With the Nikkei 225 and AI and semiconductor stocks remaining in a “stalemate,” beware of buying at the top! Through the end of September, “targeting domestic-demand value stocks with low P/E ratios, low P/B ratios and high dividend yields” is recommended!

The U.S. market fell across the board on 7 September as the employment report affected interest-rate expectations, while the SOX, which tracks semiconductor-related stocks, rose sharply. The Dow and Nasdaq both declined from the previous day, but expectations for the direction of monetary policy remained the market’s focus despite the strength of the employment data.

The PPI is due on 10 September and CPI on 11 September, and the probability of a rate hike at the 16 September FOMC meeting is expected to move depending on the results. CME FedWatch shows that the probability of a September rate hike is rising, and the U.S. market is expected to remain stalled ahead of the announcements.

The Nikkei 225 fell from its close of ¥66,399.84 on the 7th to ¥65,269.33 on the 8th. Its 75-day moving average is being watched as a strong resistance line, and a correction could continue if the index does not break above it.

The yen strengthened to around ¥154 per dollar in European trading before being pushed back into the ¥152 range in the domestic market. A stronger yen is negative for the earnings and share prices of companies exposed to overseas demand and is expected to act as a factor limiting the Nikkei 225’s upside.

With Anthropic’s mega-sized IPO coming into view, some observers said selling in other high-tech stocks could accelerate as investors raise funds. AI and semiconductor-related stocks in the U.S. are expected to remain firm on the downside while also facing limited upside, with stalled markets anticipated in both Japan and the U.S.

We summarize the facts collectively, so this describes only events based on the main text.