Tokyo Market Summary: Nikkei Average falls, M&A “Japanese companies” increase 80%, and restructuring to raise stock price levels is active

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●The Nikkei Average ended at 32059.91 yen, 413.74 yen lower than the previous business day
● The first half of the yen 145 yen range fell to the lowest price this year, resonating with high resources
●M&A “between Japanese companies” increased 80%, active restructuring to raise stock price levels
● Rakuten G shares are rising for the first time in 5 months, and losses in the mobile business have shrunk
● Recruit was drastically high and re-entered the new high price range, profit increased by 2 digits at the end of the April-June period, and progress in consolidation of leftover purchases was also good material
● Notable stocks: $Rakuten Group(4755.JP)$、 $Recruit Holdings(6098.JP)$、 $Shinkin Central Bank(8421.JP)$、 $Daiwa House Industry(1925.JP)$
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Market Overview
The Nikkei Stock Average closed at 32059.91 yen, 413.74 yen lower than the previous business day in the Tokyo stock market today, and the Tokyo Stock Price Index (TOPIX) fell 22.62 points to 2280.89.

Top news
The first half of the yen 145 yen level fell to the lowest price this year, resonating with high resources
The depreciation of the yen and the appreciation of resources are progressing. In the foreign exchange market on the 14th, the yen exchange rate temporarily hit a low level of yen depreciation and dollar high for the first time in about 9 months, with 1 dollar = the first half of the 145 yen range. Currently, prices of resources such as crude oil are also on an upward trend, and expansion pressure is once again added to Japan's trade deficit, which had been on a shrinking trend. There is also an estimate that demand for yen sales and dollar purchases from trade settlement amounts will reach around 27 trillion yen per year, so there is likely to be upward pressure on domestic prices.

M&A “between Japanese companies” increased 80%, active restructuring to raise stock price levels
M&A (mergers and acquisitions) between Japanese companies is increasing. The acquisition amount for the first half of this year was approximately 6.8 trillion yen, up 80% from the same period last year. This is because domestic business restructuring, where synergistic effects are more likely to be expected, has become active in order to raise stock prices. The hurdles for buying overseas companies have also risen due to the depreciation of the yen, and there is a possibility that the tide of M&A that has sought growth overseas will change.

Investment trust sales fees fall further, competition intensifies ahead of the new NISA
Sales fees for mutual funds have declined further. According to the Investment Trusts Association, sales fees for investment trusts that invest in stocks are 1.98% as of the end of June, which has remained at the lowest level since 2017. The background is the spread of internet securities that do not involve face-to-face services. The new Small Investment Tax Exemption System (NISA) is about to begin in 24, and since sales fees are paid for each purchase, it becomes a burden for investors in accumulated investments.

Notable stocks
Rakuten G shares rose for the first time in 5 months, and losses in the mobile business shrunk
$Rakuten Group(4755.JP)$The stock price of was 599.3 yen, which temporarily rose 6.8% on the 14th, and recorded an intraday rate of increase since March 22. There is a positive view that losses in the mobile business have shrunk in the financial results for the April-June period (2nd quarter) announced last week. According to the announcement, sales revenue for the mobile business in the same quarter was almost flat at 80.8 billion yen in the same period last year, but the operating loss was 82.4 billion yen, and the deficit narrowed from 121.5 billion yen in the same period last year.

Recruit re-entered the new high price range with a drastic high, profit increased well by 2 digits at the end of the April-June period, and progress in organizing leftover purchases is also good news
$Recruit Holdings(6098.JP)$There was a sudden rebound against the general soft tone, and in addition to putting it on the bulging 5000 yen mark with an increase of over 7% at one point, it surpassed the high price of 4983 yen set on August 1 and updated the year-to-date high price. The financial results for the first quarter of the fiscal year ending March 24 (April to June 23), which were announced after the end of trading on the 10th of the previous week, achieved 2-digit growth with final profit of 98060 million yen, up 16% from the same period last year.

Shinkin Chukin supports decarbonization of small and medium-sized enterprises with Daiwa House
$Shinkin Central Bank(8421.JP)$Also within August $Daiwa House Industry(1925.JP)$Teaming up with, we will start a decarbonization support service for small and medium-sized enterprises. Through credit banks nationwide, we support everything from proposals for the introduction of equipment leading to decarbonization, such as photovoltaic panels, to raising funds at the time of purchase. The aim is to support small to medium initiatives that lack know-how for decarbonization.

Distribution source: Bloomberg, Nihon Keizai Shimbun, MINKABU