I would like to pay attention to the following 3 points in the transaction before 6/3.

■Flows of funds into stocks where a sense of undervaluation is perceived

■ACCESS turns 1Q operating loss into deficit ▲888 million yen

■Notable materials from the front floor: Sony G acquires an additional 100,000 **** meters of land adjacent to the new Kumamoto plant

■Flows of funds into stocks where a sense of undervaluation is perceived

The Japanese stock market on the 3rd is likely to develop with a strong sense of familiarity after starting with pre-purchase. In the US market on 5/31, the NY Dow rose by 574 dollars and the NASDAQ depreciated by 2 points. Since the PCE core price index for April was as expected, buying dominance developed due to expectations of interest rate cuts by the end of the year. Weekend adjustments, index swaps, etc. had an impact, and the NY Dow expanded its pick-up range at the end of the game. Meanwhile, the NASDAQ semiconductor sector was pushed by profit-making sales, but the decline narrowed and ended. Chicago Nikkei 225 futures are 38635 yen, 145 yen higher than Osaka. The yen exchange rate has been hovering in the 157 yen 30 yen range per dollar.

It seems that they will start slightly ahead of buying, starting in the form of falling in favor of Chicago futures. There was also a scene where Nikkei 225 futures temporarily dropped to 38280 yen during the night session, but it turned back and forth until the end of the game, and ended at 38730 yen. Since the PCE core price index, which had been attracting attention in the US market, matched expectations, US long-term interest rates have declined, which seems to lead to a sense of security.

The Nikkei Stock Average rebounded last weekend for the first time in 4 days and ended by recovering to the level of the 25th line. Due in part to the effects of the MSCI rebalance, the Tokyo Stock Exchange Prime Market trading volume had swelled to 2.98 billion shares. Since the supply-demand event associated with the rebalance has passed, there is a possibility that the movement will lighten. Since they are preparing for a monetary policy meeting between the US Federal Open Market Committee (FOMC) and the Bank of Japan next week, there is a possibility that aggressive trading will be refrained, but since the US will enter a blackout period, Fed officials will be in a silent period, so calm movements are expected.

Since the Nikkei Stock Average is expected to start above the 25th line in the form of falling close to Chicago futures, it would be easy for the same line to be perceived as a support line. Ahead of the important event next week, there is a possibility that sales methods will show a buyback movement, and it is also thought that it is easy for buyers to buy with the aim of waiting for a push that assumes gas loss after the event has passed. It may be difficult to handle high-tech stocks due to values that have a large impact on the index, but it seems that capital inflows into stocks where a sense of undervaluation is conscious, such as the PBR 1 times split, is expected.

■ACCESS turns 1Q operating loss into deficit ▲888 million yen

The financial results for the first quarter of the fiscal year ending January 2025 announced by ACCESS ＜4813＞ were sales down 11.7% from the same period last year to 3.458 billion yen, and operating profit and loss were in deficit of 888 million yen (surplus of 356 million yen in the same period last year). With the network business as a focus field, we are working to further expand the scale of business in the white box market and stabilize the IoT business/web platform business. The reaction of large orders received in the network business in the same quarter of the previous year had an impact.

■Notable materials from the front

・The Nikkei Average rose (38487.90, +433.77)

・The NY Dow rose (38686.32, +574.84)

・1 dollar = 157.20-30 yen

・Chicago Nikkei futures rose (38635, +145 compared to Osaka)

・The VIX Index declined (12.92, -1.55)

・Long-term US interest rates have declined

・Expectations that US inflation will calm down

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

・Sony G (6758) acquired an additional 100,000 **** meters of land adjacent to the new Kumamoto plant

・Nippon Steel ＜5401＞ Vice Chairman Mori talks about the acquisition of US Steel and participates in a rice rally for the first time

・Sony G (6758) increases in-vehicle image sensor market share to 43% in fiscal year ended 27/3

・Nissan's own ＜7201＞ president led the optimization of transactions and the establishment of a new organization under direct control

・C&F Logistics HD ＜9099＞SGHD is double the price of TOB and Maruwa

・Mitsui Chemicals ＜4183＞Deepening semiconductor market in Korea

・Hitachi ＜6501＞ completes acquisition of Thales railway signal business, digitalization of traffic in Europe

・Sumitomo Corporation ＜8053＞10 million tons of CO2 collected and stored in Canada, for power plants, etc. in 2 years

・Business integration with Ai HD ＜3076＞Iwasaki Communication Equipment and became a wholly owned subsidiary in October

・Sumitomo Chemical ＜4005＞ Stock sale of 2 overseas aluminum refining companies, business structure review

・Fukuoka FG ＜8354＞ “Everyone's Bank” withdrawal review report denied

・Hamamatsu Photonics ＜6965＞Turn a Danish company into a subsidiary company and develop laser-related development

・Nomura HD ＜8604＞LINE Securities shares transferred to Z Financial

・Hino's ＜7205＞ withdrew from the US parts business and closed the plant for Toyota around the end of '27

・Increased production of die-cast parts for Ryobi (5851) cars and expanded Mexican plant

・Hitachi Zosen ＜7004＞Enhancement of reactor and tank production systems for alternative fuels

・CKD＜6407＞India component products plant completed to capture Asian demand

・NTN ＜6472＞New Mid-term Finance consolidates domestic and overseas bases into the automobile business

・Enshu ＜6218＞aims for 5.4 times operating profit for the fiscal year ending 29/3

・Kawasaki Shigeru ＜7012＞ small satellite separator etc. confirmed normal operation in space

・Kubota ＜6326＞ “Combined Robot” with Mitsubishi Electric unveiled, remote control x all-terrain transport

☆ Front office event schedule

＜Domestic＞

・ 08:50 Corporate enterprise statistics survey for the fiscal year ending 1-3 year/total industrial equipment investment (fiscal year 10-12: +16.4% compared to the previous year)

＜Overseas＞

・ 10:45 Mid-May fiscal new manufacturing PMI (forecast: 51.6, April: 51.4)