech down again; Japan set to approve 114trill budget; US-Japan strikes deal on EV battery materials Under IRA; Japan's FTA fine...

Mark Chadwick

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