Cawachi Yakuhin (2664)
Cross Trading Guide
Spend just a few hundred yen → Get ¥5,000 in shopping vouchers
Since March 15, 2026 falls on a Sunday, the last trading day to secure rights is March 11 (Wed). Complete your cross trade by this date.
📌 Key Takeaways
- Cawachi is the only stock with a March 15 record date — all cross trading demand concentrates here
- 100 shares gets you ¥5,000 in shopping vouchers (10 × ¥500 coupons)
- No nearby store? Unused vouchers can be exchanged for rice vouchers worth ~¥2,200
- General margin cross trade costs only a few hundred yen
- Standard margin carries reverse daily interest risk — up to ¥1,920 (2022 record)
About Cawachi Yakuhin
Cawachi Yakuhin (Stock Code: 2664, Tokyo Stock Exchange Prime) is a major drugstore chain based in Northern Kanto, operating approximately 379 stores across the Kanto, Tohoku, and Koshinetsu regions of Japan.
While typical Japanese drugstores have about 200 tsubo (660㎡) of floor space, Cawachi averages around 650 tsubo (2,145㎡), with the largest stores exceeding 1,000 tsubo. Known as a “Mega Drugstore,” they carry not just medicine and daily goods, but also a wide selection of groceries.
Shareholder Benefits Details
🎁 Shopping Vouchers (Annual · March 15 Record Date)
📋 Voucher Usage Rules
| Item | Details |
|---|---|
| Usable Stores | All Cawachi stores (excluding dispensing pharmacies) |
| Usage Condition | 1 coupon per purchase of ¥500+ (tax included) |
| Excluded Items | Gift certificates, cigarettes, magazines, postcards, etc. |
| Delivery | Mid-June each year |
| Validity | Until end of June the following year |
| If Unused | Entire unused booklet → 5 rice vouchers (Return by August 31 of the same year) |
💡 No Nearby Store? No Problem!
An entirely unused voucher booklet can be exchanged for 5 “National Rice Vouchers” (お米券, ~¥440 each = ~¥2,200 total) by simply mailing it back to the company. Alternatively, ¥5,000 voucher booklets typically sell for ¥4,500–5,000 on Mercari or other resale platforms. Either way, the return on a few hundred yen of cross trading costs is excellent.
Why Cross Trade This Stock?
Cawachi’s record date is March 15 — and it is the only stock in all of Japan with a shareholder benefit record date on this day. This means every investor looking to cross trade on March 15 has their demand concentrated on this single stock.
While this concentration increases the risk of high reverse daily interest (逆日歩) under standard margin trading, using general margin short selling eliminates this risk entirely, keeping your cost to just a few hundred yen.
Cost Comparison
💰 Estimated Cross Trading Costs (100 shares · ~¥308,000)
| Broker | Trading Fee | Stock Lending Fee (Cross on last cum-rights day) |
Total |
|---|---|---|---|
| SBI Securities | ¥0 | ~¥160 (Short-term 3.9% · ~5 days) |
~¥160 |
| Rakuten Securities | ¥0 | ~¥160 (Short-term 3.9% · ~5 days) |
~¥160 |
※ Estimated based on ¥3,080 share price. Lending fee days include weekends (~5 days). Verify actual costs with your broker.
Historical Reverse Daily Interest (Standard Margin Reference)
⚠️ Standard Margin逆日歩 Risk
Since Cawachi is the only March 15 benefit stock, short-selling demand is extremely concentrated. Below are past逆日歩 amounts per 100 shares for reference.
📊 Past逆日歩 Records (per 100 shares)
| Year | 逆日歩 Days | 逆日歩 (100 shares) |
|---|---|---|
| 2025 | 3 days | ¥1,500 |
| 2024 | 3 days | ¥780 |
| 2023 | 1 day | ¥770 |
| 2022 | 1 day | ¥1,920 |
| 2021 | 1 day | ¥105 |
| 2020 | 3 days | ¥900 |
※ The 2022 record of ¥1,920 was the highest ever. General margin completely eliminates this risk.
Step-by-Step Timeline
Monitor SBI Securities, Rakuten Securities, etc. for available general margin short-selling inventory on Cawachi (2664). Since it’s the only stock on March 15, inventory is extremely competitive — grab it as soon as you see it. Earlier cross trades incur higher lending fees but guarantee availability.
This is the last day to secure your shareholder rights. Place both orders as market orders (成行) around 14:50 to ensure matching execution prices. If using the “margin buy → same-day settlement” method, remember to complete the settlement after execution.
The stock price typically drops on ex-rights day (dividend adjustment), but cross trading hedges this completely. Place both reverse orders as market orders around 8:50 before market open. Your cross trade is now complete.
Stock settlement finalizes on March 13. On March 15 (record date), your name appears on the shareholder registry. Now just wait for the vouchers to arrive.
Use them directly at Cawachi stores, or keep all coupons unused and mail the booklet back by August 31 to exchange for 5 rice vouchers. You can also sell on Mercari (~¥4,500–5,000).
Profit & Loss Summary
📊 100-Share Cross Trade P&L Estimate
| Item | Amount |
|---|---|
| ✅ Voucher Face Value | ¥5,000 |
| 💰 Resale / Rice Voucher Value | ~¥2,200–5,000 |
| 📉 Cross Trading Cost (General Margin) | ~¥60–200 |
| Net Return | ~¥2,000–5,800 |
※ If used directly at Cawachi stores, you get the full ¥5,000 value.
Important Notes
⚠️ Before You Cross Trade
- Limited inventory: Since this is the only March 15 stock, general margin short-selling inventory is highly competitive. Open accounts at multiple brokers to increase your chances.
- 逆日歩 days: The estimated逆日歩 period for 2026 is 3 days. Under standard margin, costs multiply by the number of days.
- Dividend adjustment: Cross trading involves receiving dividends while paying a dividend adjustment amount. Under specific accounts (特定口座), there may be a small tax difference of a few dozen yen.
- No combining with other discounts: Vouchers may not be used together with other coupons or discount services.
- Verify dates yourself: The cum-rights dates in this article are estimates. Always confirm with your broker.
Author’s Past Cross Trading Results
The author has cross traded Cawachi Yakuhin for 3 consecutive years. Here are the actual costs and returns.
📊 Author’s Cawachi Cross Trading Record
| Year | Method | Cross Cost | Voucher Disposal | Net Value | Net Profit |
|---|---|---|---|---|---|
| March 2025 | Cross 100 shares | -¥1,532 | Sold on Mercari ¥4,750 | ¥4,095 | +¥2,563 |
| March 2024 | Cross 100 shares | -¥812 | Sold on Mercari ¥4,749 | ¥4,275 | +¥3,463 |
| March 2023 | Cross 100 shares | -¥884 | Sold on Mercari ¥4,700 | ¥4,000 | +¥3,116 |
※ Net value is after deducting platform fees and shipping.
※ Don’t have a Mercari account yet? Use referral code “HZHQCZ” to get 500 points upon registration.
💡 Key Takeaway from Results
Consistent profits of ¥2,500–3,500 per year across all 3 years. With a face value of ¥5,000 and stable Mercari resale prices of ¥4,700–4,750, Cawachi is one of the most reliable cross trading targets available.
Conclusion
Cawachi Yakuhin (2664) stands out as the sole shareholder benefit stock on March 15, making it an exceptionally efficient cross trading opportunity. With general margin trading, you can secure ¥5,000 in vouchers for a cost of just a few hundred yen. Even without a nearby store, rice voucher exchanges and resale options ensure a solid return.
The key challenge is securing general margin short-selling inventory. With all demand focused on this single stock, competition is fierce every year. Prepare accounts at multiple brokers and act quickly when inventory becomes available.