The Nikkei Average started a rebound for the first time in 6 days, and the yen exchange rate changed to around 1 dollar = 143 yen ahead of the US presidential election debate and CPI announcement
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Here's an overview of this morning's turnaround. Thank you in advance.
Market Overview
Today's Nikkei Stock Average started at 36386.12 yen, 170.37 yen higher than the previous business day, and the Tokyo Stock Price Index (TOPIX) was 8.09 points higher than the previous business day at 2587.82.
Today's Nikkei Stock Average started at 36386.12 yen, 170.37 yen higher than the previous business day, and the Tokyo Stock Price Index (TOPIX) was 8.09 points higher than the previous business day at 2587.82.
Top news
New hedge fund launches for Japan are active, investor interest is growing = Reuters
● As hedge fund activity shrinks across Asia, new hedge fund launches for Japan are becoming more active. According to Prekin's data, there was a net increase of 10 hedge funds specializing in Japanese investment.
● Views that view the Japanese market as promising have spread, and investors' responses have also been good. Five more funds are expected to be established from the 3rd quarter to the end of the year.
● The founder of Shinka Capital Management pointed out that Japan is changing positively with rising prices and wage growth. Interest in operators specializing in Japan is growing.
● Mr. Tetsuo Ochi of the MCP Group predicted that if interest rates in Japan rise further, zombie companies will eventually not be able to survive, which will be positive in the long run.
New hedge fund launches for Japan are active, investor interest is growing = Reuters
● As hedge fund activity shrinks across Asia, new hedge fund launches for Japan are becoming more active. According to Prekin's data, there was a net increase of 10 hedge funds specializing in Japanese investment.
● Views that view the Japanese market as promising have spread, and investors' responses have also been good. Five more funds are expected to be established from the 3rd quarter to the end of the year.
● The founder of Shinka Capital Management pointed out that Japan is changing positively with rising prices and wage growth. Interest in operators specializing in Japan is growing.
● Mr. Tetsuo Ochi of the MCP Group predicted that if interest rates in Japan rise further, zombie companies will eventually not be able to survive, which will be positive in the long run.
The yen exchange rate of 1 dollar = around 143 yen, ahead of the US presidential election debate and CPI announcement
● The exchange rate of yen on the morning of the 10th was around 1 dollar = 143 yen. Observations of drastic US interest rate cuts in September have receded, and the dollar has remained steady. The yen fell by over 1% at one point.
● In response to US employment statistics for August, the probability of interest rate cuts of 50 basis points at the FOMC in September dropped to about 30%. As a result, the yen fell to 143 yen 80 yen at one point in overseas markets.
● Mr. Goto Yujiro of Nomura Securities pointed out that US stocks rebounded autonomously while there were no notable new materials, and the dollar and yen recovered to the 143 yen level. Risk sentiment has picked up, showing the view that the trend around 143 yen is basic.
● On the 10th, a television debate for presidential candidates will be held where Vice President Harris of the US Democratic Party and former President Trump of the Republican Party meet face to face for the first time. The US Consumer Price Index (CPI) for August is scheduled to be announced on the 11th. The market's attention is drawn.
● The exchange rate of yen on the morning of the 10th was around 1 dollar = 143 yen. Observations of drastic US interest rate cuts in September have receded, and the dollar has remained steady. The yen fell by over 1% at one point.
● In response to US employment statistics for August, the probability of interest rate cuts of 50 basis points at the FOMC in September dropped to about 30%. As a result, the yen fell to 143 yen 80 yen at one point in overseas markets.
● Mr. Goto Yujiro of Nomura Securities pointed out that US stocks rebounded autonomously while there were no notable new materials, and the dollar and yen recovered to the 143 yen level. Risk sentiment has picked up, showing the view that the trend around 143 yen is basic.
● On the 10th, a television debate for presidential candidates will be held where Vice President Harris of the US Democratic Party and former President Trump of the Republican Party meet face to face for the first time. The US Consumer Price Index (CPI) for August is scheduled to be announced on the 11th. The market's attention is drawn.
SoftBank G buying momentum says iPhone 16 uses arm semiconductors
Apple has announced the new smartphone “iPhone 16” series. Make it possible to use the in-house generated AI service “Apple Intelligence” on all models. To this new smartphone $SoftBank Group (9984.JP)$Under the umbrella $Arm Holdings (ARM.US)$It was reported that semiconductors designed by will be used. The arm has shown an increase of over 7%, and it seems that it will be a support material.
Apple has announced the new smartphone “iPhone 16” series. Make it possible to use the in-house generated AI service “Apple Intelligence” on all models. To this new smartphone $SoftBank Group (9984.JP)$Under the umbrella $Arm Holdings (ARM.US)$It was reported that semiconductors designed by will be used. The arm has shown an increase of over 7%, and it seems that it will be a support material.
Lapidas requests 20 billion yen investment in 2 megabanks for mass production of next-generation semiconductors
● According to Bloomberg, Lapidas requested investments of 5 billion yen each from Mizuho Bank and Sumitomo Mitsui Bank, and 10 billion yen from the Development Bank of Japan. Furthermore, business companies are also being asked to make new investments.
● It is an existing shareholder $Toyota Motor (7203.JP)$、 $Sony Group (6758.JP)$、 $SoftBank (9434.JP)$They are seeking a total investment of 80 billion yen from the Bank of Mitsubishi UFJ, etc., and they are requesting an expression of interest by the end of September.
● Lapidas plans to mass-produce 2-nano-logic semiconductors in 2027, and the total investment is expected to be approximately 5 trillion yen. The government decided on subsidy support of up to 920 billion yen.
● Until now, investment from companies has remained at 7.3 billion yen, and the expansion of private sector fund-raising is an issue.
● According to Bloomberg, Lapidas requested investments of 5 billion yen each from Mizuho Bank and Sumitomo Mitsui Bank, and 10 billion yen from the Development Bank of Japan. Furthermore, business companies are also being asked to make new investments.
● It is an existing shareholder $Toyota Motor (7203.JP)$、 $Sony Group (6758.JP)$、 $SoftBank (9434.JP)$They are seeking a total investment of 80 billion yen from the Bank of Mitsubishi UFJ, etc., and they are requesting an expression of interest by the end of September.
● Lapidas plans to mass-produce 2-nano-logic semiconductors in 2027, and the total investment is expected to be approximately 5 trillion yen. The government decided on subsidy support of up to 920 billion yen.
● Until now, investment from companies has remained at 7.3 billion yen, and the expansion of private sector fund-raising is an issue.
Seven & I rejects Kushtal's takeover proposal and there is also a possibility of a long game
● $Seven & i Holdings (3382.JP)$Rebutted Couchthal's takeover proposal, saying “it does not present sufficient grounds or materials for discussions involving effectiveness.” Furthermore, it was pointed out that Seven's shareholder value was significantly underestimated in the short to medium term, and it was used as a reason for not signing a confidentiality agreement (NDA). It was decided that if there was an appropriate plan, they would be prepared to respond to discussions.
● Alimentacion Couchard expressed regret that Seven & I refused even friendly discussions. It continues to show strong motivation for acquisitions.
● Alimantacion showed confidence that there was sufficient spare capacity to implement acquisition funds on the scale of 6 trillion yen in cash, but he did not mention the low amount offered.
● Seven & I officials assume that there is a possibility that the battle and defense over the takeover proposal will get entangled in a long war. Attacks and defenses are expected to become more intense in the future.
● $Seven & i Holdings (3382.JP)$Rebutted Couchthal's takeover proposal, saying “it does not present sufficient grounds or materials for discussions involving effectiveness.” Furthermore, it was pointed out that Seven's shareholder value was significantly underestimated in the short to medium term, and it was used as a reason for not signing a confidentiality agreement (NDA). It was decided that if there was an appropriate plan, they would be prepared to respond to discussions.
● Alimentacion Couchard expressed regret that Seven & I refused even friendly discussions. It continues to show strong motivation for acquisitions.
● Alimantacion showed confidence that there was sufficient spare capacity to implement acquisition funds on the scale of 6 trillion yen in cash, but he did not mention the low amount offered.
● Seven & I officials assume that there is a possibility that the battle and defense over the takeover proposal will get entangled in a long war. Attacks and defenses are expected to become more intense in the future.
Fortress to make Joban Kosan a wholly owned subsidiary for 1,650 yen per share
● Fortress Investment Group, a US investment fund, operates a hot spring resort facility “Spa Resort Hawaiians” $Joban Kosan (9675.JP)$It was announced that it will become a wholly owned subsidiary. The public tender offer (TOB) is carried out in 2 stages.
● 1st TOB: The 1st purchase period is from 10th to 10/24. The purchase price is 1,650 yen per share, and there is a 33% premium compared to the closing price on the 6th. The lower limit of the planned number of shares to be purchased is approximately 4.45 million shares, which is the ownership ratio of 50.67%.
● 2nd TOB: Shareholders who own a total of 15.99%, such as Tokiwa Kaihatsu and Mizuho Bank, which are the largest shareholders, agreed to apply for the 2nd TOB. The second purchase price was 1240 yen per share.
● Fortress has a track record of acquisitions such as “Phoenix Seagaia Resort” and “Accordia Golf Group.” After the acquisition of Joban Kosan, large-scale capital investments will be made, aiming to improve facility value.
● Fortress Investment Group, a US investment fund, operates a hot spring resort facility “Spa Resort Hawaiians” $Joban Kosan (9675.JP)$It was announced that it will become a wholly owned subsidiary. The public tender offer (TOB) is carried out in 2 stages.
● 1st TOB: The 1st purchase period is from 10th to 10/24. The purchase price is 1,650 yen per share, and there is a 33% premium compared to the closing price on the 6th. The lower limit of the planned number of shares to be purchased is approximately 4.45 million shares, which is the ownership ratio of 50.67%.
● 2nd TOB: Shareholders who own a total of 15.99%, such as Tokiwa Kaihatsu and Mizuho Bank, which are the largest shareholders, agreed to apply for the 2nd TOB. The second purchase price was 1240 yen per share.
● Fortress has a track record of acquisitions such as “Phoenix Seagaia Resort” and “Accordia Golf Group.” After the acquisition of Joban Kosan, large-scale capital investments will be made, aiming to improve facility value.
Distribution source: various company releases, Bloomberg, Nihon Keizai Shimbun, MINKABU, Reuters
ー MooMoo News Sherry
ー MooMoo News Sherry
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