On the 21st, the Chicago Nikkei futures (CME) were at O 38630 (dollar-denominated), H 38820, L 38400, C 38520, down by 80 points compared to the daytime session (up 30 points from the evening session), with a trading volume of 5876. On the other hand, the yen-denominated futures were at O 38585, H 38770, L 38350, C 38475, down by 125 points compared to the daytime session (down by 15 points from the evening session), with a trading volume of 22625.

SEP24

In the ADR market on the 21st, when converted to 1 dollar = 159.78 yen for comparison with the Tokyo Stock Exchange, Yucho Bank <7182>, Japan Post <6178>, Bridgestone <5108>, Renesas <6723>, Murata Manufacturing <6981>, Nidec <6594>, Tokyo Electron <8035>, etc. fell, and the market was slightly biased toward selling.

7203 (TM.N) Toyota Motor 193.58-0.96 3093 19 8306 (MUFG.N) Mitsubishi UFJ Financial 9.69-0.10 1548 1 8035 (TOELY) Tokyo Electron 108.58-0.11 34698 -222 6758 (SONY.N) Sony 80.53-0.30 12867 57 9432 (NTTYY) NTT 23.00 0.03 147 0 8058 (MTSUY) Mitsubishi Corporation 19.02-0.33 3039 -7 6501 (HTHIY) Hitachi Ltd Sponsored ADR 209.81-4.96 16762 -8

L 38400

C 38520, TSE index -80 (evening index +30)

Vol 5876

SEP24

O 38585 (denominated in yen)

H 38770

L 38350

C 38475, TSE index -125 (evening index -15)

Volume 22625

Overview of American Depositary Receipts (ADR) on the 21st.

In the ADR market, when converted to 1 dollar = 159.78 yen for comparison with the Tokyo Stock Exchange, Yucho Bank <7182>, Japan Post <6178>, Bridgestone <5108>, Renesas <6723>, Murata Manufacturing <6981>, Nidec <6594>, Tokyo Electron <8035>, etc. fell, and the market was slightly biased toward selling.

Code　　Company Name　　　　　Closing Price　Change from Previous Day　Price in JPY　Comparison to Japanese Price

7203 (TM.N) Toyota Motor Corp. 193.58 -0.96 3093 19

8306 (MUFG.N) Mitsubishi UFJ Financial Group, Inc. 9.69 -0.10 1548 1

8035 (TOELY) Tokyo Electric Power Co., Inc. 108.58 -0.11 34698 -222

6758 (SONY.N) Sony Corp. 80.53 -0.30 12867 57

9432 (NTTYY) Nippon Telegraph and Telephone Corp. 23.00 0.03 147 0

8058 (MTSUY) Mitsubishi Corp. 19.02 -0.33 3039 -7

Hitachi Ltd Sponsored ADR 209.81-4.96 16762 -8

9983 (FRCOY)　First Retail 25.17 0.18 40217 -133 9984 (SFTBY) SoftBank Group 30.87 -1.05 9865 -24 4063 (SHECY) Shin-Etsu Chemical Industry 18.98 -0.33 6065 -12 8001 (ITOCY) Itochu Corporation 92.00 -0.30 7350 89 8316 (SMFG.N) Sumitomo Mitsui Financial Group 12.53 -0.09 10010 10 8031 (MITSY) Mitsui & Co. 927.50 -7.67 7410 -8 6098 (RCRUY) Recruit Holdings 10.21 -0.10 8157 -50 4568 (DSNKY) Daiichi Sankyo 33.92 -0.45 5420 -30 9433 (KDDIY) KDDI Corporation 13.04 0.03 4167 -4 7974 (NTDOY) Nintendo Co Ltd 13.28 0.01 8488 6 8766 (TKOMY) Tokyo Marine Holdings 34.64 0.37 5535 18 7267 (HMC.N) Honda Motor Co Ltd 31.37 -0.18 1671 11 2914 (JAPAY) Japan Tobacco Inc 13.81 0.01 4413 -3 6902 (DNZOY) Denso Corp 15.15 -0.16 2421 -3.5 4519 (CHGCY) Chugai Pharmaceutical Co Ltd 16.06 -0.02 5132 -25 4661 (OLCLY) Orient Land Co Ltd 28.58 0.35 4567 13 8411 (MFG.N) Mizuho Financial Group Inc 3.86 -0.04 3084 -16 6367 (DKILY) Daikin Industries Ltd 14.47 0.05 23120 -55 4502 (TAK.N) Takeda Pharmaceuticals SP ADR 12.60 -0.01 4026 -2 7741 (HOCPY) Hoya Corporation 116.43 0.42 18603 33

9983 (FRCOY)　First Retail 25.17 0.18 40217 -133 9984 (SFTBY) SoftBank Group 30.87 -1.05 9865 -24 4063 (SHECY) Shin-Etsu Chemical Industry 18.98 -0.33 6065 -12 8001 (ITOCY) Itochu Corporation 92.00 -0.30 7350 89 8316 (SMFG.N) Sumitomo Mitsui Financial Group 12.53 -0.09 10010 10 8031 (MITSY) Mitsui & Co. 927.50 -7.67 7410 -8 6098 (RCRUY) Recruit Holdings 10.21 -0.10 8157 -50 4568 (DSNKY) Daiichi Sankyo 33.92 -0.45 5420 -30 9433 (KDDIY) KDDI Corporation 13.04 0.03 4167 -4 7974 (NTDOY) Nintendo Co Ltd 13.28 0.01 8488 6 8766 (TKOMY) Tokyo Marine Holdings 34.64 0.37 5535 18 7267 (HMC.N) Honda Motor Co Ltd 31.37 -0.18 1671 11 2914 (JAPAY) Japan Tobacco Inc 13.81 0.01 4413 -3 6902 (DNZOY) Denso Corp 15.15 -0.16 2421 -3.5 4519 (CHGCY) Chugai Pharmaceutical Co Ltd 16.06 -0.02 5132 -25 4661 (OLCLY) Orient Land Co Ltd 28.58 0.35 4567 13 8411 (MFG.N) Mizuho Financial Group Inc 3.86 -0.04 3084 -16 6367 (DKILY) Daikin Industries Ltd 14.47 0.05 23120 -55 4502 (TAK.N) Takeda Pharmaceuticals SP ADR 12.60 -0.01 4026 -2 7741 (HOCPY) Hoya Corporation 116.43 0.42 18603 33

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8001 (ITOCY) Itochu Corporation 92.00 -0.30 7350 89

8316 (SMFG.N) Sumitomo Mitsui Financial Group, Inc. 12.53 -0.09 10010 10

8031 (MITSY) Mitsui & Co., Ltd. 927.50 -7.67 7410 -8

6098 (RCRUY) Recruit Holdings Co., Ltd. 10.21 -0.10 8157 -50

4568 (DSNKY) Daiichi Sankyo Company, Limited 33.92 -0.45 5420 -30

KDDI Corporation 13.04 0.03 4167 -4

Nintendo Co Ltd 13.28 0.01 8488 6

Tokyo Marine Holdings 34.64 0.37 5535 18

Honda Motor Co Ltd 31.37 -0.18 1671 11

Japan Tobacco Inc 13.81 0.01 4413 -3

Denso Corp 15.15 -0.16 2421 -3.5

Chugai Pharmaceutical Co Ltd 16.06 -0.02 5132 -25

Orient Land Co Ltd 28.58 0.35 4567 13

Mizuho Financial Group Inc 3.86 -0.04 3084 -16

Daikin Industries Ltd 14.47 0.05 23120 -55

Takeda Pharmaceuticals SP ADR 12.60 -0.01 4026 -2

Hoya Corporation 116.43 0.42 18603 33

6503 (MIELY) Mitsubishi Electric Corp. unsponsored ADR at 31.11, down 0.16 (-0.51%) with 2485 volume on -2 change.

6981 (MRAAY) Murata Manufacturing Co., Ltd. at 10.35, down 0.13 (-1.24%) with 3307 volume on -29 change.

7751 (CAJPY) Canon Inc. at 27.16, down 0.09 (-0.33%) with 4340 volume on -5 change.

6273 (SMCAY) SMC Corporation at 23.68, down 0.36 (-1.49%) with 75672 volume on -28 change.

7182 (JPPTY) Yucho Bank Co., Ltd. at 8.35, up 0.00 (0.00%) with 1334 volume on -118.5 change.

6146 (DSCSY) Disco Corporation at 39.80, up 1.30 (3.37%) with 63592 volume on 32 change.

3382 (SVNDY) Seven & I Holdings Co., Ltd. at 12.12, down 0.03 (-0.25%) with 1937 volume on -7 change.

8053 (SSUMY) Sumitomo Corporation at 24.08, down 0.32 (-1.31%) with 3848 volume on 12 change.

6702 (FJTSY) Fujitsu Limited at 14.90, down 0.16 (-1.06%) with 2381 volume on -12 change.

6201 (TYIDY) Toyota Industries Corporation at 81.97, down 0.41 (-0.50%) with 13097 volume on 12 change.

5108 (BRDCY) Bridgestone Corporation at 19.85, down 0.37 (-1.83%) with 6343 volume on -71 change.

6178 (JPPHY) Japan Post Holdings Co., Ltd. at 9.00, up 0.00 (0.00%) with 1438 volume on -119.5 change.

8002 (MARUY) Marubeni Corporation at 184.23, down 1.20 (-0.65%) with 2944 volume on 9 change.

6723 (RNECY) Renesas Electronics Corporation at 9.55, down 0.04 (-0.42%) with 3052 volume on -27 change.

6954 (FANUY) FANUC Corporation at 13.07, down 0.11 (-0.83%) with 4177 volume on -20 change.

8725 (MSADY) MS&AD Insurance Group Holdings, Inc. at 19.74, up 0.08 (0.41%) with 3154 volume on -1 change.

8801 (MTSFY) Mitsui Fudosan Co., Ltd. at 26.50, down 0.40 (-1.49%) with 1411 volume on -4 change.

6301 (KMTUY) Komatsu Ltd. at 28.64, down 0.13 (-0.45%) with 4576 volume on 18 change.

4901 (FUJIY) Fujifilm Holdings Corporation at 11.52, down 0.06 (-0.52%) with 3681 volume on -6 change.

6594 (NJDCY) Nidec Corporation at 11.37, down 0.09 (-0.78%) with 7267 volume on -56 change.

6857 (ATEYY) Advantest 36.00 -0.10 5752 -33

4543 (TRUMY) Terumo 16.07 -0.17 2568 -11

8591 (IX.N) Orix 108.54 -0.42 3469 17

(Market cap top 50, 1 dollar = 159.78 yen)

"Top 5 ADR Increase" (21st)

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

7259 (ASEKY) Aisin Seiki 39.18 6260 1059 20.36

9107 (KAIKY) Kawasaki Kisen 14.88 2378 109 4.80

9503 (KAEPY) Kansai Electric Power 8.95 2860 113 4.11

2801 (KIKOY) Kikkoman 23.40 1869 44 2.41

5401 (NPSCY) Nippon Steel 7.11 3408 76 2.28

"Top 5 ADR Decrease" (21st)

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

8601 (DSEEY) Daiwa Securities Group Inc. 7.09 1133 -31 -2.66

8750 (DLICY) Dai-ichi Life Holdings Inc. 23.20 3707 -345 -8.51

7182 (JPPTY) Japan Post Bank Co., Ltd. 8.35 1334 -118.5 -8.16

6178 (JPPHY) Japan Post Holdings Co., Ltd. 9.00 1438 -119.5 -7.67

8830 (MITEY) Sumitomo Realty & Development Co., Ltd. 14.00 4474 -133 -2.89

"US Stock Market Overview" (21st)

NYDOW

Close: 39150.33 Change from previous day: 15.57

Open: 39208.51 High: 39257.18 Low: 39061.67

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

Close: 17689.36 Change from previous day: -32.23

Opening Price: 17681.01 Highest Price: 17787.34 Lowest Price: 17620.57

Year-to-date high: 17862.23, low: 14510.30.

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

S&P 500

Closing Price: 5464.62 Price Change from Previous Day: -8.55

Opening Price: 5466.77 Highest Price: 5478.31 Lowest Price: 5452.03

Year-to-date high: 5487.03, low: 4688.68.

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

30-Year US Treasury Bond: 4.398% 10-Year US Treasury Bond: 4.257%

The US stock market was mixed. The Dow Jones Average ended trading up 15.57 points at 39,150.33, while the Nasdaq Index closed down 32.23 points at 17,689.36.

Trading was mixed at the opening. Selling pressure from profit taking due to the expiry date of US stock options concentrated on Triple Witching Day was countered by buying support for stocks that had fallen behind. The Nasdaq Index was weighed down by the selling of semiconductors such as Nvidia and Micron Technology. The retail sector, durable consumer goods and clothing showed increases, while semiconductors and related manufacturing equipment fell, and banks and technology hardware and equipment declined.

Fast food giant McDonald's (MCD) rose after analysts suggested that its $5 meal deal would boost revenue in the US. Car rental company Hertz (HTZ) rose after its bond issue was well received. Sportswear maker Nike (NIKE) rose following an upgrade by analysts of its investment rating and target stock price. Spirit AeroSystems Holdings (SPR), which designs and manufactures aircraft, rose after reports that Boeing is closing in on acquiring the company.

Biopharmaceutical company Sarepta Therapeutics surged after the FDA approved the use of gene therapy drug 'Viltepso' for patients aged four years and over with Duchenne muscular dystrophy. Major financial institutions including Goldman Sachs (GS) and JP Morgan Chase (JPM) fell after US financial regulators announced the results of their review of 'living wills' submitted by banks for post-bankruptcy restructuring and ordered improvements to be made.

Semiconductor giant Nvidia continued to decline, losing its top spot in market capitalization. The company lost over $200 billion in market capitalization over the past two days.

(Horiko Capital Management LLC)