"Chicago Nikkei Average Futures (CME)" (4th)

SEP24

O 37655 (in dollars)

H 37780

L 36550

C 36760 OSE -240 (Evening +240)

Vol 17253

SEP24

O 37630 (in yen)

H 37745

L 36520

C 36725, a decrease of 275 from the previous day (an increase of 205 from the evening)

Vol 37718

Overview of American Depositary Receipts (ADR) (4th)

In the ADR market, compared to the Tokyo Stock Exchange (at an exchange rate of 1 dollar = 143.64 yen), Japan Post Bank <7182>, Renesas <6723>, Hitachi Ltd <6501>, Nidec Corp <6594>, SoftBank Group <9984>, Tokyo Electron <8035>, Sony <6758>, etc. experienced a decline, with overall selling pressure.

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

7203 (TM.N) Toyota Motor 184.71 -1.44 2653 -21

8306 (MUFG.N) Mitsubishi UFJFG 10.42 -0.34 1497 -12

8035 (TOELY) Tokyo Electron 78.98 -2.05 22689 -306

6758 (SONY.N) Sony 94.46 -1.02 13568 -182

9432 (NTTYY) NTT 26.81 -0.04 154 -0.8

8058 (MTSUY) Mitsubishi Corp 20.19 -0.16 2900 17.5

6501 (HTHIY) Hitachi Ltd 46.08 -1.81 3309 -51

9983 (FRCOY) Fast Retailing 31.57 -0.82 45347 -393

SoftBank Group (SFTBY) 26.70 -0.82 7670 -111

Shin-Etsu Chemical Co., Ltd. (SHECY) 20.17 -0.85 5794 -38

ITOCHU Corporation (ITOCY) 103.19 -1.37 7411 -72

Sumitomo Mitsui Financial Group, Inc. (SMFG.N) 12.98 -0.37 9322 -93

Mitsui & Co., Ltd. (MITSY) 401.40 -8.37 2883 -24

Recruit Holdings Co., Ltd. (RCRUY) 11.65 -0.52 8367 -39

Daiichi Sankyo Company, Limited (DSNKY) 40.61 0.09 5833 -26

KDDI Corporation (KDDIY) 16.71 -0.20 4800 -22

7974 (NTDOY) Nintendo 13.36 0.06 7676 -22

8766 (TKOMY) Tokyo Marine Holdings 37.47 -0.78 5382 -54

7267 (HMC.N) Honda Motor 31.77 -0.59 1521 -9

2914 (JAPAY) Japan Tobacco 14.36 0.09 4125 -32

6902 (DNZOY) Denso 14.59 -0.26 2096 -25.5

4519 (CHGCY) Chugai Pharmaceutical 23.90 0.02 6866 -77

4661 (OLCLY) Orient Land 27.25 0.57 3914 -24

8411 (MFG.N) Mizuho Financial Group 4.13 -0.10 2966 -8

6367 (DKILY) Daikin Industries 12.31 -0.03 17682 -193

4502 (TAK.N) Takeda Pharmaceutical Industries 14.98 0.06 4303 -30

7741 (HOCPY) HOYA 135.50 -0.39 19463 -27

6503 (MIELY) Mitsubishi Electric Corp. Unsponsored ADR 32.23 -0.32 2315 -21.5

6981 (MRAAY) Murata Manufacturing Co., Ltd. 10.18 0.00 2925 -19

7751 (CAJPY) Canon Inc. 34.32 0.04 4930 -36

6273 (SMCAY) SMC 21.20 -0.27 60903 -697

7182 (JPPTY) Japan Post Bank Co., Ltd. Unsponsored ADR 8.25 -0.30 1185 -190.5

6146 (DSCSY) Disco 25.10 -1.00 36054 -156

3382 (SVNDY) Seven & I Holdings Co., Ltd. 15.12 0.22 2172 -17

8053 (SSUMY) Sumitomo Corporation 22.83 -0.35 3279 -21

6702 (FJTSY) Fujitsu Limited 19.18 0.01 2755 -14.5

6201 (TYIDY) Toyota Industries Corporation 76.72 0.14 11020 5

5108 (BRDCY) Bridgestone Corporation 18.68 -0.32 5366 -53

6178 (JPPHY) Japan Post Holdings Co., Ltd. 10.00 0.00 1436 22

8002 (MARUY) Marubeni Corporation 163.20 -3.15 2344 -24

6723 (RNECY) Renesas 7.75 -0.24 2226 -39

6954 (FANUY) Fanuc 13.95 -0.18 4008 -43

8725 (MSADY) M&AD Insurance HD 23.08 -0.35 3315 -35

8801 (MTSFY) Mitsui Fudosan 30.90 -0.50 1479 -3.5

6301 (KMTUY) Komatsu 26.37 -0.45 3788 -25

4901 (FUJIY) Fujifilm 13.16 -0.13 3781 -40

6594 (NJDCY) Nippon Denso 10.08 0.01 5792 -86

6857 (ATEYY) Advantest 42.40 -0.40 6090 -39

4543 (TRUMY) Terumo 18.47 -0.03 2653 -20

8591 (IX.N) Orix 122.13 -2.19 3509 -10

(Ranked 50th in market capitalization, converted at ¥143.64 per dollar)

"Top 5 ADR Increase" (4th)

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

5401 (NPSCY) Nippon Steel 7.60 3275 112 3.54

2801 (KIKOY) Kikkoman 22.80 1637 43.5 2.73

8830 (MITEY) Sumitomo Realty 17.00 4884 116 2.43

4307 (NRILY) Nomura Research Institute 35.32 5073 89 1.79

6178 (JPPHY) Japan Post 10.00 1436 22 1.56

"Top 5 ADR Decliners" (4th)

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

7182 (JPPTY) Yucho Bank 8.25 1185 -190.5 -13.85

8750 (DLICY) Dai-ichi Life Holdings 25.00 3591 -495 -12.11

7259 (ASEKY) Aisin Seiki 32.10 4611 -263 -5.40

6752 (PCRHY) Panasonic 8.29 1191 -37 -3.01

4911 (SSDOY) Shiseido 21.02 3019 -75 -2.42

"Overview of the US stock market" (4th)

NYDOW

Closing Price: 40974.97 Change from Previous Day: 38.04

Opening Price: 40872.06 High: 41172.59 Low: 40840.89

Year-to-date high: 41563.08 Year-to-date low: 37266.67

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

NASDAQ

Closing Price: 17084.30, Change from Previous Day: -52.00

Opening Price: 17015.71, High: 17232.65, Low: 16984.67

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: 5520.07, Change from Previous Day: -8.86

Opening Price: 5506.68, High: 5552.99, Low: 5503.66

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

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

30-year US Treasury bond yield: 4.06%, 10-year US Treasury bond yield: 3.756%

The US stock market was mixed. The Dow Jones closed at 40,974.97, up 38.04 points, while the Nasdaq closed at 17,084.30, down 52.00 points.

Concerns about the decline in the semiconductor sector led to a decline in the market after the opening. When the July JOLT job openings exceeded expectations and speculation of a significant rate cut increased, there was a temporary buyback that led to an increase. However, Atlanta Fed President Bostic mentioned the risks of labor market confusion in an essay and called for an early rate cut. In addition, the Federal Reserve System (FRB) stated in the Beige Book of the district banks' economic reports that there was a gradual slowdown in the economy and caution ahead of the employment statistics announcement limited the upside potential, resulting in a mixed close. In terms of sectors, automobiles and auto parts rose, while energy fell.

Semiconductor maker Advanced Micro Devices (AMD) received positive reports for hiring an AI expert from competitor Nvidia (NVDA), which caused its stock to rise. On the other hand, Nvidia received news that the Department of Justice had issued a subpoena in relation to antitrust law investigations, which caused its stock to decline. However, they denied receiving any document submission order and the decline narrowed. Discount retailer Dollar Tree (DLTR) saw a significant decline due to increased competition and weak consumer demand, leading to a downward revision of its full-year sales forecast.

Sporting goods retailer Dick's Sporting Goods (DKS) exceeded analysts' expectations for adjusted earnings per share in the second quarter, but its full-year outlook fell short of expectations, resulting in selling pressure. Food processing company Hormel Foods (HRL) experienced a decline due to a downward revision of its full-year sales forecast. United States Steel (X), a steel company, faced significant losses as reports indicated that the Biden administration is preparing to block the company's acquisition by Nippon Steel. Department store Nordstrom (JWN) reported that the founding family has presented a buyout proposal and is exploring going private, leading to weak performance.

Hewlett Packard Enterprise (HPE), a provider of information technology solutions, announced its quarterly earnings after the market closed. Despite an upward revision in outlook due to increased demand for AI, the profit margin for the AI server business is not impressive, leading to selling pressure in extended hours trading.

(Horiko Capital Management LLC)