The Nikkei average fell for the third consecutive day, and trading was cautious after the SQ passage before the announcement of the BOJ meeting results.

Fisco Japan · Jun 14 11:06

日経平均は3日続落。前日比11.45円安（－0.03％）の38709.02円（出来高概算12億5000万株）で前場の取引を終えている。

13日の米国株式市場はまちまち。ダウ平均は65.11ドル安（－0.17％）の38647.10ドル、ナスダックは59.12ポイント高（＋0.34％）の17667.56、S&P500の12.71ポイント高（＋0.23％）の5433.74で取引を終了した。利下げの行方が不透明で寄り付き後、まちまち。新規失業保険申請件数の増加で景気減速への懸念も浮上し、ダウは大きく下落に転じた。ナスダックは半導体ブロードコムの好決算を受けて同セクターの買いがけん引し、終日堅調に推移し、連日で過去最高値を更新。ダウは終盤にかけ下げ幅を縮小も下落を消せず、まちまちで終了した。

米国株がまちまちのなか、6月限先物・オプション特別清算指数（SQ）算出に絡んだ売買がやや売りに傾いたとの観測から、東京市場は売り優勢で取引を開始した。寄り付き後の日経平均は一時切り返す場面も見られたが、日本銀行の金融政策決定会合の結果発表を控えていることもあり積極的な売買は手控えられ、買いは続かず。なお、朝方に算出されたSQ値は38535.35円（速報値）と、前引け時点では下に一度もつけない「幻のSQ値」となった。

日経平均採用銘柄では、トヨタ自＜7203＞、SUBARU＜7270＞、スズキ＜7269＞、いすゞ自動車＜7202＞など自動車関連の下げが目立ったほか、第一三共＜4568＞、エーザイ＜4523＞と製薬セクターも引き続き売り優勢となった。このほか、HOYA＜7741＞、SUMCO＜3436＞も売られた。

一方、川崎汽船＜9107＞、商船三井＜9104＞、日本郵船＜9101＞と海運株がそろって反発したほか、三菱重＜7011＞、フジクラ＜5803＞、ニデック＜6594＞も買い優勢となった。このほか、半導体関連はまちまちとなったが、ソフトバンクグループ＜9984＞、ルネサスエレクトロニクス＜6723＞が買われた。

業種別では、医薬品、輸送用機器、精密機器、保険業の4セクターのみ下落した一方、海運業、電気・ガス業、卸売業、建設業、パルプ・紙業などが上昇した。

東京時間11時45分時点では、まだ日銀会合の結果は伝わっていないが、市場の関心は大引け後15時30分に行われる植田和男日銀総裁の記者会見に集まりつつある。そのため、日銀会合の結果が想定通りの国債買い入れ額の減額に関する内容に留まった場合は、後場も様子見姿勢の強い地合いとなろう。一方、追加の利上げ実施に関して前向きな声明が出た場合、金利上昇で金融株が動意付く可能性はあるが、為替が円高に振れ輸出関連銘柄を中心に下落する可能性もある。想定外の結果発表となった場合、日経平均も下げ幅を広げる展開となろう。

The Nikkei average fell for the third day. At the end of the morning trading session, it was down 11.45 yen (-0.03%) from the previous day to 38,709.02 yen (with volume of approximately 1.25 billion shares traded). Product structure, 10-30 billion yuan products operating income of 401/1288/60 million yuan respectively.

On the 13th, the US stock market was mixed. The Dow Jones Industrial Average fell 65.11 points (-0.17%) to 38,647.10, while the NASDAQ rose 59.12 points (+0.34%) to 17,667.56, and the S&P 500 rose 12.71 points (+0.23%) to 5,433.74 at the end of trading. The direction of interest rate cuts was uncertain and the market was mixed after opening. Concerns about a slowdown in the economy have also arisen as the number of new applications for unemployment benefits has increased, causing the Dow to fall sharply. The NASDAQ remained firm throughout the day, boosted by buying of the semiconductor sector in response to Broadcom's strong earnings report, and continued to hit record highs for several days in a row. The Dow narrowed its losses towards the end, but could not erase its losses and ended mixed.

Amid concerns that trading related to the calculation of the June futures and options special settlement index (SQ) was tilted towards selling, the Tokyo market opened with a selling bias. Although there were some attempts to rebound after the opening, aggressive trading was restrained due to the upcoming announcement of the Bank of Japan's monetary policy meeting, and buying did not continue. The SQ value calculated in the morning was 38,535.35 yen (provisional value), and became a "phantom" SQ value that did not fall even once at the end of the morning session.

In the selection of Nikkei average stocks, declines in automobile-related stocks such as Toyota Motor <7203>, Subaru <7270>, Suzuki <7269>, and Isuzu Motors <7202> were conspicuous, and the pharmaceutical sector, including Daiichi Sankyo <4568> and Eisai <4523>, continued to be dominated by selling. In addition, HOYA <7741> and SUMCO <3436> were also sold off.

On the other hand, marine transportation stocks such as Kawasaki Kisen Kaisha <9107>, Mitsui OSK Lines <9104>, and Nippon Yusen Kabushiki Kaisha <9101> all rebounded, and Mitsubishi Heavy Industries <7011>, Fujikura <5803>, and Nidec <6594> were also dominated by buying. In addition, while the semiconductor sector was mixed, SoftBank Group <9984> and Renesas Electronics <6723> were bought.

Among sectors, only the four sectors of pharmaceuticals, transportation equipment, precision equipment, and insurance industry declined, while marine transportation industry, electric and gas industry, wholesale trade, construction industry, pulp and paper industry, etc. rose.

At 11:45 am Tokyo time, the outcome of the Bank of Japan meeting had not yet been announced, but the market's attention was turning to the press conference by Bank of Japan Governor Haruhiko Kuroda, which is scheduled to take place after the market close at 3:30 pm. Therefore, if the outcome of the Bank of Japan meeting is limited to a decrease in the expected amount of government bond purchases, the market will likely remain in a strong wait-and-see mood for the afternoon. On the other hand, if there is a positive statement regarding additional interest rate hikes, financial stocks could gain momentum due to rising interest rates, but the yen could rise and export-related stocks could decline. If the results are unexpected, the Nikkei average is likely to widen its losses.

The translation is provided by third-party software.

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日経平均は3日続落、SQ通過後は日銀会合結果発表前で売買手控え

The Nikkei average fell for the third consecutive day, and trading was cautious after the SQ passage before the announcement of the BOJ meeting results.

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