In the afternoon trading on the 25th, we want to focus on the following three points.

The Nikkei average continues to rise significantly, moving in the positive range driven by buying dominance.

- The dollar/yen rate has been declining, but there is also buying back at a reasonable price.

The top contributor to the rise is fast retailing <9983>, and the second is tokyo electron ltd. unsponsored adr <8035>.

The Nikkei average continues to rise significantly, moving in the positive range driven by buying dominance.

The Nikkei average continues to rise significantly, finishing the morning session at 38,868.68 yen, up 584.83 yen (with an estimated volume of 0.9 billion, 11.31 million shares).

Last Friday, on the 22nd, the US market's Dow Jones average closed up 426.16 points at 44,296.51, while the Nasdaq ended up 31.23 points at 19,003.65. The improvement in manufacturing and service sector PMIs sparked buying on expectations of a soft landing, and after opening, prices rose. With the decline in long-term interest rates and strong earnings from retail companies like Gap inc and Ross Stores, the Dow continued to rise and set a new all-time high. The Nasdaq struggled to maintain momentum due to the decline of nvidia (NVDA), which is leading the artificial intelligence (ai) semiconductor market, but remained in positive territory.

Watching the US stock market, today's Nikkei average opened with buying, tracking the Chicago futures. Positive sentiment regarding the year-end shopping season seems to be growing based on solid earnings from US retail companies. The strong US economic indicators released last Friday have positively influenced investor sentiment, leading to an uptrend in a broad range of stocks.

Individually, some semiconductor-related stocks like Lasertech <6920> and Tokyo Electron <8035>, as well as financial stocks like Mitsubishi UFJ <8306> and Sumitomo Mitsui <8316>, have shown strong performance. Additionally, Mitsubishi Heavy Industries <7011>, SoftBank Group <9984>, Fast Retailing <9983>, and Asics <7936> have increased. Furthermore, Kyushu Railway <9009>, which has been reported to have shareholding from Murakami Fund, soared, while Keihin Electric Express Railway <9006>, Proredo Partners <7034>, and YTL <1773> were also among the top gainers.

On the other hand, stocks like Disco <6146>, Advante <6857>, and Fujikura <5803> have been underperforming. Moreover, Mercari <4385>, NTT <9432>, Itochu <8001>, and Hitachi <6501> have also declined. Meiji Holdings <2269>, which announced a stock sale by major financial institutions, led the sells. Other stocks like System Research <3771>, Ceres <3696>, and Senshu Electric <9824> were among the top decliners.

By global sectors, land transportation, precision instruments, and pharmaceuticals increased, while only marine transportation declined.

In the later session, the Nikkei average is expected to continue its steady pace with broad stock selection. Currently, the market perceives a rising expectation for additional interest rate hikes at the last Bank of Japan monetary policy meeting scheduled for December 18-19. Consequently, the foreign exchange market is experiencing a pause in the yen's depreciation against the dollar at around 154 yen per dollar. In the Tokyo market, regional banks and mega banks are showing solid movements, but financially advantageous stocks may show speculative movements leading up to the December meeting. On the other hand, stocks in a-reit etf and other interest-rate detrimental sectors might generally show a lackluster performance.

The dollar-yen is showing reluctant decline, with a sense of value prompting some buying back.

During the Tokyo market in the morning of the 25th, the dollar-yen showed a reluctant decline. With the decrease in the yield of the US 10-year bond leading to dollar selling, it dropped from 154.41 yen to 153.55 yen. Subsequently, it was bought back from a sense of value and returned slightly. However, with a pause in the rise of the Nikkei Stock Average, the dollar's rebound was limited.

The trading ranges so far are 153.55 yen to 154.41 yen for dollar-yen, 160.99 yen to 161.92 yen for euro-yen, and 1.0464 dollars to 1.0501 dollars for euro-dollar.

Check stocks for the afternoon session

・ＧＭＯアドパートナーズ＜4784＞、ＢＴＭ＜5247＞など、3銘柄がストップ高

*Includes temporary stopper (indicated price)

The top contributor to the rise is fast retailing <9983>, and the second is tokyo electron ltd. unsponsored adr <8035>.

Economic indicators and remarks by important people

[Economic indicators]

・NZ・10月貿易収支：-1.544 billionNZドル（9月：-2.154 billionNZドル←-2.108 billionNZドル）

[Important Person's Remarks]

・ナーゲル独首相

"Confirming the stagnation of the German economy with the PMI."

"There is a possibility of continuing with additional interest rate cuts in the next few months."

"We are on track to achieve the 2% inflation target."

- 14:00 September Economic Outlook Index - Preliminary Revised Value (Flash: 109.4)

・Nothing in particular