“Chicago Nikkei Average Futures (CME)” (10th)

SEP24

O 36305 (in dollars)

H 36555

L 35615

C 36150 large margin +0 (evening ratio +50)

Vol 14340

SEP24

O 36295 (in yen)

H 36545

L 35610

C 36140 large margin -10 (evening ratio +40)

Vol 39409

“American Depositary Receipts Overview (ADR)” (10th)

In the ADR market, Japan Post Bank ＜7182 ＞, Honda Motor Co., Ltd. ＜7267＞, Seven & i HD ＜3382＞, Toyota Industries ＜6201＞, Fujifilm ＜4901＞, Denso ＜6902＞, Fujitsu ＜6702＞, etc. fell in comparison with the Tokyo Stock Exchange (142.43 yen equivalent to 1 dollar), and general sales dominance.

Code stock name closing price compared to previous day Japanese yen conversion price Japanese closing price ratio

7203 (TM.N) Toyota Motor Corporation 174.18 -1.90 2481 -18.5

8306 (MUFG.N) Mitsubishi UFJFG 10.12 -0.09 1441 -4.5

8035 (TOELY) Tokyo Elec 78.50 3.32 22362 102

6758 (SONY.N) Sony 92.98 1.93 13243 48

9432 (NTTYY) NTT 26.38 -0.65 150 -0.2

8058 (MTSUY) Mitsubishi Corporation 20.11 0.18 2864 2.5

6501 (HTHIY) Hitachi 46.20 0.90 3290 -10

9983 (FRCOY) Fast Lite 30.62 0.05 43612 -28

9984 (SFTBY) SoftBank G 27.68 0.48 7885 42

4063 (SHECY) Shin-Etsu Chemical 19.57 -0.06 5575 2

8001 (ITOCY) ITOCHU Corporation 106.28 0.44 7569 -3

8316 (SMFG.N) Sumitomo Mitsui FG 12.66 -0.06 9016 -20

8031 (MITSY) Mitsui & Co. 396.26 -3.24 2822 -4

6098 (RCRUY) Recruit HD 12.00 0.22 8546 24

4568 (DSNKY) Daiichi Sankyo 37.24 -0.66 5304 29

9433 (KDDIY) KDDI 16.91 0.02 4817 -7

7974 (NTDOY) Nintendo 13.45 -0.07 7663 -32

8766 (TKOMY) Tokio Marine HD 35.92 -0.25 5116 6

7267 (HMC.N) Honda Motor 30.84 -0.69 1464 -22.5

2914 (JAPAY) Nippon Tobacco Industry 14.72 0.03 4193 -14

6902 (DNZOY) Denso 14.11 -0.15 2010 -18

4519 (CHGCY) Chugai Pharmaceutical 23.10 0.25 6580 -4

4661 (OLCLY) ORIENLAND 27.55 0.23 3924 -11

8411 (MFG.N) Mizuho FG 3.99 -0.02 2841 9

6367 (DKILY) Daikin Industries 11.87 -0.14 16906 -19

4502 (TAK.N) Takeda Pharmaceutical 14.89 0.01 4242 -25

7741 (HOCPY) HOYA 133.81 -1.01 19059 44

6503 (MIELY) Mitsubishi Electric 31.29 -0.43 2228 -4

6981 (MRAAY) Murata Manufacturing 9.47 -0.23 2698 -2.5

7751 (CAJPY) Canon 33.80 -0.07 4814 -11

6273 (SMCAY) SMC 20.52 -0.36 58453 -307

7182 (JPPTY) Japan Post Bank 8.40 -0.05 1196 -163.5

6146 (DSCSY) disco 23.80 0.20 33898 268

3382 (SVNDY) Seven & i HD 15.13 -0.30 2155 -27

8053 (SSUMY) Sumitomo Corporation 22.36 -0.13 3185 -8

6702 (FJTSY) Fujitsu 19.41 -0.26 2765 -23

6201 (TYIDY) TOYOTA INDUSTRIES 74.06 -1.11 10548 -112

5108 (BRDCY) Bridgestone 18.77 -0.22 5347 -28

6178 (JPPY) Japan Post 10.00 0.00 1424 22.5

8002 (MARUY) Marubeni 158.76 -2.23 2261 -2

6723 (RNEcy) Renesas 7.39 0.07 2105 -10.5

6954 (FANUY) FANUC 13.35 0.02 3803 3

8725 (MSADY) MS&AD Insi HD 22.41 -0.10 3192 -8

8801 (MTSFY) Mitsui Fudosan 29.90 -0.60 1420 -1.5

6301 (KMTUY) Komatsu Seisakusho 25.75 -0.15 3668 10

4901 (FUJIY) FUJIFILM 13.25 -0.14 3774 -36

6594 (NJDCY) Nidec 9.99 -0.10 5692 -2

6857 (ATEYY) ADVANTEST 41.60 0.90 5925 26

4543 (TRUMY) Terumo 18.16 -0.61 2587 -10.5

8591 (IX.N) ORIX 119.43 -0.65 3402 -28

(Top 50 by market capitalization, converted to 142.43 yen per dollar)

“Top 5 ADR Growth Rate Stocks” (10th)

Code stock name closing price Japanese yen conversion price Japanese closing price ratio (%)

9107 (KAIKY) Kawasaki Kisen 15.08 2148 228.5 11.90

5020 (JXHLY) ENEOS 11.27 803 55.7 7.45

9503 (KAEPY) Kansai Electric Power 8.85 2521 84.5 3.47

9101 (NPNYY) NYK 6.71 4779 149 3.22

5401 (NPSCY) Nippon Steel 7.20 3076 55 1.82

“Top 5 ADR Decline Rate Stocks” (10th)

Code stock name closing price Japanese yen conversion price Japanese closing price ratio (%)

7182 (JPPTY) JP BANK 8.40 1196 -163.5 -12.03

8750 (DLICY) Dai-ichi Life HD 23.20 3304 -448 -11.94

1605 (IPXHY) International Petroleum Development 13.25 1887 -36 -1.87

8601 (DSEEY) Daiwa Securities G Headquarters 6.99 996 -16.5 -1.63

7267 (HMC.N) Honda Motor 30.84 1464 -22.5 -1.51

“US Stock Market Overview” (10th)

NYDOW

Closing price: 40736.96 YoY: -92.63

Opening Price: 40916.50 High Price: 40916.50 Low Price: 40417.48

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

Previous year high: 37710.10 Previous year low price: 31819.14

Nasdaq

Closing price: 17025.88 compared to the previous day: 141.28

Opening Price: 16949.64 High Price: 17036.07 Low Price: 16801.13

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

Previous year high: 15099.18 Previous year low price: 10305.24

S&P 500

Closing price: 5495.52 compared to the previous day: 24.47

Opening Price: 5490.51 High Price: 5497.91 Low Price: 5441.72

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

Previous year high: 4783.35 Previous year low price: 3808.10

US 30-year government bonds 3.965% US 10-year government bonds 3.644%

The US stock market is mixed. The Dow average closed at 40,736.96 dollars, down 92.63 dollars, and the Nasdaq closed at 17,025.88, 141.28 points higher.

Purchases in response to expectations of a soft landing continued, and after getting close, they rose. However, the energy sector was weak due to a decline in the financial sector and a drop in crude oil prices, and the Dow began to decline and was sold throughout the day. High-tech remained strong throughout the day due to a decline in long-term interest rates, and ended in mixed ways. By sector, while automobiles and auto parts rose, banks and energy declined.

Software manufacturer Oracle (ORCL) and electric vehicle manufacturer Tesla Inc. (TSLA) each rose due to increased investment decisions from analysts. Amazon (AMZN), a discount retailer, announced its own brands and new services that provide fresh food and daily necessities at low prices in order to compete with competitors Walmart (WMT) and Target (TGT), and it was bought with a sense of expectation and rose.

Bank JPMorgan (JPM) warned that President Pinto's analyst predictions regarding next year's expenses and net interest rate income were too optimistic, and the authorities' deregulation of capital adequacy ratio regulations was also a selling material, and it was drastically reduced. Finance's Gold Massax (GS) declined when Chief Executive Officer Solomon (CEO) warned of a 10% decline in trading sector profit in the 3rd quarter. Bank of America (BAC) in the same industry announced an increase in the minimum wage for employees, and it fell due to concerns about cost increases. The mobile terminal Apple (AAPL) declined because the European Union (EU) Court of Justice decided that the judgment of the general court that the company won in 2016 should be canceled, and ordered the company to levy additional taxes.

Vice Chairman Barr of the Federal Reserve (Fed) mentioned in his speech that he plans to require major banks to increase equity capital held in preparation for losses by 9%. It was a plan that drastically mitigated from the 20% increase in the original plan.

(Horiko Capital Management LLC)