Nikkei 225 Stock Average: +124 to 17,677 — effectively at the same level it was last Monday post-Golden Week rally

TOPIX 1st Section advancers 819 x decliners 791 (119 unchanged); 20/33 sectors posted gains

Busy week ahead with GDP and BoJ decision coming Thursday!

Sega Sammy (JP: 6460) by the way got killed, down its daily limit after reporting disappointing earnings. It does not look good and caught many by surprise! We maintain our position understanding it will likely take time to recover — we believe it will — and a foreign acquisition or PE deal are certainly a possibility, but it is anyone’s guess how much premium, or if investors would even break-even from the pre-earnings level.