Annual Report 2010
10/24

Investment EnvironmentAt the beginning of fiscal 2009 the yield on 10-year Japanese Government Bonds (JGBs)—the prime indicator of domestic long-term interest rates—stood at 1.33%. From that point, the yield followed an upward path as the stock market rose in anticipation that the economy had bottomed out, reaching 1.55% in June. Subsequently, the 10-year JGB yield fell to 1.21% by December, in line with fears that financial deterioration and other concerns would cause rates to rise, coupled with the impact of trends in the stock market and the U.S. bond market. Despite this downturn, the yield ended the fiscal year at 1.39%. In the domestic stock market scene, the Nikkei 225 Average started off fiscal 2009 at ¥8,351.91, its lowest point for the year, but rose steadily as the Japanese and U.S. economies showed signs of recovery. Although stock market prices dipped lower during the year under pressure from the strong yen, the Nikkei rebounded to end the year at ¥11,089.94. This growth largely reflected expectations for recovery in the corporate sector and U.S. stock market growth. On the foreign exchange markets, the yen stood at ¥98.89/$1 at the start of fiscal 2009. The yen would subsequently weaken to ¥100.77/$1 in April, largely amid concerns over uncertainty surrounding the Japanese economy. The dollar was later hit by downward revisions to the U.S. economy outlook and other factors, causing the yen to surge to ¥86.30/$1 in November. However, additional financial deregulation measures by the Bank of Japan against a backdrop of high U.S. stock market prices versus the start of the year caused the yen’s value to fall back to ¥93.04/$1 by the fiscal year-end.March 31, 2009March 31, 2010Long-term interest rates (10-year JGB yield)1.34%1.39%Stock market (Nikkei 225 Average)¥8,109.53¥11,089.94Foreign exchange market (¥/$ rate)¥98.23¥93.04Investment PolicyThe majority of our investments of funds are in long-term, fixed-interest financial products. In view of these circumstances, we have adopted a medium-to-long-term approach to investment in accordance with accounting standards and characteristics of debt, centered on bonds meeting the requirements for liability reserve, with the aim of securing stable earnings over the long term. Specifically, to secure and enhance stable earnings over the long term, we focus our investment on yen-denominated Working Assets (¥ Trillion)Breakdown of Working AssetsASSET MANAGEMENT Highlights of Investment in FY200950402030100Fiscal Year2005200620072008200942.443.042.141.242.7n Securities90.3% n Public and corporate bonds82.7% n Foreign securities4.6% n Equities2.4% n Other securities0.7%n Loans receivable6.3%n Cash, bank deposits, and call loans1.1%n Real estate investments0.6%n Miscellaneous items1.7%08 ANNUAL REPORT 2010

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