Abstract: We analyzed earnings revisions for MSCI Japan index constituents in September 2026, with the index declining 2.6% from 2,545 to 2,479. The index 2027E EPS fell 0.48% month-on-month to 150.4 from 151.1, with 127 stocks revised up versus 32 revised down. Individual stock EPS revisions contributed an estimated ¥2.56 to index EPS changes. The top positive contributors were Nippon Yusen Kabushiki Kaisha (9101 JP, +28.8% EPS revision, ΔIndex EPS +¥0.16) and Mitsui O.S.K. Lines (9104 JP, +27.3%, +¥0.15), while Toyota Motor (7203 JP) was the largest drag (ΔIndex EPS -¥0.32) due to weight drift despite a near-flat EPS revision of -0.1%. On the downside, Aeon (8267 JP) saw the steepest EPS cut at -11.1%, followed by Aisin (7259 JP, -3.47%) and MS&AD Insurance (8725 JP, -3.43%). For revenue, Fujikura (5803 JP) led with a +9.52% revision, while Inpex (1605 JP) posted the largest revenue cut at -4.60%.
Ana, Mitsubishi UFJ Financial, Kawasaki Kisen Kaisha, AGC, Nippon Yusen Kabushiki Kaisha, Aisin
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