On the Chicago Nikkei futures market (CME) on the 9th.

DEC24

O 39525 (in dollars)

H 39835

L 39265

C 39790 TSE +500 (Evening +100)

Vol 3215

DEC24

O 39425 (yen basis).

H 39705

L 39125

C 39665, TSE comparison +375 (evening comparison -25)

Volume 12136

American Depository Receipt (ADR) overview on the 9th.

In the ADR market, compared to the Tokyo Stock Exchange (converted at 1 dollar = 149.19 yen), Japan Post <6178>, Mizuho FG <8411>, Advantest <6857>, Mitsubishi Electric <6503>, Tokyo Electron <8035>, Mitsubishi UFJ Financial Group <8306>, Mitsubishi Corporation <8058> and others are rising, with general buying dominance.

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

7203 (TM.N) Toyota Motor Corp. 173.99 -1.77 2596 32.5

8306 (MUFG.N) Mitsubishi UFJ Financial Group Inc. 10.20 -0.06 1522 20.5

8035 (TOELY) Tokyo Electron Ltd. 87.67 0.42 26159 389

6758 (SONY.N) Sony Group Corp 19.05 -76.09 2842 22

9432 (NTTYY) Nippon Telegraph and Telephone Corp. 24.97 -0.04 149 0

8058 (MTSUY) Mitsubishi Corporation 20.01 -0.85 2985 39.5

6501 (HTHIY) Hitachi Ltd. Sponsored ADR 53.60 0.00 3998 27

9983 (FRCOY) Fast Retailing Co. Ltd. 34.24 0.03 51083 373

9984 (SFTBY) Softbank Group 29.51 0.09 8805 109

4063 (SHECY) Shin-Etsu Chemical 20.71 0.14 6179 50

8001 (ITOCY) Itochu Corporation 104.36 -1.64 7785 70

8316 (SMFG.N) Sumitomo Mitsui Financial Group 12.47 -0.15 3101 20

8031 (MITSY) Mitsui & Co., Ltd. 439.00 -12.73 3275 41

6098 (RCRUY) Recruit Holdings 13.08 0.15 9757 38

4568 (DSNKY) Daiichi Sankyo 33.20 0.39 4953 16

9433 (KDDIY) KDDI Corporation 15.94 0.13 4756 -25

7974 (NTDOY) nintendo 13.29 -0.17 7931 54

8766 (TKOMY) tokyo marine HD 37.09 -1.27 5533 51

7267 (HMC.N) honda motor co. 31.45 -0.54 1564 11

2914 (JAPAY) japan tobacco inc 14.45 -0.13 4312 1

6902 (DNZOY) denso 14.34 -0.04 2139 17

4519 (CHGCY) chugai pharmaceutical co ltd 23.58 0.25 7036 8

4661 (OLCLY) orion corp 24.74 -0.12 3691 3

8411 (MFG.N) mizuho financial group inc 4.11 -0.06 3062 62

6367 (DKILY) Daikin Industries 13.19 -0.22 19678 128

4502 (TAK.N) Takeda Pharmaceuticals 14.28 -0.02 4261 33

7741 (HOCPY) HOYA 144.39 2.19 21542 147

6503 (MIELY) Mitsubishi Electric Corp. 32.55 -0.36 2428 37

6981 (MRAAY) Murata Manufacturing Co., Ltd. 9.70 0.23 2894 24.5

7751 (CAJPY) Canon 34.00 0.30 5072 12

6273 (SMCAY) SMC 22.26 0.12 66419 679

7182 (JPPTY) Japan Post Bank 8.20 -0.15 1223 -153

6146 (DSCSY) DISCO 25.50 0.40 38043 193

3382 (SVNDY) Seven & I Holdings 15.84 0.85 2363 28

8053 (SSUMY) Sumitomo Corporation 22.39 -0.41 3340 39

6702 (FJTSY) Fujitsu 21.24 0.31 3169 17

6201 (TYIDY) Toyota Industries Corporation 76.07 -2.53 11349 119

5108 (BRDCY) Bridgestone 18.88 -0.24 5633 44

6178 (JPPHY) Japan Post Holdings 10.00 0.00 1492 100.5

8002 (MARUY) Marubeni Corporation 162.00 -4.76 2417 2.5

6723 (RNECY) Renesas 7.21 -0.05 2151 15

6954 (FANUY) FANUC 13.85 -0.12 4133 13

8725 (MSADY) MS&AD Insurance 22.97 -0.54 3427 22

8801 (MTSFY) Mitsui Fudosan 27.80 -0.30 1382 8

6301 (KMTUY) Komatsu 27.30 -0.38 4073 42

4901 (FUJIY) Fujifilm 12.73 0.16 3798 14

6594 (NJDCY) Nippon Densan 5.08 -5.29 3032 -12

6857 (ATEYY) Advantest 52.00 1.60 7758 119

4543 (TRUMY) Terumo 19.89 0.18 2967 35.5

8591 (IX.N) Orix 111.21 -1.60 3318 34

(Ranked in top 50 market capitalization, converted at 1 dollar to 149.19 yen)

Top 5 ADR gainers (9th)

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

9107 (KAIKY) Kawasaki Kisen 15.08 2250 223 11.00

2801 (KIKOY) Kikkoman 24.10 1798 139.5 8.41

6178 (JPPHY) Japan Post 10.00 1492 100.5 7.22

5020 (JXHLY) ENEOS 12.15 906 61 7.22

8830 (MITEY) Sumitomo Realty 17.00 5072 324 6.82

Top 5 ADR losers (9th)

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 8.20 1223 -153 -11.12

8750 (DLICY) Dai-ichi Life HD 23.00 3431 -383 -10.04

7259 (ASEKY) Aisin Seiki 10.01 1493 -86.5 -5.48

8267 (AONNY) AEON 25.15 3752 -126 -3.25

6752 (PCRHY) Panasonic 8.50 1268 -37.5 -2.87

US Stock Market Overview (9th)

NYDOW

Closing price: $42512.00 Change from previous day: +$431.63

Opening price: $42070.32 High: $42562.01 Low: $41993.35

Year-to-date high: $42512.00 Year-to-date low: $37266.67

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

NASDAQ

Closing Price: 18291.62, Change from Previous Day: 108.70

Opening Price: 18179.22, High: 18302.05, Low: 18133.02

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: 5792.04, Change from Previous Day: 40.91

Opening Price: 5751.80, High: 5796.80, Low: 5745.02

Year-to-Date High: 5792.04, Year-to-Date Low: 4688.68

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

USA 30-year Treasury bond 4.342%, USA 10-year Treasury bond 4.066%.

The U.S. stock market continued to rise. The Dow Jones Industrial Average closed at 42,512.00, up 431.63 points, and the Nasdaq ended trading at 18,291.62, up 108.70 points.

After the Federal Reserve Board's (FRB) quick expectations of a rate cut receded, the market fell after the opening. However, on any pullbacks, the market was bought on expectations that China's government's fiscal strengthening measures aimed at bottoming out the economy would support global economic recovery and corporate sales. The market turned higher. It was revealed that all participants at the Federal Reserve Board's September Federal Open Market Committee (FOMC) agreed to continue the rate cut, and as a result, the market expanded its gains towards the end of the session. The Dow hit a record high and closed at the highest level. In terms of sectors, property service and development, technology hardware and equipment rose, while utilities declined.

Home Depot (HD), Loews (LOW) operating in the home improvement sector, and Norwegian Cruise Line (NCLH) in the cruise ship industry all rose due to investment upgrades by analysts. Pfizer (PFE) the pharmaceutical company, saw an increase as CEO Albert Bourla reportedly plans to meet with major executives at Starboard Value, activist investors pushing for the improvement of the company's business. Google, operated by Alphabet (GOOG), fell as the Department of Justice received a court ruling that Google's internet search is considered a monopoly and may potentially require the company to split its business, including the Chrome browser and Android operating system.

Boeing (BA), the aircraft manufacturer, faced the possibility of prolonged strikes due to negotiations breaking down with its largest labor union. Furthermore, S&P Global Ratings warned of a potential downgrade in Boeing's credit rating to speculative grade levels, leading to a decline. Disney (DIS) in the entertainment sector announced theme park closures in preparation for Hurricane Milton, raising concerns about decreased earnings.

The VIX Index, reflecting investors' fear, dropped to 20.71.

(Horiko Capital Management LLC)