"Chicago Nikkei Futures (CME)" (22nd).

SEP24

O 39,660 (dollar-denominated) L 39,505 C 40,005 TSE ratio +525 (evening ratio +135) Vol 8259 O 39,685 (yen-denominated) L 39,455 C 39,950 TSE ratio +470 (evening ratio +80) Vol 22986

H 40020

"American Depositary Receipt (ADR) Summary" (22nd). In the ADR market, Tokyo Electron <8035>, Advantest <6857>, Disco <6146>, Sumitomo Corporation <8053>, Toyota Motor <7203>, Renesas <6723>, Mizuho Financial Group <8411>, etc. rose against the Tokyo Stock Exchange comparison (converted at 1 dollar = 156.95 yen), with general buying in the lead.

C 40005, up 525 from the previous night session (+135 from the evening session)

Vol 8259 Vol 22986

SEP24

O 39685 (in yen)

H 39970

L 39455

C 39950, up 470 from the previous night session (+80 from the evening session)

Vol 8259 Vol 22986

"American Depositary Receipt (ADR) Summary" (22nd). In the ADR market, Tokyo Electron <8035>, Advantest <6857>, Disco <6146>, Sumitomo Corporation <8053>, Toyota Motor <7203>, Renesas <6723>, Mizuho Financial Group <8411>, etc. rose against the Tokyo Stock Exchange comparison (converted at 1 dollar = 156.95 yen), with general buying in the lead.

In the ADR market, Tokyo Electron <8035>, Advantest <6857>, Disco <6146>, Sumitomo Corporation <8053>, Toyota Motor <7203>, Renesas <6723>, Mizuho Financial Group <8411>, etc. rose against the Tokyo Stock Exchange comparison (converted at 1 dollar = 156.95 yen), with general buying in the lead.

Code　　Company Name　　　　　Closing Price　Change from Previous Day　Price in JPY　Comparison to Japanese Price

7203 (TM.N) Toyota Motor, 200.14, 2.99, 3141, 51

8306 (MUFG.N) Mitsubishi UFJ Financial Group, 11.28, 0.04, 1770, 23

8035 (TOELY) Tokyo Electron, 99.22, 2.07, 31145, 775

6758 (SONY.N) Sony, 92.81, -0.02, 14567, 107

9432 (NTTYY) NTT, 25.51, 0.26, 160, 0.1

8058 (MTSUY) Mitsubishi Corporation, 20.59, -0.57, 3232, -44

Hitachi Ltd Sponsored ADR <6501> fell by 1.14 points to 44.46, with 3489 volume.

9983 (FRCOY) Fast Retailing, 26.62, 0.50, 41780, 190

9984 (SFTBY) SoftBank Group, 33.72, 0.50, 10585, 85

4063 (SHECY) Shin-Etsu Chemical Industry, 21.16, +0.02, 6642, 54. With regard to the product structure, the operating revenues of products ranging from 10 to 30 billion yuan are 0.401/1.288/0.06 billion yuan respectively.

8001 (ITOCY) Itochu Corporation, 101.67, +0.07, 7979, 31.

8316 (SMFG.N) Sumitomo Mitsui Financial Group, 14.06, +0.12, 11034, 139.

8031 (MITSY) Mitsui & Co., Ltd., 466.00, -1.07, 3657, 14.

6098 (RCRUY) Recruit Holdings Co., Ltd., 11.62, +0.12, 9119, 134.

4568 (DSNKY) Daiichi Sankyo Company, Limited, 37.42, +0.04, 5873, 19.

9433 (KDDIY) KDDI Corporation, 14.70, +0.26, 4614, -6.

7974 (NTDOY) Nintendo Co., Ltd., 13.59, +0.15, 8532, 0.

8766 (TKOMY) Tokio Marine Holdings, Inc., 39.20, +0.08, 6152, 41.

7267 (HMC.N) Honda Motor Co., Ltd., 32.33, +0.90, 1691, 20.

2914 (JAPAY) Japan Tobacco Inc., 14.22, +0.18, 4464, -4.

6902 (DNZOY) Denso Corporation, 15.77, -0.01, 2475, 0.

4519 (CHGCY) Sino Biopharmaceutical Limited, 18.91, +0.30, 5936, 7.

4661 (OLCLY) Oriental Land Co., Ltd., 28.95, +0.44, 4544, 45.

8411 (MFG.N) Mizuho Financial Group, Inc., 4.40, +0.04, 3453, 51.

6367 (DKILY) Daikin Industries, Ltd., 14.38, +0.17, 22569, 84.

4502 (TAK.N) Takeda Pharmaceuticals SP ADR, 13.51, +0.15, 4241, -20.

7741 (HOCPY) Hoya Corporation, 121.15, -4.04, 19014, 164.

6503 (MIELY) Mitsubishi Electric Corp. unsponsored ADR, 34.88, -0.23, 2737, 20.5.

6981 (MRAAY) Murata Manufacturing Co., Ltd., 11.49, +0.05, 3607, 26.

7751 (CAJPY) Canon 28.23 -0.03 4431 9. In 2023, the Yucho Bank's stock price was 9.10, an increase of 0.45 points, with 1428 shares traded. 6146 (DSCSY) Disco 32.40 -0.40 50852 942. 3382 (SVNDY) Seven & I Holdings 11.40 0.03 1789 -9. 8053 (SSUMY) Sumitomo Corporation 25.55 0.35 4010 73. 6702 (FJTSY) Fujitsu 16.76 0.08 2630 3.5. 6201 (TYIDY) Toyota Industries 84.29 0.56 13230 110. 5108 (BRDCY) Bridgestone 19.48 -0.11 6115 4. 6178 (JPPHY) Japan Post 10.00 0.00 1570 -19. 8002 (MARUY) Marubeni 192.51 0.75 3021 24.5. 6723 (RNECY) Renesas 9.84 0.12 3089 47. 6954 (FANUY) Fanuc 13.90 0.12 4363 23. 8725 (MSADY) MS & AD Insurance Holdings 23.39 -0.08 3671 7. 8801 (MTSFY) Mitsui Fudosan 29.20 0.20 1528 10. 6301 (komatsu) Komatsu 31.37 0.07 4924 17. 4901 (FUJIY) Fujifilm 12.03 0.03 3776 9. 6594 (NJDCY) Nidec 10.90 0.11 6843 31. 6857 (ATEYY) Advantest 38.50 0.20 6043 117. 4543 (TRUMY) Terumo 17.70 0.60 2778 -2.5.

6273 (SMCAY) SMC 24.32 -0.05 76347 927.

7182 (JPPTY) Yucho Bank 9.10 0.45 1428 -102.

6146 (DSCSY) Disco 32.40 -0.40 50852 942.

3382 (SVNDY) Seven & I Holdings 11.40 0.03 1789 -9.

8053 (SSUMY) Sumitomo Corporation 25.55 0.35 4010 73.

6702 (FJTSY) Fujitsu 16.76 0.08 2630 3.5.

6201 (TYIDY) Toyota Industries 84.29 0.56 13230 110.

5108 (BRDCY) Bridgestone 19.48 -0.11 6115 4.

6178 (JPPHY) Japan Post 10.00 0.00 1570 -19.

8002 (MARUY) Marubeni 192.51 0.75 3021 24.5.

6723 (RNECY) Renesas 9.84 0.12 3089 47.

6954 (FANUY) Fanuc 13.90 0.12 4363 23.

8725 (MSADY) MS & AD Insurance Holdings 23.39 -0.08 3671 7.

8801 (MTSFY) Mitsui Fudosan 29.20 0.20 1528 10.

6301 (komatsu) Komatsu 31.37 0.07 4924 17.

4901 (FUJIY) Fujifilm 12.03 0.03 3776 9.

6594 (NJDCY) Nidec 10.90 0.11 6843 31.

6857 (ATEYY) Advantest 38.50 0.20 6043 117.

4543 (TRUMY) Terumo 17.70 0.60 2778 -2.5.

8591 (IX.N)　 Orix 118.42 1.62 3717 35. (As of 1 dollar 156.95 yen) "Top 5 ADR gainers" (22nd). 9101 (NPNYY) Nippon Yusen 6.15 4826 365 8.18. 9104 (MSLOY) Mitsui OSK Lines 15.07 4730 161 3.52. 9107 (KAIKY) Kawasaki Kisen Kaisha 14.82 2326 75.5 3.35. 7259 (ASEKY) Aisin Seiki 33.72 5292 154 3.00. 8035 (TOELY) Tokyo Electron 99.22 31145 775 2.55. "Top 5 ADR losers" (22nd). 8830 (MITEY) Sumitomo Realty 14.00 4395 -613 -12.24. 2801 (KIKOY) Kikkoman 23.40 1836 -170.5 -8.50. 7182 (JPPTY) Japan Post Bank 9.10 1428 -102 -6.67. 8750 (DLICY) Dai-ichi Life Holdings 27.80 4363 -273 -5.89. 4307 (NRILY)Nomura Research Institute 28.82 4523 -81 -1.76.

(As of top 50 market capitalization, 1 dollar 156.95 yen conversion)

"Top 5 ADR gainers" (22nd)

Code Company Name Closing Price Japanese Yen Conversion Rate Japanese Closing Price Ratio (%)

9101 (NPNYY) Nippon Yusen 6.15 4826 365 8.18

9104 (MSLOY) Mitsui OSK Lines 15.07 4730 161 3.52

9107 (KAIKY) Kawasaki Kisen Kaisha 14.82 2326 75.5 3.35

7259 (ASEKY) Aisin Seiki 33.72 5292 154 3.00

8035 (TOELY) Tokyo Electron 99.22 31145 775 2.55

"Top 5 ADR losers" (22nd)

Code Company Name Closing Price Japanese Yen Conversion Rate Japanese Closing Price Ratio (%)

8830 (MITEY) Sumitomo Realty 14.00 4395 -613 -12.24

2801 (KIKOY) Kikkoman 23.40 1836 -170.5 -8.50

7182 (JPPTY) Japan Post Bank 9.10 1428 -102 -6.67

8750 (DLICY) Dai-ichi Life Holdings 27.80 4363 -273 -5.89

4307 (NRILY)Nomura Research Institute 28.82 4523 -81 -1.76

"US Equity Market Summary" (22nd)

NYDOW

Closing Price: 40415.44 Previous Day Change: 127.91

Opening Price: 40414.49 High: 40472.53 Low: 40222.77

Year-to-Date High: 41198.08 Year-to-Date Low: 37266.67

Previous Year High: 37,710.10, Previous Year Low: 31,819.14

NASDAQ

Closing Price: 18007.57 Previous Day Change: 280.63

Opening Price: 17923.65 High: 18040.99 Low: 17839.76

Year-to-date high: 18647.45 Year-to-date low: 14510.30.

Previous Year High: 15,099.18, Previous Year Low: 10,305.24

S&P 500

Closing Price: 5564.41 Previous Day Change: 59.41

Opening price: 5544.54, high: 5570.36, low: 5529.04.

Year-to-date high: 5667.20, year-to-date low: 4688.68.

Previous Year High: 4,783.35, Previous Year Low: 3,808.10

US 30-year Treasury bond yield: 4.473%, US 10-year Treasury bond yield: 4.253%.

The US stock market rebounded. The Dow Jones closed at 40,415.44, up 127.91 dollars, while the Nasdaq closed at 18,007.57, up 280.63 points. After opening, the market rose due to reduced uncertainty following President Biden's withdrawal from the election race. The Dow initially fell due to decreased buying related to the assumption of former President Trump's victory, but was supported by high-tech stocks and remained steady. The Nasdaq steadily rose throughout the day thanks to bargain hunting on high-tech stocks, and expanded its gains towards the end. By sector, automobiles and auto parts, and semiconductors and their manufacturing equipment saw an increase, while telecommunication services saw a decline.

Semiconductor manufacturer Nvidia (NVDA) rose after analysts raised their target stock price. Fast food chain McDonald's (MCD) extended the selling period for their $5 set sold in domestic stores due to positive feedback and an increase in customers, leading to a rise. Competitor Wendy's (WEN) fell. Toy company Mattel (MAT) saw a significant increase after reports said an investment firm presented a merger proposal. Telecommunication company Verizon (VZ) decreased after failing to meet expected operating income in the second quarter. Bank of America (BAC) decreased after it was reported that Berkshire (BRK), an insurance company run by signature investor Buffett, reduced their shareholding in the company.

In addition, cybersecurity service company CrowdStrike (CRWD) continued to be affected by last week's system failure and further warned customers of hacking risks, leading analysts to downgrade their investment rating resulting in a decrease. Competitors Palo Alto Networks (PANW) and SentinelOne (S) continued to rise. Airline Delta (DAL) fell due to delays in system recovery caused by CrowdStrike's software update following the system failure on the 19th, resulting in large-scale cancellations.

After trading hours, semiconductor manufacturer NXP Semiconductors (NXPI) announced their Q2 earnings, which were lower than expected after adjustment. Meanwhile, steel manufacturer Cleveland-Cliffs (CLF) and regional bank Zions Bancorporation (ZION) exceeded expectations for their respective quarterly earnings and were bought in extended hours trading.

After trading hours, semiconductor manufacturer NXP Semiconductors (NXPI) announced their Q2 earnings, which were lower than expected after adjustment and sold in extended hours trading. Meanwhile, steel manufacturer Cleveland-Cliffs (CLF) and regional bank Zions Bancorporation (ZION) exceeded expectations for their respective quarterly earnings and were bought in extended hours trading.

(Horiko Capital Management LLC)