Japanese stocks of ADR (american depositary receipt) compared to the Tokyo Stock Exchange (based on a conversion rate of 1 dollar to 156.24 yen), such as Mizuho FG, Mitsubishi UFJ FG, Japan Post Holdings, Mitsubishi Corporation, Sumitomo Mitsui FG, Tokyo Electron, and Daikin Industries, among others, are seeing an upward trend, with buying generally prevailing. The Chicago Nikkei 225 futures settlement price is 38,970 yen, an increase of 390 yen compared to the Osaka daytime session.

The US stock market has declined. The Dow average closed down 207.33 dollars at 43,750.86 dollars, while the Nasdaq finished at 19,107.65, down 123.07 points. The decline was welcomed with the drop in long-term interest rates, opening slightly higher. Subsequently, strong inflation was confirmed in the October Producer Price Index (PPI), and new unemployment insurance claims indicated strength in the labor market, causing long-term interest rates to rise and the market to turn downwards. Federal Reserve Board member Kugler mentioned the possibility of postponing a rate cut, and as Chair Powell indicated that the economy is strong and there is no need for a prompt rate cut, the decline widened and closed.

On the 14th in the New York foreign exchange market, the dollar-yen exchange rate rose from 155.50 yen to 156.42 yen, closing at 156.28 yen. The October Producer Price Index (PPI), released in the morning, showed accelerated growth, indicating stagnation in disinflation. Furthermore, new unemployment insurance claims fell to their lowest level since May, signaling firmness in the labor market. Kugler from the Federal Reserve Board stated that depending on inflation trends, it may be appropriate to postpone a rate cut, which strengthened the buying of dollars alongside rising long-term interest rates. Later, Federal Reserve Chairman Powell expressed that the economy is strong, suggesting there is no urgent need for a rate cut, resulting in a decrease in the probability of a rate cut at the December Federal Open Market Committee (FOMC) meeting, further spurring dollar buying. The euro-dollar ranged from 1.0513 to 1.0582 dollars, closing at 1.0530 dollars.

NY crude oil futures for December delivery rose slightly (NYMEX crude oil December settlement price: 68.70, up 0.27).

■ADR上昇率上位銘柄（14日）

Stock code Stock name Closing price (dollars) Price in Japanese yen Comparison with Japanese closing price Rate of increase/decrease

<8830> Sumitomo Realty, 17 dollars, 5312 yen (652 yen) +13.99%

<9107> Kawasaki Kisen Kaisha, 14.7 dollars, 2297 yen (225 yen) +10.86%

<5020> ENEOS 10.85 dollars 848 yen (64.8 yen) +8.27%

<4523> Eisai Co 8.55 dollars 5343 yen (386 yen) +7.79%

<8411> Mizuho FG 4.76 dollars 3719 yen (188 yen) +5.32%

Top ADR decliners (14 days)

Stock Code Symbol Name Closing Price (USD) Japanese Yen Conversion Price Japan Closing Price Comparison Rise and Fall Rate

<8750> Dai-ichi Life HD 24 dollars 3750 yen (-277 yen) -6.88%

<7182> Japan Post Bank 8.85 dollars 1383 yen (-83.5 yen) -5.69%

<6752> Panasonic 9.45 dollars 1476 yen (-21 yen) -1.4%

＜6594＞ nidec corporation 4.47 dollars 2794 yen (–34.5 yen) -1.22%

＜4507＞ shionogi & co., ltd. 6.82 dollars 2131 yen (–18 yen) -0.84%

■Other ADR Stocks (14th)

Code name closing price (dollar) Japanese yen conversion price Japan closing price comparison

＜2914＞ japan tobacco inc 13.38 dollars 4181 yen (20 yen)

＜3382＞ seven & i holdings co. 15.38 dollars 2403 yen (–10 yen)

＜4063＞ shin-etsu chemical industry co., ltd. 18.2 dollars 5687 yen (37 yen)

＜4502＞ takeda pharmaceuticals sp adr 13.57 dollars 4240 yen (27 yen)

<4519> chugai pharmaceutical 22.89 dollars 7153 yen (23 yen)

<4543> terumo 19.7 dollars 3078 yen (23 yen)

<4568> daichi sankyo 29.34 dollars 4584 yen (33 yen)

<4661> orient land 23.61 dollars 3689 yen (44 yen)

<4901> fujifilm 10.81 dollars 3378 yen (2 yen)

<5108> bridgestone corporation unsponsored adr 17.31 dollars 5409 yen (-4 yen)

<6098> recruit hd 12.91 dollars 10085 yen (50 yen)

<6146> disco 25.9 dollars 40466 yen (166 yen)

<6178> Japan Post 10 dollars 1562 yen (62 yen)

<6201> Toyota Industries 73.68 dollars 11512 yen (117 yen)

<6273> SMC 21.14 dollars 66058 yen (58 yen)

<6301> komatsu 26.61 dollars 4158 yen (43 yen)

<6367> daikin industries, ltd. unsponsored adr 12.09 dollars 18889 yen (309 yen)

<6501> hitachi ltd sponsored adr 50.89 dollars 3976 yen (42 yen)

<6503> mitsubishi electric corp. unsponsored adr 35.21 dollars 2751 yen (22 yen)

<6594> Japan Electric 4.47 dollars 2794 yen (-34.5 yen)

Fujitsu <6702> $18.31 2861 yen (7.5 yen)

Renesas <6723> $6.62 2069 yen (15 yen)

Sony <6758> $18.49 2889 yen (11 yen)

Advantest <6857> $59.1 9234 yen (116 yen)

Denso <6902> $14.67 2292 yen (21 yen)

Fanuc <6954> $13.24 4137 yen (17 yen)

Murata Manufacturing <6981> $8.38 2619 yen (6.5 yen)

Japan Post Bank <7182> $8.85 1383 yen (-83.5 yen)

＜7203＞ Toyota Motor $173.48 2710 yen (44 yen)

＜7267＞ Honda Motor $25.78 1343 yen (20.5 yen)

＜7741＞ HOYA $128.98 20152 yen (147 yen)

＜7751＞ Canon Inc-spons adr $32.62 5097 yen (27 yen)

＜7974＞ Nintendo Co Ltd $13.03 8143 yen (44 yen)

＜8001＞ Itochu Corporation $102.55 8011 yen (68 yen)

＜8002＞ Marubeni Corporation $155.32 2427 yen (26.5 yen)

＜8031＞ Mitsui & Co $418.4 3269 yen (36 yen)

<8035> tokyo electron 71.7 dollars 22405 yen (395 yen)

<8053> sumitomo corporation 21 dollars 3281 yen (33 yen)

<8058> mitsubishi corporation 17.94 dollars 2803 yen (103 yen)

<8306> mitsubishi ufj financial group 12.07 dollars 1886 yen (88 yen)

<8316> mitsui sumitomo financial group 14.29 dollars 3721 yen (107 yen)

<8411> mizuho financial group 4.76 dollars 3719 yen (188 yen)

<8591> orix 108.33 dollars 3385 yen (26 yen)

<8725> ms&ad insurance group HD 23.17 dollars 3620 yen (35 yen)

＜8766＞ Tokyo Marine HD 37.79 dollars 5904 yen (80 yen)

＜8801＞ Mitsui Fudosan 25 dollars 1302 yen (6 yen)

＜9432＞ NTT 24.26 dollars 152 yen (0.4 yen)

＜9433＞ kddi corporation 16.15 dollars 5047 yen (4 yen)

＜9983＞ Fast Retailing 31.93 dollars 49887 yen (297 yen)

＜9984＞ SoftBank Group 28.63 dollars 8946 yen (103 yen)