Investor Presentaiton
Market Situation
1. Summary
2. How to Increase
Corporate Value
3. Appendix
4. Financial Data
Financial Results
Asset
Management
Σ Business
Governance
In FY2024/3 H1, main risk factors such as domestic and foreign interest rates exceeded expectations* due to a number of issues,
such as trends in monetary policy in U.S. and Japan.
Domestic and Foreign Interest Rates / Dollar Funding Cost
* Assumptions at the time of formulating the FY2024/3 earnings forecast
US IG and HY Spread / US Dollar/Yen
(%)
1.8
1.5
1.2
0.9
Actuals
0.6
20-year JGB
10-year JGB
0.3
0.0
End
Mar.
(%)
22
7.0
6.0
WA UO
5.0
5-year UST
4.0
Assumptions*
(Ref.) Mid-term Plan
1.72 (23/10)
1/48
(bp)
600
500
Actuals
400
0.95 (23/10)
0.77
300
US HY spread
200
Assumptions*
394
(Ref.) Mid-term Plan
437 (23/10)
121 129 (23/10)
100
US IG spread
0
End
End
End
End
End
Dec.
Mar.
Jun.
Sep.
Dec.
22
23
23
23
23
End
Mar.
24
End
End
End
End
End
End
End
Mar.
Dec.
Mar.
Jun.
Sep.
Dec.
Mar.
22
22
23
23
23
23
24
(dollar/yen)
170
6.06 6.00 (23/10)
160
4.85 (23/10)
150 150 (23/10)
150
4.61
140
130
US dollar/yen
120
110
100
End
End
End
End
End
End
End
Dec.
Mar.
Jun.
Sep.
Dec.
Mar.
Mar.
22
23
23
23
23
24
22
End
End
End
End
End
End
Dec.
Mar.
Jun.
Sep.
Dec.
Mar.
22
23
23
23
23
24
3.0
2.0
Dollar funding cost (3M)
120
1.0
0.0
End
Mar.
22
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