May 25, 2021 (Tuesday) Sunny

・The move to add "carbon zero"—the goal of reducing greenhouse gas emissions to net zero—to management targets is spreading among Japan's major companies.

Among the 225 Nikkei Stock Average components, at least 40% or 85 companies have set targets.

The aim is to thoroughly consider the environment, improve related technologies, and convert them into competitiveness.

・Efforts of companies that adopt carbon zero

Sony Group <6758> [closing price 10,510 yen] Requests suppliers to set and implement emission reduction targets

Hitachi <6501> [closing price 5,633 yen] Develops railway cars equipped with fuel cells and storage batteries, introducing them to Europe and others

Honda <7267> [closing price 3,359.0 yen] Move away from engines. By 2040, cars sold will be electric vehicles (EVs) or fuel cell vehicles (FCVs)

Kirin Holdings <2503> [closing price 2,200.0 yen] Introduce renewable energy at production sites, expand reuse of PET bottles.

Dai-ichi Life Holdings <8750> [closing price 2,233.5 yen] Aim for net zero at its own sites by 2040; urge investees to reduce

Marui Group <8252> [closing price 1,985 yen] By 2030, all electricity for commercial facilities will come from renewable energy

First Retailing <9983> [closing price 86,760 yen] Promote reuse of products, set reduction targets including production processes within the year

・The government is considering extending the deadline for the state of emergency declarations issued to Tokyo and other areas due to the COVID-19 outbreak until the 31st.

Will listen to experts within the week to determine the areas covered and the length of extension.

・For the university entrance common test from 2025 onward, the Ministry of Education, Culture, Sports, Science and Technology’s experts expect to propose the introduction of English private-language tests be canceled.

Judgment that it is difficult to close the gap in opportunities for examination in a short period.

・The Ministry of Economy, Trade and Industry is examining resuming LNG-fired power plants in Tokyo Electric Power Company's service area as it anticipates electricity shortages this winter

and other midstream power generation facilities.

Call for reactivation through additional bids for spare power secured by transmission and distribution companies.

Considerations include guarantees of income to promote new construction.

・Johnson & Johnson (J&J) submitted an application to the Ministry of Health, Labour and Welfare on the 24th for manufacturing and sales approval of a COVID-19 vaccine.

They are not under contract with the Japanese government, but explain that if approval is obtained, supply could begin in Japan from early 2022.

subsidiary Janssen Pharmaceutical applied.

・The U.S. Federal Reserve (Fed) has begun to take a heavier stance on issuing digital currencies with a focus on central bank digital currency (CBDC).

They plan to publish a CBDC report this summer to gauge public support and present technological research results.

With the spread of COVID-19, demand for electronic payments has grown; digital currencies are being considered in Europe and China as well.

・GMO Internet Group <9449> [closing price 2,965 yen] Acquires FX trading business of Z Holdings <4689> [closing price 470.4 yen]

Acquire all shares of Yahoo under ZHD's YJ FX (Tokyo, Chiyoda) for about 30 billion yen to consolidate the domestic FX leadership.

GMO Financial Holdings <7177> [closing price 817 yen] will acquire all shares of YJ FX.

・In global bond markets, the phenomenon called “Greeneum”—where green bonds (environmental bonds) yield lower than comparable bonds (price higher)—is spreading.

Investment demand for environmental bonds is rising, and lower yields are created due to downward pressure on bond yields.

Investors also face a dilemma over how much of the low-interest environment they can tolerate given potential deterioration in investment performance.

・U.S. investor sentiment is becoming notably bearish.

The National Association of Active Investment Managers (NAAIM) weekly tallies of stock holdings by member management firms reached 44.21 as of the end of last week,

the lowest since mid-April 2020 when markets were soft due to the COVID-19 outbreak.

Concerns about U.S. stock declines prompt continued rebalancing of overvalued names.

・The major U.S. cryptocurrency exchange Coinbase Global’s stock price has been weak.

The closing price on the 21st was $224.35, roughly half of its April Nasdaq listing price of $429.54, marking an all-time low on a closing basis.

Bitcoin and other cryptocurrencies’ price declines are echoing through

・Institutional investors in the United States are accelerating preparations for higher interest rates.

By the 24th, an analysis of investments as of the end of March shows

Financial sector benefiting from rising interest rates rose by about 1 point to approximately 22%—the highest among sectors.

However, investments in the IT sector, which surged during the pandemic, have fallen sharply recently.

・Warren Buffett and others are noting signs of an overheating economy;

there is growing commentary among prominent investors about the turning point in the financial market supported by easy money.

Underlying inflation concerns have the Federal Reserve ready to tighten monetary policy sooner or later.

Stock picking to prepare for rising interest rates is likely to accelerate further.

・As of 4:00 PM on May 24, the number of COVID-19 cases (and deaths) worldwide according to Johns Hopkins University: global total 1,671,100,000 (97,700)

United States 33,117,765 (190) India 26,752,447 (4,454) Brazil 16,083,258 (860) France 5,980,325 (13) Turkey 5,186,487 (197) Russia 4,944,129 (359)

United Kingdom 4,478,390 (5) Italy 4,192,183 (72) Germany 3,657,662 (44) Spain 3,636,453 (0) Argentina 3,539,484 (375) Colombia 3,232,456 (498)

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