English to Japanese: Fund Report 2 (Bond Fund) 債券ファンド 運用報告書 General field: Bus/Financial Detailed field: Finance (general)
Source text - English Bond Fund – USD (Fund performance report)
The fund delivered a positive absolute return in August and outperformed its benchmark.
Thanks to the neutral duration strategy, the portfolio was not exposed to any active duration risk.
The curve position (bullet) enhanced relative value slightly, despite little change in the yield curve.
Within the sector strategy, the underweight to US agencies versus the overweight to the high-grade public sector added to relative performance.
Corporate exposure added to relative return, mainly due to an overweight in financials.
US Treasuries had a positive month in August yields ending the month 5 to 15bp lower across the yield curve after a rise in early month. The two year Treasury note yield dipped 12bp to 1,0%, the ten year benchmark rate dropped 10 bp to 3.43% and also at the long end of the curve yields closed down 14bp at 4.21%. The yield curve hence was little changed with 2/10s edging 5bp wider to 243bp while 10/30s narrowed 5bp to 78bp. High Grade public bond spreads narrowed further by 10bp to 72bp over US Treasuries. Furthermore Investment Grade Corporate spreads tightened, albeit at a slower pace, for the 5 th month in a row shedding another 18bp and closing at 237bp as risk appetite remained unabated.
Incoming data indicates the economy is due for expansion as the manufacuring ISM signalled expansion in August.
CPI inflation is declining at -2.1% on the year, with core measures all slowing but still comfortably above zero. The Fed Funds remains unchanged 0 - 0.25%. Quantitative credit easing continues but is not expanding amid signs the Fed may feel it has done enough.
The fund is positioned with a neutral duration as yields have traded in a range recently while the forces of deflation continue to square off against Treasury supply and longer-term inflation expectations. We will continue to hold an overweight position in TIPS although we are expecting recent inflation expectations to subside with the realisation that, after a stimulus-fuelled burst, economic growth will be muted at best. We are underweight to US agency exposure and prefer high-grade public and collateralised debt. We maintain our overweight to investment-grade corporates and continue to favour financials over industrials.
Japanese to English: Financial Disclosure （決算短信） General field: Bus/Financial Detailed field: Finance (general)
Source text - Japanese ・当年度においては、当社のXXXの収益及び既存ビルの賃料改定等が寄与したほか、連結子会社であるXXXやXXXの収益が新たに寄与したことから、建物賃貸収益は増収となりました。また、ビル運営管理受託収益も管理受託面積の増加により増収となりました。
Translation - English ・For the fiscal year under review, revenue from operations of building leasing increased owing not only to the contribution by the revenue from the "XXX" and by the upward revisions to rental rates applicable to existing buildings, but also to the contribution by the revenues from newly consolidated subsidiaries such as XXX and XXX. The contracted property management revenue also increased, due to expanded floor space under contracted management.
・As a result, the total revenue from operations of this segment increased XXX from the previous fiscal year to XXX, while operating income increased XXX year on year to XXX.
Japanese to English: Annual Report （Financial Notes） アニュアルレポート（財務・注釈） General field: Bus/Financial Detailed field: Accounting
Source text - Japanese 退職給付引当金
Translation - English Provision for retirement benefits
To provide for the employees' retirement benefits, provision for retirement benefits is recorded based on the projected retirement benefit obligations of the fiscal year under review.
Unrecognized difference at change of accounting standard is to be charged to expenses using a straight-line method for 15 years starting from fiscal year 2000.
Actuarial differences are to be charged to expenses from the following fiscal year using a straight-line method based on the average remaining service years of the employees when the differences occurred.
Japanese to English: Notice of General Meeting of Shareholders (株主総会招集通知) General field: Law/Patents Detailed field: Law (general)
Source text - Japanese なお、当日ご出席願えない場合は、書面によって議決権を行使することができますので、お手数ながら後記の株主総会参考書類をご検討くださいまして、同封の議決権行使書用紙に賛否をご表示いただき、平成19年3月27日（火曜日）午後５時までに到着するようご送付くださいますようお願い申し上げます。
Translation - English If you are unable to attend the meeting, you can exercise your voting rights by paper ballot. Please review the Reference Documents for the General Meeting of Shareholders and return the enclosed Voting Rights Exercise Form with your vote by mail to reach us by 5:00 PM, Tuesday, March 27, 2007.
Japanese to English: NDA General field: Law/Patents Detailed field: Law: Contract(s)
Translation - English Non-Disclosure Agreement (a proposal)
ABC Corporation (hereafter referred to as "the Corporation") and XYZ Corporation (hereafter
referred to as "XYZ") hereby agree as follows, in regard with the handling of the information
which the Corporation will disclose to XYZ.
Article 1 (Definition)
(1)The purpose of disclosure:
Examine whether or not the fact that the Corporation which has
subcontracted to ABC Company Limited to manufacture as a
subcontractor batteries that are delivered to DEF Corporation
corresponds to the term "subcontract manufacturing" as stipulated in
Article No.2 (in parentheses) in the agreement related to batteries
concluded on November 28th, 2008 between the Corporation and XYZ.
All information which the Corporation will disclose to XYZ during the
term of this Agreement regardless of the means of transmission whether
orally, in writing, through electronic method, or any other forms, shall
Article 2 (Disclosure and use of the confidential information)
1. The Corporation during the term of this Agreement will disclose at its discretion
"confidential information" to XYZ within the range the Corporation deems necessary or
useful for "the purpose of disclosure".
2. XYZ shall not use or take advantage of "confidential information" disclosed by the
Corporation other than for "the purpose of disclosure".
3. XYZ may disclose "confidential information" only to its board members and employees to
whom it is necessary to do so for "the purpose of disclosure”.
Article 3 (Preservation of confidentiality)
1. XYZ can not disclose nor leak "confidential information" to any third party without prior
written authorization from the Corporation, unless XYZ can prove by documented
evidence that one of the following clauses is satisfied.
(1)Information that had been publicly known prior to its disclosure.
(2)Information that became publicly known after its disclosure without violation of this
Agreement by XYZ.
(3)Information that the Corporation agreed in writing to exclude from "confidential
information" after the conclusion of this Agreement.
(4)Information that had been in possession of XYZ prior to its disclosure.
(5)Information that XYZ has developed on its own without depending upon
"confidential information" disclosed by the Corporation.
(6)Information that XYZ has legitimately obtained from a third party that was under no
obligation to preserve confidentiality.
2. XYZ shall impose the obligation to preserve confidentiality stipulated in this Agreement
upon its board members and employees to whom "confidential information" disclosed by
the Corporation will be disclosed.
3. XYZ, without prior written authorization from the Corporation, shall not copy, duplicate,
or alter any document or media related to the confidential information disclosed by the
XYZ shall clearly distinguish all documents and media related to "confidential
information" disclosed by the Corporation, their copies and duplicates included, from
other materials and articles and shall keep them under due care of a prudent manager.
Article 4 (Return of confidential information)
XYZ shall, in accordance with instructions by the Corporation, return to the Corporation or
dispose of all the documents and media related to "confidential information", copies and
duplicates included, as soon as possible, provided that "confidential information" disclosed by
the Corporation becomes unnecessary for the purpose of disclosure, or that there is a demand
from the Corporation to do so, or that this Agreement has expired or been terminated.
Article 5 (Belonging)
All "confidential information" that the Corporation will disclose belongs to the Corporation
and the disclosure of "confidential information" to XYZ does not mean transfer of the patents,
the copyrights, or any other intellectual properties from the Corporation to XYZ, nor the
Corporation's consent for XYZ to use them without approval.
Article 6 (Prohibition of transfer)
Neither the Corporation nor XYZ can, without prior written consent from the other party,
transfer to a third party all or part of the rights or the obligations herein set out in this
Article 7 (Accident report)
1. If XYZ leaks the "confidential information", or processes, uses, copies or reproduces
"confidential information" for a purpose beyond or other than for "the purpose of
disclosure" (hereafter referred to as “leakage and the like”), XYZ shall immediately report
to the Corporation regarding the leakage and the like.
2. In case of "leakage and the like", XYZ shall immediately investigate and make a report(s)
on all the matters required by the Corporation, and further shall, in accordance with
instructions by the Corporation, take a measure(s) to prevent "leakage and the like" and to
stop the use other than for "the purpose of disclosure".
3. In case of "leakage and the like", XYZ shall disclose to the public the fact(s) related to the
"leakage and the like" by the method, at the time, and with the contents which the
Article 8 (Compensation for damages)
If XYZ deals significant damage to the Corporation by leakage and the like or by violating
either of articles in this Agreement, then XYZ shall compensate the Corporation for the
damages, which include the indirect damage of imputed loss of income, the damage caused by
the loss of reputation, and the expenses which have been incurred at the Corporation for
coping with the matter in house as well as outside of company.
Article 9 (Termination of this agreement)
In case that XYZ violates either of the articles in this Agreement or that XYZ is deemed to
have little possibility of fulfilling this Agreement, the Corporation can terminate all or a part
of this Agreement, provided that the Corporation gives XYZ a warning and that XYZ does not
take a corrective action within 30 days after the warning.
Article 10 (Valid term)
The valid term of this Agreement is 90 days from its conclusion and can be further extended
with mutual agreement by both parties. However, Article 2 (Clause 1 excluded) and Article 3,
4, 7, and 8 shall remain in effect even after termination or expiry of this Agreement.
Article 11 (Subject of discussion)
When there arises a matter not stipulated in this Agreement or a question or a conflict in
regard to interpretation of this agreement, both the Corporation and XYZ shall discuss the
problem sincerely to seek a solution.
The Corporation and XYZ shall make, sign and stamp two copies of this Agreement and each
party shall keep one copy as a proof of conclusion.
Other - Japan Interpreter Training School
Years of translation experience: 11. Registered at ProZ.com: Feb 2009. Became a member: Aug 2009.