PSA Today 6 Feb: Topix at new all-time high / Dec household spending weak / Results for Tokyo Seimitsu, TEL, Megachips (read across to Nintendo), NEG, Toyota, Subaru, CyberAgent, JMDC, Anicom – Nikkei 225 +0.81% | ¥$156.77

PSA Today Japan Market Comment by Pelham Smithers, Joel Scheiman, Nicky Karanasou-Demertzi, Julie Boote, Thao Nguyen, Lindsay Whipp and Hiroyuki Terada
Tags: Microsoft (MSFT US), Amazon (AMZN US), Sony (6758 JT), Bandai Namco (7832 JT), Square Enix (9684 JT), Nintendo (7974 JT), BayCurrent (6532 JT), Shift (3697 JT), Sansan (4443 JT), PKSHA (3993 JT), Money Forward (3994 JT), Appier (4180 JT), Internet Initiative Japan (3774 JT), Renesas (6723 JT), Tokyo Electron (8035 JT), Tokyo Seimitsu (7729 JT), Mitsubishi Motors (7211 JT), Nissan Motor (7201 JT), Subaru (7270 JT), Toyota Motor (7203 JT), Ricoh (7752 JT), Nikon (7731 JT), Konica Minolta (4902 JT), Toray (3402 JT), Metawater (9551 JT), Suido Kiko Kaisha (6403 JT), KH Neochem (4189 JT), Intel (INTC US), Applied Materials (AMAT US), TSMC (2330 TT), Lam Research(LRCX US), Megachips (6875 JT), SiTime (SITM US), Nippon Electric Glass (5214 JT), Hino Motors (7205 JT), Toyota Industries (6201 JT), Mazda Motor (7261 JT), CyberAgent (4751 JT), Cover Corp (5253 JT), JMDC (4483 JT), Fujitsu (6702 JT), Medical Data Vision (3902 JT), Anicom (8715 JT)
Main Points
 Topix at new high close as Tokyo shrugs off Wall Street mega cap selloff
 December household spending data weak
 Tokyo Seimitsu FY25 Q3 OP +10% YoY, revises up
 Tokyo Electron FY25 Q3 OP -42% YoY, revises up
 Megachips revises down on expected Q4 loss – readthrough for Nintendo
 Nippon Electric Glass FY25 Q4 OP +551% YoY, short of consensus
 Toyota raises FY25 guidance on currency; new CEO appointed
 Subaru sharply lowers FY25 profit forecast
 CyberAgent’s FY26 Q1 well ahead of consensus
 JMDC’s FY25 Q3 OP slightly ahead of consensus estimates, announces tie-up with Fujitsu
 Anicom FY25 Q3 RP miss; completion of AXA policy transfers to support Q4