Chicago Nikkei futures (CME) (16th).

DEC24

O 36345 (in dollars)

H 36675

L 36165

C 36620, TSE comparison +330 (Evening comparison +450)

Vol 3906

DEC24

O 36165 (in yen)

H 36490

L 35980

C 36435, TSE +145 (Evening +265)

Vol 12079

Overview of American Depositary Receipts (ADR) (16th).

In the ADR market, Japan Post <6178>, Mizuho Financial Group <8411>, Mitsubishi UFJ Financial Group <8306>, Terumo <4543>, Sumitomo Mitsui Financial Group <8316>, Orix <8591>, Toyota Motor <7203>, etc. rose, while Japan Post Bank <7182>, Fanuc <6954>, Seven & I Holdings <3382>, Disco <6146>, Renesas <6723>, Murata Manufacturing <6981>, Bridgestone <5108>, etc. fell, with mixed performance overall.

Code Stock Name Closing Price Daily Change JPY Conversion Comparison to Japanese Closing Price

7203 (TM.N) Toyota Motor 176.23 0.84 2478 23

8306 (MUFG.N) Mitsubishi UFJFG 10.44 0.07 1468 17

8035 (TOELY) Tokyo Electric 83.57 -0.76 23503 -177

6758 (SONY.N) Sony 93.11 -0.33 13093 -12

9432 (NTTYY) NTT 26.44 0.11 149 0.2

8058 (MTSUY) Mitsubishi Trading 20.20 0.15 2840 5.5

6501 (HTHIY) Hitachi Ltd Sponsored ADR 49.18 0.48 3458 27

9983 (FRCOY) First Real Estate Investment Trust 31.21 0.23 43888 -12

9984 (SFTBY) SoftBank Group 29.84 -0.39 8392 -37

4063 (SHECY) Shin-Etsu Chemical 20.24 0.16 5692 -14

8001 (ITOCY) Itochu Corporation 104.98 1.13 7381 56

8316 (SMFG.N) Sumitomo Mitsui Financial Group 12.92 0.08 9084 102

8031 (MITSY) Mitsui & Co. 412.97 1.49 2904 12.5

6098 (RCRUY) Recruit Holdings 12.41 0.12 8725 56

4568 (DSNKY) Daiichi Sankyo 36.40 0.02 5119 -16

9433 (KDDIY) KDDI 17.05 0.05 4795 32

7974 (NTDOY) Nintendo 13.47 0.11 7577 -6

8766 (TKOMY) Tokyo Marine Holdings 36.18 0.17 5088 15

7267 (HMC.N) Honda Motor Co., Ltd. 31.60 0.13 1481 9

2914 (JAPAY) Japan Tobacco Inc. 14.55 0.09 4092 -2

6902 (DNZOY) Denso Corporation 14.30 0.03 2011 -12

4519 (CHGCY) Chugai Pharmaceutical Co., Ltd. 23.88 0.15 6716 -4

4661 (OLCLY) Oriental Land Co., Ltd. 27.41 0.06 3854 9

8411 (MFG.N) Mizuho Financial Group, Inc. 4.06 0.01 2855 41.5

6367 (DKILY) Daikin Industries 12.25 -0.01 17226 -49

4502 (TAK.N) Takeda Pharmaceutical Industries 14.80 0.10 4162 25

7741 (HOCPY) HOYA 135.78 0.90 19093 8

6503 (MIELY) Mitsubishi Electric 32.85 0.20 2310 -4

6981 (MRAAY) Murata Manufacturing 9.60 0.02 2700 -26.5

7751 (CAJPY) Canon 33.57 0.11 4721 2

6273 (SMCAY) SMC 21.09 0.10 59314 -66

7182 (JPPTY) Japan Post Bank 8.25 0.15 1160 -141

6146 (DSCSY) Disco 24.70 -0.20 34733 -567

3382 (SVNDY) Seven & I Holdings 15.12 0.22 2126 -42

8053 (SSUMY) Sumitomo Corporation 22.50 0.06 3164 8

6702 (FJTSY) Fujitsu 20.45 0.16 2876 12.5

6201 (TYIDY) Toyota Industries 76.31 0.13 10731 86

5108 (BRDCY) Bridgestone 18.70 0.00 5259 -49

6178 (JPPHY) Japan Post 10.00 0.00 1406 46

8002 (MARUY) Marubeni Corporation 158.93 1.50 2235 0.5

6723 (RNECY) Renesas 7.37 -0.11 2073 -33

6954 (FANUY) Fanuc 13.42 -0.17 3774 -82

8725 (MSADY) MS&AD Inc HD 22.69 0.24 3191 10

8801 (MTSFY) Mitsui Fudosan 30.00 0.40 1406 9.5

6301 (KMTUY) Komatsu 26.40 0.15 3712 -4

4901 (FUJIY) Fujifilm 13.48 0.08 3791 -12

6594 (NJDCY) Nippon Densan 10.03 0.03 5642 15

6857 (ATEYY) Advantest 45.20 -0.10 6356 -19

4543 (TRUMY) Terumo 18.62 0.14 2618 30

8591 (IX.N) Orix 122.44 0.65 3444 35

(Top 50 in market capitalization, converted at 140.62 yen per dollar)

Top 5 ADR stock price increases on the 16th

Code Company Name Closing Price Converted Price in Japanese Yen Japanese Closing Price Comparison (%)

9107 (KAIKY) Kawasaki Kisen Kaisha 15.08 2121 153 7.77

5020 (JXHLY) ENEOS 11.08 779 43.8 5.96

9503 (KAEPY) Kansai Electric Power 8.88 2497 115.5 4.85

6178 (JPPHY) Japan Post 10.00 1406 46 3.38

8830 (MITEY) Sumitomo Realty 17.00 4781 84 1.79

"Top 5 ADR decline rate" (16th)

Code Company Name Closing Price JPY Conversion Price Japan Closing Price (%)

8750 (DLICY) Daiichi Life Holdings 22.40 3150 -439 -12.23

7182 (JPPTY) Japan Post Bank 8.25 1160 -141 -10.84

2801 (KIKOY) Kikkoman 22.00 1547 -49.5 -3.10

6954 (FANUY) Fanuc 13.42 3774 -82 -2.13

3382 (SVNDY) Seven & I Holdings Co., Ltd. 15.12 2126 -42 -1.94

"Summary of the U.S. stock market" (16th)

NYDOW

Closing price: 41,622.08 Change from previous day: 228.30

Opening price: 41,435.17 High price: 41,733.97 Low price: 41,435.17

Year-to-date high: 41,622.08 Year-to-date low: 37,266.67

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

NASDAQ

Closing Price: 17,592.13 Previous Day Change: -91.85

Opening Price: 17,573.70 High Price: 17,618.40 Low Price: 17,480.66

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: 5,633.09 Previous Day Change: 7.07

Opening Price: 5,615.21 High Price: 5,636.05 Low Price: 5,604.53

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 yields 3.927%, US 10-year Treasury bond yields 3.619%.

US stock market was mixed. The Dow Jones Industrial Average closed at 41,622.08, up 228.30 points, while the Nasdaq closed at 17,592.13, down 91.85 points.

Ahead of the Federal Open Market Committee (FOMC) meeting this week, cautious sentiment prevailed and the market was mixed after the opening. The September NY Fed manufacturing index expanded for the first time in about a year, supported by expectations of a soft landing, leading to buying and pushing the Dow to a new all-time high. On the other hand, the Nasdaq remained weak throughout the day, weighed down by the decline in Apple (AAPL) for mobile devices, and closed mixed. In terms of sectors, telecommunications services and banks rose, while technology hardware and equipment declined.

Intel (INTC) has officially received up to $3.5 billion in federal subsidies for semiconductor manufacturing for the Department of Defense. In addition, it has been revealed that Amazon (AMZN) subsidiary Amazon Web Services (AWS) will manufacture custom artificial intelligence (AI) chips, boosting the stock price. Royal Caribbean Cruises (RCL), which operates cruise ships, rose as analysts raised target stock prices. Software maker Oracle (ORCL) also rose as analysts raised target stock prices due to continued demand for AI and increasing revenue from cloud-related business.

United States Steel (X), a steel company, rose as concerns about the Biden administration's decision on its acquisition by Nippon Steel being postponed until after the November presidential election diminished. JPMorgan (JPM) and Citigroup (C), the banks, both rose as concerns about a soft landing and pressure on profit margins subsided. Apple (AAPL) for mobile devices fell as analysts warned that the number of pre-orders for the new iPhone 16 announced last week was 13% lower than the iPhone 15 last year, suggesting that demand may be lower than expected. Boeing (BA), the aircraft manufacturer, fell as it announced cost-cutting measures, including a freeze on hiring and temporary layoffs, during the strike to preserve cash.

Three Democratic senators sent a letter to Federal Reserve Chairman Powell requesting a more aggressive early rate cut, including a 75 basis point cut at this week's FOMC meeting, to mitigate potential risks in the labor market.

(Horiko Capital Management LLC)