Impact of the Negative Interest Rate Policy on Funding Costs
First written in FY2017-Q1. 9 of 31 entries say "Restated". Latest entry: FY2026.
Japan Securities Finance moved to the "Worse" side of this theme in 2026.
The whole theme swung hardest in 2026: 3 of 6 companies on the "Worse" side.
2 other companies' latest entry also says "Other".
- FY2026Higher interest expense due to rising market interest rates continued throughout the yearAnnual report
「Interest expense 17,071 34,326」
Against a backdrop of rising market interest rates, interest expenses on the consolidated income statement increased from ¥17,071 million in the previous fiscal year to ¥34,326 million. The increase in funding costs following the end of negative interest rates has widened on a full-year basis. - 2026-05-14WorsenedEarnings
「Interest expenses 17,071 34,326」
Interest expenses increased from ¥17,071 million in the previous fiscal year to ¥34,326 million, reflecting a full-year increase in funding costs after market interest rates rose. - FY2026-H1Interest expense continued to increase amid rising market interest ratesAnnual report
「Interest expense 6,316 13,880」
Amid rising market interest rates, interest expense increased from ¥6,316 million in the same period of the previous year to ¥13,880 million. Higher funding costs following the end of negative interest rates continued in the interim period. - FY2025Sharp increase in interest expense as market interest rates roseAnnual report
「Interest expense 2,452 17,071」
Against a backdrop of rising market interest rates following the end of negative interest rates, interest expense increased from ¥2,452 million in the previous fiscal year to ¥17,071 million. A cost environment different from the previous decline in funding costs due to low interest rates was confirmed for the full year. - FY2025-H1Rising market interest rates and higher interest expense after the end of negative interest ratesAnnual report
「Following the Bank of Japan's termination of its negative interest rate policy, market interest rates began to rise, and there were also signs of increased demand for funds.」
Unlike the previous decline in funding costs due to negative interest rates, the transition to an environment of rising market interest rates was described. In the interim consolidated income statement, interest expense increased from ¥620 million in the same period of the previous year to ¥6,316 million, while securities borrowing fees decreased from ¥10,625 million to ¥4,886 million. - FY2024Increase in securities borrowing fees accelerated throughout the yearAnnual report
「Securities borrowing fees 13,456 18,986」
Securities borrowing fees increased from ¥13,456 million in the previous fiscal year to ¥18,986 million, and transaction-related expenses continued to increase. Meanwhile, other operating expenses declined, bringing total operating expenses to ¥32,615 million. - FY2024-Q3Continued increase in securities borrowing feesAnnual report
「Securities borrowing fees 8,935 14,736」
Securities borrowing fees increased from ¥8,935 million in the same period of the previous year to ¥14,736 million, while operating expenses increased from ¥19,582 million to ¥22,612 million. Higher transaction-related expenses, rather than lower funding costs due to negative interest rates, continued to be cited. - FY2024-Q2Continued increase in securities borrowing feesAnnual report
「Securities borrowing fees 5,895 10,625」
Securities borrowing fees increased from ¥5,895 million in the same period of the previous year to ¥10,625 million, while operating expenses increased from ¥12,973 million to ¥15,033 million. Transaction-related expenses continued to increase. - FY2024-Q1Higher securities borrowing fees pushed up operating expensesAnnual report
「Securities borrowing fees 2,515 6,441」
Securities borrowing fees increased from ¥2,515 million in the same period of the previous year to ¥6,441 million, while operating expenses increased from ¥7,530 million to ¥8,703 million. Transaction-related expenses continued to increase. - FY2023Increase in securities borrowing fees and other expenses accelerated throughout the yearAnnual report
「Interest on sell-buyback transactions 3,614 6,015 Securities borrowing fees 9,357 13,456」
Securities borrowing fees increased from ¥9,357 million in the previous year to ¥13,456 million, while interest on sell-buyback transactions increased from ¥3,614 million to ¥6,015 million. Higher transaction-related expenses, rather than lower funding costs due to negative interest rates, were cited as the main factor behind operating expenses. - FY2023-Q3Continued increase in securities borrowing feesAnnual report
「Operating expenses 5,391 19,582 Securities borrowing fees 6,732 8,935」
Securities borrowing fees increased from ¥6,732 million in the same period of the previous year to ¥8,935 million, while total operating expenses increased from ¥11,941 million to ¥19,582 million. Transaction-related expenses continued to increase. - FY2023-Q2RestatedAnnual report
「Securities borrowing fees 4,569 5,895」
Securities borrowing fees increased from ¥4,569 million in the same period of the previous year to ¥5,895 million, with higher transaction-related expenses continuing to be cited as a factor behind the increase in operating expenses. - FY2023-Q1Higher operating expenses due to increased securities borrowing feesAnnual report
「Operating expenses 3,620 7,530」
Securities borrowing fees increased from ¥2,239 million in the same period of the previous year to ¥2,515 million, while total operating expenses increased from ¥3,620 million to ¥7,530 million. - FY2022-Q3Lower operating expenses due to decreased securities borrowing feesAnnual report
「Consolidated operating expenses came to ¥11,941 million, down 10.3% year on year, due to lower securities borrowing fees in securities lending and borrowing transactions,」
Lower securities borrowing fees reduced consolidated operating expenses by 10.3% year on year. The trend has continued to shift from increases in transaction-related expenses to their being cited as a factor behind declines. - FY2022-Q2Lower operating expenses due to decreased securities borrowing feesAnnual report
「Meanwhile, operating expenses came to ¥8,159 million, down 7.0% year on year, due to lower securities borrowing fees in securities lending and borrowing transactions, while general and administrative expenses came to ¥3,454 million, down 8.0% year on year, due mainly to a decrease in the charge associated with the Company's review of its method for calculating the allowance for doubtful accounts, including a ¥608 million reversal.」
Securities borrowing fees, previously cited as a factor behind increases, declined on a cumulative basis for the quarter, and operating expenses decreased 7.0% year on year. - FY2022-Q1Lower operating expenses due to decreased securities borrowing feesAnnual report
「Meanwhile, operating expenses came to ¥3,620 million, down 19.8% year on year, due to lower securities borrowing fees in securities lending and borrowing transactions,」
For transaction-related expenses previously cited as a factor behind increases, operating expenses decreased 19.8% year on year this quarter due to lower securities borrowing fees. - FY2021Higher transaction-related expenses continued throughout the yearAnnual report
「Consolidated operating expenses came to ¥18,018 million, up 7.0% year on year, as higher trading activity in the bond business led to increases in interest on sell-buyback transactions and securities borrowing fees, among other expenses,」
Higher trading activity in the bond business led to increases in transaction-related expenses, including interest on sell-buyback transactions and securities borrowing fees. - FY2021-Q3RestatedAnnual report
「Operating expenses came to ¥13,309 million, up 5.3% year on year, due mainly to higher interest on sell-buyback transactions and securities borrowing fees in securities lending operations, among other factors,」
Higher transaction-related expenses, including interest on sell-buyback transactions and securities borrowing fees, continued to be cited as factors behind the increase in operating expenses. - FY2021-Q2RestatedAnnual report
「Meanwhile, operating expenses came to ¥8,777 million, up 10.8% year on year, due to higher interest on sell-buyback transactions and securities borrowing fees in securities lending operations, among other factors, while general and administrative expenses came to ¥3,755 million, down 8.4% year on year.」
Operating expenses increased 10.8% year on year, mainly due to higher interest on sell-buyback transactions and securities borrowing fees, with higher transaction-related expenses continuing to be cited. - FY2021-Q1Higher transaction-related expenses continuedAnnual report
「Meanwhile, operating expenses came to ¥4,512 million, up 9.6% year on year, due to higher interest on sell-buyback transactions and securities borrowing fees in securities lending operations, among other factors,」
Operating expenses increased 9.6% year on year, mainly due to higher interest on sell-buyback transactions and securities borrowing fees, with higher transaction-related expenses continuing to be cited. - FY2020Higher transaction-related expenses continued throughout the yearAnnual report
「Operating expenses came to ¥16,835 million, up 37.0% year on year, due to higher interest on sell-buyback transactions in securities lending and borrowing and higher securities borrowing fees, among other factors,」
Operating expenses increased 37.0% year on year, mainly due to higher securities borrowing fees and interest on sell-buyback transactions, indicating that the increase in transaction-related expenses, rather than the previous decline in funding costs due to negative interest rates, was the main factor. - FY2020-Q3RestatedAnnual report
「Meanwhile, operating expenses came to ¥12,643 million, up 18.8% year on year, due to higher securities borrowing fees in securities lending and borrowing operations and repo transaction costs in securities lending operations, among other factors,」
Higher securities borrowing fees and repo transaction costs continued to be cited as factors behind the increase in operating expenses, with the increase in transaction-related expenses explained rather than lower funding costs due to negative interest rates. - FY2020-Q2RestatedAnnual report
「Meanwhile, operating expenses came to ¥7,923 million, up 37.8% year on year, due to higher securities borrowing fees in securities lending and borrowing operations and repo transaction costs in securities lending operations, among other factors,」
Operating expenses increased 37.8% year on year, mainly due to higher securities borrowing fees and repo transaction costs, indicating that the increase in transaction-related expenses, rather than the previous decline in funding costs, was the main factor. - FY2020-Q1Higher securities borrowing fees and repo transaction costsAnnual report
「Meanwhile, operating expenses came to ¥4,118 million, up 47.4% year on year, due to higher securities borrowing fees in securities lending and borrowing transactions and repo transaction costs in securities lending operations, among other factors.」
Rather than the funding costs associated with the previous negative interest rate policy, higher securities borrowing fees and repo transaction costs were cited as the main factors behind the increase in operating expenses. - FY2018ReframedAnnual report
「While also taking into account the possibility that the current ultra-low interest rates may continue」
The previous explanation citing lower funding costs due to the negative interest rate policy was absent, replaced by wording that identified the possibility of continued low interest rates as a factor to monitor in the business environment. - FY2018-Q3RestatedAnnual report
「Operating expenses came to ¥10,907 million, up 33.7% year on year, due mainly to higher securities borrowing fees in securities lending and borrowing and bond lending and borrowing transactions, among other factors.」
The decline in funding costs resulting from the negative interest rate policy was not mentioned, and higher securities borrowing fees continued to be cited as a factor behind the increase in operating expenses. - FY2018-Q2Higher operating expenses due to increased securities borrowing feesAnnual report
「Operating expenses came to ¥6,518 million, up 32.8% year on year, due mainly to higher securities borrowing fees in securities lending and borrowing and bond lending and borrowing transactions, among other factors.」
The decline in funding costs resulting from the negative interest rate policy was not mentioned, while operating expenses increased 32.8% year on year due to higher securities borrowing fees. - FY2017RestatedAnnual report
「Although funding costs declined following the Bank of Japan's introduction of quantitative and qualitative monetary easing with negative interest rates, operating expenses came to ¥11,892 million, up 3.1% year on year, due to higher securities borrowing fees in securities lending and borrowing and bond lending and borrowing transactions.」
The decline in funding costs resulting from the negative interest rate policy continued, but operating expenses increased due to higher securities borrowing fees. - FY2017-Q3RestatedAnnual report
「Although funding costs declined following the Bank of Japan's introduction of quantitative and qualitative monetary easing with negative interest rates, operating expenses were broadly in line with the same period of the previous year at ¥8,156 million, up 0.6% year on year, due mainly to higher securities borrowing fees in securities lending and borrowing and bond lending and borrowing transactions.」
The decline in funding costs resulting from the negative interest rate policy continued to be cited, but higher securities borrowing fees left total operating expenses broadly in line with the same period of the previous year. - FY2017-Q2RestatedAnnual report
「Meanwhile, operating expenses came to ¥4,909 million, down 14.6% year on year, as funding costs declined following the Bank of Japan's introduction of quantitative and qualitative monetary easing with negative interest rates, among other factors.」
The decline in funding costs resulting from monetary easing with negative interest rates continued to be cited as a factor behind lower operating expenses. - FY2017-Q1First statedAnnual report
「Meanwhile, operating expenses came to ¥2,668 million, down 13.0% year on year, as funding costs declined following the Bank of Japan's introduction of its negative interest rate policy, among other factors.」
The Bank of Japan's negative interest rate policy was cited as a factor behind the decline in funding costs and operating expenses.