日経平均採用銘柄では、東京エレクトロン＜8035＞、アドバンテスト＜6857＞、ルネサスエレクトロニクス＜6723＞、レーザーテック＜6920＞など半導体関連の下げが目立ったほか、りそなHD＜8308＞、第一生命HD＜8750＞、東京海上＜8766＞、野村＜8604＞、みずほ＜8411＞など金融株も売られた。このほか、TDK＜6762＞、ディスコ＜6146＞、SUMCO＜3436＞、村田製作所＜6981＞などが下落。The Nikkei average fell significantly. It closed the morning session at 35,828.54 yen (approximately 0.9 billion10 million shares volume), down 753.22 yen (-2.06%) from the previous trading day.
The U.S. stock market on the 16th was mixed. The Dow Jones Industrial Average closed at 41,622.08, up 228.30 points (+0.55%), the Nasdaq closed at 17,592.13, down 91.85 points (-0.52%), and the S&P 500 closed at 5,633.09, up 7.07 points (+0.13%). The Federal Open Market Committee (FOMC) meeting scheduled for this week led to a cautious wait-and-see attitude. After the opening, the market was mixed. The September NY Fed manufacturing index expanded for the first time in about a year, supported by expectations for a soft landing, leading to buying and a new record high for the Dow. However, the Nasdaq declined due to the drop in Apple's mobile devices, and remained weak throughout the day.
Amid the mixed performance of the U.S. stock market and the temporary pause in the strengthening of the yen, the Tokyo market started with a slight preference for buying after the long weekend. The Nikkei average opened slightly higher compared to the previous trading day, but the yen's return to the 140.30 yen range led to negative sentiment, causing major stocks such as export-related stocks to decline. Semiconductor stocks were weak due to the downward trend of U.S. high-tech stocks, and the Nikkei average closed below the 36,000 yen mark in the morning session.
Among the Nikkei average constituent stocks, semiconductors such as Tokyo Electron <8035>, Advantest <6857>, Renesas Electronics <6723>, and Lasertec <6920> stood out as declining, as well as financial stocks such as Resona Holdings <8308>, Dai-ichi Life Holdings <8750>, Tokio Marine Holdings <8766>, Nomura Holdings <8604>, and Mizuho Financial Group <8411>. Additionally, TDK <6762>, Disco <6146>, Sumco <3436>, and Murata Manufacturing <6981> declined.
On the other hand, shipping stocks such as Nippon Yusen <9101>, Kawasaki Kisen Kaisha <9107>, and Mitsui O.S.K. Lines <9104> were solid, and Sumitomo Chemical <4005> remained firm as domestic securities companies raised their target stock prices. In addition, Sapporo Holdings <2501>, Nichirei <2871>, Aeon <8267>, and Nippon Ham <2282>, which are part of the yen's appreciation benefit stocks, were bought.
By sector, insurance, banking, electric appliances, securities and commodity futures trading, and transportation equipment declined, while marine transportation, fisheries and forestry, air transportation, warehouse and transportation-related industries, and land transportation rose.
In the bond market, the decline in U.S. yields led to a drop in the 10-year bond yield to 0.825%, becoming a factor for the decline in financial stocks. The Fed Watch tool calculated by the Chicago Mercantile Exchange (CME) as of the 16th showed a 33% expectation of a 0.25% rate cut and a 67% expectation of a 0.50% rate cut. If the FOMC remains with a 0.25% rate cut, there is speculation in the market that the historically high U.S. stocks could sharply decline, likely impacting the downward pressure on the Nikkei average. In the afternoon of the Tokyo time, the market is expected to be nervously cautious with an eye on the foreign exchange market. If the exchange rate falls to the 139 yen level, there is a significant possibility of a sharp decline in the Nikkei average, so caution is warranted.
