Maintaining the foundation for stable earnings through the base portfolio
First written in FY2016. 22 of 33 entries say "Worsened", first in FY2017-Q2. Latest entry: FY2026.
Japan Post Bank moved to the "Worse" side of this theme in 2016.
The whole theme swung hardest in 2026: 1 of 8 companies on the "Worse" side.
6 other companies' latest entry also says "Advanced".
- FY2026AdvancedAnnual report
「Yen interest-rate portfolio 111.8 △2,779 107.5 244」
As domestic interest rates rose, the yen interest-rate portfolio's loss turned from ¥277.9 billion in the previous fiscal year into a profit of ¥24.4 billion, substantially improving the stable earnings base. - 2026-05-15AdvancedManagement Planning
「円金利資産とリスク性資産のベストミックスによる最適な運用ポートフォリオを追求」
円金利ポートフォリオの再構築とリスク性資産の投資効率改善を、利益拡大の主要な成長ドライバーとして位置付けている。 - FY2026-H1AdvancedAnnual report
「Yen interest-rate portfolio 114.7 △1,958 111.3 △338 Customer-related funding and sales — △3,474 — △2,356 Investment operations, etc. — 1,516 — 2,018」
The yen interest-rate portfolio's loss narrowed from ¥195.8 billion in the same period of the previous year to ¥33.8 billion, while the deficit from customer-related funding and sales also narrowed from ¥347.4 billion to ¥235.6 billion. Increased TP earnings from higher domestic interest rates were cited as a factor behind the improvement. - FY2025Continued narrowing of the yen interest-rate portfolio's lossAnnual report
「Yen interest-rate portfolio 114.3 △5,405 111.8 △2,779」
The yen interest-rate portfolio's loss narrowed from ¥540.5 billion in the previous year to ¥277.9 billion. Increased TP earnings from higher domestic interest rates were identified as a factor behind the improvement. - FY2025-H1Continued narrowing of the yen interest-rate portfolio's lossAnnual report
「Yen interest-rate portfolio 114.6 △2,787 114.7 △1,958 Customer-related funding and sales — △4,188 — △3,474 Investment operations, etc. — 1,401 — 1,516」
The yen interest-rate portfolio's interim loss narrowed from ¥278.7 billion in the same period of the previous year to ¥195.8 billion. The deficit from customer-related funding and sales also narrowed against the backdrop of increased TP earnings from higher domestic interest rates. - FY2024Narrowing loss in the yen interest-rate portfolioAnnual report
「The yen interest-rate portfolio's loss was ¥540.5 billion, compared with ¥551.0 billion in the previous fiscal year.」
The yen interest-rate portfolio's loss narrowed by ¥10.5 billion, but it remains loss-making. - FY2024-Q3Declining domestic net interest income alongside expectations for earnings improvement from higher interest ratesAnnual report
「In the domestic operations segment, net interest income was ¥178.6 billion.」
Net interest income in the domestic operations segment decreased from ¥338.3 billion in the same period of the previous year to ¥178.6 billion. At the same time, the company also explained that earnings are expected to improve through higher yields on new investments as domestic long-term interest rates rise. - FY2024-Q2WorsenedAnnual report
「Yen interest-rate portfolio 118.4 △2,624 114.6 △2,787 Customer-related funding and sales — △4,177 — △4,188 Investment operations, etc. — 1,553 — 1,401」
The yen interest-rate portfolio's interim loss widened from ¥262.4 billion in the same period of the previous year to ¥278.7 billion, while the deficit from customer-related funding and sales widened from ¥417.7 billion to ¥418.8 billion. - FY2024-Q1WorsenedAnnual report
「Net interest income 160,881 60,029 △100,852」
Net interest income in the domestic operations segment decreased by ¥100.852 billion year on year. Against the backdrop of the low-interest-rate environment and other factors, pressure on core earnings related to the yen interest-rate portfolio has continued. - FY2023Narrowing loss in the yen interest-rate portfolioAnnual report
「The yen interest-rate portfolio's loss was ¥551.0 billion, compared with ¥580.3 billion in the previous fiscal year.」
The yen interest-rate portfolio's loss narrowed by ¥29.3 billion from the previous fiscal year, but it remains loss-making. - FY2023-Q2Narrowing loss in the yen interest-rate portfolioAnnual report
「Yen interest-rate portfolio 120.4 △2,921 118.4 △2,624」
The yen interest-rate portfolio's interim loss narrowed from ¥292.1 billion in the same period of the previous year to ¥262.4 billion, but it remained loss-making. - FY2022RestatedAnnual report
「However, as domestic interest rates normalize, earnings are generally expected to recover.」
The company continues to explain that customer-related funding and sales in the yen interest-rate portfolio are loss-making because of low interest rates. The annual loss was ¥580.3 billion, a modest improvement from the ¥581.8 billion loss in the previous fiscal year. - FY2022-Q3WorsenedAnnual report
「In the domestic operations segment, net interest income was ¥321.6 billion.」
Net interest income in the domestic operations segment decreased by ¥46.8 billion from ¥368.5 billion in the same period of the previous year to ¥321.6 billion, while interest income on Japanese government bonds also decreased by ¥48.5 billion. Pressure on core earnings from Japan's low-interest-rate environment has continued. - FY2022-Q2WorsenedAnnual report
「Yen interest-rate portfolio 120.4 △2,921 Customer-related funding and sales — △4,456 Investment operations, etc. — 1,535」
The yen interest-rate portfolio's loss widened from ¥260.0 billion in the same period of the previous year to ¥292.1 billion, while the deficit from customer-related funding and sales widened from ¥410.1 billion to ¥445.6 billion. Pressure on core earnings from low interest rates has continued. - FY2022-Q1WorsenedAnnual report
「In the domestic operations segment, net interest income was ¥148.8 billion.」
Net interest income in the domestic operations segment decreased from ¥178.0 billion in the same period of the previous year to ¥148.8 billion, while interest income on Japanese government bonds also decreased by ¥15.9 billion year on year. Pressure on the yen interest-rate portfolio's earnings from the low-interest-rate environment has continued. - FY2021WorsenedAnnual report
「Yen interest-rate portfolio 116.1 △5,818 Customer-related funding and sales — △8,407」
The yen interest-rate portfolio's loss widened from ¥480.5 billion in the previous fiscal year to ¥581.8 billion, while the deficit from customer-related funding and sales widened from ¥774.3 billion to ¥840.7 billion. - FY2021-Q3WorsenedAnnual report
「Consolidated gross profit for the cumulative third quarter was ¥1.0416 trillion, up ¥25.5 billion year on year. Of this, net interest income decreased by ¥49.1 billion year on year as interest income on securities declined amid a challenging operating environment, including the continued low-interest-rate environment.」
Although consolidated gross profit as a whole increased, interest income on securities declined in the low-interest-rate environment, and pressure on net interest income related to the stable earnings base has continued. - FY2021-Q2WorsenedAnnual report
「Yen interest-rate portfolio 116.0 △2,600 Customer funding and sales — △4,101 Investment management and other — 1,501」
The yen interest-rate portfolio's loss widened from ¥227.5 billion in the same period of the previous year to ¥260.0 billion, while the deficit from customer-related funding and sales widened from ¥384.9 billion to ¥410.1 billion. Pressure on the stable earnings base from low interest rates has continued. - FY2021-Q1WorsenedAnnual report
「Amid an extremely challenging operating environment, including the impact of the spread of COVID-19 and the continuation of the low interest rate environment, consolidated gross operating profit for the cumulative first quarter of the current consolidated fiscal year decreased by ¥58.7 billion year on year to ¥305.7 billion. Of this amount, net interest income decreased by ¥63.2 billion year on year as interest income on securities declined.」
The continuation of the low interest rate environment and other factors reduced net interest income by ¥63.2 billion year on year through lower interest income on securities, and pressure on the stable earnings base continued. - FY2020WorsenedAnnual report
「Yen interest-rate portfolio 114.0 △4,805 Customer funding and sales — △7,743」
The deficit for the yen interest-rate portfolio widened from ¥420.3 billion in the previous fiscal year to ¥480.5 billion, while the deficit for customer funding and sales widened from ¥721.5 billion to ¥774.3 billion. - FY2020-Q3WorsenedAnnual report
「Of this amount, net interest income decreased by ¥43.2 billion year on year, mainly due to lower interest income on government bonds.」
Lower interest income on government bonds, against a backdrop of low interest rates, reduced net interest income by ¥43.2 billion year on year. Pressure on the stable earnings base continued. - FY2020-Q2WorsenedAnnual report
「Yen interest-rate portfolio 115.4 △2,275 Customer funding and sales — △3,849 Investment management and other — 1,573」
In the interim period of fiscal 2019, profit and loss for the yen interest-rate portfolio was a loss of ¥227.5 billion, while customer funding and sales posted a loss of ¥384.9 billion. The deficits widened from losses of ¥206.1 billion and ¥347.2 billion, respectively, in the same period of the previous year. - FY2020-Q1WorsenedAnnual report
「Of this amount, net interest income decreased by ¥19.9 billion year on year, mainly due to lower interest income on government bonds.」
The continuation of the low interest rate environment reduced interest income on government bonds, and net interest income related to the stable earnings base continued to decline. - FY2019WorsenedAnnual report
「Reflecting the continuation of historically low interest rates on government bonds and other assets, transfer-pricing income received by the yen interest-rate portfolio (customer funding and sales) from the ALM department has declined. At the same time, there is limited scope for lowering savings funding rates, and most of the Bank's expenses are allocated to this portfolio, resulting in a deficit in the yen interest-rate portfolio.」
The customer funding and sales division of the yen interest-rate portfolio posted a loss of ¥721.5 billion, as low interest rates continued to pressure the core earnings base. - FY2019-Q3WorsenedAnnual report
「Of this amount, net interest income decreased by ¥116.9 billion year on year, mainly due to lower interest income on government bonds.」
Lower interest income on government bonds, against a backdrop of low interest rates, reduced net interest income by ¥116.9 billion year on year. Earnings pressure on the stable earnings base continued. - FY2019-Q2WorsenedAnnual report
「Reflecting the continuation of historically low interest rates on government bonds and other assets, transfer-pricing income received by the yen interest-rate portfolio (customer funding and sales) from the ALM department has declined. At the same time, there is limited scope for lowering savings funding rates, and most of the Bank's expenses are allocated to this portfolio, resulting in a deficit in the yen interest-rate portfolio.」
The customer funding and sales division of the yen interest-rate portfolio was loss-making. In the interim period, profit and loss by portfolio was a loss of ¥347.2 billion for customer funding and sales and a loss of ¥206.1 billion for the yen interest-rate portfolio as a whole. - FY2019-Q1WorsenedAnnual report
「Of this amount, net interest income decreased by ¥27.3 billion year on year, mainly due to lower interest income on government bonds.」
Lower interest income on government bonds, against a backdrop of low interest rates, reduced net interest income by ¥27.3 billion year on year. Earnings pressure on the stable earnings base of the base portfolio and other businesses continued. - FY2018WorsenedAnnual report
「Reflecting the continuation of historically low interest rates on government bonds and other assets, transfer-pricing income received by the base portfolio (customer funding and sales) from the ALM department has declined. At the same time, there is limited scope for lowering savings funding rates, and most of the Bank's expenses are allocated to this portfolio, resulting in a widening deficit.」
The deficit in the customer funding and sales division of the base portfolio widened, and earnings for fiscal 2017 were a loss of ¥571.8 billion. - FY2018-Q3WorsenedAnnual report
「Of this amount, net interest income decreased by ¥48.6 billion year on year to ¥912.8 billion, mainly due to lower interest income on government bonds.」
Lower interest income on government bonds, against a backdrop of low interest rates, reduced net interest income related to the stable earnings base of the base portfolio and other businesses by ¥48.6 billion year on year. - FY2018-Q2WorsenedAnnual report
「Reflecting the continuation of historically low interest rates on government bonds and other assets, transfer-pricing income received by the base portfolio (customer funding and sales) from the ALM department has declined. At the same time, there is limited scope for lowering savings funding rates, and most of the Bank's expenses are allocated to this portfolio, resulting in a widening deficit. However, earnings are generally expected to recover as domestic interest rates normalize.」
It explained that the continued low interest rate environment has caused the base portfolio's deficit to widen further. It also forecast that earnings would recover if domestic interest rates normalized. - FY2017WorsenedAnnual report
「Reflecting the continuation of historically low interest rates on government bonds and other assets, transfer-pricing income received by the base portfolio (customer funding and sales) from the ALM department has declined. At the same time, there is limited scope for lowering savings funding rates, and most of the Bank's expenses are allocated to this portfolio, resulting in a widening deficit.」
It explained that the continuation of low interest rates further widened the deficit in the customer funding and sales division of the base portfolio. - FY2017-Q2WorsenedAnnual report
「Reflecting the decline in interest rates on government bonds and other assets to historically low levels, transfer-pricing income received by the base portfolio (customer funding and sales) from the ALM department has declined. At the same time, there is limited scope for lowering savings funding rates, and most of the Bank's expenses are allocated to this portfolio, resulting in a widening deficit.」
It explained that low interest rates widened the deficit in the customer funding and sales division of the base portfolio. - FY2016First statedAnnual report
「The environment surrounding fund management remains extremely challenging, with negative long-term government bond yields becoming almost entrenched. In the base portfolio, however, we will manage funds flexibly in response to interest rate trends, aiming to secure stable earnings over the medium to long term.」
The policy is to continue managing the core portfolio, centered on government bonds and similar assets, in response to interest rate trends.