Risk of difficulty in raising funds and inability to trade in the market
First written in FY2016. 4 of 11 entries say "Mitigated", first in FY2021. Latest entry: FY2026.
The whole theme swung hardest in 2025: 2 of 13 companies on the "Worse" side.
4 other companies' latest entry also says "Mitigated".
- FY2026MitigatedAnnual report
「We take every precaution in managing liquidity risk, including maintaining a stable level of highly liquid assets. However, if our operating results or financial condition deteriorate or our credit rating declines in the future, funding costs could increase and it could become difficult to secure the funds required, potentially adversely affecting our operating results and financial condition (liquidity coverage ratio as of the end of March 2026: 173.61%).」
The liquidity coverage ratio increased from 150.1% to 173.61%. The policy of managing liquidity by stably holding highly liquid assets and the possibility of difficulty securing funds continue to be disclosed. - FY2025WorsenedAnnual report
「We take every precaution in managing liquidity risk, including maintaining a stable level of highly liquid assets. However, if our operating results or financial condition deteriorate or our credit rating declines in the future, funding costs could increase and it could become difficult to secure the funds required, potentially adversely affecting our operating results and financial condition (liquidity coverage ratio as of the end of March 2025: 150.1%).」
The liquidity coverage ratio decreased from 157% at the end of the previous fiscal year to 150.1%. The policy of stably holding highly liquid assets continues. - FY2024MitigatedAnnual report
「We take every precaution in managing liquidity risk, including maintaining a stable level of highly liquid assets. However, if our operating results or financial condition deteriorate or our credit rating declines in the future, funding costs could increase and it could become difficult to secure the funds required, potentially adversely affecting our operating results and financial condition (liquidity coverage ratio as of the end of March 2024: 157%).」
The liquidity coverage ratio increased from 141% in the previous fiscal year to 157%. The policy of managing liquidity by holding highly liquid assets also continues. - FY2023WorsenedAnnual report
「We take every precaution in managing liquidity risk, including maintaining a stable level of highly liquid assets. However, if our operating results or financial condition deteriorate or our credit rating declines in the future, funding costs could increase and it could become difficult to secure the funds required, potentially adversely affecting our operating results and financial condition (liquidity coverage ratio as of the end of March 2023: 141%).」
The liquidity coverage ratio decreased from 233% in the previous fiscal year to 141%. Although the liquidity management policy continues, the level of the disclosed indicator has declined. - FY2022MitigatedAnnual report
「We take every precaution in managing liquidity risk, including maintaining a stable level of highly liquid assets. However, if our operating results or financial condition deteriorate or our credit rating declines in the future, funding costs could increase and it could become difficult to secure the funds required, potentially adversely affecting our operating results and financial condition (liquidity coverage ratio for the fiscal year ended March 2022: 233%).」
The liquidity coverage ratio increased from 151% in the previous fiscal year to 233%, improving the level of the liquidity indicator. - FY2021MitigatedAnnual report
「We take every precaution in managing liquidity risk, including maintaining a stable level of highly liquid assets. However, if our operating results or financial condition deteriorate or our credit rating declines in the future, funding costs could increase and it could become difficult to secure the funds required, potentially adversely affecting our operating results and financial condition (liquidity coverage ratio for the fiscal year ended March 2021: 151%).」
The liquidity coverage ratio increased from 119% to 151%, improving the level of disclosure of liquidity indicators. - FY2020Quantitative disclosure of the liquidity coverage ratioAnnual report
「We take every precaution in managing liquidity risk, including maintaining a stable level of highly liquid assets. However, if our operating results or financial condition deteriorate or our credit rating declines in the future, funding costs could increase and it could become difficult to secure the funds required, potentially adversely affecting our operating results and financial condition. (Liquidity coverage ratio for the fiscal year ended March 2020: 119%)」
In addition to measures for managing liquidity risk, the disclosure states a liquidity coverage ratio of 119% for the fiscal year ended March 2020. - FY2019RestatedAnnual report
「However, there is a risk of loss if it becomes difficult in the future to secure the funds required because of a deterioration in the operating results or financial condition of our group, or if we are forced to raise funds at significantly higher interest rates than usual. There is also a risk of loss if significant changes in market conditions or other factors make it impossible to trade in the market, or force us to trade at prices significantly less favorable than usual.」
Liquidity risk, including difficulty securing funds, inability to trade in the market and trading at unfavorable prices, continues to be disclosed. - FY2018RestatedAnnual report
「However, there is a risk of loss if significant changes in market conditions or other factors make it impossible to trade in the market, or force us to trade at prices significantly less favorable than usual.」
Liquidity risk, including difficulty securing funds, inability to trade in the market and trading at unfavorable prices, continues to be disclosed. - FY2017WorsenedAnnual report
「There is also a risk of loss if significant changes in market conditions or other factors make it impossible to trade in the market, or force us to trade at prices significantly less favorable than usual.」
In addition to the previously disclosed difficulty securing funds and higher funding rates, the disclosure explicitly identifies inability to trade in the market and trading at unfavorable prices as liquidity risks. - FY2016First statedAnnual report
「However, there is a risk of loss if it becomes difficult in the future to secure the funds required because of a deterioration in our operating results or financial condition, or if we are forced to raise funds at significantly higher interest rates than usual.」
While recognizing the liquidity risk management framework as adequate, the disclosure identifies the risks of higher funding costs and difficulty securing funds due to deteriorating operating results or changes in market conditions.