Impact of the Negative Interest Rate Policy
First written in FY2016. 6 of 21 entries say "Restated". Latest entry: FY2026.
1 other company's latest entry also says "Other".
- FY2026Progress in monetary policy normalization through rate hikesAnnual report
「Following the rate hike in January 2025, the Bank of Japan implemented gradual rate hikes, including raising the policy rate from 0.5% to 0.75% in December, marking progress in the normalization of monetary policy after the end of negative interest rates.」
The interest-rate environment has changed from the stage of expectations for an end to negative interest rates and rate hikes to one in which an additional rate hike to a 0.75% policy rate has been implemented. - FY2025-H1End of negative interest rates and implementation of an additional rate hikeAnnual report
「Following the end of negative interest rates in March, the Bank of Japan decided to implement an additional rate hike at its July Monetary Policy Meeting.」
The filing states that the end of negative interest rates and the rate hike anticipated in the previous filing were implemented. Domestic long-term interest rates have remained slightly below 1%. - FY2024-Q3Receding expectations for an early end to negative interest rates and rate hikesAnnual report
「In Japan, as an early end to the Bank of Japan's negative interest rate policy was becoming the consensus, some expected a rate hike at the December Monetary Policy Meeting. However, the policy was maintained, and Governor Ueda emphasized a cautious stance in comments made at year-end, causing expectations for an early Bank of Japan rate hike to recede somewhat.」
Although expectations for an end to negative interest rates and rate hikes spread, policy was maintained at the December meeting, and expectations for an early Bank of Japan rate hike receded somewhat, according to the filing. - FY2024-Q1Monetary policy maintained and decline in long-term interest ratesAnnual report
「Japanese long-term interest rates moved in the upper 0.4% range, near the 0.5% upper limit of the yield curve control range, in April as caution about a policy revision grew ahead of the Bank of Japan's first Monetary Policy Meeting under new Governor Ueda. However, after no policy revision was made, rates fell below 0.4%.」
The filing states that, after rising to near the 0.5% upper limit of the YCC fluctuation range, Japanese long-term interest rates fell below 0.4% after the Bank of Japan maintained its current policy. - FY2023-Q3Expansion of the YCC target range and rise in interest ratesAnnual report
「Although the Bank of Japan's quantitative and qualitative monetary easing with yield curve control underwent partial modification in December 2022, the Bank of Japan continued to indicate its intention to maintain large-scale monetary easing.」
In addition to the low interest-rate environment under the previous yield curve control framework, the filing states that the long-term interest rate target range was expanded to ±0.50% at the December 2022 Monetary Policy Meeting and that Japanese long-term interest rates rose into the 0.4% range. - FY2023-Q2Continued rise in Japanese long-term interest ratesAnnual report
「Japanese long-term interest rates came under upward pressure and at times temporarily exceeded 0.25%, the upper limit of the Bank of Japan's yield curve control.」
The filing states that Japanese long-term interest rates rose under YCC and temporarily exceeded the 0.25% upper limit. - FY2023-Q1Rise in Japanese long-term interest ratesAnnual report
「Japanese long-term interest rates came under upward pressure and at times temporarily exceeded 0.25%, the upper limit of the Bank of Japan's yield curve control.」
The filing states that Japanese long-term interest rates came under upward pressure under yield curve control and temporarily exceeded the 0.25% upper limit. - FY2021RestatedAnnual report
「As the Bank of Japan continued its quantitative and qualitative monetary easing with yield curve control, domestic market interest rates remained at extremely low levels.」
The filing continues to describe the risk of an earnings impact from the prolonged low and negative interest rate policies. - FY2020-Q3MaterialisedAnnual report
「Japanese long-term interest rates approached -0.3% in August amid expectations for additional monetary easing, but rose to around 0% as expectations for further easing receded and the Bank of Japan expressed concern about an excessive decline in interest rates.」
After Japanese long-term interest rates under yield curve control fell to near -0.3%, they rose to around 0% as expectations for additional easing receded and due to other factors. - FY2020-Q2MaterialisedAnnual report
「Japanese long-term interest rates declined in line with US interest rates and approached -0.3% in August, but the decline subsequently paused.」
Even under yield curve control, Japanese long-term interest rates fell to near -0.3%, making the low interest-rate environment more pronounced. - FY2019RestatedAnnual report
「As the Bank of Japan continued its quantitative and qualitative monetary easing with yield curve control, domestic market interest rates remained at extremely low levels.」
The filing continues to describe the extremely low interest-rate environment under yield curve control and the risk of an earnings impact from its prolongation and from a further expansion into negative interest rates. - FY2019-Q3Decline in long-term interest ratesAnnual report
「Japanese long-term interest rates rose to the low 0.1% range after the Bank of Japan added wording at its July Monetary Policy Meeting indicating that the target for long-term interest rate control could "fluctuate to some extent in either direction," but subsequently fell to around 0% in line with US interest rates.」
The filing states that, after rising to the low 0.1% range as described in the previous quarter, Japanese long-term interest rates fell to around 0% in line with the decline in US interest rates. - FY2019-Q2Rising long-term interest ratesAnnual report
「Japanese long-term interest rates rose to the low 0.1% range after the Bank of Japan added wording at its July Monetary Policy Meeting indicating that the target for long-term interest rate control could "fluctuate to some extent in either direction."」
Compared with the previous assessment that movements were limited under yield curve control, the filing states that Japanese long-term interest rates rose to the low 0.1% range following the addition of wording concerning the target range. - FY2019-Q1RestatedAnnual report
「Under the Bank of Japan's quantitative and qualitative monetary easing with yield curve control, movements in Japanese long-term interest rates were limited, and rates remained broadly within the 0.03-0.07% range.」
The filing continues to assess that movements in Japanese long-term interest rates were limited under quantitative and qualitative monetary easing with yield curve control. - FY2018RestatedAnnual report
「Under the Bank of Japan's quantitative and qualitative monetary easing with yield curve control, domestic long-term interest rates remained around 0%.」
The filing maintains the assessment that the interest-rate environment changed from the negative interest rate policy to rates around 0% under yield curve control, and describes the risk of sharp volatility when policy is reviewed. - FY2018-Q1RestatedAnnual report
「Under the Bank of Japan's quantitative and qualitative monetary easing with yield curve control, movements in Japanese long-term interest rates were limited.」
The filing reiterates that movements in Japanese long-term interest rates were limited under quantitative and qualitative monetary easing with yield curve control. - FY2017ReframedAnnual report
「Under the Bank of Japan's quantitative and qualitative monetary easing with yield curve control, domestic long-term interest rates remained around 0%. … If sharp market volatility arises in the future due to growing expectations of a review of the Bank of Japan's monetary policy operations or other factors, it could adversely affect the Group's operations, business performance and financial position.」
The disclosure has been revised from the previous focus on a further expansion of negative interest rates to the policy environment of long-term interest rates remaining around 0% and the risk of sharp volatility when policy is reviewed. - FY2017-Q3Changes in the interest-rate environmentAnnual report
「Against a backdrop of rising US interest rates, dollar-yen rose to the ¥118 range, the Nikkei Stock Average to the ¥19,000 range, and the yield on 10-year Japanese government bonds from negative territory into positive territory, reaching +0.1% at one point.」
In addition to the previous disclosures concerning the negative interest rate environment, the filing states that the yield on 10-year Japanese government bonds changed from negative to positive territory. - FY2017-Q2RestatedAnnual report
「After the Bank of Japan introduced quantitative and qualitative monetary easing with yield curve control, domestic long-term interest rates remained between -0.1% and 0.0%.」
The negative interest rate environment has continued, but the current quarter's filing does not describe any further expansion of the negative range. - FY2017-Q1WorsenedAnnual report
「Against a backdrop of declining overseas interest rates, domestic long-term interest rates moved lower into increasingly negative territory.」
The filing states that, under the negative interest rate environment, domestic long-term interest rates moved further into negative territory. - FY2016First statedAnnual report
「Following the Bank of Japan's introduction of quantitative and qualitative monetary easing with a negative interest rate, domestic long-term interest rates remained in negative territory.」
The filing describes the interest-rate environment after the introduction of negative interest rates as an actual external condition, as well as operational and systems responses and the possibility of a further expansion in the negative rate.