< The 2016 All-Japan Research Team

Total appearances: 7

Team debut: 2010

In third place, the position he has held since 2014, is Deutsche Securities analyst Takahiro Kazahaya, 40. With a coverage universe of 24 names, he is neutral on Japan’s retailers overall. The sector tumbled 21.6 percent during the 12 months through mid-March, which was worse even than the domestic broad market’s 16.8 percent decline. Although noting that certain economic inputs for the group are positive, the researcher points to potential trouble ahead. “The balance between demand and supply should be very stable. Plus, the stability of the yen trend is good for input costs for most retailers,” he advises. “However, there are several bad signs we see now. The earnings trend of Japanese corporates, especially exporters, is slowing down. Wage per capita might not be growing in the future. The consumer sentiment has slowed down recently — and the growth of domestic consumption and spending by foreign travelers will be much more moderate this year.”