[Morning Report] US Treasury Secretary's Exchange Interventions “Should Be Rare” - Berkshire's Hand Funds Showing Cautious Stance Hit Record Highs - Profit Increased Due to Strong Insurance Business

Good morning to all Moomoo users!Here are the key points of this morning's first report.
● [Tokyo Stock Exchange Rate Forecast Range] Domestic Market Closed (substitute holiday for Children's Day)
● US Treasury Secretary Says Exchange Interventions “Should Be Rare” - Shows Cautious Stance
● US Financial Services Authority Examines Improvement Measures by Disseminating Economic Interest Rate Forecasts - Chicago Fed Governor
● Berkshire's cash on hand hits record high - profit increased due to strong insurance business
● [US Employment Statistics] FRB Smiles Again, Interest Rate Cut Observations Spread - Market Participants' Views
● Faint light and unease in the battle and defense of the depreciation of the yen, US inflation, the enemy is finance
ー MooMoo News Evelyn

Market Overview
The US stock market continued to rise on the 3rd. The Dow average closed at 38,675.68 dollars, which rose 450.02 dollars, and the NASDAQ rose 315.37 points to 16,156.33. The Tokyo Stock Exchange is closed due to the substitute holiday for Children's Day.

Top news
US Treasury Secretary Says Exchange Interventions “Should Be Rare” — Shows Cautious Stance
US Treasury Secretary Yellen acknowledged on the 4th that the movement in the yen exchange rate for the week ending on the 3rd was rapid, after avoiding mentioning whether the Japanese currency authorities intervened in yen purchases.

US Financial Services Authority Examines Improvement Measures by Disseminating Economic Interest Rate Forecasts - Chicago Fed Governor
President Goolsby of the Chicago Federal Reserve Bank of the United States stated on the 3rd that improvement measures should be examined on how to disseminate opinions on the economic situation by policy makers and how to reflect them in interest rate predictions.

Berkshire's cash on hand hits record high - profit rises due to strong insurance business
Investment and insurance company led by famous investor Warren Buffett $Berkshire Hathaway-A (BRK.A.US)$While large-scale investment projects were scarce, the cash on hand level once again hit a record high. Operating profit increased due to the contribution of the insurance business.
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Update - [Financial Report] Berkshire (BRK.A) FY24Q1 financial results: EPS8825 dollars (forecast 6871.85 dollars), sales 89.869 billion dollars (forecast 85.919 billion dollars)

[US Employment Statistics] FRB Smiles Again, Interest Rate Cut Observations Spread - Market Participants' Views
According to the April US employment statistics, the number of people employed in the non-farm sector (business site survey, seasonally adjusted) fell short of market expectations, with an increase of 175,000 from the previous month, which was a low increase since 2023/10. The unemployment rate rose unexpectedly. The labor market got off to a strong start this year, but it was suggested that the heat is cooling down somewhat.

Faint light and unease over the depreciation of the yen, US inflation, the enemy is finance
Yen buying, which is seen as exchange intervention by the government and the Bank of Japan, put a stop to the speculative momentum of yen sales for now. The monetary authorities are hopeful that the US economy and prices will slow down. However, high rice prices have also affected the fiscal spending of the Biden administration, and suppressing inflation is not straightforward. It seems that the conflict with the market will continue.

Tokyo Stock Exchange Rate Forecast
Domestic market closed (substitute holiday for Children's Day)

Foreign substitutes