I would like to pay attention to the following 3 points in the late-day transaction on the 8th.

・The Nikkei Average rebounded, and high-tech stock support also showed a heavy upward trend

・Growth in the dollar and yen is sluggish, and US interest rates are closely watched

・SoftBank G ＜9984＞ is the top contributor to price increases, and Recruit HD ＜6098＞ is in the same 2nd place

■The Nikkei Average rebounded, and high-tech stock support was also heavily elevated

The Nikkei Average rebounded. The front market was closed at 39515.36 yen (estimated volume 1.2 billion 80 million shares), which was 133.95 yen higher (+ 0.34%) compared to the previous day.

The US stock market on the 7th was mixed. The Dow average fell 0.59 dollars to 43729.34 dollars, and the NASDAQ closed at 19269.46, which was 285.99 points higher. Purchases that favored Mr. Trump's victory in the presidential election continued, and they were bought in anticipation of interest rate cuts at the Federal Open Market Committee (FOMC), and then rose after being snuggled up. The Federal Reserve (Fed) decided to cut interest rates as predicted by the FOMC, and as long-term interest rates declined, the NASDAQ continued to grow and hit record highs every day. It boosted the overall market price, but the Dow was unable to maintain the positive zone and ended mixed.

The Tokyo market began trading with a buying advantage, taking advantage of the strong movement of the NASDAQ in the US stock market. The fact that trading involved in the November limited option SQ (special settlement index) calculation that began early in the morning also had an impact, and the Nikkei Average increased to 39818.41 yen, but since yesterday's high price of 39884.01 yen did not reach yesterday's high price of 39884.01 yen, etc., the increase narrowed sharply. Interest turned to stocks that announced financial results, and there was a rivalry at the 39500 yen level until the early closing. Note that the SQ value is approximately 39901.35 yen.

Among stocks adopted by the Nikkei Average, Ajinomoto ＜2802＞ was bought due to good performance and shareholder return measures, etc., and in addition to updating high prices since listing, policy-related stocks such as Mitsubishi Heavy Industries (7011) and Japan Steel Works (5631) also rose. In addition, Nomura Research Institute ＜4307＞, ZOZO ＜3092＞, Fujitsu ＜6702＞, Keisei Electric Railway ＜9009＞, SoftBank Group ＜9984＞, etc. were purchased.

Meanwhile, Taiyo Yuden ＜6976＞, which revised its ordinary profit forecast downward, plummeted and hit a year-to-date low. Also, in addition to the financial results details and Nissan's own “7201,” which announced a 20% reduction in global production capacity, fell drastically, Shiseido (4911), which revised its earnings for the current fiscal year downward to a profit decline forecast, also had a sales advantage. In the morning, Fujikura ＜5803＞, which had a buying advantage based on performance details, stalled after one round of buying, and remained in a negative zone compared to the previous day. In addition, Canadevia ＜7004＞, UBE ＜4208＞, Teijin ＜3401＞, Mazda ＜7261＞, and Toyota's own ＜7203＞ were sold.

By industry, information and communication, services, precision equipment, foodstuffs, retail, etc. rose, while pulp/paper, transportation equipment, mining, rubber, petroleum and coal declined.

The exchange rate was quiet in the first half of the 153 yen per dollar range. The backstage Tokyo market will be more interested in stocks announcing financial results than in the front market, and the Nikkei Average will develop with little sense of direction. The stocks announced financial results during trading hours are as follows: Toyo Suisan ＜2875＞ and IIJ ＜3774＞ at 12:00, Hanwakou ＜8078＞, Yamatane ＜9305＞; at 14:00, Morinaga Milk ＜2264＞, sheet glass ＜5202＞, and at 15:00, Fudo Tetra ＜1813＞, Takara HD ＜2531＞, Miyaji Engine＜3431＞, SUMCO ＜3436＞, Mitsubishi Gas ＜4182＞, Kansai ＜4613＞, and Kobayashi ＜4613＞, and Kobayashi ＜4613＞, and Kobayashi ＜4613＞ Pharmaceuticals ＜4967＞, Ohira Metal ＜5541＞, Nippon Steel ＜5631＞, Mitsui Kin ＜5706＞, Mitsubishi Ma ＜5711＞, Toho Titanium ＜5727＞, Shizuoka FG ＜5831＞, Kubota ＜6326＞, Olympus ＜7733＞, Ricoh ＜7752＞, Asics ＜7936＞, Mizuno ＜8022＞, Orix ＜8591＞, Mitsui Fumu ＜8801＞, Sumitomo Fuji ＜8830＞, Tokyu ＜9005＞, Tele ＜9005＞ 9409＞, SoftBank ＜9434＞, Fujita Sightseeing ＜9722＞ etc. are planned.

■Growth in the dollar and yen is sluggish, and US interest rates are closely watched

The dollar and yen were sluggish in the Tokyo market on the morning of the 8th, and after rising from 152 yen 87 yen to 153 yen 37 yen, it stalled around 153 yen. US 10-year bond yields, which had declined the day before, picked up slightly, but then the rise stopped. Meanwhile, the Nikkei Stock Average maintained a steady position and was sold in yen based on stock prices.

The trading range up to this point is 152 yen 87 yen to 153 yen 37 sen for the dollar and yen, 165 yen 01 yen to 165 yen 42 sen for the euro and yen, and 1.0779 dollars to 1.0805 dollars for the euro dollar.

■Backstage check stocks

・4 stocks, such as cedar ＜2435＞ and Hmcomm＜265A＞, etc., are stop-high

*Includes temporary stop height (sign value)

・SoftBank G ＜9984＞ is the top contributor to price increases, and Recruit HD ＜6098＞ is in the same 2nd place

■Economic indicators and statements from key figures

[Economic indicators]

・Japan/September household expenditure: -1.1% compared to the previous year (forecast: -1.8%, August: -1.9%)

[Remarks by VIPs]

・Federal Reserve Chairman Powell

“The labor market is not causing significant inflation”

“The labor market is still strong, as the previous sense of overheating has abated”

“The policy interest rate path is not set in advance; it is decided at each meeting”

“There are 6 weeks until the December meeting, and the indicators will be scrutinized”

“Fiscal policy is incorporated into the model when it is actually enacted as a law”

“Even after today's interest rate cuts, policies are still suppressing the economy”

“As we approach neutral interest rates, there is a possibility that it will be appropriate to slow down the pace of interest rate cuts”

“There is no need to rush to cut interest rates to neutral interest rates”

＜Domestic＞

・ 14:00 September Business Trend Index and Preliminary Report Values (Forecast: 109.0, August: 106.9)

＜Overseas＞

・Nothing in particular