What Worked Japan - 24 Feb 2017 - Most factors insignificant, short-term momentum names hurt

What Worked

Interesting week. With TOPIX basically flat, none of the Value or Growth factors stood out this week. There was a slight selloff in high ROIC names. Nissan Chemical Industries (4021) was down 7%, Tokuyama Corp (4043) was down 6% and Taiheiyo Cement Corp (5233) was down 6%.

Momentum, particularly short-term momentum, names also did not do well this week. Daifuku (6383) was down 4%, Mitsui Mining and Smelting (5706) was down 5% and Daido Steel (5471) was down 4%. All other factors were insignificant this week.

Who Moved

42 names moved on volume this week. The volume spikes look to be spread across all sectors. On the positive side, Toyo Tire & Rubber is up 25%, Mitsui Mining and Smelting is up 19% and MinebeaMitsumi is up 19%. On the other side, Iida Group (3291)is down 11%, Nikon is down 10% and Asics Corp (7936) is down 9%.


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