Macro Stress Map: Energy, Credit & Risk Aversion
Topix 100 Exposure Analysis
Heading 1
Heading 2
Heading 3
Heading 4
Heading 5
Heading 6
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur.
Block quote
Ordered list
- Item 1
- Item 2
- Item 3
Unordered list
- Item A
- Item B
- Item C
Bold text
Emphasis
Superscript
Subscript
Objective: To quantify how a simultaneous positive shock to: WTI crude, Japan corporate credit spreads, implied volatility, would transmit through Topix 100 constituents using MFERM exposures as of 6 March 2026. The result is stark: every single name in the Topix 100 has negative Japan Corporate Credit exposure. There are zero natural hedges. 77 stocks are hurt by both higher oil and wider spreads. The only nuance is a handful of names with positive Energy exposure and manageable credit drag.
Energy vs. Japan Corporate Credit: The Full Map
X-axis = Energy (WTI) exposure. Y-axis = Japan Corporate Credit (JPY credit spreads) exposure.Red dashed lines = average negative exposure thresholds. Every name sits below zero on theY-axis — no stock benefits from wider Japanese credit spreads.
Continue reading our analysis by downloading the PDF above
Related Articles
Macro Risk Premium: A Practitioners Guide
MFERM in Action
How to Separate Alpha from Beta: A Macro Factor Approach for Portfolio Managers in 2026
Macro Stress Map: Energy, Credit & Risk Aversion
Topix 100 Exposure Analysis