Tokyo Market Summary: Nikkei Average falls for the first time in 3 days There are voices of bubble alarm due to short-term sharp rise in electricity stocks, Hokkaido Electric, etc. due to the AI boom

Top news
PBR gains for companies in the fiscal year ended March 31 semiconductor-related and enhanced returns ranked high
Most companies with financial results for the fiscal year ending March 31 will hold general shareholders' meetings by the end of this month. As the Tokyo Stock Exchange asks listed companies for management that is conscious of capital costs and stock prices, there are also companies that discuss improvement measures for low PBR at general meetings. When examining the increase in PBR over the past year for a total market value of 300 billion yen or more, semiconductor-related companies that continue to appreciate stocks and are putting effort into shareholder return measures stood out at the top. PBR rises due to stock appreciation and net asset compression. The top $Disco (6146.JP)$Stock prices skyrocketed nearly 3 times in 1 year, with growing demand for high-performance semiconductors for EVs and generative AI as a tailwind. Handles semiconductor manufacturing equipment in 2nd place $Tokyo Electron (8035.JP)$The stock price has also nearly doubled.

Voices of bubble alarm due to short-term sharp rise in electric power stocks, Hokkaido Electric Railway, etc. due to the AI boom
Electric power stocks are often positioned as defensive sectors with little fluctuation in the stock market. However, the fluctuation rate of stock prices has risen rapidly in recent months, and veteran market participants are increasing their sense of alarm that the speculative bubble market is intensifying. The volatility of the TOPIX Electricity/Gas Industry Index, which includes electric power companies, is in the 28% range on a 90-day average, and has risen to a high level for the first time in 4 years since 2020. In addition to surpassing the electrical equipment index, which is sensitive to the global economy and often has a larger fluctuation rate than other industries, it also exceeds the fluctuation rate of the Tokyo Stock Exchange Growth Market 250 Index, which is known for intense price movements.

Global shipping stocks are cheap across the board, and freight rates are falling due to the rise of the Gaza cease-fire plan
Global shipping stocks have declined sharply. Major stocks such as Denmark's AP Moller Maersk stock plummeted across the board on the 11th. Japan's shipping stocks also continued to fall until the 12th. The reason for the sale was the emergence of a new cease-fire plan surrounding the fighting in the Palestinian Autonomous Region of Gaza. There are observations that freight rates will fall due to the elimination of tightness in the transportation supply network. However, the future of the situation in the Middle East is still uncertain, and it is difficult to predict whether sales will continue.

The lowest performance of Japanese government bonds in Asia shows that the outlook for Bank of Japan policy is difficult
The fact that the performance of Japanese government bonds (JGB) fell to a minimum in the Asia-Pacific bond market suggests that the Bank of Japan's monetary policy has become difficult to predict compared to other central banks. According to the Bloomberg Global Return Index, the year-to-date return on Japanese government bonds fell to the minus 3% range after the latter half of May, fell below the US and Singapore, and is the lowest.

Notable stocks
TDK updates daily high prices and rapid rise in Apple stock spills over
$Apple (AAPL.US)$Related stocks are being bought. $TDK (6762.JP)$It rose to 8764 yen, which is 398 yen (4.75%) higher than the previous day, and the high price since listing based on stock splits was updated every day. Apple shares rose 7% in the US stock market the day before, breaking their high since listing, and buying has spread to stocks related to the Tokyo market. $Murata Manufacturing (6981.JP)$、 $Taiyo Yuden (6976.JP)$、 $Alps Alpine (6770.JP)$etc. are also expensive.

Petroleum resources have been firmly adopted as “Non-fossil Energy Introduction Promotion Measures Cost Subsidy (Hydrogen Supply Infrastructure Development Project)” ◇
$Japan Petroleum Exploration (1662.JP)$It's solid. On the morning of this day, the company and $Mitsubishi Gas Chemical (4182.JP)$、 $IHI (7013.JP)$、 $Mitsui (8031.JP)$side by side $Mitsui O.S.K. Lines (9104.JP)$It has been announced that the “survey for the construction of ammonia supply bases in the Soma district of Fukushima prefecture,” which was applied by 5 companies, has been adopted, and it is viewed as good material.
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Petroleum-related stocks such as INPEX are high, and WTI prices will rise due to the forecast of an increase in oil demand ◇

Toho continues to fall drastically, and the monthly box office results bulletin for May is sluggish, down 40.2% from the same month last year
$Toho (9602.JP)$It continued to drop drastically. In addition to the fact that the monthly box office results bulletin for May, which was announced the day before, 6/11, fell 40.2% from the same month last year, it seems that the cumulative total from January to May turned negative, with a 6.7% decrease from the previous year.

SoftBank G corporate bonds for individuals, underwriting fees drop - first time in the past 10 years
$SoftBank Group (9984.JP)$Underwriting fees for ordinary corporate bonds issued by to individual investors have dropped for the first time in the past 10 years. As earnings from investment businesses begin to stabilize and creditworthiness improves, the cost of issuing corporate bonds is being reduced.