Reading the Ehime Shimbun Business Section on September 30 ー Falling Stock Prices and the Present State of iPS Cells -September 30, 2026 (Wednesday) Day 34 of my R8 hospitalization

September ends today.

As usual, I read the business section of the Ehime Shimbun today.

Recently, I have been studying for the Registered Sales Clerk examination, and because of that, I am gradually becoming familiar with more of the words and expressions used in economic news.

In today's article about the Tokyo market, the Nikkei Stock Average was 65,481.27 yen, down 396.35 yen from the previous day.

Looking at the stock-price chart while reading the newspaper, I noticed that prices gradually declined from the morning, reaching a point close to 64,700 yen in the afternoon. The market then recovered slightly toward the end of the day.

Among the 33 industry sectors, only one sector rose, while the other 32 declined.

There were 170 stocks that rose and 1,318 stocks that fell.

Looking at these numbers, I thought,

"Wow, the market really fell today."

There was also an article about AI- and semiconductor-related stocks.

Until recently, expectations that these industries would continue to grow had been pushing stock prices higher. But recently, investors have started to focus more on profitability: how much actual profit these companies can generate.

"From expectations to earnings."

That phrase stayed with me.

Companies continue to make enormous investments in facilities such as data centers.

But can they really generate enough profit to justify those investments?

Apparently, investors are watching the September interim financial results and future earnings forecasts before making their decisions.

Investors are not only individuals. The term also includes companies and institutions that invest money in stocks and other assets.

Little by little, the words in the newspaper are starting to connect with each other for me.

Chugai Pharmaceutical's stock price fell after the company announced that it would discontinue development of a treatment for obesity.

On the other hand, Happinet sharply raised its forecast for interim net profit, from 5 billion yen to 9 billion yen, and its stock price rose.

"When expectations fade, stocks are sold."

"When profits are expected to increase, stocks are bought."

In the stock market, the share price reflects not only the current state of a company, but also expectations about what may happen in the future.

I think I am beginning to understand that a little better.

And the article that caught my attention most today was not actually an economic article.

It was an article about iPS cells.

## iPS Cell-Derived Heart Muscle Sheet

QualiPhi, a venture company originating from Osaka University, has developed an iPS cell-derived cardiac muscle cell sheet called ReHeart.

At Osaka Police Hospital, a surgical procedure was performed on a woman in her 50s with severe heart disease to implant the sheet. The operation was successfully completed.

What particularly caught my attention was that this was the first implantation since the treatment became covered by Japan's public health insurance system in September 2026.

The operation took about 50 minutes.

At present, the patient's condition is stable, and she is expected to be discharged between two weeks and one month after the operation.

Compared with my own 60-day rehabilitation hospitalization, I thought,

"Fifty minutes for the operation itself. That is so fast."

ReHeart is intended for severe heart failure caused by ischemic cardiomyopathy, in which blocked blood vessels make it difficult for blood to reach the heart.

Heart muscle cells made from another person's iPS cells are formed into a sheet and attached to the surface of the heart.

New blood vessels are then expected to develop, potentially helping the heart recover its function.

In clinical trials, the sheet was implanted in eight patients, and improvements were reported in symptoms, heart function, and exercise capacity.

And what surprised me most was the price.

The price per patient is 53.2 million yen.

"Is it really that expensive?"

That was my first reaction.

However, this is the price after the treatment became covered by public health insurance.

It does not mean that the patient personally pays 53.2 million yen.

Japan also has a high-cost medical expense system, so the actual amount paid by the patient can be substantially reduced.

Even so, a price of 53.2 million yen is attached to the treatment of one patient.

It makes me realize just how new and advanced this treatment is.

Now that I am studying for the Registered Sales Clerk examination, I had thought,

"I am studying medicines."

But the world of medicine has already advanced much further.

Cells made from iPS cells are actually being implanted into the hearts of real patients.

And this is no longer simply something at the research stage. It is being performed as a treatment covered by Japan's public health insurance system.

What an amazing time we are living in.

I also learned that an iPS cell-derived regenerative medicine product for the treatment of Parkinson's disease is already covered by public health insurance.

"My goodness, iPS cells are really being used."

That was probably my biggest realization today.

## Did I Feel That the Whole Economy Was Stagnating?

As I read today's newspaper, I kept seeing articles about:

A weaker yen.

Falling stock prices.

Declines in almost all 33 industry sectors.

Declines in steel, securities, oil and coal, and other sectors.

And regarding AI and semiconductors, the question is no longer simply whether there is strong "expectation." The focus is increasingly on whether these industries can actually generate profits.

After reading all of this, I found myself thinking,

"Does this mean that the economy as a whole is becoming somewhat stagnant?"

However, we cannot conclude that the Japanese economy as a whole is stagnating simply by looking at one day's newspaper.

Stock prices move every day. If some sectors decline, others may rise.

In fact, in the Tokyo market on September 30, the day after the decline I had been reading about, the Nikkei Stock Average rebounded significantly.

In other words, we cannot look at yesterday's decline alone and conclude that "the whole economy is doing badly."

Even so, what I felt while reading today's newspaper was this:

"Perhaps we are entering an era in which actual profits and real performance are being questioned, rather than expectations alone."

And at the same time, right next to articles about falling stock prices,

there was an article about iPS cells.

Something I had always thought of as "the medicine of the future" is now beginning to be used in actual treatment for real patients.

While following economic figures, I can also catch a glimpse of the future of medicine.

Newspapers really are fascinating.

Tomorrow is October 1.

I will return to studying for the Registered Sales Clerk examination.

I learned a few more words today.

"From expectations to earnings."

And also:

"iPS cells are no longer just a story about the future."

🎧 🔊 👍 👎 ⬆️ ...

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