Chicago Nikkei futures (CME) (26th)

SEP24

O 38035 (USD) H 38325 L 37660 C 38290 OSE ratio + 600 (evening ratio +90) Vol 11417 O 37765 (JPY) H 38265 L 37595 C 38235 OSE ratio + 545 (evening ratio +35) Vol 32404 In the ADR market, Shin-Etsu Chemical Industry <4063>, Advantest <6857>, Marubeni <8002>, Mitsui & Co. <8031>, Tokyo Electric <8035>, Japan Post <6178>, Toyota Motor <7203>, etc. are rising and the overall trend is buying.

$38,325

$37,660

C 38290 OSE ratio + 600 (evening ratio +90)

Vol 11417

SEP24

O 37765 (JPY)

¥38,265

¥37,595

C 38235 OSE ratio + 545 (evening ratio +35)

Vol 32404

Overview of American depositary receipts (ADR) (26th)

In the ADR market, Shin-Etsu Chemical Industry <4063>, Advantest <6857>, Marubeni <8002>, Mitsui & Co. <8031>, Tokyo Electric <8035>, Japan Post <6178>, Toyota Motor <7203>, etc. are rising and the overall trend is buying.

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

7203 (TM.N) Toyota Motor 192.52 -2.73 2960 51

8306 (MUFG.N) Mitsubishi UFJFG 11.13 0.09 1711 25.5

8035 (TOELY) Tokyo Electric 91.45 -2.14 28121 496

6758 (SONY.N) Sony 87.32 1.29 13425 205

9432 (NTTYY) NTT 25.95 0.23 160 2.1

8058 (MTSUY) Mitsubishi Corporation 20.50 0.40 3152 39

6501 (HTHIY) Hitachi Ltd sponsored ADR 41.41 1.41 3183 50

9983 (FRCOY) Fast Retailing 26.90 0.37 41359 509

9984 (SFTBY) SoftBank Group 30.17 -0.23 9277 103

4063 (SHECY) Shin-Etsu Chemical Industry Co., Ltd., 21.45, +1.37, 6596, 292.

8001 (ITOCY) ITOCHU Corporation, 98.57, +0.97, 7578, 106.

8316 (SMFG.N) Sumitomo Mitsui Financial Group, Inc., 13.88, +0.24, 10670, 125.

8031 (MITSY) Mitsui & Co., Ltd., 455.00, +7.67, 3498, 62.

6098 (RCRUY) Recruit Holdings Co., Ltd., 10.59, -0.02, 8141, 114.

4568 (DSNKY) Daiichi Sankyo Co., Ltd., 37.12, -0.48, 5707, 49.

9433 (KDDIY) KDDI Corporation, 14.70, +0.01, 4520, 7.

7974 (NTDOY) Nintendo Co., Ltd., 13.53, +0.19, 8321, 74.

8766 (TKOMY) Tokio Marine Holdings, Inc., 36.82, -0.27, 5661, 93.

7267 (HMC.N) Honda Motor Co., Ltd., 31.28, +0.41, 1603, 22.5.

2914 (JAPAY) Japan Tobacco Inc., 14.09, -0.04, 4333, 4.

6902 (DNZOY) DENSO Corporation, 15.62, +0.00, 2402, 30.5.

4519 (CHGCY) China Medical System Holdings Limited, 20.41, +0.06, 6276, 12.

4661 (OLCLY) Orient Land Co., Ltd., 28.69, +0.38, 4411, 10.

8411 (MFG.N) Mizuho Financial Group, Inc., 4.29, +0.02, 3298, 44.

6367 (DKILY) Daikin Industries, Ltd., 14.38, +0.39, 22109, 209.

4502 (TAK.N) Takeda Pharmaceuticals Co., Ltd., 13.77, +0.10, 4234, -11.

7741 (HOCPY) Hoya Corporation, 120.92, +2.67, 18591, 286.

6503 (MIELY) Mitsubishi Electric Corp., 32.29, -0.24, 2482, 33.5.

6981 (MRAAY) Murata Manufacturing Co., Ltd., 11.18, +0.15, 3438, 34.

7751 (CAJPY) Canon 30.39 1.00 4672 50 6273 (SMCAY) SMC 23.52 0.81 72324 1234 7182 (JPPTY) Yucho Bank 8.65 0.00 1330 -149.5 6146 (DSCSY) Disco 30.50 0.30 46894 794 3382 (SVNDY) Seven and I Holdings 11.27 -0.08 1733 3 8053 (SSUMY) Sumitomo Corporation 25.00 0.37 3844 60 6702 (FJTSY) Fujitsu 17.66 0.66 2715 15 6201 (TYIDY) Toyota Industries 81.36 0.70 12509 169 5108 (BRDCY) Bridgestone 19.79 0.27 6085 23 6178 (JPPHY) Japan Post Holdings 10.00 0.00 1538 27 8002 (MARUY) Marubeni 185.50 3.45 2852 51 6723 (RNECY) Renesas 8.01 -0.31 2463 21 6954 (FANUY) Fanuc 13.38 0.35 4114 17 8725 (MSADY) MS&AD Insurance 22.17 -0.02 3409 48 8801 (MTSFY) Mitsui Fudosan 29.20 0.50 1497 20.5 6301 (KMTUY) Komatsu 29.77 0.26 4577 37 4901 (FUJIY) Fujifilm 11.14 -0.20 3426 29 6594 (NJDCY) Nidec 11.10 -0.27 6827 104 6857 (ATEYY) Advantest 36.60 0.00 5627 122 4543 (TRUMY) Terumo 17.72 0.21 2724 25

6273 (SMCAY) SMC 23.52 0.81 72324 1234

7182 (JPPTY) Yucho Bank 8.65 0.00 1330 -149.5

6146 (DSCSY) Disco 30.50 +0.30 46894 794

3382 (SVNDY) Seven & I Holdings Co. Ltd. 11.27 -0.08 1733 3

8053 (SSUMY) Sumitomo Corporation 25.00 +0.37 3844 60

6702 (FJTSY) Fujitsu 17.66 0.66 2715 15

6201 (TYIDY) Toyota Industries 81.36 0.70 12509 169

5108 (BRDCY) Bridgestone 19.79 0.27 6085 23

6178 (JPPHY) Japan Post Holdings 10.00 0.00 1538 27

8002 (MARUY) Marubeni 185.50 3.45 2852 51

6723 (RNECY) Renesas 8.01 -0.31 2463 21

6954 (FANUY) Fanuc 13.38 0.35 4114 17

8725 (MSADY) MS&AD Insurance 22.17 -0.02 3409 48

8801 (MTSFY) Mitsui Fudosan 29.20 0.50 1497 20.5

6301 (KMTUY) Komatsu 29.77 0.26 4577 37

4901 (FUJIY) Fujifilm 11.14 -0.20 3426 29

6594 (NJDCY) Nidec 11.10 -0.27 6827 104

6857 (ATEYY) Advantest 36.60 0.00 5627 122

4543 (TRUMY) Terumo 17.72 0.21 2724 25

8591 (IX.N) Orix 115.93 1.21 3565 45

(Market capitalization top 50, at a rate of 1 dollar to 153.75 yen)

Top 5 ADR stock increases (26th)

Code Stock name Closing price Japanese yen exchange rate Japanese closing price comparison (%)

6988 (NDEKY) Nitto Denko 45.93 14123 1298 10.12

9107 (KAIKY) Kawasaki Kisen 15.76 2423 181 8.07

4063 (SHECY) Shin-Etsu Chemical 21.45 6596 292 4.63

2587 (STBFY) Suntory Food 18.32 5633 180 3.30

4578 (OTSKY) Otsuka Holdings 24.92 7663 171 2.28

Top 5 ADR stock declines (26th)

Code Stock name Closing price Japanese yen exchange rate Japanese closing price comparison (%)

4523 (ESAIY) Eisai Co 9.25 5689 -939 -14.17

8830 (MITEY) Sumitomo Realty 14.00 4305 -486 -10.14

7182 (JPPTY) Japan Post Bank 8.65 1330 -149.5 -10.10

8750 (DLICY) Dai-ichi Life HD 26.00 3998 -354 -8.13

2801 (KIKOY) Kikkoman 23.40 1799 -102.5 -5.39

US Stock Market Overview (26th)

NYDOW

Closing Price: 40589.34 Change from Previous Day: 654.27

Open: 40140.86 High: 40753.83 Low: 40140.86

Year-to-Date High: 41198.08 Year-to-Date Low: 37266.67

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

NASDAQ

Closing Price: 17357.88 Change from Previous Day: 176.16

Open: 17331.95 High: 17454.57 Low: 17239.99

Year-to-date high: 18647.45 Year-to-date low: 14510.30.

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

S&P 500

Closing Price: 5459.10 Change from Previous Day: 59.88

Opening: 5433.67, High: 5488.32, Low: 5430.70.

Year-to-date high: 5667.20, year-to-date low: 4688.68.

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

US 30-year Treasury bond: 4.458%, US 10-year Treasury bond: 4.193%.

The US stock market rose. The Dow Jones closed at 40,589.34, up 654.27 points, and the NASDAQ closed at 17,357.88, up 176.16 points. Supported by good earnings from major companies, the market rose after the opening. The PCE price index remained within expectations, confirming the trend of inflation slowdown, and the market continued to rise with expectations of interest rate cuts later this year. Buying based on expectations of a soft landing was also prominent, and the market remained firm throughout the day. In terms of sector, the rise of property service and development, and durable consumer goods and clothing were particularly remarkable.

KB Home (KBH) and DR Horton (DHI) in residential construction both rose due to expectations of increased sales due to interest rate cuts. 3M (MMM), which manufactures consumer and office products, significantly increased its net sales for the second quarter and raised its full-year profit outlook. Consumer goods manufacturer Colgate-Palmolive (CL) exceeded financial estimates for the second quarter and raised its full-year revenue outlook. Cable TV company Charter Communications (CHTR) also rose due to better-than-expected quarterly earnings, as broadband subscribers did not decrease as much as anticipated and mobile service helped drive growth.

Apple's (AAPL) iPhone shipments in China for the April-June quarter decreased by 3.1% compared to the same period last year and market share also declined. However, the target stock price has been raised by analysts, leading to a slight increase. In contrast, medical device maker Dexcom (DXCM), which focuses on designing and developing blood glucose monitoring systems for diabetes patients, significantly lowered its full-year outlook due to concerns about intensifying global competition, causing a sense of unease and a sharp decline.

The VIX index, which represents investor fear, dropped to 16.37.

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(Horiko Capital Management LLC)