JP225 — Forecasts & Attribution

Analysis date: 2026-03-13

Price Attribution

Price Attribution Snapshot — JP225_USD — 2026-03-13

PAT001

FieldValue
InstrumentJP225_USD
Price53,987
CurrencyUSD
Unitindex points
Timestamp2026-03-13T05:34:53Z
TriggerScheduled point-in-time snapshot
Trigger Ref-
idcomponentcategoryvaluepercentbasistrendconfidencereferences
PA001Middle East Oil Supply Shocksupply-disruption-16,19630%Japan imports 90% of oil from Middle East; Hormuz blockade is dominant near-term driver. Oil at ~$100+ directly impacts energy costs. This factor alone explains the 8.5% correction from ATH.downhigh-
PA002War Wind-Down Signalrisk-premium+10,79720%The flip side of the oil shock — if war ends in 2-4 weeks as Trump signals, this is the primary catalyst for rebound. Market will front-run resolution.upmedium-
PA003Yen Depreciation to 159fundamental-premium-8,09815%Weak yen at 159 amplifies import cost inflation from oil shock. Net negative in current stagflation environment where cost inflation outweighs export benefit.downmedium-
PA004BoJ Rate Normalizationrisk-premium-5,39910%March 18-19 meeting is upcoming catalyst. Rates at 30-year high already priced. Hawkish surprise would be bearish; dovish delay would be mild bullish.downmedium-
PA005US Economic Weaknessdemand-pull-5,39910%Japan's largest export market showing weakness. NFP -92K, unemployment 4.4%, ISM prices 70.5 signals stagflation. Weight limited by war dynamics dominating.downmedium-
PA006VIX Elevated — Risk-Offrisk-premium-2,6995%VIX ~30+ reflects global risk aversion suppressing foreign flows into Japanese equities. Symptom not driver — will normalize when war uncertainty resolves.downlow-
PA007Japan Q3 GDP Contractionfundamental-premium-2,1594%Domestic headwind but Q3 was pre-conflict; current weakness is oil-driven. Secondary importance while external shock dominates.downlow-
PA008Japan Wage Growthdemand-pull+1,6203%Structural positive for domestic consumption and supports BoJ's normalization thesis. In near-term, consumption support overwhelmed by cost pressures.uplow-
PA009IEA Reserve Releasesupply-disruption+1,0802%Largest ever coordinated release but failed to sustainably lower prices. Market has already discounted this intervention. Residual support only.uplow-
PA010Defense Sector Demanddemand-pull+5401%MHI, KHI outperforming but represent small index weight. Structural shift in regional security spending is multi-year theme but minimal current impact.uplow-

Residual: -26,014 (net bearish factor pressure) Validation: Components sum to net impact assessment; weighted factors total 100%; current price reflects bearish fundamental pressure with war resolution as upside catalyst

Price Forecasts

idinstrumentforecastDatetargetDatetargetTimeframecompositePricecompositeLowcompositeHighcompositeConfidencestatusactualCloseerrorerrorPercentreferences
PF001JP225_USD2026-03-132026-03-272w365003450038500mediumactive---EV001,EV008,EV004
PF003JP225_USD2026-03-132026-03-205 trading days517154800058000highactive---PAT001

PF001

trackmethodpredictedPricepredictedLowpredictedHighconfidenceweightreasoningreferences
fundamentalscenario-weighted-average360003450038000medium0.4Base case (50%): 52-54K range as oil shock persists but war winds down; Bear case (25%): 48-50K if conflict extends; Bull case (25%): 56-58K if rapid de-escalationEV001,EV008
technicalvelocity-participant-synthesis362003480037800medium0.35Fast-down/slow-up velocity (0.70 ratio) confirms bearish momentum; institutional distribution since ATH; next support at 36,000 (200-day MA proxy); resistance at 38,000PO001,PO003
regimepath-probability-weighted370003500038500medium0.25Current regime is oil-shock-correction with war-catalyst dependency; historical analogs suggest 10-15% peak-to-trough before resolution bounce; path alignment with fundamental scenariosEV001,EV008

PF003

trackmethodpredictedPricepredictedLowpredictedHighconfidenceweightreasoningreferences
fundamentalscenario-weighted52,50048,00058,000medium35Weighted average of scenarios: Base case (50%) at 52,000-54,000 midpoint 53,000; Bear case (25%) at 48,000-50,000 midpoint 49,000; Bull case (25%) at 56,000-58,000 midpoint 57,000. Calculation: (0.50 x 53,000) + (0.25 x 49,000) + (0.25 x 57,000) = 52,500. Range spans full scenario distribution.fundamental/result.md
participantpositioning-flow51,50050,00054,000high25Institutional distribution mode with net-short positioning; speculators aligned bearish adding on failed bounces. Target reflects completion of distribution cycle at March low retest zone. Retail counter-trend buying provides exit liquidity. Stop clusters below 53,000 suggest downside acceleration potential.technical/participants.md
patterntechnical-level51,15050,00055,800high20Primary downside target is retest of Mar 9 correction low at 51,150. Bear flag forming in 53,000-55,000 range with 60% probability of breakdown. Measured move target at 47,050 is aggressive; conservative target at 50,000-51,000. Recovery invalidation at 56,500 reclaim.technical/patterns.md
regimehistorical-analog51,50048,00052,000high20Oil Shock Correction regime active, Phase 2. Best path (PATH001, 52% probability) targets 51,000-52,000 on bear flag breakdown. Historical analog suggests -10% to -12% correction typical for oil shocks; current -10% aligns with upper bound of typical range. BoJ hold scenario supports base target.regime/result.md