I would like to pay attention to the following 3 points in the late-day transaction on the 18th.

・The Nikkei Average rebounded for the first time in 4 days, and the development turned back and forth due to awareness of the feeling of being oversold

・The dollar and yen are slightly soft, and the yen depreciates due to the depreciation system

・Advantest ＜6857＞ is the top contributor to price increases, and Fast Rite ＜9983＞ is in the same 2nd place

■The Nikkei Average rebounded for the first time in 4 days, and the development turned back and forth due to awareness of the feeling of being oversold

The Nikkei Average rebounded for the first time in 4 days. The front-end transaction was closed at 38090.87 yen (estimated turnover of 760 million shares), which is 129.07 yen higher (+0.34%) compared to the previous day.

The US market declined on the 17th. The Dow average closed at 37753.31 dollars (-0.12%) depreciated by 45.66 dollars (-0.12%), the NASDAQ fell 181.88 points (-1.15%) at 15683.37, and the S&P 500 closed at 5022.21, which was 29.20 points lower (-0.58%). It was bought as interest rates declined, and then rose after being snuggled up. After that, it was pushed by high-tech sales, starting with semiconductor manufacturer NVIDIA, and the market price began to decline. The decline of the NASDAQ widened towards the end of the game. The market became heavy, and the Dow was unable to maintain the positive zone and ended with a decline.

In response to the fall in US stocks, the Tokyo market continued to have a strong selling advantage and began trading. Since the Philadelphia Semiconductor Stock Index (SOX Index) depreciated drastically, high-value semiconductor stocks were sold, and there was a scene where the decline in the Nikkei Average extended to 37644.91 yen. However, after a round of sales, the downward deviation rate from the 25-day moving average spread to close to 5%, etc., so the “short-term feeling of being oversold” was recognized, and the decline narrowed. Since part of semiconductor stocks such as Advantest ＜6857＞ and Screen HD ＜7735＞ switched back, the Nikkei Average also switched back and recovered to the 38,000 yen level.

Among stocks adopted by the Nikkei Average, the fact that SBI Sumishin Net Bank ＜7163＞ raised the short-term prime rate became a stimulus, and increases in regional bank stocks such as Concordia Financial Group ＜7186＞, Chiba Bank ＜8331＞, and Fukuoka Financial Group ＜8354＞ are conspicuous. Also, due to the rapid rise of United Airlines, JAL (9201) was also bought. In addition, Sumitomo Pharma ＜4506＞, Shiseido ＜4911＞, and Credit Saison ＜8253＞ have risen.

Meanwhile, in addition to Fujifilm ＜4901＞ being sold due to downward revisions in operating income for the previous fiscal year and downward market forecasts for the current fiscal year, etc., SoftBank Group ＜9984＞, Resonac Holdings ＜4004＞, and Tokyo Electron ＜8035＞ were sold. In addition, stocks of trading companies such as ITOCHU ＜8001＞ and Toyota Tsusho ＜8015＞ are slightly cheap.

By sector, insurance, air transportation, textile products, non-ferrous metals, banking, securities and commodity futures trading, etc. rose, while only 2 sectors declined, mining and information and communication industries.

In the exchange market, yen appreciation and dollar depreciation are progressing slightly, with the dollar reaching the 153 yen level. In the morning, Minister of Finance Suzuki stated that “opinions were exchanged on exchange and communication between Japan and the US was confirmed at the Japan-US finance ministers' meeting,” and the appreciation of the yen and the depreciation of the dollar progressed after Treasurer Kanda commented that “commitments related to exchange were confirmed between G7 (major country summit meetings).” I think that vigilance against yen buying intervention by the government and the Bank of Japan has increased by taking root with major countries. The fact that concerns about exchange rate fluctuations associated with the implementation of the yen buying intervention have receded will be positive material for Japanese stocks. The Nikkei Average is expected to be steady in the aftermath.

■The dollar and yen are slightly soft, and the yen depreciates due to the depreciation system

The dollar and yen were in a slightly soft position in the Tokyo market on the morning of the 18th, and the price dropped from 154 yen 41 yen to 153 yen 95 yen. Yen sales contracted in response to the Japan-US-South Korea joint statement and Japan's yen depreciation system, and the dollar depreciated. However, the yield on 10-year US bonds has remained steady, and there is also concern about the strength of the lower value of the dollar.

The trading range up to this point has been from 153 yen 95 yen to 154 yen 41 sen for the dollar and yen, 164 yen 36 yen to 164 yen 73 sen for the euro and yen, and 1.0664 dollars to 1.0678 dollars for the euro dollar.

■Backstage check stocks

・MIT Holdings＜4016＞'s 1 stock is a stop-high

*Includes temporary stop height (sign value)

・Advantest ＜6857＞ is the top contributor to price increases, and Fast Rite ＜9983＞ is in the same 2nd place

■Economic indicators and statements from key figures

[Economic indicators]

・Australia · March unemployment rate: 3.8% (forecast: 3.9%, February: 3.7%)

・Increase or decrease in the number of people employed in Australia in March: -0.66 million people (forecast: +10,000 people, February: +117,600 people ← +116,500 people)

[Remarks by VIPs]

・Kanda Treasurer

“I will not comment on the specific level of exchange rates”

“G7 statement reaffirms exchange commitments based on Japan's claims”

“Excessive fluctuations and disorderly movements adversely affect the economy and finance”

・Bank of Japan deliberation committee member Noguchi

“The spread from wages to prices is insufficient. The underlying inflation rate has yet to reach 2%.”

“It is essential to continue maintaining an appropriate balance between labor supply and demand through accommodative policies”

＜Domestic＞

Nothing in particular

＜Overseas＞

Nothing in particular