We expect a $478.24 movement on HE within 12 hours following the event release at 30 Jun 23:50.

Based on the last 12 Tankan Large Manufacturers Index events in Japan, we expect a $478.24 movement on HE within 12 hours following the event release at 30 Jun 23:50. We expect HE to trend downwards 12 hours following the event release at 30 Jun 23:50 if the released value is > -31

Historical events that allowed us to draw this conclusion

All references to movement sizes are expressed assuming a lot size of 100,000 units (“standard account”).

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