In the morning session of December 2nd, attention should be paid to the following three points.

Semiconductor stocks are likely to see buybacks.

Keisei, March 25 upward revision Net profit 66.1 billion yen ← 47 billion yen

Focus of the morning session: Bridgestone, narrowing down equipment investment for the fiscal year ending December 25, looking at the slowdown in Europe and the United States

Semiconductor stocks are likely to see buybacks.

In the Japanese stock market on the 2nd, positive sentiment towards US stocks was well received, but the strengthening yen in the foreign exchange market is likely to weigh heavily, leading to a strong market stalemate. On November 29th, the US market was 188 points higher for the NY Dow and 157 points higher for the Nasdaq. It became clear that President-elect Trump, along with the leaders of Canada and Mexico, engaged in constructive dialogue regarding Trump's tariff policies, easing excessive vigilance. Furthermore, optimism about post-Thanksgiving Black Friday sales events reaching record highs in retail sales and expectations for the year-end shopping season pushed up the overall market. The Chicago Nikkei 225 futures settlement price closed 130 yen higher than Osaka at 38,300 yen. The yen was trading around 149.60 yen to the dollar.

The Nikkei Stock Average is likely to start with a buying trend due to the alignment with Chicago futures. However, as the US market had shortened trading hours, the impact is expected to be limited. In the night session of the Nikkei 225 futures, there were moments when it was bought up to 38,460 yen. However, after the close of the US market, trading softened in thin trading, ultimately closing at 38,160 yen, down 10 yen from Osaka. There were moments when the 200-day moving average was touched, but it is being recognized as a resistance level, focusing on the 75-day moving average battle afterwards. However, due to the resilience around the 38,000 yen level, there seems to be a strong buying interest waiting for a pullback at the same level.

On the other hand, with the yen appreciating, export-related sectors are considered likely to be sold off. However, semiconductor stocks, which have been struggling recently, saw buying in companies like Nvidia in the US market on the 29th, making it easier for autonomous rebound-seeking purchases. The slightly eased tariff risks due to the dialogue between President Trump and the leaders of Canada and Mexico are likely to lead to buybacks by sellers. Additionally, while the situation seems focused on exchange rate movements, if the yen appreciates, buyback momentum is likely to increase.

Last weekend, the Nikkei average showed firmness around the 38,000 yen level, but the rebound was limited and there was a conflicting strength around the 75-day moving average (38,207 yen). If the trend of the US stock market continues to surpass the 75-day moving average, it is likely to lead towards rebalancing movements following last week's adjustment. In addition, as there are investors in the US who are on vacation, it is considered that foreign flows are limited. Individual investors are likely to move towards a stance of aiming for price fluctuations in small and mid-cap stocks such as AI-related stocks.

Keisei, March 25 upward revision Net profit 66.1 billion yen ← 47 billion yen

Keisei <9009> announced a revision to the earnings forecast for the fiscal year ending March 2025. The net profit was revised upward from 47 billion yen to 66.1 billion yen. This was due to the recording of special profits from the sale of Oriental Land shares (gains on sale of shares of related companies), resulting in an upward revision of the net income attributable to the parent company shareholders from the previous forecast.

Materials of concern in the morning session

- The NY Dow rose (44,910.65, +188.59)

- The Nasdaq Composite Index rose (19,218.17, +157.69)

- Chicago Nikkei Futures rose (38,300, +130)

- SOX index rose (4,926.56, +73.55)

・VIX index decreased (13.51, -0.39)

Long-term US interest rates fell.

Active share buybacks

Request for improvement in corporate value by the Tokyo Stock Exchange.

・Bridgestone <5108> narrowed down its capital investment for the fiscal year ending December 25, focusing on the slowdown in Europe and the United States

・Albacom <6728> refreshes its semiconductor coating equipment for the first time in 19 years

・Hitachi <6501> Hitachi Rail to invest 10 billion yen in next-generation signals, to be developed in Canada

・Fuji Electric <6504> collaborates with Denso to ensure stable supply of power semiconductors

Kansai Electric Power <9503> Orix and the operation of a storage facility started in Wakayama, one of the largest in Japan.

Mitsubishi UFJ <8306> Mitsubishi UFJ Bank fully subsidiary WealthNavi, boosting online securities.

Osaka Gas <9532> Invests in Sizen Connect to optimize household electricity.

Aozora Bank <8304> Publicly announces the possibility of inability to collect Unicorn's claims.

Toyota Tsusho <8015> Group's Euras Energy HD steadily developing onshore wind power.

JAL <9201> AI analysis of baggage at boarding gates, conducting demonstration experiments with NEC.

Marubeni <8002> Sells Vietnam corrugated base paper, streamlining unprofitable business.

Kawasaki Heavy Industries <7012> Embarks on the development of nursing robots for conversations with dementia patients.

Sumitomo Electric Industries <5802> to strengthen cutting tools, first standard products for aircraft

NEC <6701> bio-authentication for tens of millions of people indoors and outdoors, modularized

Hitachi <6501> Hitachi Energy wins offshore wind power equipment order in the UK from a Spanish company

Keiyo Gas <9539> invests in decarbonization and real estate, aiming for 6 billion yen in ordinary profit for the fiscal year 2027

Tokyo Gas <9531> establishes a local entity in Singapore, strengthening LNG transactions

Lintec <7966> launches glass shatter-resistant film made of 100% recycled PET

Chubu Electric Power <9502> to establish a real estate business headquarters in April next year

☆ Schedule of events in the morning session

・At 08:50, the July-September corporate enterprise statistics survey, all industries equipment (year-on-year estimate: +7.0%, April-June period: +7.4%).

・At 10:45, China's November Caixin Manufacturing PMI (expected: 50.6, October: 50.3).