[Japan Pre-Market Strategy] Yen at 152 Level Drives Semiconductor and Export Sectors at Opening

### 1. Global Macro Environment and Tokyo Market Opening Direction: Following a mixed session in US markets, Nikkei night futures opened flat, indicating a phase of direction discovery. While the US 10-year Treasury yield remained elevated at 4.94%, the Tokyo market maintains resilience backed by currency effects. The USD/JPY exchange rate trades near the 152.4 level, sustaining the weak-yen trend. This currency environment supports the pricing competitiveness of traditional export industries such as automobiles and electronics. The Tokyo regular session is projected to exhibit differentiated opening gaps based on individual earnings momentum and liquidity concentration amidst neutral macro conditions. Selective buying is expected primarily in policy-favored sectors. ### 2. Core Thesis-Aligned High-Liquidity Stocks: - **Tokyo Electron (8035)**: Capital inflows continue, driven by global supply chain dominance in semiconductor equipment. Trading volume exceeding 1.8 times the 20-day average has been observed while attempting to settle above the upper resistance line . Staged accumulation is recommended near support levels rather than aggressive chasing at the open. - **Mitsubishi Heavy Industries (7011)**: Large-scale order momentum in power infrastructure and defense enhances earnings visibility. The stock consolidates an upward alignment with a relative outperformance in 1-month average returns. Set 1,800 JPY as the core support level and base trading decisions on stabilization around this price. - **Toyota Corporation (7203)**: Export margin maximization expectations driven by the favorable 152 JPY currency environment continue to support the share price. Continuous institutional inflows coincide with testing short-term resistance. Monitor the 2,650 JPY support level for conservative dip-buying opportunities. ### 3. Downside Volatility Expansion and Restricted Trading Stocks: - **SoftBank Group (9984)**: Valuation discount pressures on growth stocks persist amid prolonged high interest rates. Short-term 60-minute chart breakdown signals are observed, testing 1-month core support lines. Refrain from aggressive buying and maintain a watchful stance given ongoing downside risks. - **Fast Retailing (9983)**: Downside pressure dominates amid domestic consumption slowdown concerns and profit-taking activity. The stock has entered a downward moving average alignment limiting technical rebound attempts. Risk reduction via position trimming is necessary upon key support violations. ### 4. Daily Portfolio Operation Principles: Maintain a selective trading strategy focused on high currency-sensitive exporters and semiconductor equipment stocks, given the support of the USD/JPY rate at the 152 level. A conservative approach verifying defense at established support prices is more rational than chasing opens. Strictly adhere to risk management thresholds for growth and domestic-oriented stocks facing downward pressure to prevent loss expansion. Rebound attempts lacking volume should be treated as bull traps, maintaining a balanced cash reserve.