Tokyo Market Summary: Nikkei Average 354 yen high yen short, high level for the first time in 17 years - no change in market dynamics even with Bank of Japan interest rate hikes

Top news
Stocks increase bullish on “materials” and “consumption” market participants survey
Even after the Bank of Japan lifted its negative interest rate policy, there seems to be strong optimism about Japanese stocks. According to the April stock monthly survey announced by QUICK on the 8th, over 70% of respondents predicted that the Nikkei Stock Average at the end of 2024 would exceed 40,000 yen. By sector, the bullish stance on “materials” and “consumption” increased.
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Yen short, high level for the first time in 17 years - market dynamics did not change even if the Bank of Japan raised interest rates
While the dollar/yen exchange rate is approaching an important level that raises the risk of yen buying intervention by the Japanese authorities, investors are making transactions in anticipation of the depreciation of the yen, which is the most common in the past 17 years. According to the latest data from the U.S. Commodity Futures Trading Commission (CFTC), yen shorts (net-based) held by leveraged funds and asset management companies increased to 148,388 units per week ending on the 2nd, reaching a high level since 2007/1.
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The accumulation of speculators' yen sales is the biggest since the downward phase in '22
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Corporate bankruptcies over 9,000 for the first time in 9 years FY23, active metabolism in normal times
The number of corporate bankruptcies nationwide in fiscal 2023 exceeded 9,000 for the first time in 9 years. This is because the selection of companies that have survived due to generous cash flow support under the novel coronavirus is increasing, and there is also a prediction that the number of bankruptcies will exceed 10,000 in fiscal year 24. While the increase in bankruptcies reflects the plight of small and medium-sized enterprises suffering from high prices and labor shortages, it is also a sign that government emergency support has come to an end and normal metabolism has become active.
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Daihatsu transfers overseas compact car certification to Toyota with new policy
On the 8th, Daihatsu Motor announced a new management policy due to fraud in large-scale certification tests discovered last year. Daihatsu was in charge of everything from development to certification $Toyota Motor(7203.JP)$The group's compact cars for emerging countries will be changed to a system where the parent company Toyota is responsible for development and Daihatsu is outsourced.

The spread of wage increases to small and medium-sized enterprises is important = 23 consecutive months of real wage cuts, Chief Cabinet Secretary
Chief Cabinet Secretary Hayashi Yoshimasa said at a press conference on the morning of the 8th that real wages were negative for 23 consecutive months according to the February monthly labor statistics announced on this day, “we recognize that it is important that strong wage increases above last year spread to small and medium-sized enterprises.”
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Hopes were fulfilled to some extent last fiscal year, and in the future we will respond appropriately to changes in the situation = Bank of Japan Governor Ueda

The street corner economy declined 1.5 points in March and the expression of economic judgment was maintained
According to the March business watcher survey announced by the Cabinet Office on the 8th, DI to determine the current state of the economy fell 1.5 points from the previous month to 49.8. The economic judgment said, “Although a moderate recovery trend continues, there is a sense of relaxation. Also, the effects of the Noto Peninsula earthquake can also be seen,” he maintained the expression.

Notable stocks
Auto stocks such as Toyota are high, and the tailwind strengthens once again due to the depreciation of the yen in the latter half of the 151 yen per dollar range
$Toyota Motor(7203.JP)$、 $Honda Motor(7267.JP)$、 $Subaru(7270.JP)$Automobile stocks, etc. are showing strength in general. The foreign exchange market is currently showing appreciation in the foreign exchange market against the backdrop of a strong US economy, and investment funds are flowing in due to expectations of an improvement in export profitability.

Socionnex is running fast in the new price range with a significant increase, and is back in the limelight with room for activity in the cutting-edge semiconductor field
$Socionext(6526.JP)$The upper price was drastically higher, 7% higher, and the upper price increased to the middle of the 4900 yen range, and it is running fast in the new price range. We supply custom SoCs designed in response to customer needs in a fabless form, and are outstanding in the semiconductor design field in Japan. Hinomaru semiconductor company Lapidas, which plans mass production of 2-nano products, which are cutting-edge semiconductors, is setting its sights on chiplets, which are new technologies for improving semiconductor performance. Socionex is a key company that holds an important key to the spread of these chiplets.

The domestic petroleum industry starts providing CFP for ENEOS petroleum products for the first time
$NTT Data Group(9613.JP)$Is the 8th, $ENEOS Holdings(5020.JP)$Visualization of product-specific carbon footprints (hereinafter referred to as CFP) was realized in collaboration with ENEOS and Waste Box, which are under the umbrella of ENEOS, and ENEOS announced that it will begin providing CFP for some material products such as petrochemicals and functional materials to customers from 2024/4.

MOL repulses back and invests in Africa's largest venture capital
$Mitsui O.S.K. Lines(9104.JP)$There was a backlash. The company announced on the 8th that it will invest in an investment fund for African startups operated by Novastar Ventures (UK), which is Africa's largest venture capital, with the aim of expanding group business in Africa.

QPS Research Institute shares stopped high and received orders over 1.5 billion yen from the Cabinet Office
We are involved in the development and manufacture of artificial satellites $Institute for Q-shu Pioneers of Space(5595.JP)$There has been a sharp rebound for the first time in 5 business days. At one point, 3850 yen, which is 22% higher than the previous weekend, which is the upper limit of the price limit (stop high level), was added. The company announced on the 5th that it has received an order for a large-scale project worth 1,538 million yen from the Cabinet Office.

Oasis CIO and Kao become global leaders — holding more than 3% of the company's shares
Hong Kong hedge fund, Chief Investment Officer Seth Fisher (CIO) of Oasis Management, will meet in Tokyo on the 8th and hold 3% or more of the shares $Kao(4452.JP)$Regarding “being able to become a global leader,” he said that we should focus on overseas marketing etc. of products that can be expected to grow, starting with the skincare brand “Curel.”