Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our ratio of earnings to fixed charges, and the amount of fixed charge deficiency, for the five fiscal years ended March 31, 2009 and the six months ended September 30, 2009, in accordance with U.S. GAAP.

	Fiscal year ended March 31,												Six months ended September 30, 2009
	2005		2006		2007		2008			2009
	(Millions of yen)
Earnings:
Pre-tax income (loss) from continuing operations before adjustment for income or loss from equity investees	¥	197,189	¥	422,422	¥	265,135	¥	(75,327	)	¥	(774,731	)	¥	50,770
Add: Fixed charges		327,047		647,190		958,000		806,465			351,884			120,681
Distributed income of equity investees		1,665		2,900		3,093		10,035			7,307			4,713
Earnings as defined	¥	525,901	¥	1,072,512	¥	1,226,228	¥	741,173		¥	(415,540	)	¥	176,164
Fixed charges(1)	¥	327,047	¥	647,190	¥	958,000	¥	806,465		¥	351,884		¥	120,681
Ratio of earnings to fixed charges(2)		1.6		1.7		1.3		–			–			1.5

(1) Fixed charges consist of interest expense. Fixed charges exclude premium and discount amortization as well as interest expense, which are included in Net gain (loss) on trading. Fixed charges also exclude interest within rent expense, which is not significant.

(2) The earnings for the fiscal years ended March 31, 2008 and 2009 were insufficient to cover fixed charges. The coverage deficiencies for fixed charges for the fiscal years ended March 31, 2008 and 2009 were ¥65,292 million ¥767,424 million, respectively.