Futoshi Sasaki Japan Post Bank 7182 JP Banks 331 5,990 Futoshi Sasaki SMFG 8316 JP Banks 4190 5,925 Futoshi Sasaki Resona HD 8308 JP Banks 538 1,251 Futoshi Sasaki Mitsubishi Elec 6503 JP Electric Appliances 592 3,418 Mikio Hirakawa Nidec 6594 JP Electric Appliances 10460 3,035 Masashi Kubota Hitachi 6501 JP Ele

Electric Appliances 588 2,658 Mikio Hirakawa Panasonic 6752 JP Electric Appliances 033 2,033 Mikio Hirakawa Dai-ichi Life 8750 JP Insurance 850 2,202 Futoshi Sasaki MS&AD Holdings 8725 JP Insurance 3405 2,085 Futoshi Sasaki Sompo Holdings 8630 JP Insurance 3684 1,506 Futoshi Sasaki Shin-Etsu Chem 4063 JP (Chemical

the time of UST bear steepening has historically been led by cyclicals, banks and insurance (Exhibit 2). David Gleeson is cautious about REITs, while Futoshi Sasaki is constructive on banks. The move can stretch further near-term. Exhibit 2: US Treasury curve (2510s) move and market performance (past 43 quarters