The main purpose of this study is to simultaneously compare the explanatory abilities of various firm characteristics and factor models in the Japanese stock market. We show that the factor models developed by Fama and French (1993, 2015, 2018), Carhart (1997), and Hou et al. (2015) all fail to be priced in Japan. In addition, value and operating profitability anomalies are prevalent in Japan, while size, investment, and momentum effects are not. Our findings are in line with what is indicated in the existing literature: the characteristics model associated with value and operating profitability better describes the cross-sectional variations of stock returns than factor models in Japan.

本研究的主要目的是同时比较日本股票市场各种公司特征和因素模型的解释能力。我们证明了 Fama 和 French (1993、2015、2018)、Carhart (1997) 和 Hou 等人开发的因子模型。（2015）均未能在日本定价。此外，价值和运营盈利能力异常在日本普遍存在，而规模、投资和动量效应则不然。我们的研究结果与现有文献中的内容一致：与价值和运营盈利能力相关的特征模型比日本的因子模型更好地描述了股票回报的横截面变化。