On the 31st, Chicago Nikkei futures (CME) was at O 38,110 (dollar-denominated), H 39,320, L 38,010, C 38,700, minus 530 compared to the Tokyo Stock Exchange (minus 10 in the evening). The volume was 18,221. On the other hand, it was O 38,045 (yen-denominated), H 39,270, L 37,950, C 38,655, which was 575 lower than the Tokyo Stock Exchange (55 lower than the evening session). The volume was 44,434.

SEP24

O 38,110 (dollar-denominated)

H 39,320

L 38,010

C 38,700, minus 530 compared to the Tokyo Stock Exchange (minus 10 in the evening)

Vol 18,221

SEP24

O 38,045 (yen-denominated)

H 39,270

L 37,950

C 38,655, which was 575 lower than the Tokyo Stock Exchange (55 lower than the evening session)

Vol 44,434

American depositary receipts overview (ADR) on the 31st. In the ADR market, Yucho Bank <7182>, Japan Post <6178>, Mitsubishi Electric <6503>, Takeda Pharmaceutical Industries <4502>, Denso <6902>, Marubeni <8002>, Komatsu <6301>, etc. fell, with overall selling prevailing.

7203 (TM.N) Toyota Motor 193.55 0.44 2902 -47 8306 (MUFG.N) Mitsubishi UFJFG 11.62 0.59 1742 -8 8035 (TOELY) Tokyo Electric 105.15 13.78 31530 510 6758 (SONY.N) Sony 88.59 0.21 13282 -248 9432 (NTTYY) NTT 26.63 0.71 160 -0.4 8058 (MTSUY) Mitsubishi Corporation 20.71 0.49 3105 -39 6501 (HTHIY) Hitachi Ltd. 45.90 3.99 3441 153.

Code Company Name Closing Price Price Difference Converted Price Closing Price in Japan

7203 (TM.N) Toyota Motor 193.55 0.44 2902 -47

8306 (MUFG.N) Mitsubishi UFJFG 11.62 0.59 1742 -8

8035 (TOELY) Tokyo Electric 105.15 13.78 31530 510

6758 (SONY.N) Sony 88.59 0.21 13282 -248

9432 (NTTYY) NTT 26.63 0.71 160 -0.4

8058 (MTSUY) Mitsubishi Corporation 20.71 0.49 3105 -39

6501 (HTHIY) Hitachi Ltd. 45.90 3.99 3441 153

9983 (FRCOY) First Retail 27.60 1.20 41381 -269. 9984(SFTBY) Softbank Group 30.54 1.06 9158 -4. 4063 (SHECY) Shin-Etsu Chemical Industry 22.17 0.46 6648 -100. 8001 (ITOCY) Itochu Corporation 102.30 3.93 7669 -114. 8316 (SMFG.N) Sumitomo Mitsui Financial Group 14.48 0.82 10855 -60. 8031 (MITSY) Mitsui & Co. 461.35 9.10 3459 -71. 6098 (RCRUY) Recruit Holdings 11.40 0.41 8546 -112. 4568 (DSNKY) Dainippon Sumitomo Pharma 40.95 3.08 6140 -8. 9433 (kddi corporation) KDDI 15.00 0.36 4498 -22. 7974 (nintendo co ltd) Nintendo 13.72 0.20 8228 -160. 8766 (TKOMY) Tokio Marine Holdings 39.38 1.17 5904 -118. 7267 (HMC.N) Honda Motor 32.30 0.67 1614 -33. 2914 (japan tobacco inc) Japan Tobacco 14.60 0.34 4378 -56. 6902 (DNZOY) Denso Corp. 16.38 1.12 2456 -58. 4519 (CHGCY) Chugai Pharmaceutical Co., Ltd. 21.80 0.61 6537 -72. 4661 (OLCLY) Oriental Land 28.28 -0.13 4240 -42. 8411 (MFG.N) Mizuho Financial Group 4.62 0.30 3463 15. 6367 (DKILY) Daikin Industries 14.48 0.22 21710 -195. 4502 (takeda pharmaceuticals sp adr) Takeda Pharmaceutical 13.88 0.23 4162 -140. 7741 (HOCPY) HOYA Corp. 124.78 3.40 18708 -232.

9983 (SFTBY) Softbank Group 30.54 1.06 9158 -4.

4063 (SHECY) Shin-Etsu Chemical Industry 22.17 0.46 6648 -100.

8001 (ITOCY) Itochu Corporation 102.30 3.93 7669 -114.

8316 (SMFG.N) Sumitomo Mitsui Financial Group 14.48 0.82 10855 -60.

8031 (MITSY) Mitsui & Co. 461.35 9.10 3459 -71.

6098 (RCRUY) Recruit Holdings 11.40 0.41 8546 -112.

4568 (DSNKY) Dainippon Sumitomo Pharma 40.95 3.08 6140 -8.

9433 (kddi corporation) KDDI 15.00 0.36 4498 -22.

7974 (nintendo co ltd) Nintendo 13.72 0.20 8228 -160.

8766 (TKOMY) Tokio Marine Holdings 39.38 1.17 5904 -118.

7267 (HMC.N) Honda Motor 32.30 0.67 1614 -33.

2914 (japan tobacco inc) Japan Tobacco 14.60 0.34 4378 -56.

6902 (DNZOY) Denso Corp. 16.38 1.12 2456 -58.

4519 (CHGCY) Chugai Pharmaceutical Co., Ltd. 21.80 0.61 6537 -72.

4661 (OLCLY) Oriental Land 28.28 -0.13 4240 -42.

8411 (MFG.N) Mizuho Financial Group 4.62 0.30 3463 15.

6367 (DKILY) Daikin Industries 14.48 0.22 21710 -195.

4502 (takeda pharmaceuticals sp adr) Takeda Pharmaceutical 13.88 0.23 4162 -140.

7741 (HOCPY) HOYA Corp. 124.78 3.40 18708 -232.

Mitsubishi Electric Corp. unsponsored adr (MIELY) 33.00 -0.72 2474 -127

Murata Manufacturing Co Ltd (MRAAY) 11.04 0.16 3310 -41

Canon Inc (CAJPY) 31.08 0.62 4660 -82

SMC Corporation (SMCAY) 24.45 0.81 73307 -843

Yucho Bank Co Ltd (JPPTY) 9.30 0.70 1394 -181.5

Disco Corp (DSCSY) 33.30 4.10 49927 467

Seven & i Holdings Co Ltd (SVNDY) 11.95 0.31 1792 -18.5

Sumitomo Corp (SSUMY) 24.85 0.13 3726 -52

Fujitsu Ltd (FJTSY) 17.88 0.64 2681 -51.5

Toyota Industries Corp (TYIDY) 83.94 2.20 12584 -246

Bridgestone Corp (BRDCY) 20.41 0.52 6120 -65

Japan Post Holdings Co Ltd (JPPHY) 10.00 0.00 1499 -105

Marubeni Corp (MARUY) 186.61 2.61 2798 -62.5

Renesas Electronics Corp (RNECY) 8.60 0.80 2579 1

FANUC Corp (FANUY) 14.81 0.71 4441 -69

MS&AD Insurance Group Holdings Inc (MSADY) 23.46 0.86 3517 -65

Mitsui Fudosan Co Ltd (MTSFY) 30.90 -0.10 1544 -29.5

Komatsu Ltd (KMTUY) 28.47 0.67 4269 -88

Fujifilm Holdings Corp (FUJIY) 11.79 0.56 3535 -45

Nippon Electric Co Ltd (NJDCY) 11.00 0.21 6597 -101

6857 (ATEYY) Advantest 43.90 7.50 6582 553 553 9.17

4543 (TRUMY) Terumo 17.84 0.16 2675 -31

8591 (IX.N) Orix 120.94 4.15 3627 -37

(Top 50 market capitalization, converted at 1 dollar = 149.93 yen)

Top 5 ADR Gainers (31st)

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

6857 (ATEYY) Advantest 43.90 6582 553 553 9.17

6501 (HTHIY) Hitachi Ltd Sponsored ADR 45.90 3441 153 4.65

9020 (EJPRY) East Japan Railway Company Sponsored ADR 9.68 2903 78 2.76

8035 (TOELY) Tokyo Electric Power Company Holdings Inc. Sponsored ADR 105.15 31530 510 1.64

5020 (JXHLY) ENEOS Holdings, Inc. Sponsored ADR 10.67 800 7.8 0.98

Top 5 ADR Losers (31st)

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

8830 (MITEY) Sumitomo Realty & Development Co., Ltd. Sponsored ADR 14.00 4198 -805 -16.09

7182 (JPPTY) Japan Post Bank Co., Ltd. Sponsored ADR 9.30 1394 -181.5 -11.52

8750 (DLICY) Dai-ichi Life Holdings, Inc. Sponsored ADR 27.80 4168 -480 -10.33

6178 (JPPHY) Japan Post Holdings Co., Ltd. Sponsored ADR 10.00 1499 -105 -6.55

7259 (ASEKY) Aisin Seiki Co., Ltd. Sponsored ADR 32.15 4820 -330 -6.41

US stock market overview (31st)

NYDOW

Closing price: 40842.79 Change from previous day: 99.46

Open: 40768.88 High: 41198.63 Low: 40655.89

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: 17599.40 Change from previous day: 451.98

Opening price: 17499.23, High price: 17693.98, Low price: 17438.60.

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: 5522.30, Change from the previous day: 85.86.

Opening price: 5505.59, High price: 5551.51, Low price: 5493.75.

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: 4.304%, US 10-year Treasury bond: 4.031%.

The US stock market rose. The Dow Jones Industrial Average closed up 99.46 points at 40,842.79, and the Nasdaq closed up 451.98 points at 17,599.40.

The Federal Open Market Committee (FOMC) was awaiting results announcements and the market was volatile after the start of trading. Afterwards, strong earnings from major high-tech companies drove buying sentiment and the market remained strong throughout the day. The Federal Reserve Board (FR) kept policy interest rates unchanged as expected at the FOMC, but afterwards, Chairman Powell suggested the possibility of rate cuts in September, and the market continued to rise amid expectations. By sector, semiconductor and manufacturing equipment rose while banks fell slightly.

Semiconductor maker Advanced Micro Devices (AMD) expanded its earnings supported by strong demand for artificial intelligence (AI) chips in its second-quarter results, raised its revenue outlook, and rose. Competitor Intel (INTC) announced employee reduction measures as part of cost-cutting measures and rose. Nvidia (NVDA) also rose with an analyst's upgrade. The aircraft manufacturer Boeing (BA) was bought as it appointed the former CEO of aerospace supplier Rockwell Collins as its next CEO.

Fast food chain McDonald's (MCD) fell with an analyst's downgrade, while consumer goods maker Procter & Gamble (PG) fell with revenue in the quarter falling below expectations. Marriott International (MAR), which operates hotel chains, lowered its outlook with weak demand in North America and China, and fell.

Meta Platforms (META), which operates social media Facebook (FB), announced its quarterly earnings after the close of trading. Earnings per share exceeded expectations and rose in extended hours trading.

(Horiko Capital Management LLC)