JAPAN FIRST TO MARKET

Research evidence excerpt

JAPAN FIRST TO MARKET

Asia Pacific Equity Research

Japan First to Market 15 July 2026

Top Stories

Japan Quant Strategy (Masanari Takada)

NKY futures avoid stop-loss selling and cash equity momentum hedge funds stand back – Japanese

supply/demand remains intact

In the global stock market, AI-semiconductor-related weakness continues. Moreover, the sharp rise in crude oil prices, driven

by renewed concerns over the situation in the Middle East, is weighing on risk assets in general. Today (July 14), the Nikkei

Average traded in the 66,600 range with limited upside, as the risk-averse style rotation of momentum selling and defensive

buying (a preference for low volatility, defensive value, and high-dividend stocks) that began last week continues. Amid the

prolonged correction in AI momentum stocks, there are emerging concerns about whether this will remain merely a

venting of AI momentum positions or if it will cause a deterioration in overall market supply and demand.

Eisai (4523) (Seiji Wakao, Ph.D.) (4523 JP, N)

FDA approves Leqembi IQLIK for initiation dosing

Eisai and Biogen announced on July 14 that the FDA has approved Leqembi IQLIK (lecanemab-irmb subcutaneous

autoinjector) as an initiation dose for the treatment of early Alzheimer’s disease. This subcutaneous (SC) administration option

is an alternative to intravenous (IV) administration, with two 250mg injections (500mg in total) administered once weekly

approved as the initiation regimen. LEQEMBI IQLIK may also be used for maintenance dosing at 360mg once weekly after 18

months of the initiation regimen. LEQEMBI IQLIK is scheduled to be launched in the US in late August 2026 and will be

available through specialty pharmacies (pharmacies that handle specialty drugs). As the approval was expected, we view the