Mebuki Financial Group, Inc. (7167): TTM ROA rose from 0.15% to 0.44%. Analysis by separating the interest rate effect from the own efforts in numbers jparcvue.substack.com/p/mebu…

MANI,INC. (7730) FY2026 Full Year Earnings (Sep.1, 2025 - Aug. 2026) Analysis jparcvue.substack.com/p/mani…

Sansan (4443): Q1 Earnings FY2026 (June 1, 2026 to August 31, 2026) jparcvue.substack.com/p/sans…

The average daily trading value in Japanese stocks was 10.27 trillion yen from January to September 2026. 2023 4.11 trillion yen 2024 5.40 trillion yen 2025 6.21 trillion yen January to September 2026 was 10.27 trillion yen The 2026 level is about 2.5 times the 2023 level. The Nikkei 225 closed 2023 at 33,464 yen. On October 6, 2026, it closed at 70,684 yen, above the 70,000 level. Both stock prices and trading value are now at much higher levels than before. substack.com/profile/5108507…

substack.com/@jparcvue/note/… NISA (Nippon Individual Savings Account) is a Japanese program that makes investment gains and dividends from stocks and funds tax free. I think there is still room for more accounts. The government aims to reach 34 million NISA accounts by the end of 2027. At the end of 2025, there were 28.21 million Accounts equal about 27% of the population aged 20 and over 36.6% of accounts made no purchase at all in 2025 (about 10.45 million accounts) Accounts grew from 8.25 million in 2014 to 28.21 million at the end of 2025 Room remains for more accounts to use this tax benefit. I think this can be one factor that supports Japanese stocks.

substack.com/@jparcvue/note/… Japanese households could be long term buyers of Japanese stocks. I lined up the flow of funds data from 2000. Cash and deposits held by Japanese households grew from ¥759 trillion in 2000 to ¥1,132 trillion at the end of June 2026 Over the same period, the share of stocks, investment trusts and bonds in their financial assets rose from 14.4% to 28.5% The government has set a target to raise this share to 40% by 2040 If it reaches 40%, the gap is about ¥290 trillion (estimated from total financial assets at the end of June 2026) The cash share is 44.9%, the lowest since 2000. Still, nearly half is held in cash I think steady buying demand can support the stock market. Source: Bank of Japan, Flow of Funds Accounts

substack.com/@jparcvue/note/… 586A constituents, stock price changes over about three months Here are the stock price changes of the 20 constituents of the NEXT FUNDS Nikkei Entertainment & Content Stock Index ETF (586A), from July 14 to October 9, 2026. 17 stocks rose and 3 fell The largest gains were Bandai Namco Holdings (7832) up 39.5%, Capcom (9697) up 31.6%, and Sega Sammy Holdings (6460) up 30.7%

substack.com/@jparcvue/note/… The US Treasury “Fear Gauge” and the Stock Market The MOVE index, which measures expected bond market volatility, jumped from late September and reached the 110s in early October. It has since eased to around 98. The VIX, which measures expected stock market volatility, is near 15. The two markets show different levels of caution.

Mebuki Financial Group, Inc. (7167) ROA (TTM) Trend Capital regulation requires banks to hold a minimum amount of capital against their assets. Leverage therefore stays around 20 times, and ROE moves mostly with ROA, the profit earned on total assets. The attached chart shows TTM net income and TTM ROA for Mebuki FG (7167) from FY2018 Q1 to FY2026 Q1. TTM ROA was 0.26% in FY2018 Q1 and fell to 0.13% in FY2020 Q3 It then rose to 0.44% in FY2026 Q1 TTM net income grew from 44,483 million yen to 96,444 million yen, about 2.2 times Over the same period, ROE rose from 4.96% to 8.65%. I plan to publish my analysis of Mebuki FG (7167) next week. substack.com/@jparcvue/note/…

substack.com/@jparcvue/note/… Sansan (4443) FY2027 Q1 results (Quick take) Revenue was ¥14.75 billion, up 20.1%. Adjusted operating profit was ¥2.48 billion, up 328.3%, with a margin of 16.8%. The full year forecast is unchanged. Three points. Bill One posted an adjusted operating profit of ¥198 million in Q1 alone. Revenue growth at the Sansan service was 9.8%, below the lower end of the full year forecast range of 10%. Recurring revenue rose 12.1%. Lower advertising costs explain ¥677 million, or about 36%, of the ¥1,897 million rise in adjusted operating profit. The stock closed at ¥2,219 today, up 4.03%. In the night session on the PTS, it was down 4.24% as of 10.50 pm Japan time. The cause is not clear. Slower growth at the Sansan service may be one factor. Another may be the unauthorized access by a third party to an external cloud service used by the “Sansan User Forum,” a user community. The company says the systems provided to customers are not affected. A detailed article will follow on Sunday, Oct 11 (Japan time).

人間皆誰も完ぺきではなくゆえに不完全なものを愛するのかな。。 xitter.cf/ShimaAnimation/status/…

Appier Group (4180) ARR and NRR ARR reached JPY 49.3 billion in Q2 2026. That is up 26.9% from a year earlier. Growth from the previous quarter was only 0.2%. ARR was JPY 49.3 billion (Q1 was JPY 49.2 billion) NRR (LTM, USD basis) was 119.9% (Q1 was 120.6%) NRR has mostly stayed between 117% and 121% since 2023 I will publish the DeepDive article on Wednesday, October 7, Japan time.

Appier Group (4180): The AI Marketing Growth Story Behind NRR of About 120% and Monthly Churn of 0.30% jparcvue.substack.com/p/appi…