Hedging foreign exchange and interest rate risk
First written in FY2020. 2 of 5 entries say "Restated". Latest entry: FY2026.
T.Kawabe & moved to the "Worse" side of this theme in 2026, 5 years after the typical company in this theme (2021).
The whole theme swung hardest in 2026: 8 of 45 companies on the "Worse" side.
3 other companies' latest entry also says "Reframed".
- FY2026ReframedAnnual report
「We use forward foreign-exchange transactions and currency option transactions to avoid foreign-exchange fluctuation risk and have a policy of not engaging in derivatives transactions for speculative purposes.」
The previous hedging policy using forward foreign-exchange contracts, currency swaps and other instruments was described as a policy of using forward foreign-exchange contracts and currency option transactions. Derivatives had a fair value of ¥6.907 million for the fiscal year. - FY2023-Q2RestatedAnnual report
「Based on the assumption that the yen's depreciation trend would persist, we used forward foreign-exchange contracts and reviewed the prices of some products, while working to control costs.」
Based on the assumption that the yen's depreciation trend would persist, it continued its existing response to foreign-exchange and cost pressures by using forward foreign-exchange contracts and reviewing the prices of some products. - FY2023-Q1AdvancedAnnual report
「Use of forward foreign-exchange contracts based on an ongoing yen depreciation trend」
The use of forward foreign-exchange contracts based on a yen depreciation trend was explicitly identified as an actual measure under the previous forward-contract policy. - FY2021RestatedAnnual report
「Forward foreign exchange contracts are entered into within the scope of actual demand, in accordance with our internal rules, to mitigate the risk of fluctuations in foreign exchange rates. Currency swaps are entered into to mitigate foreign exchange risk, while interest-rate swaps are entered into to mitigate the risk of interest-rate fluctuations on borrowings.」
It continues to hedge foreign-exchange and interest-rate fluctuation risks using forward foreign-exchange contracts, currency swaps and interest-rate swaps. - FY2020First statedAnnual report
「Forward foreign exchange contracts are entered into within the scope of actual demand, in accordance with our internal rules, to mitigate the risk of fluctuations in foreign exchange rates. Currency swaps are entered into to mitigate foreign exchange risk, while interest-rate swaps are entered into to mitigate the risk of interest-rate fluctuations on borrowings.」
It explicitly stated a policy of hedging foreign-exchange and borrowing-rate fluctuation risks within the scope of underlying transactions using forward foreign-exchange contracts, currency swaps and interest-rate swaps.