Does the Nikkei Average continue to fight at the lower cloud level, mainly due to financial results announcements

Last week's $Nikkei 225(.N225.JP)$It depreciated slightly by 6.96 yen (-0.02%) to 38229.11 yen. The rough price movements in exchange associated with yen buying intervention thought to be the government/Bank of Japan were disgusted, and the direction of the Nikkei Average became scarce. Also, as announcements of companies with financial results for the fiscal year ending March 31 were in full swing, market expectations were rising due to the depreciation of the yen and anti-deflation momentum, etc., so earnings forecasts for the current fiscal year did not reach market consensus $Screen Holdings(7735.JP)$、 $Panasonic Holdings(6752.JP)$、 $Nippon Steel(5401.JP)$、 $Toyota Motor(7203.JP)$、 $Mitsubishi Heavy Industries(7011.JP)$etc., gained an advantage in sales. Since it is the beginning of the fiscal year, there are also voices that it is a conservative forecast, but since negative reactions have been slightly conspicuous in financial results announcements up to this point, it has also led to a deterioration in investor sentiment. Meanwhile, in the US market $Dow Jones Industrial Average(.DJI.US)$In addition to rising for 8 consecutive business days, US stocks have risen, with the NASDAQ approaching an all-time high. The steady movement of US stocks underpinned Japanese stocks.

Exchange rate fluctuations in late April and early May both occurred early in the morning before the Tokyo market was closed or opened, so Japanese stocks were not directly affected, but the market is aware that the fluctuation in exchange rates is a factor that forces people to refrain from active trading. In addition to these factors, financial results announcements for companies for the fiscal year ending March 31 will peak this week, $Nikkei 225(.N225.JP)$Ya $TOPIX(.TOPIX.JP)$It is likely that they will continue to have a poor sense of direction.

The trading price of the Prime Market is constantly in the 4-5 trillion yen range due to trading centered on stocks that have announced financial results, and the trading price is not visibly decreasing like in the growth market. However, it is essential for the Nikkei Average to exceed the 25-day moving average and the 75-day moving average and aim for the 39,000 yen or 40000 yen range $Tokyo Electron(8035.JP)$There aren't even semiconductor stocks like that. These semiconductor stocks are expected to be major US semiconductor companies in late May $NVIDIA(NVDA.US)$I think it will be difficult to move until financial results are announced. There must be many market participants who remember that the Nikkei Average surpassed the 1989/12/29 high during the bubble period after NVIDIA financial results were announced in February. Since we are expecting a detonator image like three months ago from NVIDIA's financial results, I don't think there will be a noticeable direction for the Tokyo market this week. Note that the financial results of Tokyo Electron, which were announced after closing on the 10th, were almost in line with the market consensus, so it seems that sharp declines like Screen HD will be avoided.