Macro Stress Map: Energy, Credit & Risk Aversion
Topix 100 Exposure Analysis
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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.
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