What Worked Japan - 12 Aug 2016 - Nothing really. Stuck between Earnings Ending and O-Bon starting

What Worked – Nothing stood out this week except Beta. This is one of those weeks we have come to expect during Earnings season and or during a Holiday. Although this one came at the end of Earnings season and right before O-Bon. High Beta names that did well this week were Brothers Industries (6448) up 28%, Toyo Tire & Rubber (5105) up 25% and DeNA Co (2432) up 21%. All the other factors were basically insignificant.

Who Moved – Despite the lack of conviction in factors, there were still 16 names that moved on volume this week. This is compared to 108 names that moved on volume last week. On the positive side, Brother Industries (6448) was up 28%, COSMOS Pharmaceutical (3349) was up 10% and Sumitomo Warehouse (9303) was up 7%. On the other side, ONO Pharma (4528) was down 15%, Sawai Pharma (4555) was down 8% and Daifuku Co (6383) was down 7%.

Summary

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