Tokyo Market Summary: Nikkei Average Falls for the First Time in 3 Days Exchange Interventions, Attack and Defense Act 2 “8 Remaining Bullets” The Government's Scary Market

Top news
Powell's statement, which has lost confidence, is the biggest test for the intervening authorities
The US FOMC, which is the US monetary policy meeting, completed 2 days of discussions in the afternoon of the New York market today, and there is a statement announcement and a press conference with US Federal Reserve Chairman Powell. Depending on Mr. Powell's statement, the yen exchange rate is also in view of breaking through 1 dollar = 160 yen again, so the Japanese intervention authorities will stay up all night on the battlefield tonight, and will respond immediately if necessary.

Exchange Interventions, Attack and Defense Act 2 “8 Remnants” A market that the government is fond of
In the foreign exchange market on the 1st, the battle “Act 2” between the market and the government has begun. The possibility that the government carried out exchange intervention on the scale of 5 trillion yen, which is the largest ever, increased on the 29th according to market estimates the day before. It seems that speculators are still making unrealized profits, and there is no sign that they will stop selling yen. The interest of market participants is the Ministry of Finance's capacity to intervene. As the view that “the remaining 8 live bullets” emerge, the government is also interested in the next move.
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The turbulence is just a sign of what is to come - intense movements, more frequent
There are voices questioning the effects of the intervention, and there are also estimates that the “yen purchase” on the 29th is comparable to the largest scale ever

Notable stocks
Mitsui & Co., Ltd. acquires shares up to 200 billion yen - 1 to 2 stock split
$Mitsui(8031.JP)$It was announced on the 1st that it will acquire treasury stock up to 40 million shares or 200 billion yen. Also, a stock split of 2 shares per share will be carried out using 6/30 as the reference date. According to presentation materials, it is to expand shareholder returns and improve capital efficiency. The acquisition period is from 2nd to 9/20. All shares acquired will be written off. The effective date of the stock split is July 1.
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Mitsubishi Corp. - New high price Mitsui & Co., Ltd. buys shares of trading companies announcing stock buybacks, actual dividend increases, etc.

Sojitz is drastically higher, and dividends are expected to increase by 15 yen according to the final profit increase forecast for the fiscal year ending 25/3
$Sojitz(2768.JP)$It continued to grow for 3 days and hit a new year-to-date high. According to the consolidated earnings forecast for the fiscal year ending March 25 announced at around 12:30 p.m., net profit of 11 billion yen (up 9.2% from the previous fiscal year) was anticipated, and the annual dividend forecast was set to 150 yen, an increase of 15 yen from the previous fiscal year, which is well received.

Big Motor's successor company, ITOCHU is expected to become a wholly owned subsidiary in the future
$ITOCHU(8001.JP)$It was announced on the 1st that it has launched a business succession company “WECARS” for Big Motor, a major used car sales company. $Itochu Enex(8133.JP)$Approximately 40 billion yen was invested with the investment fund J-Will Partners (JWP), and the ratio is 50.1% on the JWP side and 49.9% on the ITOCHU side. Executive Officer Maki Masatoshi of ITOCHU Corporation at the press conference indicated his intention to make it a wholly owned subsidiary around 2 to 3 years.

Distribution source: Bloomberg, Nihon Keizai Shimbun, Reuters