Nikkei average fell significantly for the seventh consecutive day, and in the process of sharp decline of high-tech stocks, it temporarily dropped to the 37,000 yen range.

Fisco Japan · Jul 25 11:13

日経平均は大幅安で7日続落。前日比989.66円安（－2.53％）の38165.19円（出来高概算10億4000万株）で前場の取引を終えている。

米国株式市場は続落。ダウ平均は504.22ドル安（－1.25％）の39853.87ドル、ナスダックは654.94ポイント安（－3.64％）の17342.41、S&P500は128.61ポイント安（－2.31％）の5427.13で取引を終了した。一部ハイテク企業の冴えない決算に失望した売りがけん引し、寄り付き後、下落。世界の経済指標も冴えず、さらに国内の新築住宅販売指標も弱く、景気への懸念も広がり終日軟調に推移した。終盤にかけても根強い政局不透明感などに手仕舞い売りが加速し下げ幅を拡大し終了。

米主要株価指数の大幅安やフィラデルフィア半導体株指数（SOX指数）が前日比5％超下落したことなどから、東京市場は売り優勢で取引を開始した。ハイテク株中心に大幅安となったことで、日経平均は下げ幅を拡大し、取引時間中としては6月17日以来の37000円台を付ける場面も見られた。ただ、9割超下落した前日とは異なり、プライム市場の下落銘柄は7割ほどに留まった。

日経平均採用銘柄では、会社説明会の話がネガティブ視されてルネサスエレクトロニクス＜6723＞がストップ安となったほか、アドバンテスト＜6857＞、ソフトバンクグループ＜9984＞、ディスコ＜6146＞、ソシオネクスト＜6526＞、SUMCO＜3436＞、スクリーンHD＜7735＞、東京エレクトロン＜8035＞など半導体株が下落。このほか、川崎重＜7012＞、日立＜6501＞、IHI＜7013＞、三菱重工業＜7011＞、三越伊勢丹＜3099＞が売られた。

一方、為替が1ドル152円台まで円高ドル安が進行したことから、ニチレイ＜2871＞、サッポロHD＜2501＞、ニトリホールディングス＜9843＞、明治ホールディングス＜2269＞、日本ハム＜2282＞など円高メリット銘柄が上昇。このほか、オリンパス＜7733＞、京王電鉄＜9008＞、バンナムHD＜7832＞が買われた。

業種別では、電気機器、機械、保険業、証券・商品先物取引業、サービス業などが下落した一方、空運業、パルプ・紙、食料品、水産・農林業、陸運業などが上昇した。

長期金利の指標となる10年物国債利回りが上昇し、朝方、直近高値1.10％に顔合わせする場面も見られた。市場では、7月30－31日に開催される日本銀行の金融政策決定会合での利上げ実施に対する思惑が高まっており、金利は上昇傾向にある。金利上昇なども影響して、投機筋の円売りポジション解消が続いているとの観測から、為替は1ドル152円台半ばまで円高ドル安が進行。輸出関連銘柄の重しとなっている。後場の東京市場は、日経平均やTOPIXの下げ幅縮小を期待したいところだが、一段の円高推移となれば日経平均は再度38000円の攻防を迎えるだろう。金利市場、為替市場を睨んだ厳しい相場展開が続く公算が大きい。

- The Nikkei average has fallen significantly for 7 consecutive days. It ended the morning session at 38,165.19 yen (approximately 1.04 billion shares), down 989.66 yen (-2.53%) from the previous day.

- The U.S. stock market continued to decline. The Dow Inc. was closed at 39,853.87 dollars, down 504.22 dollars (-1.25%), while the Nasdaq was down 654.94 points (-3.64%) to 17,342.41, and S&P500 was down 128.61 points (-2.31%) to 5,427.13. Disappointed sales of some high-tech companies' earnings led to a sell-off after the opening and caused a downturn throughout the day. The sluggishness continued to expand due to concerns about global economic indicators and weak domestic new home sales indicators.

- Due to the significant decline in major U.S. stock indices and the Philadelphia Semiconductor Index (SOX) falling more than 5% from the previous day, the Tokyo market began trading with more selling pressure. The Nikkei average expanded its decline due to sharp declines in high-tech stocks, and there were scenes where it fell to the 37,000 yen level, the first time during trading hours since June 17th. However, unlike the more than 90% drop the day before, about 70% of Prime market declining stocks remained.

- Among the Nikkei average's adopted stocks, Renesas Electronics<6723> became a stop sell due to negative views of the company's briefing, along with semiconductor stocks such as Advantest<6857>, Softbank Group<9984>, Disco<6146>, Socionext<6526>, SUMCO<3436>, Screen HD<7735>, and Tokyo Electron<8035> declined. In addition, Kawasaki Heavy Industries<7012>, Hitachi<6501>, IHI<7013>, Mitsubishi Heavy Industries<7011>, and Mitsukoshi Isetan<3099> were sold.

- On the other hand, as the exchange rate progressed to the 152 yen level, Nikkei<2871>, Sapporo Holdings<2501>, Nitori Holdings<9843>, Meiji Holdings<2269>, and NH Foods<2282> rose as yen benefit stocks. In addition, Olympus<7733>, Keio<9008>, and Bandai Namco<7832> were bought.

- In terms of industry, electric appliances, machinery, insurance, securities and commodity futures trading, and service industries declined, while air transportation, pulp and paper, foods, fisheries and agriculture, and land transportation increased.

- The 10-year government bond yield, which is an indicator of long-term interest rates, rose and was seen to face the recent high of 1.10% in the morning. In the market, there is speculation about the Bank of Japan's implementation of rate hikes at its monetary policy meeting on July 30-31, and interest rates are on the rise. Due to the rise in interest rates and others, there is speculation that speculative selling of the yen has continued to weigh on the market, and the exchange rate has progressed to around 152 yen per dollar, leading to a high-yen dollar weakness. It is a burden for export-related stocks. For the afternoon session of the Tokyo market, we would like to expect a reduction in the decline of the Nikkei average and TOPIX, but if the yen appreciates further, the Nikkei average will likely face another battle at the 38,000 yen level. There is a high possibility that a tough market situation will continue to keep an eye on the interest rate market and the foreign exchange market.

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日経平均は大幅安で7日続落、ハイテク株急落で一時37000円台をつける場面も

Nikkei average fell significantly for the seventh consecutive day, and in the process of sharp decline of high-tech stocks, it temporarily dropped to the 37,000 yen range.

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