Japan Quant Strategy: NKY futures avoid stop-loss selling and cash equity momentum hedge funds stand back – Japanese supply/demand remains intact

研报英文原文证据摘录

Japan Quant Strategy: NKY futures avoid stop-loss selling and cash equity momentum hedge funds stand back – Japanese supply/demand remains intact

J P M O R G A N Global Markets Strategy

14 July 2026

Japan Quant Strategy

NKY futures avoid stop-loss selling and cash equity

momentum hedge funds stand back – Japanese supply/

demand remains intact

1. Is stop-loss selling on the KOSPI 200 more than just a Global Quantitative and Derivatives

Strategy

distant concern for the Nikkei Average?

Masanari Takada AC

In the global stock market, AI-semiconductor-related weakness continues. (81-3) 6736-8636

Moreover, the sharp rise in crude oil prices, driven by renewed concerns over the masanari.takada@jpmorgan.com

situation in the Middle East, is weighing on risk assets in general. Today (July 14), JPMorgan Securities Japan Co., Ltd.

the Nikkei Average traded in the 66,600 range with limited upside, as the risk- Tony SK Lee

averse style rotation of momentum selling and defensive buying (a preference for (852) 2800-8857

low volatility, defensive value, and high-dividend stocks) that began last week tony.sk.lee@jpmorgan.com

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

continues. Amid the prolonged correction in AI momentum stocks, there are Morgan Broking (Hong Kong) Limited

emerging concerns about whether this will remain merely a venting of AI Robert Smith, PhD

momentum positions or if it will cause a deterioration in overall market (61-2) 9003-8808

supply and demand. robert.z.smith@jpmorgan.com

J.P. Morgan Securities Australia Limited

First, it is important to note that while Japanese stock sentiment is deteriorating, a Khuram Chaudhry

complete market collapse has been avoided. The Japanese Stock Sentiment Index (44-20) 7134-6297

khuram.chaudhry@jpmorgan.com