Interest Rate Fluctuations and Changes in Funding Conditions
First written in FY2016. 5 of 9 entries say "Worsened", first in FY2018. Latest entry: FY2026.
Tokyo Century moved to the "Worse" side of this theme in 2018, 5 years before the typical company in this theme (2023).
The whole theme swung hardest in 2023: 9 of 38 companies on the "Worse" side.
12 other companies' latest entry also says "Mitigated".
- FY2026MitigatedAnnual report
「As of 31 March 2026, the company determined that fair value would decline by ¥3,523 million assuming that the benchmark interest rate had risen by 10 basis points (0.10%).」
The impact of a 10-basis-point increase in interest rate risk was ¥3,523 million, down from ¥4,426 million in the previous disclosure. At the same time, the company explicitly identified the structural shift to a "world with interest rates" as a new environment. - 2026-05-11WorsenedPresentation materials on financial results
「We will closely monitor indirect effects of a prolonged situation, including higher costs such as interest rates, weaker demand and customer credit conditions.」
Indirect effects of prolonged tensions in the Middle East on interest costs, demand and customer credit conditions are being monitored as risks. - FY2023MitigatedAnnual report
「As of 31 March 2023, the company determined that fair value would decline by ¥4,426 million assuming that the benchmark interest rate had risen by 10 basis points (0.10%).」
The impact of a 10-basis-point increase was ¥4,426 million, down from ¥6,153 million in the previous disclosure. - FY2021WorsenedAnnual report
「As of 31 March 2021, the company determined that the impact would be ¥6,153 million assuming that the benchmark interest rate had risen by 10 basis points (0.10%).」
The impact of a 10-basis-point increase rose from ¥6,113 million in the previous fiscal year to ¥6,153 million, with interest rate exposure continuing to expand. - FY2020WorsenedAnnual report
「As of 31 March 2020, the company determined that the impact would be ¥6,113 million assuming that the benchmark interest rate had risen by 10 basis points (0.10%).」
The impact of a 10-basis-point increase rose from ¥5,770 million in the previous fiscal year to ¥6,113 million, increasing interest rate exposure. - FY2019WorsenedAnnual report
「As of 31 March 2019, the company determined that the impact would be ¥5,770 million assuming that the benchmark interest rate had risen by 10 basis points (0.10%).」
The impact of a 10-basis-point increase rose from ¥5,623 million in the previous fiscal year to ¥5,770 million, increasing interest rate exposure. - FY2018WorsenedAnnual report
「As of 31 March 2018, the company determined that the impact would be ¥5,623 million assuming that the benchmark interest rate had risen by 10 basis points (0.10%).」
The impact of a 10-basis-point increase rose from ¥4,653 million in the previous fiscal year to ¥5,623 million, updating the company’s interest rate exposure. - FY2017RestatedAnnual report
「As of 31 March 2017, the company determined that the impact would be ¥4,653 million assuming that the benchmark interest rate had risen by 10 basis points (0.10%).」
Regarding interest rate risk, the impact of a 10-basis-point increase was quantified at ¥4,653 million, and management through ALM and hedging was described. - FY2016First statedAnnual report
「As described above, future changes in interest rates and funding conditions may affect the Group’s performance. However, the Group strictly manages these funding-related risks based on ALM (asset-liability management) analysis and implements risk hedging as necessary.」
The company identifies floating-rate funding, rising market interest rates, and changes in funding conditions as risks, with ALM and hedging as countermeasures.