Fair value measurements (Tables)

12 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

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

	Billions of yen
	March 31, 2018
	Level 1		Level 2		Level 3			Counterparty and Cash Collateral Netting(1)			Balance as of March 31, 2018
Assets:
Trading assets and private equity investments(2)
Equities(3)	¥	1,741	¥	907	¥	21		¥	—		¥	2,669
Private equity investments(3)		—		3		3			—			6
Japanese government securities		2,205		—		—			—			2,205
Japanese agency and municipal securities		—		188		1			—			189
Foreign government, agency and municipal securities		2,980		1,234		6			—			4,220
Bank and corporate debt securities and loans for trading purposes		—		1,186		139			—			1,325
Commercial mortgage-backed securities (“CMBS”)		—		2		2			—			4
Residential mortgage-backed securities (“RMBS”)		—		2,803		0			—			2,803
Real estate-backed securities		—		—		63			—			63
Collateralized debt obligations (“CDOs”) and other(4)		—		62		24			—			86
Investment trust funds and other		271		67		1			—			339
Total trading assets and private equity investments		7,197		6,452		260			—			13,909
Derivative assets(5)(13)
Equity contracts		2		973		36			—			1,011
Interest rate contracts		16		8,009		71			—			8,096
Credit contracts		0		498		17			—			515
Foreign exchange contracts		0		5,447		48			—			5,495
Commodity contracts		1		0		—			—			1
Netting		—		—		—			(14,094	)		(14,094	)
Total derivative assets		19		14,927		172			(14,094	)		1,024
Subtotal	¥	7,216	¥	21,379	¥	432		¥	(14,094	)	¥	14,933
Loans and receivables(6)		—		484		70			—			554
Collateralized agreements(7)		—		1,181		5			—			1,186
Other assets
Non-trading debt securities		133		353		—			—			486
Other(2)(3)		463		15		169			—			647
Total	¥	7,812	¥	23,412	¥	676		¥	(14,094	)	¥	17,806
Liabilities:
Trading liabilities
Equities	¥	1,146	¥	191	¥	1		¥	—		¥	1,338
Japanese government securities		2,263		—		—			—			2,263
Japanese agency and municipal securities		—		1		—			—			1
Foreign government, agency and municipal securities		2,786		590		—			—			3,376
Bank and corporate debt securities		—		391		0			—			391
Residential mortgage-backed securities (“RMBS”)		—		1		—			—			1
Collateralized debt obligations (“CDOs”) and other(4)		—		3		0			—			3
Investment trust funds and other		71		25		0			—			96
Total trading liabilities		6,266		1,202		1			—			7,469
Derivative liabilities(5)(13)
Equity contracts		1		1,080		37			—			1,118
Interest rate contracts		9		7,427		124			—			7,560
Credit contracts		0		410		15			—			425
Foreign exchange contracts		0		5,066		21			—			5,087
Commodity contracts		1		0		—			—			1
Netting		—		—		—			(13,457	)		(13,457	)
Total derivative liabilities		11		13,983		197			(13,457	)		734
Subtotal	¥	6,277	¥	15,185	¥	198		¥	(13,457	)	¥	8,203
Short-term borrowings(8)	¥	—	¥	355	¥	17		¥	—		¥	372
Payables and deposits(9)		—		0		(1	)		—			(1	)
Collateralized financing(7)		—		566		3			—			569
Long-term borrowings(8)(10)(11)		18		2,403		429			—			2,850
Other liabilities(12)		293		33		1			—			327
Total	¥	6,588	¥	18,542	¥	647		¥	(13,457	)	¥	12,320

	Billions of yen
	March 31, 2019
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting(1)			Balance as of March 31, 2019
Assets:
Trading assets and private equity investments(2)
Equities(3)	¥	1,392	¥	1,065	¥	13	¥	—		¥	2,470
Private equity investments(3)		—		—		26		—			26
Japanese government securities		1,987		—		—		—			1,987
Japanese agency and municipal securities		—		214		1		—			215
Foreign government, agency and municipal securities		2,650		1,544		5		—			4,199
Bank and corporate debt securities and loans for trading purposes		—		1,128		160		—			1,288
Commercial mortgage-backed securities (“CMBS”)		—		1		2		—			3
Residential mortgage-backed securities (“RMBS”)		—		2,761		3		—			2,764
Real estate-backed securities		—		—		69		—			69
Collateralized debt obligations (“CDOs”) and other(4)		—		55		19		—			74
Investment trust funds and other		349		53		1		—			403
Total trading assets and private equity investments		6,378		6,821		299		—			13,498
Derivative assets(5)
Equity contracts		1		806		44		—			851
Interest rate contracts		12		8,610		10		—			8,632
Credit contracts		2		500		31		—			533
Foreign exchange contracts		0		4,870		42		—			4,912
Commodity contracts		1		0		—		—			1
Netting		—		—		—		(14,077	)		(14,077	)
Total derivative assets		16		14,786		127		(14,077	)		852
Subtotal	¥	6,394	¥	21,607	¥	426	¥	(14,077	)	¥	14,350
Loans and receivables(6)		—		544		129		—			673
Collateralized agreements(7)		—		615		33		—			648
Other assets
Non-trading debt securities		138		323		—		—			461
Other(2)(3)		416		10		166		—			592
Total		¥6,948	¥	23,099	¥	754	¥	(14,077	)	¥	16,724
Liabilities:
Trading liabilities
Equities	¥	1,622	¥	198	¥	0	¥	—		¥	1,820
Japanese government securities		1,264		—		—		—			1,264
Japanese agency and municipal securities		—		3		—		—			3
Foreign government, agency and municipal securities		2,906		927		0		—			3,833
Bank and corporate debt securities		—		319		0		—			319
Residential mortgage-backed securities (“RMBS”)		—		0		—		—			0
Collateralized debt obligations (“CDOs”) and other(4)		—		3		—		—			3
Investment trust funds and other		121		42		—		—			163
Total trading liabilities		5,913		1,492		0		—			7,405
Derivative liabilities(5)
Equity contracts		1		867		52		—			920
Interest rate contracts		6		8,228		64		—			8,298
Credit contracts		3		422		39		—			464
Foreign exchange contracts		—		4,820		22		—			4,842
Commodity contracts		1		0		0		—			1
Netting		—		—		—		(13,710	)		(13,710	)
Total derivative liabilities		11		14,337		177		(13,710	)		815
Subtotal		¥5,924	¥	15,829	¥	177	¥	(13,710	)	¥	8,220
Short-term borrowings(8)	¥	—	¥	332	¥	31	¥	—		¥	363
Payables and deposits(9)		—		0		0		—			0
Collateralized financing(7)		—		291		—		—			291
Long-term borrowings(8)(10)(11)		11		3,024		535		—			3,570
Other liabilities(12)		276		22		0		—			298
Total		¥6,211	¥	19,498	¥	743	¥	(13,710	)	¥	12,742

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

(2) Certain investments that are measured at fair value using net asset value per share as a practical expedient have not been classified in the fair value hierarchy. As of March 31, 2018 and March 31, 2019, the fair values of these investments which are included in Trading assets and private equity investments were ¥47 billion and ¥36 billion, respectively. As of March 31, 2018 and March 31, 2019, the fair values of these investments which are included in Other assets—Others were ¥2 billion and ¥2 billion, respectively.

(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 with multiple risk underlyings. 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.

(13) Due to the changes in our accounting policy which Nomura adopted on April 1, 2018, certain reclassifications of previously reported amounts have been made to conform to the current year presentation. Please refer to Note 1. “Summary of accounting policies” for further details.

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

	March 31, 2018
Financial Instrument	Fair value in billions of yen	Valuation technique	Significant unobservable valuation input	Range of valuation inputs(1)	Weighted Average(2)	Impact of increases in significant unobservable valuation inputs(3)(4)	Interrelationships between valuation inputs(5)
Assets:
Trading assets and private equity investments
Equities	¥      21	DCF	Liquidity discounts	27.5 – 75.0%	68.3%	Lower fair value	Not applicable
Foreign government, agency and municipal securities	6	DCF	Credit spreads	0.0 – 6.7%	0.8%	Lower fair value	Not applicable
Bank and corporate debt securities and loans for trading purposes	139	DCF	Credit spreads Recovery rates	0.1 – 19.6% 0.0 – 98.0%	4.1% 74.7%	Lower fair value Higher fair value	No predictable interrelationship
Commercial mortgage- backed securities (“CMBS”)	2	DCF	Yields	6.6 – 8.9%	7.7%	Lower fair value	Not applicable
Real estate-backed securities	63	DCF	Yields Loss severities	6.2 – 23.9% 0.0 – 70.8%	16.3% 8.1%	Lower fair value Lower fair value	No predictable interrelationship
Collateralized debt obligations (“CDOs”) and other	24	DCF	Yields Prepayment rates Default probabilities Loss severities	6.0 – 24.0% 20.0% 1.0 – 2.0% 40.0 – 100.0%	13.1% 20.0% 2.0% 91.6%	Lower fair value Lower fair value Lower fair value Lower fair value	Change in default probabilities typically accompanied by directionally similar change in loss severities and opposite change in prepayment rates
Derivatives, net:
Equity contracts	¥       (1)	Option models	Dividend yield Volatilities Correlations	0.0 – 11.5% 7.3 – 64.0% (0.84) – 0.95	—   —   —	Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Interest rate contracts	(53)	DCF/ Option models	Interest rates Volatilities Volatilities Correlations	0.2 – 3.0% 11.2 – 15.7% 28.0 – 71.2 bp (0.67) – 0.98	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Credit contracts	2	DCF/ Option models	Credit spreads Recovery rates Volatilities Correlations	0.0 – 122.1% 0.0 – 90.0% 35.0 – 83.0% 0.34 – 0.82	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Foreign exchange contracts	27	DCF/ Option models	Interest rates Volatilities Volatilities Correlations	0.2 – 2.6% 2.4 – 23.7% 237.0 – 280.0 bp (0.25) – 0.80	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Loans and receivables	70	DCF	Credit spreads	0.0 – 9.5%	4.0%	Lower fair value	Not applicable
Collateralized agreements	5	DCF	Repo rate	3.5%	3.5%	Lower fair value	Not applicable
Other assets
Other(6)	169	DCF	WACC Growth rates Liquidity discounts	11.4% 2.5% 10.0%	11.4% 2.5% 10.0%	Lower fair value Higher fair value Lower fair value	No predictable interrelationship
		Market multiples	EV/EBITDA ratios PE ratios Price/Book ratios Liquidity discounts	3.3 – 7.8 x 7.5 – 126.4 x 0.0 – 2.2 x 10.0 – 30.0%	5.7 x 23.0 x 0.6 x 29.0%	Higher fair value Higher fair value Higher fair value Lower fair value	Generally changes in multiples results in a corresponding similar directional change in a fair value measurement, assuming earnings levels remain constant.
Liabilities:
Short-term borrowings	17	DCF/ Option models	Volatilities Correlations	7.3 – 50.9% (0.84) – 0.95	—   —	Higher fair value Higher fair value	No predictable interrelationship
Collateralized financing	3	DCF	Repo rate	3.5%	3.5%	Lower fair value	Not applicable
Long-term borrowings	429	DCF/ Option models	Volatilities Volatilities Correlations	7.3 – 50.9% 33.5 – 62.3 bp (0.84) – 0.98	—   —   —	Higher fair value Higher fair value Higher fair value	No predictable interrelationship
	March 31, 2019
Financial Instrument	Fair value in billions of yen	Valuation technique	Significant unobservable valuation input	Range of valuation inputs(1)	Weighted Average(2)	Impact of increases in significant unobservable valuation inputs(3)(4)	Interrelationships between valuation inputs(5)
Assets:
Trading assets and private equity investments
Equities	¥      13	DCF	Liquidity discounts	75.0%	75.0%	Lower fair value	Not applicable
Private equity investments	26	Market multiples	EV/EBITDA ratios	7.7 x	7.7 x	Higher fair value	Not applicable
Foreign government, agency and municipal securities	5	DCF	Credit spreads Recovery rates	0.0 – 9.1% 4.0 – 36.0%	0.6% 31.6%	Lower fair value Higher fair value	No predictable interrelationship
Bank and corporate debt securities and loans for trading purposes	160	DCF	Credit spreads Recovery rates	0.0 – 15.0% 0.0 – 99.1%	4.1% 72.2%	Lower fair value Higher fair value	No predictable interrelationship
Residential mortgage backed securities (“RMBS”)	3	DCF	Yields Prepayment rates Loss severities	0.0 – 78.4% 6.5 – 15.0% 9.1 – 100.0%	13.2% 10.5% 81.1%	Lower fair value Lower fair value Lower fair value	No predictable interrelationship
Real estate-backed securities	69	DCF	Yields Loss severities	5.5 – 19.7% 0.0 – 55.2%	12.5% 6.6%	Lower fair value Lower fair value	No predictable interrelationship
Collateralized debt obligations (“CDOs”) and other	19	DCF	Yields Prepayment rates Default probabilities Loss severities	2.7 – 19.0% 20.0% 1.0 – 2.0% 31.5 – 100.0%	13.1% 20.0% 2.0% 83.7%	Lower fair value Lower fair value Lower fair value Lower fair value	Change in default probabilities typically accompanied by directionally similar change in loss severities and opposite change in prepayment rates
Derivatives, net:
Equity contracts	¥       (8)	Option models	Dividend yield Volatilities Correlations	0.0 – 8.0% 6.7 – 74.2% (0.80) – 0.98	—   —   —	Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Interest rate contracts	(54)	DCF/ Option models	Interest rates Volatilities Volatilities Correlations	0.0 – 2.4% 10.6 – 15.2% 24.2 – 66.8 bp (0.76) – 1.00	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Credit contracts	(8)	DCF/ Option models	Credit spreads Recovery rates Volatilities Correlations	0.0 – 21.4% 0.0 – 100.6% 16.2 – 83.0% 0.27 – 0.75	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Foreign exchange contracts	20	Option models	Interest rates Volatilities Volatilities Correlations	(0.4) – 2.4% 1.7 – 35.5% 209.0 – 245.0 bp (0.25) – 0.80	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Loans and receivables	129	DCF	Credit spreads	0.0 – 12.3%	3.6%	Lower fair value	Not applicable
Collateralized agreements	33	DCF	Repo rate	3.5 – 8.4%	7.0%	Lower fair value	Not applicable
Other assets
Other(6)	166	DCF	WACC Growth rates Liquidity discounts	10.2% 2.5% 10.0%	10.2% 2.5% 10.0%	Lower fair value Higher fair value Lower fair value	No predictable interrelationship
		Market multiples	EV/EBITDA ratios PE Ratios Price/Book ratios Liquidity discounts	4.7 – 13.8 x 8.9 – 32.4 x 0.3 – 2.7 x 10.0 – 50.0%	8.2 x 15.5 x 0.8 x 30.6%	Higher fair value Higher fair value Higher fair value Lower fair value	Generally changes in multiples results in a corresponding similar directional change in a fair value measurement, assuming earnings levels remain constant.
Liabilities:
Short-term borrowings	31	DCF/ Option models	Volatilities Correlations	6.7 – 54.5% (0.75) – 0.91	—   —	Higher fair value Higher fair value	No predictable interrelationship
Long-term borrowings	535	DCF/ Option models	Volatilities Volatilities Correlations	6.7 – 54.5% 32.5 – 60.9 bp (0.75) – 0.98	—   —   —	Higher fair value Higher fair value Higher fair value	No predictable interrelationship

(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) The above table only considers the impact of an increase in each significant unobservable valuation input on the fair value measurement of the financial instrument. However, a decrease in the significant unobservable valuation input would have the opposite effect on the fair value measurement of the financial instrument. For example, if an increase in a significant unobservable valuation input would result in a lower fair value measurement, a decrease in the significant unobservable valuation input would result in a higher fair value measurement.

(4) The impact of an increase in the significant unobservable input on the fair value measurement for a derivative assumes Nomura is long risk to the input e.g., long volatility. Where Nomura is short such risk, the impact of an increase would have a converse effect on the fair value measurement of the derivative.

(5) Consideration of the interrelationships between significant unobservable inputs is only relevant where more than one unobservable valuation input is used to determine the fair value measurement of the financial instrument.

(6) Valuation technique(s) and unobservable valuation 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, 2018
	Balance as of April 1, 2017			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			Transfers out of Level 3			Balance as of March 31, 2018
Assets:
Trading assets and private equity investments
Equities	¥	34		¥	1		¥	—	¥	22		¥	(36	)	¥	—		¥	(1	)	¥	8		¥	(7	)	¥	21
Private equity investments		13			1			—		1			(9	)		—			1			0			(4	)		3
Japanese agency and municipal securities		1			0			—		—			0			—			—			—			—			1
Foreign government, agency and municipal securities		3			1			—		79			(84	)		—			0			8			(1	)		6
Bank and corporate debt securities and loans for trading purposes		108			13			—		152			(144	)		—			(6	)		33			(17	)		139
Commercial mortgage-backed securities (“CMBS”)		1			0			—		5			(2	)		—			0			—			(2	)		2
Residential mortgage-backed securities (“RMBS”)		0			0			—		1			(1	)		—			0			—			—			0
Real estate-backed securities		41			1			—		101			(78	)		—			(2	)		—			—			63
Collateralized debt obligations (“CDOs”) and other		27			(8	)		—		46			(45	)		—			(1	)		11			(6	)		24
Investment trust funds and other		0			0			—		42			(43	)		—			0			2			0			1
Total trading assets and private equity investments		228			9			—		449			(442	)		—			(9	)		62			(37	)		260
Derivatives, net(3)
Equity contracts		(6	)		2			—		—			—			(2	)		0			5			0			(1	)
Interest rate contracts		(22	)		14			—		—			—			(7	)		1			(5	)		(34	)		(53	)
Credit contracts		(10	)		(1	)		—		—			—			16			1			(4	)		0			2
Foreign exchange contracts		23			(3	)		—		—			—			6			(2	)		2			1			27
Total derivatives, net		(15	)		12			—		—			—			13			0			(2	)		(33	)		(25	)
Subtotal	¥	213		¥	21		¥	—	¥	449		¥	(442	)	¥	13		¥	(9	)	¥	60		¥	(70	)	¥	235
Loans and receivables	¥	66		¥	(14	)	¥	—	¥	33		¥	(44	)	¥	—		¥	(4	)	¥	39		¥	(6	)	¥	70
Collateralized agreements		5			0			—		—			—			—			0			—			—			5
Other assets
Other		163			15			0		4			(6	)		—			(7	)		0			0			169
Total	¥	447		¥	22		¥	0	¥	486		¥	(492	)	¥	13		¥	(20	)	¥	99		¥	(76	)	¥	479
Liabilities:
Trading liabilities
Equities	¥	1		¥	0		¥	—	¥	3		¥	(1	)	¥	—		¥	0		¥	1		¥	(3	)	¥	1
Bank and corporate debt securities		0			0			—		0			0			—			0			0			0			0
Collateralized debt obligations (“CDOs”) and other		1			0			—		1			(2	)		—			0			—			—			0
Investment trust funds and other		0			0			—		0			0			—			0			0			0			0
Total trading liabilities	¥	2		¥	0		¥	—	¥	4		¥	(3	)	¥	—		¥	0		¥	1		¥	(3	)	¥	1
Short-term borrowings		70			0			0		89			(105	)		—			(1	)		1			(37	)		17
Payables and deposits		0			0			—		(1	)		0			—			—			—			—			(1	)
Collateralized financing		3			—			—		3			(3	)		—			0			—			—			3
Long-term borrowings		410			13			4		258			(150	)		—			(1	)		56			(127	)		429
Other liabilities		1			1			—		1			0			—			0			0			0			1
Total	¥	486		¥	14		¥	4	¥	354		¥	(261	)	¥	—		¥	(2	)	¥	58		¥	(167	)	¥	450

				Billions of yen
				Year ended March 31, 2019
	Balance as of April 1, 2018			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			Transfers out of Level 3			Balance as of March 31, 2019
Assets:
Trading assets and private equity investments
Equities	¥	21		¥	(3	)	¥	—	¥	5	¥	(13	)	¥	—		¥	1	¥	5		¥	(3	)	¥	13
Private equity investments		3			(1	)		—		24		(2	)		—			0		2			—			26
Japanese agency and municipal securities		1			0			—		1		(1	)		—			—		—			—			1
Foreign government, agency and municipal securities		6			0			—		15		(16	)		—			0		3			(3	)		5
Bank and corporate debt securities and loans for trading purposes		139			8			—		99		(100	)		—			4		63			(53	)		160
Commercial mortgage-backed securities (“CMBS”)		2			0			—		1		(2	)		—			0		1			—			2
Residential mortgage-backed securities (“RMBS”)		0			0			—		9		0			—			0		—			(6	)		3
Real estate-backed securities		63			(2	)		—		217		(212	)		—			3		—			—			69
Collateralized debt obligations (“CDOs”) and other		24			4			—		56		(68	)		—			1		7			(5	)		19
Investment trust funds and other		1			0			—		4		(4	)		—			0		—			—			1
Total trading assets and private equity investments		260			6			—		431		(418	)		—			9		81			(70	)		299
Derivatives, net(3)
Equity contracts		(1	)		(2	)		—		—		—			(2	)		0		(7	)		4			(8	)
Interest rate contracts		(53	)		(25	)		—		—		—			0			0		10			14			(54	)
Credit contracts		2			(6	)		—		—		—			(4	)		0		(1	)		1			(8	)
Foreign exchange contracts		27			(13	)		—		—		—			3			1		(1	)		3			20
Commodity contracts		—			0			—		—		—			0			0		—			—			0
Total derivatives, net		(25	)		(46	)		—		—		—			(3	)		1		1			22			(50	)
Subtotal	¥	235		¥	(40	)	¥	—	¥	431	¥	(418	)	¥	(3	)	¥	10	¥	82		¥	(48	)	¥	249
Loans and receivables	¥	70		¥	0		¥	—	¥	53	¥	(27	)	¥	—		¥	3	¥	37		¥	(7	)	¥	129
Collateralized agreements		5			0			—		—		—			—			0		28			—			33
Other assets
Other		169			(11	)		—		6		(3	)		—			5		0			—			166
Total	¥	479		¥	(51	)	¥	—	¥	490	¥	(448	)	¥	(3	)	¥	18	¥	147		¥	(55	)	¥	577
Liabilities:
Trading liabilities
Equities	¥	1		¥	0		¥	—	¥	20	¥	(20	)	¥	—		¥	0	¥	0		¥	(1	)	¥	0
Foreign government, agency and municipal securities		—			0			—		1		(1	)		—			0		0			—			0
Bank and corporate debt securities		0			0			—		0		0			—			0		0			0			0
Collateralized debt obligations (“CDOs”) and other		0			0			—		0		0			—			0		—			—			—
Investment trust funds and other		0			0			—		0		0			—			0		0			0			—
Total trading liabilities	¥	1		¥	0		¥	—	¥	21	¥	(21	)	¥	—		¥	0	¥	0		¥	(1	)	¥	0
Short-term borrowings		17			(2	)		0		39		(27	)		—			0		25			(25	)		31
Payables and deposits		(1	)		(1	)		—		0		0			—			—		—			—			0
Collateralized financing		3			—			—		—		(3	)		—			0		—			—			—
Long-term borrowings		429			(23	)		2		194		(99	)		—			0		75			(85	)		535
Other liabilities		1			0			—		0		(1	)		—			0		0			—			0
Total	¥	450		¥	(26	)	¥	2	¥	254	¥	(151	)	¥	—		¥	0	¥	100		¥	(111	)	¥	566

(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) Each derivative classification includes derivatives with multiple risk underlyings. 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
	2018			2019
	Unrealized gains / (losses)(1)
Assets:
Trading assets and private equity investments
Equities	¥	0		¥	(4	)
Private equity investments		1			(1	)
Japanese agency and municipal securities		—			0
Foreign government, agency and municipal securities		—			0
Bank and corporate debt securities and loans for trading purposes		3			1
Commercial mortgage-backed securities (“CMBS”)		0			0
Residential mortgage-backed securities (“RMBS”)		0			0
Real estate-backed securities		1			0
Collateralized debt obligations (“CDOs”) and other		0			(4	)
Investment trust funds and other		0			0
Total trading assets and private equity investments		5			(8	)
Derivatives, net(2)
Equity contracts		(1	)		(11	)
Interest rate contracts		(16	)		(18	)
Credit contracts		1			(12	)
Foreign exchange contracts		(9	)		(10	)
Commodity contracts		—			0
Total derivatives, net		(25	)		(51	)
Subtotal	¥	(20	)	¥	(59	)
Loans and receivables		0			0
Collateralized agreements		0			0
Other assets
Other		14			(12	)
Total	¥	(6	)	¥	(71	)
Liabilities:
Trading liabilities
Equities	¥	0		¥	0
Foreign government, agency and municipal securities		—			0
Bank and corporate debt securities		0			0
Collateralized debt obligations (“CDOs”) and other		0			—
Investment trust funds and other		0			—
Total trading liabilities	¥	0		¥	0
Short-term borrowings		1			(1	)
Payables and deposits		—			(1	)
Collateralized financing		0			—
Long-term borrowings		40			(18	)
Other liabilities		0			—
Total	¥	41		¥	(20	)

(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 with multiple risk underlyings. 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, 2018
	Fair value		Unfunded commitments(1)		Redemption frequency (if currently eligible)(2)		Redemption notice(3)
Hedge funds	¥	25	¥	—		Monthly		Same day-90 days
Venture capital funds		1		2		—		—
Private equity funds		22		11		—		—
Real estate funds		1		—		—		—
Total	¥	49	¥	13

	Billions of yen
	March 31, 2019
	Fair value		Unfunded commitments(1)		Redemption frequency (if currently eligible)(2)		Redemption notice(3)
Hedge funds	¥	16	¥	—		Monthly		Same day-90 days
Venture capital funds		2		2		—		—
Private equity funds		17		10		—		—
Real estate funds		3		1		—		—
Total	¥	38	¥	13

(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
	2017			2018			2019
	Gains/(Losses)(1)
Assets:
Trading assets and private equity investments(2)
Trading assets	¥	1		¥	0		¥	0
Private equity investments		0			(1	)		1
Loans and receivables		1			(14	)		(2	)
Collateralized agreements(3)		6			1			2
Other assets(2)		10			11			(26	)
Total	¥	18		¥	(3	)	¥	(25	)
Liabilities:
Short-term borrowings(4)	¥	(42	)	¥	(1	)	¥	28
Collateralized financing(3)		(1	)		0			0
Long-term borrowings(4)(5)		7			(39	)		(38	)
Other liabilities(6)		0			(4	)		3
Total	¥	(36	)	¥	(44	)	¥	(7	)

(1) Includes gains and losses reported primarily within Net gain on trading 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.

Schedule of impact of changes in its own creditworthiness on certain financial liabilities

	Billions of Yen
	Year ended March 31
	2018			2019
Changes recognized as a credit (debit) to other comprehensive income	¥	(3	)	¥	25
Credit (debit) Amounts reclassified to earnings		0			(1	)
Cumulative credit (debit) balance recognized in accumulated other comprehensive income		7			32

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

	Billions of yen
	March 31, 2018
	Japan		U.S.		EU		Other		Total(1)
Government, agency and municipal securities	¥	2,394	¥	2,168	¥	1,512	¥	540	¥	6,614

	Billions of yen
	March 31, 2019
	Japan		U.S.		EU		Other		Total(1)
Government, agency and municipal securities	¥	2,202	¥	1,723	¥	1,897	¥	579	¥	6,401

(1) Other than above, there were ¥344 billion and ¥318 billion of government, agency and municipal securities reported within Other assets—Non-trading debt securities in the consolidated balance sheets as of March 31, 2018 and 2019, 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, 2018(1)
					Fair value by level
	Carrying value		Fair value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	¥	2,355	¥	2,355	¥	2,355	¥	—	¥	—
Time deposits		315		315		—		315		—
Deposits with stock exchanges and other segregated cash		289		289		—		289		—
Loans receivable(2)		2,461		2,461		—		1,946		515
Securities purchased under agreements to resell		9,854		9,854		—		9,849		5
Securities borrowed		6,384		6,383		—		6,383		—
Total	¥	21,658	¥	21,657	¥	2,355	¥	18,782	¥	520
Liabilities:
Short-term borrowings	¥	743	¥	743	¥	—	¥	726	¥	17
Deposits received at banks		1,151		1,151		—		1,151		—
Securities sold under agreements to repurchase		14,759		14,759		—		14,756		3
Securities loaned		1,524		1,524		—		1,524		—
Long-term borrowings		7,383		7,417		18		6,939		460
Total	¥	25,560	¥	25,594	¥	18	¥	25,096	¥	480
	Billions of yen
	March 31, 2019(1)
					Fair value by level
	Carrying value		Fair value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	¥	2,687	¥	2,687	¥	2,687	¥	—	¥	—
Time deposits		290		290		—		290		—
Deposits with stock exchanges and other segregated cash		285		285		—		285		—
Loans receivable(2)		2,542		2,541		—		1,941		600
Securities purchased under agreements to resell		13,195		13,195		—		13,162		33
Securities borrowed		4,112		4,111		—		4,111		—
Total	¥	23,111	¥	23,109	¥	2,687	¥	19,789	¥	633
Liabilities:
Short-term borrowings	¥	841	¥	841	¥	—	¥	811	¥	30
Deposits received at banks		1,393		1,393		—		1,393		—
Securities sold under agreements to repurchase		15,037		15,037		—		15,037		—
Securities loaned		1,230		1,230		—		1,230		—
Long-term borrowings		7,916		7,931		12		7,353		566
Total	¥	26,417	¥	26,432	¥	12	¥	25,824	¥	596

(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.