Japanese stocks of ADR (American Depositary Receipt) have generally fallen compared to the Tokyo Stock Exchange (based on an exchange rate of 151.07 yen to 1 dollar), with companies such as Japan Post Bank <7182>, Japan Post <6178>, SoftBank Group <9984>, Renesas <6723>, Nidec <6594>, Advantest <6857>, and Mitsubishi Corporation <8058> facing declines, leading to a general sell-off. The settlement value of the Chicago Nikkei 225 futures was down 290 yen from the daytime price in Osaka, at 37,810 yen.

The US stock market fell back. The Dow average closed down 138.25 dollars at 44,722.06 dollars, while the Nasdaq ended down 115.10 points at 19,060.48. The market opened softly due to caution around high valuations near all-time highs. Although the Dow rose briefly due to strong earnings from some retail companies, selling pressure due to concerns about the economic and corporate performance impact from additional tariff policies planned by President-elect Trump re-emerged leading to a decline. Opinions also rose that expectations for artificial intelligence (AI) were overblown, resulting in declines in the tech sector, which contributed to a soft market movement throughout the day.

In the New York foreign exchange market on the 27th, the dollar-yen rose to 151.82 before falling to 150.46, closing at 151.15. The US GDP revision for the July-September quarter showed a slowdown from the previous quarter, while the revised values for personal consumption and the core PCE price index were unexpectedly downwardly revised, accelerating dollar selling in line with the decline in US long-term interest rates. The core PCE price index for October accelerated from the previous month, providing new evidence of stagnation in disinflation, temporarily halting the dollar's decline, but the market perceived this did not indicate a shift in the trajectory for additional rate cuts, leading to movements pricing in further rate cuts in December. Following favorable results from the 7-year bond auction, interest rates further decreased, and dollar selling resumed. Risk-averse yen buying continued, driven by concerns about additional tariffs from the incoming Trump administration. The euro-dollar rose from 1.0526 dollars to 1.0588 dollars, closing at 1.0565 dollars, as euro-selling related to additional rate cut expectations faded after comments from ECB board member Schnabel.

NY crude oil futures for January struggled to gain (NYMEX crude oil January closing price: 68.72 ↓0.05).

Top gainers among ADRs (as of the 27th):

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

<8830> Sumitomo Realty and Development 17 dollars 5,136 yen (580 yen) +12.73%.

<9107> Kawasaki Kisen Kaisha 14.7 dollars 2,221 yen (231 yen) +11.61%.

<7259> Aisin Seiki 11.4 dollars 1722 yen (144.5 yen) +9.16%

<8725> MS&AD Insurance HD 22.11 dollars 3340 yen (22 yen) +0.66%

<5401> Nippon Steel 6.73 dollars 3050 yen (17 yen) +0.56%

■ADR Top Decliners (27th)

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

<7182> Japan Post Bank 8.6 dollars 1299 yen (-109 yen) -7.74%

<8750> Dai-ichi Life HD 23.4 dollars 3535 yen (-250 yen) -6.61%

<6178> Japan Post Holdings 9.15 dollars 1382 yen (-78 yen) -5.34%

<5020> ENEOS $10.07 761 yen (-37.4 yen) -4.68%

<8601> Daiwa Securities Group Headquarters $6.38 964 yen (-42 yen) -4.17%

■Other ADR Stocks (27th)

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

<2914> japan tobacco inc $13.93 4209 yen (-34 yen)

<3382> Seven & I Holdings $16.92 2556 yen (-20 yen)

<4063> Shin-Etsu Chemical $18.13 5478 yen (-70 yen)

<4502> takeda pharmaceuticals sp adr $13.57 4100 yen (7 yen)

<4519> chugai pharmaceutical 21.59 dollars 6523 yen (-53 yen)

<4543> terumo 20.29 dollars 3065 yen (-21 yen)

<4568> daiichi sankyo 30.6 dollars 4623 yen (-19 yen)

<4661> oriental land 23.3 dollars 3520 yen (-18 yen)

<4901> fuji film 10.83 dollars 3272 yen (-43 yen)

<5108> bridgestone corporation unsponsored adr 17.38 dollars 5251 yen (-45 yen)

<6098> recruit hd 13.42 dollars 10137 yen (-138 yen)

<6146> disco 27.3 dollars 41242 yen (-638 yen)

＜6178＞ japan post 9.15 dollars 1382 yen （-78 yen）

＜6201＞ toyota industries corporation 73.52 dollars 11107 yen （-98 yen）

＜6273＞ smc 21.24 dollars 64175 yen （-855 yen）

＜6301＞ komatsu 26.86 dollars 4058 yen （-25 yen）

＜6367＞ daikin industries, ltd. unsponsored adr 11.8 dollars 17826 yen （-259 yen）

＜6501＞ hitachi ltd sponsored adr 48.91 dollars 3694 yen （-41 yen）

＜6503＞ mitsubishi electric corp. unsponsored adr 33.23 dollars 2510 yen （-28 yen）

＜6594＞ nippon densan 4.56 dollars 2756 yen （-51.5 yen）

<6702> Fujitsu $18.44 2786 yen (-32.5 yen)

<6723> Renesas $6.36 1920 yen (-41 yen)

<6758> Sony $19.76 2985 yen (-33 yen)

<6857> Advantest $55.3 8354 yen (-152 yen)

<6902> Denso $14.1 2129 yen (-29 yen)

<6954> Fanuc $13 3928 yen (-45 yen)

<6981> Murata Manufacturing $8.18 2472 yen (-36.5 yen)

<7182> Japan Post Bank $8.6 1299 yen (-109 yen)

<7203> toyota motor $169.72 2564 yen (-7 yen)

<7267> honda motor $25.63 1291 yen (-1.5 yen)

<7741> HOYA $127.4 19246 yen (-139 yen)

<7751> canon inc-spons adr $32.59 4923 yen (-39 yen)

<7974> nintendo co ltd $13.96 8436 yen (-91 yen)

<8001> itochu corporation $96.15 7263 yen (-62 yen)

<8002> marubeni $149.07 2252 yen (-19.5 yen)

<8031> mitsui & co. $415.4 3138 yen (-32 yen)

＜8035＞ Tokyo Electron 72.35 dollars 21,860 yen (-380 yen)

＜8053＞ Sumitomo Corporation 20.84 dollars 3,148 yen (-30 yen)

＜8058＞ Mitsubishi Corporation 16.45 dollars 2,485 yen (-44 yen)

＜8306＞ Mitsubishi UFJ Financial Group 11.58 dollars 1,750 yen (-18 yen)

＜8316＞ Sumitomo Mitsui Financial Group 14.18 dollars 3,570 yen (-10 yen)

＜8411＞ Mizuho Financial Group 4.9 dollars 3,705 yen (5 yen)

＜8591＞ orix 108.08 dollars 3,266 yen (-4 yen)

＜8725＞ MS&AD Insurance Group Holdings 22.11 dollars 3,340 yen (22 yen)

Tokyo Marine HD 36.58 dollars 5526 yen (-45 yen)

Mitsui Fudosan 24.5 dollars 1234 yen (-16 yen)

NTT 25.23 dollars 152 yen (-0.6 yen)

KDDI 16.17 dollars 4886 yen (-29 yen)

Fast Retailing 33.41 dollars 50472 yen (-718 yen)

SoftBank Group 28.83 dollars 8711 yen (-270 yen)