I would like to pay attention to the following 3 points in the late-day transaction on the 25th.

・The Nikkei Average fell drastically, and investor sentiment worsened as stocks announced financial results were sold

・The dollar and yen are small and one step higher in the 155 yen range

・The top contributor to price drops is Fast Rite ＜9983＞, and Tokyo Electron ＜8035＞ is in the same 2nd place

■The Nikkei Average fell drastically, stocks announced financial results were sold, and investor sentiment worsened

The Nikkei Average fell sharply. The forward transaction was closed at 37818.11 yen (estimated turnover of 790 million shares), 641.97 yen lower (-1.67%) compared to the previous day.

The US stock market was mixed on the 24th. The Dow average closed at 38460.92 dollars with a depreciation of 42.77 dollars (-0.11%), the Nasdaq closed at 15712.75 with a 16.11 point increase (+ 0.10%), and the S&P 500 closed at 5071.63 with a 1.08 point increase (+ 0.02%). I liked the financial results of the semiconductor manufacturer Texas Instruments, and repurchases in the semiconductor sector accelerated, and then rose after being close. After that, the long-term interest rate rise based on the largest government bond bid ever carried out this week was warned and stalled, and the exchange rate temporarily fell. Towards the end of the game, the market picked up due to high tech speculation, but the Dow did not reverse its decline and ended in mixed ways.

US stocks were mixed, but the Tokyo market began trading with a sales advantage due to the fact that US Meta, which announced financial results outside of hours, fell by more than 10%, etc. The Nikkei Average was lowered due to the drastic depreciation of Fast Lite (9983), which has a high index weight. Also, the fact that FANUC (6954) and Canon (7751), which announced financial results, depreciated drastically was a source of cooling investor sentiment. The fact that semiconductor stocks were sold in general was also added, and the Nikkei Average fell to the 37700 yen level at one point.

In stocks adopted by the Nikkei Average, financial results were viewed negatively and Canon and FANUC were sold, and PanaHD (6752) had a sales advantage due to downward revisions to net profit for the previous fiscal year. Also, Socionext ＜6526＞, Nikon ＜7731＞, Tokyo Electron ＜8035＞, and screen HD ＜7735＞, which rose yesterday, generally fell.

Meanwhile, after financial results were announced, Nidec ＜6594＞, which was temporarily sold yesterday, rose, and Renesas Electronics' net profit for the January-March fiscal year fell 24% from the same period last year, so expectations of bottoming out ahead of time and were bought ahead of time. Other than this, Eisai ＜4523＞, Alps Alpine ＜6770＞, Nichirei ＜2871＞, and Tokyo Gas ＜9531＞ are solid.

While all sectors declined, the decline in mining, transportation equipment, electrical equipment, machinery, and precision equipment was conspicuous.

The depreciation of the yen and appreciation of the dollar are progressing to the 155 yen 40 yen per dollar exchange rate. While the Bank of Japan's monetary policy meeting is being held, the sharp depreciation of the yen continues. In the morning, Minister of Finance Suzuki was limited to statements such as “paying attention to the market and responding appropriately,” and it seems that the view that “it is difficult to implement yen buying intervention by the government and the Bank of Japan” is also strengthening in response to an increase that is difficult to say “excessive sudden fluctuations.” The stock market is not taking a positive view of the current depreciation of the yen, and if the depreciation of the yen were to accelerate in the backstage, there is a possibility that the Nikkei Average will spit out all of yesterday's gains (907.92 yen). We will have to pay attention to exchange rate trends in the aftermath.

■The dollar and yen are small and one step higher in the 155 yen range

There was a slight price movement of the dollar and yen in the Tokyo market on the morning of the 25th, and the upper price increased from 155 yen 19 yen to 155 yen 45 yen. It surpassed 155 yen, which had been perceived as a resistance line, in overseas markets the day before, and was established at the same level. There have been a series of yen depreciation systems from the Japanese government, but the dollar buying situation continues.

The trading range up to this point is from 155 yen 19 yen to 155 yen 45 sen for the dollar and yen, 165 yen 99 yen to 166 yen 45 sen for the euro and yen, and 1.0694 dollars to 1.0709 dollars for the euro dollar.

■Backstage check stocks

・3 stocks, such as Copa Corporation ＜7689＞ and Moonbat ＜8115＞, are stop-high

*Includes temporary stop height (sign value)

・The top contributor to price drops is Fast Rite ＜9983＞, and Tokyo Electron ＜8035＞ is in the same 2nd place

■Economic indicators and statements from key figures

[Economic indicators]

・Preliminary report value of durable goods orders received in the US for March: +2.6% compared to the previous month (forecast: +2.5%, February: +0.7% ← +1.3%)

・US-March durable goods orders (excluding transportation equipment) preliminary value: +0.2% compared to previous month (forecast: +0.2%, February: +1.1% ← +0.3%)

・US-March manufacturing shipments/capital goods (non-defense excluding aircraft) preliminary value: +0.2% compared to previous month (forecast: +0.2%, February: -0.6%)

・Canada February retail sales: -0.1% compared to previous month (forecast: +0.1%, January: -0.3%)

[Remarks by VIPs]

・Chief Cabinet Secretary Hayashi

“I want to keep a close eye on trends in the exchange market and take thorough measures.”

“Exchange rates reflect fundamentals and stable trends are important”

・Finance Minister Suzuki

“There is no change in the thought that we will keep a close eye on the market and respond appropriately.”

“I want you to understand that I can't talk much in the current situation”

・Minister of Finance Mimura, Director of International Affairs

“If purchasing power parity is calculated by the IMF, the dollar and yen are 90 yen 82 sen”

＜Domestic＞

・Bank of Japan Monetary Policy Meeting (until 26th)

・ 14:00 February Business Trend Index · Prior Revised Value (Preliminary Value: 111.8)

＜Overseas＞

・Nothing in particular