Japan Quant Strategy: Using a quant lens on Kioxia vs. Toyota — Kioxia’s momentum-driven selling takes a breather, but is trend-following buying in Toyota just temporary?

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Japan Quant Strategy: Using a quant lens on Kioxia vs. Toyota — Kioxia’s momentum-driven selling takes a breather, but is trend-following buying in Toyota just temporary?

J P M O R G A N Global Markets Strategy

08 July 2026

Japan Quant Strategy

Using a quant lens on Kioxia vs. Toyota — Kioxia’s

momentum-driven selling takes a breather, but is trend-

following buying in Toyota just temporary?

1. Seasonal short-covering of Low Beta/Low Momentum Global Quantitative and Derivatives

Strategy

runs its course

Masanari Takada AC

Today (July 8) AI momentum-related stocks continued to perform poorly during (81-3) 6736-8636

Asian trading hours. The Nikkei Average is trending around 68,000 and masanari.takada@jpmorgan.com

semiconductor-related stocks in the Tokyo market are trending in line with South JPMorgan Securities Japan Co., Ltd.

Korean stocks. AI-related stocks are also struggling in the South Korean market, Tony SK Lee

creating a market environment that suggests a reversal, with non-AI-related stocks (852) 2800-8857

relatively outperforming across all regions. tony.sk.lee@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

Today, however, concerns about geopolitical risks have also weighed on the Robert Smith, PhD

market, causing high-beta stocks to fall across the board and extending the (61-2) 9003-8808

downward pressure beyond AI-related stocks. That said, the overall trend of high- robert.z.smith@jpmorgan.com

beta stocks underperforming is helping to reinforce the reversal that has been J.P. Morgan Securities Australia Limited

underway since the end of June. Khuram Chaudhry

(44-20) 7134-6297

khuram.chaudhry@jpmorgan.com

The current reversal is rooted in multiple factors, including reignited caution about J.P.