Abstract: We analyzed earnings revisions for MSCI Japan index constituents in July 2026, estimating the index's 2027E EPS rose 0.67% month-on-month to 146.1 from 145.1, while the index level fell 1.0% from 2,482 to 2,456. Breadth was positive, with 96 stocks seeing upward EPS revisions versus 55 downward. The largest individual EPS increases were in Japan Exchange (+14.3%), Advantest (+13.6%), Rakuten (+10.6%), Daiwa Securities (+10.5%), and ANA (+10.3%), while the sharpest cuts hit Idemitsu Kosan (-17.6%), Nippon Steel (-13.8%), Eneos (-7.5%), Chubu Electric Power (-7.0%), and Daiichi Sankyo (-6.0%). By index EPS attribution, Kioxia was the largest detractor at -¥0.89 due to weight drift from a -48.1% price decline, while Mitsubishi UFJ Financial contributed the most at +¥0.28 on a 3.5% EPS upgrade and 11.4% price gain.
Daiwa Securities, Daiichi Sankyo, Recruit, Japan Exchange, Advantest, Panasonic
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