Japan equity weekly (23 July 2026)

Research evidence excerpt

Japan equity weekly (23 July 2026)

Global Markets Research

Japan equity weekly (23 July 2026) 23 July 2026

EQUITY: JAPAN STRATEGY

Reversals dominate in July, but... Research Analysts Macro strategy

As with momentum, we should not read too much into this / Need to assess CGC, growth investment guidelines, and financial Tomochika Kitaoka - NSC

strategies in combination with growth strategies and Basic Policy tomochika.kitaoka@nomura.com

+81 3 6703 1815

Reversals dominate in July Masaki Motomura - NSC

While the SOX, KOSPI, and Nikkei 225 fell 10–20% from their 22–25 June highs at one masaki.motomura@nomura.com

stage, many stock indices have risen since the start of July, including not only the TOPIX +81 3 6703 1119

but also the US REIT Index. Particularly noteworthy is the strength of Indonesian and Naoya Fuji - NSC

Hong Kong indices, which were unpopular until recently and thus show a literal reversal ( naoya.fuji@nomura.com

Figure1). At the same time, we should learn a lesson from the numerous investors who +81 3 6703 1245

suffered losses after overestimating the sustainability of the momentum trade through Momoko Nakada - NSC

June, and avoid similarly reading too much into this current reversal trend. momoko.nakada@nomura.com

+81 3 6703 1100

Tomoharu Kurosu - NSC

tomoharu.kurosu@nomura.com Fig. 1: Change in major equity indices in Jan–Jun (x-axis) and July (y-axis)

+81 3 6703 3875

Japan quantitative research

Makoto Furukawa - NSC

makoto.furukawa@nomura.com

+81 3 6703 1174

Shin Nishioka - NSC

shin.nishioka@nomura.com

+81 3 6703 3948

Shunta Tachinaka, CFA - NSC

shunta.tachinaka@nomura.com

+81 3 6703 1212

Note: As of 22 July 2026.

Source: Nomura, based on Bloomberg data

Factors specific to Japan: Solid earnings and tight supply–demand