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I think Sanrio's (and others, especially the game stocks) results have more to do with the entertainment/IP stocks move, though. And I think it might be not that clear cut, also. A lot of the merch is produced in China, and the royalties might suffer.

As for Kadokawa/Sony... the only surprise there is the publishing. Kadokawa has been slowly inching toward self-publishing for a while, odd to see them giving margin away like that!

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Why is an old bloke running one of Japan's most successful female-focused manga publishers? Where are the women? Japan!!!

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