Fair value measurements (Tables)

6 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Fair value of financial assets and financial liabilities measured on recurring basis

	Billions of yen
	March 31, 2014
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting(1)			Balance as of March 31, 2014
Assets:
Trading assets and private equity investments(2)
Equities(3)	¥	2,176	¥	655	¥	68	¥	—		¥	2,899
Private equity investments(3)		—		—		42		—			42
Japanese government securities		2,587		—		—		—			2,587
Japanese agency and municipal securities		—		192		—		—			192
Foreign government, agency and municipal securities		4,615		1,378		26		—			6,019
Bank and corporate debt securities and loans for trading purposes		—		1,735		116		—			1,851
Commercial mortgage-backed securities (“CMBS”)		—		156		3		—			159
Residential mortgage-backed securities (“RMBS”)		—		2,221		3		—			2,224
Real estate-backed securities		—		—		0		—			0
Collateralized debt obligations (“CDOs”) and other(4)		—		170		13		—			183
Investment trust funds and other		136		87		30		—			253
Total trading assets and private equity investments		9,514		6,594		301		—			16,409
Derivative assets(5)
Equity contracts		750		1,102		70		—			1,922
Interest rate contracts		11		19,398		112		—			19,521
Credit contracts		4		1,268		42		—			1,314
Foreign exchange contracts		—		3,293		19		—			3,312
Commodity contracts		0		0		0		—			0
Netting		—		—		—		(23,764	)		(23,764	)
Total derivative assets		765		25,061		243		(23,764	)		2,305
Subtotal	¥	10,279	¥	31,655	¥	544	¥	(23,764	)	¥	18,714
Loans and receivables(6)		—		280		26		—			306
Collateralized agreements(7)		—		1,087		—		—			1,087
Other assets
Non-trading debt securities		406		615		3		—			1,024
Other(3)		358		94		56		—			508
Total	¥	11,043	¥	33,731	¥	629	¥	(23,764	)	¥	21,639
Liabilities:
Trading liabilities
Equities	¥	774	¥	132	¥	1	¥	—		¥	907
Japanese government securities		3,046		—		—		—			3,046
Foreign government, agency and municipal securities		3,831		688		—		—			4,519
Bank and corporate debt securities		—		396		0		—			396
Residential mortgage-backed securities (“RMBS”)		—		1		—		—			1
Collateralized debt obligations (“CDOs”) and other(4)		—		0		—		—			0
Investment trust funds and other		76		12		—		—			88
Total trading liabilities		7,727		1,229		1		—			8,957
Derivative liabilities(5)
Equity contracts		827		1,368		59		—			2,254
Interest rate contracts		10		19,142		151		—			19,303
Credit contracts		4		1,582		37		—			1,623
Foreign exchange contracts		—		2,926		14		—			2,940
Commodity contracts		0		0		0		—			0
Netting		—		—		—		(24,030	)		(24,030	)
Total derivative liabilities		841		25,018		261		(24,030	)		2,090
Subtotal	¥	8,568	¥	26,247	¥	262	¥	(24,030	)	¥	11,047
Short-term borrowings(8)		—		46		3		—			49
Payables and deposits(9)		—		0		0		—			0
Collateralized financing(7)		—		530		—		—			530
Long-term borrowings(8)(10)(11)		134		1,439		394		—			1,967
Other liabilities(12)		152		86		—		—			238
Total	¥	8,854	¥	28,348	¥	659	¥	(24,030	)	¥	13,831

	Billions of yen
	September 30, 2014
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting(1)			Balance as of September  30, 2014
Assets:
Trading assets and private equity investments(2)
Equities(3)	¥	1,794	¥	912	¥	42	¥	—		¥	2,748
Private equity investments(3)		—		—		45		—			45
Japanese government securities		3,241		—		—		—			3,241
Japanese agency and municipal securities		—		168		0		—			168
Foreign government, agency and municipal securities		4,920		1,502		11		—			6,433
Bank and corporate debt securities and loans for trading purposes		—		2,116		115		—			2,231
Commercial mortgage-backed securities (“CMBS”)		—		143		3		—			146
Residential mortgage-backed securities (“RMBS”)		—		2,130		1		—			2,131
Real estate-backed securities		—		29		0		—			29
Collateralized debt obligations (“CDO”) and other(4)		—		194		29		—			223
Investment trust funds and other		475		71		18		—			564
Total trading assets and private equity investments		10,430		7,265		264		—			17,959
Derivative assets(5)
Equity contracts		784		1,212		53		—			2,049
Interest rate contracts		21		24,023		87		—			24,131
Credit contracts		5		1,069		35		—			1,109
Foreign exchange contracts		0		4,843		18		—			4,861
Commodity contracts		0		0		0		—			0
Netting		—		—		—		(30,054	)		(30,054	)
Total derivative assets		810		31,147		193		(30,054	)		2,096
Subtotal	¥	11,240	¥	38,412	¥	457	¥	(30,054	)	¥	20,055
Loans and receivables(6)		—		258		27		—			285
Collateralized agreements(7)		—		984		—		—			984
Other assets
Non-trading debt securities		366		601		0		—			967
Other(3)		347		52		56		—			455
Total	¥	11,953	¥	40,307	¥	540	¥	(30,054	)	¥	22,746
Liabilities:
Trading liabilities
Equities	¥	870	¥	195	¥	1	¥	—		¥	1,066
Japanese government securities		2,894		—		—		—			2,894
Foreign government, agency and municipal securities		3,873		771		—		—			4,644
Bank and corporate debt securities		—		432		0		—			432
Residential mortgage-backed securities (“RMBS”)		—		3		—		—			3
Collateralized debt obligations (“CDO”) and other(4)		—		1		1		—			2
Investment trust funds and other		79		12		—		—			91
Total trading liabilities		7,716		1,414		2		—			9,132
Derivative liabilities(5)
Equity contracts		759		1,348		61		—			2,168
Interest rate contracts		9		23,696		139		—			23,844
Credit contracts		4		1,417		31		—			1,452
Foreign exchange contracts		0		4,425		16		—			4,441
Commodity contracts		0		0		0		—			0
Netting		—		—		—		(30,155	)		(30,155	)
Total derivative liabilities		772		30,886		247		(30,155	)		1,750
Subtotal	¥	8,488	¥	32,300	¥	249	¥	(30,155	)	¥	10,882
Short-term borrowings(8)		—		35		2		—			37
Payables and deposits(9)		—		0		0		—			0
Collateralized financing(7)		—		536		—		—			536
Long-term borrowings(8)(10)(11)		113		1,835		439		—			2,387
Other liabilities(12)		142		43		—		—			185
Total	¥	8,743	¥	34,749	¥	690	¥	(30,155	)	¥	14,027

(1) Represents the amount offset under counterparty netting of derivative assets and liabilities as well as cash collateral netting against net derivatives.

(2) Includes investments in certain funds measured at fair value on the basis of NAV per share as a practical expedient.

(3) Includes equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the fair value option.

(4) Includes collateralized loan obligations (“CLOs”) and asset-backed securities (“ABS”) such as those secured on credit card loans, auto loans and student loans.

(5) Each derivative classification includes derivatives referencing multiple risk components. For example, interest rate contracts include complex derivatives referencing interest rate risk as well as foreign exchange risk or other factors such as prepayment rates. Credit contracts include credit default swaps as well as derivatives referencing corporate and government debt securities.

(6) Includes loans for which the fair value option is elected.

(7) Includes collateralized agreements or collateralized financing for which the fair value option is elected.

(8) Includes structured notes for which the fair value option is elected.

(9) Includes embedded derivatives bifurcated from deposits received at banks. If unrealized gains are greater than unrealized losses, deposits are reduced by the excess amount.

(10) Includes embedded derivatives bifurcated from issued structured notes. If unrealized gains are greater than unrealized losses, borrowings are reduced by the excess amount.

(11) Includes liabilities recognized from secured financing transactions that are accounted for as financings rather than sales. Nomura elected the fair value option for these liabilities.

(12) Includes loan commitments for which the fair value option is elected.

Schedule of quantitative information regarding significant unobservable inputs and assumptions for certain level 3 financial instruments

	March 31, 2014
Financial Instrument	Fair value in billions of yen		Valuation technique(s)	Significant unobservable inputs	Range of valuation inputs(1)	Weighted Average(2)
Assets:
Trading assets and private equity investments
Equities	¥	68	DCF	Liquidity discounts	11.0 – 50.0%	18.1%
			DCM	Capitalization rates	6.8 – 6.9%	6.8%
Private equity investments		42	Market multiples	EV/EBITDA ratios Price/Embedded value ratios Liquidity discounts	4.5 – 11.6 x 0.4 x 0.0 – 33.0%	10.0 x 0.4 x 30.5%
Foreign government, agency and municipal securities		26	DCF	Credit spreads	0.0 – 5.9%	0.5%
Bank and corporate debt securities and loans for trading purposes		116	DCF	Credit spreads Recovery rates	0.0 – 26.6% 0.0 – 74.0%	4.7% 57.1%
Commercial mortgage-backed securities (“CMBS”)		3	DCF	Yields	6.2 – 30.4%	10.1%
Residential mortgage-backed securities (“RMBS”)		3	DCF	Yields Prepayment rates Default probabilities Loss severities	0.3 – 10.7% 3.8 – 50.0% 0.0 – 2.0% 0.1 – 87.2%	3.7% 12.8% 2.0% 51.2%
Collateralized debt obligations (“CDOs”) and other		13	DCF	Yields Prepayment rates Default probabilities Loss severities	0.0 – 90.9% 0.0 – 20.0% 1.0 – 65.0% 30.0 – 100.0%	11.1% 18.5% 3.2% 47.9%
Investment trust funds and other		30	DCF	Credit spreads Correlations	0.0 – 3.5% 0.50 – 0.71	0.1% 0.61

	March 31, 2014
Financial Instrument	Fair value in billions of yen			Valuation technique(s)	Significant unobservable inputs	Range of valuation inputs(1)	Weighted Average(2)
Derivatives, net:
Equity contracts		11		Option models	Dividend yield Volatilities Correlations	0.0 – 8.2% 6.9 – 59.9% (0.96) – 0.95	—   —   —
Interest rate contracts		(39	)	DCF/ Option models	Interest rates	0.7 – 5.2%	—
				Option models	Volatilities Correlations	10.6 – 23.5% (0.45) – 0.99	—   —
Credit contracts		5		DCF/ Option models	Credit spreads Recovery rates	0.0 – 20.9% 20.0 – 90.0%	—   —
				Option models	Volatilities Correlations	1.0 – 70.0% 0.26 – 0.95	—   —
Foreign exchange contracts		5		Option models	Volatilities	11.2 – 19.1%	—
Loans and receivables		26		DCF	Credit spreads	0.0%	0.0%
Other assets
Non-trading debt securities		3		DCF	Credit spreads	0.1 – 2.5%	0.8%
Other(3)		56		DCF	WACC	6.1%	6.1%
					Growth rates Liquidity discounts	1.0% 0.0 – 30.0%	1.0% 12.7%
				Market multiples	EV/EBITDA ratios PE ratios Price/Book ratios Liquidity discounts	3.6 – 8.3 x 9.6 – 60.1 x 0.0 – 5.3 x 30.0%	4.9 x 24.0 x 1.0 x 30.0%
Liabilities:
Short-term borrowings	¥	3		DCF	Volatilities Correlations	15.3 – 55.5% (0.78) – 0.94	—   —
Long-term borrowings		394		DCF	Volatilities Correlations	10.6 – 55.5% (0.78) – 0.99	—   —

	September 30, 2014
Financial Instrument	Fair value in billions of yen			Valuation technique(s)	Significant unobservable inputs	Range of valuation inputs(1)	Weighted Average(2)
Assets:
Trading assets and private equity investments
Equities	¥	42		DCF	Liquidity discounts	4.6 – 40.0%	33.1%
Private equity investments		45		Market multiples	EV/EBITDA ratios Price/Embedded value ratios Liquidity discounts	4.9 – 11.2x 0.4x 0.0 – 33.0%	9.8 x 0.4 x 30.5%
Foreign government, agency and municipal securities		11		DCF	Credit spreads	0.0 – 5.9%	0.5%
Bank and corporate debt securities and loans for trading purposes		115		DCF	Credit spreads Recovery rates	0.0 – 68.0% 0.0 – 37.0%	5.6% 25.0%
Commercial mortgage-backed securities (“CMBS”)		3		DCF	Yields	9.9 – 37.8%	16.6%
Residential mortgage-backed securities (“RMBS”)		1		DCF	Yields Prepayment rates	0.2 – 22.4% 2.7 – 12.0%	4.0% 7.3%
Collateralized debt obligations (“CDO”) and other		29		DCF	Yields Prepayment rates Default probabilities Loss severities	3.2 – 20.5% 0.0 – 20.0% 2.0 – 65.0% 33.0 – 100.0%	9.4% 19.1% 2.9% 32.2%
Derivatives, net:
Equity contracts		(8	)	Option models	Dividend yield Volatilities Correlations	0.0 – 14.5% 9.5 – 73.5% (0.90) – 0.93	— — —
Interest rate contracts		(52	)	DCF/ Option models	Interest rates	0.1 – 4.1%	—
				Option models	Volatilities Correlations	11.5 – 75.0% (0.30) – 1.00	— —
Credit contracts		4		DCF/ Option models	Credit spreads Recovery rates	0.0 – 7.0% 0.0 – 90.0%	— —
				Option models	Volatilities Correlations	1.0 – 67.0% 0.29 – 0.95	— —
Foreign exchange contracts		2		Option models	Volatilities	1.3 – 18.7%	—
Loans and receivables		27		DCF	Credit spreads	0.0 – 6.9%	0.5%
Other assets
Other(3)		56		DCF	WACC Growth rates Credit spreads Liquidity discounts	6.0% 1.0% 0.6 – 2.5% 0.0 – 30.0%	6.0% 1.0% 1.4% 10.4%
				Market multiples	EV/EBITDA ratios PE ratios Price/Book ratios Liquidity discounts	4.0 – 9.9 x 11.5 – 83.9 x 0.0 – 5.0 x 30.0%	5.0 x 29.3 x 1.0 x 30.0%

	September 30, 2014
Financial Instrument	Fair value in billions of yen		Valuation technique(s)	Significant unobservable inputs	Range of valuation inputs(1)	Weighted Average(2)
Liabilities:
Short-term borrowings	¥	2	DCF	Volatilities Correlations	16.0 – 44.5% (0.75) – 0.93	— —
Long-term borrowings		439	DCF	Yields Prepayment rates Default probabilities Loss severities Volatilities Correlations	10.3 – 14.0% 20.0% 2.0% 30.0% 11.5 – 44.5% (0.75) – 0.99	— — — — — —

(1) Range information is provided in percentages, coefficients and multiples and represents the highest and lowest level significant unobservable valuation input used to value that type of financial instrument. A wide dispersion in the range does not necessarily reflect increased uncertainty or subjectivity in the valuation input and is typically just a consequence of the different characteristics of the financial instruments themselves.

(2) Weighted average information for non-derivative instruments is calculated by weighting each valuation input by the fair value of the financial instrument.

(3) Valuation technique(s) and unobservable inputs represent those equity securities reported within Other assets.

Increases and decreases of Level 3 assets and liabilities measured at fair value on recurring basis unrealized and realized gain/losses included in revenue

	Billions of yen
	Six months ended September 30, 2013
	Beginning balance as of six months ended September  30, 2013			Total gains (losses) recognized in revenue(1)			Total gains (losses) recognized in other comprehensive income			Purchases  / issues(2)			Sales / redemptions(2)			Settlements		Foreign exchange movements			Transfers into Level  3(3)			Transfers out of Level 3(3)			Balance as of six months ended September 30, 2013
Assets:
Trading assets and private equity investments
Equities	¥	129		¥	4		¥	—		¥	9		¥	(46	)	¥	—	¥	3		¥	3		¥	(0	)	¥	102
Private equity investments		87			(0	)		—			0			(7	)		—		4			—			—			84
Japanese agency and municipal securities		0			—			—			—			—			—		—			—			(0	)		—
Foreign government, agency and municipal securities		91			10			—			305			(322	)		—		—			8			(65	)		27
Bank and corporate debt securities and loans for trading purposes		69			0			—			116			(78	)		—		1			13			(20	)		101
Commercial mortgage-backed securities (“CMBS”)		6			(0	)		—			4			(5	)		—		0			2			(0	)		7
Residential mortgage-backed securities (“RMBS”)		4			(0	)		—			0			(0	)		—		0			1			(2	)		3
Real estate-backed securities		68			1			—			0			(64	)		—		0			—			—			5
Collateralized debt obligations (“CDO”) and other		12			(1	)		—			9			(9	)		—		0			2			(0	)		13
Investment trust funds and other		13			0			—			11			(5	)		—		0			—			(1	)		18
Total trading assets and private equity investments		479			14			—			454			(536	)		—		8			29			(88	)		360
Derivatives, net(4)
Equity contracts		5			(7	)		—			—			—			18		0			4			(6	)		14
Interest rate contracts		(54	)		(16	)		—			—			—			18		(1	)		(3	)		3			(53	)
Credit contracts		25			(2	)		—			—			—			6		1			(1	)		(0	)		29
Foreign exchange contracts		(3	)		(4	)		—			—			—			7		(0	)		(0	)		0			0
Commodity contracts		(0	)		(0	)		—			—			—			0		(0	)		0			—			0
Total derivatives, net		(27	)		(29	)		—			—			—			49		0			0			(3	)		(10	)
Subtotal	¥	452		¥	(15	)	¥	—		¥	454		¥	(536	)	¥	49	¥	8		¥	29		¥	(91	)	¥	350
Loans and receivables		3			(0	)		—			1			(2	)		—		0			0			—			2
Other assets
Non-trading debt securities		4			(0	)		(0	)		—			—			—		0			—			—			4
Other		60			3			(0	)		1			(3	)		—		0			—			(1	)		60
Total	¥	519		¥	(12	)	¥	(0	)	¥	456		¥	(541	)	¥	49	¥	8		¥	29		¥	(92	)	¥	416
Liabilities:
Trading liabilities
Equities	¥	0		¥	(0	)	¥	—		¥	0		¥	(0	)	¥	—	¥	0		¥	0		¥	(0	)	¥	0
Bank and corporate debt securities		0			0			—			(0	)		(0	)		—		0			0			—			0
Total trading liabilities	¥	0		¥	(0	)	¥	—		¥	0		¥	(0	)	¥	—	¥	0		¥	0		¥	(0	)	¥	0
Short-term borrowings		4			(0	)		—			1			(3	)		—		—			—			(2	)		0
Payables and deposits		1			(0	)		—			(0	)		(0	)		—		—			—			(0	)		1
Long-term borrowings		222			43			—			251			(179	)		—		1			4			(43	)		213
Other liabilities		0			—			—			0			(0	)		—		0			—			—			0
Total	¥	227		¥	43		¥	—		¥	252		¥	(182	)	¥	—	¥	1		¥	4		¥	(45	)	¥	214

	Billions of yen
	Six months ended September 30, 2014
	Beginning balance as of six months ended September  30, 2014			Total gains (losses) recognized in revenue(1)			Total gains (losses) recognized in other comprehensive income			Purchases  / issues(2)			Sales / redemptions(2)			Settlements			Foreign exchange movements			Transfers into Level  3(3)			Transfers out of Level  3(3)			Balance as of six months ended September 30, 2014
Assets:
Trading assets and private equity investments
Equities	¥	68		¥	1		¥	—		¥	14		¥	(36	)	¥	—		¥	1		¥	2		¥	(8	)	¥	42
Private equity investments		42			(1	)		—			4			(1	)		—			1			—			—			45
Japanese agency and municipal securities		—			(0	)		—			0			(0	)		—			—			—			—			0
Foreign government, agency and municipal securities		26			7			—			122			(122	)		—			—			5			(27	)		11
Bank and corporate debt securities and loans for trading purposes		116			2			—			78			(61	)		—			5			11			(36	)		115
Commercial mortgage-backed securities (“CMBS”)		3			(0	)		—			6			(8	)		—			—			2			(0	)		3
Residential mortgage-backed securities (“RMBS”)		3			(0	)		—			0			(3	)		—			—			2			(1	)		1
Real estate-backed securities		0			(0	)		—			2			(0	)		—			0			—			(2	)		0
Collateralized debt obligations (“CDO”) and other		13			(3	)		—			34			(22	)		—			2			9			(4	)		29
Investment trust funds and other		30			1			—			1			(11	)		—			(0	)		—			(3	)		18
Total trading assets and private equity investments		301			7			—			261			(264	)		—			9			31			(81	)		264
Derivatives, net(4)
Equity contracts		11			(6	)		—			—			—			(12	)		0			(2	)		1			(8	)
Interest rate contracts		(39	)		(20	)		—			—			—			8			0			(1	)		0			(52	)
Credit contracts		5			(5	)		—			—			—			5			0			(0	)		(1	)		4
Foreign exchange contracts		5			(1	)		—			—			—			(2	)		0			(0	)		0			2
Commodity contracts		0			(0	)		—			—			—			(0	)		0			—			—			(0	)
Total derivatives, net		(18	)		(32	)		—			—			—			(1	)		0			(3	)		0			(54	)
Subtotal	¥	283		¥	(25	)	¥	—		¥	261		¥	(264	)	¥	(1	)	¥	9		¥	28		¥	(81	)	¥	210
Loans and receivables		26			(1	)		—			—			(0	)		—			2			—			—			27
Other assets
Non-trading debt securities		3			0			(0	)		—			(3	)		—			0			—			—			0
Other		56			(0	)		(1	)		2			(1	)		—			0			—			—			56
Total	¥	368		¥	(26	)	¥	(1	)	¥	263		¥	(268	)	¥	(1	)	¥	11		¥	28		¥	(81	)	¥	293
Liabilities:
Trading liabilities
Equities	¥	1		¥	0		¥	—		¥	1		¥	(0	)	¥	—		¥	(0	)	¥	0		¥	(1	)	¥	1
Bank and corporate debt securities		0			(0	)		—			0			—			—			0			—			—			0
Collateralized debt obligations (“CDO”) and other		—			(0	)		—			1			(0	)		—			0			—			—			1
Total trading liabilities	¥	1		¥	0		¥	—		¥	2		¥	(0	)	¥	—		¥	(0	)	¥	0		¥	(1	)	¥	2
Short-term borrowings		3			(1	)		—			1			(1	)		—			—			0			(2	)		2
Payables and deposits		0			(0	)		—			(0	)		(0	)		—			—			—			(0	)		0
Long-term borrowings		394			(53	)		—			205			(237	)		—			4			32			(12	)		439
Total	¥	398		¥	(54	)	¥	—		¥	208		¥	(238	)	¥	—		¥	4		¥	32		¥	(15	)	¥	443

	Billions of yen
	Three months ended September 30, 2013
	Beginning balance as of three months ended September  30, 2013			Total gains (losses) recognized in revenue(1)			Total gains (losses) recognized in other comprehensive income			Purchases  / issues(2)			Sales / redemptions(2)			Settlements			Foreign exchange movements			Transfers into Level  3(3)			Transfers out of Level 3(3)			Balance as of three months ended September 30, 2013
Assets:
Trading assets and private equity investments
Equities	¥	128		¥	3		¥	—		¥	8		¥	(39	)	¥	—		¥	0		¥	2		¥	(0	)	¥	102
Private equity investments		88			(0	)		—			0			(6	)		—			2			—			—			84
Japanese agency and municipal securities		0			—			—			—			—			—			—			—			(0	)		—
Foreign government, agency and municipal securities		38			8			—			188			(199	)		—			—			8			(16	)		27
Bank and corporate debt securities and loans for trading purposes		78			1			—			79			(54	)		—			(0	)		12			(15	)		101
Commercial mortgage-backed securities (“CMBS”)		7			(0	)		—			1			(2	)		—			(0	)		1			(0	)		7
Residential mortgage-backed securities (“RMBS”)		3			(0	)		—			0			(0	)		—			(0	)		0			(0	)		3
Real estate-backed securities		66			1			—			0			(62	)		—			(0	)		—			—			5
Collateralized debt obligations (“CDO”) and other		16			(1	)		—			1			(4	)		—			(0	)		1			(0	)		13
Investment trust funds and other		14			0			—			5			(1	)		—			0			—			—			18
Total trading assets and private equity investments		438			12			—			282			(367	)		—			2			24			(31	)		360
Derivatives, net(4)
Equity contracts		12			(18	)		—			—			—			14			0			7			(1	)		14
Interest rate contracts		(52	)		(7	)		—			—			—			6			0			(1	)		1			(53	)
Credit contracts		35			(4	)		—			—			—			(0	)		(0	)		(2	)		(0	)		29
Foreign exchange contracts		2			(4	)		—			—			—			3			0			(1	)		(0	)		0
Commodity contracts		0			0			—			—			—			(0	)		(0	)		—			—			0
Total derivatives, net		(3	)		(33	)		—			—			—			23			0			3			(0	)		(10	)
Subtotal	¥	435		¥	(21	)	¥	—		¥	282		¥	(367	)	¥	23		¥	2		¥	27		¥	(31	)	¥	350
Loans and receivables		3			(0	)		—			—			(1	)		—			0			—			—			2
Other assets
Non-trading debt securities		4			(0	)		(0	)		—			—			—			0			—			—			4
Other		59			3			0			0			(2	)		—			(0	)		—			—			60
Total	¥	501		¥	(18	)	¥	0		¥	282		¥	(370	)	¥	23		¥	2		¥	27		¥	(31	)	¥	416
Liabilities:
Trading liabilities
Equities	¥	0		¥	(0	)	¥	—		¥	0		¥	(0	)	¥	—		¥	(0	)	¥	—		¥	(0	)	¥	0
Bank and corporate debt securities		0			(0	)		—			(0	)		(0	)		—			(0	)		(0	)		—			0
Total trading liabilities	¥	0		¥	(0	)	¥	—		¥	0		¥	(0	)	¥	—		¥	(0	)	¥	(0	)	¥	(0	)	¥	0
Short-term borrowings		1			0			—			0			(0	)		—			—			—			(1	)		0
Payables and deposits		1			(0	)		—			(0	)		—			—			—			—			(0	)		1
Long-term borrowings		204			13			—			146			(112	)		—			(0	)		2			(14	)		213
Other liabilities		—			—			—			0			—			—			—			—			—			0
Total	¥	206		¥	13		¥	—		¥	146		¥	(112	)	¥	—		¥	(0	)	¥	2		¥	(15	)	¥	214

	Billions of yen
	Three months ended September 30, 2014
	Beginning balance as of three months ended September  30, 2014			Total gains (losses) recognized in revenue(1)			Total gains (losses) recognized in other comprehensive income			Purchases  / issues(2)			Sales / redemptions(2)			Settlements			Foreign exchange movements			Transfers into Level  3(3)			Transfers out of Level 3(3)			Balance as of three months ended September 30, 2014
Assets:
Trading assets and private equity investments
Equities	¥	40		¥	0		¥	—		¥	9		¥	(7	)	¥	—		¥	2		¥	1		¥	(3	)	¥	42
Private equity investments		44			(0	)		—			1			(1	)		—			1			—			—			45
Japanese agency and municipal securities		—			(0	)		—			0			(0	)		—			—			—			—			0
Foreign government, agency and municipal securities		32			1			—			26			(26	)		—			—			0			(22	)		11
Bank and corporate debt securities and loans for trading purposes		118			(1	)		—			31			(18	)		—			6			3			(24	)		115
Commercial mortgage-backed securities (“CMBS”)		5			(0	)		—			3			(5	)		—			—			—			—			3
Residential mortgage-backed securities (“RMBS”)		3			(0	)		—			0			(2	)		—			—			—			—			1
Real estate-backed securities		2			(0	)		—			—			(0	)		—			0			—			(2	)		0
Collateralized debt obligations (“CDO”) and other		23			(2	)		—			13			(12	)		—			2			8			(3	)		29
Investment trust funds and other		28			1			—			0			(11	)		—			0			—			(0	)		18
Total trading assets and private equity investments		295			(1	)		—			83			(82	)		—			11			12			(54	)		264
Derivatives, net(4)
Equity contracts		4			(2	)		—			—			—			(9	)		0			(1	)		(0	)		(8	)
Interest rate contracts		(40	)		(7	)		—			—			—			(5	)		0			(1	)		1			(52	)
Credit contracts		5			(4	)		—			—			—			3			0			1			(1	)		4
Foreign exchange contracts		7			(3	)		—			—			—			(2	)		0			—			(0	)		2
Commodity contracts		0			(0	)		—			—			—			(0	)		0			—			—			(0	)
Total derivatives, net		(24	)		(16	)		—			—			—			(13	)		0			(1	)		(0	)		(54	)
Subtotal	¥	271		¥	(17	)	¥	—		¥	83		¥	(82	)	¥	(13	)	¥	11		¥	11		¥	(54	)	¥	210
Loans and receivables		26			(1	)		—			—			(0	)		—			2			—			—			27
Other assets
Non-trading debt securities		0			0			—			—			(0	)		—			0			—			—			0
Other		58			(0	)		(1	)		0			(1	)		—			0			—			—			56
Total	¥	355		¥	(18	)	¥	(1	)	¥	83		¥	(83	)	¥	(13	)	¥	13		¥	11		¥	(54	)	¥	293
Liabilities:
Trading liabilities
Equities	¥	0		¥	0		¥	—		¥	1		¥	0		¥	—		¥	(0	)	¥	(0	)	¥	(0	)	¥	1
Bank and corporate debt securities		0			(0	)		—			0			—			—			0			—			—			0
Collateralized debt obligations (“CDO”) and other		—			(0	)		—			1			(0	)		—			0			—			—			1
Total trading liabilities	¥	0		¥	(0	)	¥	—		¥	2		¥	(0	)	¥	—		¥	0		¥	(0	)	¥	(0	)	¥	2
Short-term borrowings		2			(0	)		—			0			(0	)		—			—			0			(0	)		2
Payables and deposits		0			(0	)		—			(0	)		(0	)		—			—			—			(0	)		0
Long-term borrowings		465			(47	)		—			109			(190	)		—			4			10			(6	)		439
Total	¥	467		¥	(47	)	¥	—		¥	111		¥	(190	)	¥	—		¥	4		¥	10		¥	(6	)	¥	443

(1) Includes gains and losses reported primarily within Net gain on trading, Gain (loss) on private equity investments, and also within Gain (loss) on investments in equity securities, Revenue—Other and Non-interest expenses—Other, Interest and dividends and Interest expense in the consolidated statements of income.

(2) Amounts reported in Purchases / issues include increases in trading liabilities while Sales / redemptions include decreases in trading liabilities.

(3) If financial instruments move from Level 3 to another Level or move from another Level to Level 3, the amount reported in Transfers into Level 3 and Transfers out of Level 3 are the fair value as of the beginning of the quarter during which the movement occurs. Therefore if financial instruments move from another Level to Level 3, all gains/ (losses) during the quarter are included in the table and if financial instruments move from Level 3 to another Level, all gains/ (losses) during the quarter are excluded from the table.

(4) Each derivative classification includes derivatives referencing multiple risk components. For example, interest rate contracts include complex derivatives referencing interest rate risk as well as foreign exchange risk or other factors such as prepayments rates. Credit contracts include credit default swaps as well as derivatives referencing corporate and government debt securities.

Fair value, level 3 assets and liabilities measured on recurring basis, unrealized gains (losses)

	Billions of yen
	Six months ended September 30
	2013			2014
	Unrealized gains / (losses)(1)
Assets:
Trading assets and private equity investments
Equities	¥	3		¥	(3	)
Private equity investments		(2	)		(1	)
Japanese agency and municipal securities		—			(0	)
Foreign government, agency and municipal securities		(2	)		1
Bank and corporate debt securities and loans for trading purposes		(0	)		0
Commercial mortgage-backed securities (“CMBS”)		(0	)		0
Residential mortgage-backed securities (“RMBS”)		0			0
Real estate-backed securities		0			0
Collateralized debt obligations (“CDO”) and other		(0	)		(3	)
Investment trust funds and other		0			2
Total trading assets and private equity investments		(1	)		(4	)
Derivatives, net(2)
Equity contracts		0			14
Interest rate contracts		(15	)		(15	)
Credit contracts		(1	)		(5	)
Foreign exchange contracts		(5	)		(3	)
Commodity contracts		(0	)		(0	)
Total derivatives, net		(21	)		(9	)
Subtotal	¥	(22	)	¥	(13	)
Loans and receivables		(0	)		(0	)
Other assets
Non-trading debt securities		(0	)		0
Other		2			(0	)
Total	¥	(20	)	¥	(13	)
Liabilities:
Trading liabilities
Equities	¥	(0	)	¥	0
Bank and corporate debt securities		(0	)		(0	)
Total trading liabilities	¥	(0	)	¥	0
Short-term borrowings		0			0
Payables and deposits		(0	)		(0	)
Long-term borrowings		34			(39	)
Total	¥	34		¥	(39	)

	Billions of yen
	Three months ended September 30
	2013			2014
	Unrealized gains /  (losses)(1)
Assets:
Trading assets and private equity investments
Equities	¥	3		¥	0
Private equity investments		(2	)		(0	)
Japanese agency and municipal securities		—			(0	)
Foreign government, agency and municipal securities		0			0
Bank and corporate debt securities and loans for trading purposes		0			0
Commercial mortgage-backed securities (“CMBS”)		(0	)		(0	)
Residential mortgage-backed securities (“RMBS”)		(0	)		0
Real estate-backed securities		1			—
Collateralized debt obligations (“CDO”) and other		(1	)		(2	)
Investment trust funds and other		0			1
Total trading assets and private equity investments		1			(1	)
Derivatives, net(2)
Equity contracts		(14	)		(1	)
Interest rate contracts		(3	)		(37	)
Credit contracts		(2	)		(4	)
Foreign exchange contracts		(5	)		(4	)
Commodity contracts		0			(0	)
Total derivatives, net		(24	)		(46	)
Subtotal	¥	(23	)	¥	(47	)
Loans and receivables		(0	)		(0	)
Other assets
Non-trading debt securities		(0	)		0
Other		2			(0	)
Total	¥	(21	)	¥	(47	)
Liabilities:
Trading liabilities
Equities	¥	0		¥	0
Bank and corporate debt securities		(0	)		(0	)
Total trading liabilities	¥	0		¥	0
Short-term borrowings		0			(0	)
Payables and deposits		(0	)		(0	)
Long-term borrowings		15			(43	)
Total	¥	15		¥	(43	)

(1) Includes gains and losses reported primarily within Net gain on trading, Gain (loss) on private equity investments, and also within Gain (loss) on investments in equity securities, Revenue—Other and Non-interest expenses—Other, Interest and dividends and Interest expense in the consolidated statements of income.

(2) Each derivative classification includes derivatives referencing multiple risk components. For example, interest rate contracts include complex derivatives referencing interest rate risk as well as foreign exchange risk or other factors such as prepayment rates. Credit contracts include credit default swaps as well as derivatives referencing corporate and government debt securities.

Information on investments where net asset value per share is calculated

	Billions of yen
	March 31, 2014
	Fair  value(1)		Unfunded commitments(2)		Redemption frequency (if currently eligible)(3)	Redemption notice  period(4)
Hedge funds	¥	66	¥	0	Monthly	Same day-95 days
Venture capital funds		4		1	—	—
Private equity funds		42		17	Quarterly	30 days
Real estate funds		3		—	—	—
Total	¥	115	¥	18
	Billions of yen
	September 30, 2014
	Fair  value(1)		Unfunded commitments(2)		Redemption frequency (if currently eligible)(3)	Redemption notice period(4)
Hedge funds	¥	77	¥	0	Monthly	Same day-90 days
Venture capital funds		4		1	—	—
Private equity funds		43		13	—	—
Real estate funds		1		—	—	—
Total	¥	125	¥	14

(1) Fair value generally determined using NAV per share as a practical expedient.

(2) The contractual amount of any unfunded commitments Nomura is required to make to the entities in which the investment is held.

(3) The range in frequency with which Nomura can redeem investments.

(4) The range in notice period required to be provided before redemption is possible.

Gains (losses) due to changes in fair value for financial instruments measured at fair value using fair value option

	Billions of yen
	Six months ended September 30
	2013			2014
	Gains / (Losses)(1)
Assets:
Trading assets and private equity investments(2)
Trading assets	¥	(0	)	¥	(0	)
Private equity investments		0			0
Loans and receivables		2			(5	)
Collateralized agreements(3)		(1	)		6
Other assets(2)		0			(6	)
Total	¥	1		¥	(5	)
Liabilities:
Short-term borrowings(4)	¥	(1	)	¥	5
Collateralized financing(3)		0			(0	)
Long-term borrowings(4)(5)		51			(40	)
Other liabilities(6)		0			0
Total	¥	50		¥	(35	)
	Billions of yen
	Three months ended September 30
	2013			2014
	Gains / (Losses)(1)
Assets:
Trading assets and private equity investments(2)
Trading assets	¥	(0	)	¥	0
Private equity investments		0			0
Loans and receivables		3			(3	)
Collateralized agreements(3)		(3	)		4
Other assets(2)		(0	)		(3	)
Total	¥	(0	)	¥	(2	)
Liabilities:
Short-term borrowings(4)	¥	(2	)	¥	4
Collateralized financing(3)		0			0
Long-term borrowings(4)(5)		3			26
Other liabilities(6)		0			(0	)
Total	¥	1		¥	30

(1) Includes gains and losses reported primarily within Net gain on trading, Gain (loss) on private equity investments and Revenue—Other in the consolidated statements of income.

(2) Includes equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the fair value option.

(3) Includes reverse repurchase and repurchase agreements.

(4) Includes structured notes and other financial liabilities.

(5) Includes secured financing transactions arising from transfers of financial assets which did not meet the criteria for sales accounting.

(6) Includes loan commitments.

Geographic allocations of trading assets related to government, agency, municipal securities

	Billions of yen
	March 31, 2014
	Japan		U.S.		EU		Other		Total(1)
Government, agency and municipal securities	¥	2,779	¥	1,666	¥	3,968	¥	385	¥	8,798
	Billions of yen
	September 30, 2014
	Japan		U.S.		EU		Other		Total(1)
Government, agency and municipal securities	¥	3,409	¥	2,152	¥	3,773	¥	508	¥	9,842

(1) Other than above, there were ¥756 billion and ¥681 billion of government, agency and municipal securities in Other assets—Non-trading debt securities as of March 31, 2014 and September 30, 2014, respectively. The vast majority of these securities are Japanese government, agency and municipal securities.

Carrying values, fair values and classification within the fair value hierarchy for certain classes of financial instrument

	Billions of yen
	March 31, 2014(1)
					Fair value by level
	Carrying value		Fair value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	¥	1,490	¥	1,490	¥	1,490	¥	—	¥	—
Time deposits		364		364		—		364		—
Deposits with stock exchanges and other segregated cash		336		336		—		336		—
Loans receivable(2)		1,327		1,326		—		1,068		258
Securities purchased under agreements to resell		9,618		9,618		—		9,618		—
Securities borrowed		7,729		7,729		—		7,729		—
Total Assets	¥	20,864	¥	20,863	¥	1,490	¥	19,115	¥	258
Liabilities:
Short-term borrowings	¥	602	¥	602	¥	—	¥	599	¥	3
Deposits received at banks		1,114		1,114		—		1,114		0
Securities sold under agreements to repurchase		13,938		13,938		—		13,938		0
Securities loaned		2,360		2,360		—		2,360		—
Long-term borrowings		8,227		8,202		134		7,674		394
Total Liabilities	¥	26,241	¥	26,216	¥	134	¥	25,685	¥	397
	Billions of yen
	September 30, 2014(1)
					Fair value by level
	Carrying value		Fair value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	¥	1,440	¥	1,440	¥	1,440	¥	—	¥	—
Time deposits		225		225		—		225		—
Deposits with stock exchanges and other segregated cash		405		405		—		405		—
Loans receivable(2)		1,357		1,358		—		1,120		238
Securities purchased under agreements to resell		8,300		8,300		—		8,300		—
Securities borrowed		8,081		8,081		—		8,081		—
Total Assets	¥	19,808	¥	19,809	¥	1,440	¥	18,131	¥	238
Liabilities:
Short-term borrowings	¥	609	¥	609	¥	—	¥	607	¥	2
Deposits received at banks		1,056		1,056		—		1,056		0
Securities sold under agreements to repurchase		13,878		13,878		—		13,873		5
Securities loaned		2,630		2,630		—		2,630		—
Long-term borrowings		8,412		8,390		113		7,838		439
Total Liabilities	¥	26,585	¥	26,563	¥	113	¥	26,004	¥	446

(1) Includes financial instruments which are carried at fair value on a recurring basis.

(2) Carrying values are shown after deducting relevant allowances for loan losses.