Japanese stocks of ADR (american depositary receipt), compared to the Tokyo Stock Exchange (at an exchange rate of 154.12 yen per dollar), such as Japan Post Bank <7182>, Japan Post <6178>, Mitsubishi Corporation <8058>, Nidec Corporation <6594>, Fujifilm <4901>, Renesas <6723>, and Tokio Marine HD <8766>, have declined, leading to a general sell-off. The clearing price of Chicago Nikkei 225 futures was 38,795 yen, up 55 yen compared to Osaka during the day.

The US stock market continued to rise. The Dow Jones Industrial Average increased by 440.06 dollars to close at 44,736.57 dollars, while the Nasdaq finished up 51.19 points at 19,054.84. President-elect Trump appointed a Treasury Secretary, which alleviated uncertainty and concerns about extreme policies, leading to an increase after the market opened. Additionally, reports of the Israeli government holding a cabinet meeting for a ceasefire agreement with Hezbollah calmed fears of deteriorating Middle East conditions, and the stock market continued to rise. The decline in long-term interest rates also supported the market, which remained stable throughout the day. The Dow updated its past record high day after day before closing.

On the 25th in the New York foreign exchange market, the dollar-yen dropped to 153.63 yen before rising to 154.51 yen, and closed at 154.20 yen. Movements to factor in the policies of the next Treasury Secretary and the US October Chicago Fed National Activity Index falling short of expectations, along with easing concerns over deteriorating Middle East conditions leading to a decline in long-term interest rates, resulted in a dominance of dollar selling. Subsequently, improvements in the US November Dallas Fed Manufacturing Activity Index and real demand dollar buying halted the decline, causing a rebound against risk-seeking yen selling. The euro-dollar rose to 1.0530 dollars, then retreated to 1.0467 dollars, closing at 1.0494 dollars. From the highs, the euro faced selling pressure factoring in significant rate cuts due to the deterioration of the German November IFO Business Climate Index, and comments from the Chief Economist of the European Central Bank (ECB), Mr. Lane, regarding the possibility of substantial rate cuts.

NY crude oil futures for January fell (NYMEX crude oil January closing price: 68.94 ↓2.30).

Top performing ADRs (as of the 25th):

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

Sumitomo Realty & Development <8830> 17 dollars 5240 yen (761 yen) +16.99%

Kawasaki Kisen Kaisha <9107> 14.7 dollars 2266 yen (134.5 yen) +6.31%

＜5020＞ ENEOS 11.03 dollars 850 yen (35.2 yen) +4.32%

＜8267＞ AEON 23.42 dollars 3609 yen (64 yen) +1.81%

＜2802＞ AJINOMOTO 41.63 dollars 6416 yen (108 yen) +1.71%

■ADR Declining Stocks (25th)

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

＜7259＞ AISIN SEIKI 9.75 dollars 1503 yen (-145.5 yen) -8.83%

＜7182＞ JAPAN POST BANK 8.75 dollars 1349 yen (-101 yen) -6.97%

＜8750＞ DAI-ICHI LIFE HOLDINGS 23.6 dollars 3637 yen (-244 yen) -6.29%

<6178> japan post 9.09 dollars 1400 yen (-70.5 yen) -4.79%

<9503> kansai electric power 5.96 dollars 1837 yen (-66.5 yen) -3.49%

■ Qitabankuai ADR stocks (25th)

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

<2914> japan tobacco inc 13.8 dollars 4254 yen (7 yen)

<3382> seven & i hd 16.61 dollars 2560 yen (12 yen)

<4063> shin-etsu chemical industry 18.62 dollars 5739 yen (-20 yen)

<4502> takeda pharmaceuticals sp adr 13.49 dollars 4158 yen (4 yen)

<4519> Chugai Pharmaceutical 21.05 USD 6488 yen (-9 yen)

<4543> Terumo 20.16 USD 3107 yen (-1 yen)

<4568> Daiichi Sankyo 29.81 USD 4594 yen (-12 yen)

<4661> ORIENT LAND 22.51 USD 3469 yen (-12 yen)

<4901> Fujifilm 10.74 USD 3310 yen (-22 yen)

<5108> Bridgestone Corporation unsponsored adr 17.45 USD 5379 yen (-18 yen)

<6098> Recruit HD 13.24 USD 10203 yen (-52 yen)

<6146> Disco 27.7 USD 42691 yen (-39 yen)

<6178> japan post 9.09 dollars 1400 yen (-70.5 yen)

<6201> toyota industries corporation 75.33 dollars 11610 yen (15 yen)

<6273> smc 21.82 dollars 67258 yen (-132 yen)

<6301> komatsu 26.95 dollars 4154 yen (-6 yen)

<6367> daikin industries, ltd. unsponsored adr 12.1 dollars 18649 yen (-91 yen)

<6501> hitachi ltd sponsored adr 49.45 dollars 3811 yen (-3 yen)

<6503> mitsubishi electric corp. unsponsored adr 34.1 dollars 2628 yen (2 yen)

<6594> nidec 4.6 dollars 2836 yen (-30.5 yen)

<6702> Fujitsu 18.05 dollars 2782 yen (-12 yen)

<6723> Renesas 6.52 dollars 2010 yen (-12.5 yen)

<6758> Sony 19.42 dollars 2993 yen (15.5 yen)

<6857> Advantest 59.6 dollars 9186 yen (-46 yen)

<6902> Denso 14.73 dollars 2270 yen (3.5 yen)

<6954> Fanuc 13.59 dollars 4189 yen (-8 yen)

<6981> Murata Manufacturing 8.28 dollars 2552 yen (-11.5 yen)

<7182> Japan Post Bank 8.75 dollars 1349 yen (-101 yen)

＜7203＞ toyota motor 175.83 dollars 2710 yen (15.5 yen)

＜7267＞ honda motor co., ltd. 26.67 dollars 1370 yen (11.5 yen)

＜7741＞ hoya 128.58 dollars 19817 yen (-13 yen)

＜7751＞ canon inc-spons adr 32.79 dollars 5054 yen (-2 yen)

＜7974＞ nintendo co ltd 13.33 dollars 8218 yen (19 yen)

＜8001＞ itochu corporation 97.9 dollars 7544 yen (4 yen)

＜8002＞ marubeni corporation 155.23 dollars 2392 yen (3 yen)

＜8031＞ mitsui & co., ltd. 429.65 dollars 3311 yen (-14 yen)

＜8035＞ Tokyo Electron 74.74 dollars 23,038 yen (-97 yen)

＜8053＞ Sumitomo Corporation 21.24 dollars 3,274 yen (-1 yen)

＜8058＞ Mitsubishi Corporation 16.9 dollars 2,605 yen (-31.5 yen)

＜8306＞ Mitsubishi UFJ Financial Group 11.81 dollars 1,820 yen (-6 yen)

＜8316＞ Sumitomo Mitsui Financial Group 14.48 dollars 3,719 yen (11 yen)

＜8411＞ Mizuho Financial Group 4.95 dollars 3,814 yen (-5 yen)

＜8591＞ Orix 109 dollars 3,360 yen (29 yen)

＜8725＞ MS&AD Insurance Group Holdings 23.1 dollars 3,560 yen (-6 yen)

<8766> tokio marine hd 37.54 dollars 5786 yen (-31 yen)

<8801> mitsui real estate 24.6 dollars 1264 yen (4 yen)

<9432> ntt 25.15 dollars 155 yen (0.2 yen)

<9433> kddi 16.09 dollars 4960 yen (-2 yen)

<9983> fast retail 32.77 dollars 50505 yen (-225 yen)

<9984> softbank g 28.8 dollars 8877 yen (3 yen)