Interest Rate, Market Price and Liquidity Risk
First written in FY2016. 8 of 16 entries say "Mitigated", first in FY2021. Latest entry: 2026-08-04.
Joshin moved to the "Worse" side of this theme in 2022, 2 years after the typical company in this theme (2020).
The whole theme swung hardest in 2017: 3 of 11 companies on the "Worse" side.
8 other companies' latest entry also says "Mitigated".
- 2026-08-04MitigatedEarnings
「Cash flow from financing activities was an outflow of ¥5,821 million. This was mainly due to a ¥4,351 million decrease in interest-bearing debt, including borrowings, and ¥1,303 million in dividend payments.」
Interest-bearing debt decreased by ¥4,351 million in the first quarter, reducing funding exposure. - FY2026MitigatedAnnual report
「At the end of the current consolidated fiscal year, the Group had ¥37,930 million in interest-bearing debt, including borrowings.」
Borrowings and other interest-bearing debt decreased from ¥46,025 million at the end of the previous fiscal year to ¥37,930 million. The company continues to disclose the risks of rising interest rates and worsening financing terms. - FY2026-H1MitigatedAnnual report
「Cash flows from financing activities included a ¥7,932 million decrease in interest-bearing debt and ¥2,652 million in dividend payments, among other items, resulting in total cash outflows of ¥10,930 million, a decrease of ¥1,039 million from the same period of the previous year, when cash outflows were ¥9,891 million.」
Interest-bearing debt decreased by ¥7,932 million during the interim period. The balance of commercial paper also fell from ¥7,000 million at the end of the previous fiscal year to zero at the interim period-end, reducing financing exposure from the previous fiscal year-end. - FY2025MitigatedAnnual report
「At the end of the current consolidated fiscal year, the Group had ¥46,025 million in interest-bearing debt, including borrowings.」
Interest-bearing debt decreased from ¥53,104 million at the end of the previous fiscal year to ¥46,025 million. The company continues to disclose the risks of rising interest rates and worsening financing terms. - FY2025-H1MitigatedAnnual report
「A ¥6,790 million decrease in interest-bearing debt and ¥2,369 million in dividend payments, among other items, resulted in total cash outflows of ¥9,891 million.」
Interest-bearing debt decreased by ¥6,790 million in cash flows from financing activities. At the interim period-end, borrowings and other debt comprised ¥11,709 million in current maturities of long-term borrowings, ¥7,000 million in commercial paper and ¥27,603 million in long-term borrowings, among other items. - FY2024WorsenedAnnual report
「At the end of the current consolidated fiscal year, the Group had ¥53,104 million in interest-bearing debt, including borrowings. Going forward, the Group may be unable to raise funds in a timely manner on terms it considers favorable due to factors including financial contraction or other broad deterioration in market conditions, weaker creditworthiness due to downgrades in credit ratings, and worsening business prospects. In addition, if long- or short-term interest rates rise, higher borrowing costs may affect the Group's business, financial position and operating results.」
The company disclosed ¥53,104 million in interest-bearing debt, up from ¥45,964 million in the previous fiscal year. It continues to explicitly identify the risk of higher borrowing costs resulting from worsening financing terms and rising interest rates. - FY2023WorsenedAnnual report
「At the end of the current consolidated fiscal year, the Group had ¥45,964 million in interest-bearing debt, including borrowings. Going forward, the Group may be unable to raise funds in a timely manner on terms it considers favorable due to factors including financial contraction or other broad deterioration in market conditions, weaker creditworthiness due to downgrades in credit ratings, and worsening business prospects. In addition, if long- or short-term interest rates rise, higher borrowing costs may affect the Group's business, financial position and operating results.」
The company quantified interest-bearing debt at ¥45,964 million and explicitly identified the risk of higher borrowing costs from worsening financing terms and rising long- and short-term interest rates. - FY2022WorsenedAnnual report
「At the end of the fiscal year ended March 2022, the Group had ¥40,017 million in interest-bearing debt, including borrowings. Going forward, the Group may be unable to raise funds in a timely manner on terms it considers favorable due to factors including an economic downturn, financial contraction or other broad deterioration in market conditions resulting from the spread of COVID-19, weaker creditworthiness due to downgrades in credit ratings, and worsening business prospects.」
Interest-bearing debt increased from ¥35,119 million at the end of the previous fiscal year to ¥40,017 million, while operating cash flow also declined substantially. The company continues to explicitly identify the risk of worsening financing terms and higher interest rates. - FY2021MitigatedAnnual report
「At the end of the fiscal year ended March 2021, the Group had ¥35,119 million in interest-bearing debt, including borrowings.」
Interest-bearing debt decreased from ¥47,144 million at the end of the previous fiscal year to ¥35,119 million. The company also stated that in November 2020 its long-term issuer rating was upgraded from “BBB+” to “A-” and its domestic commercial paper rating from “J-2” to “J-1.” - FY2020WorsenedAnnual report
「At the end of the fiscal year ended March 2020, the Group had ¥47,144 million in interest-bearing debt, including borrowings. Going forward, the Group may be unable to raise funds in a timely manner on terms it considers favorable due to factors including an economic downturn, financial contraction or other broad deterioration in market conditions resulting from the spread of COVID-19, weaker creditworthiness due to downgrades in credit ratings, and worsening business prospects.」
The company quantified interest-bearing debt at ¥47,144 million and specified the risk that an economic downturn, financial contraction and weaker creditworthiness resulting from an infectious disease could make it difficult to raise funds on desired terms. - FY2019RestatedAnnual report
「Some carry variable interest rates and are therefore exposed to interest-rate risk, which the Group hedges using derivatives, including interest-rate swaps.」
The company reconfirms its policy of hedging interest-rate risk on borrowings for capital investment with interest-rate swaps. - FY2018RestatedAnnual report
「Borrowings and bonds are primarily used to finance capital investment, and their repayment and redemption dates are no later than 5 years after the balance-sheet date. Some carry variable interest rates and are therefore exposed to interest-rate risk, which the Group hedges using derivatives, including interest-rate swaps.」
The company again identifies interest-rate risk on borrowings for capital investment, market-price risk on investment securities and liquidity risk, and confirms management using interest-rate swaps and other measures. - FY2017RestatedAnnual report
「Borrowings and bonds are primarily used to finance capital investment, and their repayment and redemption dates are no later than 5 years after the balance-sheet date. Some carry variable interest rates and are therefore exposed to interest-rate risk, which the Group hedges using derivatives, including interest-rate swaps.」
The company continues to apply its policy of hedging interest-rate risk on borrowings for capital investment with interest-rate swaps. - FY2016First statedAnnual report
「Borrowings and bonds are primarily used to finance capital investment, and their repayment and redemption dates are no later than 5 years after the balance-sheet date. Some carry variable interest rates and are therefore exposed to interest-rate risk, which the Group hedges using derivatives, including interest-rate swaps.」
The company finances capital investment with borrowings and bonds and manages variable-rate risk with interest-rate swaps.