No evidence of return commensurate with a Sharp ratio of 0.3...

There is no evidence of returns matching the risk of a Sharp Corp ratio of 0.3.

Reasons for the sharp drop since 2022.

Due to the significant drop in benchmark prices following the rise in overseas bond interest rates, lack of upward movement with high stakes in exchange hedge – the reason for the losses for Nomura, Shinwa, and Chukin.

Possibility of upward movement.

Due to the overseas interest rate cut leading to bond price increase, the reduction in the domestic and foreign interest rate spread may result in lowering exchange rate hedge costs.

There may be concerns about the rise in domestic bond interest rates, but those who buy from now on may be rewarded.