Interest Rate, Foreign Exchange, Bond, and Equity Market Fluctuations

「The unsecured overnight call rate, which had remained at approximately 0.5% throughout the fiscal year, moved at approximately 0.75% after the rate hike in December of that year. Long-term interest rates also rose, with the 10-year government bond yield approaching 2.4% against the backdrop of an agreement with the United States on tariff rates, the Bank of Japan's continued rate-hike stance and rising expected inflation in Japan.」

「In April, when the United States successively raised tariffs, risk aversion intensified in financial markets and the 10-year government bond yield temporarily fell sharply. Thereafter, upward pressure on long-term interest rates emerged against the backdrop of reduced uncertainty over US tariff policy, growing expectations of a Bank of Japan rate hike and concerns about fiscal deterioration resulting from government fiscal spending, and the 10-year government bond yield rose to above 1.6%.」

「Following the global financial market turmoil in early August, expectations of US rate cuts increased in the market, while expectations that the Bank of Japan would raise rates only gradually led the 10-year government bond yield to decline to the 0.8% range.」

「The unsecured overnight call rate initially remained in negative territory close to zero, then rose slightly toward the end of the fiscal year and moved into positive territory after the Bank of Japan ended its negative interest rate policy in March 2024. Meanwhile, long-term interest rates entered a clearer upward trend as the Bank of Japan moved toward greater flexibility in the operation of yield curve control in July and October 2023, and the 10-year government bond yield at times approached the key 1% level in November.」

「In financial markets, short-term interest rates remained at extremely low levels while the Bank of Japan maintained large-scale monetary easing. Meanwhile, as the Bank of Japan made its yield curve control operations more flexible in July and October 2023, Japan's 10-year government bond yield temporarily rose to the high 0.9% range in November, reflecting factors including higher U.S. long-term interest rates. Toward year-end, however, the 10-year government bond yield declined to approximately 0.6% against a backdrop of lower U.S. long-term interest rates and other factors.」

「In financial markets, the Bank of Japan maintained its framework of large-scale monetary easing. Short-term interest rates remained at extremely low levels as the negative-interest-rate policy continued. Meanwhile, in July, the Bank of Japan decided to make its yield curve control operations more flexible, effectively raising the ceiling to +1.0%. As a result, together with continued rate hikes in Europe and the United States, Japan's 10-year government bond yield rose to the high 0.7% range at the end of September.」

「In financial markets, the Bank of Japan's continuation of the existing framework of quantitative and qualitative monetary easing with yield curve control kept short-term interest rates in negative territory. Long-term interest rates also remained just below the upper limit of +0.5%, reflecting factors including the Bank of Japan's maintenance of a permitted fluctuation range of approximately ±0.5%.」

「However, in March, as concerns about the financial systems in the United States and Europe intensified and funds flowed into government bonds, a safe-haven asset in major countries, Japan's long-term interest rates temporarily fell to approximately 0.25% toward the end of the fiscal year.」

「Meanwhile, as long-term interest rates in Europe and the United States rose, Japan's long-term interest rates continued to move near the upper limit of the fluctuation range permitted by the Bank of Japan, approximately +0.25%. In addition, following the Bank of Japan's expansion of the fluctuation range for long-term interest rates from approximately ±0.25% to approximately ±0.5% in late December, long-term interest rates rose further toward year-end.」

「In financial markets, while the Bank of Japan maintained its framework of quantitative and qualitative monetary easing with yield curve control, short-term interest rates remained generally in negative territory. Meanwhile, long-term interest rates came under increasing upward pressure in Japan following a sharp rise in long-term interest rates in Europe and the United States, and continued to move at levels close to the upper limit of the Bank of Japan's permitted fluctuation range, approximately 0.25%.」

「In financial markets, the Bank of Japan continued quantitative and qualitative monetary easing with yield curve control, and short-term interest rates remained in negative territory. Meanwhile, long-term interest rates remained relatively high in recent years as central banks in the United States and elsewhere raised policy rates in response to rising prices. In June, long-term interest rates temporarily exceeded the upper end of the Bank of Japan's fluctuation range of approximately ±0.25%.」

「In financial markets, the Bank of Japan maintained accommodative monetary policy by continuing quantitative and qualitative monetary easing with yield curve control and the Special Program to Support Financing for the Novel Coronavirus. As a result, short-term interest rates remained in negative territory, while long-term interest rates remained slightly above 0%.」

「In financial markets, the Bank of Japan maintained accommodative monetary policy by continuing quantitative and qualitative monetary easing with yield curve control and extending the term of the Special Program to Support Financing for the Novel Coronavirus. As a result, short-term interest rates remained in negative territory, while long-term interest rates remained slightly above 0%.」

「As of 31 March 2021, the total market risk exposure in trading operations, representing estimated losses, was ¥57 million (¥24 million at the end of the previous consolidated fiscal year). The total market risk exposure in banking operations, calculated as the simple sum of the market risk exposure of Yokohama Bank and the market risk exposure of Higashi-Nippon Bank calculated at a 99.9% confidence interval, was ¥242,625 million (¥150,598 million at the end of the previous consolidated fiscal year).」

「In financial markets, the Bank of Japan continued its Quantitative and Qualitative Monetary Easing with Yield Curve Control and maintained various monetary easing measures, including the Special Program to Support Financing in Response to COVID-19. As a result, short-term interest rates remained in negative territory, while long-term interest rates continued to remain generally near 0%.」

「As a result, short-term interest rates continued to remain in negative territory, while long-term interest rates remained generally near 0%.」

「In financial markets, the Bank of Japan continued its Quantitative and Qualitative Monetary Easing with Yield Curve Control and strengthened monetary easing through measures including the expansion of the Special Funds-Supplying Operations to Facilitate Financing in Response to the Novel Coronavirus. Against this backdrop, short-term interest rates remained in negative territory, while long-term interest rates remained near 0%.」

「As of 31 March 2020, the total market risk exposure in trading operations, representing estimated losses, was ¥24 million (¥31 million at the end of the previous consolidated fiscal year). The total market risk exposure in banking operations, calculated as the simple sum of the market risk exposure of Yokohama Bank and the market risk exposure of Higashi-Nippon Bank calculated at a 99.9% confidence interval, was ¥150,598 million (¥136,102 million at the end of the previous consolidated fiscal year).」

「In financial markets, short-term interest rates remained in negative territory as the Bank of Japan continued its Quantitative and Qualitative Monetary Easing with Yield Curve Control. Long-term interest rates temporarily moved further into negative territory during the summer against a backdrop of declining long-term US interest rates, but subsequently moved back toward 0% by year-end as long-term US interest rates rose, among other factors.」

「In financial markets, the Bank of Japan's continuation of quantitative and qualitative monetary easing with yield curve control kept short-term interest rates in negative territory. Long-term interest rates gradually moved further into negative territory, reflecting factors including lower U.S. long-term interest rates amid growing expectations of rate cuts by the Federal Reserve Board (FRB).」

「In financial markets, short-term interest rates remained in negative territory as the Bank of Japan continued its Quantitative and Qualitative Monetary Easing with Yield Curve Control. Long-term interest rates gradually moved further into negative territory toward the end of June, partly in response to declining long-term US interest rates amid expectations that the Federal Reserve Board would ease monetary policy.」

「As of 31 March 2019, the total market risk exposure in trading operations, representing estimated losses, was ¥31 million (¥21 million at the end of the previous consolidated fiscal year), while the total market risk exposure in banking operations was ¥136,102 million (¥141,290 million at the end of the previous consolidated fiscal year).」

「The Nikkei Stock Average declined in October 2018 as US equities fell sharply amid rising long-term US interest rates and concerns over US-China trade friction, and at times fell below the ¥20,000 level in December. The yen also appreciated against the US dollar toward year-end as investors increasingly avoided risk, resulting in yen appreciation and dollar depreciation.」

「As of 31 March 2018, the total market risk exposure in trading operations, representing estimated losses, was ¥21 million (¥28 million at the end of the previous consolidated fiscal year). The total market risk exposure in banking operations, calculated as the simple sum of the market risk exposure of The Bank of Yokohama, Ltd. and the market risk exposure of The Higashi-Nippon Bank, Ltd. calculated at a 99.9% confidence interval, was ¥141,290 million (¥162,309 million at the end of the previous consolidated fiscal year).」

「Unexpected volatility in interest rates, foreign exchange, bond or equity markets could affect the Group's performance.」

「Unexpected volatility in interest rates, foreign exchange, bond or equity markets could affect the Group's performance.」

「Unexpected volatility in interest rates, foreign exchange, bond or equity markets could affect the Group's performance.」