We would like to sincerely thank all our stakeholders for supporting the day-to-day operations of The Norinchukin Bank (“the Bank”).
In fiscal 2025, the global economy remained highly uncertain, as inflation continued to slow and policy interest rate cuts continued in Europe and the United States, while uncertainty over trade policy and heightened geopolitical risks persisted. Looking at the domestic economy, amid gradual progress in the Bank of Japan’s normalization of monetary policy, long-term interest rates trended upward amid concerns over rising prices against the backdrop of trade and fiscal policies and the situation in the Middle East, while the foreign exchange market remained highly volatile. Amid these conditions, the environment surrounding domestic agriculture remains extremely challenging due to factors including the decline in the number of AFF producers, climate change, and rising production costs, such as the sharp increase in fuel and materials prices resulting from unstable global conditions. On the other hand, precisely because of these unstable conditions, there is now even greater interest than ever in the future direction of Japan’s agriculture, forestry, and fisheries industries from perspectives such as “food security” and “sustainability.”
Together with the JA, JF, and JForest Groups, the Bank will continue to provide the fullest possible support to farmers, fishermen, foresters, and other stakeholders while fulfilling roles and functions unique to cooperatives, and contribute to the sustainable development of the agriculture, forestry, and fisheries industries.
Finally, we ask for your continued support of JA Bank, JF Marine Bank, JForest Group, and the Bank.
July 2026