Fluctuations in Interest Rates, Foreign Exchange Rates, Stock Prices and Bond Prices
First written in FY2016. 14 of 33 entries say "Materialised", first in FY2017-Q1. Latest entry: 2026-05-11.
Orix 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: 13 of 16 companies on the "Worse" side.
2 other companies' latest entry also says "Worsened".
- 2026-05-11WorsenedRevision of earnings forecasts
「Unrealized gains (losses) on securities △403,914 △618,351」
The loss from unrealized gains (losses) on securities widened from ¥403,914 million in the previous fiscal year to ¥618,351 million. - FY2026-H1WorsenedAnnual report
「End of previous consolidated fiscal year and end of current interim consolidated fiscal period Total unrealized losses (¥591,199 million) (¥728,240 million)」
Amid market movements in interest rates, foreign exchange rates and bond prices, among other factors, total unrealized losses on available-for-sale debt securities increased from ¥591,199 million to ¥728,240 million. Meanwhile, equity securities recorded a valuation gain of ¥64,276 million during the current interim consolidated fiscal period. - FY2025WorsenedAnnual report
「Unrealized gains on available-for-sale debt securities, including those held by the life insurance business, were ¥16,076 million and ¥25,470 million at the ends of the previous and current consolidated fiscal years, respectively, while unrealized losses were ¥270,182 million and ¥591,199 million, respectively.」
Unrealized losses on available-for-sale debt securities increased from ¥270,182 million to ¥591,199 million, further worsening the impact of market movements in interest rates and bond prices, among other factors. - FY2025-H1WorsenedAnnual report
「Valuation gains and losses on equity securities held at the ends of the previous and current interim consolidated fiscal periods were a valuation gain of ¥24,322 million and a valuation loss of ¥1,992 million, respectively, for the previous and current interim consolidated fiscal periods.」
Valuation gains and losses on equity securities shifted from a ¥24,322 million valuation gain in the same period of the previous year to a ¥1,992 million valuation loss. Unrealized losses on available-for-sale debt securities also increased from ¥391,817 million at the end of the previous fiscal year to ¥463,961 million. - FY2024WorsenedAnnual report
「Unrealized gains on available-for-sale debt securities, including those held by the life insurance business, were ¥16,076 million and ¥41,989 million at the ends of the previous and current consolidated fiscal years, respectively, while unrealized losses were ¥270,182 million and ¥391,817 million, respectively.」
Valuation gains on equity securities improved, while unrealized losses on available-for-sale debt securities increased from ¥270,182 million to ¥391,817 million, worsening the impact of market movements in interest rates and bond prices, among other factors. - FY2024-Q3WorsenedAnnual report
「Total unrealized losses were ¥270,182 million and ¥362,275 million at the end of the previous consolidated fiscal year and the end of the third quarter of the current consolidated fiscal year, respectively.」
Valuation gains and losses on equity securities improved to a ¥31,582 million valuation gain for the first nine months of the current fiscal year, while unrealized losses on available-for-sale debt securities increased from ¥270,182 million to ¥362,275 million, indicating a worsening impact of market movements on bond prices. - FY2024-Q2WorsenedAnnual report
「Valuation gains and losses on equity securities held at the end of the second quarter were valuation gains of ¥24,322 million and ¥1,178 million for the first six months and the second quarter of the current fiscal year, respectively.」
Valuation gains and losses on equity securities improved from a ¥15,645 million valuation loss in the same period of the previous year to a ¥24,322 million valuation gain, while unrealized losses on available-for-sale debt securities increased from ¥270,182 million at the end of the previous fiscal year to ¥406,450 million. The impact of market movements differed by asset type. - FY2024-Q1Shift to gains on equity securities and increase in bond valuation lossesAnnual report
「Valuation gains and losses on equity securities held at the ends of the first quarters of the previous and current consolidated fiscal years were a valuation loss of ¥15,390 million and a valuation gain of ¥23,972 million, respectively, for the first six months of the previous and current fiscal years.」
Valuation gains and losses on equity securities improved from a ¥15,390 million valuation loss in the same period of the previous year to a ¥23,972 million valuation gain. Meanwhile, unrealized losses on available-for-sale debt securities increased from ¥270,182 million at the end of the previous fiscal year to ¥276,497 million at the end of the first quarter, showing that the impact of market movements differed by asset type. - FY2023WorsenedAnnual report
「Unrealized gains on available-for-sale debt securities, including those held by the life insurance business, were ¥23,242 million and ¥16,076 million at the ends of the previous and current consolidated fiscal years, respectively, while unrealized losses were ¥124,623 million and ¥270,182 million, respectively.」
Unrealized losses on available-for-sale debt securities increased from ¥124,623 million to ¥270,182 million due to market movements in interest rates, foreign exchange rates and bond prices, among other factors. - FY2023-Q3Market valuation losses narrowed, but unrealized losses increasedAnnual report
「As of the end of the current third-quarter consolidated accounting period, valuation gains and losses on equity securities held amounted to a valuation loss of ¥2,851 million for the current third-quarter cumulative period and a valuation gain of ¥12,272 million for the current third-quarter consolidated accounting period.」
On a cumulative basis, valuation gains and losses on equity securities turned from a valuation gain of ¥30,891 million in the same period of the previous year to a valuation loss of ¥2,851 million, although the loss narrowed from the valuation loss of ¥15,645 million in the previous quarter's cumulative period. Meanwhile, unrealized valuation losses on available-for-sale debt securities increased to ¥365,434 million. - FY2023-Q2WorsenedAnnual report
「As of the end of the current second-quarter consolidated accounting period, valuation gains and losses on equity securities held amounted to valuation losses of ¥15,645 million and ¥949 million for the current second-quarter cumulative period and the current second-quarter consolidated accounting period, respectively.」
Valuation gains and losses on equity securities turned from a valuation gain of ¥31,919 million for the cumulative period of the same period of the previous year to a valuation loss of ¥15,645 million, worsening the impact of market movements on earnings. - FY2023-Q1WorsenedAnnual report
「As of the end of the current first-quarter consolidated accounting period, valuation gains and losses on equity securities held amounted to a valuation loss of ¥15,390 million for the current first-quarter cumulative period.」
Due to the impact of market movements, valuation gains and losses on equity securities held changed from a valuation gain of ¥16,568 million in the same period of the previous year to a valuation loss of ¥15,390 million. Unrealized gains and losses on securities also resulted in a loss of ¥81,373 million in other comprehensive income. - FY2022WorsenedAnnual report
「When interest rates rise sharply or are expected to rise, funding costs may increase, while the Company may be unable to raise lease payments and lending rates on new finance lease and operating loan transactions in line with the increase in market interest rates.」
Rising interest rates, a sharp depreciation of the yen, and market movements in stock and bond prices became specific risks affecting funding costs, customers' ability to pay, asset values and earnings-generating capacity. - FY2022-Q3WorsenedAnnual report
「As of the end of the current third-quarter consolidated accounting period, valuation gains and losses on equity securities held amounted to a valuation gain of ¥30,891 million for the current third-quarter cumulative period and a valuation loss of ¥427 million for the current third-quarter consolidated accounting period.」
The valuation gain on equity securities decreased from ¥67,858 million for the cumulative period of the same quarter of the previous year to ¥30,891 million, while the current third-quarter accounting period alone resulted in a valuation loss of ¥427 million. The impact of market movements on earnings has shifted in a negative direction. - FY2022-Q2MaterialisedAnnual report
「As of the end of the current second-quarter consolidated accounting period, valuation gains and losses on equity securities held amounted to valuation gains of ¥31,919 million and ¥16,059 million for the current second-quarter cumulative period and the current second-quarter consolidated accounting period, respectively.」
Market movements continued to be reflected in valuation gains and losses on equity securities, resulting in a valuation gain of ¥31,919 million for the current second-quarter cumulative period. - FY2022-Q1MaterialisedAnnual report
「As of the end of the current first-quarter consolidated accounting period, valuation gains and losses on equity securities held amounted to a valuation gain of ¥16,568 million for the current first-quarter cumulative period.」
Movements in the stock market and other factors continued to be reflected in valuation gains and losses on equity securities, resulting in a valuation gain of ¥16,568 million for the current first-quarter cumulative period. - FY2021RestatedAnnual report
「The ORIX Group's businesses are exposed to the risk of fluctuations in domestic and overseas interest rates and foreign exchange rates.」
The Company continues to disclose its management of market volatility risk relating to interest rates, foreign exchange rates and stock prices, through ALM, derivatives and other measures. - FY2021-Q3MaterialisedAnnual report
「As of the end of the current third-quarter consolidated accounting period, valuation gains and losses on equity securities held amounted to valuation gains of ¥67,858 million and ¥30,525 million for the current third-quarter cumulative period and the current third-quarter consolidated accounting period, respectively.」
Movements in the stock market and other factors were reflected in valuation gains and losses on equity securities, resulting in a valuation gain of ¥67,858 million for the current third-quarter cumulative period. - FY2021-Q2MaterialisedAnnual report
「As of the end of the current second-quarter consolidated accounting period, valuation gains and losses on equity securities held amounted to valuation gains of ¥41,484 million and ¥16,183 million for the current second-quarter cumulative period and the current second-quarter consolidated accounting period, respectively.」
Market movements continued to be reflected in valuation gains and losses on equity securities, resulting in a valuation gain of ¥4,148.4 million for the current second-quarter cumulative period. The foreign currency translation adjustment was a loss of ¥874.9 million. - FY2021-Q1MaterialisedAnnual report
「As of the end of the current first-quarter consolidated accounting period, valuation gains and losses on equity securities held amounted to a valuation gain of ¥26,615 million for the current first-quarter cumulative period.」
Market movements were reflected in valuation gains and losses on equity securities, resulting in a valuation gain of ¥26,615 million for the current first-quarter cumulative period. The magnitude of the change increased from the valuation gain of ¥2,166 million in the same period of the previous year. - FY2020WorsenedAnnual report
「Although valuation gains on equity securities decreased due to the decline in the stock market, gains on sales of equities increased, resulting in a 42% increase from the previous consolidated fiscal year to ¥20,204 million.」
Market volatility risk was reflected in valuation gains and losses on equity securities and investment income in the life insurance business. The valuation loss on equity securities held was ¥19,910 million, while investment income in the life insurance business decreased 56% from the previous fiscal year to ¥7,195 million. - FY2020-Q3MaterialisedAnnual report
「As of the end of the current third-quarter consolidated accounting period, valuation gains and losses on equity securities held amounted to valuation gains of ¥34,529 million and ¥22,522 million for the current third-quarter cumulative period and the current third-quarter consolidated accounting period, respectively.」
Market movements in stock prices and other factors were reflected in valuation gains and losses on equity securities, resulting in a valuation gain of ¥34,529 million for the current third-quarter cumulative period. The direction changed from a valuation loss of ¥4,944 million in the same period of the previous year. - FY2020-Q2MaterialisedAnnual report
「As of the end of the current second-quarter consolidated accounting period, valuation gains and losses on equity securities held amounted to valuation gains of ¥12,346 million and ¥10,222 million for the current second-quarter cumulative period and the current second-quarter consolidated accounting period, respectively.」
Market movements were reflected in valuation gains and losses on equity securities, resulting in a valuation gain of ¥12,346 million for the current cumulative quarter. Meanwhile, the foreign currency translation adjustment was a loss of ¥38,045 million. - FY2020-Q1MaterialisedAnnual report
「As of the end of the current first-quarter consolidated accounting period, valuation gains and losses on equity securities held amounted to a valuation gain of ¥2,166 million for the current first-quarter cumulative period.」
Market movements were reflected in valuation gains and losses on equity securities, resulting in a valuation gain of ¥2,166 million in the current quarter. The foreign currency translation adjustment was a loss of ¥23,940 million, with the impact of foreign exchange movements also reflected in other comprehensive income. - FY2019MaterialisedAnnual report
「Gains and losses on sales and valuation of securities decreased 64% from the previous consolidated fiscal year to ¥14,273 million, as gains on sales of equities declined and valuation gains on equity securities decreased due to the decline in the stock market in the current consolidated fiscal year.」
Stock price and market volatility risk was reflected in earnings through lower valuation gains on equity securities. Investment income in the life insurance business also decreased from ¥52,270 million in the previous year to ¥16,325 million. - FY2019-Q3MaterialisedAnnual report
「In the life insurance business, life insurance revenue increased with the growth in policies in force. However, income from life insurance premiums and investment income decreased because investment gains and losses on assets related to variable annuity and variable life insurance contracts declined from the same period of the previous year, when market conditions had improved significantly.」
Changes in the market environment were reflected in investment gains and losses in the life insurance business, with investment income from the life insurance business falling from ¥63,387 million in the same period of the previous year to a loss of ¥5,114 million. - FY2018-Q3RestatedAnnual report
「Although interest rates remain at low levels globally, expectations have grown that monetary easing in advanced economies will be scaled back going forward.」
The interest rate environment and the direction of monetary easing continue to be identified as factors driving volatility in the business environment related to market movements in interest rates, foreign exchange rates and stock prices. - FY2018-Q2RestatedAnnual report
「Although interest rates remain at low levels globally, expectations have grown that monetary easing in advanced economies will be scaled back going forward.」
Changes in the interest rate environment and overseas economies continue to be identified as factors driving volatility in the business environment. - FY2017MaterialisedAnnual report
「Segment revenue decreased 13% from ¥526,008 million in the previous consolidated fiscal year to ¥458,912 million, despite increased finance revenue in Asia and the Americas, due to lower service revenue following HL's exclusion from the consolidated subsidiaries in the Americas through a partial sale of its shares in the previous consolidated fiscal year, and lower product sales following the sale of a consolidated subsidiary in the current consolidated fiscal year.」
Changes in the market environment, including foreign exchange rates, and fluctuations in the overseas business were reflected in lower revenue in the overseas business segment. - FY2017-Q3MaterialisedAnnual report
「Segment revenue decreased 12% from ¥399,856 million in the same period of the previous year to ¥351,733 million, despite increased finance revenue from consolidated subsidiaries in Asia and the Americas, due to lower service revenue following HL's exclusion from the consolidated subsidiaries in the previous second-quarter consolidated accounting period and the impact of a stronger yen.」
The impact of a stronger yen materialized as lower revenue in the overseas business segment, continuing to demonstrate the impact of market volatility risk. - FY2017-Q2MaterialisedAnnual report
「Segment assets decreased 10% from the end of the previous consolidated fiscal year to ¥2,051,463 million, due to a decline in operating lease investments in the aircraft-related business and the impact of a stronger yen.」
The impact of a stronger yen was reflected in the asset balance of the overseas business segment, specifically illustrating the impact of foreign exchange movements following the market volatility risk in the same period of the previous year. - FY2017-Q1MaterialisedAnnual report
「The Japanese economy is facing growing uncertainty ahead due to a stronger yen and weaker stock prices against a backdrop of rising uncertainty in overseas economies, as well as falling long-term interest rates.」
The Company explains that market movements in foreign exchange rates, stock prices and long-term interest rates have materialized in the economic environment, increasing uncertainty ahead. - FY2016First statedAnnual report
「The ORIX Group's businesses are exposed to the risk of fluctuations in domestic and overseas market interest rates and foreign exchange rates.」
The Company states that these risks are managed through ALM, same-currency borrowings, foreign exchange forwards and currency swaps, among other measures, while not all foreign exchange risk is hedged.