Revenue Structure Sensitive to Stock and Foreign Exchange Markets
First written in FY2016. 38 of 40 entries say "Materialised", first in FY2017-Q1. Latest entry: 2026-10-20.
Mito Securities moved to the "Worse" side of this theme in 2016, 1 year before the typical company in this theme (2017).
The whole theme swung hardest in 2022: 7 of 9 companies on the "Worse" side.
0 other companies' latest entry also says "Cited as achieved".
- FY2026MaterialisedAnnual report
「The domestic equity market began the fiscal year turbulently, with the Nikkei Stock Average recording a historic decline following the US announcement of reciprocal tariffs and hitting its lowest level in approximately 1 year and 5 months. It subsequently entered an upward trend, despite intermittent corrections, against a backdrop of the partial suspension of the reciprocal tariffs, agreements in tariff negotiations between Japan and the US and between the US and China, strong gains in semiconductor-related stocks driven by expanding demand related to generative AI, solid earnings at domestic companies and monetary easing in the US. The Nikkei Stock Average reached a record high of ¥58,850.27 on 27 February 2026.」
The market experienced volatility, including a sharp decline in response to tariff policies and the subsequent record high. The Nikkei Stock Average rose 43.4% from the end of the previous fiscal year, while operating revenue and ordinary income also increased. - 2026-04-28MaterialisedEarnings
「The Nikkei Stock Average closed at ¥51,063.72, up 43.4% from the end of March 2025.」
Operating revenue, operating income, ordinary income and net income increased year on year alongside a substantial rise in the equity market, indicating that the impact of market movements on performance became evident over the full fiscal year. - FY2025MaterialisedAnnual report
「However, from February onward, concerns intensified that the Trump administration's tariff policies would weigh on the global economy and corporate earnings, prompting a significant correction in share prices. As a result, the Nikkei Stock Average ended trading at ¥35,617.56 at the end of the fiscal year, down 11.8% from the end of March 2024.」
The equity market corrected amid concerns about tariff policies and other factors, and the Nikkei Stock Average fell 11.8% from the end of the previous fiscal year. Operating revenue and ordinary income also declined, making the impact of market movements on full-year results evident. - FY2025-H1MaterialisedAnnual report
「Buoyed by expectations of early US rate cuts, the Nikkei Stock Average reached a record high of ¥42,224.02 on 11 July. However, amid escalating US-China tensions in the semiconductor sector, concerns about a deterioration in the US economy and expectations of a Bank of Japan rate hike, the Nikkei Stock Average recorded a decline of ¥4,451.28, or 12.4%, on 5 August, its largest-ever point decline and second-largest percentage drop.」
The interim accounting period was marked by turbulent market conditions, including a record high and the largest-ever point decline. The Nikkei Stock Average closed at ¥37,919.55, down 6.1% from the end of March 2024. The risk that volatility in the equity and foreign exchange markets would affect results continues to materialise. - FY2024MaterialisedAnnual report
「We believe there is a high likelihood that this risk will materialise. As a countermeasure, we are seeking to mitigate declines in the value of customers' holdings by proposing products based on their portfolios, while expanding a stable earnings base through higher fund wrap fees and investment trust management fees.」
The possibility that the risk of earnings volatility caused by market movements would materialise was explicitly identified as high. The Nikkei Stock Average rose 44.0% from the end of the previous fiscal year, and market conditions affected full-year results, including increases in operating revenue and ordinary income. - FY2024-Q3MaterialisedAnnual report
「During the nine months ended 31 December, the Nikkei Stock Average closed at ¥33,464.17, up 19.3% from the end of March 2023.」
As the domestic equity market rose, operating revenue reached 121.4% of the year-earlier period, while ordinary income was ¥1,687 million. The impact of volatility in the equity and foreign exchange markets on results continues to be evident. Market risk has been quantified. - FY2024-Q2MaterialisedAnnual report
「Against this backdrop, during the cumulative second quarter the Nikkei Stock Average ended at ¥31,857.62, up 13.6% from the end of March 2023. Under these conditions, operating revenue for the cumulative second quarter increased to ¥6,990 million, 121.1% of the corresponding figure for the previous cumulative second quarter. … Ordinary income was ¥1,273 million, 535.0% of the corresponding figure for the previous cumulative second quarter.」
The rise in the domestic equity market led operating revenue, ordinary income, and other items to increase from the previous year. The effect of fluctuations in the equity and foreign exchange markets on performance continued to materialize. - FY2024-Q1MaterialisedAnnual report
「Against this backdrop, during the cumulative first quarter the Nikkei Stock Average ended at ¥33,189.04, up 18.4% from the end of March 2023.」
The domestic equity market rose sharply in practice, with operating revenue at 133.9% of the corresponding figure for the previous year and ordinary income improving from a loss in the previous year to income of ¥766 million. The effect of fluctuations in equity market conditions on performance continued to materialize. - FY2023MaterialisedAnnual report
「During the fiscal year, the domestic equity market was influenced by the monetary policies of major countries, while normalization of economic activity as the COVID-19 pandemic subsided provided support.」
The market experienced sharp declines at times because of monetary tightening and changes to monetary policy. Operating revenue was 81.8% and ordinary income 9.5% of the previous fiscal year's levels, indicating that the effect of market volatility on full-year performance materialized. - FY2023-Q3MaterialisedAnnual report
「During the cumulative third quarter, the domestic equity market was heavily influenced by the monetary policies of major countries. Amid continued monetary tightening to contain inflation in both developed and emerging economies, the Tokyo equity market remained firm from late October through November against a backdrop of growing expectations for lower inflation and a slower pace of rate hikes in the United States. However, stock prices underwent a sharp correction toward year-end as the Federal Reserve Board (FRB) maintained its hawkish stance and the Bank of Japan modified its large-scale monetary easing measures. The Nikkei Stock Average ended the cumulative third quarter at ¥26,094.50, down 6.2% from the end of March 2022.」
The equity market corrected against a backdrop of monetary tightening and changes to the Bank of Japan's monetary policy. The Nikkei Stock Average fell 6.2% from the end of March 2022. Operating revenue was 76.7% of the corresponding figure for the previous year and the operating loss was ¥221 million, indicating that the effect of market volatility on performance actually materialized. - FY2023-Q2MaterialisedAnnual report
「Ultimately, during the cumulative second quarter, the Nikkei Stock Average ended at ¥25,937.21, down 6.8% from the end of March 2022. Under these conditions, operating revenue for the cumulative second quarter declined to ¥5,770 million, 80.4% of the corresponding figure for the previous cumulative second quarter; the operating loss was ¥34 million; ordinary income was ¥238 million, 19.0% of the previous period's level; and net income for the quarter was ¥169 million, 18.6% of the previous period's level.」
The domestic equity market corrected in response to monetary tightening in major countries and the decline in US equities. Operating revenue fell to 80.4% of the corresponding figure for the previous year and the Company recorded an operating loss of ¥34 million, indicating that the effect of market volatility on performance actually materialized. - FY2023-Q1MaterialisedAnnual report
「Ultimately, at the end of the cumulative first quarter, the Nikkei Stock Average closed at ¥26,393.04, down 5.1% from the end of March 2022.」
Amid concerns about monetary tightening and a slowdown in economic activity, the Nikkei Stock Average fell 5.1% from the end of the previous fiscal year. Operating revenue was 75.9% of the corresponding figure for the previous year and the ordinary loss was ¥4 million. The effect of fluctuations in the equity and foreign exchange markets on performance actually materialized. - FY2022MaterialisedAnnual report
「Ultimately, at the end of the fiscal year, the Nikkei Stock Average closed at ¥27,821.43, down 4.7% from the end of March 2021.」
As a result of the correction in the domestic equity market, the value of securities brokerage transactions was ¥929.9 billion, operating revenue was ¥13,683 million, or 89.0% of the previous fiscal year's level, and ordinary income was ¥1,961 million, or 61.2% of the previous fiscal year's level, indicating that the effect of market volatility on performance materialized. - FY2022-Q3MaterialisedAnnual report
「Ultimately, at the end of the cumulative third quarter, the Nikkei Stock Average closed at ¥28,791.71, down 1.3% from the end of March 2021.」
The domestic equity market corrected while remaining near its highs, and the Nikkei Stock Average fell 1.3% from the end of March 2021. Operating revenue was 96.2% and ordinary income 87.4% of the corresponding figures for the previous year, indicating that the effect of market volatility on performance continued to materialize. - FY2022-Q2MaterialisedAnnual report
「During the cumulative second quarter, the domestic equity market remained largely directionless from April through June before undergoing a sharp correction in July amid aversion to the spread of COVID-19. The Nikkei Stock Average recorded its year-to-date low in late August after companies had completed reporting their results for the April–June quarter, but reversed course following Federal Reserve Chair Powell's speech at the Jackson Hole meeting in the United States at the end of August and Prime Minister Suga's announcement in early September that he would step down, reaching a roughly 31-year high on 14 September. Although the market subsequently underwent a deeper correction toward the end of September amid concerns about China's property problems and rising US long-term interest rates, the Nikkei Stock Average ultimately ended the cumulative second quarter at ¥29,452.66, up 0.9% from the end of March 2021.」
The domestic equity market underwent a correction and subsequent rebound, with operating revenue at 95.9% and ordinary income at 84.5% of the corresponding figures for the previous year. Market volatility continued to affect revenue and performance in practice. - FY2022-Q1MaterialisedAnnual report
「Ultimately, at the end of the cumulative first quarter, the Nikkei Stock Average closed at ¥28,791.53, down 1.3% from the end of March 2021.」
While the domestic equity market fell 1.3% from the end of March 2021, operating revenue was 101.2% and ordinary income 102.5% of the corresponding figures for the previous year. Fluctuations in the equity and other markets continued to affect revenue and performance in practice. - FY2021MaterialisedAnnual report
「Ultimately, at the end of the fiscal year, the Nikkei Stock Average closed at ¥29,178.80, up 54.2% from the end of March 2020.」
The recovery in the equity market after COVID-19 led operating revenue to 128.6% of the previous fiscal year's level and ordinary income to ¥3,207 million. Market volatility actually affected revenue and performance. - FY2021-Q3MaterialisedAnnual report
「As a result, at the end of the cumulative third quarter, the Nikkei Stock Average closed at ¥27,444.17, up 45.1% from the end of March 2020.」
The equity market recovered sharply after the COVID-19-related decline, with operating revenue at 130.6% of the corresponding figure for the previous year and ordinary income at ¥2,370 million. Market volatility continued to affect performance in practice. - FY2021-Q2MaterialisedAnnual report
「During the cumulative second quarter, the domestic equity market recovered from the sharp decline caused by COVID-19 from mid-February to mid-March. Although the economies of major countries, including Japan, suffered a severe downturn in the spring because of measures to contain COVID-19, the market moved almost consistently higher from late March onward, supported by expectations for the effects of fiscal and monetary policies supporting the economy and the resumption of economic activity. As a result, at the end of the cumulative second quarter, the Nikkei Stock Average closed at ¥23,185.12, up 22.6% from the end of March 2020.」
The equity market recovered after the sharp COVID-19-related decline, and the Nikkei Stock Average rose 22.6% from the end of March 2020. Operating revenue was 140.6% of the corresponding figure for the previous year and ordinary income was ¥1,479 million, indicating that market volatility continued to affect performance in practice. - FY2021-Q1MaterialisedAnnual report
「As a result, at the end of the cumulative first quarter, the Nikkei Stock Average had risen 17.8% from the end of March 2020 to close at ¥22,288.14.」
Following the rise in the equity market after the sharp decline caused by COVID-19, operating revenue was 129.2% of the corresponding figure for the previous year, ordinary income was ¥567 million, and net income for the quarter was ¥391 million. Market volatility continued to affect performance in practice. - FY2020MaterialisedAnnual report
「Ultimately, at the end of the fiscal year, the Nikkei Stock Average fell 10.8% from the end of March 2019 to close at ¥18,917.01.」
The equity market declined against a backdrop of the spread of COVID-19 and other factors. Although operating revenue for the fiscal year was 103.6% of the previous fiscal year's level, revenue items and performance were affected by market conditions. The revenue volatility risk arising from market fluctuations continued to materialize. - FY2020-Q3MaterialisedAnnual report
「Ultimately, at the end of the cumulative third quarter, the Nikkei Stock Average had risen 11.6% from the end of March 2019 to close at ¥23,656.62. Under these conditions, operating revenue for the cumulative third quarter declined to ¥8,699 million, 95.0% of the corresponding figure for the previous cumulative third quarter. Net operating revenue, after deducting financial expenses of ¥54 million, 109.6% of the previous period's level, from operating revenue, declined to ¥8,644 million, 94.9% of the previous period's level. Selling, general and administrative expenses were ¥8,805 million, 96.6% of the previous period's level. As a result, the operating loss was ¥160 million, compared with an operating loss of ¥6 million in the previous cumulative third quarter; ordinary income was ¥229 million, 56.0% of the previous period's level; and net income for the quarter was ¥229 million, 79.2% of the previous period's level.」
While the equity market rose 11.6% from the end of March 2019, operating revenue, ordinary income, and net income for the quarter declined year on year, and the operating loss widened. Continued fluctuations in market conditions and performance were evident in practice. - FY2020-Q2MaterialisedAnnual report
「Under these conditions, operating revenue for the cumulative second quarter declined to ¥5,322 million, 81.8% of the corresponding figure for the previous cumulative second quarter. Net operating revenue, after deducting financial expenses of ¥34 million, 103.7% of the corresponding figure for the previous period, from operating revenue, declined to ¥5,287 million, 81.7% of the previous period's level. Selling, general and administrative expenses were ¥5,819 million, 93.2% of the previous period's level. As a result, the operating loss was ¥531 million, compared with operating income of ¥225 million in the previous cumulative second quarter; the ordinary loss was ¥278 million, compared with ordinary income of ¥492 million; and the net loss for the quarter was ¥251 million, compared with net income for the quarter of ¥356 million.」
Against a backdrop of US–China trade friction and slower global economic growth, the domestic equity market lacked a clear direction. Although the Nikkei Stock Average rose 2.6% from the end of March 2019, operating revenue, commissions received, and trading income and losses declined, resulting in an operating loss, ordinary loss, and net loss for the quarter. Market volatility actually affected performance. - FY2020-Q1MaterialisedAnnual report
「During the cumulative first quarter, the domestic equity market generally rose in April, corrected in May, and rebounded in June. … As a result, at the end of the cumulative first quarter, the Nikkei Stock Average closed at ¥21,275.92, broadly unchanged from the end of March 2019, up 0.3% from that date. … Operating revenue declined to ¥2,688 million, 78.4% of the corresponding figure for the previous cumulative first quarter. … Ordinary loss was ¥45 million, compared with ordinary income of ¥509 million in the previous period, and net loss for the quarter was ¥108 million, compared with net income for the quarter of ¥384 million.」
Amid a correction in the equity market caused by US–China trade friction and concerns about an economic slowdown, operating revenue, ordinary income, and net income for the quarter declined from the previous year or turned into losses. The effect of market volatility on performance actually materialized. - FY2019MaterialisedAnnual report
「As a result, at the end of the fiscal year, the Nikkei Stock Average closed at ¥21,205.81, down 1.2% from the end of March 2018.」
Due to the sharp decline in equity prices toward year-end, operating revenue was 71.4% of the previous fiscal year's level, while ordinary income fell from ¥3,347 million in the previous fiscal year to a loss of ¥142 million. The effect of market volatility on performance actually materialized. - FY2019-Q3MaterialisedAnnual report
「During the cumulative third quarter, the domestic equity market experienced a sharp decline toward year-end.」
Against a backdrop of US–China trade friction and a global correction, the Nikkei Stock Average fell 6.7% from the end of March 2018 to ¥20,014.77. Operating revenue was 74.3%, ordinary income 14.0%, and net income for the quarter 12.8% of the corresponding figures for the previous year, indicating that market volatility actually affected performance. - FY2019-Q2MaterialisedAnnual report
「At the end of the second quarter, the Nikkei Stock Average closed at ¥24,120.04, up 12.4% from the end of the previous fiscal year.」
While the domestic equity market rose 12.4% from the end of the previous fiscal year, operating revenue was 83.8%, ordinary income 33.1%, and net income for the quarter 35.7% of the corresponding figures for the previous year. Fluctuations in equity market conditions and other factors continued to affect revenue and performance in practice. - FY2019-Q1MaterialisedAnnual report
「During the cumulative first quarter, the domestic equity market was on an upward trend through mid-May, but shifted to a pronounced correction from late May onward.」
Market corrections occurred amid developments surrounding the US–North Korea summit and trade friction with the United States, China, the European Union, and others. Operating revenue was 87.3%, ordinary income 54.7%, and net income for the quarter 60.9% of the corresponding figures for the previous year, indicating that market volatility actually affected performance. - FY2018MaterialisedAnnual report
「During the fiscal year, the domestic equity market corrected from August through early September and from February onward, but generally remained on an upward trend.」
While market corrections occurred because of geopolitical risks and US–China trade issues, the Nikkei Stock Average rose 13.5% from the end of the previous fiscal year, with operating revenue at 120.6% and ordinary income at 232.9% of the previous fiscal year's levels. The effect of market volatility on performance continued to materialize. - FY2018-Q3MaterialisedAnnual report
「Ultimately, at the end of the cumulative third quarter, the Nikkei Stock Average closed at ¥22,764.94, up 20.4% from the end of March 2017.」
A temporary appreciation of the yen and decline in equity prices occurred because of geopolitical risks, followed by a rise in the equity market. Against the backdrop of the market rise, operating revenue was 128.7% and ordinary income 338.4% of the corresponding figures for the previous year, indicating that fluctuations in the equity and other markets actually affected performance. - FY2018-Q2MaterialisedAnnual report
「Accordingly, the Company's results of operations were significantly affected by fluctuations in the equity and other markets.」
The yen appreciated and equity prices fell in connection with North Korea's hydrogen bomb test and other events, followed by a recovery. The Nikkei Stock Average rose 7.7% from the end of March 2017. Amid market volatility, operating revenue was 129.3% and ordinary income 943.4% of the corresponding figures for the previous year, indicating that the impact on performance actually materialized. - FY2018-Q1MaterialisedAnnual report
「Ultimately, at the end of the cumulative first quarter, the Nikkei Stock Average closed at ¥20,033.43, up 5.9% from the end of March 2017.」
While geopolitical risks and uncertainty over US policy were evident, the domestic equity market recovered, with operating revenue at 128.3% and ordinary income at 430.5% of the corresponding figures for the previous year. The effect of fluctuations in the equity and other markets on results of operations continued to materialize. - FY2017MaterialisedAnnual report
「During the fiscal year, the domestic equity market was hit by two major bouts of turmoil originating overseas: the June referendum in the UK on leaving the European Union (EU) and the US presidential election in November.」
Market volatility actually occurred, affecting revenue items, as sales of investment trusts and commissions received declined while trading income and losses increased. - FY2017-Q3MaterialisedAnnual report
「Accordingly, the Company's results of operations were significantly affected by fluctuations in the equity and other markets.」
While the Nikkei Stock Average rose 14.1% from the end of March 2016 following the rally in markets after the US presidential election, operating revenue was 92.7%, ordinary income 58.8%, and net income for the quarter 29.3% of the corresponding figures for the previous year, indicating that market volatility actually affected results of operations. - FY2017-Q2MaterialisedAnnual report
「The domestic equity market was held back by the stronger yen and recovered more slowly than other major markets. As a result, at the end of the cumulative second quarter, the Nikkei Stock Average closed at ¥16,449.84, down 1.8% from the end of March 2016. Accordingly, the Company's results of operations were significantly affected by fluctuations in the equity and other markets.」
Against a backdrop of the stronger yen and weak equity markets, operating revenue was 86.0%, ordinary income 15.4%, and net income for the quarter 11.7% of the corresponding figures for the previous year, indicating that market volatility continued to affect performance in practice. - FY2017-Q1MaterialisedAnnual report
「Following the victory of the Leave campaign in the UK referendum held on 23 June, financial markets experienced turmoil worldwide. Combined with a risk-off appreciation of the yen, this led the Nikkei Stock Average to suffer a sharp decline during the same week (20–24 June), ranking it second worst among the world's 25 major stock indexes.」
Following the market plunge after the UK referendum, the Nikkei Stock Average fell 7.1% from the end of the previous fiscal year, while operating revenue was 79.6%, ordinary income 22.1%, and net income for the quarter 25.5% of the corresponding figures for the previous year. The disclosure states that market volatility actually affected performance. - FY2016First statedAnnual report
「The Company's principal sources of revenue, commissions received and trading income and losses, are significantly affected by fluctuations in equity and foreign exchange markets. Accordingly, if markets stagnate because of deteriorating corporate performance or domestic and overseas political and economic conditions, the Company's performance may fluctuate significantly.」
Against a backdrop of market corrections, operating revenue was 87.0% of the previous fiscal year's level and ordinary income was 43.5% of the previous fiscal year's level, indicating that the performance volatility associated with this risk was described in the text.