Japan equity weekly (10 July 2025) EQUITY: JAPAN STRATEGY Possible fresh round of pricing in tariff impacts starting in latter half of July Entering Q1 results season with share prices vulnerable to downside surprises; changes in foreign ownership at company level linked to ROE/cash & deposits/share buybacks Can TACO only take you so far? Fig. 1: Share price formation for companies likely to be affected by tariffs (End-2024 = 100) No disclosure of tariff impac OPIX Transportation equip Note: Individual comp ...