I would like to pay attention to the following 3 points in the transaction before the 26th.
■After a round of buying, it's time to rebalance before the big holidays
■Shin-Etsu, 24/3 operating profit down 29.8% to 701 billion yen
■Notable materials from the front: Tokyo Seimitsu invests 10 billion yen at a new plant in Aichi to increase production of wafer grinding equipment
■After a round of buying, it's time to rebalance before the big holidays
After the Japanese stock market on the 26th began ahead of buying, it seems that the market will develop where it is easy for a sense of agreement to intensify while waiting for the results of the Bank of Japan's monetary policy meeting. In the US market on the 25th, the NY Dow depreciated by 375 dollars and the NASDAQ depreciated by 100 points. Growth deceleration was feared in response to a slowdown in gross domestic product (GDP) growth in the January-March fiscal year, and since growth in the price index for the same quarter accelerated more than expected, sales that were disgusted by long-term interest rate increases also strengthened. The impact of the sharp decline in Meta Platforms, which received financial results, also cooled investor sentiment. Chicago Nikkei 225 futures are 37,665 yen, 55 yen higher than Osaka. The yen exchange rate has been hovering in the 155 yen 50 yen range per dollar.
It seems that it will start before buying, in the form of falling in favor of Chicago futures. The sharp drop in Meta Platforms was factored into the sharp drop in overtime trading the previous day. Meanwhile, the fact that Microsoft and Alphabet, which announced financial results after the end of trading on the 25th exceeded expectations, were well received, and they are rising due to overtime transactions, which seems to lead to a sense of security.
There was also a scene where Nikkei 225 futures were temporarily sold up to 37130 yen due to the decline in the US market during the night session, but in response to increases outside of hours such as Microsoft, etc., they were bought up to 37910 yen at one point until the end of the market. In the morning, values with a big impact on the index are expected, and a rise led by high-tech stocks is expected. Yesterday's Nikkei Stock Average had written off the rebound portion of the previous day by once again breaking through the 75-day line, which was above the previous day, but developments with 38,000 yen in mind are expected.
After a round of buying, there seems to be a high possibility that a sense of stalemate will intensify while waiting for the results of the Bank of Japan's monetary policy meeting, but as the yen exchange rate reached a historic depreciation level in the latter half of the 1 dollar = 155 yen range, there were concerns about adverse effects on the economy associated with rising import prices rather than improvements in export profitability, etc., which were quite factored in. It seems that people are also aware of movements that are acting out of anger.
However, in addition to the financial results of major companies being in full swing, the movement to adjust holdings is likely to intensify as we enter major consecutive holidays. It seems that the buyback movement is being taken into consideration by high-tech stocks, etc., which have been sluggish due to the rebalance movement, but overall, it is likely that the wait-and-see attitude is likely to strengthen.
■Shin-Etsu, 24/3 operating profit down 29.8% to 701 billion yen
In the financial results for the fiscal year ending 2024/3 announced by Shin-Etsu Ka ＜4063＞, sales were 2,414.937 billion yen, down 14% from the previous fiscal year, and operating profit was 701,038 billion yen, down 29.8% from the same period. In the electronic materials business, the semiconductor market continued to adjust in the fall of the year before last, even in this period, but signs of bottoming out appeared. In the processing/trading/technical service business, demand for semiconductor wafer-related containers continued to be adjusted mainly for in-process use, but automotive input devices remained steady in response to the recovery of the automobile industry.
■Notable materials from the front
・Chicago Nikkei futures rose (37665, +55 compared to Osaka)
・The SOX index rose (4615.04, +88.84)
・The VIX Index declined (15.37, -0.60)
・US crude oil futures rose (83.57, +0.76)
・Expectations that US inflation will calm down
・Request for improvement of corporate value by the Tokyo Stock Exchange
・Tokyo Seimitsu ＜7729＞ invests 10 billion yen at a new plant in Aichi to increase production of wafer grinding equipment
・Honda ＜7267＞ invests 1.7 trillion yen in Canada, establishes 2 new EV/battery plants, collaborates with Asahi Kasei, etc.
・Mr. Takashi Wakai becomes president of Kintetsu GHD ＜9041＞ to deal with overbilling issues
・Seiko Epson ＜6724＞Singapore semiconductor factory closed in '27
・Mazda ＜7261＞ technology mid-career adoption expansion, electrification and decarbonization support
・Hino Hitoshi ＜7205＞ full-year forecast, current profit and loss undetermined, potential debt cannot be calculated
・Toyota's own ＜7203＞ unveils 2 new EVs and the bZ series at the Beijing Motor Show
・Toyota's own ＜7203＞ sold 10.3 million units worldwide last year, the highest update due to strong sales in Japan and Europe
・Mazda ＜7261＞ new NEV unveiled
・Origin ＜6513＞ develops a desktop, small to medium device for LCD and glass bonding
・Anritsu ＜6754＞ 3-year new mid-term plan, growth investment 40 billion yen, 6G-related M&A
・Alps Alpine ＜6770＞2.5 times current sensor production in 26 years, compact for xEVs
・Dai Nippon Printing ＜7912＞ raised its greenhouse gas reduction target to 570,000 tons in fiscal year 30
・Asahi Kasei ＜3407＞Insulator plant in North America for EVs and Canada
・Kashima ＜1812＞Achieves full-section blasting of mountain tunnels with explosives manufactured on-site
・Teijin ＜3401＞Teijin Frontier will raise the price of polyester fiber next month
☆ Front office event schedule
＜Domestic＞
・ 08:30 April Tokyo Metropolitan Consumer Price Core Index (year-on-year forecast: +2.2%)
＜Overseas＞
・Nothing in particular