Tokyo Market Summary: Nikkei Average Rebound, Bank of Japan Decided to Revise YCC Again, Long-term Interest Rate Exceeded 1% and Accepted

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●The Nikkei Average ended at 30858.85 yen, 161.89 yen higher than the previous business day
● Bank of Japan decides to revise YCC again and maintain negative interest rate policy
● Bank of Japan revises price outlook upward to 2.8% for fiscal year 23/24
● Whether Toyota's operating profit for the current fiscal year will be in the 4 trillion yen range, expectations for a drastic upward revision - yen depreciation tailwind
●Tokai Tokyo - sharp rise 5.7 times final profit for the first half, dividend policy change
● Attention to the handle: $Toyota Motor (7203.JP)$、 $Denso (6902.JP)$、 $Tokai Tokyo Financial Holdings (8616.JP)$etc
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Market Overview
Today's Nikkei Stock Average ended at 30858.85 yen, 161.89 yen higher than the previous business day, and the Tokyo Stock Price Index (TOPIX) ended at 2253.72, 22.48 points higher than the previous business day.

Top news
Update - [Breaking News] Bank of Japan Decides to Revise YCC Again and Maintains Negative Interest Rate Policy
The Bank of Japan decided to re-revise long and short interest rate manipulation (yield curve control, YCC) at the monetary policy meeting to be held on the 31st. The operation of the index value operation for 10-year government bonds will be reviewed, and 1%, which was the de facto upper limit of long-term interest rates, will be “used,” and it is acceptable to exceed it to a certain extent.

Bank of Japan revises price forecast upward to 2.8% for fiscal year 23/24
The Bank of Japan announced the “Outlook for Economic and Price Situation (Outlook Report)” on the 31st. The forecast for the year-on-year increase rate of increase in the consumer price index (excluding fresh food = core CPI) was revised upward to 2.8% for both fiscal 2023 and fiscal year 24. There was also a slight increase of 1.7% in fiscal year 25.

Bank of Japan removes the statement that continuous index value operations are carried out every business day
In the statement of the monetary policy meeting announced on the 31st, the Bank of Japan removed the statement that continuous index value operations are carried out every business day.

Pay attention to the handle
Will Toyota's operating profit for the current fiscal year be in the 4 trillion yen range, expectations for a drastic upward revision - a tailwind for the depreciation of the yen
$Toyota Motor (7203.JP)$In the financial results to be announced on November 1, expectations are growing for a drastic upward revision of operating profit forecasts for the current fiscal year (fiscal year ending 2024/3) against the backdrop of tailwinds due to depreciation of the yen.

Denso — Continued failure, full-year operating profit falls below revised market consensus
$Denso (6902.JP)$Continued decline. The company announced at 11:10 on the 31st that it will raise its consolidated operating profit forecast (IFRS) for the full fiscal year 24.3 from the previous 600 billion yen to 630 billion yen (up 47.9% from the previous fiscal year). The market consensus is 632.2 billion yen.

Tokai Tokyo - sharp rise 5.7 times final profit for the first half, dividend policy change
$Tokai Tokyo Financial Holdings (8616.JP)$has skyrocketed. The company announced at 11:00 on the 31st that consolidated net profit for the first half of the 24.3 fiscal year (April-9) was 4.63 billion yen (5.7 times the same period last year). An increase in stock commission fees and the recording of profits from trading contributed.

MOL - rear market negative conversion full-year final profit below the upward revised consensus
$Mitsui O.S.K. Lines (9104.JP)$There was a negative change in the backfield. At 12:00 on the 31st, the company announced that it will revise its consolidated net profit forecast for the full fiscal year 24.3 from the previous fiscal year of 215 billion yen to 220 billion yen (down 72.4% from the previous fiscal year), and the year-end dividend forecast from 70 yen to 80 yen (260 yen at the end of the previous fiscal year).

Mitsui & Co., Ltd. ran out of materials for stock buybacks up to 12.5 million shares and 50 billion yen
$Mitsui (8031.JP)$It's a fight. The company announced at 14:00 on the 31st that it will set a share repurchase quota with an upper limit of 12.5 million shares and 50 billion yen. The acquisition period is from November 1 to 2024/1/31. Note that when the maximum number of shares is acquired, the ratio to the total number of issued shares excluding treasury shares is 0.82%.

Distribution source: Bloomberg, Nihon Keizai Shimbun, Traders Web