I would like to pay attention to the following 3 points in the 11-day advance transaction.

■Continued Trump Trade Will Smash Vigilance Against Tariffs

■SoftBank, 25/3 revised upward operating income 950 billion yen ← 900 billion yen

■Notable materials on the front floor: Ministry of Health, Labor, and Welfare considers prohibiting continuous work for 14 days or more, review that can last up to 48 days

■Continued Trump Trade Will Smash Vigilance Against Tariffs

The Japanese stock market on the 11th is likely to develop with a strong sense of interest after starting ahead of sales. The NY Dow rose 259 dollars and the NASDAQ was 17 points higher in the US market on the 8th. The Trump administration continued to buy policy expectations. At the press conference after the US Federal Open Market Committee (FOMC) the day before, Chairman Powell of the US Federal Reserve (Fed) included additional interest rate cuts, and the fact that the Michigan Consumer Confidence Index exceeded expectations also led to a sense of security. The Chicago Nikkei 225 futures settlement price is 39135 yen, 365 yen lower than Osaka. The yen exchange rate is moving at 152 yen 70 yen per dollar.

The Nikkei Stock Average is likely to begin with the development of sales dominance in the form of falling in favor of Chicago futures. There was also a scene where Nikkei 225 futures fell below the milestone of 39,000 yen at 38,960 yen at one point during the night session. The 25th line, which moves at the same level, is easily perceived as a support line, but as financial results announcements peak, it seems that movements aiming for a positive rebound will be limited. Also, in the US, the three major indices have all hit new highs, but weak price movements in semiconductor stocks are conspicuous, and the SOX index has declined. There is a possibility that values that have a large index impact, such as Advantest ＜6857＞ and East Elec ＜8035＞, will burden high-tech stocks.

In addition to continuing Trump trade in the United States, the VIX index clearly falls below 14.94 and 20.00, which is said to indicate a state of heightened anxiety, making it easy to move towards risk appetite. However, there are also movements wary of drastic tariffs by the Trump administration, such as weak price movements in semiconductor stocks. Also, the Nikkei Stock Average was unable to capture the SQ value (39901.35 yen) in the November SQ last weekend. First, it seems that they will take a stance that aims to push ahead while determining how stiff the lower price is.

Searches tend to be individual responses using financial results as clues, and when financial results are announced after the end of the transaction on the 8th, SECOM ＜9735＞, Olympus ＜7733＞, Tokyu ＜9005＞, Keikyu ＜9006＞, Mitsubishi Ma ＜5711＞, Mitsui Kin ＜5706＞, Toshiba Tech ＜6588＞, Daifuku ＜6383＞, scientific pharmaceuticals ＜4521＞, Takasago Fragrance ＜4914＞, iStyle ＜3660＞, IPS ＜4390＞, Nikko ＜6951＞, etc. are attracting attention . Also, over 1400 companies will announce financial results this week, but the peak will pass on the 14th. After that, it became easier for institutional investors to move, and it seems that they will be aware of the movement to review and buy stocks that have been sold in large quantities.

In addition, a special Diet session will be convened today, and an election will be held to appoint the Prime Minister. Prime Minister Ishiwari Shigeru is expected to be elected as the 103rd Prime Minister after a runoff vote. From policy expectations for the Ishiwari administration, there will also be a search for theme stocks such as regional revitalization.

■SoftBank, 25/3 revised upward operating income 950 billion yen ← 900 billion yen

SoftBank ＜9434＞ announced revisions to its earnings forecast for the fiscal year ending 2025/3. Sales were revised upward from 6 trillion200 billion yen to 6 trillion350 billion yen, and operating profit was revised upward from 900 billion yen to 950 billion yen. PayPay, a subsidiary and major smartphone payment company, is doing well, and the recovery in the mobile business also contributed.

■Notable materials from the front

・The Nikkei Average rose (39500.37, +118.96)

・The NY Dow rose (43988.99, +259.65)

・The Nasdaq Composite Index rose (19286.78, +17.32)

・The VIX Index declined (14.94, -0.26)

・Long-term US interest rates have declined

・Active share buybacks

・Request for improvement of corporate value by the Tokyo Stock Exchange

・Ministry of Health, Labor, and Welfare considers prohibiting continuous work for 14 days or more, reviewing the possibility for up to 48 days

・Political reforms, calls for talks between parties, and the 2nd Ishiwari Cabinet will be inaugurated tomorrow

・Assistance for the introduction of mobile toilets, kitchen cars, and disaster preparedness stockpiles, government policies

・To Komei, demand for slush money, party leadership talks, prime minister, call for consultation

・Biofuel, for brand new cars, 30s, Ministry of Economy, Trade and Industry targets

☆ Front office event schedule

＜Domestic＞

・ 08:50 September current account balance (forecast: +3 trillion552.3 billion yen, August: +3 trillion803.6 billion yen)

・ 08:50 Key Opinions on BOJ Monetary Policy Decision (10/30-31)

＜Overseas＞

・Nothing in particular