Unstable Market Conditions and Customers’ Wait-and-See Stance
First written in FY2017-Q1. 13 of 26 entries say "Mitigated", first in FY2018-Q1. Latest entry: 2026-08-03.
The whole theme swung hardest in 2022: 13 of 21 companies on the "Worse" side.
4 other companies' latest entry also says "Mitigated".
- 2026-08-03MitigatedEarnings presentation
「長期分散投資ニーズは引き続き底堅く、新規募集商品や成長株関連ファンドを中心に高水準の買付が継続」
長期分散投資ニーズの底堅さと高水準の買付が示され、顧客の様子見姿勢に関する従前のリスクから改善方向の実績が示された。 - FY2026-H1MitigatedAnnual report
「Client assets in the Wealth Management Division stood at ¥162.3 trillion at the end of September 2025, up ¥18.5 trillion from the end of March 2025.」
Client assets increased from ¥146.1 trillion in the previous disclosure, indicating an improvement from the previously observed declining trend in client investment activity. - FY2025-H1WorsenedAnnual report
「Client assets in the Wealth Management Division stood at ¥146.1 trillion at the end of September 2024, down ¥7.5 trillion from the end of March 2024.」
Client assets decreased by ¥7.5 trillion from the end of March 2024, reversing the increase seen in the previous period. - FY2024-Q3MitigatedAnnual report
「Client assets in the Retail Division stood at ¥135.9 trillion at the end of December 2023, up ¥13.7 trillion from the end of March 2023.」
Client assets in the Retail Division increased from ¥133.3 trillion at the end of June 2023 to ¥135.9 trillion, and the improvement from the previously observed deterioration in client investment activity continued. - FY2024-Q1MitigatedAnnual report
「Client assets in the Retail Division stood at ¥133.3 trillion at the end of June 2023, up ¥11.1 trillion from the end of March 2023.」
Client assets in the Retail Division increased from ¥122.2 trillion at the end of the previous period to ¥133.3 trillion, indicating an improvement from the previously observed deteriorating trend in client investment activity. - FY2023-Q3WorsenedAnnual report
「Client assets in the Retail Division stood at ¥117.5 trillion at the end of December 2022, down ¥4.6 trillion from the end of March 2022.」
Client assets in the Retail Division declined further from ¥117.7 trillion at the end of the previous quarter, falling ¥4.6 trillion from the end of March 2022 to ¥117.5 trillion. The deterioration in client investment activity continued. - FY2023-Q2WorsenedAnnual report
「Total revenues, net of financial expenses, were ¥143.9 billion, mainly due to declines in equity brokerage commissions and investment trust distribution fees. Expenses excluding financial expenses were ¥133.5 billion, and pretax quarterly net income was ¥10.4 billion. Client assets in the Retail Division stood at ¥117.7 trillion at the end of September 2022, down ¥4.4 trillion from the end of March 2022.」
Equity brokerage commissions and investment trust distribution fees declined, and client assets in the Retail Division also decreased by ¥4.4 trillion from the end of March 2022. The continuing deterioration in client investment activity was reflected in both results and client assets. - FY2023-Q1WorsenedAnnual report
「Total revenues, net of financial expenses, were ¥71.4 billion, mainly due to declines in equity brokerage commissions and investment trust distribution fees. Expenses excluding financial expenses were ¥66.5 billion, and pretax quarterly net income was ¥4.9 billion. Client assets in the Retail Division stood at ¥119.4 trillion at the end of June 2022, down ¥2.7 trillion from the end of March 2022.」
Equity brokerage commissions and investment trust distribution fees declined, and client assets also decreased by ¥2.7 trillion from the end of the previous period. The deterioration in client investment activity was reflected in both results and client assets. - FY2022-Q3WorsenedAnnual report
「Total revenues, net of financial expenses, were ¥257.5 billion, mainly due to a decline in commissions from equity and investment trust sales. Expenses excluding financial expenses were ¥203.5 billion, and pretax quarterly net income was ¥54.0 billion. Client assets in the Retail Division stood at ¥125.0 trillion at the end of December 2021, down ¥1.6 trillion from the end of March 2021.」
The decline in equity and investment trust sales commissions was disclosed, and client assets in the Retail Division also decreased by ¥1.6 trillion from the end of March 2021. - FY2022-Q2MitigatedAnnual report
「Client assets in the Retail Division stood at ¥128.7 trillion at the end of September 2021, up ¥2.1 trillion from the end of March 2021.」
Client assets in the Retail Division increased, and the improvement from clients' wait-and-see stance and declining investment sentiment continued. - FY2022-Q1MitigatedAnnual report
「Client assets in the Retail Division stood at ¥127.0 trillion at the end of June 2021, up ¥0.4 trillion from the end of March 2021.」
Client assets in the Retail Division increased, indicating an improvement from the previously observed client wait-and-see stance and declining investment sentiment. - FY2021-Q3MitigatedAnnual report
「Total revenues, net of financial expenses, were ¥272.0 billion, as purchases of equities and investment trusts increased against a favorable market backdrop. Client assets in the Retail Division stood at ¥121.0 trillion at the end of December 2020, up ¥17.0 trillion from the end of March 2020.」
The increase in purchases of equities and investment trusts amid favorable market conditions indicates an improvement, with client assets also rising ¥17.0 trillion from the end of March 2020 to ¥121.0 trillion. - FY2021-Q2MitigatedAnnual report
「Client assets in the Retail Division stood at ¥115.2 trillion at the end of September 2020, up ¥11.2 trillion from the end of March 2020.」
Client assets increased, as did equity brokerage commissions and investment trust distribution fees. Results indicate an improvement from the previously observed deterioration in client investment activity and wait-and-see stance. - FY2021-Q1MitigatedAnnual report
「Client assets in the Retail Division stood at ¥112.2 trillion at the end of June 2020, up ¥8.2 trillion from the end of March 2020.」
Client assets increased, and the Retail Division also posted pretax quarterly net income of ¥15.1 billion. The increase in client assets indicates an improvement from the descriptions through the previous period of declining client investment sentiment and a wait-and-see stance. - FY2020-Q3MitigatedAnnual report
「Total revenue, after deducting financial expenses, was ¥247.6 billion. Although clients' investment sentiment has recently been improving, purchases of equities and investment trusts declined from the year-earlier period. At the end of December 2019, client assets in the Retail and Investment Management divisions stood at ¥122.3 trillion, up ¥7.6 trillion from the end of March 2019.」
While client investment sentiment was said to be improving, purchases of equities and investment trusts declined from the year-earlier period. Client assets increased by ¥7.6 trillion from the end of March 2019 to ¥122.3 trillion. - FY2020-Q2WorsenedAnnual report
「Total revenue from the Retail and Investment Management divisions, after deducting financial expenses, was ¥157.5 billion as clients' investment sentiment deteriorated.」
The report shifted back from the improvement in investment sentiment seen in the previous quarter to deterioration in investment sentiment. Meanwhile, client assets increased by ¥0.1 trillion from the end of March 2019 to ¥114.8 trillion. - FY2020-Q1MitigatedAnnual report
「Although clients' investment sentiment has recently been improving, purchases of equities and investment trusts declined from the year-earlier period, resulting in revenue of ¥80.6 billion.」
While client investment sentiment was said to be improving, divisional revenue fell below the year-earlier period due to lower purchases of equities and investment trusts, and client assets also declined by ¥1.6 trillion from the end of March 2019. - FY2019-Q3WorsenedAnnual report
「Total revenue from the Retail and Investment Management divisions, after deducting financial expenses, declined from the previous period to ¥265.3 billion as clients' investment sentiment weakened. Expenses other than financial expenses were ¥219.1 billion, and pretax quarterly net income was ¥46.2 billion. At the end of December 2018, client assets in the Retail and Investment Management divisions stood at ¥110.0 trillion, down ¥7.7 trillion from the end of March 2018.」
The report explicitly noted weaker client investment sentiment. Divisional revenue declined, and client assets fell by ¥7.7 trillion from the end of March 2018. - FY2019-Q2WorsenedAnnual report
「Total revenue, after deducting financial expenses, was ¥178.5 billion, as clients' investment sentiment deteriorated. Expenses other than financial expenses were ¥146.4 billion, and pretax quarterly net income was ¥32.1 billion. At the end of September 2018, client assets in the Retail and Investment Management divisions stood at ¥122.8 trillion, up ¥5.1 trillion from the end of March 2018.」
The report shifted from the improvement in investment sentiment through the previous quarter to deterioration in investment sentiment this time. While divisional revenue fell below the cumulative amount for the year-earlier period, client assets increased to ¥122.8 trillion. - FY2019-Q1WorsenedAnnual report
「Total revenue, after deducting financial expenses, was ¥92.8 billion, as clients continued to remain on the sidelines against a backdrop of uncertain market conditions.」
The report shifted back from the market recovery and improved investment sentiment described through the previous quarter to uncertain market conditions and clients continuing to remain on the sidelines, while divisional revenue fell below the year-earlier quarter. - FY2018-Q3MitigatedAnnual report
「Total revenue from the Retail and Investment Management divisions, after deducting financial expenses, was ¥314.8 billion, as equity trading increased particularly amid favorable market conditions. Expenses other than financial expenses were ¥233.0 billion, and pretax quarterly net income was ¥81.7 billion. At the end of December 2017, client assets in the Retail and Investment Management divisions stood at ¥122.8 trillion, up ¥15.1 trillion from the end of March 2017.」
The report describes a shift from unstable market conditions and clients remaining on the sidelines to favorable market conditions and increased equity trading, with client assets also increasing to ¥122.8 trillion. - FY2018-Q2RestatedAnnual report
「Total revenue from the Retail and Investment Management divisions, after deducting financial expenses, was ¥203.5 billion, as clients' investment sentiment improved following the market recovery. At the end of September 2017, client assets in the Retail and Investment Management divisions stood at ¥115.2 trillion, up ¥7.5 trillion from the end of March 2017.」
The market recovery and improvement in clients' investment sentiment continued, and client assets increased to ¥115.2 trillion. - FY2018-Q1MitigatedAnnual report
「Total revenue from the Retail and Investment Management divisions, after deducting financial expenses, was ¥101.7 billion, as clients' investment sentiment gradually improved with the market recovery. At the end of June 2017, client assets in the Retail and Investment Management divisions stood at ¥111.9 trillion, up ¥4.2 trillion from the end of March 2017.」
The report describes a shift from the previous unstable market conditions and clients remaining on the sidelines to a market recovery and improved investment sentiment, with client assets also increasing. - FY2017-Q3MaterialisedAnnual report
「Total revenue, after deducting financial expenses, was ¥271.3 billion, as clients continued to remain on the sidelines amid unstable market conditions. At the end of December 2016, client assets in the Retail and Investment Management divisions stood at ¥108.0 trillion, up ¥7.4 trillion from the end of March 2016.」
While unstable market conditions and clients remaining on the sidelines continued to affect revenue, client assets in the Retail and Investment Management divisions increased to ¥108.0 trillion. - FY2017-Q2MaterialisedAnnual report
「Total revenue from the Retail and Investment Management divisions, after deducting financial expenses, was ¥169.9 billion, as clients continued to remain on the sidelines amid unstable market conditions. At the end of September 2016, client assets in the Retail and Investment Management divisions stood at ¥99.1 trillion, down ¥1.5 trillion from the end of March 2016.」
Unstable market conditions and clients remaining on the sidelines continued to affect divisional revenue and client assets. - FY2017-Q1MaterialisedAnnual report
「Total revenue from the Retail and Investment Management divisions, after deducting financial expenses, was ¥83.8 billion, as clients continued to remain on the sidelines amid unstable market conditions. At the end of June 2016, client assets in the Retail and Investment Management divisions stood at ¥95.3 trillion, down ¥5.3 trillion from the end of March 2016.」
The report states that market conditions and subdued client activity were reflected in divisional revenue and client assets.