In the afternoon trading on the 25th, we want to focus on the following three points.

The Nikkei Index continues to decline, with trading remaining subdued during the Christmas holiday.

Due to holidays in European and American markets, trading in major currencies remains lackluster.

The top contributor to the decline is Konami <9766>, followed by Daiichi Sankyo <4568>.

The Nikkei Index continues to decline, with trading remaining subdued during the Christmas holiday.

The Nikkei average continues to decline, ending the morning session at 38,990.56 yen, down 46.29 yen (-0.12%) from the previous day, with an estimated Volume of 0.9 billion shares.

On the 24th, the US stock market continued to rise. The Dow Jones average closed up 390.08 dollars at 43,297.03 dollars, and the Nasdaq finished up 266.25 points at 20,031.13. There was caution over rising long-term interest rates, leading to mixed performance after the market opened. On the day before the Christmas holiday, the shortened trading session saw technology stocks continue to be bought, boosting the stock market. Anticipation of a Christmas rally from the 24th into the year-end also contributed, expanding gains toward the close.

Following the rise in US stocks, the Tokyo market opened favorably for buys. The Nikkei average started in the 39,100 yen range, but like yesterday, the impact of reduced participants due to the Christmas holiday led to a decrease in gains, briefly dropping below the 39,000 yen level. However, the lack of selling pressure due to thin trading resulted in the Nikkei average consolidating around the 39,000 yen mark. The trading volume on the Main Board during the morning session remained modest at around 1.5 trillion yen.

Among the stocks included in the Nikkei average, some regional bank stocks like Concordia <7186> and Fukuoka <8354>, along with financial stocks such as SOMPO Holdings <8630> and MS&AD <8725>, were sold off. Stocks like Fuji Electric <6504> and Nippon Steel <5631> also fell. Additionally, Yamaha <7951>, Suzuki <7269>, Rakuten <4755>, Keio Railway <9008>, and Tokyu Fudosan Holdings <3289> showed weakness.

On the other hand, Nissan Motor <7201> and Mitsubishi Motors <7211> were bought in response to ongoing discussions regarding a management integration with Honda <7267>. Fuji Electric <5803> rebounded as well. Furthermore, value stocks such as Fast Retailing <9983>, SOFTBANK GROUP CO <9984>, and Advantest <6857> showed strength. Additionally, Kawasaki Heavy Industries <7012>, Taiyo Yuden <6976>, Nippon Steel <5401>, and Alps Alpine <6770> were among those bought.

By sector, Electricity, Gas, Other Products, Insurance, and Banks declined, while only the Iron & Steel and Mining sectors increased.

This evening, the major European and American markets are closed for Christmas holidays, leading to a more subdued afternoon session than the morning. The exchange rate is also nearly unchanged around 157 yen per dollar, creating a lack of trading clues. The trading volume on the Main Board yesterday recorded 3 trillion 94.3 billion yen, the lowest of the year, and today is expected to fall below this level.

Due to the holiday closures in European and American markets, the Currency Exchange for major currencies remains inactive.

On the morning of the 25th in the Tokyo market, the USD/JPY is fluctuating in the lower 157 yen range. Today, due to the Christmas holiday closures in European and American countries, the Currency Exchange for major currencies, including the dollar and yen, remains inactive.

The range up to this point is from 157.04 yen to 157.34 yen. The EUR/USD is struggling to decline, fluctuating between 1.0396 dollars and 1.0411 dollars. The EUR/JPY is strong, rebounding between 163.26 yen and 163.74 yen.

■ Stocks to check in the latter half.

• General Oyster <3224>, GMO Adopt Partners <4784>, and two other stocks hit the ceiling price.

This includes the temporary limit high (response value).

The top contributor to the decline is Konami <9766>, followed by Daiichi Sankyo <4568>.

Economic indicators and remarks by important people

[Economic indicators]

・ Nothing special

Key Person Statements

• According to sources.

"Estimated interest rate for the budget proposal for the next fiscal year is 2.0%"

< Domestic >

・Governor Ueda's speech at Keidanren.

・14:00 October Economic Trend Index - Leading Revised Value (Preliminary Value: 108.6)

・Markets in Europe, the USA, Oceania, Brazil, and South Africa will be closed for Christmas.