Tokyo Market Summary: The Nikkei Average rebounded to an increase of 21.60 yen and ended, and investment decisions for Nintendo stock fell low for the first time in six and a half years

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●The Nikkei Average ended at 27445.56 yen, 21.60 yen higher than the previous business day
●The underlying price index with an emphasis on the Bank of Japan remained flat with a 3.1% rise in January with an average cropping increase of 3.1%
● Industrial production fell 4.6% in January, negative for the first time in 3 months - judgment remained “weak”
● Retail sales increased 6.3% in January, positive for 11 consecutive months
● Food and daily necessities, price increases are still accelerating, and stores are up 6% in February
● Bank of Japan Deputy Governor candidate believes Uchida Shinichi “Continued monetary easing is necessary”
● Active traders face a long yen for the first time in a year and a half, and the Bank of Japan's policy revisions
● Attention to the handle: $Nintendo(7974.JP)$、 $Daiichi Sankyo(4568.JP)$、 $Tokyo Electron(8035.JP)$、 $Toyota Motor(7203.JP)$、 $KDDI(9433.JP)$、 $東芝(6502.JP)$
— Moomoo News Japan Stocks

Market Overview
Today's Nikkei Stock Average ended at 27445.56 yen, 21.60 yen higher than the previous business day, and the Tokyo Stock Price Index (TOPIX) ended at 1993.28, 0.50 points higher in the Tokyo Stock Exchange.

Top news
The underlying price index, which focuses on the Bank of Japan, remained flat with a 3.1% increase in the January cropping average
Among the core indicators that the Bank of Japan, which has set a price stability target of 2%, emphasizes in analyzing underlying changes in the consumer price index (CPI), the “pruned average value,” which is effective for predicting the future, rose 3.1% from the same month last year in January. The growth rate has remained flat since the previous month when it hit a record high. An “index for capturing the underlying inflation rate” was announced on the 28th.

Industrial production falls 4.6% in January, negative for the first time in 3 months - judgment remains “weak”
The industrial production index for January fell 4.6% from the previous month, and it was negative for the first time in 3 months. The rate of decline has been significant since 2022/5 (7.5% drop). Production activities declined in a wide range of industries, including the automobile industry, amid insufficient supply of components and a decline in domestic and international demand. The Ministry of Economy, Trade and Industry made the announcement on the 28th.

Retail sales increased 6.3% in January, positive for 11 consecutive months
According to the January commercial dynamics statistics bulletin announced by the Ministry of Economy, Trade and Industry on the 28th, retail sales were 13.15 trillion yen, up 6.3% from the same month last year. It surpassed the same month last year for 11 consecutive months. The recovery of inbound (foreign visitors to Japan) and rising food and drink prices contributed.

Food and daily necessities, price increases are still accelerating, and stores are up 6% in February
Over-the-counter prices for food and daily necessities continue to rise. The year-on-year growth rate of daily prices based on POS (point of sale information management) data remained in the 6% range even as of February, and has been at a high level since 1991. The rate of increase for 60% of items was greater than in January, and price increases accelerated. Some are slowing down, and there is a possibility that inflation is peaking. The focus is on whether we can move on to price increases involving proper price transfers and wage increases.

Bank of Japan Deputy Governor candidate believes Uchida Shinichi “Continued monetary easing is necessary”
An interview with Uchida Shinichi Bank Director and former Financial Services Agency Director Himino Ryozo, who is a candidate for the next Bank of Japan Deputy Governor, was held at the House of Councilors Steering Committee on the 28th. Mr. Uchida emphasized that “it is necessary to continue monetary easing and firmly support the economy.” While touching on the side effects of large-scale mitigation, they showed confidence that “I want to come up with ideas so that mitigation can continue.”

Active traders face a long yen for the first time in a year and a half, and the Bank of Japan's policy revisions
It is an index that estimates the holdings of participants in the foreign exchange market, and the yen position became a buyer for the first time in about a year and a half. Traders are watching revisions to monetary easing measures by the Bank of Japan and are strengthening their strong view of yen. The yen FX Payne Index calculated by Citigroup was positive since July 2021 as of the 27th. This indicates that active traders' positions have turned to buying and holding yen, albeit slightly.

Notable stocks
Nintendo stock investment decision falls low for the first time in six and a half years - Goldman also lowered
$Nintendo(7974.JP)$: Evaluations of Nintendo stock have been lowered one after another. The background is that demand for the home video game console “Switch” is decelerating faster than expected by the market. Goldman Sachs Securities analyst Munakata Yo and his colleagues changed Nintendo's investment evaluation from “buy” to “neutral” on the 28th, and lowered the target stock price to 5,000 yen.

Daiichi Sankyo's influenza nasal spray vaccine expands options
$Daiichi Sankyo(4568.JP)$ : Daiichi Sankyo will put into practical use a new influenza vaccine that is inoculated by spraying it into the nose. On the 27th, the specialized committee of the Ministry of Health, Labor, and Welfare approved a policy to approve manufacturing and sales. After going through future procedures, it is expected that it will be approved as early as this spring.

President of East Elec says semiconductors will recover rapidly after '24 - led by the metaverse
$Tokyo Electron(8035.JP)$ : As the semiconductor market continues to adjust, Tokyo Electron is looking ahead to a rapid recovery after 2024. Although there are still views in some parts of the market that are concerned about the risk of prolonged adjustments and export restrictions to China, it is assumed that new areas such as the metaverse will take the lead. In an interview on the 24th, President Kawai Toshiki of Tokyo Electron stated in an interview on the 24th that in addition to conventional demand, such as for personal computers (PCs) and smartphones, which have expanded the semiconductor market in the past, the market will rapidly expand as “new applications come out more and more,” such as the metaverse, electrification of automobiles, and progress in autonomous driving levels, which will spread in earnest in the future from '24 onwards.

Toyota launches device to support prevention of shuttle buses being left behind
$Toyota Motor(7203.JP)$ : On the 28th, Toyota Motor Corporation announced that it will sell a “car built-in abandonment prevention support system” that supports preventing infants etc. from being left behind when picking up and dropping off for coasters (infant cars) and Hiace (infant buses) from April as genuine products attached to dealers.

JTB and KDDI collaborate on tourism DX to recover demand
$KDDI(9433.JP)$ : JTB Co., Ltd. signed a “Memorandum of Understanding (basic agreement) on implementing digital transformation measures aimed at solving potential issues in post-COVID-19 tourism” with KDDI Corporation for the first time. Utilizing the tourism network owned by JTB and information communication technology and digital solutions owned by KDDI, digital transformation measures aimed at solving issues faced by the tourism industry will be implemented after changes in social conditions affected by the novel coronavirus (after COVID-19).

Japan Post Bank --- Continued Growth Announces Stock Sale and Company Stock Buyback by Japan Post
$Japan Post Bank(7182.JP)$ : Japan Post Bank continues to grow. Stock sales by Japan Post were announced the day before. The maximum number of shares sold is 1,089 million shares, and the investment ratio seems to drop from the current 89% to around 60%. The sales price determination period is from March 13th to 16th. Meanwhile, it has also been announced that stock buybacks will be carried out with an upper limit of 80 million shares due to off-site transactions and 90 million shares due to market purchases, respectively. In addition, observation reports were reported earlier about the sale of shares held by Japan Post, and it seems that factored in was progressing.

Is Toshiba a takeover drama with only domestic players, or the direction of not participating in the Global PE - Stakeholders
$東芝(6502.JP)$ : In Toshiba's takeover negotiations, the faction led by Japan Industrial Partners (JIP) has presented a plan on the scale of 15 billion dollars (about 2 trillion yen), but in the direction of not joining many global investment funds, the pattern of takeover dramas involving only domestic forces is intensifying. Multiple stakeholders who are familiar with the situation have made it clear.

Distributor: Nihon Keizai Shimbun, Bloomberg, Morningstar, Yahoo Finance, FISCO