I would like to pay attention to the following 3 points in the 5-day advance transaction.

■While it is difficult to expect an autonomous rebound, the yen appreciates and shifts to merit stocks

■Ain HD, 25/4 revised upward operating profit 19.36 billion yen ← 17.8 billion yen

■Notable materials from the front: Mazda develops new engines for HVs, consolidates current models into 4 models

■While it is difficult to expect an autonomous rebound, the yen appreciates and shifts to merit stocks

The Japanese stock market on the 5th is likely to determine an immediate bottoming out amidst market developments where sales are dominant. In the US market on the 4th, the NY Dow was 38 dollars higher and the NASDAQ was 52 points lower. Since the number of JOLTS job offers in July declined more than expected, speculation about drastic interest rate cuts intensified. However, as a gradual slowdown in the economy was shown in the Regional Federal Reserve Economic Report (Beige Book) published by the US Federal Reserve (Fed), there was also a strong wait-and-see attitude of wanting to determine the results of the US employment statistics over the weekend. The Chicago Nikkei 225 futures settlement value is 36725 yen, 275 yen lower than Osaka. The yen exchange rate is hovering at 143 yen 50 yen per dollar.

It seems that the Nikkei Stock Average will start ahead of sales because it looks like it is moving towards Chicago futures. Purchases aimed at an autonomous backlash against the drastic decline the day before would be easy to enter, but in the United States, a 0.5% interest rate cut by the US Federal Open Market Committee (FOMC) is expected due to a slowdown in the labor market. The exchange market is trending towards the appreciation of the yen, with 1 dollar = 143 yen, and it is unlikely that rebound momentum will increase as we wait for US employment statistics over the weekend.

On the other hand, Nikkei 225 futures were sold up to 36520 yen during the night session. Immediately after the start, there was a slight rebound from the depreciation of 1790 yen the day before, but the upper price was suppressed around the 200-day line. If the same line seems to be perceived as a resistance line, it is easy for the short movement to intensify, and it seems that the milestone of around 36,000 yen will come into firing range. Yesterday's Nikkei Stock Average temporarily fell below 37,000 yen, and there is a possibility that the area around 37115 yen where the 25th line is located will be perceived as a resistance line.

If they seem to be disgusted by the sluggish return, it is thought that it is easy for sales gimmicks to move in even if it is in the short term. Yesterday, over 90% of the Tokyo Stock Exchange Prime stocks were lowered, but export stocks are thought to be difficult to handle due to the trend of yen appreciation, and attention is being paid to whether high-tech stocks are reluctant to decline due to the trend of high index impact.

Also, as the trend of yen appreciation intensifies, it will be easier for funds aimed at capturing price ranges to go to a corner, such as stocks that merit the appreciation of the yen. In addition, as bias from business to bottom associated with the index intensifies, it is thought that it is easy for individual-based funds to enter a corner of small and medium-sized stocks that are less likely to be transferred to the index.

■Ain HD, 25/4 revised upward operating profit 19.36 billion yen ← 17.8 billion yen

AIN HD ＜9627＞ announced revisions to its earnings forecast for the fiscal year ending 2025/4. Sales were revised upward from 415 billion yen to 453.5 billion yen, and operating income from 17.8 billion yen to 19.36 billion yen. During this first quarter period, in the pharmacy business, prescription unit prices rose due to prescriptions for high-cost pharmaceuticals, and the number of prescriptions remained steady. Even in the retail business, the number of customers has been strong, and unit prices are rising due to an increase in sales of Asian cosmetics and high-price cosmetics, etc., which we focus on.

■Notable materials from the front

・The NY Dow rose (40974.97, +38.04)

・The SOX index rose (4770.85, +11.85)

・Long-term US interest rates have declined

・Expectations that US inflation will calm down

・Active share buybacks

・Request for improvement of corporate value by the Tokyo Stock Exchange

・New engine development for Mazda ＜7261＞ HV; current models consolidated into 4 models

・Brother Industries ＜6448＞ compact MC with gear processing function, compatible with e-axle production

・UBE Mitsubishi Cement of the UBE ＜4208＞ Group develops 200 DX promotion human resources over 30 years

・Hitachi ＜6501＞ President innovates the site with data technology and utilizes AI and robots

・Ispace ＜9348＞ lunar rover transported to Japan and launched this winter

・Nippon Steel ＜5401＞The majority of US Steel directors are American citizens, governance policy

・ITOCHU ＜8001＞ invests in the development of the metaverse and expands sales of clothing and anime goods

・Kewso Distribution ＜9369＞Simultaneous transportation of confectionaries and luggage from different industries with double connected trucks with NLJ, etc.

・Yokogawa Electric ＜6841＞ battery electrode film thickness measuring instrument, lightweight and low power consumption

・Taiheiyo Cement ＜5233＞Seven companies including Mitsubishi Heavy Industries have adopted CCS business plans in Tohoku on the Sea of Japan side

・Dissemination of utilization services for NTT ＜9432＞IOWN international standardization

・SAFEE ＜4375＞Vietnam's current law supports improving work efficiency in the field

・Alps Alpine (6770) sells power inductor business to Taiwan

・TOPPAN HD ＜7911＞TOPPAN Digital, open detection IC label development, medical proposals

・SoftBank ＜9434＞ satellite communication for companies and local governments, provided in December

・Nidec (6594) adopted by Fujitsu as a water cooling mechanism and optical transmission system

・Toda Construction ＜1860＞ strengthens infrastructure through transfer of planting construction and management with rice and business expansion

・Daicel ＜4202＞ Improved biodegradability of plant-derived ingredients and cosmetics

☆ Front office event schedule

＜Domestic＞

・ 08:30 Total cash salary for July (year-on-year forecast: +2.9%, June: +4.5%)

・ 10:30 Bank of Japan deliberation committee member Takada greetings

＜Overseas＞

・ 10:30 Australia/July trade balance (forecast: +5 billion Australian dollars, June: +5.589 billion Australian dollars)