Fair value measurements (Tables)

12 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

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

	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 and debt investments(2)
Equities(3)	¥	1,392	¥	1,065	¥	13	¥	—		¥	2,470
Private equity and debt investments(4)		—		—		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
Issued/Guaranteed by government sponsored entity		—		2,706		—		—			2,706
Other		—		55		3		—			58
Real estate-backed securities		—		—		69		—			69
Collateralized debt obligations (“CDOs”) and other(5)		—		55		19		—			74
Investment trust funds and other		349		53		1		—			403
Total trading assets and private equity and debt investments		6,378		6,821		299		—			13,498
Derivative assets(6)
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(7)		—		544		129		—			673
Collateralized agreements(8)		—		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(5)		—		3		—		—			3
Investment trust funds and other		121		42		—		—			163
Total trading liabilities		5,913		1,492		0		—			7,405
Derivative liabilities(6)
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(9)	¥	—	¥	332	¥	31	¥	—		¥	363
Payables and deposits(10)		—		0		0		—			0
Collateralized financing(8)		—		291		—		—			291
Long-term borrowings(9)(11)(12)		11		3,024		535		—			3,570
Other liabilities(13)		276		22		0		—			298
Total	¥	6,211	¥	19,498	¥	743	¥	(13,710	)	¥	12,742

	Billions of yen
	March 31, 2020
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting(1)			Balance as of March 31, 2020
Assets:
Trading assets and private equity and debt investments(2)
Equities(3)	¥	1,193	¥	908	¥	14	¥	—		¥	2,115
Private equity and debt investments(4)		—		7		31		—			38
Japanese government securities		1,826		—		—		—			1,826
Japanese agency and municipal securities		—		106		2		—			108
Foreign government, agency and municipal securities		3,257		2,000		8		—			5,265
Bank and corporate debt securities and loans for trading purposes		—		1,266		228		—			1,494
Commercial mortgage-backed securities (“CMBS”)		—		0		1		—			1
Residential mortgage-backed securities (“RMBS”)		—		3,626		62		—			3,688
Issued/Guaranteed by government sponsored entity		—		3,602		14		—			3,616
Other		—		24		48		—			72
Real estate-backed securities		—		—		94		—			94
Collateralized debt obligations (“CDOs”) and other(5)		—		21		32		—			53
Investment trust funds and other		204		44		0		—			248
Total trading assets and private equity and debt investments		6,480		7,978		472		—			14,930
Derivative assets(6)
Equity contracts		4		1,869		48		—			1,921
Interest rate contracts		55		13,551		23		—			13,629
Credit contracts		3		318		86		—			407
Foreign exchange contracts		0		5,183		41		—			5,224
Commodity contracts		9		0		—		—			9
Netting		—		—		—		(19,248	)		(19,248	)
Total derivative assets		71		20,921		198		(19,248	)		1,942
Subtotal	¥	6,551	¥	28,899	¥	670	¥	(19,248	)	¥	16,872
Loans and receivables(7)		—		709		96		—			805
Collateralized agreements(8)		—		534		15		—			549
Other assets
Non-trading debt securities		123		332		—		—			455
Other(2)(3)		252		146		168		—			566
Total	¥	6,926	¥	30,620	¥	949	¥	(19,248	)	¥	19,247
Liabilities:
Trading liabilities
Equities	¥	1,412	¥	152	¥	0	¥	—		¥	1,564
Japanese government securities		1,108		—		—		—			1,108
Japanese agency and municipal securities		—		0		—		—			0
Foreign government, agency and municipal securities		2,116		1,114		0		—			3,230
Bank and corporate debt securities		—		272		1		—			273
Residential mortgage-backed securities (“RMBS”)		—		3		—		—			3
Collateralized debt obligations (“CDOs”) and other(5)		—		1		1		—			2
Investment trust funds and other		409		148		0		—			557
Total trading liabilities		5,045		1,690		2		—			6,737
Derivative liabilities(6)
Equity contracts		7		1,972		29		—			2,008
Interest rate contracts		18		13,125		77		—			13,220
Credit contracts		14		356		87		—			457
Foreign exchange contracts		0		5,071		34		—			5,105
Commodity contracts		5		1		—		—			6
Netting		—		—		—		(18,987	)		(18,987	)
Total derivative liabilities		44		20,525		227		(18,987	)		1,809
Subtotal	¥	5,089	¥	22,215	¥	229	¥	(18,987	)	¥	8,546
Short-term borrowings(9)	¥	—	¥	348	¥	29	¥	—		¥	377
Payables and deposits(10)		—		14		1		—			15
Collateralized financing(8)		—		247		—		—			247
Long-term borrowings(9)(11)(12)		2		3,291		409		—			3,702
Other liabilities(13)		170		129		0		—			299
Total	¥	5,261	¥	26,244	¥	668	¥	(18,987	)	¥	13,186

(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, 2019 and March 31, 2020, the fair values of these investments which are included in Trading assets and private equity and debt investments were ¥36 billion and ¥26 billion, respectively. As of March 31, 2019 and March 31, 2020, the fair values of these investments which are included in Other assets—Others were ¥2 billion and ¥6 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) Private equity and debt investments are typically private non-traded financial instruments including ownership or other forms of junior capital (such as mezzanine loan). Includes equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the fair value option.

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

(6) 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.

(7) Includes loans for which the fair value option has been elected.

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

(9) Includes structured notes for which the fair value option has been elected.

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

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

(12) 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.

(13) Includes loan commitments for which the fair value option has been elected.

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

	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 and debt investments
Equities	¥      13	DCF	Liquidity discounts	75.0%	75.0%	Lower fair value	Not applicable
Private equity and debt 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

	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)
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 result 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

	March 31, 2020
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 and debt investments
Equities	¥      14	DCF	Liquidity discounts	75.0%	75.0%	Lower fair value	Not applicable
		Market multiples	Liquidity discounts	20.0%	20.0%	Lower fair value	Not applicable
Private equity and debt investments	31	DCF	WACC Growth rates  Liquidity discounts	7.0 – 13.5%  0.0 – 1.0%  5.0 – 30.0%	10.0%  0.6%  9.9%	Lower fair value  Higher fair value  Lower fair value	No predictable interrelationship
		Market multiples	EV/EBITDA ratios PE Ratios Liquidity discounts	1.0 – 11.0x 9.6 x 5.0 – 30.0%	8.9x 9.6x 9.8%	Higher fair value Higher fair value Lower fair value	No predictable interrelationship
Foreign government, agency and municipal securities	8	DCF	Credit spreads  Recovery rates	0.0 – 1.4%  4.0 – 18.0%	0.5%  10.8%	Lower fair value  Higher fair value	No predictable interrelationship
Bank and corporate debt securities and loans for trading purposes	228	DCF	Credit spreads  Recovery rates	0.0 – 17.9%  0.0 – 80.7%	5.8%  43.8%	Lower fair value  Higher fair value	No predictable interrelationship
Residential mortgage backed securities (“RMBS”)	62	DCF	Yields  Prepayment rates  Loss severities	0.0 – 30.8%  7.1 – 15.0%  0.0 – 100.0%	6.7%  8.9%  40.6%	Lower fair value  Lower fair value  Lower fair value	No predictable interrelationship
Real estate-backed securities	94	DCF	Loss severities	0.0 – 8.1%	3.4%	Lower fair value	Not applicable
Collateralized debt obligations (“CDOs”) and other	32	DCF	Yields  Prepayment rates  Default probabilities  Loss severities	6.4 – 56.8%  20.0%  2.0%  0.0 – 100.0%	21.6%  20.0%  2.0%  73.0%	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

	March 31, 2020
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)
Derivatives, net:
Equity contracts	¥      19	Option models	Dividend yield Volatilities Correlations	0.0 – 18.7% 12.2 – 144.7% (0.85) – 0.97	—   —   —	Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Interest rate contracts	(54)	DCF/ Option models	Interest rates  Volatilities  Volatilities  Correlations	(0.1) – 2.0%  8.8 – 13.8%  24.6 – 119.4 bp  (1.00) – 0.98	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Credit contracts	(1)	DCF/ Option models	Credit spreads  Recovery rates Volatilities  Correlations	0.1 – 28.4% 0.0 – 105.4% 50.0 – 83.0% 0.16 – 0.82	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Foreign exchange contracts	7	Option models	Interest rates  Volatilities  Volatilities  Correlations	(0.1) – 0.8%  2.0 – 23.9%  19.2 – 50.7 bp  (0.25) – 0.80	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Loans and receivables	96	DCF	Credit spreads  Recovery rates	0.0 – 20.5%  57.5 – 98.0%	4.2%  85.0%	Lower fair value Higher fair value	No predictable interrelationship
Collateralized agreements	15	DCF	Repo rate	3.8 – 5.6%	4.9%	Lower fair value	Not applicable
Other assets
Other(6)	168	DCF	WACC Growth rates Liquidity discounts	10.1% 2.0% 10.0%	10.1% 2.0% 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	3.9 – 10.3 x 6.3 – 20.7 x 0.3 – 1.3 x 10.0 – 40.0%	4.6 x 11.4 x 0.8 x 28.6%	Higher fair value Higher fair value Higher fair value Lower fair value	Generally changes in multiples result in a corresponding similar directional change in a fair value measurement, assuming earnings levels remain constant.
Liabilities:
Short-term borrowings	29	DCF/ Option models	Volatilities  Correlations	12.6 – 76.4% (0.72) – 0.94	—   —	Higher fair value Higher fair value	No predictable interrelationship
Long-term borrowings	409	DCF/ Option models	Volatilities  Volatilities  Correlations	8.6 – 76.4% 30.0 – 103.2 bp (1.00) – 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

For the years ended March 31, 2019 and 2020, gains and losses related to Level 3 assets and liabilities did not have a material impact on Nomura’s liquidity and capital resources management.

				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(4)(5)			Transfers out of Level 3(5)			Balance as of March 31, 2019
Assets:
Trading assets and private equity and debt investments
Equities	¥	21		¥	(3	)	¥	—	¥	5	¥	(13	)	¥	—		¥	1	¥	5		¥	(3	)	¥	13
Private equity and debt 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 and debt 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

				Billions of yen
				Year ended March 31, 2020
	Balance as of April 1, 2019			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(4)(5)			Transfers out of Level 3(5)			Balance as of March 31, 2020
Assets:
Trading assets and private equity and debt investments
Equities	¥	13		¥	(1	)	¥	—	¥	8	¥	(4	)	¥	—		¥	0		¥	1		¥	(3	)	¥	14
Private equity and debt investments		26			1			—		8		(3	)		—			(1	)		—			—			31
Japanese agency and municipal securities		1			0			—		1		0			—			—			—			—			2
Foreign government, agency and municipal securities		5			0			—		27		(26	)		—			0			5			(3	)		8
Bank and corporate debt securities and loans for trading purposes		160			(2	)		—		158		(154	)		—			(7	)		113			(40	)		228
Commercial mortgage-backed securities (“CMBS”)		2			(1	)		—		1		(1	)		—			—			0			0			1
Residential mortgage-backed securities (“RMBS”)		3			(8	)		—		93		(53	)		—			0			28			(1	)		62
Real estate-backed securities		69			4			—		197		(175	)		—			(1	)		—			—			94
Collateralized debt obligations (“CDOs”) and other		19			(21	)		—		184		(167	)		—			(1	)		25			(7	)		32
Investment trust funds and other		1			0			—		13		(14	)		—			0			0			0			0
Total trading assets and private equity and debt investments		299			(28	)		—		690		(597	)		—			(10	)		172			(54	)		472
Derivatives, net(3)
Equity contracts		(8	)		29			—		—		—			(6	)		0			16			(12	)		19
Interest rate contracts		(54	)		9			—		—		—			(9	)		0			(1	)		1			(54	)
Credit contracts		(8	)		7			—		—		—			2			0			(12	)		10			(1	)
Foreign exchange contracts		20			(22	)		—		—		—			8			(1	)		0			2			7
Commodity contracts		0			0			—		—		—			0			0			—			—			—
Total derivatives, net		(50	)		23			—		—		—			(5	)		(1	)		3			1			(29	)
Subtotal	¥	249		¥	(5	)	¥	—	¥	690	¥	(597	)	¥	(5	)	¥	(11	)	¥	175		¥	(53	)	¥	443
Loans and receivables	¥	129		¥	0		¥	—	¥	163	¥	(117	)	¥	—		¥	(3	)	¥	93		¥	(169	)	¥	96
Collateralized agreements		33			0			—		—		(27	)		—			(1	)		10			—			15
Other assets
Other		166			(31	)		0		43		(7	)		—			(3	)		0			—			168
Total	¥	577		¥	(36	)	¥	0	¥	896	¥	(748	)	¥	(5	)	¥	(18	)	¥	278		¥	(222	)	¥	722
Liabilities:
Trading liabilities
Equities	¥	0		¥	0		¥	—	¥	0	¥	0		¥	—		¥	0		¥	0		¥	0		¥	0
Foreign government, agency and municipal securities		0			0			—		—		—			—			0			—			—			0
Bank and corporate debt securities		0			(1	)		—		1		(1	)		—			0			0			—			1
Collateralized debt obligations (“CDOs”) and other		—			0			—		4		(3	)		—			0			—			—			1
Investment trust funds and other		—			—			—		0		0			—			0			0			—			0
Total trading liabilities	¥	0		¥	(1	)	¥	—	¥	5	¥	(4	)	¥	—		¥	0		¥	0		¥	0		¥	2
Short-term borrowings		31			0			0		65		(58	)		—			0			7			(16	)		29
Payables and deposits		0			0			—		6		0			—			0			0			(5	)		1
Long-term borrowings		535			6			0		254		(291	)		—			(1	)		56			(138	)		409
Other liabilities		0			(8	)		—		2		(10	)		—			0			—			—			0
Total	¥	566		¥	(3	)	¥	0	¥	332	¥	(363	)	¥	—		¥	(1	)	¥	63		¥	(159	)	¥	441

(1) Includes gains and losses reported primarily within Net gain on trading, Gain on private equity and debt 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) 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.

(4) Amounts of gains and losses on these transfers which were recognized in the period when the Transfers into Level 3 occurred were not significant for the years ended March 31, 2019 and 2020.

(5) Transfers into Level 3 indicate certain valuation inputs of a financial instrument become unobservable or significant. Transfers out of Level 3 indicate certain valuation inputs of a financial instrument become observable or insignificant. See Quantitative and qualitative information regarding significant unobservable inputs above for the valuation inputs of each financial instruments.

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

	Billions of yen
	March 31
	2019			2020
	Unrealized gains/(losses)(1)
Assets:
Trading assets and private equity and debt investments
Equities	¥	(4	)	¥	(2	)
Private equity and debt investments		(1	)		1
Japanese agency and municipal securities		0			0
Foreign government, agency and municipal securities		0			(1	)
Bank and corporate debt securities and loans for trading purposes		1			(5	)
Commercial mortgage-backed securities (“CMBS”)		0			(1	)
Residential mortgage-backed securities (“RMBS”)		0			(7	)
Real estate-backed securities		0			0
Collateralized debt obligations (“CDOs”) and other		(4	)		(19	)
Investment trust funds and other		0			0
Total trading assets and private equity and debt investments		(8	)		(34	)
Derivatives, net(2)
Equity contracts		(11	)		36
Interest rate contracts		(18	)		(19	)
Credit contracts		(12	)		2
Foreign exchange contracts		(10	)		(24	)
Commodity contracts		0			—
Total derivatives, net		(51	)		(5	)
Subtotal	¥	(59	)	¥	(39	)
Loans and receivables		0			(1	)
Collateralized agreements		0			0
Other assets
Other		(12	)		(20	)
Total	¥	(71	)	¥	(60	)

	Billions of yen
	March 31
	2019			2020
	Unrealized gains/(losses)(1)
Liabilities:
Trading liabilities
Equities	¥	0		¥	0
Foreign government, agency and municipal securities		0			0
Bank and corporate debt securities		0			(1	)
Collateralized debt obligations (“CDOs”) and other		—			0
Total trading liabilities	¥	0		¥	(1	)
Short-term borrowings		(1	)		1
Payables and deposits		(1	)		0
Long-term borrowings		(18	)		19
Total	¥	(20	)	¥	19

(1) Includes gains and losses reported within Net gain on trading, Gain on private equity and debt 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, 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
	Billions of yen
	March 31, 2020
	Fair value		Unfunded commitments(1)		Redemption frequency (if currently eligible)(2)		Redemption notice(3)
Hedge funds	¥	2	¥	—		Monthly		Same day-90 days
Venture capital funds		3		3		—		—
Private equity funds		21		9		—		—
Real estate funds		6		1		—		—
Total	¥	32	¥	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
	2018			2019			2020
	Gains/(Losses)(1)
Assets:
Trading assets and private equity and debt investments(2)
Trading assets	¥	0		¥	0		¥	1
Private equity and debt investments		(1	)		1			(1	)
Loans and receivables		(14	)		(2	)		2
Collateralized agreements(3)		1			2			4
Other assets(2)		11			(26	)		(16	)
Total	¥	(3	)	¥	(25	)	¥	(10	)
Liabilities:
Short-term borrowings(4)	¥	(1	)	¥	28		¥	64
Collateralized financing(3)		0			0			(2	)
Long-term borrowings(4)(5)		(39	)		(38	)		58
Other liabilities(6)		(4	)		3			2
Total	¥	(44	)	¥	(7	)	¥	122

(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
	2019			2020
Changes recognized as a credit (debit) to other comprehensive income	¥	25		¥	49
Credit (debit) amounts reclassified to earnings		(1	)		(1	)
Cumulative credit (debit) balance recognized in accumulated other comprehensive income		32			80

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

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

	Billions of yen
	March 31, 2020
	Japan		U.S.		EU & U.K.		Other		Total(1)
Government, agency and municipal securities	¥	1,934	¥	1,889	¥	2,704	¥	672	¥	7,199

(1) Other than above, there were ¥318 billion and ¥321 billion of government, agency and municipal securities reported within Other assets—Non-trading debt securities in the consolidated balance sheets as of March 31, 2019 and 2020, 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, 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
	Billions of yen
	March 31, 2020(1)
					Fair value by level
	Carrying value		Fair value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	¥	3,192	¥	3,192	¥	3,192	¥	—	¥	—
Time deposits		309		309		—		309		—
Deposits with stock exchanges and other segregated cash		374		374		—		374		—
Loans receivable(2)		2,848		2,842		—		2,201		641
Securities purchased under agreements to resell		12,377		12,377		—		12,362		15
Securities borrowed		3,530		3,529		—		3,529		—
Total	¥	22,630	¥	22,623	¥	3,192	¥	18,775	¥	656
Liabilities:
Short-term borrowings	¥	1,487	¥	1,487	¥	—	¥	1,458	¥	29
Deposits received at banks		1,276		1,276		—		1,275		1
Securities sold under agreements to repurchase		16,349		16,349		—		16,349		—
Securities loaned		961		962		—		962		—
Other secured borrowings		718		718		—		718		—
Long-term borrowings		7,776		7,733		2		7,263		468
Total	¥	28,567	¥	28,525	¥	2	¥	28,025	¥	498

(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.