Fair value measurements (Tables)

6 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

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

The following tables present the amounts of Nomura’s financial instruments measured at fair value on a recurring basis as of March 31, 2020 and September 30, 2020 within the fair value hierarchy.

	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

	Billions of yen
	September 30, 2020
	Level 1		Level 2		Level 3		Counterparty     and Cash Collateral Netting(1)			Balance as of September 30, 2020
Assets:
Trading assets and private equity and debt investments(2)
Equities(3)	¥	1,800	¥	836	¥	10	¥	—		¥	2,646
Private equity and debt investments(4)		—		—		49		—			49
Japanese government securities		2,043		—		—		—			2,043
Japanese agency and municipal securities		—		77		2		—			79
Foreign government, agency and municipal securities		3,660		2,237		13		—			5,910
Bank and corporate debt securities and loans for trading purposes		—		1,134		129		—			1,263
Commercial mortgage-backed securities (“CMBS”)		—		0		2		—			2
Residential mortgage-backed securities (“RMBS”)		—		3,004		20		—			3,024
Issued/Guaranteed by government sponsored entity		—		2,946		—		—			2,946
Other		—		58		20		—			78
Real estate-backed securities		—		0		62		—			62
Collateralized debt obligations (“CDOs”) and other(5)		—		28		11		—			39
Investment trust funds and other		319		24		0		—			343
Total trading assets and private equity and debt investments		7,822		7,340		298		—			15,460
Derivative assets(6)
Equity contracts		0		1,179		54		—			1,233
Interest rate contracts		31		11,879		28		—			11,938
Credit contracts		0		322		51		—			373
Foreign exchange contracts		0		3,511		31		—			3,542
Commodity contracts		1		0		—		—			1
Netting		—		—		—		(15,997	)		(15,997	)
Total derivative assets		32		16,891		164		(15,997	)		1,090
Subtotal	¥	7,854	¥	24,231	¥	462	¥	(15,997	)	¥	16,550
Loans and receivables(7)		—		809		88		—			897
Collateralized agreements(8)		—		303		18		—			321
Other assets
Non-trading debt securities		105		307		—		—			412
Other(2)(3)		303		126		150		—			579
Total	¥	8,262	¥	25,776	¥	718	¥	(15,997	)	¥	18,759
Liabilities:
Trading liabilities
Equities	¥	1,746	¥	175	¥	0	¥	—		¥	1,921
Japanese government securities		935		—		—		—			935
Japanese agency and municipal securities		—		0		—		—			0
Foreign government, agency and municipal securities		3,138		1,135		0		—			4,273
Bank and corporate debt securities		—		198		2		—			200
Residential mortgage-backed securities (“RMBS”)		—		5		—		—			5
Collateralized debt obligations (“CDOs”) and other(5)		—		0		3		—			3
Investment trust funds and other		129		—		0		—			129
Total trading liabilities		5,948		1,513		5		—			7,466
Derivative liabilities(6)
Equity contracts		1		1,631		73		—			1,705
Interest rate contracts		13		11,442		86		—			11,541
Credit contracts		1		365		66		—			432
Foreign exchange contracts		0		3,469		31		—			3,500
Commodity contracts		8		0		—		—			8
Netting		—		—		—		(15,863	)		(15,863	)
Total derivative liabilities		23		16,907		256		(15,863	)		1,323
Subtotal	¥	5,971	¥	18,420	¥	261	¥	(15,863	)	¥	8,789
Short-term borrowings(9)		—		514		74		—			588
Payables and deposits(10)		—		31		1		—			32
Collateralized financing(8)		—		219		—		—			219
Long-term borrowings(9)(11)(12)		4		3,566		459		—			4,029
Other liabilities(13)		219		109		13		—			341
Total	¥	6,194	¥	22,859	¥	808	¥	(15,863	)	¥	13,998

(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, 2020 and September 30, 2020, the fair values of these investments which are included in Trading assets and private equity and debt investments were ¥26 billion and ¥21 billion, respectively. As of March 31, 2020 and September 30, 2020, the fair values of these investments which are included in Other assets—Others were ¥6 billion and ¥5 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, 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 – 11.0 x 9.6 x 5.0 – 30.0%	8.9 x 9.6 x 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

	September 30, 2020
Financial Instrument	Fair value in billions of yen		Valuation technique	Significant unobservable 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	¥	10	DCF	Liquidity discounts	75.0%	75.0%	Lower fair value	Not applicable
Private equity and debt investments		49	DCF	WACC Growth rates Liquidity discounts	6.6 – 12.6% 0.0 – 1.0%  5.0 – 30.0%	10.2% 0.4% 13.4%	Lower fair value Higher fair value Lower fair value	No predictable interrelationship
			Market multiples	EV/EBITDA ratios PE Ratios Liquidity discounts	(0.4) – 10.6 x 10.5 x 5.0 – 30.0%	5.6 x 10.5 x 16.4%	Higher fair value Higher fair value Lower fair value	No predictable interrelationship
Foreign government, agency and municipal securities		13	DCF	Credit spreads Recovery rates	0.0 – 1.7% 5.8 – 30.0%	0.5% 10.2%	Lower fair value Higher fair value	No predictable interrelationship
Bank and corporate debt securities and loans for trading purposes		129	DCF	Credit spreads Recovery rates	0.0 – 15.0% 0.0 – 97.0%	5.0% 77.8%	Lower fair value Higher fair value	No predictable interrelationship
Residential mortgage backed securities (“RMBS”)		20	DCF	Yields Prepayment rates Loss severities	0.0 – 40.5% 6.1 – 15.0% 0.0 – 96.8%	5.4% 7.7% 19.6%	Lower fair value Lower fair value Lower fair value	No predictable interrelationship
Real estate-backed securities		62	DCF	Loss severities	0.0 – 15.0%	3.9%	Lower fair value	Not applicable
Collateralized debt obligations (“CDOs”) and other		11	DCF	Yields Prepayment rates Default probabilities Loss severities	9.2 – 47.9% 20.0% 2.0% 90.9 – 100.0%	20.3% 20.0% 2.0% 95.0%	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

	September 30, 2020
Financial Instrument	Fair value in billions of yen			Valuation technique	Significant unobservable 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 – 21.0% 4.0 – 90.1% (0.85) – 0.98	—   —   —	Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Interest rate contracts		(58	)	DCF/ Option models	Interest rates Volatilities Volatilities Correlations	(0.3) – 1.2% 8.6 – 13.7% 27.0 – 93.3 bp (1.00) – 0.98	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Credit contracts		(15	)	DCF/ Option models	Credit spreads Recovery rates Volatilities Correlations	0.0 – 25.8% 0.0 – 100.3% 50.0 – 83.0% 0.07 – 0.74	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Foreign exchange contracts		0		Option models	Interest rates Volatilities Volatilities Correlations	(0.3) – 1.0% 2.6 – 28.9% 17.4 – 28.0 bp (0.25) – 0.80	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Loans and receivables		88		DCF	Credit spreads Recovery rates	0.0 – 63.5% 57.5%	6.5% 57.5%	Lower fair value Higher fair value	No predictable interrelationship
Collateralized agreements		18		DCF	Repo rate	3.8 – 5.1%	4.8%	Lower fair value	Not applicable
Other assets
Other(6)		150		DCF	WACC Growth rates Liquidity discounts	9.3% 2.0% 10.0%	9.3% 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	4.7 – 6.0 x 7.1 – 32.0 x 0.3 – 1.4 x 10.0 – 40.0%	5.7 x 15.1 x 0.9 x 30.4%	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:
Trading Liabilities
Collateralized debt obligations (“CDOs”) and other		3		DCF	Yields Prepayment rates Default probabilities	9.5 – 23.9% 20.0% 2.0%	16.2% 20.0% 2.0%	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
Short-term borrowings		74		DCF/ Option models	Volatilities Correlations	14.0 – 90.1% (0.75) – 0.95	—   —	Higher fair value Higher fair value	No predictable interrelationship
Long-term borrowings		459		DCF/ Option models	Volatilities Volatilities Correlations	8.5 – 90.1% 31.8 – 93.3 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 six months ended September 30, 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
	Six months ended September 30, 2019
	Beginning balance as of six months ended September 30, 2019			Total gains (losses) recognized in revenue(1)			Total gains (losses) recognized in other comprehensive income		Purchases / issues(2)		Sales / redemptions(2)			Settlements			Foreign exchange movements			Transfers into Level 3(4)(5)			Transfers out of Level 3(5)			Balance as of six months ended September 30, 2019
Assets:
Trading assets and private equity and debt investments
Equities	¥	13		¥	0		¥	—	¥	0	¥	(1	)	¥	—		¥	0		¥	0		¥	(2	)	¥	10
Private equity and debt investments		26			2			—		0		(1	)		—			(1	)		—			—			26
Japanese agency and municipal securities		1			0			—		0		0			—			—			—			—			1
Foreign government, agency and municipal securities		5			0			—		16		(16	)		—			0			2			(1	)		6
Bank and corporate debt securities and loans for trading purposes		160			(1	)		—		39		(60	)		—			(6	)		63			(18	)		177
Commercial mortgage-backed securities (“CMBS”)		2			0			—		0		0			—			—			0			0			2
Residential mortgage-backed securities (“RMBS”)		3			(1	)		—		33		(8	)		—			0			—			(1	)		26
Real estate-backed securities		69			4			—		106		(74	)		—			(2	)		—			—			103
Collateralized debt obligations (“CDOs”) and other		19			(5	)		—		81		(74	)		—			(1	)		6			(5	)		21
Investment trust funds and other		1			0			—		8		(9	)		—			0			0			0			0
Total trading assets and private equity and debt investments		299			(1	)		—		283		(243	)		—			(10	)		71			(27	)		372
Derivatives, net(3)
Equity contracts		(8	)		7			—		—		—			0			0			3			14			16
Interest rate contracts		(54	)		5			—		—		—			1			0			1			1			(46	)
Credit contracts		(8	)		(3	)		—		—		—			(1	)		0			(11	)		0			(23	)
Foreign exchange contracts		20			(13	)		—		—		—			5			(1	)		0			2			13
Commodity contracts		0			0			—		—		—			0			0			—			—			0
Total derivatives, net		(50	)		(4	)		—		—		—			5			(1	)		(7	)		17			(40	)
Subtotal	¥	249		¥	(5	)	¥	—	¥	283	¥	(243	)	¥	5		¥	(11	)	¥	64		¥	(10	)	¥	332
Loans and receivables		129			1			—		43		(58	)		—			(5	)		21			(15	)		116
Collateralized agreements		33			0			—		—		(26	)		—			(1	)		6			—			12
Other assets
Other		166			9			—		7		(1	)		—			(2	)		—			—			179
Total	¥	577		¥	5		¥	—	¥	333	¥	(328	)	¥	5		¥	(19	)	¥	91		¥	(25	)	¥	639
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			0			—		1		0			—			0			—			—			1
Collateralized debt obligations (“CDOs”) and other		—			—			—		3		(1	)		—			—			—			—			2
Investment trust funds and other		—			—			—		0		0			—			0			0			—			0
Total trading liabilities	¥	0		¥	0		¥	—	¥	4	¥	(1	)	¥	—		¥	0		¥	0		¥	0		¥	3
Short-term borrowings		31			1			0		30		(30	)		—			0			0			(5	)		25
Payables and deposits		0			0			0		6		0			—			0			1			—			7
Long-term borrowings		535			1			1		136		(123	)		—			(1	)		37			(39	)		543
Other liabilities		0			0			—		—		—			—			0			—			—			0
Total	¥	566		¥	2		¥	1	¥	176	¥	(154	)	¥	—		¥	(1	)	¥	38		¥	(44	)	¥	578

	Billions of yen
	Six months ended September 30, 2020
	Beginning balance as of six months ended September 30, 2020			Total gains (losses) recognized in revenue(1)			Total gains (losses) recognized in other comprehensive income		Purchases / issues(2)		Sales / redemptions(2)			Settlements			Foreign exchange movements			Transfers into Level 3(4)(5)			Transfers out of Level 3(5)			Balance as of six months ended September 30, 2020
Assets:
Trading assets and private equity and debt investments
Equities	¥	14		¥	2		¥	—	¥	22	¥	(27	)	¥	—		¥	0		¥	0		¥	(1	)	¥	10
Private equity and debt investments		31			3			—		17		(2	)		—			0			—			—			49
Japanese agency and municipal securities		2			0			—		0		0			—			—			0			0			2
Foreign government, agency and municipal securities		8			0			—		11		(7	)		—			0			3			(2	)		13
Bank and corporate debt securities and loans for trading purposes		228			(1	)		—		25		(115	)		—			(3	)		19			(24	)		129
Commercial mortgage-backed securities (“CMBS”)		1			0			—		1		0			—			—			—			0			2
Residential mortgage-backed securities (“RMBS”)		62			0			—		10		(29	)		—			(1	)		—			(22	)		20
Real estate-backed securities		94			(5	)		—		41		(66	)		—			(2	)		—			0			62
Collateralized debt obligations (“CDOs”) and other		32			(2	)		—		36		(48	)		—			0			0			(7	)		11
Investment trust funds and other		0			0			—		—		—			—			0			—			—			0
Total trading assets and private equity and debt investments		472			(3	)		—		163		(294	)		—			(6	)		22			(56	)		298
Derivatives, net(3)
Equity contracts		19			(28	)		—		—		—			(15	)		0			13			(8	)		(19	)
Interest rate contracts		(54	)		(4	)		—		—		—			1			0			(4	)		3			(58	)
Credit contracts		(1	)		(10	)		—		—		—			(2	)		0			(3	)		1			(15	)
Foreign exchange contracts		7			2			—		—		—			(9	)		0			(3	)		3			0
Total derivatives, net		(29	)		(40	)		—		—		—			(25	)		0			3			(1	)		(92	)
Subtotal	¥	443		¥	(43	)	¥	—	¥	163	¥	(294	)	¥	(25	)	¥	(6	)	¥	25		¥	(57	)	¥	206
Loans and receivables		96			3			—		25		(36	)		—			(2	)		9			(7	)		88
Collateralized agreements		15			0			—		—		—			—			0			3			—			18
Other assets
Other		168			21			—		0		(36	)		—			(3	)		—			0			150
Total	¥	722		¥	(19	)	¥	—	¥	188	¥	(366	)	¥	(25	)	¥	(11	)	¥	37		¥	(64	)	¥	462
Liabilities:
Trading liabilities
Equities	¥	0		¥	0		¥	—	¥	0	¥	0		¥	—		¥	0		¥	0		¥	0		¥	0
Foreign government, agency and municipal securities		0			0			—		0		0			—			0			—			—			0
Bank and corporate debt securities		1			0			—		2		(1	)		—			0			1			(1	)		2
Collateralized debt obligations (“CDOs”) and other		1			0			—		6		(4	)		—			0			—			—			3
Investment trust funds and other		0			0			—		—		0			—			0			—			—			0
Total trading liabilities	¥	2		¥	0		¥	—	¥	8	¥	(5)		¥	—		¥	0		¥	1		¥	(1	)	¥	5
Short-term borrowings		29			(2	)		0		84		(46	)		—			(1	)		11			(5	)		74
Payables and deposits		1			0			0		—		0			—			—			—			—			1
Long-term borrowings		409			(21	)		2		136		(124	)		—			0			36			(17	)		459
Other liabilities		0			(9	)		—		4		0			—			0			1			(1	)		13
Total	¥	441		¥	(32	)	¥	2	¥	232	¥	(175	)	¥	—		¥	(1	)	¥	49		¥	(24	)	¥	552

	Billions of yen
	Three months ended September 30, 2019
	Beginning balance as of three months ended September 30, 2019			Total gains (losses) recognized in revenue(1)			Total gains (losses) recognized in other comprehensive income		Purchases / issues(2)		Sales / redemptions(2)			Settlements			Foreign exchange movements			Transfers into Level 3(4)(5)			Transfers out of Level 3(5)			Balance as of three months ended September 30, 2019
Assets:
Trading assets and private equity and debt investments
Equities	¥	12		¥	0		¥	—	¥	0	¥	0		¥	—		¥	0		¥	0		¥	(2	)	¥	10
Private equity and debt investments		26			1			—		0		(1	)		—			0			—			—			26
Japanese agency and municipal securities		1			0			—		—		0			—			—			—			—			1
Foreign government, agency and municipal securities		6			0			—		7		(8	)		—			0			1			0			6
Bank and corporate debt securities and loans for trading purposes		195			0			—		22		(41	)		—			(1	)		19			(17	)		177
Commercial mortgage-backed securities (“CMBS”)		2			0			—		0		—			—			—			0			—			2
Residential mortgage-backed securities (“RMBS”)		3			0			—		31		(7	)		—			0			—			(1	)		26
Real estate-backed securities		80			1			—		64		(42	)		—			0			—			—			103
Collateralized debt obligations (“CDOs”) and other		27			(3	)		—		10		(10	)		—			0			0			(3	)		21
Investment trust funds and other		1			0			—		8		(8	)		—			(1	)		0			—			0
Total trading assets and private equity and debt investments		353			(1	)		—		142		(117	)		—			(2	)		20			(23	)		372
Derivatives, net(3)
Equity contracts		2			4			—		—		—			0			0			0			10			16
Interest rate contracts		(54	)		(4	)		—		—		—			10			0			0			2			(46	)
Credit contracts		(9	)		(2	)		—		—		—			(2	)		0			(10	)		0			(23	)
Foreign exchange contracts		15			(6	)		—		—		—			3			0			0			1			13
Commodity contracts		0			0			—		—		—			0			0			—			—			0
Total derivatives, net		(46	)		(8	)		—		—		—			11			0			(10	)		13			(40	)
Subtotal	¥	307		¥	(9	)	¥	—	¥	142	¥	(117	)	¥	11		¥	(2	)	¥	10		¥	(10	)	¥	332
Loans and receivables		126			0			—		33		(48	)		—			0			21			(16	)		116
Collateralized agreements		26			0			—		—		(16	)		—			0			2			—			12
Other assets
Other		173			1			—		5		0			—			0			—			—			179
Total	¥	632		¥	(8	)	¥	—	¥	180	¥	(181	)	¥	11		¥	(2	)	¥	33		¥	(26	)	¥	639
Liabilities:
Trading liabilities
Equities	¥	0		¥	0		¥	—	¥	0	¥	0		¥	—		¥	0		¥	—		¥	—		¥	0
Foreign government, agency and municipal securities		0			0			—		—		—			—			0			—			—			0
Bank and corporate debt securities		1			0			—		0		0			—			0			—			—			1
Collateralized debt obligations (“CDOs”) and other		3			—			—		—		(1	)		—			0			—			—			2
Investment trust funds and other		0			—			—		—		0			—			0			—			—			0
Total trading liabilities	¥	4		¥	0		¥	—	¥	0	¥	(1	)	¥	—		¥	0		¥	—		¥	—		¥	3
Short-term borrowings		43			1			0		10		(25	)		—			0			0			(2	)		25
Payables and deposits		2			0			0		5		—			—			0			0			—			7
Long-term borrowings		556			2			1		68		(72	)		—			0			12			(18	)		543
Other liabilities		0			0			—		—		—			—			0			—			—			0
Total	¥	605		¥	3		¥	1	¥	83	¥	(98	)	¥	—		¥	0		¥	12		¥	(20	)	¥	578

	Billions of yen
	Three months ended September 30, 2020
	Beginning balance as of three months ended September 30, 2020			Total gains (losses) recognized in revenue(1)			Total gains (losses) recognized in other comprehensive income			Purchases / issues(2)			Sales / redemptions(2)			Settlements			Foreign exchange movements			Transfers into Level 3(4)(5)			Transfers out of Level 3(5)			Balance as of three months ended September 30, 2020
Assets:
Trading assets and private equity and debt investments
Equities	¥	11		¥	2		¥	—		¥	22		¥	(24	)	¥	—		¥	0		¥	0		¥	(1	)	¥	10
Private equity and debt investments		37			1			—			11			—			—			0			—			—			49
Japanese agency and municipal securities		2			0			—			0			0			—			—			—			0			2
Foreign government, agency and municipal securities		10			0			—			5			(4	)		—			0			2			0			13
Bank and corporate debt securities and loans for trading purposes		207			2			—			14			(86	)		—			(3	)		4			(9	)		129
Commercial mortgage-backed securities (“CMBS”)		1			1			—			—			0			—			—			—			—			2
Residential mortgage-backed securities (“RMBS”)		21			0			—			—			(1	)		—			0			—			—			20
Real estate-backed securities		82			0			—			25			(44	)		—			(1	)		—			—			62
Collateralized debt obligations (“CDOs”) and other		11			1			—			23			(24	)		—			0			0			—			11
Investment trust funds and other		0			0			—			—			—			—			0			—			—			0
Total trading assets and private equity and debt investments		382			7			—			100			(183	)		—			(4	)		6			(10	)		298
Derivatives, net(3)
Equity contracts		(16	)		(6	)		—			—			—			(8	)		0			5			6			(19	)
Interest rate contracts		(66	)		2			—			—			—			4			0			(2	)		4			(58	)
Credit contracts		(8	)		(4	)		—			—			—			(4	)		0			—			1			(15	)
Foreign exchange contracts		0			0			—			—			—			(2	)		0			0			2			0
Total derivatives, net		(90	)		(8	)		—			—			—			(10	)		0			3			13			(92	)
Subtotal	¥	292		¥	(1	)	¥	—		¥	100		¥	(183	)	¥	(10	)	¥	(4	)	¥	9		¥	3		¥	206
Loans and receivables		98			2			—			8			(15	)		—			(1	)		2			(6	)		88
Collateralized agreements		19			(1	)		—			—			—			—			0			—			—			18
Other assets
Other		147			6			—			0			0			—			(3	)		—			—			150
Total	¥	556		¥	6		¥	—		¥	108		¥	(198	)	¥	(10	)	¥	(8	)	¥	11		¥	(3	)	¥	462
Liabilities:
Trading liabilities
Equities	¥	1		¥	0		¥	—		¥	(1	)	¥	0		¥	—		¥	0		¥	—		¥	0		¥	0
Foreign government, agency and municipal securities		0			0			—			0			—			—			0			—			—			0
Bank and corporate debt securities		2			0			—			1			0			—			0			0			(1	)		2
Collateralized debt obligations (“CDOs”) and other		1			0			—			5			(3	)		—			0			—			—			3
Investment trust funds and other		0			0			—			—			0			—			0			—			—			0
Total trading liabilities	¥	4		¥	0		¥	—		¥	5		¥	(3	)	¥	—		¥	0		¥	0		¥	(1	)	¥	5
Short-term borrowings		30			0			0			59			(21	)		—			0			8			(2	)		74
Payables and deposits		1			0			0			—			0			—			—			—			—			1
Long-term borrowings		447			(4	)		(2	)		61			(60	)		—			0			16			(11	)		459
Other liabilities		5			(5	)		—			3			—			—			0			1			(1	)		13
Total	¥	487		¥	(9	)	¥	(2	)	¥	128		¥	(84	)	¥	—		¥	0		¥	25		¥	(15	)	¥	552

(1) Includes gains and losses reported primarily 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) 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 six and three months ended September 30, 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
	Six months ended September 30
	2019			2020
	Unrealized gains / (losses)(1)
Assets:
Trading assets and private equity and debt investments
Equities	¥	0		¥	1
Private equity and debt investments		2			2
Japanese agency and municipal securities		0			0
Foreign government, agency and municipal securities		0			0
Bank and corporate debt securities and loans for trading purposes		(6	)		0
Commercial mortgage-backed securities (“CMBS”)		0			0
Residential mortgage-backed securities (“RMBS”)		(1	)		0
Real estate-backed securities		0			(2	)
Collateralized debt obligations (“CDOs”) and other		(3	)		(3	)
Investment trust funds and other		0			—
Total trading assets and private equity and debt investments		(8	)		(2	)
Derivatives, net(2)
Equity contracts		5			(38	)
Interest rate contracts		(5	)		(10	)
Credit contracts		(1	)		12
Foreign exchange contracts		2			(15	)
Commodity contracts		0			—
Total derivatives, net		1			(51	)
Subtotal	¥	(7	)	¥	(53	)
Loans and receivables		1			1
Collateralized agreements		0			0
Other assets
Other		13			21
Total	¥	7		¥	(31	)
Liabilities:
Trading liabilities
Equities	¥	0		¥	0
Foreign government, agency and municipal securities		0			0
Bank and corporate debt securities		0			0
Collateralized debt obligations (“CDOs”) and other		—			0
Total trading liabilities	¥	0		¥	0
Short-term borrowings(3)		1			2
Payables and deposits(3)		0			0
Long-term borrowings(3)		7			(15	)
Other liabilities		0			(7	)
Total	¥	8		¥	(20	)

	Billions of yen
	Three months ended September 30
	2019			2020
	Unrealized gains / (losses)(1)
Assets:
Trading assets and private equity and debt investments
Equities	¥	0		¥	0
Private equity and debt investments		1			1
Japanese agency and municipal securities		0			0
Foreign government, agency and municipal securities		0			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”)		(1	)		0
Real estate-backed securities		0			0
Collateralized debt obligations (“CDOs”) and other		(2	)		0
Investment trust funds and other		0			0
Total trading assets and private equity and debt investments		(5	)		2
Derivatives, net(2)
Equity contracts		5			(12	)
Interest rate contracts		(4	)		2
Credit contracts		0			(4	)
Foreign exchange contracts		3			0
Commodity contracts		0			—
Total derivatives, net		4			(14	)
Subtotal	¥	(1	)	¥	(12	)
Loans and receivables		0			2
Collateralized agreements		—			0
Other assets
Other		5			6
Total	¥	4		¥	(4	)
Liabilities:
Trading liabilities
Equities	¥	0		¥	—
Foreign government, agency and municipal securities		0			0
Bank and corporate debt securities		0			0
Collateralized debt obligations (“CDOs”) and other		—			0
Total trading liabilities	¥	0		¥	0
Short-term borrowings(3)		1			1
Payables and deposits(3)		0			0
Long-term borrowings(3)		5			(3	)
Other liabilities		0			(4	)
Total	¥	6		¥	(6	)

(1) Includes gains and losses reported within Net gain on trading, Gain (loss) 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.

(3) Includes changes in unrealized gains and losses in Other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period. They were ¥2 billion and ¥2 billion for the six months ended September 30, 2019 and 2020, respectively and ¥1 billion and ¥(2) billion for the three months ended September 30, 2019 and 2020, respectively.

Information on investments where net asset value per share is calculated

	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
	Billions of yen
	September 30, 2020
	Fair value		Unfunded commitments(1)		Redemption frequency (if currently eligible)(2)	Redemption notice(3)
Hedge funds	¥	1	¥	—	Monthly	Same day-90 days
Venture capital funds		2		3	—	—
Private equity funds		17		19	—	—
Real estate funds		6		1	—	—
Total	¥	26	¥	23

(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
	Six months ended September 30
	2019			2020
	Gains / (Losses)(1)
Assets:
Trading assets and private equity and debt investments(2)
Trading assets	¥	0		¥	1
Private equity and debt investments		0			0
Loans and receivables		3			4
Collateralized agreements(3)		2			2
Other assets(2)		1			24
Total	¥	6		¥	31
Liabilities:
Short-term borrowings(4)	¥	17		¥	(27	)
Payables and deposits		0			1
Collateralized financing(3)		(2	)		(1	)
Long-term borrowings(4)(5)		(106	)		(190	)
Other liabilities(6)		(4	)		(4	)
Total	¥	(95	)	¥	(221)
	Billions of yen
	Three months ended September 30
	2019			2020
	Gains / (Losses)(1)
Assets:
Trading assets and private equity and debt investments(2)
Trading assets	¥	0		¥	1
Private equity and debt investments		(1	)		0
Loans and receivables		3			2
Collateralized agreements(3)		1			3
Other assets(2)		(7	)		4
Total	¥	(4	)	¥	10
Liabilities:
Short-term borrowings(4)	¥	11		¥	19
Payables and deposits		0			0
Collateralized financing(3)		(1	)		(2	)
Long-term borrowings(4)(5)		(39	)		(36	)
Other liabilities(6)		(3	)		(5	)
Total	¥	(32	)	¥	(24)

(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
	Six months ended September 30
	2019			2020
Changes recognized as a credit (debit) to other comprehensive income	¥	(5	)	¥	(53	)
Credit (debit) amounts reclassified to earnings		(1	)		(11	)
Cumulative credit (debit) balance recognized in accumulated other comprehensive income		29			27
	Billions of yen
	Three months ended September 30
	2019			2020
Changes recognized as a credit (debit) to other comprehensive income	¥	(3	)	¥	(54	)
Credit (debit) amounts reclassified to earnings		0			(2	)

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

	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

	Billions of yen
	September 30, 2020
	Japan		U.S.		EU & U.K.		Other		Total(1)
Government, agency and municipal securities	¥	2,122	¥	2,475	¥	2,540	¥	895	¥	8,032

(1) Other than above, there were ¥321 billion and ¥291 billion of government, agency and municipal securities reported within Other assets—Non-trading debt securities in the consolidated balance sheets as of March 31, 2020 and September 30 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, 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
	Billions of yen
	September 30, 2020(1)
					Fair value by level
	Carrying value		Fair value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	¥	3,942	¥	3,942	¥	3,942	¥	—	¥	—
Time deposits		191		191		—		191		—
Deposits with stock exchanges and other segregated cash		392		392		—		392		—
Loans receivable(2)		2,336		2,336		—		1,436		900
Securities purchased under agreements to resell		12,064		12,064		—		12,046		18
Securities borrowed		3,502		3,502		—		3,502		—
Total	¥	22,427	¥	22,427	¥	3,942	¥	17,567	¥	918
Liabilities:
Short-term borrowings	¥	1,347	¥	1,347	¥	—	¥	1,273	¥	74
Deposits received at banks		1,181		1,181		—		1,180		1
Securities sold under agreements to repurchase		15,427		15,427		—		15,427		—
Securities loaned		1,119		1,119		—		1,119		—
Other secured borrowings		348		348		—		348		—
Long-term borrowings		8,068		8,069		4		7,553		512
Total	¥	27,490	¥	27,491	¥	4	¥	26,900	¥	587

(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.