In the morning session 13 days ago, three points are worth paying attention to.

■ A buy stance considering the year-end rally.

■ Seibu Holdings, upward revision for 25/3 operating profit 289 billion yen ← 45 billion yen.

■ Attention materials from the morning session: NTT, commercialization of energy-saving Server, utilization of IOWN, reduced to one-eighth.

■ A buy stance considering the year-end rally.

On the 13th, the Japanese stock market is likely to start with a slight bearish sentiment, followed by a market development where resilience will be emphasized. On the 12th, the US market saw the Dow Jones Industrial Average down by 234 points and the Nasdaq down by 132 points. The Producer Price Index (PPI) for November exceeded market expectations. Since the previous day's Consumer Price Index (CPI) aligned with estimates, selling pressure arose due to renewed inflation concerns. However, amidst the consensus view for additional rate cuts by the Federal Open Market Committee (FOMC), attention will be paid to the firmness in the lower levels. The clearing price for the Chicago Nikkei 225 Futures (March) was 39,665 yen, down 145 yen compared to Osaka. The yen is trading at around 152.50 yen per dollar.

The Nikkei average is likely to start with a slight bearish sentiment as it aligns with the Chicago futures. In the USA, the Dow Jones Industrial Average has fallen for six consecutive trading days, breaching the 25-day line, but the Nasdaq Index had recently surpassed 0.02 million, making profit-taking more likely. Stocks that significantly impact the index, like Tokyo Electron and Advantest, may see some upward pressure suppressed, however, in Extended hours trading, Broadcom has been bought after surpassing financial estimates, providing some support.

Furthermore, today is the special clearing index calculation for Futures and Single Option (Major SQ), but it is considered likely to pass without turbulence. After passing SQ, there may be lighter supply and demand, and the market may approach the 0.04 million yen stance. Although Nikkei 225 futures declined during the night session, a firmness around 39,500 yen has been noted. If there is observed firmness after the opening within the range of 39,500 yen to 0.04 million yen, movements targeting a breakthrough of 0.04 million yen may occur.

Due to weekend factors, aggressive trading is likely to be restrained, and there may be a heightened mood to wait for the FOMC results next week. However, amidst the consensus for additional rate cuts from the FOMC, it becomes difficult to take bearish positions, while on the other hand, there seems to be strong buying intention aiming for dips. The Nikkei average is likely to see selling aiming for rebounds as it approaches 0.04 million yen, but in a mildly weak scenario, buying may focus on year-end highs.

■ Seibu Holdings, upward revision for 25/3 operating profit 289 billion yen ← 45 billion yen.

Seibu HD <9024> announced a revision of its financial forecast for the fiscal year ending March 2025. Revenue has been revised upward from 494 billion yen to 898 billion yen, and operating profit from 45 billion yen to 289 billion yen. Following the liquidity of Tokyo Garden Terrace Kioicho, the outlook significantly exceeds the previously announced figures.

■ Key materials for the first half of the trading session

The Nikkei average is up (39,849.14, +476.91)

• 1 dollar = 152.50-60 yen

Active share buybacks

• The Tokyo Stock Exchange's request for corporate value enhancement

・NTT <9432> commercializes energy-saving Servers, utilizing IOWN, reducing to one-eighth.

・Mitsubishi Chemical Group <4188> resumes the subsidiary president position, with Tsukimoto from Mitsubishi Chemical concurrently serving, and Tsujimura from Tanabe Mitsubishi.

・Lib Work <1431> to partner with Teijin in a strategic alliance, developing wooden Residences with few pillars and walls.

・JDI <6740> to collaborate with a US startup for high-resolution thermal Sensor development.

・Seibu HD <9024> sells the site of the former Akabane Prince Hotel to a US fund for 400 billion yen.

・Mitsubishi Corporation <8058> investigates the development of a low-carbon Aluminum business through refining in Finland.

・Toyo Drylube <4976> expands the field of solid film lubrication.

・Tekken Construction <1815> applies non-cement concrete in shield construction.

・Aisin <7259> promotes the social implementation of mobility services, leveraging car navigation technology.

・Honda <7267> achieves 4 million units for the "N Series" in 13 years since the first launch.

・Yokogawa Electric <6841> reduces inventory at the Kofu plant through DX, using AI for demand forecasting.

・Iseki Agricultural Machinery <6310> halves the cost of Ayamadori robots, making it easier for farmers to adopt.

・Fujitsu <6702> accelerates AI strategy with multiple agent collaboration.

・TDK <6762> develops compact inductors for wearable devices.

・InfoMart <2492> processes everything electronically from order to payment, improving accounting efficiency in collaboration with NTT Data Kansai and local governments.

・Toda Construction <1860> prevents Wi-Fi signal blockage throughout the entire building.

・Idemitsu Kosan <5019> along with Obayashi Corporation and two other companies will demonstrate biofuels for construction machinery and start selling them from the beginning of the year.

・Tokyo Tatemono <8804> is implementing logistics facilities with freezing and refrigeration functions in Funabashi City, Chiba.

☆ Morning event schedule

< Domestic >

・08:50 December survey Bank of Japan short-term economic outlook for large enterprises manufacturing industry assessment judgment DI (Financial Estimates: +13, September: +13).

・08:50 December survey Bank of Japan short-term economic outlook for large enterprises non-manufacturing industry assessment judgment DI (Financial Estimates: +33, September: +34).

・08:50 December survey Bank of Japan short-term economic outlook for large enterprises all-industry capital investment (year-on-year Financial Estimates: +10.0%, September: +10.6%).

・ Nothing special