The Point for Japan

Research evidence excerpt

The Point for Japan

Takeda Pharmaceutical (4502.T) - New data on zasocitinib slightly positive;

awaiting NDA and results for additional indications

Takeda issued a press release before the market opened on July 17 stating that it

had presented new data from two Phase 3 studies of zasocitinib, a psoriasis

treatment, at the 2026 American Academy of Dermatology (AAD) Innovation

Academy. Takeda has already presented data showing that zasocitinib relieves

psoriasis symptoms across the entire body. The latest data demonstrate efficacy

for hard-to-treat areas, including the scalp, palms and soles, and nails. For the

scalp, palms and soles, 75% of patients reported almost complete disappearance

of legions after 16 weeks. As the success of the Phase 3 studies is already known,

we expect this news to only be slightly positive for the share price.

Hidemaru Yamaguchi

Industry

Japan Chemicals - Assessing the impact of the Middle East situation (Update 12)

We see a new phase in terms of the impact of the Middle East situation on Japan’s

chemicals sector. The risks of weakening demand owing to price pass-through

moves and production cuts despite a lack of raw material procurement issues we

highlighted in our May 17 update appear to be materializing. Japan's June ethylene

facility utilization rate hit a record low of 66.5% despite improving naphtha

procurement conditions (Figure 2).

Yuta Nishiyama

Japan Chemicals - Feedback from our recent meetings with investors in Asia

We had the opportunity to visit investors in Hong Kong and Singapore from July

13-17. While tech-related stocks have experienced significant price corrections

recently, few of the investors we spoke with were pessimistic about actual

fundamentals . Tech-related names appear most frequently in our discussion: