Loan demand and earnings affected by stock market conditions and margin trading trends
First written in FY2017-Q1. 7 of 36 entries say "Mitigated", first in FY2018-Q1. Latest entry: 2026-08-06.
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- 2026-08-06MitigatedFinancial results
「Stock lending and borrowing transactions, stock repo transactions and other businesses remained strong against a backdrop of firm stock market conditions and increased funding demand resulting from higher market interest rates.」
The business remained dependent on market conditions, but during the quarter firm stock markets and higher interest rates supported lending demand and revenue. - FY2026MitigatedAnnual report
「We recognize that the impact of rising interest rates in Japan is basically positive, including increased funding demand from counterparties for securities lending and securities finance transactions and higher lending rates charged by our company.」
The company explained that higher market interest rates and increased funding demand provided a tailwind for earnings from securities lending and securities finance operations. Although the business remains dependent on market conditions, their adverse impact on earnings was mitigated during the fiscal year. - 2026-05-14Cited as achievedFinancial results
「This was due to steady performance in stock lending and borrowing transactions, stock repo transactions and other businesses, against a backdrop of firm stock market conditions and increased funding demand resulting from higher market interest rates.」
Market conditions and funding demand driven by higher interest rates were identified, based on actual results, as factors behind the strong performance of stock lending and borrowing and stock repo transactions. - FY2026-H1MitigatedAnnual report
「Securities finance operations, including securities lending transactions and stock repo transactions, remained solid against a backdrop of firm stock-market conditions and increased funding demand resulting from higher market interest rates.」
Securities lending and stock repo transactions remained solid against a backdrop of firm stock-market conditions and increased funding demand resulting from higher market interest rates. Although market conditions continued to affect demand for securities lending and related earnings, they provided a tailwind for earnings during the interim period. - FY2025RestatedAnnual report
「If regulated margin transaction balances and securities lending transaction balances decline due to a decrease in use by individual investors, the principal users of regulated margin transactions, as a result of stock-market conditions or other factors, this may affect the financial position and operating results of our group.」
While revenue sources are becoming more diversified, the risk that declines in regulated margin transaction balances and securities lending transaction balances may affect the financial position and operating results continues to be explicitly identified. - FY2025-H1Long margin balances surged before falling sharplyAnnual report
「During this period, long balances in regulated margin transactions on the Tokyo and other markets (the TSE, Nagoya Stock Exchange and PTS) remained around ¥3 trillion after starting in the ¥2.91 trillion range, reaching the period high of around ¥3.15 trillion in late July. They then declined sharply following the plunge in share prices in August, standing in the ¥2.41 trillion range at the end of September.」
Long balances in regulated margin transactions increased to the ¥3.15 trillion range before declining to the ¥2.41 trillion range following the sharp fall in share prices. The structure in which market volatility affects demand for securities lending and related earnings remains in place. - FY2024Long balances in regulated margin transactions reached a new fiscal-year highAnnual report
「Long balances in regulated margin transactions gradually declined from the ¥2.17 trillion range at the start of the fiscal year due to profit-taking selling and other factors as share prices rose, reaching the fiscal-year low of around ¥1.96 trillion on 19 May 2023. They then continued to trend upward on expectations of further share-price gains, reaching the fiscal-year high of around ¥2.84 trillion on 15 March 2024, and stood in the ¥2.70 trillion range at the fiscal year-end.」
Long balances in regulated margin transactions declined to the ¥1.96 trillion range during the fiscal year before increasing to the ¥2.84 trillion range, surpassing the previous fiscal year's peak of around ¥2.24 trillion. Short balances stood in the ¥690 billion range at the fiscal year-end, and the structure in which market trends affect demand for securities lending and related earnings remains in place. - FY2024-Q3Long margin balances declined after reaching a peak, while short balances remained at low levelsAnnual report
「Long balances in regulated margin transactions gradually declined from the ¥2.17 trillion range at the start of the period as share prices rose, reaching the period low of around ¥1.96 trillion on 19 May. They then trended upward on expectations of further share-price gains, reaching the period high of around ¥2.59 trillion at the end of October. However, as profit-taking selling accompanying the share-price gains became predominant, they stood in the ¥2.29 trillion range at the end of December. Meanwhile, short balances in regulated margin transactions increased from the ¥530 billion range at the start of the period to the period high of around ¥780 billion on 19 May, then trended downward, reaching the period low of around ¥510 billion on 6 October and ending December in the ¥550 billion range.」
Long balances in regulated margin transactions peaked at around ¥2.59 trillion at the end of October before declining to the ¥2.29 trillion range at the end of December. Short balances declined from the ¥780 billion range to the ¥510 billion range before ending December in the ¥550 billion range, and the structure in which market trends affect demand for securities lending and related earnings remains in place. - FY2024-Q2Increase in long margin balances and decrease in short margin balancesAnnual report
「Long balances in regulated margin transactions gradually declined from the ¥2.17 trillion range at the start of the period as share prices rose, reaching the period low of around ¥1.96 trillion on 19 May. They then began to trend upward on expectations of further share-price gains, reaching the period high of around ¥2.54 trillion at the end of September. Meanwhile, short balances in regulated margin transactions increased from the ¥530 billion range at the start of the period to the period high of around ¥780 billion on 19 May, then trended downward to the ¥590 billion range at the end of September.」
Long balances in regulated margin transactions declined to the ¥1.96 trillion range during the period before increasing to the ¥2.54 trillion range at the end of September. Short balances rose to the ¥780 billion range before declining to the ¥590 billion range, and the structure in which market trends affect demand for securities lending and related earnings remains in place. - FY2024-Q1Changes in long margin balances and increase in short margin balancesAnnual report
「Long balances in regulated margin transactions gradually declined from the ¥2.17 trillion range at the start of the period as share prices rose, reaching the period low of around ¥1.96 trillion on 19 May. They then began to trend upward on expectations of further share-price gains, reaching the ¥2.18 trillion range at the end of June. Meanwhile, short balances in regulated margin transactions increased from the ¥530 billion range at the start of the period, reaching the period high of around ¥780 billion on 19 May, before ending June in the ¥730 billion range.」
Long balances in regulated margin transactions declined to around ¥1.96 trillion during the share-price rally before recovering to the ¥2.18 trillion range at the end of June. Short balances rose to the ¥780 billion range before declining to the ¥730 billion range, and the structure in which market trends affect demand for securities lending and related earnings remains in place. - FY2023RestatedAnnual report
「Margin trading long positions under the regulated credit system began in the ¥2.04 trillion range and declined to the ¥1.83 trillion range in August 2022 during the share-price rally, the low for the fiscal year. They subsequently increased as share prices fell back, reaching the ¥2.24 trillion range during the share-price decline in December 2022, the peak for the fiscal year, before standing in the ¥2.06 trillion range at the end of March 2023.」
Margin trading long positions under the regulated credit system fluctuated between the ¥1.83 trillion range and the ¥2.24 trillion range during the fiscal year, remaining at a high level of ¥2.06 trillion at the fiscal year-end. The structure in which lending demand and earnings are affected by share-price fluctuations and margin trading balances has continued. - FY2023-Q3Margin trading long positions remain high after increasingAnnual report
「Margin trading long positions under the regulated credit system in the Tokyo market and other markets (TSE, NSE and PTS) began April in the ¥2.04 trillion range, declined to the ¥1.83 trillion range during the share-price rally in August, the low for the period, then increased as buying emerged alongside the subsequent fall in share prices, reaching the ¥2.24 trillion range during the share-price decline in December, the peak for the period, before standing in the ¥2.18 trillion range at the end of December. Short positions, which stood in the ¥530 billion range at the beginning of the period, increased to the ¥680 billion range during the August share-price rally, the peak for the period, before declining to the ¥440 billion range at the end of December as buybacks emerged.」
Margin trading long positions under the regulated credit system declined to the ¥1.83 trillion range before increasing to the ¥2.24 trillion range in December and standing in the ¥2.18 trillion range at the end of December. Short positions declined from the ¥680 billion range to the ¥440 billion range. The structure in which market trends affect lending demand and earnings has continued. - FY2023-Q2Fluctuations in margin trading long positions and recovery in lending demandAnnual report
「Margin trading long positions under the regulated credit system in the Tokyo market and other markets (TSE, NSE and PTS) began April in the ¥2.04 trillion range, declined to the ¥1.83 trillion range during the share-price rally in August, the low for the period, then increased as buying emerged alongside the subsequent fall in share prices, reaching the ¥2.19 trillion range at the end of September, the peak for the period. Short positions, which stood in the ¥530 billion range at the beginning of the period, increased to the ¥680 billion range during the August share-price rally, the peak for the period, before declining to the ¥450 billion range at the end of September as buybacks emerged.」
Margin trading long positions under the regulated credit system declined to the ¥1.83 trillion range during the period before recovering to the ¥2.19 trillion range at the end of September. Short positions increased to the ¥680 billion range before declining to the ¥450 billion range. The structure in which market trends affect lending demand and earnings has continued. - FY2023-Q1Fluctuations in margin trading long positions and decline in margin transaction loansAnnual report
「Margin trading long positions under the regulated credit system in the Tokyo market and other markets (TSE, NSE and PTS) began April in the ¥2.04 trillion range, declined to the ¥1.98 trillion range in June during the share-price rally, the low for the period, then increased as share prices fell back, reaching the ¥2.10 trillion range at the end of June.」
Margin trading long positions under the regulated credit system declined to the ¥1.98 trillion range during the period before increasing to the ¥2.10 trillion range at the end of June. Meanwhile, the average margin transaction loan balance during the period was ¥248.5 billion, down ¥48.3 billion year on year, and the structure in which market trends affect lending demand and earnings has continued. - FY2022-Q3Fluctuations in margin trading long positions and continued decline in securities lent through margin transactionsAnnual report
「Margin trading long positions under the regulated credit system increased from the ¥2.28 trillion range at the beginning of the period, reaching the ¥2.65 trillion range in early July, the peak for the period, before trending downward as share prices rose and reaching the ¥2.26 trillion range in September, the low for the period.」
Margin trading long positions under the regulated credit system increased to the ¥2.65 trillion range during the period before standing in the ¥2.30 trillion range at the end of December. Meanwhile, the average securities lent through margin transactions was ¥183.6 billion, down ¥131.7 billion year on year, leading to lower lending fees and stock loan fees. - FY2022-Q2Margin trading long positions remain high while securities lent through margin transactions declineAnnual report
「Margin trading long positions under the regulated credit system in the Tokyo market and other markets (TSE, NSE and PTS) increased from the ¥2.28 trillion range at the beginning of the period, reaching the ¥2.65 trillion range during the share-price decline in July, the peak for the period. They subsequently turned to a downward trend as share prices rose, reaching the ¥2.26 trillion range in September, the low for the period, and stood in the ¥2.28 trillion range at the end of September. Short positions, which stood in the ¥590 billion range at the beginning of the period, declined to the ¥430 billion range in May, the low for the period, but increased as new short selling rose alongside the recovery in share prices, reaching the ¥640 billion range in September, the peak for the period, before standing in the ¥580 billion range at the end of September.」
Margin trading long positions under the regulated credit system began in the ¥2.28 trillion range, increased temporarily to the ¥2.65 trillion range and stood in the ¥2.28 trillion range at the end of September. Meanwhile, the average securities lent through margin transactions was ¥188.0 billion, down ¥126.6 billion year on year, and operating revenue from margin transactions fell 44.7% year on year owing to lower lending fees and stock loan fees. - FY2022-Q1Margin trading long positions remain high while securities lent through margin transactions declineAnnual report
「Margin trading long positions under the regulated credit system began April at the ¥2.28 trillion range, the low for the period, then generally remained in the ¥2.4 trillion to ¥2.5 trillion range, reaching the ¥2.45 trillion range at the end of June. Short positions, which stood in the ¥590 billion range at the beginning of the period, declined to the ¥430 billion range in May during the sharp fall in share prices, the low for the period, but increased as new short selling rose alongside the recovery in share prices, reaching the ¥520 billion range at the end of June.」
Margin trading long positions under the regulated credit system remained high, moving from the ¥2.28 trillion range to the ¥2.45 trillion range. Meanwhile, the average securities lent through margin transactions was ¥181.6 billion, down ¥113.5 billion year on year, and operating revenue from margin transactions fell 41.4% year on year owing to lower lending fees and stock loan fees. - FY2021Margin trading long positions under the regulated credit system set a new fiscal year-end peakAnnual report
「Margin trading long positions under the regulated credit system in the Tokyo market and other markets (TSE, NSE and PTS) declined to the ¥1.36 trillion range in early April, the low for the period, but then trended upward as share prices rose, reaching the ¥2.29 trillion range at the end of March, the peak for the period. Short positions, which stood in the ¥540 billion range at the beginning of the period, increased as new short selling rose alongside the recovery in share prices, reaching the ¥740 billion range at the end of June, the peak for the period. They subsequently declined to the ¥530 billion range at the end of October, the low for the period, owing in part to buybacks during periods of share-price adjustment. The balance then began to increase as share prices rose, but the end of March balance was in the ¥590 billion range as some market participants refrained from new short selling on expectations of further share-price gains.」
Margin trading long positions under the regulated credit system increased to the ¥2.29 trillion range at the fiscal year-end, setting a new quarterly peak. Short positions declined during the fiscal year and stood in the ¥590 billion range at the fiscal year-end. - FY2021-Q3Long positions fall back after setting a new peak; short positions continue to declineAnnual report
「Margin trading long positions under the regulated credit system declined to the ¥1.36 trillion range in early April, the low for the period, but then trended upward as share prices recovered, reaching the ¥1.93 trillion range in mid-October, the peak for the period, before falling back to the ¥1.75 trillion range at the end of December. Short positions, which stood in the ¥540 billion range at the beginning of the period, also increased as new short selling rose alongside the recovery in share prices, reaching the ¥740 billion range at the end of June, the peak for the period. They subsequently declined to the ¥600 billion range at the end of December owing in part to buybacks during periods of share-price adjustment.」
Margin trading long positions under the regulated credit system recovered to the ¥1.93 trillion range in mid-October before falling back to the ¥1.75 trillion range at the end of December. Short positions declined to the ¥600 billion range owing to buybacks, and the structure in which market trends affect lending demand and earnings has continued. - FY2021-Q2Margin trading long positions continue to recover; short positions fall backAnnual report
「Margin trading long positions under the regulated credit system in the Tokyo market and other markets (TSE, NSE and PTS) declined to the ¥1.36 trillion range in early April, the low for the period, but then trended upward as share prices recovered, reaching the ¥1.85 trillion range at the end of September, the peak for the period. Short positions, which stood in the ¥540 billion range at the beginning of the period, also increased as new short selling rose alongside the recovery in share prices, reaching the ¥740 billion range at the end of June, the peak for the period. However, they subsequently declined to the ¥690 billion range at the end of September owing to buybacks during periods of share-price adjustment and other factors.」
Margin trading long positions under the regulated credit system increased to the ¥1.85 trillion range as share prices recovered, while lending fees and other revenue declined owing to a decrease in securities lent through margin transactions. Market trends are affecting lending demand and earnings in different ways. - FY2021-Q1Margin trading balances recovered during the periodAnnual report
「Margin trading long positions under the regulated credit system declined to the ¥1.36 trillion range in early April, the low for the period, but then trended upward as share prices recovered, reaching the ¥1.67 trillion range at the end of June, the peak for the period. Short positions, which stood in the ¥540 billion range at the beginning of the period, also increased as new short selling rose alongside the recovery in share prices, reaching the ¥740 billion range at the end of June, the peak for the period.」
After declining at the beginning of the period, margin trading long and short positions both increased as share prices recovered. Meanwhile, margin transaction loans averaged ¥199.0 billion, down ¥2.7 billion year on year, but total securities finance earnings increased owing to higher revenue from the securities finance business. - FY2020Earnings increase continues for the full fiscal year despite lower loan balanceAnnual report
「The Group's total loan balance (average during the period) was ¥766.4 billion, a decrease of ¥30.1 billion from the previous fiscal year.」
While the total loan balance decreased, consolidated operating revenue increased 19.7% from the previous fiscal year owing to higher lending fees from margin transactions and higher interest income on reverse repurchase transactions in the securities lending business. The full-year results confirmed that market trends affect the loan balance and earnings in different ways. - FY2020-Q3Earnings increase continues despite lower loan balanceAnnual report
「Against this backdrop, the Group's total loan balance (average during the period) for the cumulative third quarter of the current consolidated fiscal year was ¥768.9 billion, a decrease of ¥63.2 billion year on year.」
While the total loan balance decreased year on year, consolidated operating revenue increased 10.4% year on year owing to higher securities lending fees and revenue from repurchase transactions. The market-driven effects on the loan balance and earnings continue to appear in different ways. The revised risks have been quantified and are affecting actual results. - FY2020-Q2RestatedAnnual report
「Against this backdrop, the Group's total loan balance (average during the period) for the cumulative second quarter of the current consolidated fiscal year was ¥788.2 billion, a decrease of ¥45.4 billion year on year.」
While the total loan balance decreased year on year, consolidated operating revenue increased 19.4% year on year. The market environment continues to affect the loan balance and earnings in different ways. - FY2020-Q1Earnings increase despite lower loan balanceAnnual report
「Group loan balance (average balance)」
While the average total loan balance fell to ¥761.5 billion from ¥844.2 billion in the same period of the previous year, lending fees and other revenue from margin transactions increased owing to an increase in securities lent, resulting in higher consolidated operating revenue. Market trends are affecting the loan balance and earnings in different ways. - FY2019-Q3RestatedAnnual report
「Against this backdrop, the Group's total loan balance (average during the period) for the cumulative third quarter of the current consolidated fiscal year was ¥832.2 billion, an increase of ¥240.6 billion year on year.」
While the total loan balance increased year on year and remained at a high level, consolidated operating revenue fell 3.0% year on year owing to the decline in margin trading long positions and lower securities lending fees. The impact of market trends on lending demand and earnings has continued to appear as a combination of increases and declines in revenue. - FY2019-Q2RestatedAnnual report
「Against this backdrop, the Group's total loan balance (average during the period) for the cumulative second quarter of the current consolidated fiscal year was ¥833.7 billion, an increase of ¥297.0 billion year on year.」
While the total loan balance increased substantially year on year, consolidated operating revenue fell 6.6% year on year owing to the gradual decline in margin trading long positions and lower securities lending fees. The increase in the loan balance alongside lower earnings has continued. - FY2019-Q1Sharp increase in loan balance alongside lower earningsAnnual report
「Against this backdrop, the Group's total loan balance (average during the period) for the cumulative first quarter of the current consolidated fiscal year was ¥844.2 billion, an increase of ¥318.8 billion year on year.」
While the total loan balance increased substantially, consolidated operating revenue fell 4.0% year on year owing to the gradual decline in margin trading long positions and lower securities lending fees. The impact of market trends on lending demand and earnings is appearing as a combination of increases and declines in revenue. - FY2018MitigatedAnnual report
「The Group's total loan balance (average during the period) was ¥670.2 billion, an increase of ¥202.9 billion from the previous fiscal year.」
Against a backdrop of the recovery in the equity market and margin trading, the total loan balance increased, and the adverse impact of the sluggish market on lending demand and earnings through the previous fiscal year eased. However, the structure in which most operating revenue depends on margin transactions has continued. - FY2018-Q3MitigatedAnnual report
「Against this backdrop in the equity market, the Group's total loan balance (average during the period) for the cumulative third quarter of the current consolidated fiscal year was ¥591.5 billion, an increase of ¥143.5 billion year on year.」
Against a backdrop of the equity market's recovery and an increase in margin trading, the total loan balance increased year on year, and the adverse impact of the sluggish market on lending demand and earnings continued to ease. However, the structure remains dependent on market trends. - FY2018-Q2MitigatedAnnual report
「Against this backdrop in the equity market, the Group's total loan balance (average during the period) for the cumulative second quarter of the current consolidated fiscal year was ¥536.7 billion, an increase of ¥84.3 billion year on year.」
Against a backdrop of the equity market's recovery phase, the total loan balance increased ¥84.3 billion year on year, and the adverse impact on lending demand seen through the previous fiscal year continued to ease. - FY2018-Q1MitigatedAnnual report
「Against this backdrop in the equity market, the Group's total loan balance (average during the period) for the cumulative first quarter of the current consolidated fiscal year was ¥525.3 billion, an increase of ¥43.8 billion year on year.」
Against a backdrop of the recovery in the equity market, the total loan balance increased year on year, and operating revenue also rose. As a result, the adverse impact on lending demand and earnings seen through the previous fiscal year eased in the current quarter. However, the structure remains dependent on market trends. - FY2017MaterialisedAnnual report
「Against this market backdrop, the Group's total loan balance (average during the period) was ¥467.2 billion, a decrease of ¥179.7 billion from the previous fiscal year.」
Against a backdrop of market trends, including margin trading long positions under the regulated credit system, the total loan balance decreased by ¥179.7 billion from the previous fiscal year. Operating revenue, however, increased owing to higher securities lending fees from bond lending transactions. - FY2017-Q3MaterialisedAnnual report
「Against this backdrop in the equity market, the Group's total loan balance (average during the period) for the cumulative third quarter of the current consolidated fiscal year was ¥448.0 billion, a decrease of ¥233.9 billion year on year.」
The total loan balance declined against a backdrop of fluctuations in the equity market and margin trading balances, and the impact has continued in the form of lower interest income on loans for margin transactions and lower revenue from the public and general lending businesses. - FY2017-Q2MaterialisedAnnual report
「Against this backdrop in the equity market, the Group's total loan balance (average during the period) for the cumulative second quarter of the current consolidated fiscal year was ¥452.4 billion, a decrease of ¥263.2 billion year on year.」
The loan balance declined against a backdrop of a sharp fall in share prices and weak margin trading long positions, while consolidated operating revenue also fell 7.0% year on year, owing in part to lower interest income on loans. Market volatility is having a tangible impact on lending demand and earnings. - FY2017-Q1First statedAnnual report
「Against this backdrop in the equity market, the Group's total loan balance (average during the period) for the cumulative first quarter of the current consolidated fiscal year was ¥481.5 billion, a decrease of ¥232.4 billion year on year.」
The loan balance declined against a backdrop of falling equity markets and a decrease in margin trading balances, while consolidated operating revenue also fell 7.5% year on year.