The PSA Research Round-Up for the Week to 23 May 2025

Weekly Comment Summary
Tokyo core inflation is above the national level, which is unusual, says Pelham Smithers. He discusses the causes, and mulls the implications for Bank of Japan policy

PSA Weekly Contents at a Glance
Reports / Flash Notes Summaries
1. Insource (6200 JT): Three New Prefectural Contracts / Eight New Seminar Rooms
2. Japan Elevator Service (6544 JT): Improving Shareholder Returns
3. Sanrio (8136 JT) Europe & Asia Business to Offset US Tariff Impact
4. Anicom (8715 JT): Near-term Cost Burden Thru JARIS but Improved Shareholder Policy
Company / Sector / Thematic Comments
Technology: Consumer Electronics, Gaming
1. Video Games Round-Up
2. Other News & Moves That Caught Our Eye
Technology: Industrial Electronics / Components / Semis & SPE / Precision
3. CY25 Q1 MLCC Production +6% YoY
4. Memory Prices Continue to Rise
5. Nuclear and Data Centres to the Fore as Trump Prepares Executive Orders
6. Nvidia Unveils NVLink Fusion, Positive Readthrough for Fujitsu, Data Centres
7. Samsung SoCs in Nintendo Switch 2
8. Can Rohm Recover?
9. Other News & Moves That Caught Our Eye
Chemicals / Materials
10. Chemical News & Moves That Caught Our Eye
Autos / New Mobility
11. US Auto Import Tariff Impact on Japanese Assemblers Part 1
12. Impact of US Import Tariffs on Japan Auto Production Part II
13. Toyota Industries Surges on Take-over Update
14. Toyota US RAV4 2026: Hybrid Only
Auto Parts / Machinery / Capital Goods
15. Defence Stocks Faring Well
16. IHI and MHI Hit New Listing Highs
Internet / eCommerce
17. Mercari to Use AI to Tackle Fraud
18. Giftee Shares Re-Evaluated
19. Other News & Moves That Caught Our Eye
Enterprise Software / IT Services
20. Shift Invests in AI HR Agent Start-Up
21. Other News & Moves That Caught Our Eye
Pharma / Healthcare
22. Gyre’s Hydronidone Meets Primary Endpoints
23. Terumo’s Earnings Miss
24. Other News & Moves That Caught Our Eye
Small- / Mid-Cap Insights
25. Park24’s April KPIs Ahead of Plan
26. Anicom’s April KPIs
Miscellaneous / Market / Strategy / Macro
27. Ishiba Cabinet’s Popularity Hits New Lows Heading into the Upper House Election
28. JGBs Slump After Weak Auction
29. Is Japan Selling Foreign Bonds?
30. Sharp Moves in Bitcoin-Related Plays
31. Other News & Moves That Caught Our Eye
List of Recently Published PSA Notes & Reports

PSA in the Press
PSA’s Autos / New Mobility analyst Julie Boote was quoted in the following articles:
 Financial Times: Maruti Suzuki looks to India’s “next billion” car buyers: /3SVaBwV [19 May]
 Reuters: Tariff crossfire hits Toyota, Nissan, Ford suppliers in Japan: /3FmW3mO – Reuters [23 May]

PSA Company Visits, Tours and Interviews
 Visited: Sanrio (8136 JT), Anicom Holdings (8715 JT)
 1-1 Call with: Park 24 (4666 JT)
 Small meeting: Sumitomo Chemical (4005 JT)
 Presentations at: Sunwels (9229 JT), Moriya Transportation Engine & Mfg (6226 JT), Kyoritsu Maintenance (9616 JT), UBE Corp (4208 JT), Iwatani Corp (8088 JT), Mitsui Mining & Smelting (5706 JT), Tosoh (4042 JT), Kanto Denka (4047 JT)