Research update

Test Thread · Japan crowded-positioning lifecycle (1/5)

Japan positioning is now crowded; open a Bearish research view at 108.00.

$VXJPBearish@108

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Test Thread · Japan crowded-positioning lifecycle (2/5)

Japan exporter revisions soften at the margin; keep the Bearish view unchanged.

VXJP

Test Thread · Japan crowded-positioning lifecycle (3/5)

A stronger yen is beginning to pressure forward earnings; the Bearish thesis remains intact.

VXJP

Test Thread · Japan crowded-positioning lifecycle (4/5)

Domestic buying is cushioning the decline, but it is not enough to reverse the positioning signal.

VXJP