On the 23rd, the Chicago Nikkei futures (CME) were as follows:

SEP24

Open 38175 (USD)

High 38700

Low 38060

Close 38365, Osaka Securities Exchange Comparison -45 (Evening Comparison +85)

Vol 11024

SEP24

O 38170 (yen-denominated)

H 38670.

L 38025

C 38330 Osaka ratio -80 (evening ratio +50)

Vol 22878

Overview of American depositary receipts (ADRs) on the 23rd:

In the ADR market, compared to the Tokyo Stock Exchange (converted at 1 dollar to 144.28 yen), Yucho Bank <7182>, Nippon Denso <6594>, Marubeni <8002>, Takeda Pharmaceutical Industries <4502>, Sony <6758>, Denso <6902>, Fujifilm <4901>, etc. declined, with general selling pressure.

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

7203 (TM.N) Toyota Motor, 185.09, 3.59, 2670, -12

8306 (MUFG.N) Mitsubishi UFJ Financial Group, 10.63, 0.20, 1534, 9

8035 (TOELY) Tokyo Electric Power Company, 94.84, 1.79, 27367, 262

6758 (SONY.N) Sony, 92.39, 1.10, 13330, -80

9432 (NTTYY) NTT, 26.42, 0.38, 152, 0

8058 (MTSUY) Mitsubishi Corporation, 20.73, 0.33, 2991, 20

6501 (HTHIY) Hitachi Ltd, 47.85, -0.11, 3452, -9

9983 (FRCOY) Fast Retailing, 31.73, 1.13, 45780, 90

SoftBank Group (SFTBY) 29.65 1.10 8556 82

Shin-Etsu Chemical Industry (SHECY) 22.17 0.98 6397 5

Itochu Corporation (ITOCY) 99.31 2.46 7164 54

Mitsui Sumitomo Financial Group (SMFG.N) 13.79 0.32 9948 59

Mitsui & Co. (MITSY) 419.14 6.76 3024 5

Recruit Holdings (RCRUY) 12.28 0.38 8859 31

Daiichi Sankyo 41.26 1.46 5953 -2

KDDI Corporation (KDDIY) 16.58 0.13 4783 -9

7974 (NTDOY) Nintendo 14.22 0.21 8207 -18

8766 (TKOMY) Tokyo Marine HD 37.71 0.38 5441 -3

7267 (HMC.N) Honda Motor 32.69 0.67 1572 -6

2914 (JAPAY) Japan Tobacco Inc. 14.56 0.41 4201 -17

6902 (DNZOY) Denso 15.64 0.36 2257 -12.5

4519 (CHGCY) Chugai Pharmaceutical 24.98 0.81 7208 -12

4661 (OLCLY) Orlen 28.01 -0.01 4041 11

8411 (MFG.N) Mizuho FG 4.29 0.11 3095 20

6367 (DKILY)　　Daikin Industries 　　12.52 　0.63 　 　 　 18064 　 　　-36

4502 (TAK.N)　　Takeda Pharmaceutical Industries 　　15.08 　0.20 　 　 　　4351 　 　　-40

7741 (HOCPY)　　HOYA 　 　 　 　142.88 　7.37 　 　 　 20615 　 　 　10

6503 (MIELY)　　Mitsubishi Electric Corp 　 　 　32.35 　0.44 　 　 　　2334 　 　 　-6

6981 (MRAAY)　　Murata Manufacturing Co Ltd 　 　 　10.07 　0.20 　 　 　　2906 　 　-11.5

7751 (CAJPY)　　Canon Inc 　 　 　35.09 　0.94 　 　 　　5063 　 　　-13

6273 (SMCAY)　　SMC 　 　 　 　　23.50 　0.69 　 　 　 67812 　 　 　22

7182 (JPPTY)　　Japan Post Bank Co Ltd 　 　8.40 　0.05 　 　 　　1212 　 　 -190

6146 (DSCSY) Disco 30.10 1.00 43428 188

3382 (SVNDY) Seven & I Holdings Co. Ltd. 14.12 0.40 2037 -7.5

8053 (SSUMY) Sumitomo Corporation 23.45 0.61 3383 10

6702 (FJTSY) Fujitsu Limited 17.72 0.54 2557 -7

6201 (TYIDY) Toyoda Automatic Loom Works Ltd. 79.24 2.41 11433 -47

5108 (BRDCY) Bridgestone Corporation 20.08 0.34 5794 -6

6178 (JPPHY) Japan Post Holdings Co., Ltd. 10.00 0.00 1443 30.5

8002 (MARUY) Marubeni Corporation 168.98 1.99 2438 -22.5

6723 (RNECY) Renesas 8.52 0.22 2459 -2.5

6954 (FANUY) Fanuc 14.73 0.34 4250 -7

8725 (MSADY) MS&AD Insurance Holdings 22.85 0.45 3297 -3

8801 (MTSFY) Mitsui Fudosan 31.50 0.90 1515 9

6301 (KMTUY) Komatsu 28.23 0.44 4073 -3

4901 (FUJIY) Fujifilm 13.00 0.45 3751 -19

6594 (NJDCY) Nippon Densan 10.58 0.28 6106 -67

6857 (ATEYY) Advantest 44.40 0.10 6406 24

4543 (TRUMY) Terumo 19.44 0.84 2805 5.5

8591 (IX.N) Orix 123.75 5.99 3571 -3

(Ranked in the top 50 market capitalization, converted at 144.28 yen per dollar)

"Top 5 ADR growth rates" (23rd)

コード 　 　 　 銘柄名 　 　 　 　 終値 日本円換算価格 日本終値比 （％）

8830 (MITEY) Sumitomo Realty 17.00 4906 115 2.40

4755 (RKUNY) Rakuten 6.70 967 20.6 2.18

6178 (JPPHY) Japan Post 10.00 1443 30.5 2.16

9503 (KAEPY) Kansai Electric Power Company Limited, 9.00, 2597, 55, 2.16.

8309 (SUTNY) Mitsubishi UFJ Financial Group, Inc., 5.18, 3735, 56, 1.52.

"Top 5 ADR Decrease Rates" (23rd).

コード 　 　 　 銘柄名 　 　 　 　 終値 日本円換算価格 日本終値比 （％）

7182 (JPPTY) Japan Post Bank Co., Ltd., 8.40, 1212, -190, -13.55.

8750 (DLICY) Dai-ichi Life Holdings, Inc., 25.00, 3607, -507, -12.32.

7259 (ASEKY) Aisin Seiki Co., Ltd., 31.96, 4611, -391, -7.82.

9107 (KAIKY) Kawasaki Kisen Kaisha, Ltd., 14.15, 2042, -79, -3.72.

8601 (DSEEY) Daiwa Securities G HQ 7.36 1062 -35 -3.19

"US Stock Market Overview" (23rd)

NYDOW

Closing Price: 41175.08 Previous Day's Change: 462.30

Opening Price: 40879.12 High: 41207.92 Low: 40842.96

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: 17877.79, change from previous day: 258.44.

Opening price: 17772.73, high price: 17941.27, low price: 17700.27.

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: 5634.61, change from previous day: 63.97.

Opening price: 5602.49, high price: 5641.82, low price: 5585.16.

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

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

The yield on 30-year US Treasury bonds is 4.09%, while the yield on 10-year US Treasury bonds is 3.81%.

The US stock market rebounded significantly. The Dow Jones rose by 462.30 points to 41,175.08, while the Nasdaq closed at 17,877.79, up 258.44 points.

Federal Reserve Chairman Powell revealed a clear path for rapid interest rate cuts in his speech at the Jackson Hole meeting, leading to accelerated buying expectations. Following the opening, the market rose as uncertainties were dispelled, creating a sense of buying confidence. It remained strong throughout the day, with the market expanding gains towards the end. Particularly notable were the rises in the sectors of automobiles, auto parts, semiconductors, and semiconductor manufacturing equipment.

Regional bank PNC Financial (PNC), financial firm Goldman Sachs (GS), and bank JP Morgan (JPM) all rose as rate cuts became more certain. Residential construction companies Lennar (LEN) and KB Homes (KBH) were also bought on expectations of increased sales due to lower mortgage rates. Mediterranean casual restaurant chain operator Cava (CAVA) saw a positive response in their stock as their second-quarter earnings exceeded estimates, raising full-year performance outlook.

Uber Technologies (UBER) in the ride-sharing service sector announced plans to offer autonomous vehicles as an option to customers next year, in partnership with General Motors' (GM) subsidiary Cruise, leading to a rise. General Motors (GM) also saw an increase. Video streaming platform Roku (ROKU) and online pet supply retailer Chewy (CHWY) rose following investment upgrades by analysts.

The VIX index, which indicates investors' fear levels, dropped to 15.61.

(Horiko Capital Management LLC)