The Nikkei Index started lower, reacting to a decline in US stocks. The yen is weak across the board, with expectations of avoiding a shutdown of US government agencies. Gold futures have surpassed $3000 for the first time. Today, attention is focused on the announcement of the first results of the spring labor negotiations.

Market Overview
今日の東京株式市場は売りが先行した。日経平均株価は前営業日比183.25円安の36606.78円、東証株価指数（TOPIX）が7.24ポイント安の2691.12で始まった。昨日の米株式市場で主要3指数（ダウ平均、ナスダック総合指数、S&P500）が大幅安となったことが東京市場の株価の重しとなった。また、トランプ関税の不透明感や米景気後退懸念、地政学リスク、日銀の追加利上げ観測に加え、石破首相が衆院議員と会食した際に首相事務所が商品券を配ったことが報じられたことも、投資家心理を慎重にさせた。一方、昨日の米株式市場で主要指数が下落したが、外為市場で円相場が落ち着いた推移となっていることや、海外市場で米長期金利が弱含みの推移となったことが東京市場で安心感となった。また、今日は春季労使交渉（春闘）の第１回回答集計の結果が発表されることから、日本経済の好循環に期待する向きもあったが、寄付き段階では売りが優勢だった。

ドル円は底堅い。一時は200円近く下落していた日経平均株価がプラス圏を回復したことを受けて一時148.05円までじり高となっている。

Top News
米外為市場サマリー：米株安など影響し一時１４７円４０銭台に軟化
１３日のニューヨーク外国為替市場のドル円相場は、１ドル＝１４７円８１銭前後と前日と比べて４５銭程度のドル安・円高で取引を終えた。ユーロは１ユーロ＝１６０円４２銭前後と同１円００銭弱のユーロ安・円高だった。この日に発表された２月の米ＰＰＩは、前月比の上昇率が横ばいと１月（０．６％上昇）から伸びが減速した。これを受けてドル売り・円買いが優勢となったが、トランプ関税の影響で先行きはインフレ圧力が高まるとの見方が多く反応は限定的。前週分の米新規失業保険申請件数が２２万件と前の週から２０００件減ったことがドルの支援材料となり、ドル円相場は一時１４８円３５銭まで上伸した。ただ、トランプ米政権の関税政策が世界経済の悪化や貿易摩擦につながるとして、ＮＹダウをはじめ米主要株価指数が下落したことが影響するかたちでドルは失速。
【本日の見通し】ドル安円高警戒継続か

The dollar-yen exchange rate exceeds the 148 yen level, with the yen depreciating universally. There is a forecast of avoiding a government shutdown, leading to a rise in U.S. stock futures.
Senate Majority Leader Chuck Schumer of the Democratic Party stated yesterday that he would block the "continuing budget proposal" but retracted today. By stating support instead of shutting down government agencies, a government shutdown is expected to be avoided. With risk aversion easing, U.S. stocks have made a significant rebound in after-hours trading. The dollar-yen exchange rate has recovered to the 148 yen level due to the universal depreciation of the yen.

Gold Futures, first to break through 3000 dollars.
On the 13th, gold futures at the New York Commodity Exchange (COMEX) reached a record high, surpassing $3,000 per troy ounce for the first time. Gold prices have significantly risen over the past year, driven by geopolitical uncertainty, concerns over high stock prices, and purchases by central banks. The $3,000 level in gold futures indicates that it has already reached the target price set by many analysts on Wall Street for 2025. BNP Paribas raised its average price forecast for 2025 by 8% to $2,990 this week, predicting it would exceed $3,100 during the April-June period before declining in the latter half of the year.

Tokyo Electric Power Company Holdings - significant continued rise, a 100 billion yen financial improvement plan, nuclear power plant restarts not progressing rationally = Nikkei.
$Tokyo Electric Power (9501.JP)$ There has been a significant continued rise. The morning edition of the Nikkei on the 14th reported that the company plans to include the promotion of rationalization in a new reconstruction plan aimed for announcement this summer.

Sanrio - MSMUFG has raised its target price, incorporating a strong earnings trend into the stock price.
$Sanrio (8136.JP)$It has continued to rise for three days. Morgan Stanley MUFG Securities has determined that the strong earnings trend has already been priced into the stock. The investment rating is maintained at "Equal-weight," and the target price has been raised from 4100 yen to 6500 yen.

Canon Inc-Spons Adr - Buy preference for a share buyback up to 26 million shares and 100 billion yen, accounting for 2.8%.
$Canon (7751.JP)$There is a Buy indication. The company announced on the 13th that it would set a share buyback limit of 26 million shares and 100 billion yen. The acquisition period is from March 14, 2025, to January 30, 2026. The acquisition method will be through market purchases via ToSTNeT-3 and market purchases in the listed trading market.

Timely - increased significantly for three consecutive days; 1Q operating profit is 2.5 times, strong usage in logistics and retail trade industries.
$Timee (215A.JP)$Significantly increased for three consecutive days. The company announced on the 13th that the operating profit for the first quarter of the fiscal year ending in 2025 (November to January) was 1.41 billion yen, which is 2.5 times that of the same period last year.

Visional has rebounded sharply, with the BizReach business continuing to perform well, leading to increased sales and profits in the first half of the year.
$Visional (4194.JP)$Rose sharply. The consolidated financial results for January, announced after the market closed on the 13th, showed revenue of 36.93 billion yen (an increase of 17.5% compared to the same period last year), operating profit of 10.224 billion yen (an increase of 4.4%), and net profit of 7.549 billion yen (an increase of 4.7%), which were well received.

Ribomic - Buy indication. Patent granted in Japan for the anti-TGF-β1 aptamer substance.
$Ribomic (4591.JP)$On the buying side. The company announced on the 13th that it received a patent approval regarding the anti-TGF-β1 aptamer substance, for which it had applied for a patent at the Japan Patent Office.

JEH - Buy indication. Expects final profit to increase by 16% this term; last term was a 44% increase.
$Japan Eyewear Holdings (5889.JP)$On the buying side. The company announced on the 13th that the consolidated operating profit forecast (IFRS) for the fiscal year ending in 2026 has been set at 6.2 billion yen (a 16.4% increase from the previous year), and the annual dividend forecast is 84 yen (up from 66 yen the previous year).

Today’s materials and prominent stocks: Dollar store stocks rise in the US market, interest in low-price business models also spreading.
The stock price of Dollar General Corp, a US dollar store, performed well on the market on the 13th. The financial results announced that the existing store sales from November 24 to January 25 were stronger than market expectations, and the outlook for fiscal year 26 remains optimistic.InflationAmid weak economic sentiment due to the impact of Trump's tariffs, the performance of low-price business models is being suggested. In Japan, concerns are growing over the economic effects of high prices, such as the elevated rice prices and the rising costs of food and daily necessities. The appreciation of the yen may also lead to increased interest in 100 yen shops and discount supermarket stocks. $Seria (2782.JP)$ 、 $Watts (2735.JP)$ 、 $Can Do (2698.JP)$ In addition, 'Grocery Supermarket' is being highlighted. $Kobe Bussan (3038.JP)$ 、 $Trial Holdings (141A.JP)$ 、 $Pan Pacific International Holdings (7532.JP)$ETC are attracting attention. Additionally, $Makiya (9890.JP)$is based in Shizuoka and operates "Daiso" and a grocery store.

＜Today's cryptocurrency market situation＞ Lacking direction, Bitcoin is hovering in the lower 80,000 dollar range.
As of 9:15 AM on the 14th, the prices of cryptocurrencies are as follows: Bitcoin (BTC) is around 11.9 million yen per BTC (down 3.5% compared to the last 24 hours), Ethereum (ETH) is around 275,000 yen per ETH (down 2.5%), and XRP (XRP) is around 330 yen per XRP (down 0.1%).