I would like to pay attention to the following 3 points in the 14-day advance transaction.

■In a move to strengthen buying with the aim of waiting for a push

■Citizen, 1Q operating profit down 15.4% to 4.684 billion yen

■Notable front-end materials: Canon doubles “i-ray exposure devices” for post-processing next fiscal year, contributing to high-density mounting

■In a move to strengthen buying with the aim of waiting for a push

There seems to be a possibility that this feeling will intensify after the first round of buying in the Japanese stock market on the 14th, but it seems that they will move towards a stance aimed at push. In the US market on the 13th, the NY Dow was 408 dollars higher and the NASDAQ was 407 points higher. Since the US Wholesale Price Index (PPI) for July fell below expectations, expectations for interest rate cuts in September by the US Federal Reserve (Fed) strengthened. Even in the US Consumer Price Index (CPI) to be announced on the 14th, the market price development was steady throughout the day as expectations grew that it would show further improvements in inflation. The Chicago Nikkei 225 futures settlement value is 36415 yen, 195 yen higher than Osaka. The yen exchange rate is hovering in the 146-70 yen range per dollar.

It seems that it will start with buying ahead of time, starting with the shape of moving towards Chicago futures. Long-term US interest rates declined in response to US PPI results, and strong price movements of large tech stocks and semiconductor stocks were conspicuous. In particular, NVIDIA has shown an increase of over 6%, and it seems that high-tech stocks with values that have a large index impact will drive the Nikkei Average even in the Tokyo market. Also, the Nikkei Stock Average recovered to the level before the sharp drop on the 5th due to a sharp rise yesterday. It is a place where it is easy to be aware of a sense of accomplishment, but it seems that hedge funds and the like have resolved their long positions due to this sharp drop, so it would be difficult to enter sales aimed at waiting for a return.

On the other hand, investors and the like who are late in buying due to a sharp rebound after the sharp fall are likely to intensify their purchases while awaiting a push. Also, amidst strong rebounds, it is easy to be aware of adjusted buying movements etc. of leveraged ETFs, etc., and it seems that there will be a supply and demand situation where it is easy for short covers to enter. Also, yesterday, there was a search using financial results as a clue, and the market has regained calm. There seems to be a possibility that aggressive trading will be refrained while awaiting the results of the US CPI, but it seems that the buyback movement on the sales side will intensify even more than that.

Also, there was a scene where Nikkei 225 futures temporarily dropped to 35850 yen during the night session, but the 52-week line, which had been moving at the same level, functioned as a support line. While people are aware of the stiffness of the lower price, it seems that attention will be paid to whether it will first capture the 200-day line, which is moving around 36800 yen. In addition to high-tech stocks with high index impact, Alvac ＜6728＞, MIXI ＜2121＞, Nippon Denshi ＜6951＞, Hagoromo ＜2831＞, Anrakutei ＜7562＞, Tokyo Machine ＜6335＞, Construction Engineering ＜9621＞, Sanyodo HD ＜3058＞, Komehyo HD ＜2780＞, and Nissis Technology ＜4323＞ are attracting attention in financial results.

■Citizen, 1Q operating profit down 15.4% to 4.684 billion yen

The first quarter results for the fiscal year ending 2025/3 announced by Citizen ＜7762＞ were sales of 75.888 billion yen, up 4.4% from the same period last year, and operating profit of 4.684 billion yen, down 15.4% from the same period last year. In the watch business, in addition to core brands such as “ATTESA” and “xC,” premium brands such as “The CITIZEN” performed well, and inbound demand grew. Among overseas markets, sales increased in North America and Europe, but sales declined drastically in China due to deteriorating market conditions.

■Notable materials from the front

・The Nikkei Average rose (36232.51, +1207.51)

・The NY Dow rose (39765.64, +408.63)

・The Nasdaq Composite Index rose (17187.61, +407.00)

・Chicago Nikkei futures rose (36415, +195 compared to Osaka)

・The SOX index rose (4942.31, +198.48)

・The VIX Index declined (18.12, -2.59)

・Long-term US interest rates have declined

・Expectations that US inflation will calm down

・Active share buybacks

・Request for improvement of corporate value by the Tokyo Stock Exchange

・Canon's “7751” “i-ray exposure equipment” for post-processing will double next year, contributing to high-density mounting

・TEPCO HD ＜9501＞ Cooperate with Palau's decarbonization

・Kobayashi Pharmaceutical ＜4967＞ 11 new cases of “red malt” deaths that were omitted

・Hino Hitoshi ＜7205＞ “Local Government Rideshare” operation management contract and remote support from Tokyo

・Yamato HD ＜9064＞ battery replaceable EV truck public road demonstration, with Mitsubishi Fuso and American Shinko

・Kawasaki Shigeru ＜7012＞ supports nursing care work, shares scientific data, and promotes device proposal/development

・Fujitsu ＜6702＞ Isobe Takeshi Vice President and Chief Financial Officer “Evans is doing well”

・AGC＜5201＞ No emulsifiers are used, and the formation of by-products is reduced by manufacturing fluoropolymers

・A hydrogen co-firing generator was introduced to charge the Komatsu ＜6301＞ electric mini excavator and demonstrated with Obayashi Corporation

・Prices of Kuraray ＜3405＞ MMA monomers etc. will increase next month

・Daio Paper ＜3880＞Shinagawa Funahira Director and Managing Executive Officer “Competitiveness through Collaboration”

☆ Front office event schedule

＜Domestic＞

・Nothing in particular

＜Overseas＞

・ 11:00 NZ Reserve Bank announces policy interest rate (forecast unchanged at 5.50%)