"Chicago Nikkei Futures (CME)" (3rd).

DEC24

Open at 38,845 (in USD)

High at 39,200

Low at 38,505

Close at 38,810, +210 in TSE (+210 in evening)

Volume at 8,112

DEC24

O 38710 (yen-based)

H 39025

L 38335

C 38625, TSE comparison +25 (evening comparison +25)

Volume 19752

"Overview of American Depositary Receipt (ADR)" (3rd). In the ADR market, companies such as JR Tokai <9022>, Advantest <6857>, Mizuho FG <8411>, Tokyo Electron <8035>, Renesas <6723>, Toyoda Automatic Loom Works <6201>, Disco <6146>, and others have risen compared to the Tokyo Stock Exchange (converted at 161.61 yen per dollar), and there is a general buying trend.

In the ADR market, compared to the Tokyo Stock Exchange (converted at 1 dollar = 146.86 yen), Japan Post <6178>, Toyoda Automatic Loom Works <6201>, Mizuho Financial Group <8411>, Marubeni <8002>, Advantest <6857> have risen, while Japan Post Bank <7182>, Nippon Densan <6594>, Daikin Industries <6367>, Murata Manufacturing <6981>, Sony <6758>, etc., declined, with mixed overall performance.

Code　　Company Name　　　　　Closing Price　Change from Previous Day　Price in JPY　Comparison to Japanese Price

7203 (TM.N) Toyota Motor Corporation 176.17 -4.33 2587 -14.5

8306 (MUFG.N) Mitsubishi UFJ Financial Group 9.95 -0.12 1461 12.5

8035 (TOELY) Tokyo Electric Co., Inc. 88.01 -1.09 25850 90

6758 (SONY.N) Sony Corporation 94.00 -0.95 2761 -19

9432 (NTTYY) Nippon Telegraph and Telephone Corporation 25.24 -0.05 148 -0.5

8058 (MTSUY) Mitsubishi Corporation 20.91 -0.69 3071 12

6501 (HTHIY) Hitachi, Ltd. 51.55 -2.28 3785 4

9983 (FRCOY) Fast Retailing Co., Ltd. 33.00 0.16 48464 -26

9984 (SFTBY) SoftBank Group, 29.65, 0.11, 8709 29

4063 (SHECY) Shin-Etsu Chemical Industry, 20.60, -0.14, 6051 5

8001 (ITOCY) Itochu Corporation, 107.18, -1.85, 7870 6

8316 (SMFG.N) Sumitomo Mitsui Financial Group, 12.41, -0.13, 3038 6

8031 (MITSY) Mitsui & Co., Ltd., 457.49, -9.83, 3359 10

6098 (RCRUY) Recruit Holdings, 12.17, -0.03, 8936 -35

4568 (DSNKY) Daiichi Sankyo, 32.93, 0.69, 4836 0

9433 (KDDIY) KDDI Corporation, 15.77, -0.05, 4632 -18

7974 (NTDOY) Nintendo 13.13 -0.06 7713 -52

8766 (TKOMY) Tokio Marine Holdings Inc. 38.24 1.23 5616 37

7267 (HMC.N) Honda Motor Co., Ltd. 31.77 -0.56 1555 -9.5

2914 (JAPAY) Japan Tobacco Inc. 14.46 -0.03 4247 0

6902 (DNZOY) Denso Corp. 14.70 -0.02 2159 6.5

4519 (CHGCY) Chugai Pharmaceutical Co., Ltd. 23.75 -0.01 6976 -4

4661 (OLCLY) Orient Land Co., Ltd. 25.33 0.27 3720 -14

8411 (MFG.N) Mizuho Financial Group, Inc. 4.04 -0.07 2967 48

6367 (DKILY) Daikin Industries, Ltd. Unsponsored ADR 13.54 -0.46 19885 -200

4502 (TAK.N) Takeda Pharmaceuticals Sp ADR 14.24 -0.08 4183 -17

7741 (HOCPY) HOYA 137.12 -1.31 20137 77

6503 (MIELY) Mitsubishi Electric Corp. Unsponsored ADR 32.49 -0.36 2386 -3.5

6981 (MRAAY) Murata Manufacturing Co., Ltd. Unsponsored ADR 9.53 -0.20 2799 -26.5

7751 (CAJPY) Canon Inc. 32.71 0.01 4804 2

6273 (SMCAY) SMC 21.96 -0.32 64501 -39

7182 (JPPTY) Japan Post Bank Co., Ltd. Unsponsored ADR 8.05 -0.25 1182 -163

6146 (DSCSY) disco 27.60 0.90 40533 133

3382 (SVNDY) seven & i holdings 14.58 -0.24 2141 12

8053 (SSUMY) sumitomo corporation 22.82 -0.16 3351 -1

6702 (FJTSY) fujitsu ltd sponsored adr 20.48 -0.14 3008 0

6201 (TYIDY) toyota industries corp 79.77 -0.33 11716 281

5108 (BRDCY) bridgestone corporation 19.10 -0.21 5610 1

6178 (JPPHY) japan post holdings co ltd 10.00 0.00 1469 106.5

8002 (MARUY) marubeni corporation 168.31 0.31 2472 39.5

6723 (RNECY) Renesas 7.36 0.01 2162 -5.5

6954 (FANUY) Fanuc 14.07 -0.26 4133 -24

8725 (MSADY) MS&AD Insurance Holdings 23.03 0.29 3382 3

8801 (MTSFY) Mitsubishi Estate 28.60 0.30 1400 2

6301 (KMTUY) Komatsu 27.66 -0.46 4062 12

4901 (FUJIY) Fujifilm 12.63 -0.08 3710 -16

6594 (NJDCY) Nippon Electric Corp. 10.08 -0.24 2961 -89

6857 (ATEYY) Advantest 47.30 0.30 6946 81

4543 (TRUMY) Terumo 18.81 -0.34 2762 7.5

8591 (IX.N) Orix 114.53 -0.79 3364 17

(Ranked in the top 50 based on market capitalization, converted at 1 dollar to 146.86 yen)

"Top 5 ADRs with the highest increase in (stock) price" (as of the 3rd)

コード 　 　 　 銘柄名 　 　 　 終値 日本円換算価格 日本終値比 （％）

6178 (JPPHY) Japan Post 10.00 1469 106.5 7.82

2801 (KIKOY) Kikkoman 24.10 1770 115 6.95

7259 (ASEKY) Aisin Seiki 33.94 1661 47.5 2.94

1605 (IPXHY) International Petroleum Exploration and Development, Ltd. 14.58 2141 57.5 2.76

6201 (TYIDY) Toyota Textile Machinery 79.77 11716 281 2.46

"Top 5 ADRs with the highest decrease in (stock) price" (as of the 3rd)

コード 　 　 　 銘柄名 　 　 　 終値 日本円換算価格 日本終値比 （％）

7182 (JPPTY) Japan Post Bank 8.05 1182 -163 -12.12

8750 (DLICY) Dai-ichi Life Holdings 22.60 3319 -427 -11.40

9107 (KAIKY) Kawasaki Kisen 15.08 2215 -75 -3.28

6594 (NJDCY) Nippon Denso 10.08 2961 -89 -2.92

4503 (ALPMY) Astellas Pharma 11.60 1704 -18.5 -1.07

"US Stock Market Summary" (as of the 3rd)

NYDOW

Closing Price: 42011.59 Change from Previous Day: -184.93

Opening Price: 42099.53 High: 42125.84 Low: 41847.81

Year-to-Date High: 42330.15 Year-to-Date Low: 37266.67

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

NASDAQ

Closing price: 17,918.48 Previous day change: -6.65

Opening price: 17,859.49 High: 18,011.25 Low: 17,826.42

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: 5,699.94 Previous day change: -9.60

Opening price: 5,698.19 High: 5,718.78 Low: 5,677.37

Year-to-Date High: 5762.48, Year-to-Date Low: 4688.68

Previous Year High: 4,783.35, Previous Year Low: 3,808.10

The yield on the US 30-year Treasury bond was 4.181%, while the US 10-year Treasury bond was 3.847%.

The US stock market closed lower. The Dow Jones Industrial Average ended trading at $42,011.59, down 184.93 points, while the Nasdaq closed at 17,918.48, down 6.64 points.

Concerns over the deteriorating situation in the Middle East weighed on the market, causing a decline after the opening. The ISM Non-Manufacturing Business Conditions Index rose more than expected, leading to a temporary recovery in the positive territory due to improved economic outlook. However, President Biden's suggestion of a potential attack on oil facilities amid escalating geopolitical risks led to accelerated selling, resulting in a downturn again. Nvidia in the semiconductor sector showed strong underlying support, but profit-taking intensified toward the end as investors were cautious ahead of the employment statistics report on the 4th, leading to a sluggish end. Sector-wise performance saw semiconductor and manufacturing equipment, as well as energy, rising while automobiles and auto parts experienced declines.

Nvidia in the semiconductor sector saw a sharp increase as the CEO, Jensen Huang, indicated a strong demand trend for the next generation chip "Blackwell" designed for AI, describing the demand as "insane." Petroleum and natural gas companies like Diamondback Energy, Exxon Mobil, and APA rose following President Biden's remarks, which boosted crude oil futures. EVGO, operating a public direct current fast-charging network, secured government financing, resulting in an increase. Tesla, the electric vehicle manufacturer, fell after announcing the discontinuation of orders for the affordable model of the sedan "Model 3" on their website.

Constellation Brands, a beverage company, declined as domestic demand in quarterly earnings fell short of expectations. Hims & Hers Health, an online healthcare service company, faced a decline attributed to concerns over decreased sales of model products benefiting from shortages following the FDA's exclusion of Eli Lilly's diabetes treatment from the shortage list. Levi Strauss, a clothing manufacturer handling jeans and other apparel, continued to fall due to lowered outlook.

Chicago Fed President Charles Evans warned in a radio interview that if the port strike continues for more than two weeks, it could lead to supply chain disruptions and inflationary pressures overshooting.

(Horiko Capital Management LLC)