Japan Pre-Market Morning Briefing: Yen Depreciation and Export-Led Open

### 1. Macro Environment and Tokyo Open Direction Following mixed overnight finishes in U.S. markets and a 152.4 yen exchange rate, the Tokyo session opens with a mild rebound led by banking and export giants. With the U.S. 10-year yield holding at 5.11%, capital concentrates on high-dividend value stocks and banking sectors. Screening reveals distinct divergence: breakout leaders in banking and wholesale sectors benefit from export margins, while breakdown laggards in retail face margin pressure from prolonged high interest rates. Selective positioning remains vital. ### 2. Core Momentum Stocks - **Ashikaga Holdings (8345.T)**: Trading at ¥2,907 (+6.13%) with ¥16.1B in trading value, approaching resistance at ¥2,912. Support is located at ¥2,745. - **Okinawa Financial Group (7350.T)**: Trading at ¥8,280 (+4.41%) with ¥6.6B in trading value, testing resistance at ¥8,280. Support is located at ¥7,450. - **Namura Shipbuilding (7014.T)**: Trading at ¥4,880 (-0.51%) with ¥30.0B in heavy trading value. Resistance stands at ¥5,170 while support is at ¥4,835. ### 3. Downside Risk Management - **Habam (3133.T)**: Trading at ¥43 (-6.52%), continuing a structural downtrend with resistance at ¥50 and support tested at ¥42. - **G-T (7603.T)**: Trading at ¥34 (-5.56%), exhibiting continuous selling pressure near historical lows. - **ABC (8783.T)**: Trading at ¥46 (0.00%), registering a 31.3% monthly decline requiring strict stop-loss discipline. ### 4. Portfolio Strategy Maintain exposure to export and banking sectors while adhering strictly to resistance and support levels. Avoid chasing overextended breakouts and trim weak holdings promptly.