Fair value measurements (Tables)

12 Months Ended

Mar. 31, 2015

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
	March 31, 2015
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting(1)			Balance as of March 31, 2015
Assets:
Trading assets and private equity investments(2)
Equities(3)	¥	1,707	¥	710	¥	39	¥	—		¥	2,456
Private equity investments(3)		—		0		49		—			49
Japanese government securities		2,233		—		—		—			2,233
Japanese agency and municipal securities		—		277		—		—			277
Foreign government, agency and municipal securities		3,965		1,391		3		—			5,359
Bank and corporate debt securities and loans for trading purposes		—		1,786		167		—			1,953
Commercial mortgage-backed securities (“CMBS”)		—		113		2		—			115
Residential mortgage-backed securities (“RMBS”)		—		2,496		1		—			2,497
Real estate-backed securities		—		—		13		—			13
Collateralized debt obligations (“CDOs”) and other(4)		—		184		15		—			199
Investment trust funds and other		448		120		4		—			572
Total trading assets and private equity investments		8,353		7,077		293		—			15,723
Derivative assets(5)
Equity contracts		7		1,668		72		—			1,747
Interest rate contracts		16		31,559		90		—			31,665
Credit contracts		5		1,066		40		—			1,111
Foreign exchange contracts		—		7,544		33		—			7,577
Commodity contracts		0		0		—		—			0
Netting		—		—		—		(40,514	)		(40,514	)
Total derivative assets		28		41,837		235		(40,514	)		1,586
Subtotal	¥	8,381	¥	48,914	¥	528	¥	(40,514	)	¥	17,309
Loans and receivables(6)		—		304		15		—			319
Collateralized agreements(7)		—		1,530		—		—			1,530
Other assets
Non-trading debt securities		342		606		0		—			948
Other(3)		342		128		57		—			527
Total	¥	9,065	¥	51,482	¥	600	¥	(40,514	)	¥	20,633
Liabilities:
Trading liabilities
Equities	¥	1,027	¥	62	¥	3	¥	—		¥	1,092
Japanese government securities		3,117		—		—		—			3,117
Foreign government, agency and municipal securities		3,155		904		—		—			4,059
Bank and corporate debt securities		—		379		0		—			379
Residential mortgage-backed securities (“RMBS”)		—		1		—		—			1
Collateralized debt obligations (“CDOs”) and other(4)		—		3		—		—			3
Investment trust funds and other		84		0		—		—			84
Total trading liabilities		7,383		1,349		3		—			8,735
Derivative liabilities(5)
Equity contracts		18		1,887		78		—			1,983
Interest rate contracts		8		31,555		112		—			31,675
Credit contracts		2		1,080		36		—			1,118
Foreign exchange contracts		—		6,954		38		—			6,992
Commodity contracts		1		0		0		—			1
Netting		—		—		—		(40,460	)		(40,460	)
Total derivative liabilities		29		41,476		264		(40,460	)		1,309
Subtotal	¥	7,412	¥	42,825	¥	267	¥	(40,460	)	¥	10,044
Short-term borrowings(8)	¥	—	¥	188	¥	1	¥	—		¥	189
Payables and deposits(9)		—		0		0		—			0
Collateralized financing(7)		—		983		—		—			983
Long-term borrowings(8)(10)(11)		80		1,996		525		—			2,601
Other liabilities(12)		96		108		—		—			204
Total	¥	7,588	¥	46,100	¥	793	¥	(40,460	)	¥	14,021

(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 has been elected.

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

(8) Includes structured notes for which the fair value option has been 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 has been 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 values 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
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	—   —
	March 31, 2015
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	¥	39		DCF	Liquidity discounts	4.6 – 40.0 %	21.6 %
Private equity investments		49		Market multiples	EV/EBITDA ratios Price/Embedded values Liquidity discounts	10.0 x 0.4 x 30.0 – 33.0 %	10.0 x 0.4 x 32.3 %
Foreign government, agency and municipal securities		3		DCF	Credit spreads	0.3 – 6.1 %	1.1 %
Bank and corporate debt securities and loans for trading purposes		167		DCF	Credit spreads Recovery rates	0.0 – 33.4 % 0.0 – 42.6 %	10.4 % 24.9 %
Commercial mortgage- backed securities (“CMBS”)		2		DCF	Yields	18.1 – 50.6 %	15.3 %
Residential mortgage- backed securities (“RMBS”)		1		DCF	Yields Prepayment rates	0.1 – 10.6 % 2.7 – 12.8 %	2.2 % 7.5 %
Real estate-backed securities		13		DCF	Yields Loss severities	17.0 – 26.0 % 0.0 – 46.8 %	24.3 % 18.6 %
Collateralized debt obligations (“CDOs”) and other		15		DCF	Yields Prepayment rates Default probabilities Loss severities	4.7 – 23.4 % 0.0 – 20.0 % 1.0 – 10.0 % 30.0 – 100.0 %	12.6 % 19.0 % 2.2 % 32.7 %
Derivatives, net:
Equity contracts	¥	(6	)	Option models	Dividend yield Volatilities Correlations	0.0 – 8.4 % 9.2 – 100.2 % (0.75) – 0.98	—   —   —
Interest rate contracts		(22	)	DCF/ Option models	Interest rates Volatilities Correlations	0.8 – 3.3 % 13.7 – 300.0 % (0.30) – 0.99	—   —   —
Credit contracts		4		DCF/ Option models	Credit spreads Recovery rates Volatilities Correlations	0.0 – 19.9 % 0.0 – 90.0 % 1.0 – 70.0 % 0.37 – 0.95	—   —   —   —
Foreign exchange contracts		(5	)	Option models	Volatilities	0.6 – 16.1 %	—
Loans and receivables		15		DCF	Credit spreads	0.0 – 12.2 %	0.7 %
Other assets
Other(3)		57		DCF	WACC Growth rates Credit spreads Liquidity discounts	5.7 % 1.0 % 0.6 – 2.4 % 30.0 %	5.7 % 1.0 % 1.3 % 30.0 %
				Market multiples	EV/EBITDA ratios PE ratios Price/Book ratios Liquidity discounts	2.9 – 13.5 x 11.5 – 83.9 x 0.0 – 5.0 x 20.0 – 30.0 %	7.6 x 29.3 x 1.1 x 29.2 %
Liabilities:
Short-term borrowings	¥	1		DCF/ Option models	Volatilities Correlations	15.4 – 47.5 % (0.75) – 0.91	—   —
Long-term borrowings		525		DCF/ Option models	Volatilities Correlations	13.7 – 47.5 % (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 in respect of equity securities reported within Other assets in the consolidated balance sheets.

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
				Year ended March 31, 2014
	Balance as of April 1, 2013			Total gains (losses) recognized in net 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 March 31, 2014
Assets:
Trading assets and private equity investments
Equities	¥	129		¥	11		¥	—		¥	21		¥	(105	)	¥	—		¥	6		¥	7		¥	(1	)	¥	68
Private equity investments		87			(1	)		—			1			(11	)		—			6			—			(40	)		42
Japanese agency and municipal securities		0			—			—			—			—			—			—			—			(0	)		—
Foreign government, agency and municipal securities		91			21			—			516			(540	)		—			—			8			(70	)		26
Bank and corporate debt securities and loans for trading purposes		69			5			—			221			(167	)		—			3			32			(47	)		116
Commercial mortgage-backed securities (“CMBS”)		6			(0	)		—			7			(11	)		—			0			2			(1	)		3
Residential mortgage-backed securities (“RMBS”)		4			(0	)		—			1			(3	)		—			0			3			(2	)		3
Real estate-backed securities		68			1			—			0			(69	)		—			0			—			—			0
Collateralized debt obligations (“CDOs”) and other		12			(1	)		—			23			(21	)		—			1			6			(7	)		13
Investment trust funds and other		13			0			—			24			(6	)		—			0			—			(1	)		30
Total trading assets and private equity investments		479			36			—			814			(933	)		—			16			58			(169	)		301
Derivatives, net(4)
Equity contracts		5			(8	)		—			—			—			(2	)		2			7			7			11
Interest rate contracts		(54	)		(1	)		—			—			—			19			(1	)		(6	)		4			(39	)
Credit contracts		25			(5	)		—			—			—			(16	)		3			0			(2	)		5
Foreign exchange contracts		(3	)		(1	)		—			—			—			13			0			(4	)		(0	)		5
Commodity contracts		(0	)		0			—			—			—			0			(0	)		0			—			0
Total derivatives, net		(27	)		(15	)		—			—			—			14			4			(3	)		9			(18	)
Subtotal	¥	452		¥	21		¥	—		¥	814		¥	(933	)	¥	14		¥	20		¥	55		¥	(160	)	¥	283
Loans and receivables		3			(0	)		—			13			(2	)		—			1			20			(9	)		26
Other assets
Non-trading debt securities		4			(1	)		(0	)		—			(0	)		—			0			—			—			3
Other		60			4			(0	)		3			(9	)		—			0			—			(2	)		56
Total	¥	519		¥	24		¥	(0	)	¥	830		¥	(944	)	¥	14		¥	21		¥	75		¥	(171	)	¥	368
Liabilities:
Trading liabilities
Equities	¥	0		¥	(0	)	¥	—		¥	1		¥	(0	)	¥	—		¥	0		¥	0		¥	(0	)	¥	1
Bank and corporate debt securities		0			0			—			0			(0	)		—			0			0			(0	)		0
Total trading liabilities	¥	0		¥	(0	)	¥	—		¥	1		¥	(0	)	¥	—		¥	0		¥	0		¥	(0	)	¥	1
Short-term borrowings		4			(0	)		—			3			(3	)		—			—			1			(2	)		3
Payables and deposits		1			0			—			(0	)		(1	)		—			—			—			(0	)		0
Long-term borrowings		222			(29	)		—			424			(259	)		—			3			42			(67	)		394
Other liabilities		0			—			—			1			(1	)		—			(0	)		—			—			—
Total	¥	227		¥	(29	)	¥	—		¥	429		¥	(264	)	¥	—		¥	3		¥	43		¥	(69	)	¥	398
				Billions of yen
				Year ended March 31, 2015
	Balance as of April  1, 2014			Total gains (losses) recognized in net 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 March 31, 2015
Assets:
Trading assets and private equity investments
Equities	¥	68		¥	1		¥	—		¥	28		¥	(52	)	¥	—		¥	2		¥	3		¥	(11	)	¥	39
Private equity investments		42			2			—			6			(2	)		—			1			—			0			49
Japanese agency and municipal securities		—			—			—			0			0			—			—			—			—			—
Foreign government, agency and municipal securities		26			8			—			150			(152	)		—			—			7			(36	)		3
Bank and corporate debt securities and loans for trading purposes		116			8			—			200			(154	)		—			15			33			(51	)		167
Commercial mortgage-backed securities (“CMBS”)		3			0			—			6			(9	)		—			0			2			0			2
Residential mortgage-backed securities (“RMBS”)		3			(1	)		—			1			(5	)		—			—			4			(1	)		1
Real estate-backed securities		0			0			—			4			(24	)		—			1			34			(2	)		13
Collateralized debt obligations (“CDOs”) and other		13			(5	)		—			44			(43	)		—			4			20			(18	)		15
Investment trust funds and other		30			3			—			1			(11	)		—			0			0			(19	)		4
Total trading assets and private equity investments		301			16			—			440			(452	)		—			23			103			(138	)		293
Derivatives, net(4)
Equity contracts		11			(2	)		—			—			—			(14	)		0			(10	)		9			(6	)
Interest rate contracts		(39	)		(27	)		—			—			—			39			1			(3	)		7			(22	)
Credit contracts		5			(13	)		—			—			—			13			0			0			(1	)		4
Foreign exchange contracts		5			(1	)		—			—			—			(12	)		1			1			1			(5	)
Commodity contracts		0			0			—			—			—			0			0			0			—			0
Total derivatives, net		(18	)		(43	)		—			—			—			26			2			(12	)		16			(29	)
Subtotal	¥	283		¥	(27	)	¥	—		¥	440		¥	(452	)	¥	26		¥	25		¥	91		¥	(122	)	¥	264
Loans and receivables	¥	26		¥	(1	)	¥	—		¥	—		¥	(14	)	¥	—		¥	4		¥	0		¥	—		¥	15
Other assets
Non-trading debt securities		3			0			0			—			(3	)		—			0			—			—			0
Other		56			1			1			3			(5	)		—			1			—			0			57
Total	¥	368		¥	(27	)	¥	1		¥	443		¥	(474	)	¥	26		¥	30		¥	91		¥	(122	)	¥	336
Liabilities:
Trading liabilities
Equities	¥	1		¥	0		¥	—		¥	4		¥	0		¥	—		¥	0		¥	0		¥	(2	)	¥	3
Bank and corporate debt securities		0			0			—			0			0			—			0			0			0			0
Collateralized debt obligations (“CDOs”) and other		—			0			—			1			(1	)		—			0			—			—			—
Total trading liabilities	¥	1		¥	0		¥	—		¥	5		¥	(1	)	¥	—		¥	0		¥	0		¥	(2	)	¥	3
Short-term borrowings		3			(1	)		—			1			(2	)		—			0			0			(2	)		1
Payables and deposits		0			0			—			0			0			—			0			—			0			0
Long-term borrowings		394			(83	)		—			419			(467	)		—			8			121			(33	)		525
Total	¥	398		¥	(84	)	¥	—		¥	425		¥	(470	)	¥	—		¥	8		¥	121		¥	(37	)	¥	529

(1) Includes gains and losses reported primarily within Net gain on trading, Gain on private equity investments, and also within Gain 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 year 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 prepayment 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
	March 31
	2014			2015
	Unrealized gains /  (losses)(1)
Assets:
Trading assets and private equity investments
Equities	¥	7		¥	(4	)
Private equity investments		(6	)		2
Japanese agency and municipal securities		0			0
Foreign government, agency and municipal securities		(1	)		1
Bank and corporate debt securities and loans for trading purposes		(0	)		0
Commercial mortgage-backed securities (“CMBS”)		1			0
Residential mortgage-backed securities (“RMBS”)		(0	)		0
Real estate-backed securities	¥	(0	)	¥	(1	)
Collateralized debt obligations (“CDOs”) and other		(0	)		(3	)
Investment trust funds and other		0			4
Total trading assets and private equity investments		1			(1	)
Derivatives, net(2)
Equity contracts		22			(1	)
Interest rate contracts		(1	)		(11	)
Credit contracts		2			(13	)
Foreign exchange contracts		(0	)		(5	)
Commodity contracts		(0	)		0
Total derivatives, net		23			(30	)
Subtotal	¥	24		¥	(31	)
Loans and receivables		(1	)		0
Other assets
Non-trading debt securities		(0	)		0
Other		1			1
Total	¥	24		¥	(30	)
Liabilities:
Trading liabilities
Equities	¥	—		¥	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		(33	)		(14	)
Total	¥	(33	)	¥	(14	)

(1) Includes gains and losses reported within Net gain on trading, Gain on private equity investments, and also within Gain 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		Unfunded commitments(1)		Redemption frequency (if currently eligible)(2)	Redemption  notice(3)
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
	March 31, 2015
	Fair value		Unfunded commitments(1)		Redemption frequency (if currently eligible)(2)	Redemption  notice(3)
Hedge funds	¥	98	¥	0	Monthly	Same day-90 days
Venture capital funds		3		1	—	—
Private equity funds		47		20	—	—
Real estate funds		1		—	—	—
Total	¥	149	¥	21

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

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

(3) 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
	Year ended March 31
	2013			2014			2015
	Gains/(Losses)(1)
Assets:
Trading assets and private equity investments(2)
Trading assets	¥	2		¥	0		¥	0
Private equity investments		(10	)		(0	)		1
Loans and receivables		19			3			4
Collateralized agreements(3)		(0	)		4			4
Other assets(2)		1			17			6
Total	¥	12		¥	24		¥	15
Liabilities:
Short-term borrowings(4)	¥	(4	)	¥	0		¥	11
Collateralized financing(3)		(1	)		(3	)		(2	)
Long-term borrowings(4)(5)		(51	)		11			(7	)
Other liabilities(6)		0			0			0
Total	¥	(56	)	¥	8		¥	2

(1) Includes gains and losses reported primarily within Net gain on trading, Gain 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 unfunded written 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
	March 31, 2015
	Japan		U.S.		EU		Other		Total(1)
Government, agency and municipal securities	¥	2,510	¥	1,815	¥	3,098	¥	446	¥	7,869

(1) Other than above, there were ¥756 billion and ¥635 billion of government, agency and municipal securities reported within Other assets—Non-trading debt securities in the consolidated balance sheets as of March 31, 2014 and 2015, respectively. These securities are primarily 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	¥	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	¥	26,241	¥	26,216	¥	134	¥	25,685	¥	397
	Billions of yen
	March 31, 2015(1)
					Fair value by level
	Carrying value		Fair value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	¥	1,315	¥	1,315	¥	1,315	¥	—	¥	—
Time deposits		328		328		—		328		—
Deposits with stock exchanges and other segregated cash		453		453		—		453		—
Loans receivable(2)		1,460		1,460		—		1,141		319
Securities purchased under agreements to resell		8,481		8,481		—		8,479		2
Securities borrowed		8,238		8,238		—		8,238		—
Total	¥	20,275	¥	20,275	¥	1,315	¥	18,639	¥	321
Liabilities:
Short-term borrowings	¥	662	¥	662	¥	—	¥	661	¥	1
Deposits received at banks		1,220		1,220		—		1,220		0
Securities sold under agreements to repurchase		12,217		12,217		—		12,214		3
Securities loaned		2,494		2,494		—		2,494		—
Long-term borrowings		8,336		8,365		80		7,760		525
Total	¥	24,929	¥	24,958	¥	80	¥	24,349	¥	529

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

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

For the estimated fair value of liabilities relating to investment contracts underwritten by Nomura’s insurance subsidiary, see Note 9 “Other assets—Other/Other liabilities” in our consolidated financial statements included in this annual report.