I would like to pay attention to the following 3 points in the pre-market transaction on the 22nd.

■High-tech has gone from wait-and-see to solid price movements from buybacks

■No financial results announced

■Notable materials from the front: Horiba Seisakusho expands car-related base in England and introduces the latest equipment for crash tests

■High-tech has gone from wait-and-see to solid price movements from buybacks

It seems that market developments with a strong sense of stalemate will continue in the Japanese stock market on the 22nd. In the US market on the 21st, the NY Dow rose 66 dollars and the NASDAQ was 37 points higher. Since senior US Federal Reserve (Fed) officials repeated the attitude of leaving policy interest rates unchanged, there were also scenes where they were sold. After that, in addition to the view that there was little possibility of interest rate hikes, it began to rise due to purchases that were favorable to retail companies' financial results. Also, in addition to the decline in long-term interest rates for high-tech stocks as support material, purchases were also made in anticipation of NVIDIA's financial results. Chicago Nikkei 225 futures are 38860 yen, 80 yen lower than Osaka. The yen exchange rate is moving in the range of 156 yen to 10 yen per dollar.

It seems that sales will start slightly ahead of schedule in the form of falling in favor of Chicago futures. Although the upward trend in the US market is well received, it is easy to refrain from searching for high-tech stocks with values that have a large index impact, such as East Elec (8035), etc., and market developments with a strong sense of stalemate are expected. There was also a scene where Nikkei 225 futures were captured at 39,000 yen during the night session, but due to awareness of the weight of the upper price at the same level, they were sold up to 38760 yen at one point. However, in addition to being aware of the stiffness of lower prices, it seems that sales gimmicks will be limited ahead of NVIDIA's financial results.

Also, although expectations for NVIDIA's financial results are growing, as far as we look at movements in high-tech stocks, proactive buying movements are probably limited. Conversely, as the Nikkei Average continues to rebound at a low price of 36733 yen in mid-April, there is a possibility that sales positions that assume a decline after NVIDIA's settlement are piling up. For sellers, it is a place where they want to revise their positions to neutral, and supply and demand associated with buybacks is likely to lead to a solid market.

As for the trend of shopping, NVIDIA's financial results are pending, but since there is a possibility that people will be aware of the solidity of high-tech stocks, it will be a stance aimed at push. Also, since Microsoft in the US announced that it has developed a personal computer specialized in generative AI (artificial intelligence), there is a possibility that funds aimed at short-term price ranges will be concentrated on generative AI related stocks. Also, what Microsoft revealed adoption is a semiconductor made by US Qualcomm using arm design technology, and it seems that the trend of SoftBank G ＜9984＞ will also attract attention, using arm adoption as a clue.

■No financial results announced

■Notable materials from the front

・The NY Dow rose (39872.99, +66.22)

・The Nasdaq Composite Index rose (16832.62, +37.75)

・The VIX Index declined (11.86, -0.29)

・Long-term US interest rates have declined

・Expectations that US inflation will calm down

・Request for improvement of corporate value by the Tokyo Stock Exchange

・Horiba Seisakusho ＜6856＞ expands car-related base in English and introduces the latest equipment for crash tests

・ShinMaywa Industries ＜7224＞garbage truck operation support, recip and system development

・Domestic production of Panasonic HD ＜6752＞ automotive batteries increased 2.5 times in 30 years, promoting labor saving

・Yamato HD ＜9064＞ supports joint transportation and delivery, truck vacancy, brokerage with shippers

・Aichi Steel ＜5482＞ power card lead frame line expansion and operation at Gifu Plant

・Acquired safety certification from Murata Manufacturing Co., Ltd. and developed in-vehicle communication devices

・Kurimoto Iron Works ＜5602＞Accelerating decarbonization of coconut shell charcoal and iron tube manufacturing in melting furnaces

・Hanshin Internal Combustion Engine Industry ＜6018＞ low-speed methanol engine developed and mounted on a domestic shipping tanker

・Denyo ＜6517＞ mass production machine development of a fuel cell type portable power generator

・Sanoyas HD ＜7022＞ promotion of innovation, expansion of bases with an emphasis on technical support

・Mitsui E&S ＜7003＞FC-equipped gantry crane for commercial operation at Los Angeles Port

・Nippon Chemi-Con ＜6997＞ 7 million pixel camera for automotive, mass production of modules in fiscal year 30

・Nichicon ＜6996＞ car charger capacitor development, current flow rate increased by 50%

・Yamazen ＜8051＞ 16 products such as battery appliances, small coolers, etc.

・Sekisui Chemical ＜4204＞ develops a “paint transfer sheet” to reduce CO2 emissions in automobile coatings

・Confirmed the function and safety of protein for meniscus repair with Sanyo Kasei ＜4471＞ Hiroshima University

・Cooling shirts that are 1.5 times more sustainable, with Liberta ＜4935＞ Sumitomo Chemical etc. will be introduced next month

・Denka ＜4061＞ invests 7 billion yen in Chiba Plant to produce low dielectric insulating materials

・Kobe Steel (5406) supplies low-CO2 aluminum materials to Nissan for mass-produced cars

・Extended paint cycle steel for Nippon Steel ＜5401＞ Vanuatu bridges, used in ODA construction

・Prices of Kuraray ＜3405＞ Vinylon etc. will increase next month

・Mitsubishi Estate ＜8802＞Shimizu Corporation and the “Maihama Hotel” opened in '26 and obtained ZEB certification

・Sumitomo Mitsui Construction ＜1821＞Hydrogen equipment at the Shiga Plant that produces concrete components to achieve decarbonization

・Mitsui Fudosan ＜8801＞ has a “logistics relay” base in Aichi, connecting the Tokyo metropolitan area and Kansai

☆ Front office event schedule

＜Domestic＞

・ 08:50 April trade balance (forecast: -297 billion yen, March: +387 billion yen)

・ 08:50 March core machine order (month-on-month forecast: -2.0%, February: +7.7%)

＜Overseas＞

・ 11:00 NZ Reserve Bank announces policy interest rate (forecast unchanged at 5.50%)