“Chicago Nikkei Average Futures (CME)” (24th)

DEC24

O 38225 (in dollars)

H 38410

L 37615

C 37815 large proof ratio -5 (evening ratio +185)

Vol 7780

DEC24

O 38080 (in yen)

H 38270

L 37475

C 37670 large exchange ratio -150 (evening ratio +40)

Vol 21760

“American Depositary Receipts Overview (ADR)” (24th)

In the ADR market, Japan Post Bank ＜7182 ＞, Mitsubishi Corporation ＜8058＞, Chugai Pharmaceuticals＜4519＞, Nidec ＜6594＞, Murata Seisakusho (6981), Toyota Industries ＜6201＞, Bridgestone ＜5108＞, etc. fell in comparison with the Tokyo Stock Exchange (143.23 yen equivalent to 1 dollar), etc., and generally had a slight sales advantage.

Code stock name closing price compared to previous day Japanese yen conversion price Japanese closing price ratio

7203 (TM.N) TOYOTA MOTOR CORPORATION 183.53 -1.87 2629 12

8306 (MUFG.N) Mitsubishi UFJFG 10.36 -0.13 1484 1.5

8035 (TOELY) Tokyo Elec 84.11 -1.36 24094 74

6758 (SONY.N) Sony 95.56 1.35 13687 -68

9432 (NTTYY) NTT 26.12 -0.05 150 0

8058 (MTSUY) Mitsubishi Corporation 20.44 -0.18 2928 -32.5

6501 (HTHIY) Hitachi 53.69 1.32 3845 -11

9983 (FRCOY) Fast Lite 33.35 -0.36 47767 -163

9984 (SFTBY) SoftBank G 30.35 0.06 8694 18

4063 (SHECY) Shin-Etsu Chemical 20.44 -0.16 5855 -21

8001 (ITOCY) ITOCHU Corporation 107.89 -0.44 7727 -31

8316 (SMFG.N) Sumitomo Mitsui FG 12.77 -0.13 9145 11

8031 (MITSY) Mitsui & Co. 432.23 -1.01 3095 -4

6098 (RCRUY) Recruit HD 12.89 -0.21 9231 7

4568 (DSNKY) Daiichi Sankyo 33.07 -0.41 4737 3

9433 (KDDIY) KDDI 16.79 0.04 4810 -12

7974 (NTDOY) Nintendo 13.40 0.01 7677 -39

8766 (TKOMY) Tokio Marine HD 37.90 0.43 5428 -17

7267 (HMC.N) Honda Motor 32.74 -0.21 1563 2

2914 (JAPAY) Nippon Tobacco Industry 14.51 0.19 4157 -13

6902 (DNZOY) Denso 14.80 -0.20 2120 -10.5

4519 (CHGCY) Chugai Pharmaceutical 24.54 0.36 7030 -66

4661 (OLCLY) ORIENLAND 26.65 -0.93 3817 -8

8411 (MFG.N) Mizuho FG 4.11 -0.05 2943 73

6367 (DKILY) Daikin Industries 12.67 0.03 18147 -83

4502 (TAK.N) Takeda Pharmaceutical 14.80 -0.09 4240 -18

7741 (HOCPY) HOYA 139.71 0.49 20011 -59

6503 (MIELY) Mitsubishi Electric 31.70 -0.45 2270 -6.5

6981 (MRAAY) Murata Manufacturing 9.71 0.08 2782 -22

7751 (CAJPY) Canon 33.35 0.04 4777 -20

6273 (SMCAY) SMC 21.30 0.02 61016 -24

7182 (JPPTY) Japan Post Bank 7.95 -0.20 1139 -169.5

6146 (DSCSY) disco 25.00 -0.50 35808 148

3382 (SVNDY) Seven & i HD 14.86 -0.19 2128 -11

8053 (SSUMY) Sumitomo Corporation 22.81 -0.28 3267 2

6702 (FJTSY) Fujitsu 20.47 0.01 2932 -5

6201 (TYIDY) Toyota Industries 77.13 -2.46 11047 -68

5108 (BRDCY) Bridgestone 19.24 -0.16 5511 -29

6178 (JPPY) Japan Post 10.00 0.00 1432 28

8002 (MARUY) Marubeni 163.32 0.26 2339 -2

6723 (RNECY) Renesas 7.04 -0.34 2017 -1

6954 (FANUY) FANUC 13.74 -0.25 3936 -15

8725 (MSADY) MS&AD Insi HD 23.64 0.09 3386 -12

8801 (MTSFY) Mitsui Fudosan 28.90 -0.20 1380 -1

6301 (KMTUY) Komatsu Seisakusho 27.23 0.09 3900 5

4901 (FUJIY) FUJIFILM 13.17 -0.08 3773 -1

6594 (NJDCY) Nidec 10.43 0.19 5976 -56

6857 (ATEYY) ADVANTEST 45.90 1.30 6574 259

4543 (TRUMY) Terumo 19.07 -0.13 2731 4

8591 (IX.N) ORIX 119.04 -1.11 3410 16

(Top 50 by market capitalization, converted to 143.23 yen per dollar)

“Top 5 ADR Growth Rate Stocks” (24th)

Code stock name closing price Japanese yen conversion price Japanese closing price ratio (%)

5020 (JXHLY) ENEOS 11.88 851 55.9 7.03

6857 (ATEYY) ADVANTEST 45.90 6574 259 4.10

8411 (MFG.N) Mizuho FG 4.11 2943 73 2.54

6178 (JPPY) Japan Post 10.00 1432 28 1.99

4911 (SSDOY) Shiseido 25.12 3598 38 1.07

“Top 5 ADR Decline Rate Stocks” (24th)

Code stock name closing price Japanese yen conversion price Japanese closing price ratio (%)

8750 (DLICY) Dai-ichi Life HD 22.40 3208 -478 -12.97

7182 (JPPTY) Japan Post Bank 7.95 1139 -169.5 -12.95

2801 (KIKOY) Kikkoman 22.00 1576 -91 -5.46

9107 (KAIKY) Kawasaki Kisen 15.08 2160 -46 -2.09

6752 (PCRHY) Panasonic 8.57 1227 -20.5 -1.64

“US Stock Market Overview” (24th)

NYDOW

Closing price: 42208.22 compared to the previous day: 83.57

Opening Price: 42234.99 High Price: 42281.06 Low Price: 42056.82

Year-to-date high: 42208.22 year-to-date low: 37266.67

Previous year high: 37710.10 Previous year low price: 31819.14

Nasdaq

Closing price: 18074.52 compared to the previous day: 100.25

Opening Price: 18046.44 High Price: 18091.96 Low Price: 17863.38

Year-to-date high: 18647.45 year-to-date low: 14510.30

Previous year high: 15099.18 Previous year low price: 10305.24

S&P 500

Closing price: 5732.93 compared to the previous day: 14.36

Opening Price: 5727.66 High Price: 5735.32 Low Price: 5698.99

Year-to-date high: 5732.93 year-to-date low: 4688.68

Previous year high: 4783.35 Previous year low price: 3808.10

US 30-year government bonds 4.084% US 10-year government bonds 3.729%

The US stock market continues to grow. The Dow average closed at 42,208.22 dollars, which rose 83.57 dollars, and the Nasdaq closed at 18,074.52, which rose 100.25 points.

It rose after being close due to expectations for additional interest rate cuts by the end of the year and a recovery in the outlook for the global economy in response to China's economic stimulus measures. After that, since the September consumer confidence index fell below expectations, optimism about the economy receded and sales turned. Profit-taking sales of the Dow were also seen from near record highs, and growth was sluggish. NASDAQ expects demand for artificial intelligence (AI), and the desire to buy semiconductors such as NVDA (NVDA) has remained strong and steady, boosting the market price. Towards the end of the game, the Dow also recovered to the positive zone, hit record highs every day, and ended. By sector, while semiconductors and manufacturing equipment rose, public utilities declined.

Heavy equipment manufacturer Caterpillar (CAT) has risen in response to expectations of an increase in sales in response to China's economic stimulus measures. Cosmetics manufacturer Estee Lauder (EL) also rose to expectations of a recovery in demand in China. Las Vegas Sands (LVS), which operates the casino, announced luxury hotel construction in Macau in collaboration with Marriott International (MAR), which operates the hotel chain, and it rose. The planned sale of shares held by Chief Executive Officer Fan (CEO) of the semiconductor NVIDIA (NVDA) was completed, and it was bought with a feeling that sales materials were exhausted.

Low-cost airline Southwest (LUV) was well received because the assertive investor Elliot Management indicated its intention to convene an extraordinary general shareholders' meeting next week calling for the company's board of directors reform, and it rose. The credit card company Visa (V) declined due to disgust that the Ministry of Justice sued the company for violating the antitrust law over debit card payments. The airline company Alaska Air (ALK) declined when the credit rating company Moody's Corp lowered its credit rating. The steel company United States Steel (X) is softening as the Republican Party presidential candidate Trump once again expressed an attitude of blocking the company's takeover by Nippon Steel.

The housing construction company KB Homes (KBH) announced quarterly results after the transaction ended. The content fell short of expectations, and it was sold in overtime trading.

(Horiko Capital Management LLC)