Risk of Sharp Changes in Stock Prices, Bond Prices, Interest Rates and Foreign Exchange Rates
First written in FY2016. 24 of 38 entries say "Materialised", first in FY2018-Q1. Latest entry: 2026-07-29.
Kyokuto Securities moved to the "Worse" side of this theme in 2017, 1 year after the typical company in this theme (2016).
The whole theme swung hardest in 2022: 7 of 11 companies on the "Worse" side.
3 other companies' latest entry also says "Restated".
- 2026-07-29RestatedEarnings
「In addition, sharp fluctuations in domestic and overseas financial product markets may result in substantial valuation gains or losses on the financial products held by the Company.」
Reconfirms the potential impact of sharp market movements on valuation gains or losses on financial products held by the Company as a reason for not disclosing earnings forecasts. - FY2026MaterialisedAnnual report
「Equity and other trading income was a loss of ¥88 million, compared with a loss of ¥92 million in the previous fiscal year, mainly due to equity futures trading.」
Regarding the risk of market price fluctuations associated with proprietary trading, a loss on equity and other trading income was also incurred in the current period. - 2026-04-24MaterialisedEarnings
「Trading income on shares and other securities was a loss of ¥88 million, compared with a loss of ¥92 million in the previous consolidated fiscal year. Trading income on bonds and other instruments was a gain of ¥2,545 million, down 27.2% year on year. Other trading income, mainly from foreign exchange derivatives, was a loss of ¥150 million, compared with a loss of ¥153 million in the previous consolidated fiscal year.」
Trading involving shares and other securities and foreign exchange derivatives generated losses, indicating the continued realization of risks associated with fluctuations in market prices, interest rates, and foreign exchange rates. - FY2026-H1MaterialisedAnnual report
「Equity and other trading income was a loss of ¥30 million, compared with a loss of ¥40 million in the same interim period of the previous year. Bond and other trading income was a profit of ¥1,607 million, down 24.7% from the same interim period of the previous year. Other trading income, primarily from foreign exchange derivatives, was a loss of ¥9 million, compared with a loss of ¥154 million in the same interim period of the previous year.」
Regarding risks related to fluctuations in market prices, interest rates and foreign exchange rates, losses were incurred in equity and other trading income and other trading income, primarily from foreign exchange derivatives. - FY2025MaterialisedAnnual report
「Equity and other trading income was a loss of ¥92 million, compared with income of ¥39 million in the previous fiscal year, mainly due to trading in Japanese equities.」
Regarding the risk of market price fluctuations associated with proprietary trading, equity and other trading income turned from a profit in the previous fiscal year into a ¥92 million loss. - FY2025-H1MaterialisedAnnual report
「Equity and other trading income was a loss of ¥40 million, compared with income of ¥20 million in the same interim period of the previous year. Bond and other trading income was a profit of ¥2,134 million, or 101.8% of the previous interim period's figure. Other trading income, primarily from foreign exchange derivatives, was a loss of ¥154 million, compared with a loss of ¥261 million in the same interim period of the previous year.」
Regarding risks related to fluctuations in market prices, interest rates and foreign exchange rates, losses were incurred in equity and other trading income and other trading income, primarily from foreign exchange derivatives. Although other losses narrowed from the same interim period of the previous year, losses associated with the risk continued to be reported. - FY2024-Q3MaterialisedAnnual report
「Other trading income, primarily from foreign exchange derivatives, was a loss of ¥216 million, compared with a loss of ¥344 million in the same period of the previous year.」
Other trading income related to market price and foreign exchange fluctuation risks resulted in a loss. Although the loss narrowed from the same period of the previous year, losses associated with the risk continued to be reported. - FY2024-Q2MaterialisedAnnual report
「Other trading income, primarily from foreign exchange derivatives, was a loss of ¥261 million, compared with a loss of ¥421 million in the same period of the previous year.」
Other trading income related to market price and foreign exchange fluctuation risks resulted in a ¥261 million loss, and losses associated with the risk continued to be reported. - FY2024-Q1MaterialisedAnnual report
「Other trading income, primarily from foreign exchange derivatives, was a loss of ¥201 million, compared with a loss of ¥361 million in the same period of the previous year.」
Other trading income related to market price and foreign exchange fluctuation risks resulted in a ¥201 million loss. Although the loss narrowed from the same period of the previous year, losses associated with the risk continued to be reported. - FY2023MaterialisedAnnual report
「Equity and other trading income was a loss of ¥154 million, compared with income of ¥132 million in the previous fiscal year, mainly due to trading in foreign equities.」
Regarding market price and foreign exchange fluctuation risks, equity and other trading income turned from a profit in the previous fiscal year into a ¥154 million loss. Other trading income was also a loss of ¥395 million. - FY2023-Q3MaterialisedAnnual report
「Equity and other trading income was a loss of ¥181 million, compared with income of ¥41 million in the same period of the previous year. Bond and other trading income was a profit of ¥1,213 million, or 45.0% year on year. Other trading income, primarily from foreign exchange derivatives, was a loss of ¥344 million, compared with a loss of ¥113 million in the same period of the previous year.」
Regarding risks related to market prices and foreign exchange fluctuations, equity and other trading income and other trading income, primarily from foreign exchange derivatives, were losses, as reflected in the results for the period. - FY2023-Q2MaterialisedAnnual report
「Equity and other trading income was a loss of ¥175 million, compared with income of ¥15 million in the same period of the previous year. Bond and other trading income was a profit of ¥852 million, or 45.4% year on year. Other trading income, primarily from foreign exchange derivatives, was a loss of ¥421 million, compared with a loss of ¥15 million in the same period of the previous year.」
Regarding risks related to market prices and foreign exchange fluctuations, equity and other trading income and other trading income, primarily from foreign exchange derivatives, were losses, as reflected in the results for the quarter. - FY2023-Q1MaterialisedAnnual report
「Equity and other trading income was a loss of ¥233 million, compared with income of ¥18 million in the same period of the previous year. Bond and other trading income was a profit of ¥764 million, or 76.7% year on year. Other trading income, primarily from foreign exchange derivatives, was a loss of ¥361 million, compared with income of ¥27 million in the same period of the previous year.」
Regarding risks related to market prices and foreign exchange fluctuations, equity and other trading income and other trading income, primarily from foreign exchange derivatives, were losses, with the risks reflected in the results for the quarter. - FY2022MaterialisedAnnual report
「Operating results for the period benefited from an increase in fees received as investment trust sales progressed steadily, but bond trading income declined because sales of foreign bonds to customers remained sluggish and the fair value of bonds held for the company's own account fell.」
Regarding risks related to fluctuations in market prices, interest rates and foreign exchange rates, the decline in the fair value of bonds held for the company's own account was reflected in the fiscal-year results as a decline in bond trading income. - FY2022-Q3MaterialisedAnnual report
「Sharp fluctuations in domestic and overseas financial product markets may also result in substantial valuation gains or losses on the financial instruments held by the company. Bonds and other instruments 2,921 △222 2,698 Other △276 163 △113 Total 2,667 △40 2,627」
The company continues to describe the risk that market shocks may magnify valuation gains or losses. For the cumulative third quarter, valuation gains and losses on bonds and other instruments were a loss of ¥222 million, while valuation gains and losses for trading overall were a loss of ¥40 million. - FY2022-Q2RestatedAnnual report
「In addition, sharp fluctuations in domestic and overseas financial product markets may result in substantial valuation gains or losses on the financial products held by the Company.」
The company reconfirmed the risk that sharp movements in domestic and overseas financial product markets may magnify valuation gains or losses on financial instruments held. For the cumulative second quarter, trading income was a profit of ¥1,876 million and valuation gains and losses were a profit of ¥15 million, with no new losses reported. - FY2022-Q1RestatedAnnual report
「In addition, sharp fluctuations in domestic and overseas financial product markets may result in substantial valuation gains or losses on the financial products held by the Company.」
The company reconfirmed the risk that sharp movements in domestic and overseas financial product markets may magnify valuation gains or losses on financial instruments held. - FY2021RestatedAnnual report
「In addition, sharp fluctuations in domestic and overseas financial product markets may result in substantial valuation gains or losses on the financial products held by the Company.」
The company continues to describe the risk that sharp movements in financial product markets may magnify valuation gains or losses on financial instruments held. - FY2021-Q3RestatedAnnual report
「In addition, sharp fluctuations in domestic and overseas financial product markets may result in substantial valuation gains or losses on the financial products held by the Company.」
The company reconfirmed the risk that sharp movements in domestic and overseas financial product markets may magnify valuation gains or losses on financial instruments held. For the cumulative third quarter, trading income was a profit of ¥4,629 million and total valuation gains and losses were a profit of ¥2,535 million, with no material change in the risk disclosure itself. - FY2021-Q2RestatedAnnual report
「In addition, sharp fluctuations in domestic and overseas financial product markets may result in substantial valuation gains or losses on the financial products held by the Company.」
The company reconfirmed the risk that sharp movements in domestic and overseas financial product markets may magnify valuation gains or losses on financial instruments held. Trading income was positive in the current period, but there was no material change in the risk disclosure itself. - FY2021-Q1RestatedAnnual report
「In addition, sharp fluctuations in domestic and overseas financial product markets may result in substantial valuation gains or losses on the financial products held by the Company.」
The company reconfirmed the risk that sharp movements in domestic and overseas financial product markets may magnify valuation gains or losses on financial instruments held. For the cumulative first quarter, trading income was a profit of ¥1,409 million and valuation gains and losses were a profit of ¥2,393 million, with no new losses reported. - FY2020WorsenedAnnual report
「Bond trading revenue declined substantially toward the end of the period, as the disruption in emerging-market bond markets associated with the global spread of COVID-19 and other factors resulted in substantial losses on bonds held for the company's own account.」
Market shock risk materialised in the form of disruption in emerging-market bond markets associated with COVID-19, resulting in substantial losses on bonds held for the company's own account. - FY2020-Q3MaterialisedAnnual report
「In addition, sharp fluctuations in domestic and overseas financial product markets may result in substantial valuation gains or losses on the financial products held by the Company.」
The company continues to describe the risk that market fluctuations may magnify valuation gains or losses. For the cumulative third quarter, total valuation gains and losses on trading income were negative ¥1,115 million. - FY2020-Q2MaterialisedAnnual report
「In addition, sharp fluctuations in domestic and overseas financial product markets may result in substantial valuation gains or losses on the financial products held by the Company.」
The company continues to describe the risk that market fluctuations may magnify valuation gains or losses. For the cumulative second quarter, valuation gains and losses were negative ¥1,335 million for bonds and other instruments and negative ¥1,394 million for trading overall, resulting in realised valuation losses. - FY2020-Q1RestatedAnnual report
「In addition, sharp fluctuations in domestic and overseas financial product markets may result in substantial valuation gains or losses on the financial products held by the Company.」
The company reconfirmed the risk that sharp movements in domestic and overseas financial product markets may magnify valuation gains or losses on financial instruments. Trading income for the quarter was positive for equities, bonds and other instruments, and no new losses related to this risk were reported. - FY2019MaterialisedAnnual report
「Equity and other trading income was a profit of ¥28 million, or 72.2% of the previous fiscal year's figure. Bond and other trading income was a profit of ¥2,999 million, or 107.7%. Other trading income, primarily from foreign exchange derivatives, was a loss of ¥347 million, compared with income of ¥213 million in the previous fiscal year.」
In market-related transactions, other trading income, primarily from foreign exchange derivatives, was a loss of ¥347 million, and market volatility risk was reflected in the fiscal-year results. - FY2019-Q3MaterialisedAnnual report
「In addition, sharp fluctuations in domestic and overseas financial product markets may result in substantial valuation gains or losses on the financial products held by the Company.」
While continuing to describe the possibility of valuation gains or losses arising from market fluctuations, the company reported a ¥42 million loss on equity and other trading income and a ¥272 million loss on other trading income, primarily from foreign exchange forward transactions, in the cumulative third quarter. Total valuation gains and losses on trading income were negative ¥1,655 million. The results show losses associated with market-related risks. - FY2019-Q2MaterialisedAnnual report
「Equity and other trading income was a profit of ¥23 million, compared with a loss of ¥30 million in the same period of the previous year. Bond and other trading income was a profit of ¥1,502 million, or 146.8% year on year. Other trading income, primarily from foreign exchange forward transactions, was a loss of ¥428 million, compared with income of ¥16 million in the same period of the previous year.」
In trading in market-related products, other trading income, primarily from foreign exchange forward transactions, was a loss of ¥428 million. Losses continued to be reported in connection with the risk that sharp fluctuations in financial product markets may result in substantial valuation gains or losses. - FY2019-Q1MaterialisedAnnual report
「Equity and other trading income was a profit of ¥30 million, compared with a loss of ¥20 million in the same period of the previous year. Bond and other trading income was a profit of ¥560 million, compared with a loss of ¥306 million in the same period of the previous year. Other trading income, primarily from foreign exchange forward transactions, was a loss of ¥208 million, compared with income of ¥54 million in the same period of the previous year.」
In trading in market-related products, other trading income was a loss of ¥208 million, and total valuation gains and losses were negative ¥526 million. Overall trading income, however, was a profit of ¥382 million. - FY2018MaterialisedAnnual report
「Bond and other trading income was a profit of ¥2,785 million, or 46.8%, as a ¥2,047 million loss was incurred on corporate bonds issued by Takata Corporation, which had a carrying amount of ¥2,306 million on the consolidated balance sheet at the end of the previous consolidated fiscal year.」
A ¥2,047 million loss was incurred on Takata corporate bonds in proprietary bond and other trading, and the impact of market price and credit fluctuations continued to be reflected in the fiscal-year results. - FY2018-Q3MaterialisedAnnual report
「Equity and other trading income was a loss of ¥6 million, compared with income of ¥64 million in the same period of the previous year. Bond and other trading income was limited to a profit of ¥1,874 million, or 39.7% year on year, due in part to losses on corporate bonds issued by Takata Corporation.」
Regarding risks related to price and credit fluctuations in market instruments, equity and other trading income turned from a profit in the same period of the previous year into a ¥6 million loss, and the impact of losses on Takata corporate bonds continued to be reported. - FY2018-Q2MaterialisedAnnual report
「Equity and other trading income was a loss of ¥30 million, compared with income of ¥66 million in the same period of the previous year. Bond and other trading income was limited to a profit of ¥1,023 million, or 33.7% year on year, due in part to losses on corporate bonds issued by Takata Corporation.」
Regarding risks related to fluctuations in market instrument prices, equity and other trading income turned from a profit in the same period of the previous year into a ¥30 million loss, and losses on Takata corporate bonds also affected performance. - FY2018-Q1MaterialisedAnnual report
「Bond and other trading income was a loss of ¥306 million, compared with income of ¥1,352 million in the same period of the previous year, as a ¥1,751 million loss was incurred on corporate bonds issued by Takata Corporation, which had a carrying amount of ¥2,306 million on the consolidated balance sheet at the end of the previous consolidated fiscal year.」
A ¥1,751 million loss was incurred on Takata corporate bonds in proprietary bond and other trading, turning total trading income from a profit in the same period of the previous year into a loss. The company provided a specific example of losses related to fluctuations in market instrument prices, including bond prices. - FY2017RestatedAnnual report
「As our group conducts trading in shares, bonds and other instruments for its own account, sharp fluctuations in share prices, bond prices, interest rates, foreign exchange rates and other market instrument prices may result in losses and affect our operating results and financial position.」
The company continues to disclose the risk of sharp fluctuations in share prices, bond prices, interest rates, foreign exchange rates and other market prices associated with proprietary trading. - FY2017-Q3RestatedAnnual report
「As a result, sharp fluctuations in the foreign exchange and other markets may generate substantial valuation gains or losses over a very short period.」
The company reiterates that the temporary holding and investment of foreign-currency-denominated foreign bonds and other instruments may generate substantial valuation gains or losses over a short period due to sharp movements in the foreign exchange and other markets. - FY2017-Q2RestatedAnnual report
「As a result, sharp fluctuations in the foreign exchange and other markets may generate substantial valuation gains or losses over a very short period.」
The company reiterates that the temporary holding and investment of foreign-currency-denominated foreign bonds and other instruments may generate substantial valuation gains or losses over a short period during sharp movements in the foreign exchange and other markets. - FY2017-Q1RestatedAnnual report
「As a result, sharp fluctuations in the foreign exchange and other markets may generate substantial valuation gains or losses over a very short period.」
The company reiterates the market volatility risk and specifically explains the risk of valuation gains or losses arising from the temporary holding and investment of foreign-currency-denominated foreign bonds and other instruments during sharp exchange-rate movements. - FY2016First statedAnnual report
「As our group conducts trading involving market risk for its own account, sharp fluctuations in share prices, bond prices, interest rates, foreign exchange rates and other market instrument prices may result in losses and affect our operating results and financial position.」
The company discloses the risk of market price fluctuations associated with proprietary trading. In the current period, equity trading income turned from a profit in the previous period into a ¥40 million loss, while bond trading income also declined.