[Morning Report] Tesla continued to drop for 3 days, 200-day line break, and the Bank of Japan's re-revision theory of interest rate manipulation surfaced due to prolonged US tightening

Good morning to all Moomoo users!Here are the key points of this morning's first report.
● [Tokyo Stock Exchange Rate Forecast Range] 3900 yen to 31,400 yen (closing price on the 20th 31,259 yen 36 sen)
● The yen temporarily fell again to the 150 yen level against the dollar, increasing sense of caution against exchange rate intervention
● Interest rate manipulation revising theory surfaced at the Bank of Japan, due to prolonged US tightening - report
● Bank bond revival for risk transfer, synthetic products incorporating CDS
● US car loan arrears rise to a level for the first time in about 30 years - the burden of high interest rates is heavy
● Tesla continues to fall for 3 days, breaking the 200-day line, and it has also been pointed out that disappointing financial results are a warning to the entire industry = US stocks individually
ー MooMoo News Evelyn

Market Overview
In the US stock market on the 20th, the NY Dow Jones Industrial Average continued to fall for 3 days to 33,127 dollars 28 cents, which is 286 dollars 89 cents lower than the previous business day. The Nasdaq Composite Stock Price Index was 12,983.807, down 20.368 points from the same period. The Tokyo stock market on the 23rd continued to be in a position of risk aversion in the latter half of the previous week, and the Nikkei Stock Average is likely to continue falling for 3 days. An attack and defense in the vicinity of 31,000 yen is expected.

Top news
Bank bond revival for risk transfer, synthetic products incorporating CDS
Banks are reviving sales of credit link bonds (CLN), which are a type of synthetic (synthetic) securitized product. It is a product that has become relatively rare in the United States since the financial crisis, but issuance is increasing ahead of new rules requiring holding more equity capital.

The yen temporarily fell again to the 150 yen level against the dollar, increasing sense of caution against exchange rate intervention
The exchange rate of yen temporarily fell once again to the 150 yen range of 1 dollar in the foreign exchange market on the early morning of the 23rd Asian time. The pressure to sell yen and buy dollars, which is aware of the difference in interest rates between Japan and the US, is strong, and there is a growing sense of caution against exchange rate intervention by the Japanese currency authorities.

Interest rate manipulation revising theory surfaced at the Bank of Japan due to prolonged US tightening - report
The Nihon Keizai Shimbun reported in the morning edition of the 22nd that a revised theory of yield curve control (long and short interest rate operation, YCC) has surfaced within the Bank of Japan.

Why does the US bull market seem strange this time
More than a year has passed since the bear market bottomed out in 2022/10, and although it is not a strong bull market, the rate of increase in US stocks is still above 20%.

Tesla continues to fall for 3 days, breaking the 200-day line, and it has also been pointed out that disappointing financial results are a warning to the entire industry = US stocks individually
$Tesla(TSLA.US)$It continued to fall for 3 days. Since the announcement of financial results after closing on the 18th, sales of the company's stock have continued, and today there was a scene where it temporarily fell to the middle of the 210 dollar range.

US car loan arrears rise to a level for the first time in about 30 years - the burden of high interest rates is heavy
In the US, the auto loan delinquency rate has risen to a level for the first time in about 30 years. According to the rating agency Fitch Ratings, the delinquency rate (60 days or more) for auto loans to the subprime group (borrowers with low creditworthiness) was 6.11% in September, making it the highest level since 1994, when data can be traced back.

Google Vice President “Business Support with Generative AI, Small and Medium Businesses and Individuals”
Christina Baer, vice president of Google in the US, responded to an interview by the Nihon Keizai Shimbun and indicated a policy to expand the number of providers of business support functions utilizing generative AI (artificial intelligence). In addition to large enterprises, small and medium-sized enterprises and individuals are also targeted. As competition for generative AI development intensifies, monetization is becoming a new focus.

Tokyo Stock Exchange Rate Forecast
The stock exchange rate forecast for the 23rd = continued decline, and the risk off situation continues due to the overall depreciation of Western stocks

Foreign substitutes