Impact of a Low-Volatility Bond Market Environment on Fixed-Income Revenue
First written in FY2018-Q3. 8 of 22 entries say "Mitigated", first in FY2020-Q1. Latest entry: 2026-08-03.
The whole theme swung hardest in 2022: 7 of 10 companies on the "Worse" side.
1 other company's latest entry also says "Mitigated".
- FY2026-H1WorsenedAnnual report
「Total fixed income revenue, after deducting financial expenses, decreased from ¥253.5 billion in the same period of the previous year to ¥246.7 billion, mainly due to lower revenue from macro products.」
Fixed income revenue decreased by ¥6.8 billion year on year, mainly due to lower revenue from macro products. - FY2025-H1MitigatedAnnual report
「Total fixed income revenue, after deducting financial expenses, increased from ¥194.2 billion in the same period of the previous year to ¥253.5 billion, driven mainly by strong performance in spread products.」
Fixed income revenue increased by ¥59.3 billion year on year, driven by strong performance in spread products. - FY2024-Q3RestatedAnnual report
「Total fixed income revenue, after deducting financial expenses, decreased from ¥315.0 billion in the same period of the previous year to ¥297.7 billion, as overseas fixed income, particularly macro products including rates, foreign exchange and emerging markets, struggled in the first half amid uncertain market conditions.」
Lower revenue year on year due to uncertain market conditions and weak performance in overseas fixed income, particularly macro products, continues to be disclosed. - FY2024-Q1WorsenedAnnual report
「Total fixed income revenue, after deducting financial expenses, decreased from ¥112.6 billion in the same period of the previous year to ¥97.4 billion, as foreign exchange, emerging markets and agency mortgages declined and macro products posted lower revenue due to decreased client activity.」
Fixed income revenue decreased by ¥15.2 billion year on year, due to declines in foreign exchange, emerging markets and agency mortgages and lower client activity. - FY2023-Q3MitigatedAnnual report
「Total fixed income revenue, after deducting financial expenses, increased from ¥246.8 billion in the same period of the previous year to ¥315.0 billion, driven by strong performance in macro products, including rates, foreign exchange and emerging markets.」
Fixed income revenue increased by ¥68.2 billion year on year, driven by strong performance in macro products. - FY2023-Q2MitigatedAnnual report
「Total fixed income revenue, after deducting financial expenses, increased from ¥158.9 billion in the same period of the previous year to ¥228.2 billion, as macro products performed well on increased client activity against a backdrop of higher interest-rate and foreign-exchange volatility.」
Fixed income revenue increased by ¥69.3 billion year on year, driven by higher interest-rate and foreign-exchange volatility and increased client activity. - FY2023-Q1MitigatedAnnual report
「Total fixed income revenue, after deducting financial expenses, increased from ¥88.1 billion in the same period of the previous year to ¥112.6 billion, as macro products performed well on increased client activity against a backdrop of higher interest-rate and foreign-exchange volatility.」
Fixed income revenue increased by ¥24.5 billion year on year, driven by higher interest-rate and foreign-exchange volatility and increased client activity. - FY2022-Q3WorsenedAnnual report
「Total fixed income revenue, after deducting financial expenses, decreased from ¥357.6 billion in the same period of the previous year to ¥246.8 billion as the market normalized.」
Fixed income revenue decreased by ¥110.8 billion year on year as the market normalized. - FY2022-Q2WorsenedAnnual report
「Total fixed income revenue, after deducting financial expenses, decreased from ¥259.5 billion in the same period of the previous year to ¥158.9 billion as the market normalized.」
Fixed income revenue decreased year on year as the market normalized. - FY2022-Q1WorsenedAnnual report
「Total fixed income revenue, after deducting financial expenses, decreased from ¥154.9 billion in the same period of the previous year to ¥88.1 billion as the market normalized.」
Fixed income revenue decreased from ¥154.9 billion in the same period of the previous year to ¥88.1 billion as the market normalized. - FY2021-Q3RestatedAnnual report
「Total fixed income revenue, after deducting financial expenses, increased from ¥259.4 billion in the same period of the previous year to ¥357.6 billion, as interest-rate products continued to perform well in a declining interest-rate environment.」
Fixed income revenue increased year on year as interest-rate products continued to perform well in a declining interest-rate environment. - FY2021-Q2RestatedAnnual report
「Total fixed income revenue, after deducting financial expenses, increased from ¥159.7 billion to ¥259.5 billion as interest-rate products continued to perform well in a declining interest-rate environment.」
Fixed income revenue increased year on year as interest-rate products continued to perform well in a declining interest-rate environment. - FY2021-Q1MitigatedAnnual report
「Total fixed-income revenue after financial expenses increased to ¥154.9 billion from ¥82.5 billion in the same period of the previous year, as the downturn in financial markets in March 2020 normalized and client activity increased amid portfolio rebalancing and moderate volatility.」
Fixed income revenue increased year on year, driven by the normalization of the market downturn, portfolio rebalancing and increased client activity. - FY2020-Q3MitigatedAnnual report
「Total fixed-income revenue after financial expenses increased to ¥259.4 billion from ¥164.8 billion in the same period of the previous year, as interest-rate products continued to perform well during a period of falling interest rates.」
Strong performance by interest-rate products continued during a period of falling interest rates, and fixed-income revenue increased by ¥94.6 billion year on year. - FY2020-Q2RestatedAnnual report
「Total fixed-income revenue after financial expenses increased from ¥127.2 billion to ¥159.7 billion, as interest-rate products continued to perform well during a period of falling interest rates.」
Interest-rate products continued to perform well during a period of falling interest rates, and fixed-income revenue increased year on year. - FY2020-Q1MitigatedAnnual report
「Total fixed-income revenue after financial expenses increased to ¥82.5 billion from ¥57.7 billion in the same period of the previous year, as interest-rate products performed well during a period of falling interest rates and revenue from spread products such as credit recovered.」
Fixed-income revenue increased year on year due to strong performance by interest-rate products and a recovery in revenue from spread products such as credit. - FY2019-Q3RestatedAnnual report
「Total fixed-income revenue after financial expenses decreased to ¥164.8 billion from ¥245.9 billion in the same period of the previous year, as trading revenue deteriorated amid uncertain market conditions.」
The disclosure continued to report weak fixed-income trading revenue due to uncertain market conditions and a year-on-year decline in revenue. - FY2019-Q2RestatedAnnual report
「Total fixed-income revenue after financial expenses decreased to ¥127.2 billion from ¥169.2 billion in the same period of the previous year, as the trading business performed poorly amid market conditions with limited directional clarity and disruptions in emerging markets.」
Market conditions with limited directional clarity and continued disruptions in emerging markets, and fixed-income revenue decreased year on year. - FY2019-Q1WorsenedAnnual report
「Total fixed-income revenue after financial expenses decreased to ¥57.7 billion from ¥93.8 billion in the same period of the previous year, as the trading business performed poorly amid market conditions with limited directional clarity and disruptions in emerging markets.」
Compared with the previous explanation of challenging conditions with low volatility, the disclosure pointed to markets with limited directional clarity and disruptions in emerging markets, and fixed-income revenue decreased year on year. - FY2018-Q3First statedAnnual report
「In the fixed-income business, total revenue after financial expenses was ¥253.3 billion amid challenging conditions characterized by low volatility.」
The disclosure stated that the challenging, low-volatility bond market environment affected fixed-income revenue in the wholesale division.