J.P. Morgan Japan FTM 10 Jun 26 Post-mini-crash tactics; AZ oral GLP-1 results similar to Foundayo data; Kawasaki Kisen meeting; Toray update; Capcom update; Mitsubishi Logistics update and More

研报英文原文证据摘录

J.P. Morgan Japan FTM 10 Jun 26 Post-mini-crash tactics; AZ oral GLP-1 results similar to Foundayo data; Kawasaki Kisen meeting; Toray update; Capcom update; Mitsubishi Logistics update and More

Asia Pacific Equity Research

Japan First to Market 10 June 2026

Top Stories

Japan Quant Strategy (Masanari Takada)

Post-mini-crash tactics: Consider AI dip-buying and leveraging momentum in TOPIX and small caps

After the mini-crash in AI momentum:The Nikkei Average fell sharply at the start of the week, dropping below 64,000 (on

June 8) in response to the correction in US stocks over the weekend. However, today (June 9) the market recovered to 65,300

and despite the volatility there are few indications that the underlying trend has significantly deteriorated. This decline can be

characterized as a mini-crash centered on AI momentum stocks. However, since April the Japanese stock market has been

repeating a cycle of overheating and corrections in AI-related stocks on a sizable scale, followed by a pattern where

volatility subsides and the momentum effect returns. The current situation could be an extension of this trend.

Chugai Pharmaceutical (4519) (Seiji Wakao, Ph.D.) (4519 JP, OW)

Study results for AstraZeneca’s oral GLP-1 drug elecoglipron are very similar to Foundayo’s data

AstraZeneca announced Phase 2b study data on its oral GLP-1 drug elecoglipron (small molecule receptor agonist) at a late-

breaking session at 05:15 on June 9 Japan time, and then held a conference call at 08:00 on June 9 Japan time. Elecoglipron’s

Phase 2b study data reveals broadly the same efficacy as Foundayo and its launch is not expected until 2029-30, so we think

the impact on already-launched Foundayo’s short- to medium-term growth outlook will be limited. We recommend noting that