Abstract: MSCI Japan implements one ADD, Kokusai Electric, and two DELETEs, JFE Holdings and Seibu Holdings, on 1 Sep 2026. We review the completed bridge against nine prior cycles. Kokusai Electric added +2.8% alpha over the bridge on top of its +13.5% pre-announcement run. Both DELETEs were near flat over the bridge after negative announcement days. Historically, positive-bridge ADDs gave back in the first implementation week. The historical DELETE first-week record after a positive bridge is flat.
JFE, Kokusai Electric, Seibu
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