I would like to pay attention to the following 3 points in the late-day transaction on the 11th.

・The Nikkei Average continued to fall for 7 days, and the high level of yen for the first time in 8 months was disgusting

・The dollar and yen were soft and remained in the 141 yen range

・The top contributor to price drops is Fast Rite ＜9983＞, and KDDI ＜9433＞ is in the same 2nd place

■The Nikkei Average continued to fall for 7 days, and the high level of yen for the first time in 8 months was disgusting

The Nikkei Average continued to decline for 7 days. The forward transaction was closed at 35867.33 yen (estimated volume 0.8 billion 40 million shares), 291.83 yen lower (-0.81%) compared to the previous day.

The US market on the 10th was mixed. The Dow average closed at 40736.96 dollars (-0.23%) lower by 92.63 dollars, the NASDAQ was 141.28 points higher (+ 0.84%) at 17025.88, and the S&P 500 closed at 5495.52, which was 24.47 points higher (+ 0.45%). 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 turned into a decline and was sold throughout the day. High-tech remained steady throughout the day due to a drop in long-term interest rates, and ended with mixed results.

Even though US stocks were high and low, the trend in the appreciation of the yen exchange rate was frowned upon, and the Tokyo market began trading with a selling advantage. After breaking through the 36,000 yen level, the Nikkei Average was reluctant to drop at the 35800 yen level, but since Bank of Japan deliberation committee member Nakagawa Junko suggested future interest rate hikes, the exchange rate temporarily rose to 141 yen 49 yen per dollar to a high level of yen for the first time in about 8 months. Export-related stocks, such as automobile stocks, showed weak movements.

Among the stocks adopted by the Nikkei Average, in response to the decline in crude oil prices, a resource-related section was sold with INPEX ＜1605＞, Idemitsu Kosan ＜5019＞, and ENEOS Holdings ＜5020＞, and there aren't even automobile stocks such as Mitsubishi's ＜7211＞, SUBARU ＜7220＞, Nissan's ＜7201＞, Isuzu ＜7205＞, and Hino's ＜7205＞. In addition, Tokyu Land Corporation HD (3289), Sapporo HD (2501), Amada (6113), AEON (8267), etc. were sold.

Meanwhile, since domestic securities companies raised target stock prices, Fujitsu ＜6702＞ rose and updated year-to-date highs, and one part of semiconductor stocks such as Socionext ＜6526＞ and Tokyo Electron ＜8035＞ rose in response to the Nasdaq rise. In addition, Yamato HD ＜9064＞, Fujikura ＜5803＞, Shin-Etsu ＜4063＞, Nitori HD ＜9843＞, SoftBank Group ＜9984＞, Keyence ＜6861＞, etc. were purchased.

While all industries declined, declines in mining, electricity/gas, petroleum and coal products, steel, and transportation equipment were conspicuous.

Councilor Nakagawa said at the financial and economic meeting held in Akita City in the morning that if the economy and prices move in line with the outlook, “the degree of monetary easing will be adjusted.” In early September, deliberation committee member Takada Hajime gave a lecture at the financial and economic meeting in Kanazawa City and emphasized the basic stance that “if the outlook for the economy and prices is realized to some extent, (the degree of monetary easing) will be gradually adjusted accordingly,” the content almost followed that trend, but it seems that the market viewed it as “positive for interest rate hikes.” The Nikkei Average in the background will be developed with an eye on the exchange rate, but it may also be necessary to determine the contents of the TV debate of the US presidential election that was held at the same time. There is also a possibility that backstage stock markets, exchange markets, and interest rate markets will show rough price movements.

■The dollar and yen are soft and moving in the 141 yen range

The dollar and yen were in a soft position in the Tokyo market on the morning of the 11th, and the price dropped from 142 yen 47 yen to 141 yen 50 yen. Yen purchases, which were disgusted by the depreciation of Japanese stocks due to the weakening of the Nikkei Stock Average, intensified, and major currencies depreciated. Also, due to a decline in US 10-year bond yields, it swayed in dollar sales, and remained in the 141 yen range.

The trading range up to this point is 141 yen 50 yen to 142 yen 47 sen for the dollar and yen, 156 yen 21 yen to 157 yen 01 sen for the euro and yen, and 1.1016 to 1.1044 dollars for the euro dollar.

■Backstage check stocks

・1 brand of Prodelight ＜5580＞ has a high stop

*Includes temporary stop height (sign value)

・The top contributor to price drops is Fast Rite ＜9983＞, and KDDI ＜9433＞ is in the same 2nd place

■Economic indicators and statements from key figures

[Economic indicators]

・Nothing in particular

[Remarks by VIPs]

・Bank of Japan deliberation committee member Nakagawa

“Real interest rates are currently at an extremely low level”

“If the Bank of Japan's outlook were to be realized, the degree of mitigation would be adjusted”

“To adjust the degree of mitigation, carefully evaluate and judge the effects of changes in the market”

“The reduction plan for the purchase of government bonds can be revised if necessary in the interim evaluation”

・Hunter, Assistant Governor of the Reserve Bank of Australia

“The uncertainty of the outlook is growing even higher”

“There is also a possibility that our predictions are wrong in some way”

＜Domestic＞

・Nothing in particular

＜Overseas＞

・ 15:00 Anglo-July industrial production (month-on-month forecast: +0.3%, June: +0.8%)

・ 15:00 Anglo-July trade balance (forecast: -18 billion pounds, June: -18.894 billion pounds)