Fair value measurements (Tables)

12 Months Ended

Mar. 31, 2022

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, 2021 and 2022 within the fair value hierarchy.

	Billions of yen
	March 31, 2021
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting(1)			Balance as of March 31, 2021
Assets:
Trading assets and private equity and debt investments(2)
Equities(3)	¥	2,338	¥	968	¥	16	¥	—		¥	3,322
Private equity and debt investments(5)		—		—		58		—			58
Japanese government securities		1,637		—		—		—			1,637
Japanese agency and municipal securities		—		76		2		—			78
Foreign government, agency and municipal securities		2,838		1,987		12		—			4,837
Bank and corporate debt securities and loans for trading purposes		—		1,259		135		—			1,394
Commercial mortgage-backed securities (“CMBS”)		—		0		8		—			8
Residential mortgage-backed securities (“RMBS”)		—		2,387		6		—			2,393
Issued/Guaranteed by government sponsored entity		—		2,325		—		—			2,325
Other		—		62		6		—			68
Real estate-backed securities		—		0		106		—			106
Collateralized debt obligations (“CDOs”) and other(6)		—		36		23		—			59
Investment trust funds and other		573		29		0		—			602
Total trading assets and private equity and debt investments		7,386		6,742		366		—			14,494
Derivative assets(7)
Equity contracts		9		1,318		75		—			1,402
Interest rate contracts		29		9,577		26		—			9,632
Credit contracts		4		427		24		—			455
Foreign exchange contracts		0		4,479		37		—			4,516
Commodity contracts		1		0		—		—			1
Netting		—		—		—		(14,786	)		(14,786	)
Total derivative assets		43		15,801		162		(14,786	)		1,220
Subtotal	¥	7,429	¥	22,543	¥	528	¥	(14,786	)	¥	15,714
Loans and receivables(8)		—		878		104		—			982
Collateralized agreements(9)		—		349		18		—			367
Other assets
Non-trading debt securities		123		304		—		—			427
Other(2)(3)(4)		353		173		185		—			711
Total	¥	7,905	¥	24,247	¥	835	¥	(14,786	)	¥	18,201
Liabilities:
Trading liabilities
Equities	¥	2,341	¥	20	¥	0	¥	—		¥	2,361
Japanese government securities		1,039		—		—		—			1,039
Japanese agency and municipal securities		—		1		—		—			1
Foreign government, agency and municipal securities		2,912		1,172		1		—			4,085
Bank and corporate debt securities		—		230		5		—			235
Residential mortgage-backed securities (“RMBS”)		—		0		—		—			0
Collateralized debt obligations (“CDOs”) and other(6)		—		0		1		—			1
Investment trust funds and other		243		13		0		—			256
Total trading liabilities		6,535		1,436		7		—			7,978
Derivative liabilities(7)
Equity contracts		1		2,112		116		—			2,229
Interest rate contracts		21		8,948		69		—			9,038
Credit contracts		3		458		62		—			523
Foreign exchange contracts		—		4,380		22		—			4,402
Commodity contracts		0		0		—		—			0
Netting		—		—		—		(14,697	)		(14,697	)
Total derivative liabilities		25		15,898		269		(14,697	)		1,495
Subtotal	¥	6,560	¥	17,334	¥	276	¥	(14,697	)	¥	9,473
Short-term borrowings(10)	¥	—	¥	532	¥	103	¥	—		¥	635
Payables and deposits(10)(11)		—		49		1		—			50
Collateralized financing(9)		—		352		1		—			353
Long-term borrowings(10)(12)(13)		5		3,546		547		—			4,098
Other liabilities(14)		231		179		35		—			445
Total	¥	6,796	¥	21,992	¥	963	¥	(14,697	)	¥	15,054

	Billions of yen
	March 31, 2022
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting(1)			Balance as of March 31, 2022
Assets:
Trading assets and private equity and debt investments(2)
Equities(3)	¥	2,100	¥	1,041	¥	14	¥	—		¥	3,155
Private equity and debt investments(5)		22		—		32		—			54
Japanese government securities		1,730		—		—		—			1,730
Japanese agency and municipal securities		—		184		2		—			186
Foreign government, agency and municipal securities		3,220		2,010		10		—			5,240
Bank and corporate debt securities and loans for trading purposes		—		1,134		220		—			1,354
Commercial mortgage-backed securities (“CMBS”)		—		0		7		—			7
Residential mortgage-backed securities (“RMBS”)		—		1,450		8		—			1,458
Issued/Guaranteed by government sponsored entity		—		1,376		—		—			1,376
Other		—		74		8		—			82
Real estate-backed securities		—		58		79		—			137
Collateralized debt obligations (“CDOs”) and other(6)		—		34		26		—			60
Investment trust funds and other		293		23		0		—			316
Total trading assets and private equity and debt investments		7,365		5,934		398		—			13,697
Derivative assets(7)
Equity contracts		3		874		97		—			974
Interest rate contracts		120		11,755		63		—			11,938
Credit contracts		12		398		33		—			443
Foreign exchange contracts		—		4,777		29		—			4,806
Commodity contracts		1		0		—		—			1
Netting		—		—		—		(16,608	)		(16,608	)
Total derivative assets		136		17,804		222		(16,608	)		1,554
Subtotal	¥	7,501	¥	23,738	¥	620	¥	(16,608	)	¥	15,251
Loans and receivables(8)		—		1,103		205		—			1,308
Collateralized agreements(9)		—		282		16		—			298
Other assets
Non-trading debt securities		117		367		—		—			484
Other(2)(3)(4)		146		136		197		—			479
Total	¥	7,764	¥	25,626	¥	1,038	¥	(16,608	)	¥	17,820
Liabilities:
Trading liabilities
Equities	¥	1,796	¥	8	¥	0	¥	—		¥	1,804
Japanese government securities		1,098		—		—		—			1,098
Japanese agency and municipal securities		—		0		—		—			0
Foreign government, agency and municipal securities		3,451		1,328		0		—			4,779
Bank and corporate debt securities		—		222		3		—			225
Residential mortgage-backed securities (“RMBS”)		—		0		—		—			0
Collateralized debt obligations (“CDOs”) and other(6)		—		3		0		—			3
Investment trust funds and other		76		0		0		—			76
Total trading liabilities		6,421		1,561		3		—			7,985
Derivative liabilities(7)
Equity contracts		2		1,368		87		—			1,457
Interest rate contracts		60		10,826		74		—			10,960
Credit contracts		14		434		66		—			514
Foreign exchange contracts		0		4,795		19		—			4,814
Commodity contracts		0		1		—		—			1
Netting		—		—		—		(16,079	)		(16,079	)
Total derivative liabilities		76		17,424		246		(16,079	)		1,667
Subtotal	¥	6,497	¥	18,985	¥	249	¥	(16,079	)	¥	9,652
Short-term borrowings(10)	¥	—	¥	653	¥	58	¥	—		¥	711
Payables and deposits(10)(11)		—		63		8		—			71
Collateralized financing(9)		—		516		—		—			516
Long-term borrowings(10)(12)(13)		23		4,055		479		—			4,557
Other liabilities(14)		32		155		32		—			219
Total	¥	6,552	¥	24,427	¥	826	¥	(16,079	)	¥	15,726

(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, 2021 and March 31, 2022, the fair values of these investments which are included in Trading assets and private equity and debt investments were ¥24 billion and ¥45 billion, respectively. As of March 31, 2021 and March 31, 2022, the fair values of these investments which are included in Other assets—Others were ¥4 billion and ¥3 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 equity investments which comprise listed and unlisted equity securities held for operating purposes in the amounts of ¥93,230 million and ¥33,419 million, respectively, as of March 31, 2021 and ¥101,503 million and ¥32,394 million, respectively, as of March 31, 2022.

(5) Private equity and debt investments include private non-traded financial instruments including minority private equity and venture capital equity investments and other junior debt investments such as mezzanine debt held for non-trading purposes, and post-IPO investments. Also include minority equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the fair value option to these investments as permitted under ASC 825.

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

(7) Derivatives which contain multiple types of risk are classified based on the primary risk type of the instrument.

(8) Includes loans and receivables for which the fair value option has been elected.

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

(10) Includes deposits received at banks and structured notes for which the fair value option has been elected. 

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

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

(13) 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.

(14) 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, 2021
Financial Instrument	Fair value in billions of yen		Valuation technique	Significant unobservable valuation input	Range of valuation inputs(1)	Weighted Average(2)(3)	Impact of increases in significant unobservable valuation inputs(4)(5)	Interrelationships       between valuation inputs(6)
Assets:
Trading assets and private equity and debt investments
Equities	¥	16	DCF	Liquidity discounts	75.0%	75.0%	Lower fair value	Not applicable
Private equity and debt investments		58	DCF	WACC Growth rates Credit spreads Liquidity discounts	6.3 – 11.5% 0.0 – 1.0% 7.6 – 8.8% 5.0 – 30.0%	8.4% 0.5% 8.1% 12.8%	Lower fair value Higher fair value Lower fair value Lower fair value	No predictable interrelationship
			Market multiples	EV/EBITDA ratios PE Ratios Liquidity discounts	1.9 – 10.8 x 11.1 x 5.0 – 20.0%	6.5 x 11.1 x 12.2%	Higher fair value Higher fair value Lower fair value	No predictable interrelationship
Foreign government, agency and municipal securities		12	DCF	Credit spreads Recovery rates	0.0 – 1.5% 9.2 – 9.3%	0.4% 9.2%	Lower fair value Higher fair value	No predictable interrelationship
Bank and corporate debt securities and loans for trading purposes		135	DCF	Credit spreads Recovery rates	0.0 – 23.1% 0.0 – 100.0%	7.4% 73.3%	Lower fair value Higher fair value	No predictable interrelationship
Commercial mortgage backed securities (“CMBS”)		8	DCF	Yields Loss severities	4.2 – 10.6% 27.5 – 69.5%	5.0% 50.3%	Lower fair value Lower fair value	No predictable interrelationship
Residential mortgage backed securities (“RMBS”)		6	DCF	Yields Prepayment rates Loss severities	0.0 – 14.3% 6.4 – 15.0% 0.8 – 100.0%	1.4% 7.2% 5.8%	Lower fair value Lower fair value Lower fair value	No predictable interrelationship
Real estate-backed securities		106	DCF	Loss severities	0.0 – 18.6%	2.4%	Lower fair value	Not applicable

	March 31, 2021
Financial Instrument	Fair value in billions of yen		Valuation technique	Significant unobservable valuation input	Range of valuation inputs(1)	Weighted Average(2)(3)	Impact of increases in significant unobservable valuation inputs(4)(5)	Interrelationships       between valuation inputs(6)
Collateralized debt obligations (“CDOs”) and other		23	DCF	Yields Prepayment rates Default probabilities Loss severities	5.4 – 35.0% 20.0% 2.0% 77.0 – 100.0%	11.0% 20.0% 2.0% 88.1%	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	¥	(41)	Option models	Dividend yield Volatilities Correlations	0.0 – 9.8% 4.0 – 102.0% (0.80) – 0.98	—   —   —	Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Interest rate contracts		(43)	DCF/ Option models	Interest rates Volatilities Volatilities Correlations	0.1 – 2.3% 9.6 – 13.1% 24.9 – 94.0 bp (1.00) – 0.98	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Credit contracts		(38)	DCF/ Option models	Credit spreads Recovery rates Volatilities Correlations	0.0 – 20.8% 0.0 – 100.4% 41.9 – 65.0% 0.29 – 0.72	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Foreign exchange contracts		15	Option models	Interest rates Volatilities Volatilities Correlations	0.1 – 2.1% 2.6 – 31.5% 16.2 – 25.5 bp (0.25) – 0.80	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Loans and receivables		104	DCF	Credit spreads Recovery rates	0.0 – 25.6% 26.4 – 100.0%	6.6% 95.8%	Lower fair value Higher fair value	No predictable interrelationship
Collateralized agreements		18	DCF	Repo rate	2.8 – 5.8%	4.0%	Lower fair value	Not applicable
Other assets
Other(7)		185	DCF	WACC Growth rates Liquidity discounts	9.2% 2.0% 10.0%	9.2% 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	5.0 – 6.2 x 8.2 – 32.0 x 0.3 – 1.6 x 10.0 – 40.0%	5.4 x 13.8 x 0.9 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:
Trading Liabilities
Bank and corporate debt securities		5	DCF	Recovery rates	3.4 – 3.5%	3.4%	Higher fair value	Not applicable
Short-term borrowings		103	DCF/ Option models	Volatilities Correlations	13.8 – 82.3% (0.69) – 0.96	—   —	Higher fair value Higher fair value	No predictable interrelationship
Long-term borrowings		547	DCF/ Option models	Volatilities Volatilities Correlations	9.5 – 82.3% 29.6 – 77.0 bp (1.00) – 0.98	—   —   —	Higher fair value Higher fair value Higher fair value	No predictable interrelationship

	March 31, 2022
Financial Instrument	Fair value in billions of yen		Valuation technique	Significant unobservable valuation input	Range of valuation inputs(1)	Weighted Average(2)(3)	Impact of increases in significant unobservable valuation inputs(4)(5)	Interrelationships       between valuation inputs(6)
Assets:
Trading assets and private equity and debt investments
Equities	¥	14	DCF	Liquidity discounts	75.0%	75.0%	Lower fair value	Not applicable
Private equity and debt investments		32	DCF	WACC Growth rates Liquidity discounts	7.1 – 13.0% 0.0 – 2.0% 5.0 – 30.0%	10.2% 0.7% 18.5%	Lower fair value Higher fair value Lower fair value	No predictable interrelationship
			Market multiples	EV/EBITDA ratios PE Ratios Liquidity discounts	2.0 – 11.2 x 10.7 – 12.6 x 5.0 – 20.0%	6.9 x 11.6 x 11.9%	Higher fair value Higher fair value Lower fair value	No predictable interrelationship
Foreign government, agency and municipal securities		10	DCF	Credit spreads Recovery rates	0.0 – 1.3% 6.0%	0.7% 6.0%	Lower fair value Higher fair value	No predictable interrelationship
Bank and corporate debt securities and loans for trading purposes		220	DCF	Credit spreads Recovery rates	0.1 – 114.7% 0.0 – 100.0%	7.2% 84.4%	Lower fair value Higher fair value	No predictable interrelationship
Commercial mortgage backed securities (“CMBS”)		7	DCF	Yields Loss severities	4.3 – 11.1% 28.3 – 73.0%	4.6% 40.8%	Lower fair value Lower fair value	No predictable interrelationship
Residential mortgage backed securities (“RMBS”)		8	DCF	Yields Prepayment rates Loss severities	0.0 – 22.2% 6.9 – 15.0% 0.0 – 99.9%	8.4% 9.5% 6.9%	Lower fair value Lower fair value Lower fair value	No predictable interrelationship
Real estate-backed securities		79	DCF	Loss severities	0.0 – 21.2%	2.9%	Lower fair value	Not applicable
Collateralized debt obligations (“CDOs”) and other		26	DCF	Yields Prepayment rates Default probabilities Loss severities	5.5 – 27.5% 18.0 – 20.0% 2.0% 0.0 – 100.0%	13.1% 19.5% 2.0% 44.0%	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
Derivatives, net:
Equity contracts	¥	10	Option models	Dividend yield Volatilities Correlations	0.0 – 12.6% 0.0 – 109.7% (0.80) – 0.97	—   —   —	Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Interest rate contracts		(11)	DCF/ Option models	Interest rates Volatilities Volatilities Correlations	0.3 – 3.3% 9.2 – 13.9% 34.8 – 128.3 bp (1.00) – 0.98	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship

	March 31, 2022
Financial Instrument	Fair value in billions of yen		Valuation technique	Significant unobservable valuation input	Range of valuation inputs(1)	Weighted Average(2)(3)	Impact of increases in significant unobservable valuation inputs(4)(5)	Interrelationships       between valuation inputs(6)
Credit contracts		(33)	DCF/ Option models	Credit spreads Recovery rates Volatilities Correlations	0.0 – 428.7% 0.0 – 90.0% 50.0 – 67.6% 0.00 – 0.90	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Foreign exchange contracts		10	Option models	Interest rates Volatilities Volatilities Correlations	0.3 – 2.9% 2.4 – 39.3% 13.9 – 24.0 bp (0.25) – 0.84	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Loans and receivables		205	DCF	Credit spreads Recovery rates	0.0 – 21.5% 44.0 – 100.0%	6.0% 98.2%	Lower fair value Higher fair value	No predictable interrelationship
Collateralized agreements		16	DCF	Repo rate	2.8 – 6.0%	3.6%	Lower fair value	Not applicable
Other assets
Other(7)		197	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	3.6 – 5.9 x 6.7 – 30.8 x 0.3 – 1.7 x 25.0 – 40.0%	4.4 x 13.1 x 0.9 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:
Trading Liabilities
Bank and corporate debt securities		3	DCF	Recovery rates	3.9 – 97.0%	84.1%	Higher fair value	Not applicable
Short-term borrowings		58	DCF/ Option models	Volatilities Correlations	5.0 – 97.0% (0.80) – 0.93	—   —	Higher fair value Higher fair value	No predictable interrelationship
Payable and deposits		8	DCF/ Option models	Volatilities Volatilities Correlations	9.2 – 11.3% 41.2 – 69.6 bp 0.34 – 0.98	—   —   —	Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Long-term borrowings		479	DCF DCF/ Option models	Loss severities Volatilities Volatilities Correlations	0.0% 5.0 – 97.0% 41.2 – 69.6 bp (1.00) – 0.98	0.0% —   —   —	Lower fair value Higher fair value Higher fair value Higher fair value	Not applicable No predictable interrelationship
Other liabilities		32	DCF	Recovery rates	90.0%	90.0%	Higher fair value	Not applicable

(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-derivatives is calculated by weighting each valuation input by the fair value of the financial instrument.

(3) Nomura has not provided weighted average information for derivatives as unlike cash products the risk on such products is distinct from the balance sheet value and is subject to netting.  

(4) 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.

(5) The impact of an increase in the significant unobservable valuation 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.

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

(7) Valuation techniques 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, 2021 and 2022, 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, 2021
	Balance as of April 1, 2020			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, 2021
Assets:
Trading assets and private equity and debt investments
Equities	¥	14		¥	5		¥	—		¥	23	¥	(29	)	¥	—		¥	1		¥	2		¥	0		¥	16
Private equity and debt investments		31			11			—			19		(4	)		—			1			—			—			58
Japanese agency and municipal securities		2			0			—			0		0			—			—			0			0			2
Foreign government, agency and municipal securities		8			1			—			21		(16	)		—			0			5			(7	)		12
Bank and corporate debt securities and loans for trading purposes		228			1			—			66		(165	)		—			9			31			(35	)		135
Commercial mortgage-backed securities (“CMBS”)		1			1			—			6		0			—			0			0			0			8
Residential mortgage-backed securities (“RMBS”)		62			0			—			12		(46	)		—			1			—			(23	)		6
Real estate-backed securities		94			(5	)		—			170		(155	)		—			2			—			0			106
Collateralized debt obligations (“CDOs”) and other		32			0			—			102		(104	)		—			0			0			(7	)		23
Investment trust funds and other		0			0			—			16		(16	)		—			0			0			—			0
Total trading assets and private equity and debt investments		472			14			—			435		(535	)		—			14			38			(72	)		366
Derivatives, net(3)
Equity contracts		19			(43	)		—			—		—			(26	)		0			20			(11	)		(41	)
Interest rate contracts		(54	)		16			—			—		—			(6	)		1			(3	)		3			(43	)
Credit contracts		(1	)		(19	)		—			—		—			(14	)		(1	)		(4	)		1			(38	)
Foreign exchange contracts		7			20			—			—		—			(15	)		1			(2	)		4			15
Total derivatives, net		(29	)		(26	)		—			—		—			(61	)		1			11			(3	)		(107	)
Subtotal	¥	443		¥	(12	)	¥	—		¥	435	¥	(535	)	¥	(61	)	¥	15		¥	49		¥	(75	)	¥	259
Loans and receivables	¥	96		¥	2		¥	—		¥	42	¥	(69	)	¥	—		¥	7		¥	41		¥	(15	)	¥	104
Collateralized agreements		15			(1	)		—			—		(1	)		—			0			5			—			18
Other assets
Other		168			47			0			4		(39	)		—			5			—			0			185
Total	¥	722		¥	36		¥	0		¥	481	¥	(644	)	¥	(61	)	¥	27		¥	95		¥	(90	)	¥	566
Liabilities:
Trading liabilities
Equities	¥	0		¥	0		¥	—		¥	1	¥	(1	)	¥	—		¥	0		¥	0		¥	0		¥	0
Foreign government, agency and municipal securities		0			0			—			0		0			—			1			—			—			1
Bank and corporate debt securities		1			0			—			4		(1	)		—			0			2			(1	)		5
Collateralized debt obligations (“CDOs”) and other		1			1			—			11		(10	)		—			0			—			—			1
Investment trust funds and other		0			0			—			0		0			—			0			—			—			0
Total trading liabilities	¥	2		¥	1		¥	—		¥	16	¥	(12	)	¥	—		¥	1		¥	2		¥	(1	)	¥	7
Short-term borrowings		29			(5	)		0			220		(137	)		—			0			13			(27	)		103
Payables and deposits		1			0			0			0		0			—			—			1			(1	)		1
Collateralized financing		—			(1	)		—			—		—			—			0			—			—			1
Long-term borrowings		409			(35	)		(1	)		343		(284	)		—			0			111			(68	)		547
Other liabilities		0			(2	)		—			33		0			—			0			1			(1	)		35
Total	¥	441		¥	(42	)	¥	(1	)	¥	612	¥	(433	)	¥	—		¥	1		¥	128		¥	(98	)	¥	694

				Billions of yen
				Year ended March 31, 2022
	Balance as of April 1, 2021			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, 2022
Assets:
Trading assets and private equity and debt investments
Equities	¥	16		¥	3		¥	—	¥	2	¥	(9	)	¥	—		¥	1		¥	3		¥	(2	)	¥	14
Private equity and debt investments		58			2			—		14		(30	)		—			1			—			(13	)		32
Japanese agency and municipal securities		2			0			—		0		0			—			—			—			—			2
Foreign government, agency and municipal securities		12			1			—		13		(16	)		—			0			2			(2	)		10
Bank and corporate debt securities and loans for trading purposes		135			(3	)		—		207		(194	)		—			16			89			(30	)		220
Commercial mortgage-backed securities (“CMBS”)		8			0			—		0		(1	)		—			0			—			0			7
Residential mortgage-backed securities (“RMBS”)		6			0			—		5		(4	)		—			1			0			—			8
Real estate-backed securities		106			4			—		370		(395	)		—			10			—			(16	)		79
Collateralized debt obligations (“CDOs”) and other		23			(4	)		—		96		(89	)		—			1			—			(1	)		26
Investment trust funds and other		0			0			—		16		(16	)		—			0			0			—			0
Total trading assets and private equity and debt investments		366			3			—		723		(754	)		—			30			94			(64	)		398
Derivatives, net(3)
Equity contracts		(41	)		43			—		—		—			3			(1	)		(31	)		37			10
Interest rate contracts		(43	)		(7	)		—		—		—			13			0			14			12			(11	)
Credit contracts		(38	)		6			—		—		—			2			(2	)		(2	)		1			(33	)
Foreign exchange contracts		15			(1	)		—		—		—			(4	)		1			0			(1	)		10
Total derivatives, net		(107	)		41			—		—		—			14			(2	)		(19	)		49			(24	)
Subtotal	¥	259		¥	44		¥	—	¥	723	¥	(754	)	¥	14		¥	28		¥	75		¥	(15	)	¥	374
Loans and receivables	¥	104		¥	18		¥	—	¥	95	¥	(89	)	¥	—		¥	16		¥	73		¥	(12	)	¥	205
Collateralized agreements		18			(1	)		—		2		(5	)		—			2			—			—			16
Other assets
Other		185			(2	)		0		2		(1	)		—			14			0			(1	)		197
Total	¥	566		¥	59		¥	0	¥	822	¥	(849	)	¥	14		¥	60		¥	148		¥	(28	)	¥	792
Liabilities:
Trading liabilities
Equities	¥	0		¥	0		¥	—	¥	0	¥	0		¥	—		¥	0		¥	—		¥	0		¥	0
Foreign government, agency and municipal securities		1			0			—		0		(1	)		—			0			—			—			0
Bank and corporate debt securities		5			0			—		5		(6	)		—			(1	)		8			(8	)		3
Collateralized debt obligations (“CDOs”) and other		1			0			—		2		(3	)		—			0			0			—			0
Investment trust funds and other		0			0			—		0		0			—			0			—			—			0
Total trading liabilities	¥	7		¥	0		¥	—	¥	7	¥	(10	)	¥	—		¥	(1	)	¥	8		¥	(8	)	¥	3
Short-term borrowings		103			(8	)		0		152		(136	)		—			1			15			(85	)		58
Payables and deposits		1			0			0		2		—			—			—			7			(2	)		8
Collateralized financing		1			—			—		—		—			—			—			—			(1	)		—
Long-term borrowings		547			(6	)		2		487		(409	)		—			1			41			(192	)		479
Other liabilities		35			(26	)		—		1		(36	)		—			6			0			0			32
Total	¥	694		¥	(40	)	¥	2	¥	649	¥	(591	)	¥	—		¥	7		¥	71		¥	(288	)	¥	580

(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) Derivatives which contain multiple types of risk are classified based on the primary risk type of the instrument.

(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 year ended March 31, 2021 and March 31, 2022.

(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 Valuation 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
	2021			2022
	Unrealized gains / (losses)(1)
Assets:
Trading assets and private equity and debt investments
Equities	¥	4		¥	2
Private equity and debt investments		12			1
Japanese agency and municipal securities		0			0
Foreign government, agency and municipal securities		1			0
Bank and corporate debt securities and loans for trading purposes		(1	)		(2	)
Commercial mortgage-backed securities (“CMBS”)		0			0
Residential mortgage-backed securities (“RMBS”)		0			0
Real estate-backed securities		(3	)		1
Collateralized debt obligations (“CDOs”) and other		(3	)		(7	)
Investment trust funds and other		0			0
Total trading assets and private equity and debt investments		10			(5	)
Derivatives, net(2)
Equity contracts		(66	)		46
Interest rate contracts		16			0
Credit contracts		(21	)		5
Foreign exchange contracts		19			(13	)
Total derivatives, net		(52	)		38
Subtotal	¥	(42	)	¥	33
Loans and receivables		(3	)		16
Collateralized agreements		(1	)		0
Other assets
Other		41			(2	)
Total	¥	(5	)	¥	47

	Billions of yen
	March 31
	2021			2022
	Unrealized gains / (losses)(1)
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			0
Total trading liabilities	¥	0		¥	0
Short-term borrowings(3)		4			2
Payables and deposits(3)		0			0
Collateralized financing(3)		0			—
Long-term borrowings(3)		(17	)		18
Other liabilities		5			(7	)
Total	¥	(8	)	¥	13

(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) Derivatives which contain multiple types of risk are classified based on the primary risk type of the instrument.

(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 ¥0 billion and ¥5 billion for the years ended March 31, 2021 and 2022.

Information on investments where net asset value per share is calculated

The following tables present information on these investments where NAV per share is calculated or disclosed as of March 31, 2021 and 2022. Investments are presented by major category relevant to the nature of Nomura’s business and risks.

	Billions of yen
	March 31, 2021
	Fair value		Unfunded commitments(1)		Redemption frequency (if currently eligible)(2)		Redemption notice(3)
Hedge funds	¥	2	¥	—		Monthly		Same day-30 days
Venture capital funds		4		2		—		—
Private equity funds		18		21		—		—
Real estate funds		4		1		—		—
Total	¥	28	¥	24
	Billions of yen
	March 31, 2022
	Fair value		Unfunded commitments(1)		Redemption frequency (if currently eligible)(2)		Redemption notice(3)
Hedge funds	¥	12	¥	1		Monthly		Same day-30 days
Venture capital funds		10		10		—		—
Private equity funds		22		19		—		—
Real estate funds		4		1		—		—
Total	¥	48	¥	31

(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 is permitted to 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
	2020			2021		2022
	Gains/(Losses)(1)
Assets:
Trading assets and private equity and debt investments(2)
Trading assets	¥	1		¥	2	¥	1
Private equity and debt investments		(1	)		0		6
Loans and receivables		2			7		39
Collateralized agreements(3)		4			5		(1	)
Other assets(2)		(16	)		51		(3	)
Total	¥	(10	)	¥	65	¥	42

Liabilities:
Short-term borrowings(4)	¥	64		¥	(83	)	¥	60
Payables and deposits		0			3			4
Collateralized financing(3)		(2	)		9			3
Long-term borrowings(4)(5)		58			(194	)		275
Other liabilities(6)		2			3			4
Total	¥	122		¥	(262	)	¥	346

(1) Includes gains and losses reported primarily within Revenue—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
	2021			2022
Changes recognized as a credit (debit) to other comprehensive income	¥	(88	)	¥	60
Credit (debit) amounts reclassified to earnings		(10	)		1
Cumulative credit (debit) balance recognized in accumulated other comprehensive income		(11	)		49

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

	Billions of yen
	March 31, 2021
	Japan		U.S.		EU & U.K.		Other		Total(1)
Government, agency and municipal securities	¥	1,715	¥	1,888	¥	2,329	¥	620	¥	6,552

	Billions of yen
	March 31, 2022
	Japan		U.S.		EU & U.K.		Other		Total(1)
Government, agency and municipal securities	¥	1,916	¥	2,368	¥	2,151	¥	721	¥	7,156

(1) Other than above, there were ¥299 billion and ¥331 billion of government, agency and municipal securities reported within Other assets—Non-trading debt securities in the consolidated balance sheets as of March 31, 2021 and 2022, 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

The following tables present carrying values, fair values and classification within the fair value hierarchy for certain classes of financial instrument of which a portion of the ending balance was carried at fair value as of March 31, 2021 and 2022.

	Billions of yen
	March 31, 2021(1)
					Fair value by level
	Carrying value		Fair value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	¥	3,510	¥	3,510	¥	3,510	¥	—	¥	—
Time deposits		281		281		—		281		—
Deposits with stock exchanges and other segregated cash		374		374		—		374		—
Loans receivable(2)		2,937		2,937		—		2,120		817
Securities purchased under agreements to resell		10,775		10,775		—		10,757		18
Securities borrowed		5,264		5,264		—		5,264		—
Total	¥	23,141	¥	23,141	¥	3,510	¥	18,796	¥	835
Liabilities:
Short-term borrowings	¥	1,368	¥	1,368	¥	—	¥	1,265	¥	103
Deposits received at banks		1,342		1,343		—		1,342		1
Securities sold under agreements to repurchase		13,360		13,360		—		13,360		0
Securities loaned		1,381		1,381		—		1,381		—
Other secured borrowings		393		393		—		393		—
Long-term borrowings		7,975		7,978		5		7,370		603
Total	¥	25,819	¥	25,823	¥	5	¥	25,111	¥	707

	Billions of yen
	March 31, 2022(1)
					Fair value by level
	Carrying value		Fair value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	¥	3,316	¥	3,316	¥	3,316	¥	—	¥	—
Time deposits		321		321		—		321		—
Deposits with stock exchanges and other segregated cash		427		427		—		427		—
Loans receivable(2)		3,515		3,515		—		2,461		1,054
Securities purchased under agreements to resell		11,879		11,879		—		11,863		16
Securities borrowed		4,997		4,994		—		4,994		—
Total	¥	24,455	¥	24,452	¥	3,316	¥	20,066	¥	1,070
Liabilities:
Short-term borrowings	¥	1,050	¥	1,050	¥	—	¥	993	¥	57
Deposits received at banks		1,761		1,761		—		1,752		9
Securities sold under agreements to repurchase		12,575		12,575		—		12,575		0
Securities loaned		1,567		1,568		—		1,568		—
Other secured borrowings		396		396		—		396		—
Long-term borrowings		9,258		9,236		23		8,688		525
Total	¥	26,607	¥	26,586	¥	23	¥	25,972	¥	591

(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.