Tokyo Market Summary: Nikkei Average falls sharply to 768 yen depreciation Bank of Japan Deputy Governor Uchida says policy revisions are “not aware of an exit”

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●The Nikkei Average ended at 32707.69 yen, 768.89 yen lower than the previous business day
● Financial Services Agency orders additional reporting to major general insurance companies with corporate insurance price adjustments
● Bank of Japan Deputy Governor Uchida says policy revisions “are not aware of an exit”
● The sudden downgrade of US debt, what will happen from now on
● Triple depreciation due to Nikkei average depreciation of 800 yen and shock of US debt downgrade
● It is conveyed that the Rakuten Group collaborates with Open AI, including a strong backstage
● Notable stocks: $Eisai(4523.JP)$、 $SoftBank Group(9984.JP)$、 $Rakuten Group(4755.JP)$、 $Toyota Motor(7203.JP)$、 $Sumitomo Mitsui Financial Group(8316.JP)$etc
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Market Overview
The Nikkei Stock Average ended today in the Tokyo stock market at 32707.69 yen, 768.89 yen lower than the previous business day, and the Tokyo Stock Price Index (TOPIX) fell 35.60 points to 2301.76.

Top news
Financial Services Agency orders additional reporting to major general insurance companies with corporate insurance price adjustments
Due to the problem where major general insurance companies adjusted prices in advance for corporate insurance, the Financial Services Agency soon solidified a policy of issuing additional report request orders based on the Insurance Business Law to major non-life insurance companies such as Sompo Japan. In addition to the Tokyu market, which has already been discovered, doubts have also surfaced about petroleum distributors, etc. Since the possibility that price adjustments were rampant has increased, the scope for requesting reports will be expanded.

Bank of Japan leaves government bond buying operation unchanged at 675 billion yen for “5 to 10 years”
On the 2nd, the Bank of Japan announced a regular government bond purchase operation (open market operation), which is the first since the operation of long and short interest rate manipulation (YCC, YCC) was made flexible. The purchase amount for the remaining period of “5 to 10 years or less” subject to YCC was 675 billion yen. The notification amount for 7/27, which was the most recent regular operation, was left unchanged.

Bank of Japan Deputy Governor Uchida says policy revisions are “not aware of an exit”
Bank of Japan Deputy Governor Uchida Shinichi stated on the 2nd that “measures have been taken to mitigate possible side effects in advance” regarding the review of long and short interest rate manipulation (yield curve control, YCC) at the 7/28 monetary policy meeting. It was emphasized that the revisions were “ingenuity as' preparation 'to continue mitigation without confusion,” and “of course, it is not something that is conscious of an exit.”

What will happen from now on of the sudden downgrade of US debt
The news of the sudden downgrade of US bonds was dumbfounded by the news of the sudden downgrade of US bonds, and as expected, short-term speculators are also unable to digest it.

Triple depreciation due to Nikkei average depreciation of 800 yen and shock of US debt downgrade
The Nikkei Stock Average fell sharply in the Tokyo stock market on the 2nd, and the decline exceeded 800 yen at one point. The trigger for the sharp decline was the downgrade of US bonds by Fitch Ratings, a major rating agency. The announcement in the early morning Japan time comes after the end of the US deal. Risk-averse sales concentrated on the Tokyo market, and a “triple depreciation” of stocks, exchange rates, and bonds occurred. It looks like the Tokyo market, which opened the earliest in the world, was baptized by the “US downgrade shock.”

“Official redevelopment” without private demand spreads, local governments buy facilities at 30%
Private sector funds are no longer being collected for urban area redevelopment. According to a survey by the Nikkei Shimbun, in about 30% of redevelopment projects over the past 5 years, the government and local governments invested subsidies and then bought some floors of the building. This is to establish a business while private demand is sluggish due to population decline. “Official redevelopment” through double investment of public funds puts pressure on local finances.

Interest Rate Manipulation “Does Not Need to Be Reviewed” Market Function Has Improved - Bank of Japan June Meeting Summary
The Bank of Japan announced the summary of the proceedings of the monetary policy meeting held on June 15 and 16 on the 2nd. Regarding long and short term interest rate manipulation, policy committee members shared the idea that “there is no need to review management at this time.” The resolution of distortions in interest rate formation progressed, and it was recognized that market function had improved compared to around the time.

Notable stocks
Ministry of Health, Labor, and Welfare deliberates on approval of the dementia drug “recanemab” on the 21st
$Eisai(4523.JP)$It became known that the Ministry of Health, Labor, and Welfare's specialized committee meeting to be held on the 21st will deliberate on whether or not to approve the Alzheimer's disease remedy “recanemab” developed by a US pharmaceutical company. The people involved made it clear on the 2nd. If approved, it will be the first drug in Japan to prove the effect of slowing the progression of Alzheimer's disease.

It is conveyed that the Rakuten Group collaborates with Open AI, which includes a strong backstage
$Rakuten Group(4755.JP)$has entered the back field and is strong. It was reported around noon on this day that the company's chairman Hiroshi Mikitani announced that he would collaborate with US Open AI, which develops the generation AI “chat GPT.” In response to this, it seems that speculative purchases were made in anticipation of future developments.

Arm, which is under the umbrella of SoftBank G, has an IPO target valuation value of over 8.6 trillion yen in September
$SoftBank Group(9984.JP)$The British semiconductor design company Arm, which is under its umbrella, is aiming for an initial public offering (IPO) as early as September, and targets a valuation value of 60 billion to 70 billion dollars (about 8.6 trillion - about 10.30 trillion yen). There is a rise in bullish market sentiment towards artificial intelligence (AI) related semiconductor technology in the background.

Major non-life insurance companies such as Tokio Marine are cheap across the board, in reports about advance adjustments to insurance premiums
$Tokio Marine Holdings(8766.JP)$Ya $MS&AD Insurance Group Holdings(8725.JP)$、 $Sompo Holdings(8630.JP)$Major non-life insurance companies such as these are cheap across the board. Multiple media have reported one after another since the 1st of the previous day that there is a suspicion that non-life insurance companies have adjusted insurance premiums for corporate insurance in advance, and that there is a suspicion that they have also newly adjusted contracts for petroleum distributors and steel companies. Regarding this issue, there is a history where a report request order was issued by the Financial Services Agency in June this year on the grounds that preliminary adjustments had been made in contracts for railway companies. Following the problems surrounding big motors, the sense of uncertainty about the future has intensified as new negative materials have surfaced.

M3 - sharp depreciation The Nikkei Average fell over 800 yen at one point, and semiconductor growth stocks were selling hard
$M3(2413.JP)$Significantly cheaper. While the Nikkei Average temporarily falls by more than 800 yen, growth stocks and semiconductor stocks are selling heavily. $Tokyo Electron(8035.JP)$、 $Advantest(6857.JP)$、 $Money Forward(3994.JP)$、 $M&A Research Institute Holdings(9552.JP)$etc. are also cheap.

The strategy of not narrowing it down to the new Toyota Land Cruiser EVs is clear
$Toyota Motor(7203.JP)$On the 2nd, a new model of the core model of the four-wheel drive vehicle “Land Cruiser” was announced. A hybrid car, which is the first in the series, has been introduced, and the strategy of not narrowing it down to EVs = electric vehicles has been clarified.

Strong evaluation of Sumitomo Mitsui FG, raising the target stock price of leading domestic securities to 8,000 yen
$Sumitomo Mitsui Financial Group(8316.JP)$There has been a bullish evaluation of On the 1st, Iwai Cosmo Securities continued the investment decision “A” for the company's shares and raised the target stock price from 6700 yen to 8,000 yen.

Mitsui & Co. invests in US bridge-related company repair demand due to aging
$Mitsui(8031.JP)$with $SHO-BOND Holdings(1414.JP)$On the 2nd, it was announced that it had invested in Structural Technologies, which handles bridge construction and repair in the United States, through a joint venture company. The investment ratio and amount are not disclosed, but it is expected that they will invest billions to acquire it to a level where it becomes a company subject to the equity method of a joint venture company. Capture repair demand for bridges that are aging.