The NVIDIA artillery had no effect, and will the Nikkei Average continue to remain flat due to rising interest rates between Japan and the US

Last week's $Nikkei 225(.N225.JP)$It depreciated by 141.27 yen (-0.36%) on a weekly basis to 38646.11 yen. Major US semiconductor companies that attracted attention $NVIDIA(NVDA.US)$Since the announcement of financial results exceeded market expectations, $Tokyo Electron(8035.JP)$Ya $Advantest(6857.JP)$It was a material that boosted semiconductor stocks, etc., but it was not an overall strong development where many industries rose. In the US market, US 10-year bond yields temporarily rose to the 4.50% range due to strong US economic indicators. The trend of falling US high-tech stocks, which were disgusted by rising interest rates, spread to the Tokyo market. Although the exchange rate was in the 157 yen range of 1 dollar and the depreciation of the dollar strengthened, it was not a tailwind for Japanese stocks due to heightened yen buying intervention vigilance by the government and the Bank of Japan.

The Nikkei Average fell below the 75-day moving average, but remained above the 25-day moving average, which turned to a steady upward trend. Also, since the lower cloud limit of the daily Ichimoku equilibrium chart is 38396 yen and almost the same level as the 25-day moving average, the 38400 yen level is perceived as an immediate support line, and the view is that the lower price is firm. However, trading prices on the Prime market remain around 4 trillion yen, and market energy is scarce. $NVIDIA(NVDA.US)$Under circumstances where the scenario of the Nikkei average rise triggered by financial results has collapsed, the situation where no sense of direction has been determined will continue. Since a rebalance associated with the MSCI regular review will occur on the 31st of this week, there is a possibility that weekend trading prices will increase to around 5 trillion yen. According to the MSCI regular review, $ASICS(7936.JP)$will be newly hired, $Shimizu(1803.JP)$、 $Sharp(6753.JP)$、 $Yamaha(7951.JP)$、 $Tobu Railway(9001.JP)$、 $Odakyu Electric Railway(9007.JP)$15 stocks, etc. will be excluded. Although it is a stock with a small index impact, it is important to be careful about the timing of the 31st close since many stocks adopted by the Nikkei Average are excluded.

In response to the rise in long-term interest rates, in the stock market, $Mitsubishi Estate(8802.JP)$、 $Mitsui Fudosan(8801.JP)$While the decline in real estate stocks was conspicuous, bank stocks, which are representative sectors benefiting from rising interest rates, $Concordia Financial Group(7186.JP)$Some regional banks were bought, etc. $Mitsubishi UFJ Financial Group(8306.JP)$A flat trend or noticeable movement was not observed in megabanks, etc. In response to the fact that long-term interest rates rose to the level for the first time in 12 years, the market did not have a favorable impression of “de-deflation,” and a sense of caution against sudden changes in market prices took precedence, showing a negative reaction. Bank of Japan officials, such as Bank of Japan Governor Kazuo Ueda, will attend the international conference hosted by the Bank of Japan Financial Research Institute from 27th to 28th at the beginning of the week, so it seems that there is a growing sense of caution against surprise statements. Since the first half of this week is before entering the blackout period associated with the US Federal Open Market Committee (FOMC) meeting, there are also many lectures by senior US government officials. It is assumed that Japan-US interest rates will be swayed by statements made by senior Japanese and US government officials, and the stock market will lack a sense of direction.