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Market Commentary / Equity
- Japan equity quant memo - Value to the fore with NT ratio proving sluggish by Nomura Research
- PSA Japan Market Strategy: 2027 Earnings Estimates Getting Punchy by Pelham Smithers Associates Ltd
- 日本株メモ:上期決算は上振れ優勢で終盤へ - 26年度大幅増益への確度をやや高める内容 by Nomura Research
- Japan equity memo: H1 results season starting final stage with upside surprises predominant - Slight increase in likelihood of sharp profit growth in FY26 by Nomura Research
- 日本株クオンツメモ - 26.3期Q2決算株価反応速報その2 by Nomura Research
- PSA Today Armistice Day: Very mixed / Bank lending / Q2s for Sony, KHI, Cover, Q3s for TOK, Intermestic / Nidec / Fujikura and Trump / Appier Q3 preview – Nikkei 225 -0.14% | ¥$154.24 by Pelham Smithers Associates Ltd
- 日本株ウィークリー（2025年11月13日） - 日経平均の過熱感は一服、軟着陸に成功か by Nomura Research
- PSA Today 10 Nov improved sentiment, earnings / Takaichi signals / Sep semi shipments / SBI, Ripple /Previews: Sony Q2, PKSHA Q4 / Subaru guidance unchanged / Q2s for IIJ, Anicom – Nikkei 225 +1.26% | ¥$153.96 by Pelham Smithers Associates Ltd
- 日本株投資戦略（11月号） - 2026年日本株3大勝ち筋ストーリー by Nomura Research
- PSA Today 14 Nov: Wall Street triggers sharp rotation / China macro / Sony Financial Q2 / Hyrule Warriors AOI debut / CyberAgent Abema milestone / Net Protections / PKSHA Q4 – Nikkei 225 -1.77% | ¥$154.58 by Pelham Smithers Associates Ltd
- 野村ESGマンスリー(2025年11月) - NZAMが再始動、ネットゼロへの旅路は長い by Nomura Research
- PSA Today 17 Nov: China spat offsets tech rebound / Q3 GDP / Notable games / Promulgating perovskite tech / Giftee, Appier Q3s / Park 24 Oct KPIs – Nikkei 225 -0.10% | ¥$154.73 by Pelham Smithers Associates Ltd
- Japan equity memo: Further headwinds for inbound-related stocks - We continue to view inbound demand as a theme to avoid, based on past examples and positions by Nomura Research
- 野村マクロレビュー（メモ） - 補正予算規模は20兆円台半ばが視野に by Nomura Research
- PSA today 18 Nov: Tech selloff broadens, JGB market getting jitters / Live-action Zelda movie / DRAM prices surge again / Toyota's US import tariffs /Oct tourist numbers +17.6% – Nikkei 225 -3.2%| ¥$155.04 by Pelham Smithers Associates Ltd
- Japan economic perspective - Supplementary budget could total around ¥25trn by Nomura Research
- 中小型株の25年度Q2決算 - 前年同期の反動もあり大幅な増益 by Nomura Research
- Japan small caps: FY25 Q2 results - Profits up sharply, partly due to y-y comparison base by Nomura Research
- Japan equity weekly (20 November 2025) - US trip report by Nomura Research
- The PSA Research Round-Up for the Week to 21 Nov 2025 by Pelham Smithers Associates Ltd
- 日本株メモ:リバーサルを深刻に見ない理由 - 株価だけ深読みしても・・・景気・業績とは無関係か by Nomura Research
- 日本株クオンツメモ - アジア出張報告 by Nomura Research
- 日本株クオンツメモ - 株主総会の低賛成率戦略アップデート by Nomura Research
- PSA Today 25 Nov: AI, China issues / Oct global console sales / Spot DRAM slide / Mit Mot / Cablers / Money Forward acquisition / Konica Minolta, perovskite / Intermestic - Nikkei 225 +0.07% by Pelham Smithers Associates Ltd
- Japan equity memo: Reasons why reversals do not look serious - Reversals may bear no relationship with economy or earnings, even with close study of share prices alone by Nomura Research
- PSA Today 7 Nov: US job worries depress / Video games round-up / Q2s for Ube, Honda, Mazda, MHI, Fujikura, JMDC, KM / Q1 for Mercari / Intermestic Oct KPIs – Nikkei 225 -1.19% | ¥$153.46 by Pelham Smithers Associates Ltd
- The PSA Research Round-Up for Week to 7 November 2025 by Pelham Smithers Associates Ltd
- 日本株Factor Geek - ファクタースプレッドによるバブルの4つの点検／戦略 by Nomura Research
- Japanese equities factor geek - Four factor spread-based assessments/strategies for bubbles by Nomura Research
- Japan equity quant memo - Share price reactions to 26/3 Q2 results (2) by Nomura Research
- PSA Today 12 Nov: Topix hits record high / Risks and opportunities in video game stocks / Results comments on Isuzu, Bridgestone, Trend Micro, SRE Holdings, ExaWizards, Moriya –Nikkei 225 +0.43% | ¥$154.65 by Pelham Smithers Associates Ltd
- PSA Today 13 Nov: Another new high for Topix / Results: Q2s for Kioxia, Dexerials, Isuzu, JES, Hitomile / Q3 for Rakuten – Nikkei 225 +0.43% | ¥$154.96 by Pelham Smithers Associates Ltd
- Japan equity weekly (13 November 2025) - Nikkei 225 no longer looks overheated and may have pulled off a soft landing by Nomura Research
- Japanese equities investment strategy (November) - Three major positives for Japanese equities in 2026 by Nomura Research
- The PSA Research Round-Up for the Week to 14 Nov 2025 by Pelham Smithers Associates Ltd
- 日本株Factor Geek - NT倍率のトレンド平均回帰とともにバリューが好調 by Nomura Research
- 日本株メモ：インバウンドへの更なる逆風 - 過去事例とポジションを踏まえ回避テーマ継続 by Nomura Research
- Japanese equities factor geek - Value factor performs well as NT ratio reverts to trend mean by Nomura Research
- 日本株クオンツメモ - 26.3期Q2決算株価反応速報その3 by Nomura Research
- Japan equity quant memo - Share price reactions to 26/3 Q2 results (3) by Nomura Research
- PSA Today 19 Nov: Sideways market, focus on JGBs / Sep machinery orders / FA opportunities for Canon and Murata / Subaru and US tariffs / Considering Net Protections – Nikkei 225 -0.34% | ¥$155.34 by Pelham Smithers Associates Ltd
- 日本株ウィークリー（2025年11月20日） - 米国出張報告 by Nomura Research
- PSA Today 20 Nov: Market bounces on Nvidia Q3 results / Nvidia results readthrough / SQE Dragon Quest strategy / TOY and Toyoda Gosei / Anicom Oct KPIs – Nikkei 225 +2.65% | ¥$157.56 by Pelham Smithers Associates Ltd
- PSA Today 21 Nov: Topix quiet, Nikkei 225 -1200 pts / Oct Nationwide CPI / Metaplanet as XBT slumps / Video games round-up / BayCurrent leadership / KM H2 outlook - Nikkei 225 -2.40% by Pelham Smithers Associates Ltd
- 野村マクロレビュー（メモ） - 経済対策規模は前年比＋44％の21.3兆円 by Nomura Research
- 日本株Factor Geek - トリプル安・悪い金利上昇・悪い円安はバリュー好調 by Nomura Research
- 日本株メモ：12月のイベントカレンダー - 11月リバーサルを招いたAI・政策分野の点検が軸に by Nomura Research
- 日本株クオンツメモ - AIとバリューのスイッチング相場は一旦終焉か by Nomura Research
- Japan equity memo: December event calendar - Focus on AI and policy areas that triggered reversals in November by Nomura Research
- Japan equity quant memo - Update on our low approval rate strategy by Nomura Research