Tokyo Market Summary: Financial Officer Kanda Says Nikkei Average Falling “If Exchange Rates Fluctuate Excessively, Respond Appropriately”

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●The Nikkei Average ended at 31430.62 yen, 611.63 yen lower than the previous business day
● If there is excessive exchange rate fluctuation, respond appropriately, and geopolitical risk will increase - Kanda Finance Officer
●Long-term interest rates rise to 0.840% = first time in 10 years and 3 months
● JAL and ANAHD are weak, and there are concerns about the effects of rising crude oil prices on the inbound recovery trend ◇
● Daiichi Sankyo updated year-to-date low and viewed “ENHEARTS”'s loss in the US patent infringement lawsuit as negative
● Attention to the handle: $Japan Airlines(9201.JP)$、 $ANA Holdings(9202.JP)$、 $Daiichi Sankyo(4568.JP)$、 $M3(2413.JP)$
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Market Overview
Today's Nikkei Stock Average ended at 31430.62 yen, 611.63 yen lower than the previous business day, and the Tokyo Stock Price Index (TOPIX) fell 31.18 points to 2264.16.

Top news
If there is excessive exchange rate fluctuation, respond appropriately, and geopolitical risk will increase - Kanda Finance Officer
On the 19th, in response to the fact that the exchange rate is moving in the latter half of the $1 = 149 yen range, financial officer Masato Kanda once again expressed his attitude that it is desirable for the exchange rate to move stably in line with fundamentals, and that if there is excessive fluctuation, appropriate measures will be taken.

Long-term interest rates rise to 0.840% = first time in 10 years and 3 months
In the Tokyo bond market on the 19th, the circulation yield of new 10-year government bonds, which are indicators of long-term interest rates, rose to 0.840% (bond prices fell). High level for the first time in about 10 years and 3 months since 2013/7.

Increased intervention and the risk of yen turbulence, traders prepare with butterfly strategies
Currency options traders are preparing for fluctuations in the yen exchange rate. There is a possibility that fluctuations in the dollar/yen exchange rate will increase amid growing concerns that the Japanese currency authorities will intervene in exchange to curb the depreciation of the yen.

October report on economic decisions raised in 6 regions including the Bank of Japan and Kanto
The Bank of Japan released the October Regional Economic Report (Sakura Report) on the 19th. Economic judgments for 6 regions such as Hokkaido and Kanto-Koshinetsu were raised out of 9 regions nationwide. The three regions of Tokai, Kinki, and Kyushu/Okinawa have remained unchanged since the previous time (2023/7).

Featured stocks
JAL and ANAHD are weak, and there are concerns about the effects of rising crude oil prices on the inbound recovery trend ◇
$Japan Airlines(9201.JP)$Ya $ANA Holdings(9202.JP)$is soft. Even as the recovery trend in the number of foreign visitors to Japan in September has been confirmed, the attitude of actively buying is limited.

Daiichi Sankyo updated a year-to-date low and viewed “ENHEARTS”'s loss in the US patent infringement lawsuit as negative
$Daiichi Sankyo(4568.JP)$It continued to fall for 5 days and hit a year-to-date low. After the transaction ended on the 18th, a US pharmaceutical company $シアジェン(SGEN.US)$Regarding the patent infringement lawsuit over the anticancer drug “Enhertz” brought against Daiichi Sankyo, the U.S. Texas Eastern District Court handed down a ruling ordering royalty payments to Siegen along with the amount of damages.

M3 - new low, long-term US interest rates rise to 4.9% range, sell to growth stocks
$M3(2413.JP)$is a new low. The rise in long-term interest rates in the US is frowned upon. The market declined on the 18th with all three major indices. In response to the explosion of hospitals in the Palestinian Autonomous Region of Gaza, heightened tension surrounding the situation in the Middle East worsened investment sentiment.

Distributors: Bloomberg, Traders Web, Nihon Keizai Shimbun, MINKABU, Jiji Press