Chicago Nikkei Futures (CME) on the 29th.

SEP24

Option chain 38,070 (USD)

High 38,850

L 37900

Close 38,305, TSE -45 (Evening -85)

Volume 10,442

SEP24

O 38050 (yen-denominated)

H 38830

L 37870

C 38285 Daisho ratio -65 (Evening ratio -105)

Vol 24566

Overview of American Depositary Receipts (ADR) on the 29th

In the ADR market, compared to the Tokyo Stock Exchange (converting 1 dollar to 144.96 yen), Yucho Bank <7182>, Terumo <4543>, Disco <6146>, Denso <6902>, Daikin Industries <6367>, Orienrand <4661>, and Fujifilm <4901> among others have declined, with overall selling pressure.

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

7203 (TM.N) Toyota Motor Corporation 187.77 0.10 2722 1.5

8306 (MUFG.N) Mitsubishi UFJ Financial Group 10.49 0.09 1521 8.5

8035 (TOELY) Tokyo Electric Power Company 88.45 -0.31 25643 -87

6758 (SONY.N) Sony Corporation 96.81 0.06 14034 34

9432 (NTTYY) Nippon Telegraph and Telephone Corporation 27.13 0.45 157 -0.9

8058 (MTSUY) Mitsubishi Corporation 20.70 0.30 3001 -2

6501 (HTHIY) Hitachi, Ltd. 47.80 0.48 3465 -10

9983 (FRCOY) Fast Retailing Co., Ltd. 32.04 0.41 46445 -65

9984 (SFTBY) Softbank G 28.68 0.38 8315 170

4063 (SHECY) Shin-Etsu Chemical 22.10 0.08 6407 -37

8001 (ITOCY) Itochu Corporation 102.84 2.38 7454 -32

8316 (SMFG.N) Sumitomo Mitsui Financial Group 13.32 0.05 9654 83

8031 (MITSY) Mitsui & Co. 418.22 3.97 3031 -6

6098 (RCRUY) Recruit Holdings 12.00 -0.16 8698 -49

4568 (DSNKY) Daiichi Sankyo 42.03 0.93 6093 -38

9433 (KDDIY) KDDI Corporation 17.06 0.26 4946 -18

7974 (NTDOY) Nintendo 13.55 -0.09 7857 -13

8766 (TKOMY) Tokyo Kaisei HD 37.64 0.54 5456 10

7267 (HMC.N) Honda Motor Co. Ltd. 32.90 0.35 1590 7

2914 (JAPAY) Japan Tobacco Inc. 14.54 0.12 4215 1

6902 (DNZOY) Denso Corp. 15.35 -0.07 2225 -18.5

4519 (CHGCY) Chugai Pharmaceutical Co., Ltd. 25.29 0.06 7332 -51

4661 (OLCLY) Orienrand Co., Ltd. 27.27 -0.13 3953 -31

8411 (MFG.N) Mizuho FG 4.19 0.01 3037 40

6367 (DKILY) Daikin Industries, Ltd. Unsponsored ADR 12.59 -0.09 18250 -150

4502 (TAK.N) Takeda Pharmaceuticals SP ADR 14.95 -0.02 4334 -18

7741 (HOCPY) HOYA 143.23 0.95 20763 63

6503 (MIELY) Mitsubishi Electric Corp. Unsponsored ADR 33.28 1.59 2412 39

6981 (MRAAY) Murata Manufacturing Co., Ltd. Unsponsored ADR 9.99 0.17 2896 -16

7751 (CAJPY) Canon Inc. 34.53 0.08 5005 -34

6273 (SMCAY) SMC 22.85 0.29 66247 -393

7182 (JPPTY) Japan Post Bank Co., Ltd. Sponsored ADR 8.35 -0.05 1210 -163.5

6146 (DSCSY) Disco 28.00 -0.60 40589 -621

3382 (SVNDY) Seven & I Holdings 14.73 0.41 2135 17.5

8053 (SSUMY) Sumitomo Corp 23.45 0.24 3399 -11

6702 (FJTSY) Fujitsu 17.98 0.26 2606 -14.5

6201 (TYIDY) Toyota Industries 78.39 -0.77 11363 -57

5108 (BRDCY) Bridgestone 19.37 -0.23 5616 -34

6178 (JPPHY) Japan Post 10.00 0.00 1450 32.5

8002 (MARUY) Marubeni 167.50 2.30 2428 -2

6723 (RNECY) Renesas 8.43 0.12 2444 -4

6954 (FANUY) FANUC 14.75 0.38 4276 6

8725 (MSADY) MS&AD Insurance Holdings 22.93 0.33 3324 -23

8801 (MTSFY) Mitsui Fudosan 31.80 0.00 1537 -7.5

6301 (KMTUY) Komatsu 27.47 -0.08 3982 -27

4901 (FUJIY) Fujifilm 13.23 0.02 3836 -27

6594 (NJDCY) Nidec 10.11 -0.28 5862 -21

6857 (ATEYY) Advantest 44.00 -0.50 6378 -22

4543 (TRUMY) Terumo 18.57 -0.48 2692 -79

8591 (IX.N) Orix 124.96 2.22 3623 8

(Ranked 50th by market capitalization, converted at 144.96 yen per dollar)

"Top 5 ADR gainers" (29th)

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

2801 (KIKOY) Kikkoman 24.00 1740 87.5 5.30

5020 (JXHLY) ENEOS 11.22 813 34.8 4.47

5401 (NPSCY) Nippon Steel 7.79 3388 101 3.07

6178 (JPPHY) Japan Post 10.00 1450 32.5 2.29

6506 (YASKY) Yasukawa Electric 68.13 4938 103 2.13

"Top 5 ADR decliners" (29th)

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

7182 (JPPTY) Japan Post Bank 8.35 1210 -163.5 -11.90

8750 (DLICY) Dai-ichi Life Holdings 25.80 3740 -467 -11.10

7259 (ASEKY) Aisin Seiki 32.10 4653 -391 -7.75

4543 (TRUMY) Terumo 18.57 2692 -79 -2.85

4689 (YAHOY) LINE Yahoo 5.41 392 -8.7 -2.17

"US stock market overview" (29th)

NYDOW

Closing Price: 41335.05 Change from Previous Day: 243.63

Opening Price: 41345.50 High: 41577.97 Low: 41086.81

Year-to-Date High: 41335.05 Year-to-Date Low: 37266.67

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

NASDAQ

Closing Price: 17516.43 Previous Day Change: -39.60

Opening Price: 17610.57 High Price: 17789.21 Low Price: 17482.60

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: 5591.96 Previous Day Change: -0.22

Opening Price: 5607.30 High Price: 5646.95 Low Price: 5583.71

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

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

30-year US Treasury Bond 4.145%, 10-year US Treasury Bond 3.862%

The US stock market was mixed. The Dow closed at 41,335.05, up 243.63 points, while the Nasdaq closed at 17,516.43, down 39.6 points.

The revised domestic gross domestic product (GDP) and personal consumption for the April-June quarter exceeded expectations and rose after the opening. The strength of the domestic economy, labor market, and consumer spending indicated an improvement in the economic outlook, leading to continued market gains. Towards the end, the decline in bond yields and the fall of semiconductor manufacturer Nvidia (NVDA) caused the Nasdaq to turn downward. The Dow, on the other hand, updated its record high despite the mixed closing. In terms of sectors, energy and technology hardware and equipment rose, while semiconductors and related manufacturing equipment fell.

Apple's mobile phones are reported to be expecting a 10% increase in shipping of new models with artificial intelligence (AI) compared to last year, and are in discussions to participate in the funding of OpenAI, a non-profit research institution for interactive AI development. The casual retail company Gap (GAP) exceeded expectations in existing store sales in the second quarter financial report released during the day, and the upward revision of the profit margin outlook for the full year was well received, leading to a rise. Best Buy (BBY), the electronics mass retailer, revised its full-year outlook in the quarterly financial report, prompting a two-level upgrade in investment judgments by analysts and a significant increase.

Intel, a semiconductor company, rose due to the favorable reception of the employee reduction plan as part of its cost reduction measures. Affirm (AFRV), a provider of post-pay services, was purchased based on favorable earnings. Yelp (YELP), an operation of a web site, filed a lawsuit against Google for anti-competitive actions related to search services and rose. Google's Alphabet (GOOG) declined, while semiconductor manufacturer Nvidia's (NVDA) revenue outlook in the quarterly financial results did not meet market expectations, leading to a continued decline. Dollar General (DG), a discount retailer, fell due to a downward revision of the full-year revenue outlook in the quarterly financial report.

Dell, a computer manufacturer, was purchased in after-hours trading after announcing earnings that exceeded expected adjusted earnings per share. On the other hand, Ulta Beauty (ULTA), a cosmetics retailer, lowered its sales outlook due to reduced demand, resulting in a decline.

(Horiko Capital Management LLC)