ANNUAL REPORT 2012
8/24

Investment EnvironmentAt the beginning of fiscal 2011 the yield on 10-year Japanese Government Bonds—the prime indicator of domestic long-term interest rates—stood at 1.28%. From that point, the yield hovered above 1% at times, mainly due to concerns about worsening public finances due to the recovery effort from the Great East Japan Earthquake. Nevertheless, the yield ended the fiscal year at 0.98%.In the domestic stock market, the Nikkei 225 Average started fiscal 2011 at ¥9,708.39. It then declined to ¥8,160.01 in November, reflecting concerns about the European debt crisis and the yen’s appreciation in foreign exchange markets. Thereafter, the domestic stock market picked up mainly on the back of buoyant U.S. stock markets and a weaker yen. As a result, the stock index ended the fiscal year at ¥10,083.56.On the foreign exchange markets, the yen stood at ¥83.48/$1 at the start of fiscal 2011. From there the dollar strengthened against a weaker yen, because of speculation about the possible ending of the U.S.’ monetary easing policy. Thereafter, the yen was bought over concerns about the European debt crisis and a U.S. economic slowdown, pushing the yen to a record post-war high of ¥75.98 against the dollar in October. The yen then returned to the upper ¥70 range mainly as a result of intervention by the Bank of Japan in the currency exchange market. The yen weakened further against the dollar, reflecting improved U.S. economic indicators and the Bank of Japan’s monetary easing policy, among other factors. Consequently, the exchange rate ended the fiscal year at ¥82.19/$1.March 31, 2011March 31, 2012Long-term interest rates (10-year JGB yield)1.25%0.98%Stock market (Nikkei 225 Average)¥9,755.10¥10,083.56Foreign exchange market (¥/$ rate)¥83.15¥82.19JGB: Japanese Government BondInvestment PolicyThe majority of our investments of funds are in long-term, fixed-income 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 liability, 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 bonds and loans to companies with sound financial positions. In parallel, we are reinforcing our investment in stocks, foreign-currency-denominated bonds and other equities, and are adjusting our portfolio to improve the soundness of our assets and raise investment profitability.Working Assets (¥ Trillion)Breakdown of Working AssetsASSET MANAGEMENT Highlights of Investment in FY201150402030100Fiscal Year200720082009201042.141.242.744.045.72011n Securities92.7% n Public and corporate bonds86.3% n Foreign securities3.7% n Equities2.1% n Other securities0.6%n Loans receivable4.6%n Cash, bank deposits, and call loans0.6%n Real estate investments0.7%n Miscellaneous items1.4%06 ANNUAL REPORT 2012

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