Securities Investment, Interest Rate, Foreign Exchange and Stock Price Volatility Risk
First written in FY2016. 14 of 36 entries say "Materialised", first in FY2017-Q1. Latest entry: 2026-08-05.
North Pacific Bank moved to the "Worse" side of this theme in 2016, 3 years before the typical company in this theme (2019).
The whole theme swung hardest in 2019: 14 of 17 companies on the "Worse" side.
4 other companies' latest entry also says "Mitigated".
- 2026-08-05MitigatedEarnings
「有価証券評価損益は、△144億と2026年3月末対比39億円の増加となりました。」
2026年6月末の有価証券評価損益はマイナス144億円となり、2026年3月末のマイナス184億円から改善した。 - FY2026Lower market risk exposure, wider valuation lossesAnnual report
「As of 31 March 2025, market risk exposure, an estimate of potential losses, totaled ¥74.3 billion. As of 31 March 2026, market risk exposure, an estimate of potential losses, totaled ¥70.1 billion.」
Although market risk exposure declined from ¥74.3 billion to ¥70.1 billion, the valuation difference on other securities deteriorated from negative ¥3.6 billion to negative ¥13.2 billion due to rising interest rates and other factors. - 2026-05-13WorsenedEarnings
「2026年３月末の有価証券の評価損益は、132億円の評価損となり、前年比80億円減少いたしました。」
その他有価証券の評価損益は前期の52億円の評価損から132億円の評価損へ悪化し、債券の評価損も拡大した。 - FY2026-H1Recovery in valuation difference; no impairment in the interim periodAnnual report
「Valuation difference on other securities △3,661 12,545 No impairment was recognized during the interim consolidated accounting period.」
The valuation difference on other securities improved from negative ¥3.661 billion at the end of March 2025 to ¥12.545 billion at the end of September 2025, and no impairment was recognized on securities during the interim period. Meanwhile, market movements, including rising interest rates, continued. - FY2025Lower market risk exposure; valuation losses incurredAnnual report
「As of 31 March 2024, market risk exposure, an estimate of potential losses, totaled ¥95.8 billion. As of 31 March 2025, market risk exposure, an estimate of potential losses, totaled ¥74.3 billion.」
Although market risk exposure declined from ¥95.8 billion to ¥74.3 billion, the valuation difference on other securities deteriorated from ¥70.0 billion to negative ¥3.6 billion due to rising interest rates and other factors, resulting in valuation losses. - FY2025-H1WorsenedAnnual report
「In financial markets, the uncollateralized overnight call rate rose to the 0.2% range following a change in monetary policy. The yield on newly issued 10-year Japanese government bonds remained around 0.9%. The yen depreciated to the mid-¥161 range against the US dollar at one point, but stood in the mid-¥142 range at the end of the period.」
Rising interest rates and yen depreciation resulting from the change in monetary policy occurred, and the valuation difference on other securities declined from ¥70.001 billion at the end of March 2024 to ¥55.033 billion. The impact of market movements was reflected in the valuation difference and interim comprehensive income, which was negative ¥6.883 billion. - FY2024WorsenedAnnual report
「As of 31 March 2023, market risk exposure, an estimate of potential losses, totaled ¥83.4 billion. As of 31 March 2024, market risk exposure, an estimate of potential losses, totaled ¥95.8 billion.」
Market risk exposure increased from ¥83.4 billion to ¥95.8 billion. Meanwhile, the valuation difference on securities increased from ¥59.1 billion to ¥101.5 billion due to rising share prices and other factors, and the impact of market movements was reflected in both risk exposure and valuation gains. - FY2024-Q3Valuation difference improved amid continued market movementsAnnual report
「The yield on newly issued 10-year Japanese government bonds rose at one point to just below 1.0%, but declined to the mid-0.6% range at year-end. The yen depreciated to the high ¥151 range against the US dollar before reversing and reaching the ¥141 range at year-end. …The amount of impairment recognized during the nine-month period ended 31 December was ¥0 million, comprising ¥0 million in corporate bonds.」
Although interest rate and foreign exchange movements continued, government bond yields and the yen reversed course toward year-end. The valuation difference on other securities increased from ¥59.163 billion at the end of the previous fiscal year to ¥71.997 billion, and impairment recognized during the cumulative quarterly period was zero. - FY2024-Q2WorsenedAnnual report
「In financial markets, the uncollateralized overnight call rate remained at a negative interest rate. The yield on newly issued 10-year Japanese government bonds rose to the high 0.7% range. The yen depreciated to the ¥149 range against the US dollar.」
Rising interest rates and yen depreciation progressed, and the valuation difference on other securities declined from ¥40.2 billion at the end of the previous fiscal year to ¥32.8 billion. The change in the valuation difference on other securities for the interim period was negative ¥7.183 billion. The impact of market movements was reflected in the valuation difference in net assets. - FY2024-Q1Mixed impact from market movementsAnnual report
「The yield on newly issued 10-year Japanese government bonds remained around 0.4%. The yen was in the low ¥140 range against the US dollar, following a depreciation trend.」
Market conditions of rising interest rates and yen depreciation continued, and valuation gains and losses on foreign exchange forwards were negative ¥2.187 billion. Meanwhile, the valuation difference on other securities improved from negative ¥16.946 billion in the same period of the previous year to ¥11.449 billion, with the impact of market movements reflected in a mixed manner in earnings and net assets. - FY2023WorsenedAnnual report
「As of 31 March 2022, market risk exposure, an estimate of potential losses, totaled ¥75.9 billion. As of 31 March 2023, market risk exposure, an estimate of potential losses, totaled ¥83.4 billion.」
Market risk exposure increased from ¥75.9 billion to ¥83.4 billion. Gains on securities also declined by ¥25.7 billion year on year due to rising interest rates and other factors, and the impact of market movements was reflected in the financial figures. - FY2023-Q3WorsenedAnnual report
「In financial markets, the uncollateralized overnight call rate remained at a negative interest rate. The yield on newly issued 10-year Japanese government bonds rose generally from around 0.25% to around 0.50%. The yen depreciated to the ¥150 range against the US dollar at one point, but recovered to the low ¥130 range toward the end of the year.」
Market movements, including rising interest rates and yen depreciation, occurred, and the valuation difference on other securities declined from ¥58.284 billion at the end of March 2022 to ¥30.505 billion at the end of December 2022. The impact of market movements continued to be reflected in the valuation difference in net assets. - FY2023-Q2MaterialisedAnnual report
「The yen traded in the ¥130 range against the US dollar through August, but depreciated to the mid-¥140 range in September.」
Market movements, including yen depreciation and rising interest rates, continued, and the valuation difference on other securities declined from ¥58.284 billion at the end of March 2022 to ¥32.040 billion. The impact of market risk was reflected in the valuation difference in net assets. - FY2023-Q1MaterialisedAnnual report
「Valuation difference on other securities 431 △ 16,946」
Market movements, including rising interest rates and yen depreciation, were reflected in actual financial figures as a substantial decline in the valuation difference on other securities and quarterly comprehensive income of negative ¥12,268 million. Impairment recognized on securities was ¥127 million. - FY2022MitigatedAnnual report
「As of 31 March 2021, market risk exposure, an estimate of potential losses, totaled ¥85.6 billion. As of 31 March 2022, market risk exposure, an estimate of potential losses, totaled ¥75.9 billion.」
Market risk exposure declined from ¥85.6 billion to ¥75.9 billion. Meanwhile, the valuation difference on securities decreased against the backdrop of rising interest rates and other factors, and gains and losses on securities decreased by ¥38.1 billion year on year. - FY2022-Q3WorsenedAnnual report
「The amount of impairment recognized during the nine-month period ended 31 December was ¥192 million, comprising ¥107 million in equities and ¥85 million in corporate bonds.」
Impairment losses on securities increased from ¥125 million in the same period of the previous year to ¥192 million. Market conditions of negative interest rates and government bond yields near zero also continued, and their impact remained reflected in earnings. - FY2022-Q2Continued market impact; impairment losses on securities remain lowAnnual report
「In financial markets, the uncollateralized overnight call rate remained at a negative interest rate. The yield on newly issued 10-year Japanese government bonds remained generally around 0%, but has recently shown signs of rising.」
Market conditions of negative interest rates and government bond yields near zero continued. Meanwhile, impairment recognized on securities for the interim period was ¥70 million, all in corporate bonds, remaining low compared with the large impairment recognized in the previous fiscal year. - FY2022-Q1Continued market impact; lower impairment losses on securitiesAnnual report
「In financial markets, the uncollateralized overnight call rate remained at a negative interest rate. The yield on newly issued 10-year Japanese government bonds remained generally around 0%. …The amount of impairment recognized during the three-month period ended 30 June was ¥147 million, comprising ¥100 million in equities and ¥47 million in corporate bonds.」
Although market conditions of negative interest rates and government bond yields near zero continued, impairment losses on securities declined from ¥529 million in the same period of the previous year to ¥147 million. Market conditions continued to have an impact, but the amount of impairment recognized decreased. - FY2021-Q3Continued market impact; lower impairment losses on securitiesAnnual report
「The amount of impairment recognized during the nine-month period ended 31 December was ¥125 million, comprising ¥125 million in equities and ¥0 million in corporate bonds.」
Impairment losses on securities fell sharply from ¥4.01 billion in the same period of the previous year to ¥125 million. However, the impact of market conditions, including lower interest and dividend income on securities and lower gains on sales of government bonds and other securities, continued to be reflected in earnings. - FY2021-Q2MaterialisedAnnual report
「The banking segment's operating performance was affected mainly by a decrease in fee and commission income resulting from restrictions on face-to-face transactions during the COVID-19 pandemic, as well as a decline in interest and dividend income on securities due to lower yields caused by redemptions of yen-denominated bonds and other factors. Although interest on loans was maintained at approximately the previous year's level through active COVID-19-related lending support, recurring revenue declined by ¥2 billion year on year to ¥52.9 billion for the six months ended September 2020.」
The impact of low interest rates and declining yields continued to appear as a decrease in interest and dividend income on securities, and ordinary income in the banking business declined by ¥2 billion year on year. - FY2021-Q1MaterialisedAnnual report
「For the first quarter of the current fiscal year, ordinary income increased by ¥2.6 billion from the first quarter of the previous fiscal year to ¥35.2 billion, mainly because other ordinary income increased as gains on sales of shares and other securities rose, despite a decline in net interest income resulting from lower interest on loans and interest and dividends on securities. …Meanwhile, ordinary expenses increased by ¥100 million from the first quarter of the previous fiscal year to ¥30.1 billion, mainly because other operating expenses increased as losses on sales of Japanese government bonds and other bonds rose, despite a decline in operating expenses.」
The decline in interest on loans and interest and dividends on securities resulting from low interest rates and lower yields continued, while higher losses on sales of Japanese government bonds and other bonds were reflected in ordinary expenses. The impact of market conditions continued to be reflected in earnings. - FY2020WorsenedAnnual report
「Impairment losses recognized for the current fiscal year totaled ¥5.180 billion, including ¥4.642 billion on shares and ¥538 million on corporate bonds.」
Impairment losses on securities increased substantially from ¥72 million in the previous fiscal year to ¥5.180 billion, and valuation losses on shares and corporate bonds were reflected in actual earnings. Meanwhile, estimated market risk exposure declined from ¥93.6 billion to ¥88.0 billion. - FY2020-Q3WorsenedAnnual report
「Impairment losses recognized during the first 3 quarters of the current fiscal year totaled ¥4.010 billion, including ¥537 million on corporate bonds and ¥3.473 billion on shares.」
Impairment losses on securities increased from ¥3.527 billion in the interim period to ¥4.010 billion, including ¥3.473 billion on shares alone. The decline in net interest income resulting from low interest rates and lower yields also continued, and ordinary income decreased by ¥2.7 billion year on year. - FY2020-Q2MaterialisedAnnual report
「The banking business reported ordinary income of ¥54.9 billion, down ¥400 million from the first 2 quarters of the previous fiscal year, mainly because net interest income declined as lower yields reduced interest on loans and portfolio improvements reduced interest and dividends on securities amid a prolonged low-interest-rate environment.」
The low-interest-rate environment and lower yields continued to affect earnings through lower interest on loans and interest and dividends on securities. In addition, the Bank recognized ¥3.527 billion in impairment losses on securities during the interim period. - FY2020-Q1MaterialisedAnnual report
「For the first 3 quarters of the current fiscal year, ordinary income decreased by ¥2.8 billion from the first 3 quarters of the previous fiscal year to ¥32.5 billion, mainly because net interest income declined as interest on loans and interest and dividends on securities decreased, and because other operating income and other ordinary income declined.」
The impact of negative interest rates and lower yields was reflected in lower interest on loans and interest and dividends on securities, while ordinary income decreased by ¥2.8 billion year on year. The Bank also recognized ¥529 million in impairment losses on securities. - FY2019MitigatedAnnual report
「As of 31 March 2019, total market risk exposure, representing estimated losses, was ¥93.6 billion.」
Market risk exposure declined from ¥105.5 billion at the end of the previous fiscal year to ¥93.6 billion. Meanwhile, the decline in net interest income resulting from negative interest rates and lower yields continued. - FY2019-Q3MaterialisedAnnual report
「Ordinary income decreased by ¥3.9 billion from the first 3 quarters of the previous fiscal year to ¥104.4 billion, mainly because net interest income declined as interest on loans and interest and dividends on securities decreased.」
The impact of negative interest rates and lower yields continued to be reflected in earnings through lower interest on loans and interest and dividends on securities, and ordinary income decreased by ¥3.9 billion year on year. The Bank also recognized ¥192 million in impairment losses, mainly on corporate bonds. - FY2019-Q2MaterialisedAnnual report
「The banking business reported ordinary income of ¥55.4 billion, down ¥5.3 billion from the first 2 quarters of the previous fiscal year, mainly because net interest income declined as lower yields reduced interest on loans and portfolio improvements reduced interest and dividends on securities, amid continuing negative interest-rate policy.」
The continued negative interest-rate environment and lower yields were reflected in earnings through lower interest on loans and interest and dividends on securities, as well as a ¥5.3 billion year-on-year decline in ordinary income from the banking business. The Bank also recognized ¥191 million in impairment losses, mainly on corporate bonds. - FY2018MitigatedAnnual report
「As of 31 March 2018, total market risk exposure, representing estimated losses, was ¥105.5 billion.」
Market risk exposure declined from ¥109.8 billion to ¥105.5 billion. Valuation gains on securities amounted to ¥133.9 billion, up from the previous year. - FY2018-Q3MaterialisedAnnual report
「Ordinary income decreased by ¥2.8 billion from the first 3 quarters of the previous fiscal year to ¥108.4 billion, mainly because of a decline in other operating income resulting from lower gains on sales of Japanese government bonds and other bonds.」
Lower gains on sales of Japanese government bonds and other bonds were reflected in lower other operating income and ordinary income, while ordinary profit also decreased by ¥2.7 billion year on year. The impact of market-related revenue fluctuations continued to be reflected in earnings. - FY2018-Q2MaterialisedAnnual report
「In total, net interest income decreased by ¥1.267 billion from the first 2 quarters of the previous fiscal year to ¥36.739 billion, net fees and commissions decreased by ¥1.176 billion to ¥7.956 billion, and other operating income decreased by ¥2.499 billion to negative ¥12 million. Combined net income decreased by ¥4.944 billion to ¥44.684 billion.」
Other operating income declined mainly because of lower gains on sales of Japanese government bonds and other bonds, and market-related revenue fluctuations were reflected in earnings for the interim period. - FY2018-Q1MaterialisedAnnual report
「Ordinary income decreased by ¥2.8 billion from the first quarter of the previous fiscal year to ¥35.1 billion, mainly because of a decline in other operating income resulting from lower gains on sales of Japanese government bonds and other bonds. Meanwhile, ordinary expenses increased by ¥200 million from the first quarter of the previous fiscal year to ¥31.4 billion, mainly because of higher other operating expenses resulting from increased losses on sales of Japanese government bonds and other bonds.」
Lower gains on bond sales and higher losses on bond sales were reflected in actual earnings as lower ordinary income and higher ordinary expenses, and ordinary profit decreased by ¥3.0 billion year on year. - FY2017MaterialisedAnnual report
「This was mainly attributable to a ¥6.1 billion year-on-year increase in losses on sales and impairment losses on securities, resulting from the replacement of securities to avoid future interest-rate increase risk.」
Higher losses on sales and impairment losses associated with replacing securities emerged as actual expense and earnings-reduction factors. Estimated market risk exposure declined from ¥112 billion to ¥109.8 billion. - FY2017-Q3MaterialisedAnnual report
「Ordinary expenses increased by ¥2.8 billion from the first 3 quarters of the previous fiscal year to ¥93.3 billion, mainly because of an increase in other operating expenses resulting from higher losses on sales of Japanese government bonds and other bonds.」
During the quarter, increased losses on sales of Japanese government bonds and other bonds were reflected in higher other operating expenses and ordinary expenses, and the impact of market-related risks appeared in earnings. - FY2017-Q1MaterialisedAnnual report
「In financial markets, following the introduction of quantitative and qualitative monetary easing with a negative interest rate, the uncollateralized overnight call rate and the yield on newly issued 10-year Japanese government bonds remained in negative territory. The yen traded at ¥106–112 to the U.S. dollar, but after the Leave campaign won the UK's referendum on EU membership, risk aversion drove yen appreciation, and the yen subsequently traded at ¥101–102 to the dollar.」
This describes actual market-risk-related fluctuations during the quarter, including lower interest rates and yen appreciation triggered by the UK's withdrawal from the EU. - FY2016First statedAnnual report
「The Bank's operating performance and financial condition are exposed to risks associated with these activities, including fluctuations in interest rates, foreign-exchange rates, share prices and bond prices.」
Estimated market risk exposure was ¥112 billion at the end of March 2016. Measures include low-risk investment management, diversified medium- to long-term investments, a focus on market liquidity, ALM and hedging transactions.