（債券ディリーから）

今回の結果は、市場コンセンサスを上回るポジティブ・サプライズであり、ここもと市場で強まりつつある「踊り場」脱却観測を補強する材料がまた1つ増えた形となった。この点は債券市場にとってマイナス材料。しかし、本日のところは売り圧力の強まりは限定的だった。機械受注は元来、ボラティリティの高い指標であり、6月分は比較的大幅の前月比増加がありうること、またそれが「踊り場」脱却観測を強めるだろうことは、ある程度事前に織り込まれていたようだ。加えて、長期金利が心理的な節目である1.4％に絡んで推移していること、衆院解散・総選挙の影響が現時点では不透明であること、等も相場変動を抑える方向に寄与したものと見られる。しかし、しっかりした動きを示す景気指標が着実に積み上がりつつあることはまぎれもない事実であり、日銀の量的緩和策の時間軸もじわじわと短期化しつつある。こうした動きが続けば、長期金利は上方への水準調整が避けられなくなるだろう。この点で、やはり強めの結果が予想されている4-6月期のGDP統計からも目が離せない。

The results, which were greater than the market consensus, were a positive surprise, and appear to be an additional piece of evidence supporting the market view that the economy is beginning to take off. From this perspective, machinery orders for June are a JGB selling factor. However, selling pressure was limited today. Machinery orders have always been a highly volatile indicator, and the relatively large month-on-monthly increase in June is not that unusual. The growing view that the Japanese economy is beginning to take off has been factored in to a certain extent. In addition, the 10-year JGB yield remains around the psychological barrier of 1.4%, and the unclear effect of the dissolution of the lower house of the Diet and the coming general election is unclear appears to have helped restrain the rise in interest rates. However, economic indicators will also surely continue to show that the economy is strengthening, and the Bank of Japan will gradually shorten its commitment to quantitative monetary easing. As this happens, a rise in long-term interest rates is probably unavoidable. From this reason, the 2Q GDP figures, which are expected to be strong, will draw a lot of attention.

（ファンド報告から）

しかしながら、3月11日に発生した東北地方太平洋沖地震が東北関東地方太平洋沿岸に大きな被害を与えた事から日本株式市場は大きく下落し日経平均株価は一時約2年ぶりに8,500円台を割り込む水準まで売られました。日本株を割安と判断した投資家からの買いもあり日経平均株価は再び9,500円台を回復したものの、地震と津波により福島第一原子力発電所で起きた事故とそれに伴う放射性物質の漏洩並びに東京電力が東京を含む関東全域に対して計画停電を実施した事等から日本経済の回復が遅れ停滞が長引く懸念が広がり、月末にかけては上値が抑えられる展開となりました。最終的には日経平均株価は9,755.10円で3月の取引を終了しました。

However, the Great East Japan Earthquake hit on March 11 and caused substantial damage to the Pacific coast of the Tohoku and Kanto regions, resulting in a major decline in Japanese stock markets with the Nikkei 225 temporarily falling below 8,500 for the first time in two years. At that point some investors considered Japanese shares undervalued and started purchasing them pushing the Nikkei 225 back to around 9,500. Concerns started to spread that problems at the Fukushima Daiichi Nuclear Power caused by the earthquake and tsunami, the accompanying leak of radioactive material, and Tokyo Electric Company's planned blackouts in all areas of the Kanto region would delay Japan's economic recovery. This restrained further advances in share prices through the end of the month. The Nikkei 225 ended March at 9,755.10 yen.

（決算発表から）

当第３四半期連結累計期間におけるわが国経済は、中国をはじめとする新興国市場の需要拡大や国内の政策効果に支えられ、一部製造業ならびに個人消費において回復傾向がみられたものの、期後半は政策効果の一巡、また中国をはじめとした主要輸出先の在庫調整や円高の影響などにより輸出の増勢が落ちるなど鈍化傾向となり、全体として景気回復は一服感をみせました。

当社の属するエレクトロニクス産業におきましては、スマートフォン、タブレットPCを中心としたモバイルコンピューティング製品の普及拡大により、携帯電話市場、コンピュータ市場が好調に推移しました。また、国内の景気刺激策を背景に自動車や薄型テレビも堅調に推移しました。産業機器市場は、テレビ、PCモニタ向け液晶パネルの生産調整を受け一部減速傾向がみられましたが、半導体需要は依然堅調な増加をみせており全体的には堅調に推移しました。

During the first three quarters of the fiscal year under review, the overall Japanese economic recovery appeared to have hit a plateau. The economy was supported by both growing demand in emerging market economies such as China and a boost from government stimulus measures, and there was a recovery in some manufacturing industries and consumer spending. However, the pace of the recovery slowed in the second half as the impact of government measures faded and growth in exports began to slacken for several reasons including inventory corrections in major Japanese export destinations, particularly China, and the stronger yen.

The XXX Group is active in the electronics industry, and there were various developments in this industry. Both the mobile phone market and computer market were firm as the use of mobile computing products spread, particularly smartphones and tablet computers. The automobile and flat screen TV markets were also healthy on account of domestic stimulus measures in Japan. The overall market for industrial equipment was firm as demand for semiconductors continued to experience robust growth although adjustments in production of liquid crystal panels for TVs and computer monitors resulted in a slowdown in some areas.