Japanese stocks weighed down by weak dollar - "The Day SBG/SoftBank Acquires NTT" (SMBC Nikko Securities)

On December 22nd, Japanese stocks experienced a mix of buying and selling. In the previous day's US market, semiconductor-related stocks were mostly up led by an 8% rise in Micron's earnings announcement. The Philadelphia Semiconductor Index surged by 2.77%.

Many semiconductor-related stocks dominated the top trading value stocks in the Tokyo market. When the Philadelphia Semiconductor Stock Index rose the previous day, the Nikkei average is also more likely to rise.

Despite the significant increase in the previous day's semiconductor index, the rise of the Nikkei average was limited. The strong yen and weak dollar may be weighing down Japanese stocks. Additionally, it could be due to fewer market participants ahead of Christmas.

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A report titled "Telecommunications Sector: Key Points for 2024 - The Day SBG/SoftBank Acquires NTT" issued by SMBC Nikko Securities on the 21st left an impression. Changes in major shareholders are expected in the telecommunications industry after 2024. It is expected that NTT will sell government-held shares. KDDI may sell shares held by Kyocera and Toyota. Along with changes in major shareholders, medium-term industry reorganization is expected in the telecommunications sector after 2024.

It seems that "M&A of Japanese companies" will continue to be a significant stock price driver even after 2024.

Radio NIKKEI commentator Shinichi Kamada

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