日経平均採用銘柄では、一部報道にて、自民、公明両党が、防衛力強化の財源とする所得、法人、たばこ3税のうち、所得税の増税実施時期の決定を先送りすることで一致したと伝わったことから三菱重＜7011＞、川崎重＜7012＞、IHI＜7013＞、日本製鋼所＜5631＞など防衛関連が総じて下落。このほか、オムロン＜6645＞、第一三共＜4568＞、住友ファーマ＜4506＞、スクリーンHD＜7735＞、ソニーグループ＜6758＞などが売られた。The Nikkei Average fell for the first time in five days, closing at 39,360.43 yen, down 488.71 yen (−1.23%) from the previous day (estimated Volume of 1.2 billion shares) at the end of the morning session.
The U.S. stock market fell on the 12th. The Dow Average closed at 43,914.12 dollars, down 234.44 dollars, and the Nasdaq ended at 19,902.84, down 132.05 points. Concerns about an unexpected acceleration in the November Producer Price Index (PPI) led to a decline after the market opened. The Dow weakened under selling pressure due to unexpectedly weak employment-related indicators and the decline of managed healthcare company UnitedHealth, leading to a further drop. The Nasdaq fell as long-term interest rates were expected to rise. Throughout the latter part of the session, the stock market expanded its decline and finished lower.
In response to the decline in U.S. stocks, the Tokyo market opened with a selling bias. After trading related to the calculation of the special settlement value (SQ value) for December futures and options was executed at the opening, the Nikkei Average gradually expanded its decline. The previous day's SQ value for November options and the psychological level of 40,000 yen became points of focus, leading to selling driven by a sense of accomplishment. The estimated SQ value stands at 39,434.85 yen.
Regarding the stocks included in the Nikkei Average, some reports indicated that the Liberal Democratic Party and Komeito agreed to postpone the decision on the implementation timing of income tax hikes among the three taxes (income, corporate, and tobacco) to strengthen defense capabilities, which caused declines in defense-related stocks such as Mitsubishi Heavy Industries ＜7011＞, Kawasaki Heavy Industries ＜7012＞, IHI ＜7013＞, and Japan Steel Works ＜5631＞. Additionally, stocks like Omron ＜6645＞, Daiichi Sankyo ＜4568＞, Sumitomo Pharma ＜4506＞, Screen Holdings ＜7735＞, and Sony Group Corp ＜6758＞ were also sold off.
On the other hand, Oji Holdings ＜3861＞ saw a significant increase after announcing a share buyback, and Bandai Namco Holdings ＜7832＞ also rose significantly after announcing a global simultaneous release of a popular action RPG in 2025. Casio ＜6952＞ rose based on positive reports from brokerage firms. Other stocks such as Advantest ＜6857＞, Konica Minolta ＜4902＞, SHARP CORP ＜6753＞, and Socionext ＜6526＞ were also bought.
By sector, Pharmaceuticals, Services, Machinery, QITABANKUAI, and Electric Appliances fell, while only the two sectors of Pulp & Paper and Marine Shipping rose.
Weakness in China stocks has been a burden on China-related stocks, but the exchange rate is at 152.80 yen to the dollar, which is about 20 sen weaker than in the morning. Although the depreciation of the yen has not significantly supported export-related stocks, if this trend surpasses 153 yen for the first time since November 27, it could potentially contribute to a reduction in the decline of the Nikkei Average. The latter half of the trading session seems likely to be influenced by the exchange rate and Chinese stocks.