I would like to pay attention to the following 3 points in the after-sale transaction on the 24th.
・The Nikkei Average fell drastically, and high-tech sales developed in response to rising interest rates between Japan and the US
・The dollar and yen slowly rose to the 157 yen level
・East Elec ＜8035＞ is the top contributor to price drops, and Fast Rite ＜9983＞ is in the same 2nd place
■The Nikkei Average fell drastically, and high-tech sales developed in response to rising interest rates between Japan and the US
The Nikkei Average fell sharply. The forward market transaction was closed at 38649.15 yen (estimated volume of 730 million shares), which was 454.07 yen lower (-1.16%) compared to the previous day.
The US stock market continued to decline on the 23rd. The Dow average closed at 39065.26 dollars (-1.53%) lower by 605.78 dollars, the NASDAQ depreciated 65.50 points (-0.39%) at 16736.04, and the S&P 500 closed at 5267.84, which was 39.17 points lower (-0.74%). Semiconductor NVIDIA's favorable financial results led to an improvement in investor sentiment, and it remained steady. After that, long-term interest rates rose due to employment-related indicators and PMI being stronger than expected and expectations of interest rate cuts receding, and the upper price of the market was suppressed. Furthermore, Boeing's decline weighed on the Dow, pushing the index further down and turning into a decline. The NASDAQ also remained strong in the early stages, but towards the end, profit-taking sales ahead of consecutive holidays also became heavy and ended with a decline.
In response to the decline in US stocks, the Tokyo market began trading with a selling advantage. Since the decline spread mainly to high-tech stocks such as semiconductors in response to rising interest rates between Japan and the US, there was a scene where the Nikkei Average temporarily fell to 38367.70 yen. However, since the rise in US 10-year bond yields after hours came to a standstill, there was a movement to buy back mainly futures, and the decline narrowed until the forward closing.
Among stocks adopted by the Nikkei Average, disappointment with the medium-term management plan took precedence and Fuji Electric (6504) depreciated drastically, and a decline in semiconductor stocks such as Socionext ＜6526＞, Lasertech ＜6920＞, Advantest ＜6857＞, Screen HD ＜7735＞, Tokyo Electron ＜8035＞, and SUMCO ＜3436＞ was conspicuous. In addition, Tokyo Tatemono ＜8804＞, Sumitomo Mining ＜5713＞, and Sony Group ＜6758＞ were sold. Other than stocks adopted by the Nikkei Average, the decline in Micronics Japan (6871) was conspicuous.
Meanwhile, reports on some domestic securities were viewed as material, and in addition to DIC ＜4631＞, Shiseido ＜4911＞, and Kawasaki Shigeru ＜7012＞ being bought, Hitachi ＜6501＞, Nippon Steel Works ＜5631＞, and Obayashi Corporation ＜1802＞ rose. Other than stocks adopted by the Nikkei Average, Hokkaido Electric Power Company ＜9509＞ was bought based on electricity demand expectations.
By industry, while the electrical equipment, information/communication industry, securities/commodity futures trading business, real estate industry, mining industry, etc. declined, the electric/gas industry, steel, rubber products, nonferrous metals, shipping industries, etc. rose.
The depreciation of the yen and appreciation of the dollar are progressing to the 157 yen level of exchange per dollar. It reached the 157 yen level for the first time in about 3 weeks after the government and the Bank of Japan seem to have intervened in yen purchases on 4/29 and 5/1. There is also strength in the US economic indicators last night, but since US Treasury Secretary Yellen stabbed the nail saying “exchange intervention is not a measure used on a daily basis,” speculation that it is difficult to implement the intervention for the third time is the driving force behind the depreciation of the yen and the appreciation of the dollar. There is a weak mood in the market where the depreciation of the yen is used as a material for stock appreciation, and it seems that the progress of the depreciation of the yen along with rising interest rates is regarded as wait-and-see material to refrain from aggressive trading. Despite today's drastic depreciation in the Tokyo market, the trading price of the previous prime market remains at 2.1 trillion yen, so I'm worried about the weakness of the push. I want to be wary of developments where the Nikkei Average will expand its decline again in the backstage.
■The dollar and yen are slowly rising to the 157 yen level
There was a slight price movement of the dollar and yen in the Tokyo market on the morning of the 24th, and the level was rounded up to the 157 yen level. Yen sales declined due to the drastic depreciation of the Nikkei Stock Average and a sense of caution against Japan's exchange intervention. However, dollar purchases, which expected a tightening policy from the US Federal Reserve (Fed), continued.
The transaction range up to this point is 156 yen 90 yen to 157 yen 14 sen for the dollar and yen, 169 yen 63 yen to 169 yen 87 sen for the euro and yen, and 1.0807 dollars to 1.0815 dollars for the euro dollar.
■Backstage check stocks
・6 stocks, such as Futrec ＜2468＞ and Run System ＜3326＞, have high stops
*Includes temporary stop height (sign value)
・East Elec ＜8035＞ is the top contributor to price drops, and Fast Rite ＜9983＞ is in the same 2nd place
■Economic indicators and statements from key figures
[Economic indicators]
・NZ・April trade balance: +901 billion NZ dollars (March: +476 million NZ dollars ← +588 million NZ dollars)
・Japan/April National Consumer Price Index (excluding fresh food): +2.2% compared to previous year (forecast: +2.2%, March: +2.6%)
[Remarks by VIPs]
・Deputy Governor of the Reserve Bank of NZ Hawkesby
“There are factors that need to be resolved before discussions on keeping interest rates unchanged and lowering them”
“Inflationary pressure continues. There is also a possibility that interest rate cuts will not be implemented until 2025”
・Silk NZ Reserve Bank Assistant Governor
“Short-term inflation risk. We are prepared to raise interest rates if necessary”
＜Domestic＞
・Nothing in particular
＜Overseas＞
・ 15:00 Anglo/April retail sales (including automobile fuel) (month-on-month forecast: -0.5%, March: 0.0%)
・ 15:00 German revised GDP value for the fiscal year ending January-March (year-on-year forecast: -0.9%, preliminary value: -0.9%)