Risk of Fluctuations in Interest Rates, Securities Prices and Foreign Exchange Rates
First written in FY2016. 10 of 33 entries say "Worsened", first in FY2017. Latest entry: 2026-08-07.
The Ogaki Kyoritsu Bank moved to the "Worse" side of this theme in 2018, 2 years before the typical company in this theme (2020).
The whole theme swung hardest in 2022: 14 of 25 companies on the "Worse" side.
8 other companies' latest entry also says "Mitigated".
- 2026-08-07MitigatedEarnings
「Other securities 1,284 1,926 641 586 1,188 602 340 879 538」
Unrealized gains and losses on other securities increased from ¥58.6 billion at the end of March 2026 to ¥128.4 billion at the end of June 2026. - FY2026WorsenedAnnual report
「The Company's VaR at the end of the previous consolidated fiscal year was ¥53,920 million overall. The Company's VaR at the end of the current consolidated fiscal year was ¥68,288 million overall.」
VaR, a measure of market risk, increased by ¥1,436.8 million from the end of the previous fiscal year. - 2026-05-15MitigatedEarnings
「Other securities 61,213 33,652 121,435 60,222 27,560 81,595 54,034」
Unrealized gains and losses on other securities increased from the end of the previous fiscal year. Unrealized losses on bonds remained, however. - FY2026-H1Share prices and valuation differences rise after a sharp decline caused by trade policyAnnual report
「Looking back at the financial environment, the Nikkei Stock Average fell sharply in early April against a backdrop of heightened uncertainty surrounding US trade policy and other factors. It subsequently rebounded following the partial postponement of tariff implementation and continued to rise, supported also by expectations of US interest-rate cuts, exceeding ¥45,000 in September. The dollar-yen exchange rate fluctuated considerably due to factors including the interest-rate differential between Japan and the United States, but generally remained in the ¥140–¥150 range.」
After share prices plunged against a backdrop of trade policy, they rose to above ¥45,000 in September. The valuation difference on other securities also increased from ¥1,920.4 million to ¥4,256 million, and no impairment losses were recognized on securities during the current interim period. - FY2025-H1WorsenedAnnual report
「The yen appreciated sharply following the Bank of Japan's decision to raise interest rates further on 31 July, while concern about a US economic recession intensified following the US employment report. Against this backdrop, the Nikkei Stock Average fell by ¥4,451 on 5 August, its largest decline ever. Although markets have gradually regained composure since then, the Federal Reserve, the US central bank, decided to cut interest rates in September, and financial markets remain unstable partly because the directions of monetary policy in Japan and the United States differ.」
It states that further interest-rate hikes and concern about a US recession led to a sharp appreciation of the yen and the Nikkei Stock Average's largest-ever decline, leaving financial markets unstable. - FY2024-Q3MitigatedAnnual report
「Valuation difference on other securities ¥16,860 million ¥36,604 million No impairment losses were recognized during the first nine months of the current consolidated cumulative period.」
The valuation difference on other securities increased from ¥1,686 million at the end of the previous fiscal year to ¥3,660.4 million, and no impairment losses were recognized on securities during the first nine months of the current consolidated cumulative period. The valuation loss condition caused by market volatility has eased from the end of the previous fiscal year. - FY2024-Q2Rising long-term interest rates, yen depreciation and elevated share pricesAnnual report
「At the Bank of Japan's July Monetary Policy Meeting, the operation of yield curve control was made more flexible, and long-term interest rates at the end of September rose to the upper half of the 0.7% range, a level not seen for approximately 10 years. However, the interest-rate differential with the United States did not narrow, and the yen continued to weaken against the dollar. The Nikkei Stock Average continued to set post-bubble highs in June, driven by the yen's depreciation and recovering corporate earnings, and ended trading at ¥31,857 at the end of September.」
The disclosure describes the market environment for interest rates, foreign exchange and share prices, including rising long-term interest rates, the yen's depreciation and a Nikkei Stock Average of ¥31,857. - FY2024-Q1MitigatedAnnual report
「Valuation difference on other securities ¥16,860 million ¥32,254 million No impairment losses were recognized during the first quarter of the current consolidated cumulative period.」
The valuation difference on other securities increased from ¥1,686 million at the end of the previous fiscal year to ¥3,225.4 million, and no impairment losses were recognized on securities during the current quarter. The valuation loss condition caused by market volatility has eased from the end of the previous fiscal year. - FY2023MitigatedAnnual report
「VaR at the end of the previous consolidated fiscal year was ¥56,506 million overall. VaR at the end of the current consolidated fiscal year was ¥53,109 million overall.」
VaR, a quantitative measure of market risk, decreased from the end of the previous fiscal year. No impairment losses were recognized on securities during the current fiscal year. Meanwhile, the valuation difference on other securities decreased from ¥41,263 million to ¥16,860 million. - FY2023-Q3MaterialisedAnnual report
「Valuation difference on other securities ¥41,263 million ¥2,731 million」
The valuation difference on other securities fell sharply from ¥41,263 million at the end of the previous fiscal year to ¥2,731 million. Market volatility has actually emerged as a reduction in valuation differences. - FY2023-Q2MaterialisedAnnual report
「Impairment losses during the current interim consolidated accounting period were ¥302 million on other securities. …Valuation difference on other securities: ¥41,263 million; ¥1,785 million」
The valuation difference on other securities fell sharply from ¥41,263 million at the end of the previous fiscal year to ¥1,785 million, and an impairment loss of ¥302 million was recognized on other securities. Market risk has actually emerged as valuation losses. - FY2023-Q1WorsenedAnnual report
「Looking back at the financial environment, the yen weakened sharply against the dollar as the interest-rate differential widened because of differences in monetary policy between Japan and the United States, at one point reaching the ¥137 range to the dollar. The Nikkei Stock Average repeatedly weakened amid concern over US interest-rate hikes, ending trading at ¥26,393 at the end of June. Valuation difference on other securities ¥41,263 million ¥17,054 million」
The disclosure describes the yen's accelerated depreciation and weaker share prices amid concern over US interest-rate hikes. The valuation difference on other securities also decreased from ¥41,263 million at the end of the previous fiscal year to ¥17,054 million. - FY2022WorsenedAnnual report
「VaR at the end of the previous consolidated fiscal year was ¥49,572 million overall. VaR at the end of the current consolidated fiscal year was ¥56,506 million overall.」
VaR, a measure of market risk, increased by ¥6,934 million from the end of the previous fiscal year. The valuation difference on securities also decreased from ¥60,056 million to ¥41,263 million. - FY2022-Q3Share prices at a 32-year high and accelerating yen depreciationAnnual report
「Looking back at the financial environment, the Nikkei Stock Average generally traded in the ¥27,000–¥30,000 range, and its year-end close was ¥28,791, the highest level in 32 years. The yen weakened against the dollar, partly on expectations of higher US interest rates, reaching levels above ¥115 to the dollar.」
It states that the share price traded in the ¥27,000–¥30,000 range and that the year-end close was the highest in 32 years. The yen weakened against the dollar to levels above ¥115 to the dollar. - FY2022-Q2Share prices at a 31-year high and yen depreciationAnnual report
「When Prime Minister Suga Yoshihide announced on 3 September that he would not run in the LDP leadership election, the Nikkei Stock Average reached ¥30,670 on the 14th, its highest closing price in approximately 31 years, amid expectations for a new administration. The yen has recently weakened against the dollar amid rising US interest rates and other factors.」
The disclosure states that the closing price reached ¥30,670, its highest level in approximately 31 years, and that the yen weakened amid rising US interest rates. - FY2022-Q1Share price range and yen depreciationAnnual report
「Looking back at financial conditions, the Nikkei Stock Average temporarily declined under the influence of the US financial markets but generally remained in the ¥28,000 to ¥30,000 range. The yen gradually weakened, reaching the ¥111 range per dollar in late June.」
The disclosure states that share prices remained in the ¥28,000 to ¥30,000 range and that the yen weakened to the ¥111 range per dollar. - FY2021-Q3Surging share prices and stable marketsAnnual report
「Looking back at financial conditions, the Nikkei Stock Average continued to rise from November amid expectations for vaccines to become available, and the December year-end closing price finished at ¥27,444, a 31-year high for a year-end close since 1989. The dollar-yen exchange rate remained stable in the lower ¥100s per dollar, as did long-term interest rates in the 0% range.」
Share prices rose amid expectations for vaccines to become available, reaching a 31-year year-end high, while foreign exchange rates and long-term interest rates remained stable. - FY2021-Q2Market recovery and increase in net unrealized gains and lossesAnnual report
「Looking back at financial conditions, the Nikkei Stock Average fell to the ¥21,000 range in late July amid yen appreciation and concerns over an increase in new COVID-19 infections, but subsequently regained its upward trend and temporarily recovered to its pre-crash level. Long-term interest rates remained flat near 0%. Net unrealized gains and losses on other securities ¥36,527 million ¥49,603 million」
Share prices temporarily recovered to their pre-crash level, while long-term interest rates remained near 0%. Net unrealized gains and losses on other securities also increased from ¥36,527 million at the end of the previous fiscal year to ¥49,603 million. - FY2021-Q1Market recovery and increase in net unrealized gains and lossesAnnual report
「Looking back at financial conditions, despite the economic deterioration, the stock market continued to trend upward, and the Nikkei Stock Average temporarily recovered to the ¥23,000 range in early June. The dollar-yen exchange rate remained in the upper ¥100s per dollar, while long-term interest rates fluctuated around 0%.」
While the economy deteriorated, the stock market trended upward and the Nikkei Stock Average temporarily recovered to the ¥23,000 range. Net unrealized gains and losses on other securities also increased from the previous fiscal year-end. - FY2020MaterialisedAnnual report
「VaR at the end of the previous consolidated fiscal year was ¥44,281 million in total. VaR at the end of the current consolidated fiscal year was ¥47,029 million in total. The amount of impairment losses recognized during the current consolidated fiscal year was ¥2,660 million, including ¥1,198 million on equities and ¥1,461 million on other securities.」
Market-risk VaR increased from the previous fiscal year-end, and impairment losses of ¥2,660 million on securities were recognized amid market turmoil associated with the spread of COVID-19. - FY2020-Q3Rising share prices, higher interest rates, and stable foreign exchange ratesAnnual report
「Looking back at financial conditions, the Nikkei Stock Average continued to rise from mid-October amid expectations of progress in US-China trade talks, and ended December at a year-end closing high not seen for 29 years. Long-term interest rates temporarily rose into positive territory in the latter half of December as the stock market remained firm. The dollar-yen exchange rate continued to move within a narrow range in the upper ¥100s per dollar.」
Share prices reached a 29-year year-end high, and long-term interest rates temporarily rose into positive territory, while foreign exchange rates remained within a narrow range in the upper ¥100s per dollar. - FY2020-Q2WorsenedAnnual report
「Looking back at financial conditions, when the United States announced additional tariffs on China in August, share prices fell, the yen appreciated, and long-term interest rates declined to around minus 0.3%. In September, however, financial markets regained stability amid expectations of renewed US-China trade negotiations.」
The disclosure describes falling share prices, yen appreciation, and lower long-term interest rates triggered by additional US-China tariffs. It also states that markets regained stability in September. - FY2020-Q1WorsenedAnnual report
「Looking back at financial conditions, the Nikkei Stock Average was on an upward trend in April amid expectations of a global economic recovery, but fell in May as US-China trade friction resurfaced, after which markets continued without a clear direction. Long-term interest rates were on a declining trend amid rising expectations of interest rate cuts by the Federal Reserve, while the yen appreciated.」
The disclosure describes falling share prices following the resurgence of US-China trade friction, a downward trend in long-term interest rates, and foreign exchange movements toward yen appreciation. - FY2019-Q3WorsenedAnnual report
「The Nikkei Stock Average rose to levels not seen for approximately 27 years in early October, but fell sharply from late December, and the year-end closing price fell below the previous year-end level for the first time in 7 years. The yen appreciated to around ¥110 per dollar, while long-term interest rates fell to minus 0.01%, their lowest level in 1 year and 3 months.」
The disclosure describes a market environment of falling share prices, yen appreciation, and lower long-term interest rates. Net unrealized gains and losses on other securities also decreased from the previous fiscal year-end, as did net assets. - FY2019-Q1RestatedAnnual report
「The Nikkei Stock Average temporarily recovered to the ¥23,000 range as concerns over US-China trade friction receded, but concerns subsequently resurfaced and the period-end closing price finished at ¥22,304. The yen weakened against the US dollar amid rising US interest rates and other factors, recovering to the ¥110 range per dollar. Long-term interest rates remained low due to the Bank of Japan's monetary policy.」
The market environment for share prices, foreign exchange, and interest rates is described, while the disclosure states that there have been no material changes in business and other risks. - FY2018WorsenedAnnual report
「VaR at the end of the previous consolidated fiscal year was ¥48,492 million in total. VaR at the end of the current consolidated fiscal year was ¥50,929 million in total.」
VaR, a quantitative measure of market risk, increased by ¥2,437 million from the end of the previous fiscal year. - FY2018-Q3WorsenedAnnual report
「Previous consolidated fiscal year (31 March 2017) Currency swaps 61,804 △193 △193 Third quarter of the current consolidated fiscal year (31 December 2017) Currency swaps 89,879 △432 △432」
The notional amounts and other figures for currency swaps increased from ¥61,804 million to ¥89,879 million, while the negative fair value and valuation gain or loss widened from ¥193 million to ¥432 million. - FY2018-Q2RestatedAnnual report
「During the cumulative second quarter under review, there were no new business or other risks, nor any material changes to the business or other risks described in the securities report for the previous fiscal year.」
The risks of fluctuations in interest rates, securities prices, and foreign exchange rates are treated as having undergone no material changes. - FY2017WorsenedAnnual report
「VaR at the end of the previous consolidated fiscal year was ¥44,012 million in total. VaR at the end of the current consolidated fiscal year was ¥48,492 million in total.」
VaR, a quantitative measure of market risk, increased by ¥4,480 million from the end of the previous fiscal year. The risk management policies for interest rate, price, foreign exchange, and derivatives risks are also described. - FY2017-Q3RestatedAnnual report
「During the nine-month period of the third quarter, there were no new business or other risks, or significant changes to the business and other risks described in the annual securities report for the previous fiscal year.」
The disclosure states that there have been no material changes regarding the risks of fluctuations in interest rates, securities prices, and foreign exchange rates. - FY2017-Q2RestatedAnnual report
「During the cumulative second quarter under review, there were no new business or other risks, nor any material changes to the business or other risks described in the securities report for the previous fiscal year.」
The disclosure states that there have been no material changes regarding the risks of fluctuations in interest rates, securities prices, and foreign exchange rates. - FY2017-Q1RestatedAnnual report
「During the cumulative first quarter under review, there were no new business or other risks, nor any material changes to the business or other risks described in the securities report for the previous fiscal year.」
The disclosure states that there have been no material changes regarding the risks of fluctuations in interest rates, securities prices, and foreign exchange rates. - FY2016First statedAnnual report
「Due mainly to a decrease in net unrealized gains and losses on other securities resulting from deteriorating market conditions, the balance was ¥279,449 million, down ¥352 million year on year.」
The decrease in net unrealized gains and losses on securities due to deteriorating market conditions is reported as an actual result, while interest rate, price, and foreign exchange fluctuations are separately described as market risks.