Negative interest-rate policy and prolonged low interest rates
First written in FY2016. 17 of 27 entries say "Restated". Latest entry: FY2026.
The Yamagata Bank moved to the "Worse" side of this theme in 2023, 5 years after the typical company in this theme (2018).
The whole theme swung hardest in 2025: 6 of 18 companies on the "Worse" side.
1 other company's latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「Short-term interest rates remained around 0.50% and rose to around 0.75% after the Bank of Japan raised its policy rate last December. Long-term interest rates rose as markets priced in concerns about worsening fiscal conditions and further rate hikes. Amid heightened tensions in the Middle East, the yield on 10-year Japanese government bonds reached the high 2.3% range at fiscal year-end, its highest level in approximately 27 years.」
The description has moved from the previous reference to a prolonged negative-interest-rate and low-interest-rate environment to a phase characterized by rising short-term interest rates following the policy rate hike and long-term interest rates at their highest level in approximately 27 years. - 2026-05-15ReframedEarnings
「Short-term interest rates remained around 0.50% and rose to around 0.75% after the Bank of Japan raised its policy rate last December. Long-term interest rates rose as markets priced in concerns about worsening fiscal conditions and further rate hikes. Amid heightened tensions in the Middle East, the yield on 10-year Japanese government bonds reached the high 2.3% range at fiscal year-end, its highest level in approximately 27 years.」
The interest-rate environment was characterized by a further rise in short-term interest rates and long-term interest rates reaching their highest level in approximately 27 years. - FY2026-H1ReframedAnnual report
「From a financial perspective, after the Bank of Japan raised the policy rate to approximately 0.50% in January, short-term interest rates generally remained in the upper 0.47% range. Meanwhile, long-term interest rates trended upward as markets priced in future rate hikes, and the yield on 10-year Japanese government bonds reached the mid-1.6% range, its highest level in approximately 17 years.」
The description has shifted from the previous risk assessment of a prolonged low-interest-rate environment to an environment in which policy rates are being raised and long-term interest rates are rising. - FY2026-H1ReframedAnnual report
「From a financial perspective, after the Bank of Japan raised the policy rate to approximately 0.50% in January, short-term interest rates generally remained in the upper 0.47% range. Meanwhile, long-term interest rates trended upward as markets priced in future rate hikes, and the yield on 10-year Japanese government bonds reached the mid-1.6% range, its highest level in approximately 17 years.」
The description has shifted from the previous account of prolonged negative interest rates and a low-interest-rate environment to a rising-rate environment, showing short-term interest rates after the policy rate was raised to approximately 0.50% and long-term interest rates at their highest level in approximately 17 years. - FY2025-H1ReframedAnnual report
「From a financial perspective, short-term interest rates remained in the 0.07% range from the beginning of the period after the Bank of Japan decided in March to make major changes to monetary easing, including ending negative interest rates and abolishing yield curve control. After the Bank of Japan decided in July to raise the policy rate further to approximately 0.25%, short-term interest rates remained in the upper 0.22% range.」
The description has shifted from the previous view of prolonged negative interest rates and a low-interest-rate environment to the interest-rate environment following the end of negative interest rates, the abolition of yield curve control and an additional rate hike. - FY2024-Q2WorsenedAnnual report
「From a financial perspective, while short-term interest rates remained in negative territory, long-term interest rates rose sharply after the Bank of Japan expanded the permissible fluctuation range to 1% in July, and the yield on 10-year Japanese government bonds temporarily reached 0.77% at period-end, its highest level in 10 years.」
While short-term interest rates remained negative, long-term interest rates rose sharply following the expansion of the permissible fluctuation range, reaching a 10-year high. In addition to the continuation of the low-interest-rate environment, the company indicates rises and fluctuations in long-term interest rates. - FY2023ReframedAnnual report
「From a financial perspective, the unsecured overnight call rate (short-term interest rate) in the call market, where financial institutions exchange funds, remained negative due to the impact of negative interest rates resulting from the Bank of Japan’s continued “Quantitative and Qualitative Monetary Easing with Yield Curve Control” policy. Meanwhile, the yield on 10-year Japanese government bonds (long-term interest rate) fell to the 0.16% range by August, but subsequently turned upward and surged to near 0.50%, the upper limit of the range, following the Bank of Japan’s expansion of the permissible fluctuation range for long-term interest rates in December.」
While short-term interest rates remained negative, rises and fluctuations in long-term interest rates became apparent, indicating that changes in the interest-rate environment, in addition to the prolonged low-interest-rate environment, form part of the management environment. - FY2023-Q2RestatedAnnual report
「From a financial perspective, due to the impact of negative interest rates resulting from the Bank of Japan’s continued “Quantitative and Qualitative Monetary Easing with Yield Curve Control” policy, the unsecured overnight call rate (short-term interest rate) in the call market, where financial institutions exchange funds, remained negative, with downward pressure intensifying toward the interim period-end and the rate reaching the △0.07% range. Meanwhile, the yield on 10-year Japanese government bonds (long-term interest rate) fell to the 0.16% range by the end of July due to concerns over an economic slowdown resulting from faster US rate hikes, but subsequently turned upward and stood near 0.25% in September, the upper limit of the long-term interest rate range.」
The company reconfirms the continuation of the negative interest rate policy and low-interest-rate environment and discloses specific levels and trends for short-term and long-term interest rates. - FY2023-Q1RestatedAnnual report
「During the first quarter of the current fiscal year, there were no material changes to, or newly arising risks among, the business and other risks that could materially affect investors’ decisions, compared with the descriptions in the annual securities report for the previous fiscal year.」
The company states that there have been no material changes or newly arising risks since the previous fiscal year concerning the business and other risks, including the negative interest rate policy and prolonged low-interest-rate environment. - FY2022RestatedAnnual report
「From a financial perspective, due to the impact of negative interest rates resulting from the Bank of Japan’s continued “Quantitative and Qualitative Monetary Easing with Yield Curve Control” policy, the unsecured overnight call rate (short-term interest rate) in the call market, where financial institutions exchange funds, generally ranged from △0.05% to △0.01%, but rose to around 0% at period-end due to increased demand for funds.」
The company continues to describe the negative interest rate policy and low-interest-rate environment as part of the management environment and gives specific details on the short-term interest rate trend and its rise at period-end. - FY2022-Q2RestatedAnnual report
「Due to the impact of negative interest rates resulting from the Bank of Japan’s continued “Quantitative and Qualitative Monetary Easing with Yield Curve Control” policy, the unsecured overnight call rate (short-term interest rate) in the call market, where financial institutions exchange funds, generally ranged from △0.05% to △0.01%.」
The company reconfirms the continuation of the negative interest rate policy and low-interest-rate environment and gives specific levels for the short-term interest rate. - FY2022-Q1RestatedAnnual report
「During the first quarter of the current fiscal year, there were no material changes to, or newly arising risks among, the business and other risks that could materially affect investors’ decisions, compared with the descriptions in the annual securities report for the previous fiscal year.」
The company states that there have been no material changes or newly arising risks since the previous fiscal year concerning the business and other risks, including the negative interest rate policy and prolonged low-interest-rate environment. - FY2021-Q3RestatedAnnual report
「During the cumulative third quarter of the current fiscal year, there were no material changes to, or newly arising risks among, the business and other risks that could materially affect investors’ decisions, compared with the descriptions in the annual securities report for the previous fiscal year.」
The company states that there have been no material changes or newly arising risks since the previous fiscal year concerning the business and other risks, including the negative interest rate policy and the prolonged low-interest-rate environment. - FY2021-Q2RestatedAnnual report
「From a financial perspective, due to the impact of negative interest rates resulting from the Bank of Japan’s continued “Quantitative and Qualitative Monetary Easing with Yield Curve Control” policy, the unsecured overnight call rate (short-term interest rate) in the call market, where financial institutions exchange funds, ranged from △0.07% to △0.01%.」
The company reconfirms the continuation of the negative interest rate policy and low-interest-rate environment and gives a specific level for the short-term interest rate. - FY2020RestatedAnnual report
「From a financial perspective, due to the impact of negative interest rates resulting from the Bank of Japan’s continued “Quantitative and Qualitative Monetary Easing with Yield Curve Control” policy, the unsecured overnight call rate (short-term interest rate) in the call market, where financial institutions exchange funds, ranged from △0.07% to △0.00%.」
The company reconfirms the management environment in which the negative interest rate policy and low-interest-rate environment continued and gives a specific level for the short-term interest rate. - FY2020-Q3RestatedAnnual report
「During the cumulative third quarter of the current fiscal year, there were no material changes to, or newly arising risks among, the business and other risks that could materially affect investors’ decisions, compared with the descriptions in the annual securities report for the previous fiscal year.」
The company states that there have been no material changes or newly arising risks since the previous fiscal year concerning the business and other risks, including the negative interest rate policy and the prolonged low-interest-rate environment. - FY2020-Q2RestatedAnnual report
「From a financial perspective, due to the impact of negative interest rates resulting from the Bank of Japan’s continued “Quantitative and Qualitative Monetary Easing with Yield Curve Control” policy, the unsecured overnight call rate (short-term interest rate) in the call market, where financial institutions exchange funds, ranged from △0.07% to △0.01%. In addition, the yield on 10-year Japanese government bonds (long-term interest rate) was negative from the beginning of the period, fell further due to concerns over a slowdown in the global economy, and stood in the △0.2% range at period-end.」
The company continues to describe the negative interest rate policy and prolonged low-interest-rate environment as part of the management environment and provides specific levels for short-term and long-term interest rates. - FY2019ReframedAnnual report
「In addition, the financial environment has been undergoing major changes, including the prolonged low-interest-rate environment and accelerating digitalization, making a transformation of the earnings structure a major challenge for our bank.」
In addition to the prolonged low-interest-rate environment, the company has broadened its assessment of the challenges from the previous reference to the rise of fintech companies to changes in the financial environment, including accelerating digitalization. - FY2019-Q3RestatedAnnual report
「During the cumulative third quarter of the current fiscal year, there were no material changes to, or newly arising risks among, the business and other risks that could materially affect investors’ decisions, compared with the descriptions in the annual securities report for the previous fiscal year.」
The company states that there have been no material changes or newly arising risks since the previous fiscal year concerning the business and other risks, including the negative interest rate policy and the prolonged low-interest-rate environment. - FY2019-Q1RestatedAnnual report
「During the first quarter of the current fiscal year, there were no material changes to, or newly arising risks among, the business and other risks that could materially affect investors’ decisions, compared with the descriptions in the annual securities report for the previous fiscal year.」
The company states that there have been no material changes or newly arising risks since the previous fiscal year concerning the business and other risks, including the negative interest rate policy and the prolonged low-interest-rate environment. - FY2018RestatedAnnual report
「As the operating environment becomes more challenging because of the prolonged low-interest-rate environment resulting from the Bank of Japan’s continued negative-interest-rate policy and the emergence of fintech companies, strengthening earnings power has become a major challenge for the bank.」
The company continues to identify the continuation of the negative interest rate policy and the prolonged low-interest-rate environment as major challenges in the management environment. - FY2018-Q2RestatedAnnual report
「From a financial perspective, due to the impact of negative interest rates resulting from the Bank of Japan’s continued “Quantitative and Qualitative Monetary Easing with Yield Curve Control” policy, the unsecured overnight call rate (short-term interest rate) in the call market, where financial institutions exchange funds, ranged from △0.02% to △0.07%.」
The company reconfirms the management environment in which Quantitative and Qualitative Monetary Easing with Yield Curve Control and negative interest rates continued to have an impact. - FY2018-Q1RestatedAnnual report
「During the first quarter of the current fiscal year, there were no material changes to, or newly arising risks among, the business and other risks that could materially affect investors’ decisions, compared with the descriptions in the annual securities report for the previous fiscal year.」
The company states that there have been no material changes or newly arising risks concerning the business and other risks, including the negative interest rate policy and the prolonged low-interest-rate environment. - FY2017WorsenedAnnual report
「With the Bank of Japan continuing its “Quantitative and Qualitative Monetary Easing with Yield Curve Control” policy, reform of the earnings structure has become an urgent priority on the assumption that the low-interest-rate environment will persist for an extended period.」
The company describes the prolonged low-interest-rate environment as a management assumption rather than a concern and indicates the urgency of reforming its earnings structure. - FY2017-Q2RestatedAnnual report
「During the cumulative second quarter of the current fiscal year, there were no newly arising matters that could materially affect investors’ decisions among the matters concerning the business and financial conditions described in this quarterly report, nor any material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」
The company states that there have been no material changes or newly arising risks concerning the business and other risks, including the negative interest rate policy and the prolonged low-interest-rate environment. - FY2017-Q1RestatedAnnual report
「During the first quarter of the current fiscal year, there were no material changes to, or newly arising risks among, the business and other risks that could materially affect investors’ decisions, compared with the descriptions in the annual securities report for the previous fiscal year.」
The company states that there have been no material changes or newly arising risks in its risk disclosures, including risks related to the low-interest-rate environment and the negative interest rate policy. - FY2016First statedAnnual report
「The introduction by the Bank of Japan of quantitative and qualitative monetary easing with a negative interest rate has raised concerns about a prolonged low-interest-rate environment, making reform of our earnings structure an urgent priority.」
The negative interest-rate policy is linked to prolonged low interest rates and the need to reform the earnings structure.