Historical crash since March 14, 2011.

Emerging markets fell sharply this week. During the same period, the Nikkei Average fell by 2.46%, while the Growth Market Index fell by 3.26% and the Growth Market 250 Index fell by 2.52%. Like the Prime Market, the Growth Market also experienced a historic crash at the beginning of the week on August 5th, with only two stocks rising - Cloud Works <3900> and YCP <9257>, a JDR (Japanese-type depositary receipt). The acceleration of sell-offs by investors who triggered margin calls due to the sharp drop on the 2nd also had an impact, and the Tokyo Growth Market 250 Index futures were circuit breakers triggered twice in total both in the morning and afternoon. The decline rate of the Growth Market 250 Index was 15.83%, making it a historic crash since the Old Mothers Index of 17.17% on March 14, 2011. However, from the 6th onwards, with a backdrop of oversold sentiment, purchases continued, and both the Growth Market Index and the Growth Market 250 Index rose for four consecutive days. It became a trend to recover from the early-week crash to the weekend.

In the case of market capitalization top stocks, KABU <5253> was sold due to the fact that the first quarter earnings did not meet market expectations. Also, GMO Financial Gate <4051> fell as its performance was viewed negatively. On the other hand, FREE <4478>, J TOWER <4485>, TRITE <9164>, and ispace <9348> hit their all-time low on the day of the crash, while TKP <3479>, BASE <4477>, and GENDA <9166> updated their annual lows, but the prices edged back up slowly towards the end of the week. Among other stocks, yutori <5892> was bought on the news of M&A deals and performances such as promotion exhibition <2173>, Cloud Works, and Japanese Information Create <4054> were on the rise.

The earnings announcements of major companies are becoming more and more popular.

As major companies' earnings announcements enter full swing, major indexes are likely to see a pause. It left a long lower shadow on a weekly basis, but it has not filled the gap between the second and fifth days on a daily basis. Its shape is almost the same as the Nikkei Average, and its weak rebound is becoming more conscious. It would be desirable to fill the gap early and strengthen the rebound, but the trading volume is less than 100 billion yen, and the participants are limited, and the market conditions are poor. Although the US market and the foreign exchange market are regaining their composure, caution is needed for moves to seek the second bottom, given that many investors have suffered damage.

After the close on the 9th, attention will be focused on Integral <5842>, Wealthnavi <7342>, Triit, Skymark <9204>, and ispace, which announced their earnings. Ispace, which recorded special profits related to exchange rates, is likely to see a positive reaction, but Triit, which announced a downward revision of its full-year earnings forecast, is expected to face stronger selling pressure. In addition, next week, major companies with large market capitalization, such as Adventure <6030> on the 13th, GNI Group <2160>, FREE, JTOWER, Lawyer.com <6027>, and Life Net Life Insurance <7157> will announce their earnings. If the major companies' earnings announcements can demonstrate a stable price movement amid uncertain prospects of short-term funds and sell-offs, it may help to dispel some of the negative sentiment in the growth market.