Tokyo Market Summary: Nikkei Average Rebound Bank of Japan, Interest Rate Manipulation Revisions “Plus for Financial Normalization” October Summary

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●The Nikkei Average ended at 33169.05 yen, 28.58 yen higher than the previous business day
●Bank of Japan revises interest rate operation again “plus to monetary normalization” October summary
● Prices rose in the 2% range, and service prices rose to the bottom with a view to consolidation
● FY24 budget plan 112.1 trillion yen, afternoon decision reserve costs reduced
●Mitsubishi UFJ - Backlash Financial Mitigation Settlement “Even in January,” the company's president anticipates the shortest = Asahi
● Attention to the handle: $Mitsubishi UFJ Financial Group(8306.JP)$、 $Tokyo Electron(8035.JP)$、 $Mitsubishi Chemical Group(4188.JP)$、 $Japan Airlines(9201.JP)$
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Market Overview
Today's Nikkei Stock Average ended at 33169.05 yen, 28.58 yen higher than the previous business day, and the Tokyo Stock Price Index (TOPIX) ended at 2336.43, 10.45 points higher.

Top news
Bank of Japan revises interest rate operation again “positive for monetary normalization” October summary
On the 22nd, the Bank of Japan announced the summary of the proceedings of the 10/30-31 monetary policy meeting, which decided to re-flexibilize long and short interest rate operations (yield curve control, YCC). Along with the rise in long-term US interest rates, upward pressure was also being applied to Japan's long-term interest rates. Many policy committee members shared the recognition that strict suppression of long-term interest rates “could increase side effects on markets and corporate finance.”

Prices rose in the 2% range, and service prices rose to the bottom with a fixed view
As for the November consumer price index announced by the Ministry of Internal Affairs and Communications on the 22nd, the overall price index excluding fresh food, which fluctuates greatly, rose 2.5% from the same month last year. Services, which have had an increase rate of 2% or more for 5 consecutive months, are boosting prices along with goods. The rate of increase in consumer prices is settling in the 2% range of the milestone.

FY24 budget plan of 112.1 trillion yen reduces reserve expenses decided in the afternoon
The government will make a cabinet decision on the 2024 budget plan on the afternoon of the 22nd. The total general account amount is around 112 trillion yen, down from the previous fiscal year for the first time in 12 years. Preliminary expenses accumulated in fiscal year 23 of 5 trillion yen due to measures against the novel coronavirus etc. will be reduced to 1 trillion yen in response to price and wage increases.

GPIF CIO Ueda focuses on finding competent managers - actively responds
Mr. Eiji Ueda, who serves as the Chief Investment Officer (CIO) of the Pension Fund Management and Operation Independent Administrative Agency (GPIF), expressed the idea of focusing on finding competent managers for active stock management in response to Bloomberg's coverage. GPIF is actively promoting the adoption of active stock funds, and he said “I feel a response” about the results so far.

Notable stocks
Mitsubishi UFJ - Backlash Financial Mitigation Settlement “Even in January,” the company's president anticipates the shortest = Asahi
$Mitsubishi UFJ Financial Group(8306.JP)$There was a backlash. The Asahi Shimbun Digital reported on the 22nd in an interview with the company's president Kamezawa Hiroki that “there will be enough in January next year” regarding the cancellation of the negative interest rate policy, which is a pillar of the Bank of Japan's mitigation measures.

Mitsubishi Chemical G-backstage plummets President Gilson retires and his successor is Manabu Chikumoto
$Mitsubishi Chemical Group(4188.JP)$plummeted in the backfield. The company announced at 12:30 on the 22nd that Mr. John Mark Gilson will retire as president and that Mr. Chikumoto Manabu, the executive vice president (equivalent to vice president), will succeed him. The scheduled date of inauguration is 2024/4/1.

Tokyo Electron is temporarily 2% higher and US semiconductor stocks are higher
$Tokyo Electron(8035.JP)$has rebounded for the first time in 3 days. At one point, it rose to 25,195 yen, which is 495 yen (2.00%) higher than the previous day. The Philadelphia Semiconductor Stock Index (SOX), which consists of major semiconductor stocks, rose drastically in the US stock market on the 21st.

JAL - negative backstage transformation The company's group companies are improperly developed and the Ministry of Land, Transport, and Tourism conveys business improvement recommendations
$Japan Airlines(9201.JP)$There was a negative change in the backfield. Jiji Press reported around 12:59 on the 22nd that the Ministry of Land, Infrastructure, Transport and Tourism would issue business improvement recommendations on the same day, assuming that the company's group companies were making improper maintenance.

Distribution source: Bloomberg, Nihon Keizai Shimbun, Traders Web