"Chicago Nikkei Futures (CME)" (3rd).

SEP24

O 40295 (USD) H 40775 L 40220 C 40705 Tokyo stock exchange comparison +105 (evening comparison +5) Vol 6534 O 40235 (JPY) H 40730 L 40170 C 40660 Tokyo stock exchange comparison +60 (evening comparison -40) Vol 22837

"Overview of American Depositary Receipt (ADR)" (3rd). In the ADR market, companies such as JR Tokai <9022>, Advantest <6857>, Mizuho FG <8411>, Tokyo Electron <8035>, Renesas <6723>, Toyoda Automatic Loom Works <6201>, Disco <6146>, and others have risen compared to the Tokyo Stock Exchange (converted at 161.61 yen per dollar), and there is a general buying trend.

L 40220

C 40705, Osaka Securities Exchange up 105 points (up 5 points from the evening session)

Vol 6534

SEP24

O 40235 (denominated in yen)

H 40730

L 40170

C 40660, Osaka Securities Exchange up 60 points (down 40 points from the evening session)

Volume 22837

"Overview of American Depositary Receipt (ADR)" (3rd). In the ADR market, companies such as JR Tokai <9022>, Advantest <6857>, Mizuho FG <8411>, Tokyo Electron <8035>, Renesas <6723>, Toyoda Automatic Loom Works <6201>, Disco <6146>, and others have risen compared to the Tokyo Stock Exchange (converted at 161.61 yen per dollar), and there is a general buying trend.

The ADR market has a general buying trend. Companies such as JR Tokai <9022>, Advantest <6857>, Mizuho FG <8411>, Tokyo Electron <8035>, Renesas <6723>, Toyoda Automatic Loom Works <6201>, Disco <6146> and others have risen compared to the Tokyo Stock Exchange (converted at a rate of 161.61 yen per dollar) on the 3rd of the month.

Code Company Name Closing Price Change Yen Conversion Price Japanese Closing Price Comparison

7203 (TM.N) Toyota 206.25 0.04 3333 8 8306 (MUFG.N) Mitsubishi UFJ Financial Group 11.16 -0.09 1804 3 8035 (TOELY) Tokyo Electron 112.70 3.25 36427 467 6758 (SONY.N) Sony 85.65 -1.01 13842 -68 9432 (NTTYY) NTT 24.53 0.35 159 0.5 8058 (MTSUY) Mitsubishi Shoji 20.78 0.22 3357 17 9983 (FRCOY) Fast Retailing 26.03 -0.03 42067 117

8306 (MUFG.N) Mitsubishi UFJFG 11.16, down 0.09, 1804 volume, 4.01/12.88/0.06 billion yuan respectively

8035 (TOELY) Tokyo Electric, 112.70, up 3.25, 36427 volume, 467

6758 (SONY.N) Sony, 85.65, down 1.01, 13842 volume, -68

9432 (NTTYY) NTT, 24.53, up 0.35, 159 volume, 0.5

8058 (MTSUY) Mitsubishi Corporation, 20.78, up 0.22, 3357 volume, 17

9983 (FRCOY) Fast Retailing, 26.03, down 0.03, 42067 volume, 117

9984 (SFTBY) SoftBank Group, 33.35, +0.60, 10779, 74. 4063 (SHECY) Shin-Etsu Chemical Co Ltd, 19.99, +0.39, 6461, 21. 8001 (ITOCY) Itochu Corp, 99.64, +0.22, 8051, 41. 8316 (SMFG.N) Sumitomo Mitsui FG Inc, 13.65, -0.04, 11030, 20. 6098 (RCRUY) Recruit Holdings Co Ltd, 10.79, +0.07, 8719, 48. 4568 (DSNKY) Daiichi Sankyo Co Ltd, 35.23, +0.27, 5694, 19. 9433 (KDDIY) KDDI Corp, 13.60, +0.10, 4396, 4. 7974 (NTDOY) Nintendo Co Ltd, 13.74, -0.05, 8882, -5. 8766 (TKOMY) Tokyo Marine Holdings Inc, 39.06, -0.31, 6312, 45. 7267 (HMC.N) Honda Motor Co Ltd, 32.48, +0.08, 1750, 11.5. 2914 (JAPAY) Japan Tobacco Inc, 13.86, +0.23, 4480, -7. 6902 (DNZOY) Denso Corp, 15.81, +0.07, 2555, 5. 4519 (CHGCY) China Grand Pharma, 18.52, +0.55, 5986, 3. 4661 (OLCLY) Orient Land Co Ltd, 28.05, +0.09, 4533, 32. 8411 (MFG.N) Mizuho Financial Group Inc, 4.32, -0.02, 3491, 45. 6367 (DKILY) Daikin Industries Ltd, 14.08, +0.33, 22755, 50. 4502 (TAK.N) Takeda Pharmaceutical Co Ltd, 13.11, +0.08, 4237, -1. 7741 (HOCPY) Hoya Corp, 120.81, +0.40, 19524, 74. 6503 (MIELY) Mitsubishi Electric Corp, 33.07, +0.58, 2672, 13.5. 6981 (MRAAY) Murata Manufacturing Co Ltd, 11.04, +0.64, 3568, -12.

4063 (SHECY) Sumitomo Chemical Co., Ltd, 19.99, +0.39, 6461, 21. As for the product structure, the operating income of 10-30 billion yuan products is 401/1288/60 million yuan respectively.

Please use your Itochu account.

8316 (SMFG.N) Sumitomo Mitsui Financial Group, Inc. 13.65 -0.04 (-0.29%) 11030 20

6098 (RCRUY) Recruit HD, 10.79, +0.07, 8719, 48.

4568 (DSNKY) Daiichi Sankyo, 35.23, +0.27, 5694, 19.

9433 (KDDIY) KDDI, 13.60, +0.10, 4396, 4.

7974 (NTDOY) Nintendo Co Ltd, 13.74, -0.05, 8882, -5.

8766 (TKOMY) Tokio Marine Holdings Inc, 39.06, -0.31, 6312, 45.

7267 (HMC.N) Honda Motor Co Ltd, 32.48, +0.08, 1750, 11.5.

2914 (JAPAY) Japan Tobacco Inc, 13.86, +0.23, 4480, -7.

6902 (DNZOY) Denso Corp, 15.81, +0.07, 2555, 5.

4519 (CHGCY) Chugai Pharmaceutical Co., Ltd. 18.52 +0.55 (+3.06%) 5986 3

4661 (OLCLY) Orient Land Co Ltd, 28.05, +0.09, 4533, 32.

8411 (MFG.N) Mizuho Financial Group Inc, 4.32, -0.02, 3491, 45.

6367 (DKILY) Daikin Industries Ltd, 14.08, +0.33, 22755, 50.

4502 (TAK.N) Takeda Pharmaceuticals Sp Adr, 13.11, +0.08, 4237, -1.

7741 (HOCPY) HOYA, 120.81, +0.40, 19524, 74.

6503 (MIELY) Mitsubishi Electric Corp. Unsponsored Adr, 33.07, +0.58, 2672, 13.5.

6981 (MRAAY) Murata Manufacturing Co Ltd, 11.04, +0.64, 3568, -12.

7751 (CAJPY) Canon 27.43 -0.07 4433 0 6273 (SMCAY) SMC 24.53 0.40 79286 286 7182 (JPPTY) Japan Post Bank 8.80 -0.15 1422 -151 6146 (DSCSY) Disco 40.20 1.70 64967 677 3382 (SVNDY) Seven & i Holdings 12.22 0.00 1975 -1 8053 (SSUMY) Sumitomo Corporation 25.49 -0.09 4119 33 6702 (FJTSY) Fujitsu 16.55 0.48 2675 1.5 6201 (TYIDY) Toyota Industries 87.34 2.39 14115 165 5108 (BRDCY) Bridgestone 19.40 -0.16 6270 41 6178 (JPPHY) Japan Post Holdings 9.00 0.00 1454 -192.5 8002 (MARUY) Marubeni 191.51 -0.29 3095 18 6723 (RNECY) Renesas 9.92 0.52 3206 38 6954 (FANUY) Fanuc 13.89 0.10 4490 14 8725 (MSADY) MS & AD Insurance Holdings 23.66 0.00 3824 16 8801 (MTSFY) Mitsui Fudosan 27.80 0.20 1498 9.5 6301 (KMTUY) Komatsu 30.61 0.50 4947 41 4901 (FUJIY) Fujifilm 12.00 0.35 3879 5 6594 (NJDCY) Nidec 10.86 -0.11 7020 -13 6857 (ATEYY) Advantest 41.70 1.20 6739 105 4543 (TRUMY) Terumo 16.63 0.39 2688 3

6273 (SMCAY) SMC 24.53 0.40 79286 286

7182 (JPPTY) Japan Post Bank 8.80 -0.15 1422 -151

6146 (DSCSY) Disco 40.20 1.70 64967 677

3382 (SVNDY) Seven & i Holdings 12.22 0.00 1975 -1

8053 (SSUMY) Sumitomo Corporation 25.49 -0.09 4119 33

6702 (FJTSY) Fujitsu 16.55 0.48 2675 1.5

6201 (TYIDY) Toyota Industries 87.34 2.39 14115 165

5108 (BRDCY) Bridgestone 19.40 -0.16 6270 41

6178 (JPPHY) Japan Post Holdings 9.00 0.00 1454 -192.5

8002 (MARUY) Marubeni 191.51 -0.29 3095 18

6723 (RNECY) Renesas 9.92 0.52 3206 38

6954 (FANUY) Fanuc 13.89 0.10 4490 14

8725 (MSADY) MS & AD Insurance Holdings 23.66 0.00 3824 16

8801 (MTSFY) Mitsui Fudosan 27.80 0.20 1498 9.5

6301 (KMTUY) Komatsu 30.61 0.50 4947 41

4901 (FUJIY) Fujifilm 12.00 0.35 3879 5

6594 (NJDCY) Nidec 10.86 -0.11 7020 -13

6857 (ATEYY) Advantest 41.70 1.20 6739 105

4543 (TRUMY) Terumo 16.63 0.39 2688 3

8591 (IX.N) Orix Corp, 114.77, +1.89, 3710, 28.

8802 (MITEY) Mitsubishi Estate Co Ltd, 15.91, +0.25, 2571, 12.

9022 (CJPRY) JR Tokai, 11.01, +0.29, 3559, 80.

(Top 50 market capitalization, converted to 1 dollar = 161.61 yen)

"Top 5 ADRs with the highest increase in (stock) price" (as of the 3rd)

Code Company Name Closing Price Japanese Yen Conversion Rate Japanese Closing Price Ratio (%)

9503 (KAEPY) Kansai Electric Power 8.78 2838 82 2.98

5020 (JXHLY) ENEOS 10.70 865 22.4 2.66

5802 (SMTOY) Sumitomo Electric Industries 15.47 2500 59 2.42

9022 (CJPRY) JR Central 11.01 3559 80 2.30

7270 (FUJHY) Subaru Corp unsponsored ADR 11.00 3555 76 2.18

"Top 5 ADRs with the highest decrease in (stock) price" (as of the 3rd)

Code Company Name Closing Price Japanese Yen Conversion Rate Japanese Closing Price Ratio (%)

6178 (JPPHY) Japan Post Holdings 9.00 1454 -192.5 -11.69

7182 (JPPTY) Japan Post Bank 8.80 1422 -151 -9.60

8750 (DLICY) Dai-ichi Life Holdings 26.00 4202 -410 -8.89

8830 (MITEY) Sumitomo Realty & Development 14.00 4525 -366 -7.48

9107 (KAIKY) Kawasaki Kisen Kaisha 16.36 2644 -101 -3.68

"US Stock Market Summary" (as of the 3rd)

NYDOW

Closing price: 39,308.00 Previous day change: -23.85

Opening price: 39,358.95 High: 39,411.17 Low: 39,230.86

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: 18,188.30 Previous day change: 159.54

Opening price: 18,016.12 High: 18,188.30 Low: 18,016.12

Year-to-date high: 18,188.30 Year-to-date low: 14,510.30

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

S&P 500

Closing price: 5,537.02 Previous day change: 28.01

Opening price: 5,507.44 High: 5,539.27 Low: 5,507.42

Year-to-date high: 5537.02, year-to-date low: 4688.68.

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

30-year US Treasury yield: 4.53%, 10-year US Treasury yield: 4.36%.

The US stock market was mixed. The Dow Jones Industrial Average closed at 39,308.00, down 23.85 dollars, while the Nasdaq Index closed at 18,188.30, up 159.54 points.

The opening was mixed. Labor-related indicators released early in the morning weakened, and the decline in long-term interest rates supported the market. In the shortened trading session on the day before the Independence Day holiday, the market was lackluster, and the Dow Jones Industrial Average fell slightly as investors adopted a wait-and-see attitude amid the release of the minutes of the Federal Open Market Committee (FOMC) meeting in June and the upcoming release of June employment statistics on the 5th. The Nasdaq Index was buoyed by gains in Tesla and Nvidia and steadily rose to a new high. Among the sectors, automobiles and auto parts rose significantly, and semiconductors and related manufacturing equipment also stood out. On the other hand, retailing, pharmaceuticals/biotechnology, health care equipment/services, and others fell.

Electric vehicle manufacturer Tesla (TSLA) continued to rise. The purchase of more customer deliveries in the April-June period, which exceeded expectations announced the day before, has led to continued buying. Paramount Global (PARA), a US media and movie giant, rose after reports that Skydance Media, an independent film production company, has reached a provisional agreement to acquire National Amusements, the owner of Paramount, and integrate its business with Paramount.

Constellation Brands (STZ), a beverage company that produces beer and other drinks, announced its quarterly results, with adjusted earnings per share exceeding expectations but revenue falling short and causing shares to sell off. Amazon.com, the largest online retailer, fell in response to news that founder Jeff Bezos plans to sell about $5 billion worth of Amazon shares he owns, according to documents submitted to regulators.

Private sector employment in June, as measured by ADP, increased by 150,000, but the pace of growth slowed from the previous month and fell below market expectations. Weekly initial jobless claims increased more than expected, indicating that the labor market is cooling. The June employment report, to be released on the 5th, is expected to show that non-farm payrolls increased by 190,000, slower than the 272,000 increase in the previous month.

(Horiko Capital Management LLC)