JAPAN FIRST TO MARKET

Research evidence excerpt

JAPAN FIRST TO MARKET

Asia Pacific Equity Research

Japan First to Market 29 July 2026

Top Stories

Autos/Technology Sectors (Akira Kishimoto/Akinori Kanemoto/Junya Ayada/Mio Shikanai/Yasuhiro Nakada)

Our thoughts on the Kumamoto earthquake’s impact by sector

Following the major earthquake in the Kyushu region on July 28, we hope for the security and safety of all residents in the area

and their families, and also offer our heartfelt wishes for the swift recovery of affected areas.

P&C Insurance Subsector (Koki Sato)

Implications from Kumamoto earthquake (initial assessment)

We would like to express our heartfelt sympathy to those affected by the earthquake in Kumamoto Prefecture, and hope the

affected areas make the swiftest possible recovery.

Nippon Paper Industries Corp (3863) (Akiko Kuwahara) (3863 JP, UW)

Multiple media reports of earthquake damage at Yatsushiro Mill

We would like to express our heartfelt sympathy to those affected by the earthquake.

A magnitude 7 earthquake struck the Kumamoto region of Kumamoto Prefecture on July 28 at around 16:27 JST. NHK and

other media have reported that Nippon Paper Industries said the earthquake caused damage at the Yatsushiro Mill, including

some damage to the mill’s chimneys. Efforts are underway to confirm the details, including any human casualties. Although we

are unable to confirm with the company at this time, our views if the reports are accurate are as follows. Chimneys play a key

role at paper mills by discharging water vapor and other emissions generated during the production process, and resuming

production is likely to take time if the chimneys are damaged. The Yatsushiro Mill’s main products are printing information