Table of Contents
Policy Duration Effect/ Inflation Expectations/Weak
Japanese Stocks ......................................................................3
Macroeconomics ......................................................................7
Derivatives: Long-Short and Option Strategies Based On
Fundamental Views................................................................13
Sector: Industrial & Consumer Electronics .........................18
Sector: Electronic Components............................................20
Sector: Precision Instruments ..............................................22
Sector: Chemicals ..................................................................24
Sector: Steel, Glass, Wire and Cable....................................26
Sector: General Trading Companies ....................................28
Sector: Petroleum...................................................................29
Sector: Auto Parts ..................................................................32
Sector: Aviation......................................................................34
Sector: Retail (Large Stores, Specialty Retailers) ...............36
Sector: Banking......................................................................38
Sector: Nonbanks...................................................................40
Sector: Brokerages ................................................................41
Sector: Insurance ...................................................................42
Sector: Games........................................................................44
Sector: Media..........................................................................46
Sector: Telecommunications ................................................48
Sector: Healthcare and Pharmaceuticals .............................50
Sector: Food and Beverage...................................................52