I would like to pay attention to the following 3 points in the transaction before the 26th.

■Determine the impact of NVIDIA's decline in high popularity of US stocks

■Ricoh, 25/3 upward correction 61 billion yen ← 52 billion yen

■Notable materials from the front: Shimadzu Corporation, improving production efficiency of aviation equipment, reducing costs by 20% around fiscal year 30

■Determine the impact of NVIDIA's decline in high popularity of US stocks

The Japanese stock market on the 26th is likely to develop in a market where the stalemate will gradually intensify after starting with pre-purchase. The NY Dow rose by 440 dollars and the NASDAQ was 51 points higher in the US market on the 25th. President-elect Trump has appointed investor Scott Bessent as Secretary of Treasury. A sense of buying security spread from the view that there is a high possibility that it will lead to financial market stability. Also, in response to reports that the Israeli government was holding a cabinet meeting with Hezbollah for a cease-fire agreement, concerns about the worsening situation in the Middle East abated, which led to a sense of security. The decline in long-term US interest rates was also a clue. The Chicago Nikkei 225 futures settlement value is 38795 yen, 55 yen higher than Osaka. The yen exchange rate has been hovering at 154 yen 10 yen per dollar.

The Nikkei Stock Average is likely to begin with the development of a buying advantage in the form of falling in favor of Chicago futures. Nikkei 225 futures continued to move across the 25th line (38720 yen) in the night session, and ended above the same line. The 25th line is easily perceived as a support line, and there seems to be a possibility that it will invite short covers. Yesterday's Nikkei Stock Average broke through the 200-day line and the 25th line due to a sharp rise, and recovered to the temporary milestone of 39,000 yen. After the first round of buying, this feeling intensified, and although the increase was reduced, the 25th line was perceived as a support line. As high expectations rise in the US, as the NY Dow hits a high every day, developments linked to this are likely to be expected.

Meanwhile, NVIDIA has declined by more than 4%, and the trend is worsening. Yesterday, a corner of high-tech stocks with a large index impact, such as East Elec (8035), was bought, but if the impact of NVIDIA's decline is limited, in addition to intensifying purchases aimed at a push, it will also be easy for sellers to buy back. However, if it seems to be affected by NVIDIA, it is easy for the upper price of the Nikkei Average to be suppressed, and it seems that they will move towards searching for value stocks, etc.

While the Nikkei Stock Average rose by 496 yen yesterday, the number of price drops was slightly higher for rising and falling stocks on the Tokyo Stock Exchange Prime. Expectations are rising in the United States, but with regard to policies by the next Trump administration, there are times when the effects of drastic tariffs etc. against China are being feared, and it seems that the impact of high US stocks will also be limited. While movements in capital shifts etc. from the European market to the US have also been pointed out due to strong price movements in the US market, active price tracking movements seem limited.

Therefore, as a matter of shopping, it is easy to concentrate funds aimed at price ranges on stocks where materials have been individually produced. Yesterday, Keisei ＜9009＞ and Keikyu ＜9006＞ were heavily bought due to activist buying observations. Bullish rating observations for Tokyo Metro ＜9023＞ have been made one after another, and it seems that interest will gather.

■Ricoh, 25/3 upward correction 61 billion yen ← 52 billion yen

Ricoh (7752) announced revisions to its earnings forecast for the fiscal year ending 2025/3. Operating income was revised downward from 70 billion yen to 52 billion yen on November 8, but this time it was revised upward from 52 billion yen to 61 billion yen. Due to the relocation of the Chinese subsidiary, there were delays in payment of eviction compensation from local real estate developers. An arbitration award was received from the Shenzhen International Arbitration Court, which had filed for arbitration, and penalties relating to eviction are recorded as profits for the current period.

■Notable materials from the front

・The Nikkei Average rose (38780.14, +496.29)

・The NY Dow rose (44736.57, +440.06)

・The Nasdaq Composite Index rose (19054.84, +51.18)

・Chicago Nikkei futures rose (38795, +55)

・The SOX index rose (4987.92, +32.13)

・The VIX Index declined (14.60, -0.64)

・Long-term US interest rates have declined

・Active share buybacks

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

・Shimadzu Corporation ＜7701＞ improving production efficiency of aviation equipment, reducing costs by 20% around fiscal year 30

・Tsurumi Seisakusho (6351) Tottori Plant was expanded to double the number of cast parts, and in-house production for pumps was expanded

・Dai-ichi Life HD ＜8750＞ Dai-ichi Life Insurance's “estimated rate” revised to depreciation in yen, successive major life insurance companies

・Murata Manufacturing ＜6981＞ announces new mid-term plan, aiming for sales over 2 trillion yen in fiscal year 27

・Nippon Tokushu Ceramics ＜5334＞Toshiba sells a subsidiary for 150 billion yen, concentrating on power semiconductors, etc.

・Chugai Pharmaceutical＜4519＞ Demonstrates Deloitte Tohmatsu and quantum computers in drug discovery design

・Nagase Sangyo ＜8012＞ invests in agricultural development and supports farmers' production activities

・TEPCO HD ＜9501＞ Aomori Higashidori Village requested early resumption of nuclear power plant construction

・Bridgestone ＜5108＞ increases domestic production of 20-inch tires and invests 27 billion yen in 3 plants

・Sakai Heavy Industries ＜6358＞ 20-ton roller production in Indonesia will begin in June next year

・Mitsui E&S ＜7003＞ cumulative production 0.1 billion 20 million horsepower, marine engine

・Tamura Seisakusho ＜6768＞New manufacturing building in Sayama, Saitama, to be completed next year, solder powder production

・Collaboration with Sakura Internet ＜3778＞NEC on a generative AI platform, equipped with LLM “Kotomi”

・Avionics ＜6807＞ board connection connectors are 20% smaller and can be energized at 5 amps

・Shimizu Corporation ＜1803＞ starts construction of a multi-tenant logistics facility in Osaka, the first in the Kansai area

・Sumitomo Chemical ＜4005＞ develops 6-inch GaN substrates and aims for mass production in fiscal year 28

・CO2 capture using Tosoh ＜4042＞ amine, commences operation of raw material conversion facilities in Yamaguchi

・Kobe Steel (5406) commercializes low-CO2 aluminum, and uses 50% production next year under the same brand

・Taisei Corporation ＜1801＞Development of wooden building materials that are fireproof for 1 hour

☆ Front office event schedule

＜Domestic＞

・Nothing in particular

＜Overseas＞

・Nothing in particular