This week's financial results and economic calendar (1/29~2/2) pay attention to Japan-US financial results and the US FOMC! Is the bullish outlook for semiconductors approaching a correction

This week's points
This week's Japanese stocks are expected to include adjustments. It seems that the impact of the outlook for US monetary policy on interest rates will be closely watched. Since financial results of major companies have been announced one after another at home and abroad, there is a possibility that the atmosphere of determining performance trends will also strengthen.

This week is full of notable events,A turning point for the spring marketIt is also possible that it will happen. The biggest event will be held on 30-31US FOMCthat's it. It is expected that policy interest rates will remain unchanged for 4 consecutive meetings, and there is a possibility that it will be shown how the US Fed thinks about the US economy and when interest rate cuts will begin,Federal Reserve Chairman Powell's remarks are in the spotlight. Regional Federal Bank presidents have made a series of statements fighting back market expectations of interest rate cuts. Even if the hawkish side comes out in the FOMC, it's a major directionThe US is in a trend of cutting interest ratesThere is also a view that the impact on Japanese stocks is limited. If expectations for early interest rate cuts increase,The arrival of a risk-on market led by the United StatesYou can also expect it.

Also, on 2/2US January employment statisticswill be announced. Employment statisticsEstablishing a soft landing (soft landing) for the US economyThere is also a high level of interest in whether the results will improve. This week's dollar-yen exchange rate is also likely to unfold while determining results such as the US FOMC and US employment statistics.

Last week's market price points
1. The Nikkei Average fell for the first time in 3 weeks, breaking 36,000 yen
2. Bank of Japan postpones cancellation of negative interest rates and maintains large-scale mitigation
3. US GDP greatly exceeds expectations and is on a soft landing path for the US economy
4. Tesla warns of sales deceleration this year, analysts cut target share price
5. Intel falls about 10% outside of settlement time and is close to revising the bullish outlook for semiconductors
6. The PCE core index, which is attracting attention from the Fed, is slow pace for the first time in 3 years, with year-on-year growth falling below 3%

The Nikkei Average fell to 35,751.07 yen in the Tokyo stock market last week, 212.2 yen (0.59%) lower than the previous weekend, for the first time in 3 weeks. The Bank of Japan included negative interest rates at the monetary policy meeting held on the 23rdIt was decided to maintain the status quo of large-scale monetary easing measures. In response to this, the dollar and yen once rose to 148 yen 60 yen, but President Kazuo Ueda pointed out in a slightly hawkish manner that “the accuracy of achieving the 2% price target is increasing little by little,”Observations on the early cancellation of negative interest rate policies have intensified。

According to economic indicators, preliminary real gross domestic product (GDP) values of the United StatesIt greatly exceeded expectationsIt showed the strength of the US economy. The price index announced at the same time showed a slowing trend in inflation,Expectations for a soft landing in the US economy have increased. Meanwhile, the year-on-year increase in the personal consumption expenditure (PCE) core index in December was 2.9%. It slackened from 3.2% in November, and fell short of the 3.0% market forecast. The 3% split has been around since March '21.The view that policy interest rate cuts will begin soon is reinforcedIt was done.