Equity Derivatives Broker - Delta One Japan, Vantage Capital Markets Japan

François-Xavier Pustoc'h

Equity Derivatives Broker - Delta One Japan

Vantage Capital Markets Japan

We provide world class financial solutions to our extensive institutional client base including rapidly growing corporations, leading investment banks, commercial banks, asset managers, private equity funds, family offices and hedge funds.

Our services include capital market offerings and placements, wholesale brokerage and execution of cash and derivative products (both listed and OTC) across a range of asset classes.

VCM has offices in London, Hong Kong, Tokyo and Dubai from where we service our global client base. Our strength lies in the experience and quality of our teams, supported by excellent operations and infrastructure.

Independent Financial Broker

Macroeconomics

<ul><li>Global equities selling off with Japanese equities down 10.33%, World -11.29% and US -11.54% this week. Chinese equities started to sell off now too with HSCE down 12.75%. The sell-off is now across asset class with Energy and Metals moving lower.</li><li>Japan Sectors: Nonferrous Metals -21.14, Banks -18.96%, Oil &amp; Coal -18.09%</li><li>JPY 5Y Rates down 31bps, ITRAXX Japan 5Y jumped 26.54 pts to 83.82</li></ul>

Global equities selling off with Japanese equities down 10.33%, World -11.29% and US -11.54% this week. Chinese equities started to sell off now too with HSCE down 12.75%. The sell-off is now across asset class with Energy and Metals moving lower.Japan Sectors: Nonferrous Metals -21.14, Banks -18.96%, Oil &amp; Coal -18.09%JPY 5Y Rates down 31bps, ITRAXX Japan 5Y jumped 26.54 pts to 83.82

Weekly Macroeconomic Report (Apr 9th, 2025)

Equity Derivatives

The Nikkei-225 Stock Average is a price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange. The Nikkei Stock Average was first published on May 16, 1949, where the average price was ¥176.21 with a divisor of 225. 

<ul><li>The Nikkei 225 dividend curve collapsed on the back of the Equities sell off.</li><li>Average volumes mostly in 2025 and 2016 dividend futures with interest in term structure trades. 2025/2026 term structure is sharply down from 2 to -15.7.</li><li>Nikkei 225 dividend yield is up at 2.20%.</li></ul>

The Nikkei 225 dividend curve collapsed on the back of the Equities sell off.Average volumes mostly in 2025 and 2016 dividend futures with interest in term structure trades. 2025/2026 term structure is sharply down from 2 to -15.7.Nikkei 225 dividend yield is up at 2.20%.

Nikkei Dividends Update (Mar 28th – Apr 4th)

<ul><li>1M Implied volatility spiked 13.23 points to 35.6 as the Nikkei 225 index collapsed 9%.</li><li>High correlation to USDJPY is remaining elevated.</li><li>Nikkei 225 among the highest implied volatility globally with VIX.</li></ul>

1M Implied volatility spiked 13.23 points to 35.6 as the Nikkei 225 index collapsed 9%.High correlation to USDJPY is remaining elevated.Nikkei 225 among the highest implied volatility globally with VIX.

Nikkei Volatility Update (Mar 28th – Apr 4th)

<ul><li>Japanese Equities down 9.77% vs. World -2.81% and US -5.21%.</li><li>Japan Sectors: Nonferrous Metal down 20.0%, Oil &amp; Coal Products -17.89%, Banks 22.29%</li><li>JPY 10Y Rates down 40bps, ITRAXX Japan 5Y going up 9.64pt at 65.80</li></ul>

Japanese Equities down 9.77% vs. World -2.81% and US -5.21%.Japan Sectors: Nonferrous Metal down 20.0%, Oil &amp; Coal Products -17.89%, Banks 22.29%JPY 10Y Rates down 40bps, ITRAXX Japan 5Y going up 9.64pt at 65.80

Weekly Macroeconomic Report (April 4th, 2025)

<ul>
<li>Japanese Equities down 6.3% vs. World -1.61% and US -2.49%. Chinese Equities almost unchanged while Korea and Taiwan down around 4.5%.</li>
<li>Japan Sectors: Nonferrous Metal down 12.22%, Oil &amp; Coal -9.49%, Banks -7.93% </li>
<li>JPY 5Y Rates down 8bps, ITRAXX Japan 5Y going up 2.37pt at 57.37</li>
</ul>


Japanese Equities down 6.3% vs. World -1.61% and US -2.49%. Chinese Equities almost unchanged while Korea and Taiwan down around 4.5%.
Japan Sectors: Nonferrous Metal down 12.22%, Oil &amp; Coal -9.49%, Banks -7.93% 
JPY 5Y Rates down 8bps, ITRAXX Japan 5Y going up 2.37pt at 57.37


Weekly Macroeconomic Report (April 2nd , 2025)

We provide world class financial solutions to our extensive institutional client base including rapidly growing corporations, leading investment banks, commercial banks, asset managers, private equity funds, family offices and hedge funds.

Our services include capital market offerings and placements, wholesale brokerage and execution of cash and derivative products (both listed and OTC) across a range of asset classes.

VCM has offices in London, Hong Kong, Tokyo and Dubai from where we service our global client base. Our strength lies in the experience and quality of our teams, supported by excellent operations and infrastructure.


Analyst & Senior Broker: 
Francois-Xavier Pustoc'h
(+81) 3-6331-6733
Office: fxpustoch@vcmjp.com
Bloomberg: fxpustoch1@bloomberg.net