Daily Brief Japan: SBI Holdings, Tokyo Stock Exchange Tokyo Price Index Topix, Honeys Holdings Co., Ltd. and more

In today’s briefing:

JPX-Nikkei 400 Rebal 2023: End-Dec 2022

JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the potential forward inclusions and removals every month.
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2023 based on trading data as of end-December 2022.

Since many companies struggle to meet quorum requirements for AGMs, many companies mail accompanying documents along with the voting form in paper form, even though Companies Act has been amended.
The use of DX, such as hybrid shareholder meetings and online voting, comes to mind to meet quorum requirements for shareholder meetings, and this will help reduce administrative costs.
The fundamental issue, however, is that there are many conventional AGMs with little appeal and little substance, such as few managers whom we would really like to hear speak live.

Honeys is proving a resilient provider of low-cost women’s basic fashions in Japan.
While it struggled after losing the fickle younger fan base five years ago, Honeys has bounced back through careful control of costs that has kept prices down.
Along with Workman and Shimamura, Honeys looks to be one of the longer-term beneficiaries of the shift to discount apparel, particularly in rising operating margins.

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