—The movements of the mind shape the market—
—Cultivating a habit of averaging "economic factors" and "non-economic (psychological) factors"—

In the realm of natural sciences, everything can be explained theoretically. For instance, when launching an artificial satellite, if all goes well, it will enter orbit. If it deviates, the reason for the defect can be clearly identified. In other words, things proceed as calculated, and if the calculation is wrong, the incorrect answer is evident.
However, the situation is different in the social sciences. It is commonplace for things not to go according to theory. The decisive reason for this is the involvement of psychological factors. We cannot scientifically analyze and grasp the entirety of the "mind."

Foreign exchange rates and stock markets are prime examples of this.
A prominent American analyst and scholar once stated, "The stock market is the greatest psychology laboratory on Earth." These are very persuasive words.
Reports like "Stock prices fell sharply due to concerns about future declines" are a case in point. Therefore, it seems that viewing stock price movements from the perspective of crowd psychology yields the greatest insights.

The stock market can also be described as economic activity. In terms of the influence of the mind, there is essentially no difference. Of course, economic trends cannot be discussed without considering "economic factors" such as economic growth rates, balance of payments, inflation rates, and unemployment rates. However, focusing solely on economic factors does not lead to accurate forecasts.

To reiterate, it is crucial to recognize that the economy is formed by a mixture of "economic factors" and "non-economic (psychological) factors." We hope you will cultivate a habit of averaging these two types of factors.