Interest Rate, Credit and Supply-Demand Risks in Bond Holdings
First written in FY2016. 7 of 15 entries say "Worsened", first in FY2023-Q3. Latest entry: 2026-07-31.
The Keiyo Bank moved to the "Worse" side of this theme in 2024, 4 years after the typical company in this theme (2020).
The whole theme swung hardest in 2019: 31 of 91 companies on the "Worse" side.
22 other companies' latest entry also says "Mitigated".
- 2026-07-31MitigatedEarnings
「Bonds △ 36,844 0 36,845 △ 36,223 66 36,290 △ 42,662 0 42,662」
The valuation difference on bonds among other securities improved from negative ¥42.662 billion at 31 March 2026 to negative ¥36.223 billion. - FY2026WorsenedAnnual report
「金融面においては、日本銀行による政策金利の引き上げなどにより、長期金利は一時2.30％を超え、27年ぶりの高水準で推移しました。」
長期金利が一時2.30％を超える水準まで上昇し、その他有価証券の債券評価差額はマイナス426億62百万円となった。前年度のマイナス423億40百万円から債券評価への影響が拡大した。 - 2026-05-12MitigatedEarnings
「Other securities 17,917 9,761 67,564 49,646 8,156 59,614 51,458」
The valuation difference on other securities improved, although the valuation difference on bonds deteriorated slightly, from negative ¥42.340 billion to negative ¥42.662 billion. The impact of bond risk remains. - FY2026-H1Concurrent rise in interest rates and improvement in bond valuation differencesAnnual report
「金融面においては、海外の政治・経済の不確実性の高まりから不安定な動きとなる期間があったものの、長期金利は日本銀行による政策金利の引き上げ観測を受け、約17年ぶりに1.65％を超える水準まで上昇したほか、日経平均株価は日米関税交渉の合意等を受け、史上最高値となる45,000円台まで上昇しました。」
長期金利は1.65％超まで上昇した一方、その他有価証券の債券評価差額は前年度末のマイナス180億96百万円からマイナス157億86百万円へ改善した。金利上昇リスクと評価差額の改善が併存している。 - FY2025WorsenedAnnual report
「長期金利は一時1.50％を超え16年ぶりとなる水準まで上昇し、日米金利差などにより円相場は１ドル160円台と38年ぶりの安値となりました。」
金利上昇に伴い、その他有価証券の債券評価差額はマイナス180億96百万円からマイナス423億40百万円へ悪化した。債券の金利・市場変動リスクの影響が拡大した。 - FY2025-H1WorsenedAnnual report
「債券 592,373 613,005 △20,631 国債 336,540 350,260 △13,720 地方債 183,491 188,138 △4,647 社債 72,342 74,606 △2,264」
その他有価証券の債券では、評価差額がマイナス206億31百万円となり、前年度末のマイナス180億96百万円から悪化した。金利上昇局面における債券評価への影響が拡大している。 - FY2024WorsenedAnnual report
「海外金利上昇を受け、長期金利は一時10年振りとなる0.97％を付けたものの、その後年度末にかけては0.7％台で推移しました。」
長期金利は一時0.97％まで上昇し、その他有価証券の債券評価差額はマイナス180億96百万円となった。金利上昇に伴う債券評価への影響が前年度より拡大している。 - FY2024-Q3WorsenedAnnual report
「金融面においては、海外金利上昇や、インフレ昂進を受けた日銀の政策修正への警戒感が高まり、長期金利は0.97％と約10年振りの水準まで上昇する局面がありました。」
長期金利が0.97％と約10年ぶりの水準まで上昇した。その他有価証券の債券評価差額は、前連結会計年度末のマイナス66億11百万円からマイナス144億91百万円へ悪化している。 - FY2024-Q2WorsenedAnnual report
「金融面においては、長期金利は、７月に開かれた日本銀行の政策決定会合の結果を受け、0.765％まで上昇しました。」
長期金利が0.765％まで上昇した。その他有価証券の債券では、評価差額が前年度末のマイナス114億97百万円からマイナス223億58百万円へ拡大しており、金利上昇に伴う債券評価への影響が強まった。 - FY2024-Q1MitigatedAnnual report
「Long-term interest rates temporarily rose to 0.48%, but subsequently fell to 0.35%, entering a declining trend.」
長期金利は一時上昇したものの、その後は低下基調となった。その他有価証券の債券評価差額も前連結会計年度末のマイナス66億11百万円からマイナス63億46百万円へ改善した。 - FY2023-Q3WorsenedAnnual report
「Long-term interest rates had remained in the 0.2% range, but rose to above 0.4% by period-end, partly because the Bank of Japan widened the fluctuation range for long-term interest rates from approximately ±0.25% to approximately ±0.5%.」
Long-term interest rates rose to above 0.4% at period-end. In bond portfolio management, the valuation difference on bonds classified as other securities was negative ¥15,968 million, and the valuation change associated with rising interest rates was also disclosed. - FY2021Explicit recognition of foreign exchange riskAnnual report
「The Bank holds and trades various types of bonds, primarily Japanese government bonds. These holdings are exposed to the risk of fluctuations in interest rates, foreign exchange rates, issuer credit quality and the supply-and-demand environment for bonds, and unexpected market changes may affect results and financial condition. Japanese government bonds account for a high proportion of total bond holdings, limiting credit risk, and the Bank manages its holdings to diversify them by remaining maturity.」
In addition to fluctuations in interest rates, issuer credit quality and supply and demand, fluctuations in foreign exchange rates are explicitly mentioned. No specific Japanese government bond ratio is provided, and management continues to focus on Japanese government bonds and diversify holdings by remaining maturity. - FY2018RestatedAnnual report
「The Bank holds and trades various types of bonds, primarily Japanese government bonds. These holdings are exposed to the risk of fluctuations in interest rates, issuer credit quality and the supply-and-demand environment for bonds, and unexpected market changes may adversely affect results and financial condition. However, Japanese government bonds account for a high proportion of total bond holdings, limiting credit risk, and the Bank works to diversify holdings by maturity.」
The policy of limiting bond credit risk through a focus on Japanese government bonds and diversification by maturity continues. - FY2017SoftenedAnnual report
「However, Japanese government bonds account for a high proportion of total bond holdings, limiting credit risk, and the Bank works to diversify holdings by maturity.」
The policy for addressing bond risks remains unchanged, but the specific figure of approximately 85% for the Japanese government bond ratio in the previous disclosure has been replaced by the expression “a high proportion.” - FY2016First statedAnnual report
「The Bank holds and trades various types of bonds, primarily Japanese government bonds. These holdings are exposed to the risk of fluctuations in interest rates, issuer credit quality and the supply-and-demand environment for bonds, and unexpected market changes may adversely affect results and financial condition. However, Japanese government bonds account for approximately 85% of total bond holdings, helping limit credit risk, and the Bank works to maintain a balanced level of holdings across maturities.」
The description includes the figure of approximately 85% for the Japanese government bond ratio and the response of diversifying holdings by maturity.