On the Chicago Nikkei Futures (CME) on the 27th.

SEP24

O 37925 (in dollars)

H 38550

L 37880

C 38295, TSE -5 (evening +65)

Vol 8634

SEP24

O 37970 (in yen)

H 38540

L 37850

C 38270, -30 (evening comparison +40) on Osaka Exchange

Vol 18948

On the American Depositary Receipt (ADR) overview on the 27th.

In the ADR market, compared to the Tokyo Stock Exchange (at an exchange rate of 1 dollar to 143.94 yen), Yucho Bank <7182>, Seven & I Holdings <3382>, Shin-Etsu Chemical <4063>, Mitsubishi UFJ Financial Group <8306>, Canon <7751>, Tokyo Electron <8035>, Nippon Denso <6594>, etc. are falling, with overall selling pressure.

Code Company Name Close Price Change from Previous Day Price in Japanese Yen Comparison with Japanese Closing Price

7203 (TM.N) Toyota Motor Corporation 185.75 5.18 2674 30

8306 (MUFG.N) Mitsubishi Ufj Financial Group 10.32 -0.12 1485 -19.5

8035 (TOELY) Tokyo Electron 90.01 -0.05 25912 -288

6758 (SONY.N) Sony Corporation 96.07 3.26 13828 48

9432 (NTTYY) Nippon Telegraph and Telephone Corp 26.91 0.55 155 -0.2

8058 (MTSUY) Mitsubishi Corporation 21.10 0.53 3037 39

6501 (HTHIY) Hitachi Ltd Sponsored Adr 46.75 -0.20 3365 -5

9983 (FRCOY) First Retailing Co Ltd 32.30 0.41 46493 -127

9984 (SFTBY) Softbank Group 29.51 0.56 8495 -46

4063 (SHECY) Shin-Etsu Chemical Industry 21.99 -0.22 6330 -124

8001 (ITOCY) Itochu Corporation 101.56 2.85 7309 -20

8316 (SMFG.N) Mitsubishi UFJ Financial Group 13.30 -0.04 9572 40

8031 (MITSY) Mitsui & Co. 420.00 6.35 3023 -10

6098 (RCRUY) Recruit Holdings 12.27 0.21 8831 -32

4568 (DSNKY) Daiichi Sankyo 40.68 0.37 5855 21

9433 (KDDIY) KDDI 16.81 0.21 4839 -7

7974 (NTDOY) Nintendo 13.91 -0.09 8009 -39

8766 (TKOMY) Tokio Marine Holdings 37.26 0.49 5363 29

7267 (HMC.N) Honda Motor 32.59 0.57 1564 3

2914 (JAPAY) Japan Tobacco 14.40 0.09 4147 -23

6902 (DNZOY) Denso 15.35 0.10 2209 -9

4519 (CHGCY) Chugai Pharmaceutical 25.37 0.98 7304 -32

4661 (OLCLY) Oriental Land 27.70 -0.21 3987 -9

8411 (MFG.N) Mizuho Financial Group 4.18 0.00 3012 8

6367 (DKILY) Daikin Industries 12.91 0.27 18583 -102

4502 (TAK.N) Takeda Pharmaceutical Industries 14.96 0.14 4307 -33

7741 (HOCPY) HOYA 141.38 0.65 20350 -20

6503 (MIELY) Mitsubishi Electric Corp. Unsponsored ADR 31.73 -0.03 2284 -10.5

6981 (MRAAY) Murata Manufacturing 9.92 0.17 2856 -7

7751 (CAJPY) Canon Inc-Spons ADR 34.54 0.07 4972 -59

6273 (SMCAY) SMC 23.28 0.28 67018 -142

7182 (JPPTY) Japan Post Bank 8.30 0.00 1195 -182.5

6146 (DSCSY) Disco 28.80 0.00 41455 -195

3382 (SVNDY) Seven & I Holdings 14.43 0.32 2077 -45

8053 (SSUMY) Sumitomo Corporation 23.40 0.16 3368 6

6702 (FJTSY) Fujitsu 17.66 0.21 2542 -6

6201 (TYIDY) Toyota Industries 78.70 0.98 11328 -37

5108 (BRDCY) Bridgestone 19.57 0.06 5634 -19

6178 (JPPHY) Japan Post 10.00 0.00 1439 30.5

8002 (MARUY) Marubeni 168.14 1.49 2420 4.5

6723 (RNECY) Renesas 8.49 0.22 2444 2

6954 (FANUY) Fanuc 14.64 0.07 4215 -17

8725 (MSADY) MS&AD Insurance Holdings 22.63 0.30 3257 -13

8801 (MTSFY) Mitsubishi Estate 32.30 0.30 1550 -1

6301 (KMTUY) Komatsu Ltd. 27.85 0.21 4009 -10

4901 (FUJIY) Fujifilm 13.20 0.23 3800 -23

6594 (NJDCY) Nidec Corp 10.45 0.06 6017 -53

6857 (ATEYY) Advantest Corp 42.80 0.50 6161 36

4543 (TRUMY) Terumo 19.21 0.25 2765 10

8591 (IX.N) Orix 123.47 0.77 3554 -19

(Ranked in the top 50 market capitalization, equivalent to 1 dollar = 143.94 yen)

"Top 5 ADR gainers" (as of the 27th).

Code Stock name Closing price Japanese yen exchange rate Japanese closing price comparison (%)

5020 (JXHLY) ENEOS 11.55 831 43.3 5.50

9503 (KAEPY) Kansai Electric Power 9.17 2640 116.5 4.62

2801 (KIKOY) Kikkoman 24.00 1727 55 3.29

6178 (JPPHY) - Japan Post - 10.00 - 1439 - 30.5 2.17

1928 (SKHSY) - Sekisui House - 26.07 - 3753 - 57 1.54

"Top 5 ADR losers" (as of the 27th).

Code Stock name Closing price Japanese yen exchange rate Japanese closing price comparison (%)

7182 (JPPTY) - Japan Post Bank - 8.30 - 1195 -182.5 -13.25

8750 (DLICY) - Dai-ichi Life Holdings - 25.40 - 3656 -466 -11.31

7259 (ASEKY) - Aisin Seiki - 32.10 - 4620 -336 -6.78

3382 (SVNDY) - Seven & I Holdings - 14.43 - 2077 -45 -2.12

4063 (SHECY) Shinetsu Chemical Co., Ltd. 21.99 6330 -124 -1.92

"US stock market overview" (as of the 27th).

NYDOW

Closing price: 41250.50 Change from previous day: 9.98

Opening price: 41186.28 High: 41271.75 Low: 41109.42

Year-to-date high: 41250.50 Year-to-date low: 37266.67

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

NASDAQ

Closing price: 17754.82, Change from previous day: 29.06

Opening price: 17655.52, High: 17789.72, Low: 17573.37

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: 5625.80, Change from previous day: 8.96

Opening price: 5602.89, High: 5631.18, Low: 5593.48

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 4.12%, and the yield on 10-year US Treasury bonds is 3.825%.

The US stock market rose slightly. The Dow closed at 41,250.50, up 9.98 points, and the Nasdaq closed at 17,754.82, up 29.05 points.

After opening lower due to the rise in long-term interest rates, the market later recovered as the August consumer confidence index unexpectedly improved. The high-tech sector rallied in anticipation of NVIDIA's earnings announcement, a semiconductor manufacturing company needed for artificial intelligence (AI), which supported the market. The Dow barely recovered into positive territory towards the end, updating its all-time high for consecutive days. Consumer services and semiconductor/electronics investment rose, while automobiles/auto parts and energy declined.

Eli Lilly, a pharmaceutical company, announced that it will sell vial-type obesity treatment drug 'Zepbound' at half price to alleviate supply shortage, leading to an increase. International Business Machines (IBM), a computer solutions company, rose as its plan to close its hardware research team in China was well received. NVIDIA, a semiconductor manufacturer, rose due to buying in anticipation of strong earnings.

On the other hand, Paramount Global, a media company, announced its withdrawal from the acquisition process presented by Bronfman Jr., founder of Canadian distillery Seagram, causing a decline. CAVA, a Mediterranean casual restaurant, declined as executives revealed plans to sell company stock. Super Micro Computer, a server solutions company, sold off due to Hindenburg Research, a short-selling investor, revealing that it holds the stock on suspicion of fraudulent accounting.

Department store Nordstrom announced its quarterly earnings after trading hours. Adjusted earnings per share exceeded expectations, leading to an increase in after-hours trading.

(Horiko Capital Management LLC)