Market Risk from Interest Rate, Foreign Exchange and Share Price Fluctuations
First written in FY2021-Q3. 6 of 16 entries say "Mitigated", first in FY2024-Q1. Latest entry: 2026-11-10.
Hirogin Holdings moved to the "Worse" side of this theme in 2022, 1 year after the typical company in this theme (2021).
The whole theme swung hardest in 2019: 5 of 9 companies on the "Worse" side.
3 other companies' latest entry also says "Mitigated".
- FY2026Higher market risk alongside narrower valuation lossesAnnual report
「As of 31 March 2026, the Group’s total VaR was ¥121,737 million (¥112,536 million as of 31 March 2025).」
VaR for market risk excluding trading activities increased from ¥112,536 million to ¥121,737 million. Meanwhile, the valuation difference on other securities improved from negative ¥27,814 million to negative ¥12,823 million. - 2026-05-13MitigatedRevision to earnings forecast
「ポートフォリオ改善に向け、低利回りの債券を約3,000億円処分」
低利回り債券の処分による有価証券ポートフォリオ改善を示している。その他有価証券の評価損益も前年3月末のマイナス278億円からマイナス128億円へ改善している。 - FY2026-H1MitigatedAnnual report
「Valuation difference on other securities (before adjustment for equity-accounted amounts) 3,681」
The valuation difference on other securities improved from negative ¥18,486 million at the end of March 2025 to positive ¥3,681 million at the end of September 2025. The valuation difference on other securities also shifted from negative ¥27,814 million to positive ¥4,254 million, while the valuation difference on bonds held to maturity was negative ¥3,831 million. - FY2025-H1WorsenedAnnual report
「Total 1,737,286 1,703,775 33,510 Total 1,845,737 1,819,974 25,762」
The valuation difference on other securities decreased from ¥33,510 million at the end of March 2024 to ¥25,762 million at the end of September 2024. Valuation gains were maintained, but the valuation difference arising from market price fluctuations deteriorated from the end of the previous fiscal year. - FY2024Valuation differences improved, but market risk increasedAnnual report
「As of 31 March 2024, the Group’s total VaR was ¥125,376 million (¥108,871 million as of 31 March 2023).」
The valuation difference on other securities improved from negative ¥12,566 million at the end of March 2023 to positive ¥33,510 million at the end of March 2024, while VaR for market risk excluding trading activities increased to ¥125,376 million. - FY2024-Q3MitigatedAnnual report
「Total 1,589,985 1,577,419 Negative 12,566 Total 1,663,605 1,669,871 6,265」
The valuation difference on other securities improved from negative ¥12,566 million at the end of March 2023 to positive ¥6,265 million at the end of December 2023. Impairment losses in the first nine months amounted to ¥49 million, including ¥49 million on bonds, down from ¥5,344 million in write-offs on equities and other securities in the same period of the previous year. - FY2024-Q2WorsenedAnnual report
「Valuation difference on other securities (before adjustment for equity-accounted amounts) Negative ¥8,502 million Negative ¥16,178 million」
The valuation difference on other securities deteriorated from negative ¥8,502 million at the end of March 2023 to negative ¥16,178 million at the end of September 2023. The aggregate valuation difference on other securities also amounted to negative ¥24.1 billion, indicating that the impact of market price fluctuations had increased again. - FY2024-Q1MitigatedAnnual report
「Valuation difference on other securities Negative 8,502 1,608」
The valuation difference on other securities improved from a valuation loss of ¥8,502 million at the end of March 2023 to a valuation gain of ¥1,608 million at the end of June 2023. The aggregate valuation difference on other securities also improved from negative ¥12,566 million at the end of the previous fiscal year to ¥1,404 million. Meanwhile, ¥49 million in impairment losses on bonds was recorded in the first quarter. - FY2023-Q3WorsenedAnnual report
「The amount of impairment losses recognised during the first nine months of the current consolidated fiscal year was ¥5,303 million, including ¥5,303 million on equities.」
The valuation difference on other securities deteriorated from a valuation gain of ¥1,482 million at the end of March 2022 to a valuation loss of ¥55,273 million at the end of December 2022. Impairment losses on equities and other securities amounted to ¥5,303 million in the first nine months, and the impact of market price fluctuations grew further. - FY2023-Q2WorsenedAnnual report
「The amount of impairment losses recognised during the current interim consolidated accounting period was ¥4,959 million, including ¥4,959 million on equities.」
The valuation difference on other securities shifted from a valuation gain of ¥1,367 million at the end of March 2022 to a valuation loss of ¥34,789 million at the end of September 2022, and ¥4,959 million in impairment losses on equities and other securities was also recorded. The impact of market price fluctuations grew further from the previous quarter. - FY2023-Q1WorsenedAnnual report
「For the first quarter of the current consolidated fiscal year (30 June 2022): other securities, total; acquisition cost ¥1,794,147 million; amount recognised on the quarterly consolidated balance sheet ¥1,763,813 million; difference: negative ¥30,334 million」
The valuation difference on other securities deteriorated from a positive ¥1,482 million at the end of March 2022 to a negative ¥30,334 million at the end of June 2022. Quarterly comprehensive income also recorded a loss of ¥10,045 million, indicating a growing impact from fluctuations in market prices. - FY2022MaterialisedAnnual report
「Amid expectations of gradual interest-rate increases in the United States, the Group sold all U.S. government bonds with yields of 1.5% or less and recorded losses on sales from switching foreign bonds to improve yields. Gains and losses on bonds, including government bonds, therefore declined by ¥10.4 billion year on year to a loss of ¥7.2 billion.」
Losses on sales arose from switching foreign bonds in anticipation of higher interest rates, and market risk has materialised in the results. - FY2021RestatedAnnual report
「As of 31 March 2021, the Group’s total market risk amounted to ¥62,744 million.」
The disclosure states that market risks, including interest rates, foreign exchange rates and stock prices, are quantitatively managed using VaR, but does not indicate that the risks themselves materialised. - FY2021-Q3First statedAnnual report
「In its market-related trading operations, the Group invests in a range of financial instruments, including securities. These activities entail risks from fluctuations in interest rates, foreign exchange rates, stock prices and bond prices.」
The main transmission channels are falling bond prices, difficulty securing yields in a low-interest-rate environment, foreign exchange translation differences, and impairment losses and valuation losses on equities.