Japan equity memo: Preview of key factors to watch next week (23 July)

研报英文原文证据摘录

Japan equity memo: Preview of key factors to watch next week (23 July)

Global Markets Research

Japan equity memo: Preview of key factors to 23 July 2026watch next week (23 July)

EQUITY: JAPAN STRATEGY

US and Japanese MPMs, earnings results from US Research Analysts

hyperscalers and Japanese semiconductor companies Macro strategy

Tomochika Kitaoka - NSC

tomochika.kitaoka@nomura.comQuick Note +81 3 6703 1815

The ceasefire between the US and Iran has been effectively abandoned, and there are

concerns about US attacks on nuclear facilities in Iran and about Houthi militants aligned

with Iran blocking transport through the Red Sea. We expect the Fed to leave rates

unchanged at the 28–29 July FOMC meeting. US indicators due for release include Apr–

Jun GDP and the June PCE deflator on 30 July, while corporate earnings results

announcements include Microsoft and Meta on 29 July, and Apple and Amazon on 30

July. In the euro zone, the ECB Governing Council is likely to leave the policy rate

unchanged at its meeting on 22–23 July. In China, the focus is on whether economic

measures will emerge from the politburo meeting and Beidaihe meeting from the end of

July. CXMT, a major Chinese memory maker, is scheduled to list on Shanghai's STAR

Market on 27 July, and South Korea's SK Hynix reports results on 29 July, followed by

Samsung Electronics on 30 July.

In Japan, Prime Minister Sanae Takaichi will appear before the Lower House Budget

Committee on 24 July, personnel changes at government ministries are scheduled for

after the Diet session closes on 25 July, and the Nikkei is due to publish its July opinion

poll around 27 July. Following comments by government leaders about promoting

domestic investment by pension funds, the fund management subcommittee of the Social