Chicago Nikkei Futures (CME) on the 12th.

JUN24

O 38895 (dollar-denominated).

H 39285.

L 38795.

C 39165, +215 compared to the Tokyo Stock Exchange (evening -35).

Vol 6995.

JUN24

O 38930 (yen-denominated).

H 39285.

L 38800.

C 39170, +220 compared to the Tokyo Stock Exchange (evening -30).

Vol 29169.

Overview of American Depositary Receipts (ADR) on the 12th.

In the ADR market, DISCO <6146>, Advantest<6857>, Softbank G<9984>, Tokyo Electron<8035>, Recruit HD<6098>, HOYA<7741>, Mitsubishi Corporation<8058>, and other stocks rose compared to the Tokyo Stock Exchange (converted at 156.62 yen per dollar), with general buying dominance.

Code Company Name Closing Price Price Difference Converted Price Closing Price in Japan

7203 (TM.N) Toyota 205.65 0.34 3221 12

8306 (MUFG.N) Mitsubishi UFJ Financial Group 10.36 0.04 1623 4.5

8035 (TOELY) Tokyo Electron 115.39 2.86 36145 645

6758 (SONY.N) Sony 83.96 -1.04 13150 45

9432 (NTTYY) NTT 23.65 -0.10 148 0

8058 (MTSUY) Mitsubishi Corporation 20.79 0.11 3256 36

6501 (HTHIY) Hitachi, Ltd. 217.70 1.71 17048 8 : The overall sales volume of 18,000 kiloliters in 2023 increased by 28.10% year-on-year, showing significant growth. With respect to product structure, 10-30 billion yuan products have operating income of ¥4.01/¥12.88/¥0.06 respectively.

9983 (FRCOY) First Retailing Co., Ltd. 26.06 -0.28 40815 135

9984 (SFTBY) SoftBank Group Corp. 31.55 0.63 9883 180

4063 (SHECY) Shin-Etsu Chemical Co., Ltd. 19.83 0.37 6212 44

8001 (ITOCY) Itochu Corporation 95.33 2.62 7465 28

8316 (SMFG.N) Sumitomo Mitsui Financial Group, Inc. 12.93 -0.02 10125 -20

8031 (MITSY) Mitsui & Co., Ltd. 965.92 0.20 7564 6

6098 (RCRUY) Recruit Holdings Co., Ltd. 10.00 0.00 7831 120

4568 (DSNKY) Dainippon Sumitomo Pharma Co., Ltd. 36.00 -0.30 5638 12

9433 (KDDIY) KDDI Corporation 13.64 0.09 4273 -5

7974 (NTDOY) Nintendo Co., Ltd. 13.61 -0.10 8526 -19

8766 (TKOMY) Tokio Marine Holdings, Inc. 35.77 0.17 5602 6

7267 (HMC.N) Honda Motor Co., Ltd. 32.71 0.40 1708 0

2914 (JAPAY) Japan Tobacco Inc. 14.42 -0.04 4517 -20

6902 (DNZOY) Denso Corporation 15.68 0.01 2456 -14

4519 (CHGCY) Chugai Pharmaceutical Co., Ltd. 15.86 0.17 4968 2

4661 (OLCLY) Orient Land Co., Ltd. 28.00 -0.17 4385 7

8411 (MFG.N) Mizuho Financial Group, Inc. 4.01 0.02 3140 31

6367 (DKILY) Daikin Industries, Ltd. 14.47 0.17 22663 93

4502 (TAK.N) Takeda Pharmaceuticals Co., Ltd. 13.34 0.00 4179 14

7741 (HOCPY) HOYA 121.17 0.02 18978 228

6503 (MIELY) Mitsubishi Electric Corp. unsponsored adr 33.52 0.46 2625 -0.5

6981 (MRAAY) Murata Manufacturing Co., Ltd. 9.98 0.31 3126 9

7751 (CAJPY) Canon Inc. - Common Stock 28.80 -0.15 4511 13

6273 (SMCAY) SMC Corporation 25.11 0.25 78655 365

7182 (JPPTY) Japan Post Bank Co Ltd 8.75 -0.05 1370 -152

6146 (DSCSY) DISCO Corporation 40.40 2.40 63274 1304

3382 (SVNDY) Seven & i Holdings Co Ltd 12.93 -0.08 2025 -10

8053 (SSUMY) Sumitomo Corporation 25.86 0.11 4050 12

6702 (FJTSY) Fujitsu Limited - ADR 15.51 0.02 2429 15.5

6201 (TYIDY) Toyota Industries Corporation - ADR 85.71 -1.21 13424 -6

5108 (BRDCY) Bridgestone Corp (ADR) 21.43 0.20 6713 -10

6178 (JPPHY) Japan Post Holdings Co Ltd 9.00 0.00 1410 -76.5

8002 (MARUY) Marubeni Corp 191.62 2.18 3001 7.5

6723 (RNECY) Renesas Electronics Corp 9.49 -0.01 2973 17.5

6954 (FANUY) Fanuc Corp (ADR) 14.16 0.36 4435 3

8725 (MSADY) MS&AD Insurance Group Holdings Inc 20.25 0.15 3172 -2

8801 (MTSFY) Mitsui Fudosan Co., Ltd. - Unsponsored ADR 28.40 -0.20 1483 8.5

6301 (KMTUY) Komatsu Ltd. - ADR 29.22 -0.08 4576 22

4901 (FUJIY) Fujifilm Holdings Corp. - ADR 11.74 -0.06 3677 -6

6594 (NJDCY) Japan Electric, -0.03, 7017 -25. In Japan, a-reit etf is translated as TRUMY.

6857 (ATEYY) Advantest, 35.50 1.30, 5560 111.

4543 (TRUMY) Terumo, 17.24 -0.21, 2700 7.

8591 (IX.N) Orix, 110.35 0.39, 3457 19.

(Top 50 market capitalization, conversion at 1 dollar = 156.62 yen)

Top 5 ADR price increases (as of 12th)

Code company name last price Yen conversion price Japanese closing price compared (%).

7259 (ASEKY) Aisin Seiki, 39.18, 6136 424 7.42.

5401 (NPSCY) Nippon Steel, 7.43, 3491 97 2.86.

9107 (KAIKY) Kawasaki Kisen, 14.88, 2331 61 2.69.

4523 (ESAIY) Eisai Co, 10.74, 6728 145 2.20.

6146 (DSCSY) Disco, 40.40, 63274 1304 2.10.

Top 5 ADR price declines (as of 12th)

コード 　 　 　 銘柄名 　 　 　 　 終値 日本円換算価格 日本終値比 （％）

7182 (JPPTY) Japan Post Bank, 8.75, 1370 -152 -9.99.

8750 (DLICY) Dai-ichi Life, 23.80, 3728 -345 -8.47.

6178 (JPPHY) Japan Post, 9.00, 1410 -76.5 -5.15.

5020 (JXHLY) Eneos, 10.25, 803 -19.5 -2.37.

8830 (MITEY) Sumitomo Realty, 15.00, 4699 -107 -2.23.

Overview of the US stock market (as of 12th)

NYDOW

Closing price: 38,712.21, difference from previous day: -35.21

Opening price: 38,950.65, high: 39,120.26, low: 38,621.45.

Year-to-Date High: 40,003.59, Year-to-Date Low: 37,266.67

Previous Year High: 37,710.10, Previous Year Low: 31,819.14

NASDAQ

Closing price: 17,608.44, up 264.89 from the previous day.

Opening price: 17,502.15, high: 17,725.39 and low: 17,490.64.

Year-to-date high: 17,608.44 and year-to-date low: 14,510.30.

Previous Year High: 15,099.18, Previous Year Low: 10,305.24

S&P 500

Closing price: 5,421.03, up 45.71 from the previous day.

Opening price: 5,409.13, high: 5,447.25 and low: 5,409.13.

Year-to-date high: 5,421.03 and year-to-date low: 4,688.68.

Previous Year High: 4,783.35, Previous Year Low: 3,808.10

US 30-year bonds: 4.474%, US 10-year bonds: 4.312%.

US stock market ended mixed. The Dow Jones closed at 38,712.21, down 35.21 points, and the Nasdaq closed at 17,608.44, up 264.89 points. In sector news, automobile and auto parts, semiconductor and semiconductor equipment rose, while telecommunication services declined.

The market opened higher due to buying interest on the expectation of a rate cut this year after the May consumer price index (CPI) fell below expectations. However, the Dow turned lower after the Federal Reserve's Federal Open Market Committee (FOMC) decided to keep the policy rate, in line with expectations, but member forecasts revised the expected rate cut from three times to once this year and interest rate declines stopped. The Nasdaq rose steadily throughout the day, supported by the semiconductor sector, and set a new all-time high for the second consecutive day before ending mixed. In sectoral news, automobiles and auto parts, semiconductors and semiconductor production equipment rose, while telecommunication services declined.

Software maker Oracle (ORCL) continued to rise by AI enhancement through its partnership with OpenAI, a non-profit organization that provides services such as Google operated by Alphabet (GOOG) and chat GPT of conversational generated AI. Apple (AAPL) for mobile devices, also continued to be bought due to the expectation of new AI features called "Apple Intelligence". NVIDIA (NVDA) in the semiconductor industry continued to rise in anticipation of a stock split. Uber Technologies (UBER) in the transportation sector rose following an upward investment recommendation by an analyst. Paramount Global (PARA) in the media sector declined after a merger negotiation was cancelled and the investment recommendation was lowered by an analyst.

Broadcom (AVGO), a semiconductor manufacturer, announced its quarterly earnings after the close of trading, which exceeded earnings per share expectations and was well received for its stock split plan to turn one share into 10. It was bought in after-hours trading.

(Horiko Capital Management LLC)