On the Chicago Nikkei Futures (CME) on the 27th.

SEP24

O 39530 (dollar-denominated).

H 39720.

L 39250.

C 39620, up 210 from the Osaka Stock Exchange (up 40 from the evening).

Vol 6267.

SEP24

O 39475 (yen-denominated).

H 39675.

L 39195.

C 39570, up 160 from the Osaka Stock Exchange (down 10 from the evening).

Vol 21801.

On the American Depositary Receipt (ADR) overview on the 27th.

In the ADR market, Sumitomo Corporation <8053>, Japan Tobacco Inc <2914>, Advantest <6857>, Tokio Marine Holdings Inc <8766>, Bridgestone Corporation unsponsored adr <5108>, Komatsu <6301>, SoftBank Group <9984>, and other companies rose, and there was a general buying trend.

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

7203 (TM.N) Toyota Motor 203.88 +0.70 3277 14

8306 (MUFG.N) Mitsubishi UFJ Financial Group, Inc. 10.40 +0.09 1672 7.5

8035 (TOELY) Tokyo Electric Industries Co., Ltd. 108.61 -0.21 34916 116

6758 (SONY.N) Sony Corporation 84.28 +1.42 13547 17

9432 (NTTYY) Nippon Telegraph and Telephone Corporation 23.60 +0.16 152 0.7

8058 (MTSUY) Mitsubishi Corporation 19.39 -0.11 3117 18

9983 (FRCOY) Fast Retailing Co., Ltd. 25.27 -0.20 40619 129

9984 (SFTBY) SoftBank Group 31.84 0.46 10236 101

4063 (SHECY) Shin-Etsu Chemical Industry 19.40 0.29 6237 38

8001 (ITOCY) Itochu Corporation 96.21 0.37 7732 76

8316 (SMFG.N) Sumitomo Mitsui Financial Group 13.04 0.06 10480 30

6098 (RCRUY) Recruit Holdings 10.71 0.21 8608 58

4568 (DSNKY) Daiichi Sankyo 34.27 -0.73 5509 3

9433 (KDDIY) KDDI Corporation 13.11 0.06 4215 -6

7974 (NTDOY) Nintendo Co Ltd 13.37 -0.01 8596 -2

8766 (TKOMY) Tokio Marine Holdings Inc 36.84 0.74 5922 73

7267 (HMC.N) Honda Motor Co Ltd 32.12 0.08 1721 8.5

2914 (JAPAY) Japan Tobacco Inc 13.83 -0.06 4446 76

6902 (DNZOY) Denso Corporation 15.56 0.09 2501 2.5

4519 (CHGCY) Chugai Pharmaceutical Co Ltd 18.14 0.21 5832 33

4661 (OLCLY) Oriental Land Co Ltd 28.16 0.04 4526 21

8411 (MFG.N) Mizuho Financial Group Inc 4.12 0.05 3311 12

6367 (DKILY) Daikin Industries Ltd 13.91 -0.30 22359 4

4502 (TAK.N) Takeda Pharmaceuticals SP ADR 12.91 -0.01 4150 -8

7741 (HOCPY) Hoya Corporation 116.66 -1.64 18752 102

6503 (MIELY) Mitsubishi Electric Corp. Unsponsored ADR 31.44 0.15 2527 19

6981 (MRAAY) Murata Manufacturing Co Ltd 10.28 0.13 3305 5

7751 (CAJPY) Canon 27.23 -0.37 4377 1

6273 (SMCAY) SMC 23.73 -0.04 76287 417

7182 (JPPTY) Yucho Bank 8.55 0.00 1374 -129

6146 (DSCSY) Disco 38.20 0.00 61403 573

3382 (SVNDY) Seven & I Holdings 12.14 -0.15 1951 -9

8053 (SSUMY) Sumitomo Corporation 25.00 0.13 4019 72

6702 (FJTSY) Fujitsu 15.70 0.50 2524 19

6201 (TYIDY) Toyota Industries 84.31 -0.92 13552 17

5108 (BRDCY) Bridgestone 19.86 -0.04 6385 76

6178 (JPPHY) Japan Post Holdings 9.00 0.00 1447 -129

8002 (MARUY) Marubeni 184.98 0.73 2973 17.5

6723 (RNECY) Renesas 9.33 0.02 2999 3.5

6954 (FANUY) FANUC 13.42 -0.06 4314 -6

8725 (MSADY) MS&AD Insurance Group Holdings 21.31 0.33 3425 8

8801 (MTSFY) Mitsui Fudosan 27.30 -0.10 1463 9.5

6301 (KMTUY) Komatsu 28.81 0.25 4631 47

4901 (FUJIY) Fujifilm Holdings 11.63 0.08 3739 -1

6594 (NJDCY) Nidec 11.46 0.07 7368 31

6857 (ATEYY) Advantest 39.30 0.60 6317 79

4543 (TRUMY) Terumo 16.40 0.22 2636 1.5

8591 (IX.N) Orix Corporation, 109.79 JPY (+0.29), 3530 shares, volume 32. 8802 (MITEY) Mitsubishi Estate, 15.43 JPY (+0.00), 2480 shares, volume 10.5. 9022 (CJPRY) JR Tokai Corp, 10.61 JPY (+0.02), 3411 shares, volume -19. (Top 50 market capitalization, 1 USD to JPY 160.74 conversion rate). "Top 5 ADR gainers" (as of the 27th). 7259 (ASEKY) Aisin Seiki, 33.72 USD, 5420 shares, volume 177, up 3.38%. 1605 (IPXHY) Japan Petroleum Exploration Co Ltd, 14.86 USD, 2389 shares, volume 60.5, up 2.60%. 5401 (NPSCY) Nippon Steel Corp, 7.21 USD, 3477 shares, volume 74, up 2.17%. 6326 (KUBTY) Kubota Corp, 70.64 USD, 2271 shares, volume 44, up 1.98%. 8309 (SUTNY) Sumitomo Mitsui Trust Holdings Inc, 4.61 USD, 3705 shares, volume 70, up 1.93%. "Top 5 ADR losers" (as of the 27th). 7182 (JPPTY) Japan Post Bank Co Ltd, 8.55 USD, 1374 shares, volume -129, down 8.58%. 6178 (JPPHY) Japan Post Holdings Co Ltd, 9.00 USD, 1447 shares, volume -129, down 8.19%. 8750 (DLICY) Dai-ichi Life Holdings Inc, 24.20 USD, 3890 shares, volume -329, down 7.80%. 8830 (MITEY) Sumitomo Realty & Development Co Ltd, 14.00 USD, 4501 shares, volume -176, down 3.76%. 5020 (JXHLY) ENEOS Holdings Inc, 10.00 USD, 804 shares, volume -16.1, down 1.96%. "US stock market overview" (as of the 27th). Closing price: 39164.06, up 36.26. Opening price: 39107.10, high: 39250.69, low: 39026.75. Closing price: 17858.68, up 53.53.

8802 (MITEY) Mitsubishi Estate, 15.43 JPY (+0.00), 2480 shares, volume 10.5.

9022 (CJPRY) JR Tokai Corp, 10.61 JPY (+0.02), 3411 shares, volume -19.

(Top 50 Market caps, converted to 1 dollar = 160.74 yen)

"Top 5 ADR gainers" (as of the 27th).

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

7259 (ASEKY) Aisin Seiki, 33.72 USD, 5420 shares, volume 177, up 3.38%.

1605 (IPXHY) Japan Petroleum Exploration Co Ltd, 14.86 USD, 2389 shares, volume 60.5, up 2.60%.

5401 (NPSCY) Nippon Steel Corp, 7.21 USD, 3477 shares, volume 74, up 2.17%.

6326 (KUBTY) Kubota Corp, 70.64 USD, 2271 shares, volume 44, up 1.98%.

8309 (SUTNY) Sumitomo Mitsui Trust Holdings Inc, 4.61 USD, 3705 shares, volume 70, up 1.93%.

"Top 5 ADR losers" (as of the 27th).

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 Co Ltd, 8.55 USD, 1374 shares, volume -129, down 8.58%.

6178 (JPPHY) Japan Post Holdings Co Ltd, 9.00 USD, 1447 shares, volume -129, down 8.19%.

8750 (DLICY) Dai-ichi Life Holdings Inc, 24.20 USD, 3890 shares, volume -329, down 7.80%.

8830 (MITEY) Sumitomo Realty & Development Co Ltd, 14.00 USD, 4501 shares, volume -176, down 3.76%.

5020 (JXHLY) ENEOS Holdings Inc, 10.00 USD, 804 shares, volume -16.1, down 1.96%.

"US stock market overview" (as of the 27th).

NYDOW

Closing price: 39164.06, up 36.26.

Opening price: 39107.10, high: 39250.69, low: 39026.75.

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: 17858.68, up 53.53.

Opening: 17793.95, High: 17892.78, Low: 17765.42

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: 5482.87, Change from previous day: 4.97

Opening: 5473.59, High: 5490.81, Low: 5467.54

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

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

US 30-year Treasury bond: 4.424%, US 10-year Treasury bond: 4.288%

The US stock market continued a small increase. The Dow Jones Index ended the trading day at 39,164.06, up 36.26 dollars, while the Nasdaq index ended trading at 17,858.68, up 53.53 points.

The market fell in the morning. Poor earnings reports from companies such as Micron and Walgreens Boots Alliance chilled investor sentiment. Investors were cautious ahead of the release of the May PCE price index, which the Federal Reserve Board pays attention to, but skepticism about the sustainability of the artificial intelligence (AI) boom arose due to Micron's disappointing outlook, causing semiconductor stocks such as NVIDIA to sell off. On the other hand, large tech stocks such as Amazon.com and Apple, which reached a market capitalization of 2 trillion dollars the day before, continued to be bought, supporting the market. By sector, retailers and real estate rose, while semiconductor and manufacturing equipment saw declines, as did various financials and food/lifestyle necessities.

Semiconductor company Micron Technology (MU) that posted quarterly earnings after market close on the previous day, saw their expected sales decline to fall below market expectations from June to August. Clothing manufacturer Levi Strauss (LEVI) saw increased revenue, but the market expectations were not reached and the stock sharply declined. Walgreens Boots Alliance (WBA), a drugstore chain, also fell sharply due to a downward revision of their full-year profit outlook due to the deterioration of the retail environment, as well as announcing plans for large-scale store closures. Goldman Sachs (GS), a financial stock, fell after receiving the results of the stress test by the Federal Reserve Board, which showed that their Tier 1 (CET1) ratio was lower than that of other companies.

Pet supply companies Chewy (CHWY) and Petco Health and Wellness (WOOF) surged temporarily. Investors reacted to Keith Gill, known as "Roaring Kitty," posting a picture of a dog on X. Gill was responsible for the GameStop stock surge in 2021 and is considered the leader of the meme stock boom.

Sporting goods maker Nike (NKE) is being sold in extended hours trading. In their earnings report released after trading ended, they warned that annual sales growth, excluding the pandemic, was the slowest in the past 14 years and that there is a possibility of downward revisions to their 2025 performance outlook.

(Horiko Capital Management LLC)