Responding to interest-rate volatility and changes in the funding environment
First written in FY2016. 8 of 25 entries say "Worsened", first in FY2020. Latest entry: 2026-07-30.
Mizuho Leasing moved to the "Worse" side of this theme in 2018, 4 years before the typical company in this theme (2022).
The whole theme swung hardest in 2026: 8 of 35 companies on the "Worse" side.
19 other companies' latest entry also says "Restated".
- 2026-07-30RestatedEarnings
「Gross profit increased 28.1% from the same period of the previous year, ended June 2025, to ¥27,346 million, despite higher funding costs, driven by revenue growth in the domestic leasing and real estate businesses.」
The increase in funding costs continued to be reflected in earnings. - FY2026WorsenedAnnual report
「Interest-rate sensitivity (10 BPV) for the Group: 31 March 2026: -¥3.60 billion (31 March 2025: -¥3.75 billion) Interest-rate risk VaR for the Group: 31 March 2026: ¥8.19 billion (31 March 2025: ¥7.94 billion)」
Although the absolute value of interest-rate sensitivity declined, interest-rate risk VaR increased from ¥7.94 billion to ¥8.19 billion, indicating greater quantitative exposure. - FY2026-H1MaterialisedAnnual report
「Gross profit increased 1.7% year on year from the same period of the previous year, the fiscal year ended September 2024, to ¥42,665 million, despite higher funding costs, supported by growth in operating assets and revenue in the domestic leasing and real estate businesses.」
The disclosure states that higher funding costs were reflected in actual earnings. Funding costs increased from ¥11,819 million in the previous interim period to ¥15,872 million. - FY2025WorsenedAnnual report
「Interest-rate sensitivity (10 BPV) for the Group: 31 March 2025: -¥3.75 billion (31 March 2024: -¥3.62 billion) Interest-rate risk VaR for the Group: 31 March 2025: ¥7.94 billion (31 March 2024: ¥7.87 billion)」
Both the absolute value of interest-rate sensitivity and interest-rate risk VaR increased, indicating greater quantitative exposure to interest-rate volatility. - FY2025-H1RestatedAnnual report
「Meanwhile, uncertainty remains high due to geopolitical risks such as the situations in Russia and Ukraine and the Middle East, persistently high resource and raw-material prices resulting from those risks, and economic stagnation in China and Europe. The outlook for financial markets, including interest rates and foreign exchange rates, also remains uncertain.」
Geopolitical conditions, resource and raw-material prices, economic conditions in China and Europe, and uncertainty in the interest-rate and foreign-exchange markets continue to be identified. - FY2024WorsenedAnnual report
「Interest-rate sensitivity (10 BPV) for the Group: 31 March 2024: -¥3.62 billion (31 March 2023: -¥2.78 billion) Interest-rate risk VaR for the Group: 31 March 2024: ¥7.87 billion (31 March 2023: ¥6.71 billion)」
Both the absolute value of interest-rate sensitivity and interest-rate risk VaR increased, indicating greater quantitative exposure to interest-rate risk. - FY2024-Q3ReframedAnnual report
「Meanwhile, the economic recovery remains uneven due to sharp global fluctuations in interest rates, foreign exchange rates and stock prices, as well as economic stagnation in China and Europe. Credit costs and funding costs may continue to increase and affect the Group's performance.」
External factors related to interest rates and the funding environment were updated to include sharp fluctuations in interest rates, foreign exchange rates and stock prices, as well as economic stagnation in China and Europe. The possibility of higher credit costs and funding costs continued to be disclosed. - FY2024-Q2ReframedAnnual report
「Regarding the impact of COVID-19, although concerns remain over a resurgence of infections following the normalization of economic and social activity after the government's policy change designating COVID-19 as a Class 5 disease under the Infectious Diseases Control Law, we recognize that the impact will remain limited due to expanded disease-prevention measures by the government and local authorities and improvements in the medical system. Meanwhile, the economic recovery remains uneven due to sharp global fluctuations in interest rates, foreign exchange rates and stock prices, as well as economic stagnation in China and Europe. Credit costs and funding costs may continue to increase and affect the Group's performance.」
External factors related to interest rates and the funding environment were updated to include sharp fluctuations in interest rates, foreign exchange rates and stock prices, as well as economic stagnation in China and Europe. The possibility of higher credit costs and funding costs continued to be disclosed. - FY2024-Q1WorsenedAnnual report
「Meanwhile, uncertainty about the outlook remains due to market volatility and rising prices amid global monetary tightening, persistently high resource and raw-material prices, and the prolonged situation in Ukraine.」
External risks related to interest rates and the funding environment were described in terms of global monetary tightening, financial-market volatility, persistently high prices and resource prices, and the prolonged situation in Ukraine. - FY2023WorsenedAnnual report
「Interest-rate sensitivity (10 BPV) for the Group: 31 March 2023: -¥2.78 billion (31 March 2022: -¥2.43 billion) Interest-rate risk VaR for the Group: 31 March 2023: ¥6.71 billion (31 March 2022: ¥1.98 billion)」
Interest-rate risk VaR increased from ¥1.98 billion to ¥6.71 billion, indicating greater quantitative exposure to interest-rate volatility. - FY2023-Q3ReframedAnnual report
「There remain unstable factors affecting the future direction of the global economy, including the impact on financial markets and the real economy of rapid monetary policy changes in Europe and the United States in response to inflation and employment trends, as well as China's major shift away from its zero-COVID policy and concerns over an economic slowdown. Credit costs and funding costs may continue to increase and affect the Group's performance.」
Regarding risks related to interest rates and the funding environment, rapid monetary policy changes in Europe and the United States in response to inflation and employment trends, as well as China's policy shift and concerns over an economic slowdown, were identified as specific sources of instability. - FY2023-Q2WorsenedAnnual report
「Meanwhile, the economic recovery remains uneven due to the anticipated eighth wave of infections over the winter, sharp global fluctuations in interest rates and foreign exchange rates, and supply constraints. Credit costs and funding costs may continue to increase and affect the Group's performance.」
Sharp global fluctuations in interest rates and foreign exchange rates and supply constraints were newly identified as specific sources of uncertainty, while the possibility of higher credit costs and funding costs continued to be disclosed. - FY2023-Q1WorsenedAnnual report
「Meanwhile, uncertainty about the outlook has increased due to higher resource prices resulting from the situation in Ukraine, rising interest rates led by US rates, and the continued depreciation of the yen. We recognize that this situation requires continued attention.」
Higher resource prices resulting from the situation in Ukraine, rising interest rates led by US rates, and the depreciation of the yen were newly identified as specific sources of uncertainty regarding interest rates and the funding environment. - FY2022-Q2MitigatedAnnual report
「Gross profit increased 7.4% year on year to ¥25,972 million, as funding costs declined due to the buildup of finance assets and lower foreign-currency funding rates.」
Funding costs declined due to lower foreign-currency funding rates, continuing to reduce the earnings burden from interest rates and the funding environment. - FY2022-Q1RestatedAnnual report
「Operating income increased 8.0% year on year to ¥6,385 million, as credit cost reversals and lower funding costs resulting from lower foreign-currency funding interest rates reduced the cost of funds.」
The disclosure states that funding costs declined due to lower foreign-currency funding rates, indicating that the response to interest rates and the funding environment continued to produce results following the first quarter of the previous fiscal year. - FY2021MitigatedAnnual report
「Interest-rate risk VaR for the Group: 31 March 2021: ¥1.49 billion (31 March 2020: ¥3.56 billion)」
Interest-rate risk VaR declined from ¥3.56 billion to ¥1.49 billion, reducing quantitative exposure to interest-rate volatility. - FY2021-Q1MitigatedAnnual report
「Operating income increased 6.7% year on year to ¥5,910 million, as net revenue, defined as gross profit before funding costs, increased on the steady growth in operating assets, while funding costs declined due to lower foreign-currency funding rates.」
Funding costs declined due to lower foreign-currency funding rates, reducing the impact of interest rates and the funding environment on earnings for the quarter. - FY2020WorsenedAnnual report
「Interest-rate risk VaR for the Group: 31 March 2020: ¥3.56 billion (31 March 2019: ¥1.52 billion)」
Interest-rate risk VaR increased from ¥1.52 billion to ¥3.56 billion, indicating greater quantitative exposure to interest-rate and funding-related risks. - FY2019MaterialisedAnnual report
「Of this amount, funding costs increased by ¥1,507 million year on year to ¥8,467 million, mainly due to increased foreign-currency borrowings accompanying the expansion of the global business.」
Funding costs increased due in part to higher foreign-currency borrowings accompanying the expansion of the global business, and the impact of interest rates and funding was reflected in earnings for the period. - FY2018MaterialisedAnnual report
「Of this amount, funding costs increased by ¥1,262 million year on year to ¥6,959 million, mainly due to increased foreign-currency borrowings resulting from the expansion of initiatives in the global business.」
Funding costs actually increased due in part to higher foreign-currency borrowings, and the impact of the funding environment and interest rates was reflected in earnings for the period. - FY2018-Q3MaterialisedAnnual report
「Operating income decreased 5.9% year on year to ¥14,127 million. Although net revenue, defined as gross profit before funding costs, increased year on year, funding costs also rose due in part to increased foreign-currency borrowings, temporary increases in borrowings and a higher proportion of long-term borrowings. Ordinary income decreased 5.4% to ¥14,701 million, while profit attributable to owners of the parent decreased 2.1% to ¥10,231 million.」
Funding costs actually increased due to foreign-currency borrowings, temporary increases in borrowings and a higher proportion of long-term borrowings, contributing to declines in operating income, ordinary income and net income. - FY2017RestatedAnnual report
「Interest-rate fluctuations may affect the performance of the Group. In addition to indirect financing, the Group also uses direct financing such as commercial paper, and changes in the funding environment may affect its ability to raise funds.」
Interest-rate volatility and changes in the funding environment continue to be identified as major risks, with management through ALM and derivatives explained. - FY2016First statedAnnual report
「Interest-rate fluctuations may affect the performance of the Group. In addition to indirect financing, the Group also uses direct financing such as commercial paper, and changes in the funding environment may affect its ability to raise funds.」
Interest-rate volatility and the funding environment are explicitly identified as risks, with responses including ALM, derivatives and diversification of funding methods. Separate disclosures also provide figures for interest-rate sensitivity and VaR.