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Entertainment & Culture

KADOKAWA Proxy Fight: Oasis Pushes to Oust CEO Natsuno at June Shareholder Vote

Top shareholder Oasis Management is pushing to remove KADOKAWA CEO Takeshi Natsuno, triggering a full proxy fight ahead of the June 24 shareholder meeting. We break down the arguments over an 89% EPS drop, the 'isekai over-reliance' critique, and FromSoftware's monetization, and check how our earlier predictions held up.

Entertainment & Culture

Switch 2 Effect Hits the Supply Chain: Japanese Distributor Happinet Reports 772% Surge in Game Segment Profit

Japanese toy, video and game distributor Happinet reported its FY26 results, with video game segment profit surging 772% year-over-year to 2.2 billion yen (about $14 million). Behind the spike: Nintendo Switch 2 and its software lineup, plus the ripple effect of a console generation transition through Japan's entire game distribution ecosystem. Here's what was happening behind Nintendo's 19.86 million unit sell-through.

Business & Economy

Rohm's Record $1B Loss: Japan's SiC Bet Backfires as EVs Slow and China Surges

Rohm posted a record 158.4 billion yen net loss for fiscal 2026 after writing down 193.6 billion yen on SiC power semiconductor assets. CEO Katsumi Azuma called it clearing out the pus, a blunt admission that Japan's biggest SiC bet was mistimed. With Wolfspeed out of Chapter 11 but smaller, Chinese rivals cutting wafer prices to a third, Denso's takeover approach withdrawn and a three-way merger under discussion, the silicon carbide gold rush has hit its reset moment.

Business & Economy

Honda Posts Its First Net Loss Ever: 423.9bn Yen in the Red, a 1.58tn Yen EV Write-Off, and a 15-Hybrid Comeback Plan

Honda reported a 423.9 billion yen net loss for the year to March 2026, its first since listing in 1957, alongside 1.58 trillion yen in EV-related charges, most of them non-cash. The same day it unveiled a turnaround plan: 15 new hybrids by FY2029 and a 1.4 trillion yen operating profit target. We set it against Toyota's multi-pathway bet, the Tesla and BYD lead changes of 2026, and Hyundai-Kia's quiet rise.

Society

BOJ June Rate Hike Now 74% Priced: 10Y JGB at 29-Year High 2.625%, Yen Near 158 (May 14 Snapshot)

On the afternoon of May 14, Japan's 10-year government bond yield hit 2.625%, the highest since 1997. OIS markets now price a 74% probability of a rate hike at the June 15-16 BOJ meeting. BOJ board member Kazuyuki Masu, previously considered cautious, said in a Kagoshima speech that 'early rate hikes are desirable.' With US PPI surprise, USD/JPY near 158, and 'long rates at 3% in sight,' we map where Japan's FX, bond, and rate-hike expectations stand right now.