Panda Xingxing (15 years old) gives birth, two cubs born

June 24, 2021 (Thursday) - cloudy to sunny; there were occasional sudden changes

- It has been revealed that of the 73 trillion yen in the national budget accumulated since spring 2020 in response to the COVID-19 pandemic, about 30 trillion yen remains unused.

Only about 35 trillion yen could be verified as payments to households and businesses, roughly 7% of nominal GDP.

Compared with the United States, which spent 13% of GDP, the effects of fiscal expenditure appear limited.

It reflects Japan’s management failures in responding to the coronavirus.

- Cheap Japan, Galapagos (3): Even so, a distant脱デフレ (deflation exit)

K-shaped economy; consumption did not rise. Real estate price trends from April–September 2020 showed notable rises in the city center, while the national average fell 6.2% year over year.

The digital reform accelerated by the pandemic.

Working from home and remote work are becoming common, altering the concentration in Tokyo.

Revival of activity in deserted coastlines and hot spring towns is creating jobs.

If this momentum strengthens, the long-cherished dream of “balanced national development” could become possible.

- The Hong Kong newspaper Apple Daily, which was critical of the Chinese Communist Party, decided on the 24th to discontinue publication after its last issue.

Authorities froze its assets under the National Security Law, forcing the company to abandon continuing operations.

- Lawson <2651> [Closing price 5040 yen] Expanding the sale of over-the-counter medicines (general medicines).

By fiscal year 2023, the number of stores will nearly double to around 450. Regulations will be relaxed in August to make in-store sales easier at convenience stores.

Also responding to the delivery demand during the COVID-19 era to drive sales growth.

- Kansai Electric Power, over 40 years of operation, Mihama Nuclear Power Plant <9503> [Closing price 1068.0 yen] Unit 3 restarted on the 23rd after 10 years.

This provides a near-term solution for electricity supply and demand and signals progress toward resuming operation of other reactors over 40 years old.

- The government announced on the 23rd that 10.37 million people had completed two doses of the COVID-19 vaccine.

Cumulative vaccinations exceeded 34.38 million. Among those aged 65 and over, nearly half had received at least one dose.

In some regions with high vaccination rates, new infections and severe cases have been suppressed.

- TeeGIA <3738> [Closing price 1937 yen] The Fair Trade Commission on the 23rd recognized subcontractor underpayment as a violation of the Subcontract Act and issued a reprimand to prevent recurrence.

- The Bank for International Settlements (BIS), whose member banks include central banks from around the world, released a new report on central bank digital currencies (CBDCs) on the 23rd.

It highlighted three cumulative points for cross-border transactions and indicated the potential for internationalization.

It also clearly states the importance of identity verification based on digital IDs.

- In China and other parts of the world, cryptocurrency mining is flooding into Texas, USA.

Texas is promoting cheap electricity to attract miners. China previously accounted for more than 60% of Bitcoin’s geographic mining share, but the balance of power may be shifting.

- Monex Group <8698> [Closing price 730 yen] In July, for the first time, it will abolish the brokerage fee for buying “partial shares” that can be traded from one share, expanding research on domestic stocks to the asset-building segment including beginners.

This is the first among major online brokers. It aims to attract demand from beginner investors and those building assets.

- Globally, corporate credit quality is emerging from the worst period.

Credit ratings, based on profitability and financial conditions, surged in 2021 with a threefold increase in upgrades compared with the same period last year.

This is because economic activity is resuming and business conditions are improving due to vaccine rollout, etc.

- The U.S. Federal Reserve is facing a summer of tests in its communications with the market.

Chairman Powell, in congressional testimony on the 22nd, dismissed the possibility of accelerating inflation and expressed confidence in job recovery, clearly indicating autumn as the timing.

He also stated that they would not move to raise rates preemptively to offset anticipated inflation.

First priority was to soothe market anxieties.

- In the foreign exchange market on the 23rd, the yen briefly weakened to the low-111 per dollar range for the first time since late March 2020, about 1 year and 3 months of yen depreciation against the dollar.

- Microsoft’s market capitalization exceeded $2 trillion for the first time on the 22nd.

Only Apple among U.S. companies has a market cap above $2 trillion. The market cap roughly doubled in about 2 years and 2 months.

- The U.K. government and the European Football Association (UEFA) decided that the Euro 2020 semifinals and final, to be held in London in July, will allow more than 60,000 spectators.

They are highlighting a comeback from the COVID-19 era.

Spectators will still be required to show a negative COVID-19 test or proof of vaccination upon entry.

- Credit Suisse Group, a Swiss financial giant, on the 22nd estimated that global household wealth rose by $28.7 trillion (about 3180 trillion yen) in 2020.

Global monetary easing boosted the value of stocks and real estate, expanding wealthy individuals’ financial assets particularly in the U.S. and Europe. Wealth inequality further widened.

There are 56.08 million people with net assets over $1 million (over 110 million yen), worldwide, up 5.21 million from a year earlier.

- As of 4:00 PM on 6/23, the latest global COVID-19 infection and death counts summarized by Johns Hopkins University: 179.16 million infections globally (92,460 deaths).

United States 33,565,288 (370) India 30,028,709 (1,358) Brazil 18,054,653 (2,131) France 5,821,797 (51) Turkey 5,381,736 (57) Russia 5,288,766 (539)

United Kingdom 4,668,043 (27) Argentina 4,298,782 (791) Italy 4,254,294 (31) Colombia 3,997,021 (720) Spain 3,768,691 (30) Germany 3,731,305 (76)

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Sat 7/3 [Coro Morning Seminar] July Special Edition: The god of good fortune in the market arrives (Tokyo, Hatchobori)

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