6-K

FORM 6-K

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

Commission File Number: 1-15270

For the month of December 2022

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

13-1, Nihonbashi 1-chome

Chuo-ku, Tokyo 103-8645

Japan

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F      X             Form 40-F              

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):             

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):             

Incorporation by Reference

The registrant hereby incorporates Exhibits 1 and 17 to this report on Form 6-K by reference in the prospectus that is part of the Registration Statement on Form F-3 (Registration No. 333-261756) of the registrant, filed with the SEC on December 20, 2021.

Information furnished on this form:

EXHIBITS

Exhibit Number
	1.	Nomura Holdings, Inc. Interim Operating and Financial Review
	15.	Acknowledgment Letter of Ernst & Young ShinNihon LLC
	17.	Subsidiary Issuer of Registered Guaranteed Securities
	101.INS	Inline XBRL Instance Document—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
	101.SCH	Inline XBRL Taxonomy Extension Schema
	101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase
	101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase
	101.LAB	Inline XBRL Taxonomy Extension Label Linkbase
	101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase
	104	The cover page for the Company’s Interim Report on Form 6-K for the six months ended September 30, 2022, has been formatted in Inline XBRL

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	NOMURA HOLDINGS, INC.
Date: December 16, 2022	By:	/s/ Yoshifumi Kishida
		Yoshifumi Kishida
		Senior Managing Director

Exhibit 1

NOMURA HOLDINGS, INC.

INTERIM OPERATING AND FINANCIAL REVIEW

TABLE OF CONTENTS

Presentation of Financial and Other Information	1
Recent Regulatory Developments	2
Risk Factors	4
Operating and Financial Review and Prospects	6
Interim Consolidated Financial Statements (UNAUDITED)
Consolidated Balance Sheets as of March 31, 2022 and September 30, 2022	F-2
Consolidated Statements of Income for the Six Months Ended September 30, 2021 and 2022 and Three Months Ended September 30, 2021 and 2022	F-5
Consolidated Statements of Comprehensive Income for the Six Months Ended September 30, 2021 and 2022 and Three Months Ended September 30, 2021 and 2022	F-7
Consolidated Statements of Changes in Equity for the Six Months Ended September 30, 2021 and 2022 and Three Months Ended September 30, 2021 and 2022	F-8
Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2021 and 2022	F-10
Notes to the Interim Consolidated Financial Statements	F-12
Review Report of Independent Registered Public Accounting Firm	F-98

Presentation of Financial and Other Information

As used in this Form 6-K, references to the “Company”, “Nomura”, “Nomura Group”, “we”, “us” and “our” are to Nomura Holdings, Inc. and, except as the context otherwise requires, its consolidated subsidiaries. As part of certain line items in Nomura’s financial statements and information included in this Form 6-K, references to “NHI” are to Nomura Holdings, Inc.

Unless otherwise stated, references in this Form 6-K to “yen” and “¥” are to the lawful currency of Japan and references to “U.S. dollars” and “$” are to the lawful currency of the United States of America (“U.S.”).

All ownership data with respect to us presented in this Form 6-K is presented based on the voting interests directly or indirectly held by us. Our voting interest is presented in accordance with Japanese reporting requirements, pursuant to which the amount presented with respect to each subsidiary is the percentage of voting rights of such subsidiary held directly by us or our subsidiaries.

For example, wholly-owned subsidiaries of our subsidiaries are listed as 100%, regardless of the level of our direct interest in the intermediate subsidiaries.

Amounts shown within this Form 6-K have been rounded to the nearest indicated digit unless otherwise specified. In tables and graphs with rounded figures, sums may not add up due to rounding.

Except as otherwise indicated, all financial information with respect to us presented in this Form 6-K is presented on a consolidated basis. Our fiscal year ends on March 31 of each year. We prepare interim consolidated financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Our interim consolidated financial statements, including the notes thereto, for the six months ended September 30, 2021 and 2022 are included elsewhere in this Form 6-K. The interim consolidated financial statements included in this Form 6-K have been reviewed in accordance with the standards of the Public Company Accounting Oversight Board (United States) by our independent auditors.

1

Recent Regulatory Developments

This section updates certain disclosure presented under Item 4. Information on the Company—B. Business Overview—Regulation of our annual report on Form 20-F for the fiscal year ended March 31, 2022.

Regulatory Developments in the United States

In 2016, the U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 613 to create a consolidated audit trail (“CAT”) intended to allow regulators to track all activity throughout the U.S. markets in National Markets Systems securities. Following system development and implementation, the CAT is now live, and the final phased in compliance period ended July 22, 2022.

In June 2016, the SEC approved amendments to Financial Industry Regulatory Authority (“FINRA”) Rule 4210, which require FINRA member broker-dealers to set risk limits on each counterparty transacting in specified forward-settling agency mortgage-backed securities (“covered agency transactions”) as of December 2016, and to collect variation margin and/or maintenance margin from certain counterparties transacting in covered agency transactions as of June 2018. A failure to collect required margin in a timely manner (T+1) results in an obligation for the FINRA member broker-dealer to take a capital charge, and ultimately (T+5) to liquidate the customer’s position in order to satisfy the margin deficiency. The effectiveness of the Rule 4210 margin requirements has been delayed a number of times. Most recently, on July 29, 2022, FINRA filed a proposed rule change to extend the implementation date of the amendments to FINRA Rule 4210 delaying the date of effectiveness to April 23, 2023.

On March 21, 2022 the SEC proposed a comprehensive climate disclosure regime for public companies. The proposal would apply to both domestic company and foreign private registrants and would require them to provide certain climate-related information in their registration statements and annual reports. Registrants would need to, among other things, include information about climate-related risks that have had or would likely have a material impact on their business and consolidated financial statements, strategy, business models and outlook. Registrants would need to include information addressing their plans to manage climate-related risk within their risk management processes. Registrants would also need to disclose information about their own greenhouse gas emissions and, in some cases, upstream and downstream emissions along the registrant’s entire value chain. The proposal would dramatically increase climate-risk-related information available to investors but would also, if adopted in its current proposed form, likely increase the cost, complexity, and liability risks associated with public reporting.

Regulatory Developments in the U.K. and Europe

On July 27, 2022, the U.K. Financial Conduct Authority (“FCA”) published a policy statement (PS22/9) and finalized guidance (FG22/5) on a new consumer duty for financial services firms. The new rules set higher standards of consumer protection with the duty applying irrespective of whether there is a direct relationship with the retail clients therefore bringing in-scope wholesale firms that can determine or ‘materially influence’ retail customer outcomes.

On October 7, 2022, various Regulation (EU) 2019/834 (“EMIR REFIT”) RTS (regulatory technical standards) and ITS (implementing technical standards) were published in the EU Official Journal. Among other things, they include important information regarding data reporting (procedure, formats, frequency, methods, etc.). They will enter into force on October 27, 2022 at which point the 18 month implementation period will commence. This will give a reporting start date of April 29, 2024 for the EMIR REFIT rules.

On March 16, 2022, the EU Commission published a draft Regulation that amends the Central Securities Depositories Regulation (“CSDR”) along with FAQs, an impact assessment on its proposal. Among other things the EU Commission is looking to improve the passporting regime, banking type ancillary services, the oversight of third-country Central Securities Depositories (“CSDs”) and settlement discipline (by proposing to improve the mandatory buy-in regime and refine its scope).

On June 13, 2022, the European Securities and Markets Authority (“ESMA”) published a final report on amending the RTS on settlement discipline by proposing to postpone the application of CSDR mandatory buy-in regime for three years. On July 6, 2022, the EU Commission decided to endorse ESMA’s draft RTS. As a result, the Commission Delegated Regulation suspends the application of the provisions relating to the mandatory buy-in regime of the RTS on settlement discipline for three years from the date of entry into force of the Commission Delegated Regulation. The Delegated Regulation also contains provisions of former Article 15(1) of the Short Selling Regulation in the RTS on settlement discipline, to be applied for the duration of the deferral.

In the U.K., on June 15, 2022, Her Majesty’s Treasury published the outcome of its consultation on amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and published the draft Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022. Among other things, it will expand the intelligence and information-sharing gateway; introduce a clear legal gateway for AML (anti-money laundering)/CTF (counter-terrorist financing) supervisors to access; view and consider the quality of the content of suspicious activity reports (“SARs”) submitted to them, provided they are necessary to fulfil supervisory functions, and allow the FCA to publish notices where it has decided to not register an applicant.

2

On August 16, 2022 the FCA published a statement encouraging issuers of LIBOR-linked bonds (or those that may have a future LIBOR-linked dependency) issued under English or other non-U.S. laws which make consent solicitation practicable to schedule consent solicitation processes for conversion to fair alternative rates. On September 29, 2022, the FCA announced its decision not to compel the publication of 1- and 6-month synthetic sterling LIBOR after the end of March 2023, after which these settings will permanently cease. In line with the consultation, the FCA has decided to require continued publication of the 1- and 6-month synthetic sterling LIBOR settings for a further three months after the end of 2022, until March 31, 2023. Firms need to ensure that they are prepared for the planned permanent cessation of 1- and 6-month synthetic sterling LIBOR on March 31, 2023.

In the meantime, the FCA is considering the appropriate date for the cessation of the 3-month synthetic sterling LIBOR and whether there is a case to compel ICE Benchmark Administration (IBA) to produce U.S. dollar LIBOR using a synthetic methodology for a limited period.

Following Brexit, on March 26, 2021, the U.K. Government announced that technical negotiations on the text of the U.K.-EU memorandum of understanding (“MoU”) establishing a framework for regulatory cooperation in financial services have concluded. Among other things, the MoU, if and when formally signed and brought into force, will establish a Joint U.K.-EU Financial Regulatory Forum to serve as a platform to facilitate dialogue on financial services issues. The MoU makes limited reference to access, saying that both sides will “jointly endeavor to pursue a robust and ambitious bilateral regulatory cooperation”.

On July 19, 2022, the then-U.K. Chancellor of the Exchequer Nadhim Zahawi presented the U.K. Financial Services and Market Bill (the “Bill”). The Bill seeks to reform U.K. capital markets post-Brexit and touches upon a variety of areas such as the Wholesale Market Review and the Cryptoassets Regulatory Framework. The Bill will also delegate rule making powers, which previously resided at the EU level, to the U.K. regulators (the Bank of England, or the “BoE,” the U.K. Prudential Regulatory Authority and FCA), introduces a rule-making power for the BoE in relation to Central Clearing Counterparties (“CCPs”) and CSDs and introduces a secondary growth and competitiveness objective for the regulators. The Bill will have to pass through the Parliamentary Houses before it is finalized with royal assent anticipated by June 30, 2023.

3

Risk Factors

There is no significant change from the risks as previously disclosed in Part I, Item 3. D “Risk Factors” of our annual report on Form 20-F for the year ended March 31, 2022.

4

Special Note Regarding Forward-Looking Statements

This report contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about our business, our industry and capital markets around the world. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “estimate”, “plan” or similar words. These statements discuss future expectations, identify strategies, contain projections of our results of operations or financial condition, or state other forward-looking information.

Known and unknown risks, uncertainties and other factors may cause our actual results, performance, achievements or financial position to differ materially from any future results, performance, achievements or financial position expressed or implied by any forward-looking statements contained in this report. Such risks, uncertainties and other factors are set forth in “Risk Factors” above and in Item 3. D of our annual report on Form 20-F for the fiscal year ended March 31, 2022, as well as elsewhere in this Form 6-K.

5

Operating and Financial Review and Prospects

Results of Operations—Six Months Ended September 30, 2021 and 2022

The unaudited interim consolidated financial statements are prepared on a basis consistent with the audited consolidated financial statements included in our Form 20-F for the fiscal year ended March 31, 2022 filed on June 24, 2022, except for the effect of new accounting pronouncements recently adopted by Nomura as disclosed in Note 1 “Summary of accounting policies” to the interim consolidated financial statements.

6

Progress on Key Performance Indicators

[Management Indicators]

One component of Nomura’s management vision is “achieving sustainable growth by solving social issues” and we have set Return on Equity (ROE) as one of the most important indicators towards the fiscal year ending March 2025. After the introduction of the Corporate Governance Code in Japan, the importance of management having an awareness of capital costs has increased among Japanese companies. In addition, since the financial services industry is subject to stringent financial capital regulations, more effective use of capital is required. As a result, we believe that the optimal allocation of management resources will become even more important for our company in the future. Accordingly, beginning in the year ended March 31, 2020, we adopted ROE as a key management indicator, which management uses to track the progress of our sustainable business transformation. At the Board of Directors meeting held in May 2020, in-depth discussions were held on the management indicators and basic concepts described as follows.

Return on equity

ROE is defined and calculated as net income attributable to NHI shareholders divided by total NHI shareholders’ equity. We believe that disclosure of ROE is useful to investors in that it helps them to assess business conditions and effective use of capital to enhance corporate value. We currently calculate and measure ROE on a quarterly basis. We have set a medium to long-term ROE target of 8-10% for the fiscal year end March 2025, reflecting the cost of capital demanded by our company. However, ROE may be of limited use in that it does not necessarily reflect financial soundness. In order to avoid the excessive pursuit of capital efficiency with the aim of improving ROE at the expense of financial soundness, we attach importance to the creation of corporate value, giving due consideration to financial soundness, and thereby improving ROE. ROE (calculated using annualized net income attributable to shareholders for each period) for the six months ended September 30, 2022 decreased to 1.2% from 3.8% for the same period in the prior year.

Common equity Tier1 ratio (CET1 ratio)

In addition to ROE, there are multiple global financial regulations that we must comply with, including capital regulations established by Basel Committee on Banking Supervision as interpreted and implemented by the Financial Services Agency of Japan (“FSA”) which have a direct impact on the way we conduct business. For this reason, we have set a target of maintaining a common equity Tier 1 ratio (CET1 ratio) of at least 11%, so that we will take into consideration the financial soundness including certain buffer against severe market stress. Our CET1 ratio decreased to 16.8% as of September 30, 2022 from 17.2% as of March 31, 2022. For further details, on the key capital requirements we must follow, see “Consolidated Regulatory Capital Requirements.”

[Indicators by Business Segment]

In addition to the Group KPIs, our management also uses certain divisional specific KPIs to monitor and assess performance of the divisions.

7

Retail

We have adopted the following key indicators in the Retail Division to quantify the outcomes of our efforts and monitor our business: Recurring revenue assets; Net inflows of recurring revenue assets; Flow business clients; and Services for salaried employees; so that our management will be able to monitor the progress of our businesses and target sustainable and further business growth. We believe that disclosure of those indicators is useful to investors in that they help investors assess the progress of the division’s client-facing activities as well as digest and understand our growth potential.

	Billions of yen, except for percentages
	March 31,     2022		September 30, 2022		% Change from March 31, 2022
Recurring revenue assets	¥	19,600	¥	18,300		(6.6	)%
	Billions of yen, except for percentages and number of flow business clients
	Six months ended September 30,
	2021		2022		% Change from previous year
Net inflows of recurring revenue assets	¥	367.5	¥	260.7		(29.0	)%
Flow business clients		1,140,000		1,075,000		(5.7	)%
	Millions, except for percentages
	March 31, 2022		September 30, 2022		% Change from March 31, 2022
Services for salaried employees		3.357		3.446		2.7	%

Recurring revenue assets

Recurring revenue assets are defined by adding related loans to the total amount of assets, such as investment trusts and discretionary investments, for which management fees and other recurring fees are charged. The amount of related loans totaled approximately ¥660.0 billion within Loans receivable in the consolidated balance sheets as of September 30, 2022. Total recurring revenue assets as of September 30, 2022 was ¥18.3 trillion, a decline of ¥1.3 trillion, or 6.6%, from ¥19.6 trillion yen as of March 31, 2022 due to market factors.

Net inflows of recurring revenue assets

Net inflows of recurring revenue assets are defined and calculated by subtracting the amount of sell-offs and outflows of recurring revenue assets from the amount of purchase and inflows of recurring revenue assets, and is an indicator used to measure changes in recurring revenue assets excluding the effect of changes in market value. The total amount of net inflows of recurring revenue assets during the six months ended September 30, 2022 was ¥260.7 billion, slower than that of the six months ended September 30, 2021 which was ¥367.5 billion due to severe market conditions but we have achieved a continuous net increase in recurring revenue assets, mainly in services such as investment trusts, discretionary investment.

Flow business clients

The number of flow business clients is defined as the total number of clients to whom we provide “flow” business services, such as brokerage and consulting-related revenue, and is a measure of the growth in our client base that we believe is critical to realizing growth in flow revenue. The number of flow business clients as of six months ended September 30, 2022 was approximately 1.075 million, which is lower than 1.140 million as of the six months ended September 30, 2021, and the growth of our client base is a continuous challenge.

Services for salaried employees

Services for salaried employees are defined as the sum of the number of workplace financial services (including multiple services provided to a single employee) provided, such as the number of members of the employee stock ownership associations, accounts derived from the employee stock ownership associations (excluding current members) and corporate DC pension plan subscribers, and is an indicator used to measure the expansion of our client base through our workplace financial services businesses. As of September 30, 2022, the number of workplace services provided stood at 3.446 million and have increased from 3.357 million as of March 31, 2022. We have achieved expansion at levels exceeding our targets, mainly in terms of the increase in number of members of the employee stock ownership, and have expanded our client base which will lead to sustainable growth.

8

Investment Management Division

We have set the balance of assets under management as a key performance indicator for the Investment Management Division. Beginning in the fiscal year ended March 31, 2022, we have also set net inflows as a key performance indicator in the Investment Management Division. The businesses in the Investment Management Division generally earn management or similar fees based on the amount of assets under management, meaning that revenue trends for these businesses tend to follow trends in the amount of assets under management, and our management considers this measure to be effective in monitoring the progress of these businesses. We also believe that it is an important indicator of how well investment products are received by investors. We believe that net inflows is an effective measure in monitoring the progress of the division’s asset management businesses, excluding market factors from fluctuations in the balance of assets under management. It is also an important indicator for ascertaining the effectiveness of the division’s measures to expand assets under management and thereby achieve its profit expansion target.

	Trillions of yen, except for percentages
	March 31,   2022		September 30, 2022		% Change from March 31, 2022
The balance of assets under management	¥	67.9	¥	64.8		(4.6	)%
	Billions of yen, except for percentages
	Six months ended September 30,
	2021		2022		% Change from previous year
Net inflows	¥	1,513	¥	-224		—	%

The balance of assets under management includes the net balance (after deducting duplications) of assets under management (gross) of Nomura Asset Management Co., Ltd., Nomura Corporate Research and Asset Management Inc. and Wealth Square Co., Ltd., as well as third-party investments in funds managed by Nomura SPARX Investment, Inc., Nomura Mezzanine Partners Co., Ltd., Nomura Capital Partners Co., Ltd., and Nomura Research & Advisory Co., Ltd. Net inflows are calculated by subtracting cash outflows from cash inflows. For these purposes, cash outflows do not include outflows from distributions.

During the six months ended September 30, 2022, the balance of assets under management decreased mainly due to market factors. Net inflows turned outflows due to large outflows from domestic pension funds, whereas there were inflows into ETFs and defined contribution funds, as well as investment trust funds distributed through bank channels and Nomura Securities Co., Ltd.

Wholesale

Starting April 2019, we have adopted a cost-to-income ratio and a revenue to modified RWA ratio as additional key performance indicators in our Wholesale Division. We believe that disclosure of these indicators would be useful for investors to assess progress in terms of cost and resource efficiency. Additionally, we use these indicators to evaluate our business based on progress on cost savings initiatives and return on resources.

	Three months ended
	June 30, 2021			September 30, 2021			June 30, 2022			% Change from previous year			September 30, 2022			% Change from previous year
Cost-to-income ratio		121	%		86	%		87	%		(28	)%		90	%		5	%
Revenue/modified RWA		4.9	%		7.1	%		7.3	%		50	%		7.1	%		(1	)%

Cost-to-income ratio

The cost-to-income ratio for the Wholesale Division is calculated by dividing non-interest expenses for the division for a given reporting period by net revenue generated by the division for the same period, calculated consistently, in each case, with our segment presentation for the division. It is monitored at a divisional level to track operating margins for the business. The ratio decreased for the quarter ended June 30, 2022 compared to the prior fiscal year primarily due to non-recurrence of the impact from U.S. Prime Brokerage Event. The ratio increased for the quarter ended September 30, 2022 compared to the prior fiscal year mainly from decline in Investment Banking revenue in line with overall market slowdown and increased Wholesale costs due to yen depreciation, partly offset by higher Global Markets revenue.

9

Revenue to modified Risk Weighted Asset (RWA) ratio

The revenue to modified RWA ratio for the Wholesale division is calculated by dividing net revenue generated by our Wholesale Division for a given reporting period (in the case of net revenue for the Wholesale Division for periods shorter than a full fiscal year, on an annualized basis) by the average balance of modified RWA used by the Wholesale Division for the same period. The Revenue to modified RWA ratio is monitored to track our revenue earning capacity against risk resources deployed. Modified RWA is the total of (i) average daily risk-weighted assets as calculated and presented under Basel regulations as interpreted and implemented by the FSA and (ii) an adjustment equal to the regulatory adjustment to common equity tier1 (CET1) capital calculated and presented under Basel regulations as interpreted and implemented by the FSA divided by our internal minimum capital ratio target of 12.5%. (daily average for the accounting period), which we use to estimate the amount of deductions to RWA generated by the division. The revenue to modified RWA as we calculate and present it may differ from similarly titled measures presented by our competitors due to the approach and methodologies used for calculation. Our credit risk-weighted assets and operational risk equivalent assets are calculated by using the foundation Internal Ratings-Based Approach and the Standardized Approach, respectively, with the approval of the FSA. Furthermore, Market risk equivalent assets are calculated by using the Internal Models Approach for market risk. The conversion of Wholesale RWA to modified RWA is based on adjustments reflecting our internal minimum capital ratio target. Moreover, the usefulness of this ratio may be limited in that the adjustment applied to RWA, which is intended to capture the appropriate amount of RWA to attribute to our businesses (as opposed to RWA as calculated for regulatory capital purposes), is an estimate incorporating our internal risk tolerance; however, this adjustment may not appropriately reflect the actual regulatory capital impact of the charged assets that are used by our business. Revenue to modified RWA increased for the quarter ended June 30, 2022 compared to the prior fiscal year, primarily driven by the non-recurrence of the impact from the U.S. Prime Brokerage Event. The ratio decreased slightly for the quarter ended September 30, 2022 compared to the prior fiscal year but the change is not significant.

Current Challenges

There is no significant change to our current challenges nor new challenges for the six months ended September 30, 2022.

10

Overview

The following table provides selected consolidated statements of income information for the six months ended September 30, 2021 and 2022.

	Millions of yen except percentages
	Six months ended September 30
	2021			2022			% Change from previous year
Non-interest revenues:
Commissions	¥	174,522		¥	138,583			(20.6	)%
Fees from investment banking		69,604			51,474			(26.0	)
Asset management and portfolio service fees		131,237			137,288			4.6
Net gain on trading		143,136			302,823			111.6
Gain (loss) on private equity investments		26,463			1,203			(95.5	)
Gain (loss) on investments in equity securities		5,550			(3,265	)		—
Other		99,408			9,772			(90.2	)
Total non-interest revenues		649,920			637,878			(1.9	)
Net interest revenue		22,221			(20,892	)		—
Net revenue		672,141			616,986			(8.2	)
Non-interest expenses		575,141			573,769			(0.2	)
Income before income taxes		97,000			43,217			(55.4	)
Income tax expense		41,524			26,081			(37.2	)
Net income (loss)		55,476			17,136			(69.1	)%
Less: Net income attributable to noncontrolling interests		3,776			(1,331	)		—
Net income (loss) attributable to NHI shareholders	¥	51,700		¥	18,467			(64.3	)%
Return on shareholders’ equity (annualized)(1)		3.8	%		1.2	%

(1) Calculated as Net income attributable to NHI shareholders divided by average Total NHI shareholders’ equity multiplied by two.

Net revenue decreased from the six months ended September 30, 2021 to the six months ended September 30, 2022. Commissions decreased primarily due to clients sentiment impacted by recession and inflation concerns. Fees from investment banking decreased primarily due to slowdown in IPOs and follow-on offerings in market uncertainty and geopolitical risks. Net gain on trading increased primarily due to the absence of losses arising from the U.S. Prime Brokerage Event. Gain on private equity investments decreased primarily due to the non-recurrence of gains from IPO of Nomura Capital Partners Co., Ltd.’s investee company in the previous year. Other revenue decreased primarily due to the non-recurrence of gains from the income in June 2021 from the sale of a part of our shares held in Nomura Research Institute, Ltd. being recognized during the six months ended September 30, 2021.

Net interest revenue is a function of the level and the mix of total assets and liabilities, which includes trading assets and financing and lending transactions, and the level, term structure and volatility of interest rates. Net interest revenue is an integral component of our trading business. In assessing the profitability of our overall business and of our Wholesale division in particular, we view Net interest revenue and Non-interest revenues in aggregate.

Non-interest expenses decreased from the six months ended September 30, 2021 for the six months ended September 30, 2022.

11

We are subject to a number of different taxes in Japan and have adopted the Group Tax Sharing system by the “Act to partially revise the Income Tax Act and Others” (Act No.8 of 2020) that is replaced with the consolidated tax filing system. The Group Tax Sharing system only imposes a national tax. Our foreign subsidiaries are subject to the income taxes of the countries in which they operate, which are generally lower than those in Japan. The Company’s effective statutory tax rate in any one year is therefore dependent on our geographic mix of profits and losses and also on the specific tax treatment applicable in each location.

For the six months ended September 30, 2021, the difference between the effective statutory tax rate of 31% and the effective tax rate of 42.8% was mainly due to an increase of the valuation allowance of foreign subsidiaries, whereas non-taxable revenues decreased the effective tax rate.

For the six months ended September 30, 2022, the difference between the effective statutory tax rate of 31% and the effective tax rate of 60.3% was mainly due to an increase of the valuation allowance, whereas non-taxable revenues decreased the effective tax rate.

Retail

In our Retail Division, our sales activities focus on providing consultation services and investment proposals to clients for which we receive commissions and fees. Additionally, we receive fees from asset management companies in connection with administration services we provide in connection with investment trust certificates that we distribute. We also receive agent commissions from insurance companies for the insurance products we sell as an agent.

	Millions of yen
	Six months ended September 30
	2021		2022		% Change from previous year
Non-interest revenues	¥	168,475	¥	142,603		(15.4	)%
Net interest revenue		1,702		1,263		(25.8	)
Net revenue		170,177		143,866		(15.5	)
Non-interest expenses		134,171		133,465		(0.5	)
Income before income taxes	¥	36,006	¥	10,401		(71.1	)%

Net revenue decreased from the six months ended September 30, 2021 to the six months ended September 30, 2022.

Non-interest expenses decreased from the six months ended September 30, 2021 to the six months ended September 30, 2022.

Income before income taxes decreased from the six months ended September 30, 2021 to the six months ended September 30, 2022.

The following table presents a breakdown of Retail non-interest revenues for the six months ended September 30, 2021 and

     2022.

	Millions of yen
	Six months ended September 30
	2021		2022		% Change from previous year
Commissions	¥	74,198	¥	52,164		(29.7	)%
Brokerage commissions		35,373		24,039		(32.0	)
Commissions for distribution of investment trusts		25,484		13,901		(45.5	)
Other commissions		13,340		14,224		6.6
Net gain on trading		23,445		21,348		(8.9	)
Fees from investment banking		10,176		6,697		(34.2	)
Asset management fees		54,205		54,450		0.5
Others		6,451		7,944		23.1
Non-interest revenues	¥	168,475	¥	142,603		(15.4	)%

Commissions decreased from the six months ended September 30, 2021 to the six months ended September 30, 2022, primarily due to a decrease in commissions from sales of stocks and investment trusts. Net gain on trading decreased from the six months ended September 30, 2021 to the six months ended September 30, 2022. Fees from investment banking decreased from the six months ended September 30, 2021 to the six months ended September 30, 2022, primarily due to slowdown in IPOs and follow-on offerings in market uncertainty and geopolitical risks. Asset management fees increased from the six months ended September 30, 2021 to the six months ended September 30, 2022.

12

Retail Client Assets

The following table presents the amounts and details of Retail client assets as of March 31, 2022 and September 30, 2022.

	Trillions of yen
	From March 31, 2022 to September 30, 2022
	Balance at March 31, 2022		Gross inflows		Gross outflows			Market appreciation / (depreciation)			Balance at September 30, 2022
Equities	¥	77.5	¥	6.2	¥	(6.7	)	¥	(3.0	)	¥	74.0
Debt securities		17.7		8.4		(7.0	)		(0.8	)		18.3
Stock investment trusts		10.8		1.1		(1.0	)		(1.1	)		9.8
Bond investment trusts		7.5		0.1		(0.2	)		(0.2	)		7.2
Overseas mutual funds		1.3		0.1		(0.1	)		(0.1	)		1.2
Others		7.3		0.5		(0.3	)		(0.3	)		7.2
Total	¥	122.1	¥	16.4	¥	(15.3	)	¥	(5.5	)	¥	117.7

Retail client assets decreased by ¥4.4 trillion from ¥122.1 trillion as of March 31, 2022 to ¥117.7 trillion as of September 30, 2022. The balances of our clients’ equity and equity-related products was ¥77.5 trillion as of March 31, 2022 and ¥74.0 trillion as of September 30, 2022. The balances of our clients’ investment trusts and mutual funds decreased by ¥1.4 trillion from ¥19.6 trillion as of March 31, 2022 to ¥18.2 trillion as of September 30, 2022.

13

Investment Management

Our Investment Management Division is conducted through Nomura Asset Management Co., Ltd. (“NAM”) and other investment and asset management subsidiaries. We earn portfolio management fees through the development and management of collective investment schemes such as investment trusts, provide investment advisory services for pension funds and other institutional clients. We also provide private equity/debt strategies as well as product offering platform that invests in tangible assets such as infrastructure, real estate and aircraft. Our revenue also include investment gain/loss related to our investments in American Century Investments and in other investment businesses.

	Millions of yen
	Six months ended September 30
	2021			2022			% Change from previous year
Non-interest revenues	¥	97,944		¥	35,366			(63.9	)%
Net interest revenue		(133	)		(1,616	)		—
Net revenue		97,811			33,750			(65.5	)
Non-interest expenses		37,869			39,911			5.4
Income before income taxes	¥	59,942		¥	(6,161	)		—	%

Net revenue decreased from the six months ended September 30, 2021 to the six months ended September 30, 2022 primarily due to the non-recurrence of gains from IPO of Nomura Capital Partners Co., Ltd.’s investee company.

Non-interest expenses increased from the six months ended September 30, 2021 to the six months ended September 30, 2022.

The breakdown of net revenue for Investment Management is as follows:

	Millions of yen
	Six months ended September 30
	2021		2022
Business revenue(1)	¥	57,291	¥	60,553
Investment gain/ loss(2)		40,520		(26,803	)
Net revenue	¥	97,811	¥	33,750

(1) Consists of division revenue, other than investment gain/loss, including revenue generated by our asset management business (excluding gains and losses related to our investment in American Century Investments), revenues generated by Nomura Babcock & Brown Co., Ltd.’s aircraft leasing-related businesses and management fee revenues generated from our private equity and other investment businesses

(2) Consists of division revenue attributable to investments (including fair value fluctuations, funding cost and dividends), including gains and losses related to our investment in American Century Investments, our investments held in our private equity and other investment businesses and our investment in Mebuki Financial Group, Inc.

14

The following table presents assets under management of each principal Nomura entity within Investment Management Division as of March 31, 2022 and September 30, 2022. Gross outflows include outflow from distribution.

	Billions of yen
	From March 31, 2022 to September 30, 2022
	Balance at March 31, 2022			Gross inflows			Gross outflows			Market appreciation / (depreciation)			Balance at September 30, 2022
Nomura Asset Management Co., Ltd.	¥	69,592		¥	11,997		¥	(12,829	)	¥	(2,192	)	¥	66,568
Nomura Corporate Research and Asset Management Inc. etc		3,867			723			(701	)		(2	)		3,887
Combined total		73,459			12,720			(13,530	)		(2,194	)		70,455
Shared across group companies		(5,546	)		(947	)		829			(15	)		(5,679	)
Total	¥	67,913		¥	11,773		¥	(12,701	)	¥	(2,209	)	¥	64,776

Assets under management decreased primarily due to decreases in the market value of assets under management.

The following table shows NAM’s share, in terms of net asset value, in the Japanese Asset management market as of March 31, 2022 and September 30, 2022.

	March 31       2022			September 30       2022
Total of publicly offered investment trusts		27	%		27	%
Stock investment trusts		25	%		25	%
Bond investment trusts		44	%		44	%

15

Wholesale

In Wholesale, we are engaged in the sales and trading of debt securities and equity securities and currencies on a global basis to various institutions, providing investment banking services such as the underwriting of bonds and equities as well as mergers and acquisitions and financial advice and investing in private equity businesses with the goal of maximizing returns on these investments by increasing the corporate value of investee companies.

	Millions of yen
	Six months ended September 30
	2021			2022			% Change from previous year
Non-interest revenues	¥	255,957		¥	406,582			58.8	%
Net interest revenue		49,489			(2,096	)		—
Net revenue		305,446			404,486			32.4
Non-interest expenses		308,834			359,025			16.3
Income (loss) before income taxes	¥	(3,388	)	¥	45,461			—	%

Net revenue increased from the six months ended September 30, 2021 to the six months ended September 30, 2022.

Non-interest expenses increased from the six months ended September 30, 2021 to the six months ended September 30, 2022.

The following table presents a breakdown of net revenue for Wholesale for the six months ended September 30, 2021 and 2022.

	Millions of yen
	Six months ended September 30
	2021		2022		% Change from previous year
Global Markets	¥	234,456	¥	352,770		50.5	%
Investment Banking		70,990		51,716		(27.2	)
Net revenue	¥	305,446	¥	404,486		32.4	%

Global Markets net revenue was ¥352.8 billion. Fixed Income net revenue increased from ¥158.9 billion for the six months ended September 30, 2021 to ¥228.2 billion for the six months ended September 30, 2022 because of strong results in macro products facilitating client flows amid spike in volatility across rates and FX. Equities net revenue increased from ¥75.6 billion for the six months ended September 30, 2021 to ¥124.6 billion for the six months ended September 30, 2022 due to the absence of losses arising from the U.S. Prime Brokerage Event. Investment banking net revenue was ¥51.7 billion.

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Other Operating Results

Other operating results include net gain (loss) related to economic hedging transactions, a part of realized gain (loss) on investments in equity securities held for operating purposes, equity in earnings of affiliates, corporate items, and other financial adjustments. See Note 15 “Segment and geographic information” in our interim consolidated financial statements.

Net revenue was ¥93,468 million for the six months ended September 30, 2021 and ¥39,548 million for the six months ended September 30, 2022 due to the non-recurrence of gains from the income in June 2021 from the sale of a part of our shares held in Nomura Research Institute, Ltd. being recognized during the six months ended September 30, 2021. Non-interest expenses were ¥94,267 million for the six months ended September 30, 2021 and ¥41,368 million for the six months ended September 30, 2022 due to the non-recurring expenses of approximately ¥40 billion related to legacy transactions being recognized during the six months ended September 30, 2021. Income (loss) before income taxes in other operating results was ¥(799) million for the six months ended September 30, 2021 and ¥(1,820) million for the six months ended September 30, 2022.

Other operating results for the six months ended September 30, 2022 include gains from changes in the fair value of derivative liabilities of ¥5.7 billion attributable to the change in Nomura’s own creditworthiness and losses from changes in counterparty credit spreads of ¥5.4 billion.

Number of Employees

The following table presents the number of our employees as of September 30, 2021 and 2022.

	September 30
	2021		2022
Japan		15,393		15,384
Europe		2,811		2,869
Americas		2,171		2,358
Asia and Oceania		6,216		6,520
Total		26,591		27,131

17

Summary of Regional Contributions

For a summary of our net revenue, income (loss) before income taxes and long-lived assets by geographic region, see Note 15

“Segment and geographic information” in our interim consolidated financial statements.

Regulatory Capital Requirements

Many of our business activities are subject to statutory capital requirements, including those of Japan, the U.S., the U.K. and certain other countries in which we operate.

Translation Exposure

A significant portion of our business is conducted in currencies other than Japanese Yen—most significantly, U.S. Dollars, British Pounds and Euros. We prepare financial statements of each of our consolidated subsidiaries in its functional currency, which is the currency of the primary economic environment in which the entity operates. Translation exposure is the risk arising from the effect of fluctuations in exchange rates on the net assets of our foreign subsidiaries. Translation exposure is not recognized in our consolidated statements of income unless and until we dispose of, or liquidate, the relevant foreign subsidiary.

Critical Accounting Policies and Estimates

Critical accounting policies are the accounting policies which have the most significant impact on the preparation of our consolidated financial statements included within this annual report and which require the most difficult, subjective and complex judgments by our management to develop estimates used in the application of these policies. Such estimates determined by management include estimates regarding the fair value of financial instruments and the outcome of litigations that affect the reported amounts of assets and liabilities related footnote as the disclosures in our consolidated financial statements. Estimates, by their nature, are based on underlying assumptions which require management judgment and depend on the extent of available information. Actual results in future reporting periods may differ from current estimates, which could have a material impact on our consolidated financial statements.

The following table summarizes the critical accounting policies used within our consolidated financial statements which have had the most significant impact on our financial condition and financial performance during the six months ended September 30, 2022. For each of the critical accounting policies, the following table also identifies the critical accounting estimates inherent within the application of those policies, the nature of the estimates, the underlying assumptions made by our management to derive those estimates and the financial impact had we used different estimates or assumptions during the six months ended September 30, 2022. See Note 1 “Summary of Accounting Policies” in our consolidated financial statements included in this report for more information on the critical accounting policies we apply for all of these areas and the additional footnote disclosures referred to in the table for more information around these critical accounting policies and critical accounting estimates.

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Critical accounting policy	Critical accounting estimates	Underlying subjective key assumptions by management	Effect of changes in estimates and assumptions during the six months ended September 30, 2022
Fair value of financial instruments Note 2 “Fair value measurements”	Estimating fair value for financial instruments	A significant portion of our financial instruments is carried at fair value. The fair values of these financial instruments may not be only measured at quoted prices but also impacted by other factors including selection of valuation techniques/ models and other assumptions that require judgment. Selection of appropriate valuation techniques •  For financial instruments measured at fair value where quoted prices are available in active markets, Nomura generally uses quoted prices as level 1 inputs for determining the fair value of these financial instruments. •  For financial instruments where such quoted prices are not available, fair value of the financial instruments are measured by level 2 or level 3 input(s). Significant judgment is involved in selection of appropriate valuation techniques and validation of assumptions applied in models because the fair value measured could be varied by the selection of those models and assumptions. When selecting valuation techniques, various factors such as the particular circumstances where these financial instruments are traded, availability of reliable inputs, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs are considered. Significance of level 3 inputs •  Fair value measurement is more judgmental in respect of level 3 inputs, which is measured based on significant non-market based unobservable inputs.	See Note 2 “Fair value measurements” in our consolidated financial statements included in this report for valuation methodologies including active/ inactive principal market, as well as our policy in fair value hierarchy. Level 3 fair value hierarchy (assets net of derivative liabilities) during the six months increased from ¥792 billion as of March 31, 2022 to ¥928 billion as of September 30, 2022. Total Level 3 financial assets to total financial assets carried at fair values on a recurring basis ratio was 6% as of September 30, 2022 (6% as of March 31, 2022.) See Note 2, “Fair Value measurement” for further quantitative and qualitative information regarding level 3 inputs, including the sensitivity of fair value of the underlying financial instruments to changes in level 3 inputs.

19

Critical accounting policy	Critical accounting estimates	Underlying subjective key assumptions by management	Effect of changes in estimates and assumptions during the six months ended September 30, 2022
Litigation provisions Note 14 “Commitments, contingencies and guarantees”	Determination of whether a loss is probable and measurement of provisions and reasonably possible loss	In the normal course of business, Nomura may be involved in investigations, lawsuits and other legal proceedings and, as a result, may suffer losses from any fines, penalties or settlements where Nomura chooses to make to resolve the matters and these could be significant to Nomura’s results of operations. Determination if a loss is probable •  Recognition of litigation provisions are only required if a loss is probable and can be reasonably estimated. •  Significant judgment required in deciding whether a loss from litigation, investigations, claims or other actions is probable or just reasonably possible. •  Such judgment usually involves consideration of external legal counsel opinion, our own historical experiences in court and similar matters, the progress of regulatory investigation or litigation proceedings and management or our counterparty’s appetite to settle the matter. •  If a loss is only considered to be reasonably possible, no provision is required. Measurement of a probable / reasonably possible loss •  Once a loss has been determined as being probable of occurring, a provision is recognized when a loss is probable and the amount of such loss or range of losses can be reasonably estimated. •  Where a loss is not probable but still reasonably possible and an estimate of the range of reasonably possible losses can be made based on current information available as of the date of our consolidated financial statements, the reasonably possible maximum loss in excess of amounts recognized as a provision is disclosed. •  All of the above determination is often inherently difficult, especially for legal claims or regulatory investigations that are indeterminate or still at an early stage. •  In exceptional circumstances where we believe a loss is probable or reasonably possible, but unable to reasonably estimate the amount of loss due the inherent complexities and therefore are unable to recognize a provision or disclose the reasonably possible maximum loss in excess of amounts recognized as a provision for the matter. In these situations, we disclose this fact.	See Note 14 “Commitments, contingencies and guarantees” in our consolidated financial statements included in this report for details of the various legal matters Nomura is currently involved with, including those where provisions have been recognized or where a loss is considered reasonably possible. If we concluded as of December 16, 2022 that for cases where an estimate of a range of reasonably possible losses can be made, were such losses actually become probable, we would recognize additional legal provisions through earnings of approximately ¥63 billion. However, this estimate does not include the impact of probable losses where we cannot reasonably estimate such loss. See Note.14 “Commitments, contingencies and guarantees”.

20

Assets and Liabilities Associated with Investment and Financial Services Business

Exposure to Certain Financial Instruments and Counterparties

Market conditions continue to impact numerous products to which we have certain exposures. We also have exposures to Special Purpose Entities (“SPEs”) and others in the normal course of business.

Leveraged Finance

We provide loans to clients in connection with leveraged buy-outs and leveraged buy-ins. As this type of finance is usually initially provided through a commitment, we have both funded and unfunded exposures on these transactions.

The following table sets forth our exposure to leveraged finance with unfunded commitments, presenting funded and unfunded portions by geographic location of the target company as of September 30, 2022.

	Millions of yen
	September 30, 2022
	Funded		Unfunded		Total
Europe	¥	16,526	¥	93,970	¥	110,496
Americas		21,782		337,068		358,850
Asia and Oceania		47,786		20,078		67,864
Total	¥	86,094	¥	451,116	¥	537,210

Special Purpose Entities (“SPEs”)

Our involvement with these entities includes structuring, underwriting, distributing and selling debt instruments and beneficial interests issued by these entities, subject to prevailing market conditions. In connection with our securitization and equity derivative activities, we also act as a transferor of financial assets to these entities, as well as, underwriter, distributor and seller of asset-repackaged financial instruments issued by these entities. We retain, purchase and sell variable interests in SPEs in connection with our market-making, investing and structuring activities. Our other types of involvement with SPEs include guarantee agreements and derivative contracts.

For further discussion on Nomura’s involvement with variable interest entities (“VIEs”), see Note 6. “Securitizations and Variable Interest Entities” included in our interim consolidated financial statements.

Accounting Developments

See Note 1 “Summary of accounting policies: New accounting pronouncements recently adopted” in our interim consolidated financial statements.

21

Deferred Tax Assets Information

Details of deferred tax assets and liabilities

The following table presents details of deferred tax assets and liabilities reported within Other assets—Other and Other liabilities, respectively, in the consolidated balance sheets as of September 30, 2022.

	Millions of yen
	September 30, 2022
Deferred tax assets
Depreciation, amortization and valuation of fixed assets	¥	35,354
Investments in subsidiaries and affiliates		6,109
Valuation of financial instruments		153,275
Accrued pension and severance costs		21,345
Other accrued expenses and provisions		82,162
Operating losses		445,649
Lease liabilities		52,538
Other		16,571
Gross deferred tax assets		813,003
Less—Valuation allowance		(554,594	)
Total deferred tax assets		258,409
Deferred tax liabilities
Investments in subsidiaries and affiliates		96,882
Valuation of financial instruments		139,842
Undistributed earnings of foreign subsidiaries		2,947
Valuation of fixed assets		24,315
Right-of-use assets		50,935
Other		5,830
Total deferred tax liabilities		320,751
Net deferred tax assets (liabilities)	¥	(62,342	)

Calculation method of deferred tax assets

In accordance with U.S.GAAP, we recognize deferred tax assets to the extent we believe that it is more likely than not that a benefit will be realized. A valuation allowance is provided for tax benefits available to us, which are not deemed more likely than not to be realized.

Legal Proceedings

For a discussion of our litigation and related matters, see Note 14 “Commitments, contingencies and guarantees” in our interim consolidated financial statements.

22

Liquidity and Capital Resources

Funding and Liquidity Management

Overview

We define liquidity risk as the risk of loss arising from difficulty in securing the necessary funding or from a significantly higher cost of funding than normal levels due to deterioration of the Nomura Group’s creditworthiness or deterioration in market conditions. This risk could arise from Nomura-specific or market-wide events such as inability to access the secured or unsecured debt markets, a deterioration in our credit ratings, a failure to manage unplanned changes in funding requirements, a failure to liquidate assets quickly and with minimal loss in value, or changes in regulatory capital restrictions which may prevent the free flow of funds between different group entities. Our global liquidity risk management policy is based on liquidity risk appetite formulated by the Executive Management Board (“EMB”). Nomura’s liquidity risk management, under market-wide stress and in addition, under Nomura-specific stress, seeks to ensure enough continuous liquidity to meet all funding requirements and unsecured debt obligations across one year and 30-day periods, respectively, without raising funds through unsecured funding or through the liquidation of assets. We are required to meet regulatory notice on the liquidity coverage ratio and net stable funding ratio issued by the FSA.

We have in place a number of liquidity risk management frameworks that enable us to achieve our primary liquidity objective. These frameworks include (1) Centralized Control of Residual Cash and Maintenance of Liquidity Portfolio; (2) Utilization of Unencumbered Assets as Part of Our Liquidity Portfolio; (3) Appropriate Funding and Diversification of Funding Sources and Maturities Commensurate with the Composition of Assets; (4) Management of Credit Lines to Nomura Group Entities; (5) Implementation of Liquidity Stress Tests; and (6) Contingency Funding Plan.

Our EMB has the authority to make decisions concerning group liquidity management. The Chief Financial Officer (“CFO”) has the operational authority and responsibility over our liquidity management based on decisions made by the EMB.

1. Centralized Control of Residual Cash and Maintenance of Liquidity Portfolio.

We centrally control residual cash held at Nomura Group entities for effective liquidity utilization purposes. As for the usage of funds, the CFO decides the maximum amount of available funds, provided without posting any collateral, for allocation within Nomura and the EMB allocates the funds to each business division. Global Treasury monitors usage by businesses and reports to the EMB.

In order to enable us to transfer funds smoothly between group entities, we limit the issuance of securities by regulated broker-dealers or banking entities within the Nomura Group and seek to raise unsecured funding primarily through the Company or through unregulated subsidiaries. The primary benefits of this strategy include cost minimization, wider investor name recognition and greater flexibility in providing funding to various subsidiaries across the Nomura Group.

To meet any potential liquidity requirement, we maintain a liquidity portfolio, managed by Global Treasury apart from other assets, in the form of cash and highly liquid, unencumbered securities that may be sold or pledged to provide liquidity. As of September 30, 2022, our liquidity portfolio was ¥7,667.6 billion which sufficiently met liquidity requirements under the stress scenarios.

The following table presents a breakdown of our liquidity portfolio by type of financial assets as of March 31, 2022 and September 30, 2022 and averages maintained for the years ended March 31, 2022 and September 30, 2022. Yearly averages are calculated using month-end amounts.

	Billions of yen
	Average for year ended March 31, 2022		March 31, 2022		Average for six months ended September 30, 2022		September 30, 2022
Cash, cash equivalents and time deposits(1)	¥	3,151.6	¥	2,997.5	¥	3,136.4	¥	3,351.1
Government securities		3,629.8		3,674.2		3,883.3		3,951.5
Others(2)		298.3		402.5		382.7		365.0
Total liquidity portfolio	¥	7,079.7	¥	7,074.2	¥	7,402.4	¥	7,667.6

(1) Cash, cash equivalents, and time deposits include nostro balances and deposits with both central banks and market counterparties that are readily available to support the liquidity position of Nomura.

(2) Others include other liquid financial assets such as money market funds and U.S. agency securities.

23

The following table presents a breakdown of our liquidity portfolio by currency as of March 31, 2022 and September 30, 2022 and averages maintained for the years ended March 31, 2022 and September 30, 2022. Yearly averages are calculated using month-end amounts.

	Billions of yen
	Average for year ended March 31, 2022		March 31, 2022		Average for six months ended September 30, 2022		September 30, 2022
Japanese Yen	¥	1,913.7	¥	1,409.8	¥	1,385.3	¥	1,417.5
U.S. Dollar		3,567.3		3,924.1		4,255.7		4,546.9
Euro		792.3		868.5		844.4		804.3
British Pound		578.3		597.5		622.5		612.9
Others(1)		228.1		274.3		294.5		286.0
Total liquidity portfolio	¥	7,079.7	¥	7,074.2	¥	7,402.4	¥	7,667.6

(1) Includes other currencies such as the Australian dollar, the Canadian dollar and the Swiss franc.

We assess our liquidity portfolio requirements globally as well as by each major operating entity in the Nomura Group. We primarily maintain our liquidity portfolio at Nomura Holdings, Inc. (“NHI”) and Nomura Securities Co., Ltd. (“NSC”), our other major broker-dealer subsidiaries, our bank subsidiaries, and other group entities. In determining the amounts and entities which hold this liquidity portfolio, we consider legal, regulatory and tax restrictions which may impact our ability to freely transfer liquidity across different entities in the Nomura Group.

The following table presents a breakdown of our liquidity portfolio by entity as of March 31, 2022 and September 30, 2022.

	Billions of yen
	March 31, 2022		September 30, 2022
NHI and NSC(1)	¥	1,395.4	¥	1,419.0
Major broker-dealer subsidiaries		3,118.5		3,432.8
Bank subsidiaries(2)		1,008.5		1,054.7
Other affiliates		1,551.8		1,761.1
Total liquidity portfolio	¥	7,074.2	¥	7,667.6

(1) NSC, a broker-dealer located in Japan, holds an account with the Bank of Japan (“BOJ”) and has direct access to the BOJ Lombard facility through which same day funding is available for our securities pool. Any liquidity surplus at NHI is lent to NSC via short-term intercompany loans, which can be unwound immediately when needed.

(2) Includes Nomura Bank International plc (“NBI”), Nomura Singapore Limited and Nomura Bank (Luxembourg) S.A.

2. Utilization of Unencumbered Assets as Part of Our Liquidity Portfolio.

In addition to our liquidity portfolio, we had ¥3,047.8 billion of other unencumbered assets comprising mainly of unpledged trading assets that can be used as an additional source of secured funding. Global Treasury monitors other unencumbered assets and can, under a liquidity stress event when the contingency funding plan has been invoked, monetize and utilize the cash generated as a result. The aggregate of our liquidity portfolio and other unencumbered assets as of September 30, 2022 was ¥10,715.4 billion, which represented 302.4% of our total unsecured debt maturing within one year.

	Billions of yen
	March 31, 2022		September 30, 2022
Net liquidity value of other unencumbered assets	¥	2,665.7	¥	3,047.8
Liquidity portfolio		7,074.2		7,667.6
Total	¥	9,739.9	¥	10,715.4

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3. Appropriate Funding and Diversification of Funding Sources and Maturities Commensurate with the Composition of Assets

We seek to maintain a surplus of long-term debt and equity above the cash capital requirements of our assets. We also seek to achieve diversification of our funding by market, instrument type, investors, currency, and staggered maturities in order to reduce unsecured refinancing risk.

We diversify funding by issuing various types of debt instruments—these include both structured loans and structured notes with returns linked to interest rates, currencies, equities, commodities, or related indices. We issue structured loans and structured notes in order to increase the diversity of our debt instruments. We typically hedge the returns we are obliged to pay with derivatives and/or the underlying assets to obtain funding equivalent to our unsecured long-term debt. The proportion of our non-Japanese Yen denominated long-term debt increased to 56.8% of total long-term debt outstanding as of September 30, 2022 from 51.4% as of March 31, 2022.

3.1 Short-Term Unsecured Debt

Our short-term unsecured debt consists of short-term bank borrowings (including long-term bank borrowings maturing within one year), other loans, commercial paper, deposit at banking entities, certificates of deposit and debt securities maturing within one year. Deposits at banking entities and certificates of deposit comprise customer deposits and certificates of deposit of our banking subsidiaries. Short-term unsecured debt includes the current portion of long-term unsecured debt.

The following table presents an analysis of our short-term unsecured debt by type of financial liability as of March 31, 2022 and September 30, 2022.

	Billions of yen
	March 31, 2022		September 30, 2022
Short-term bank borrowings	¥	148.0	¥	308.8
Other loans		228.1		289.7
Commercial paper		131.9		347.1
Deposits at banking entities		1,520.7		1,639.6
Certificates of deposit		127.8		203.4
Debt securities maturing within one year		775.6		754.7
Total short-term unsecured debt	¥	2,932.1	¥	3,543.3

3.2 Long-Term Unsecured Debt

We meet our long-term capital requirements and also achieve both cost-effective funding and an appropriate maturity profile by routinely funding through long-term debt and diversifying across various maturities and currencies.

Our long-term unsecured debt includes senior and subordinated debt issued through U.S. registered shelf offerings and our U.S. registered medium-term note programs, our Euro medium-term note programs, registered shelf offerings in Japan and various other debt programs.

As a globally competitive financial services group in Japan, we have access to multiple global markets and major funding centers. The Company, NSC, Nomura Europe Finance N.V., NBI, Nomura International Funding Pte. Ltd. and Nomura Global Finance Co., LTD. are the main group entities that borrow externally, issue debt instruments and engage in other funding activities. By raising funds to match the currencies and liquidities of our assets or by using foreign exchange swaps as necessary, we pursue optimization of our funding structures.

We use a wide range of products and currencies to ensure that our funding is efficient and well diversified across markets and investor types. Our unsecured senior debt is mostly issued without financial covenants, such as covenants related to adverse changes in our credit ratings, cash flows, results of operations or financial ratios, which could trigger an increase in our cost of financing or accelerate repayment of the debt.

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The following table presents an analysis of our long-term unsecured debt by type of financial liability as of March 31, 2022 and September 30, 2022.

	Billions of yen
	March 31, 2022		September 30, 2022
Long-term deposits at banking entities	¥	112.3	¥	196.0
Long-term bank borrowings		2,820.5		3,068.7
Other loans		219.5		182.7
Debt securities(1)		4,745.8		5,050.0
Total long-term unsecured debt	¥	7,898.1	¥	8,497.4

(1) Excludes long-term debt securities issued by consolidated special purpose entities and similar entities that meet the definition of variable interest entities under ASC 810 “Consolidation” and secured financing transactions recognized within Long-term borrowings as a result of transfers of financial assets that are accounted for as financings rather than sales in accordance with ASC 860 “Transfer and Servicing.”

3.3 Maturity Profile

We also seek to maintain an average maturity for our plain vanilla debt securities and borrowings greater than or equal to three years. The average maturity for our plain vanilla debt securities and borrowings with maturities longer than one year was 4.1 years as of September 30, 2022. A significant amount of our structured loans and structured notes are linked to interest rates, currencies, equities, commodities, or related indices. These maturities are evaluated based on internal models and monitored by Global Treasury. Where there is a possibility that these may be called prior to their scheduled maturity date, maturities are based on our internal stress option adjusted model. The model values the embedded optionality under stress market conditions in order to determine when the debt securities or borrowing is likely to be called. The graph below shows the distribution of maturities of our outstanding long-term debt securities and borrowings by the model.

On this basis, the average maturity of our structured loans and structured notes with maturities longer than one year was 10.0 years as of September 30, 2022. The average maturity of our entire long-term debt with maturities longer than one year including plain vanilla debt securities and borrowings, was 6.9 years as of September 30, 2022.

3.4 Secured Funding

We typically fund our trading activities through secured borrowings, repurchase agreements and Japanese “Gensaki Repo” transactions. We believe such funding activities in the secured markets are more cost-efficient and less credit-rating sensitive than financing in the unsecured market. Our secured funding capabilities depend on the quality of the underlying collateral and market conditions. While we have shorter term secured financing for highly liquid assets, we seek longer terms for less liquid assets. We also seek to lower the refinancing risks of secured funding by transacting with a diverse group of global counterparties and delivering various types of securities collateral. In addition, we reserve an appropriate level of liquidity portfolio for the refinancing risks of secured funding maturing in the short term for less liquid assets. For more detail of secured borrowings and repurchase agreements, see Note 5 “Collateralized transactions” in our consolidated financial statements.

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4. Management of Credit Lines to Nomura Group Entities

We maintain and expand credit lines to Nomura Group entities from other financial institutions to secure stable funding. We ensure that the maturity dates of borrowing agreements are distributed evenly throughout the year in order to prevent excessive maturities in any given period.

5. Implementation of Liquidity Stress Tests

We maintain our liquidity portfolio and monitor the sufficiency of our liquidity based on an internal model which simulates changes in cash outflow under specified stress scenarios to comply with our above mentioned liquidity management policy.

We assess the liquidity requirements of the Nomura Group under various stress scenarios with differing levels of severity over multiple time horizons. We evaluate these requirements under Nomura-specific and broad market-wide events, including potential credit rating downgrades at the Company and subsidiary levels. We call this risk analysis our Maximum Cumulative Outflow (“MCO”) framework.

The MCO framework is designed to incorporate the primary liquidity risks for Nomura and models the relevant future cash flows in the following two primary scenarios:

• Stressed scenario—To maintain adequate liquidity during a severe market-wide liquidity event without raising funds through unsecured financing or through the liquidation of assets for a year; and

• Acute stress scenario—To maintain adequate liquidity during a severe market-wide liquidity event coupled with credit concerns regarding Nomura’s liquidity position, without raising funds through unsecured funding or through the liquidation of assets for 30 days.

We assume that Nomura will not be able to liquidate assets or adjust its business model during the time horizons used in each of these scenarios. The MCO framework therefore defines the amount of liquidity required to be held in order to meet our expected liquidity needs in a stress event to a level we believe appropriate based on our liquidity risk appetite.

As of September 30, 2022, our liquidity portfolio exceeded net cash outflows under the stress scenarios described above.

We constantly evaluate and modify our liquidity risk assumptions based on regulatory and market changes. The model we use in order to simulate the impact of stress scenarios includes the following assumptions:

• No liquidation of assets;

• No ability to issue additional unsecured funding;

• Upcoming maturities of unsecured debt (maturities less than one year);

• Potential buybacks of our outstanding debt;

• Loss of secured funding lines particularly for less liquid assets;

• Fluctuation of funding needs under normal business circumstances;

• Cash deposits and free collateral roll-off in a stress event;

• Widening of haircuts on outstanding repo funding;

• Additional collateralization requirements of clearing banks and depositories;

• Drawdown on loan commitments;

• Loss of liquidity from market losses;

• Assuming a two-notch downgrade of our credit ratings, the aggregate fair value of assets that we would be required to post as additional collateral in connection with our derivative contracts; and

• Legal and regulatory requirements that can restrict the flow of funds between entities in the Nomura Group.

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6. Contingency Funding Plan

We have developed a detailed contingency funding plan to integrate liquidity risk control into our comprehensive risk management strategy and to enhance the quantitative aspects of our liquidity risk control procedures. As a part of our Contingency Funding Plan (“CFP”), we have developed an approach for analyzing and quantifying the impact of any liquidity crisis. This allows us to estimate the likely impact of both Nomura-specific and market-wide events; and specifies the immediate action to be taken to mitigate any risk. The CFP lists details of key internal and external parties to be contacted and the processes by which information is to be disseminated. This has been developed at a legal entity level in order to capture specific cash requirements at the local level—it assumes that our parent company does not have access to cash that may be trapped at a subsidiary level due to regulatory, legal or tax constraints. We periodically test the effectiveness of our funding plans for different Nomura-specific and market-wide events. We also have access to central banks including, but not exclusively, the BOJ, which provide financing against various types of securities. These operations are accessed in the normal course of business and are an important tool in mitigating contingent risk from market disruptions.

Liquidity Regulatory Framework

In 2008, the Basel Committee published “Principles for Sound Liquidity Risk Management and Supervision”. To complement these principles, the Committee has further strengthened its liquidity framework by developing two minimum standards for funding liquidity. These standards have been developed to achieve two separate but complementary objectives.

The first objective is to promote short-term resilience of a financial institution’s liquidity risk profile by ensuring that it has sufficient high-quality liquid assets to survive a significant stress scenario lasting for 30 days. The Committee developed the Liquidity Coverage Ratio (“LCR”) to achieve this objective.

The second objective is to promote resilience over a longer time horizon by creating additional incentives for financial institutions to fund their activities with more stable sources of funding on an ongoing basis. The Net Stable Funding Ratio (“NSFR”) has a time horizon of one year and has been developed to provide a sustainable maturity structure of assets and liabilities.

These two standards are comprised mainly of specific parameters which are internationally “harmonized” with prescribed values. Certain parameters, however, contain elements of national discretion to reflect jurisdiction-specific conditions.

In Japan, the regulatory notice on the LCR, based on the international agreement issued by the Basel Committee with necessary national revisions, was published by Financial Services Agency. The notices have been implemented since the end of March 2015 with phased-in minimum standards. Average of Nomura’s LCRs for the three months ended September 30, 2022 was 194.8%, and Nomura was compliant with requirements of the above notices. As for the NSFR, the revision of the liquidity regulatory notice was published by Financial Services Agency (on March 31, 2021) and it has been implemented from the end of September 2021. Nomura’s NSFR as of September 30, 2022 was compliant with the regulatory requirements.

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Cash Flows

Nomura’s cash flows are primarily generated from operating activities undertaken in connection with our client flows and trading and from financing activities which are closely related to such activities. As a financial institution, growth in operations tends to result in cash outflows from operating activities as well as investing activities. For the six months ended September 2021, we recorded net cash outflows from operating activities as well as investing activities. For the six months ended September 2022, we recorded net cash outflows from operating activities as well as investing activities as discussed in the comparative analysis below.

The following table presents the summary information on our consolidated cash flows for the six months ended September 30, 2021 and 2022.

	Billions of yen
	Six months ended September 30
	2021			2022
Net cash used in operating activities	¥	(222.6	)	¥	(659.9	)
Net income		55.5			17.1
Trading assets and private equity and debt investments		(591.6	)		(1,293.5	)
Trading liabilities		139.8			1,598.3
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase		(409.5	)		(1,254.9	)
Securities borrowed, net of securities loaned		745.8			270.7
Loans and receivables, net of allowance for credit losses		(124.0	)		(275.4	)
Payables		47.2			408.0
Other, net		(85.7	)		(130.3	)
Net cash used in investing activities		(5.9	)		(7.8	)
Net cash provided by financing activities		548.1			755.4
Long-term borrowings, net		671.3			466.0
Short-term borrowings, net		(230.2	)		121.2
Other, net		106.9			168.2
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents		6.7			271.5
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents		326.2			359.3
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year		3,510.0			3,316.4
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	¥	3,836.2		¥	3,675.7

See the consolidated statements of cash flows in our consolidated financial statements included within this annual report for more detailed information.

For the six months ended September 30, 2022, our cash, cash equivalents, restricted cash and restricted cash equivalents increased by ¥359.3 billion to ¥3,675.7 billion. There were net cash inflows of ¥755.4 billion from financing activities, primary due to net cash inflows of ¥466.0 billion by an increase in Long-term borrowings, net. There were net cash outflows of ¥659.9 billion from operating activities, primary due to an increase of ¥1,293.5 billion in Trading assets and private equity and debt investments, offset against a decrease of ¥1,598.3 billion in Trading liabilities.

For the six months ended September 30, 2021, our cash, cash equivalents, restricted cash and restricted cash equivalents increased by ¥326.2 billion to ¥3,836.2 billion. There were net cash inflows of ¥548.1 billion from financing activities, primary due to net cash inflows of ¥671.3 billion by an increase in Long-term borrowings, net. There were net cash outflows of ¥222.6 billion from operating activities, primary due to an increase of ¥591.6 billion in Trading assets and private equity and debt investments, offset against a decrease of ¥745.8 billion in Securities borrowed, net of securities loaned.

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Balance Sheet and Financial Leverage

Total assets as of September 30, 2022, were ¥51,532.0 billion, an increase of ¥8,119.8 billion compared with ¥43,412.2 billion as of March 31, 2022, primarily due to an increase in Securities purchased under agreements to resell. Total liabilities as of September 30, 2022, were ¥48,304.7 billion, an increase of ¥7,865.3 billion compared with ¥40,439.4 billion as of March 31, 2022, primarily due to an increase in Securities sold under agreements to repurchase. NHI shareholders’ equity as of September 30, 2022, was ¥3,163.0 billion, an increase of ¥248.4 billion compared with ¥2,914.6 billion as of March 31, 2022, primarily due to an increase in Accumulated other comprehensive income.

We seek to maintain sufficient capital at all times to withstand losses due to extreme market movements. The EMB is responsible for implementing and enforcing capital policies. This includes the determination of our balance sheet size and required capital levels. We continuously review our equity capital base to ensure that it can support the economic risk inherent in our business. There are also regulatory requirements for minimum capital of entities that operate in regulated securities or banking businesses.

As leverage ratios are commonly used by other financial institutions similar to us, we voluntarily provide a Leverage ratio and Adjusted leverage ratio primarily for benchmarking purposes so that users of our annual report can compare our leverage against other financial institutions. Adjusted leverage ratio is a non-GAAP financial measure that Nomura considers to be a useful supplemental measure of leverage.

The following table presents NHI shareholders’ equity, total assets, adjusted assets and leverage ratios as of March 31, 2022 and September 30, 2022.

	Billions of yen, except ratios
	March 31, 2022			September 30, 2022
NHI shareholders’ equity	¥	2,914.6		¥	3,163.0
Total assets		43,412.2			51,532.0
Adjusted assets(1)		26,535.8			30,691.3
Leverage ratio(2)		14.9	x		16.3	x
Adjusted leverage ratio(3)		9.1	x		9.7	x

(1) Represents total assets less Securities purchased under agreements to resell and Securities borrowed. Adjusted assets is a non-GAAP financial measure and is calculated as follows:

(2) Equals total assets divided by NHI shareholders’ equity.

(3) Equals adjusted assets divided by NHI shareholders’ equity.

	Billions of yen
	March 31, 2022		September 30, 2022
Total assets	¥	43,412.2	¥	51,532.0
Less:
Securities purchased under agreements to resell		11,879.3		15,828.9
Securities borrowed		4,997.1		5,011.8
Adjusted assets	¥	26,535.8	¥	30,691.3

Total assets increased by 18.7% reflecting primarily an increase in Securities purchased under agreements to resell. NHI shareholders’ equity increased by 8.5% primarily due to an increase in Accumulated other comprehensive income. As a result, our leverage ratio rose from 14.9 times as of March 31, 2022 to 16.3 times as of September 30, 2022.

Adjusted assets increased primarily due to an increase in Trading assets. As a result, our adjusted leverage ratio rose from 9.1 times as of March 31, 2022 to 9.7 times as of September 30, 2022.

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Capital Management

Capital Management Policy

We seek to enhance shareholder value and to capture growing business opportunities by maintaining sufficient levels of capital. We will continue to review our levels of capital as appropriate, taking into consideration the economic risks inherent to operating our businesses, the regulatory requirements, and maintaining our ratings necessary to operate businesses globally.

Dividends

We believe that raising corporate value over the long term and paying dividends is essential to rewarding shareholders. We will strive to pay dividends using a consolidated pay-out ratio of 30 percent of each semi-annual consolidated earnings as a key indicator.

Dividend payments are determined taking into account a comprehensive range of factors such as the tightening of Basel regulations and other changes to the regulatory environment as well as the Company’s consolidated financial performance.

Dividends will in principle be paid on a semi-annual basis with record dates of September 30 and March 31.

Additionally we will aim for a total payout ratio, which includes dividends and share buybacks, of at least 50 percent.

With respect to retained earnings, in order to implement measures to adapt to regulatory changes and to increase shareholder value, we seek to efficiently invest in business areas where high profitability and growth may reasonably be expected, including the development and expansion of infrastructure.

Dividends for the Fiscal Year

Based on our Capital Management Policy described above, we paid a dividend of ¥5 per share to shareholders of record as of September 30, 2022.

The following table sets forth the amounts of dividends per share paid by us in respect of the periods indicated:

Fiscal year ended or ending March 31,	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
2018	¥	—	¥	9.00	¥	—	¥	11.00	¥	20.00
2019		—		3.00		—		3.00		6.00
2020		—		15.00		—		5.00		20.00
2021		—		20.00		—		15.00		35.00
2022		—		8.00		—		14.00		22.00
2023		—		5.00		—

Consolidated Regulatory Capital Requirements

The FSA established the “Guideline for Financial Conglomerates Supervision” (“Financial Conglomerates Guideline”) in June 2005 and set out the rules on consolidated regulatory capital. We started monitoring our consolidated capital adequacy ratio in accordance with the Financial Conglomerates Guideline from April 2005.

The Company has been assigned by the FSA as a Final Designated Parent Company who must calculate a consolidated capital adequacy ratio according to the Capital Adequacy Notice on Final Designated Parent Company in April 2011. Since then, we have been calculating our consolidated capital adequacy ratio according to the Capital Adequacy Notice on Final Designated Parent Company. The Capital Adequacy Notice on Final Designated Parent Company has been revised to be in line with Basel 2.5 and Basel III since then. We have calculated a Basel III-based consolidated capital adequacy ratio from the end of March 2013. Basel 2.5 includes significant change in calculation method of market risk and Basel III includes redefinition of capital items for the purpose of requiring higher quality of capital and expansion of the scope of credit risk-weighted assets calculation.

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In accordance with Article 2 of the Capital Adequacy Notice on Final Designated Parent Company, our consolidated capital adequacy ratio is currently calculated based on the amounts of common equity Tier 1 capital, Tier 1 capital (sum of common equity Tier 1 capital and additional Tier 1 capital), total capital (sum of Tier 1 capital and Tier 2 capital), credit risk-weighted assets, market risk and operational risk. As of September 30, 2022, our common equity Tier 1 capital ratio is 16.92%, Tier 1 capital ratio is 19.12% and consolidated capital adequacy ratio is 19.12% and we were in compliance with the requirement for each ratio set out in the Capital Adequacy Notice on Final Designated Parent Company etc. (required level including applicable minimum consolidated capital buffers as of September 30, 2022 is 7.51% for the common equity Tier 1 capital ratio, 9.01% for the Tier 1 capital ratio and 11.01% for the consolidated capital adequacy ratio).

In accordance with Article 2 of the “Notice of the Establishment of Standards that Indicate Soundness pertaining to Loss-absorbing and Recapitalization Capacity, Established as Criteria by which the Highest Designated Parent Company is to Judge the Soundness in the Management of the Highest Designated Parent Company and its Subsidiary Corporations, etc., under Paragraph 1, Article 57-17 of the Financial Instruments and Exchange Act” (the “TLAC Notification”), we have started calculating our external TLAC ratio on a risk-weighted assets basis from March 2021. As of September 30, 2022, our external TLAC as a percentage of risk-weighted assets is 32.44% and we are in compliance with the requirement set out in the TLAC Notification.

The following table presents the Company’s consolidated capital adequacy ratios, consolidated levarage ratio and External TLAC ratios as of March 31, 2022 and September 30, 2022.

	Billions of yen, except ratios
	March 31, 2022			September 30, 2022
Common equity Tier 1 capital	¥	2,726.4		¥	2,906.1
Tier 1 capital		3,103.0			3,282.9
Total capital		3,103.4			3,283.3
Risk-Weighted Assets
Credit risk-weighted assets		8,301.2			8,711.4
Market risk equivalent assets		4,899.0			5,892.4
Operational risk equivalent assets		2,629.7			2,566.1
Total risk-weighted assets	¥	15,829.9		¥	17,169.8
Consolidated Capital Adequacy Ratios
Common equity Tier 1 capital ratio		17.22	%		16.92	%
Tier 1 capital ratio		19.60	%		19.12	%
Consolidated capital adequacy ratio		19.60	%		19.12	%
Consolidated Leverage Ratio		5.98	%		5.41	%
External TLAC Ratios
Risk-weighted assets basis		30.72	%		32.44	%
Leverage ratio exposure measure basis		10.30	%		10.04	%

Since the end of March 2011, we have been calculating credit risk-weighted assets and operational risk equivalent assets by using the foundation Internal Ratings-Based Approach and the Standardized Approach, respectively, with the approval of the FSA. Furthermore, market risk equivalent assets are calculated using the Internal Models Approach.

We provide consolidated capital adequacy ratios not only to demonstrate that we are in compliance with the requirements set out in the Capital Adequacy Notice on Final Designated Parent Company but also for benchmarking purposes so that users of this annual report can compare our capital position against those of other financial groups to which Basel III is applied. Our management receives and reviews these capital ratios on a regular basis.

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Consolidated Leverage Ratio Requirements

In March 2019, the FSA set out requirements for the calculation and disclosure and minimum requirement of 3% of a consolidated leverage ratio, and the publication of “Notice of the Establishment of Standards for Determining Whether the Adequacy of Leverage, the Supplementary Measure to the Adequacy of Equity Capital of a Final Designated Parent Company and its Subsidiary Corporations, etc. is Appropriate Compared to the Assets Held by the Final Designated Parent Company and its Subsidiary Corporations, etc., under Paragraph 1, Article 57-17 of the Financial Instruments and Exchange Act” (2019 FSA Regulatory Notice No. 13; “Notice on Consolidated Leverage Ratio”), through amendments to revising “Specification of items which a final designated parent company should disclose on documents to show the status of its sound management” (2010 FSA Regulatory Notice No. 132; “Notice on Pillar 3 Disclosure”). We started calculating and disclosing a consolidated leverage ratio from March 31, 2015 in accordance with these Notices. We have also started calculating a consolidated leverage ratio from March 31, 2019 in accordance with the Notice on Pillar 3 Disclosure, Notice on Consolidated Leverage Ratio and other related Notices. In coordination with the monetary policy of the Bank of Japan in response to the impact of the COVID-19 pandemic, the FSA published amendments to the Notice on Consolidated Leverage Ratio on June 2020 and March 2021. Under these amendments, deposits with the Bank of Japan have been excluded from the total exposures measure used to calculate the leverage ratio during the period from June 30, 2020 to March 31, 2022. In March 2022, the FSA announced this measure will be extended to March 31, 2024. As of September 30, 2022, our consolidated leverage ratio is 5.41%.

In accordance with Article 2 of the TLAC Notification we have started calculating our external TLAC ratio on a total exposure basis from March 2021. As of September 30, 2022, our external TLAC as a percentage of leverage ratio exposure measure is 10.04% and we are in compliance with the requirement set out in the TLAC Notification.

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Regulatory changes which affect us

The Basel Committee has issued a series of announcements regarding a Basel III program designed to strengthen the regulatory capital framework in light of weaknesses revealed by the financial crises. The following is a summary of the proposals which are most relevant to us.

On December 16, 2010, in an effort to promote a more resilient banking sector, the Basel Committee issued Basel III, that is, “International framework for liquidity risk measurement, standards and monitoring” and “A global regulatory framework for more resilient banks and banking systems”. They include raising the quality, consistency and transparency of the capital base; strengthening the risk coverage of the capital framework such as the implementation of a credit value adjustment (“CVA”) charge for OTC derivative trades; introducing a leverage ratio requirement as a supplemental measure to the risk-based framework; introducing a series of measures to address concerns over the “procyclicality” of the current framework; and introducing a liquidity standard including a 30-day liquidity coverage ratio as well as the net stable funding ratio to measure stability of financing structure. These standards were implemented from 2013, which includes transitional treatment, (i.e. they are phased in gradually from 2013). In addition, the Basel Committee has issued interim rules for the capitalization of bank exposures to central counterparties (“CCPs”) on July 25, 2012, which came into effect in 2013 as part of Basel III. Moreover, in addition to Basel III leverage ratio framework under which we started the calculation and disclosure of consolidated leverage ratio as above, a series of final standards on the regulatory frameworks such as capital requirements for banks’ equity investments in funds, the standardized approach for measuring counterparty credit risk exposures, capital requirements for bank exposures to CCPs, supervisory framework for measuring and controlling large exposures, and revisions to the securitization framework, and revised framework for market risk capital requirements have been published by the Basel Committee.

At the G-20 summit in November 2011, the Financial Stability Board (“FSB”) and the Basel Committee announced the list of global systemically important banks (“G-SIBs”) and the additional requirements to the G-SIBs including the recovery and resolution plan. The group of G-SIBs have been updated annually and published by the FSB each November. Since November 2011, we have not been designated as a G-SIBs. On the other hand, the FSB and the Basel Committee were asked to work on extending the framework for G-SIBs to domestic systemically important financial institutions (“D-SIBs”) and the Basel Committee developed and published a set of principles on the assessment methodology and the higher loss absorbency requirement for D-SIBs. In December 2015, the FSA identified us as a D-SIB and required additional capital charge of 0.5% after March 2016, with 3-year transitional arrangement.

In November 2015, the FSB issued the final TLAC standard for G-SIBs. The TLAC standard has been designed so that failing G-SIBs will have sufficient loss-absorbing and recapitalization capacity available in resolution for authorities to implement an orderly resolution. In response to the FSB’s publication of the TLAC standard, in April 2016, the FSA published its policy to develop the TLAC framework in Japan applicable to Japanese G-SIBs and, in April 2018, revised such policy to apply the TLAC requirements in Japan not only to Japanese G-SIBs but also to Japanese D-SIBs that are deemed (i) of particular need for a cross-border resolution arrangement and (ii) of particular systemic significance to Japanese financial system if they fail. In the revised policy, the Japanese G-SIBs and Nomura (“TLAC Covered SIBs”) would be subject to the TLAC requirements in Japan. On March 2019, the FSA published the notices and revised the guidelines of TLAC regulations. Although Nomura is not identified as a G-SIB as of the date of this annual report, the TLAC Covered SIBs, including Nomura, will be required to meet the TLAC requirement alongside the minimum regulatory requirements set out in the Basel III framework. Specifically, Nomura will be required to meet a minimum TLAC requirement of holding TLAC in an amount at least 16% of our consolidated risk-weighted assets as from March 31, 2021 and at least 18% as from March 31, 2024 as well as at least 6% of the applicable Basel III leverage ratio denominator from March 31, 2021 and at least 6.75% from March 31, 2024.

Furthermore, according to the FSA’s revised policy published in April 2018, which is subject to change based on future international discussions, the preferred resolution strategy for the TLAC Covered SIBs is Single Point of Entry (“SPE”) resolution, in which resolution powers are applied to the top of a group by a single national resolution authority (i.e. the FSA), although the actual measures to be taken will be determined on a case-by-case basis considering the actual condition of the relevant the TLAC Covered SIBs in crisis.

To implement this SPE resolution strategy effectively, the FSA requires holding companies of the TLAC Covered SIBs (“Domestic Resolution Entities”) to (i) meet the minimum external TLAC requirements and (ii) cause their material subsidiaries that are designated as systemically important by the FSA, including but not limited to certain material sub-groups as provided in the FSB’s TLAC standard, to maintain a certain level of capital and debt recognized by the FSA as having loss-absorbing and recapitalization capacity, or Internal TLAC.

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In addition, the TLAC Covered SIBs’ Domestic Resolution Entities will be allowed to count the amount equivalent to 2.5% of their consolidated risk-weighted assets from the implementation date of the TLAC requirements in Japan (March 31, 2021 for Nomura) and 3.5% of their consolidated risk-weighted assets from 3 years after the implementation date (March 31, 2024 for Nomura) as our external TLAC, considering the Japanese Deposit Insurance Fund Reserves.

It is likely that the FSA’s regulation and notice will be revised further to be in line with a series of rules and standards proposed by the Basel Committee, FSB or International Organization of Securities Commissions.

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Credit Ratings

The cost and availability of unsecured funding are generally dependent on credit ratings. Our short-term and long-term debt is rated by several recognized credit rating agencies. We believe that our credit ratings include the credit ratings agencies’ assessment of the general operating environment, our positions in the markets in which we operate, reputation, earnings structure, trend and volatility of our earnings, risk management framework, liquidity and capital management. An adverse change in any of these factors could result in a downgrade of our credit ratings, and that could, in turn, increase our borrowing costs and limit our access to the capital markets or require us to post additional collateral and permit counterparties to terminate transactions pursuant to certain contractual obligations. In addition, our credit ratings can have a significant impact on certain of our trading revenues, particularly in those businesses where longer term counterparty performance is critical, such as OTC derivative transactions.

As of November 21st, 2022, the credit ratings of the Company and NSC were as follows:

Nomura Holdings, Inc.	Short-term Debt	Long-term Debt
S&P Global Ratings	A-2	BBB+ (Stable)
Moody’s Investors Service	—	Baa1 (Negative)
Fitch Ratings	F1	A- (Stable)
Rating and Investment Information, Inc.	a-1	A (Stable)
Japan Credit Rating Agency, Ltd.	—	AA- (Stable)
Nomura Securities Co., Ltd.	Short-term Debt	Long-term Debt
S&P Global Ratings	A-2	A- (Stable)
Moody’s Investors Service	P-2	A3 (Negative)
Fitch Ratings	F1	A- (Stable)
Rating and Investment Information, Inc.	a-1	A+ (Stable)
Japan Credit Rating Agency, Ltd.	—	AA- (Stable)

Both Rating and Investment Information, Inc. and Japan Credit Rating Agency, Ltd. are credit rating agencies nationally recognized in Japan. We rely on, or utilize, credit ratings on our long-term and short-term debt provided by these Japanese credit rating agencies, as well as S&P Global Ratings, Moody’s Investors Service, and Fitch Ratings for unsecured funding and other financing purposes and also for our trading and other business activities.

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Off-Balance Sheet Arrangements

Off-balance sheet entities

In the normal course of business, we engage in a variety of off-balance sheet arrangements with off-balance sheet entities which may have an impact on Nomura’s future financial position and performance.

Off-balance sheet arrangements with off-balance sheet entities include where Nomura has:

• an obligation under a guarantee contract;

• a retained or contingent interest in assets transferred to an off-balance sheet entity or similar arrangement that serves to provide credit, liquidity or market risk support to such entity;

• any obligation, including a contingent obligation, under a contract that would be accounted for as a derivative instrument; or

• any obligation, including a contingent obligation, arising out of a variable interest in an off-balance sheet entity that is held by, and material to, us, where such entity provides financing, liquidity, market risk or credit risk support to, or engages in leasing, hedging or research and development services with, us.

Off-balance sheet entities may take the form of a corporation, partnership, fund, trust or other legal vehicle which is designed to fulfill a limited, specific purpose by its sponsor. We both create or sponsor these entities and also enter into arrangements with entities created or sponsored by others.

Our involvement with these entities includes structuring, underwriting, distributing and selling debt instruments and beneficial interests issued by these entities, subject to prevailing market conditions. In connection with our securitization and equity derivative activities, we also act as a transferor of financial assets to these entities, as well as, underwriter, distributor and seller of asset-repackaged financial instruments issued by these entities. We retain, purchase and sell variable interests in SPEs in connection with our market-making, investing and structuring activities. Our other types of off-balance sheet arrangements include guarantee agreements and derivative contracts. Significant involvement is assessed based on all of our arrangements with these entities, even if the probability of loss, as assessed at the balance sheet date, is remote.

For further information about transactions with VIEs, see Note 6 “Securitizations and Variable Interest Entities” in our interim consolidated financial statements.

Contractual Obligations

Since March 31, 2022, there have been no other material changes outside our ordinary course of business in connection with our standby letters of credit and other guarantees, long-term borrowings and contractual interest payments, operating lease commitments, finance lease commitments, purchase obligations, commitments to extend credit and commitments to invest in partnerships.

For further details on our commitments, contingencies and guarantees, see Note 14 “Commitments, contingencies and guarantees” in our interim consolidated financial statements.

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Quantitative and Qualitative Disclosures about Market, Credit and Other Risk

Risk Management

Nomura defines risks as (i) the potential erosion of Nomura’s capital base due to unexpected losses arising from risks to which its business operations are exposed, such as market risk, credit risk, operational risk and model risk, (ii) liquidity risk, the potential lack of access to funds or higher cost of funding than normal levels due to a deterioration in Nomura’s creditworthiness or deterioration in market conditions, and (iii) strategic risk, the potential failure of revenues to cover costs due to a deterioration in the earnings environment or a deterioration in the efficiency or effectiveness of its business operations.

A fundamental principle established by Nomura is that all employees shall regard themselves as principals of risk management and appropriately manage these risks. Nomura seeks to promote a culture of proactive risk management throughout all levels of the organization and to limit risks to the confines of its risk appetite. The risk management framework that Nomura uses to manage these risks consists of its risk appetite, risk management governance and oversight, the management of financial resources, the management of all risk classes, and processes to measure and control risks. Furthermore, in response to the U.S. Prime Brokerage Event, we are in the process of reviewing our risk management framework for considering improvements thereto. Each of these key components is explained in further detail below.

As a part of the efforts to enhance the risk management governance, the Board Risk Committee (the “BRC”) was formally established on October 29, 2021 to discuss important risks independently of the execution side within the high-level governance structure. The BRC assists the Board of Directors (the “BoD”) in supervising such matters as (i) providing consent to Risk Appetite Statement, (ii) providing consent to the main design of the risk management framework, (iii) results of analysis and verification or future forecasts of risk environment, and (iv) supervision over execution state of the overall risk management and medium- to long-term risk strategies for contributing to the sophistication of the Group’s risk management. Besides, the Group Integrated Risk Management Committee (the “GIRMC”) was formally changed its name to the Group Risk Management Committee (the “GRMC”), further ensuring global representatives and efficiency in the operations, with an intention to increase the senior management’s involvement in risk management, stimulate dialog and analysis further, and effectively coordinate with the BRC of supervisory side.

Nomura engages in the risk management through the Three Lines of Defense framework.

• First Line of Defense: All executives and employees of the front office for Financial Risk and all executives and employees for Non-Financial Risk are primarily responsible for risk management and assume the consequences associated with business execution and to provide evidence and justify that the risk arising from their business activities is in line with risk appetite.

• Second Line of Defense: The department responsible for risk management supports and monitors management activities on the First Line of Defense and reports to boards and the senior management. In addition, the Second Line independently evaluates risk management governance established by the First Line.

• Third Line of Defense: The Internal Audit function examines and evaluates the risk management from an independent standpoint, provides advice for improvement, and reports the examination and evaluation are reported to the Audit Committee.

Risk Appetite

Nomura has determined the types and levels of risk that it will assume in pursuit of its strategic objectives and business plan and has articulated this in its Risk Appetite Statement. This document is jointly submitted by the Chief Risk Officer (the “CRO”) and the Chief Financial Officer (the “CFO”) to the Executive Management Board (the “EMB”) for approval. It will then be further reviewed at the BRC through the authority to consent to the relevant proposal raised by the executive side. The Risk Appetite Statement provides an aggregated view of risk and includes capital adequacy, liquidity, financial risk and non-financial risk. It is subject to regular monitoring and breach escalation as appropriate by the owner of the relevant risk appetite statement.

Nomura’s Risk Appetite Statement is required to be reviewed at least annually by the EMB but it is reviewed on an ad hoc basis if necessary, and must specifically be reviewed following any significant changes in Nomura’s strategy. Risk appetite underpins all additional aspects of Nomura’s risk management framework.

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Risk Management Governance and Oversight

Committee Governance

Nomura has established a committee structure to facilitate effective business operations and management of Nomura’s risks. The formal governance structure for risk management within Nomura is as follows:

Board of Directors

The BoD determines the policy for the execution of the business of Nomura and other matters prescribed in laws and regulations, supervises the execution of Directors’ and Executive Officers’ duties and has the authority to adopt, alter or abolish the regulations of the EMB.

Board Risk Committee

The BRC provides specialized oversight to deepen the oversight functions of the BoD. To ensure a high degree of independence, the BRC is chaired by an outside director. The BRC contributes to more sophisticated group risk management mainly in the areas outlined below:

• Amendment and abolition of the Risk Appetite Statement

• Change in risk management framework

• Results of analysis and verification or future forecasts of risk environment

• Execution state of the overall risk management and medium- to long-term risk strategies

Executive Management Board

The EMB deliberates on and determines management strategy, the allocation of management resources and important management matters of Nomura, and seeks to increase shareholder value by promoting effective use of management resources and unified decision-making with regard to the execution of business. The EMB delegates responsibility for deliberation of matters concerning risk management to the GRMC. Key responsibilities of the EMB include the following:

• Resource Allocation—At the beginning of each financial year, the EMB determines the allocation of management resources and financial resources such as risk-weighted asset and unsecured funding to business units and establishes usage limits for these resources;

• Business Plan—At the beginning of each financial year, the EMB approves the business plan and budget of Nomura. Introduction of significant new businesses, changes to business plans, the budget and the allocation of management resources during the year are also approved by the EMB; and

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• Reporting—The EMB reports the status of its deliberations to the BoD.

Group Risk Management Committee

Upon delegation from the EMB, the GRMC deliberates on or determines important matters concerning integrated risk management of Nomura to assure the sound and effective management of its businesses. The GRMC establishes a framework of integrated risk management consistent with Nomura’s risk appetite. The GRMC supervises Nomura’s risk management by establishing and operating its risk management framework. The GRMC reports the status of key risk management issues and any other matters deemed necessary by the committee chairman to the BoD and the EMB. In addition, the GRMC, upon delegation from the EMB, has established the Risk Management Policy, describing Nomura’s overall risk management framework including the fundamental risk management principles followed by Nomura.

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Nomura Group Conduct Committee

Upon delegation from the EMB, the Nomura Group Conduct Committee deliberates on the matters necessary for compliance and conduct risk management to assure the sound and effective management of its businesses..

Global Portfolio Committee (the “GPC”)

Upon delegation from the GRMC, the GPC deliberates on or determines matters in relation to the management Financial Risks of the Wholesale Division, in addition to global portfolio concentration risk.

Asset Liability Committee (the “ALCO”)

Upon delegation from the EMB and the GRMC, the ALCO deliberates on, based on Nomura’s risk appetite determined by the EMB, balance sheet management, financial resource allocation, liquidity management and related matters. The ALCO reports to the GRMC the status of discussions at its meetings and any other matters as deemed necessary by the committee chairman.

Global Transaction Committee (the “GTC”)

Upon delegation from the GPC, the GTC deliberates on or determines individual transactions in line with Nomura’s risk appetite determined by the EMB and thereby seeks to assure the sound and effective management of Nomura’s businesses.

Transaction Profile Review Committee (the “TPC”)

The TPC deliberates on and makes decisions on matters relating to transactions and/or clients/counterparties that require consideration of the Nomura Group’s reputational risk in view of the Nomura Group’s Code of Conduct and Risk Appetite Statement, thereby ensuring the sound and effective management of the businesses.

Electronic and Algorithmic Trading Risk Oversight Committee (the “EATROC”)

The EATROC, upon delegation from the GRMC, shall be responsible for all matters relating to the development and implementation of a governance, risk and control management framework for Electronic and Algorithmic Trading Activity within the Wholesale Division of NHI.

Other Committees

The Global Risk Analytics Committee and the Model Risk Analytics Committee deliberate on or determine matters concerning the development, management and strategy of risk models and valuation models upon delegation from the CRO, respectively. The primary responsibility of these committees is to govern and provide oversight of model management, including the approval of new models and significant model changes. Both committees report significant matters and material decisions taken to the CRO on a regular basis. The Global Collateral Steering Committee deliberates on or determines Nomura’s collateral risk management, including concentrations, liquidity, collateral re-use, limits and stress tests, provides direction on Nomura’s collateral strategy and ensures compliance with regulatory collateral requirements upon delegation from the CRO.

Chief Risk Officer

The CRO is responsible for setting the overall strategy and direction of the Risk Management Division. The CRO is responsible for supervising the Risk Management Division and maintaining the effectiveness of the risk management framework independently from the business units within Nomura. The CRO regularly reports on the status of Nomura’s risk management to the GRMC, and reports to and seeks the approval of the GRMC on measures required for risk management.

Chief Financial Officer

The CFO is responsible for overall financial strategy of Nomura, and has operational authority and responsibility over Nomura’s liquidity management based on decisions made by the EMB.

Other Responsible Officers

Officers, who oversee the functions in charge of Operational Risks in accordance with Appendix of Risk Management Policy of Three Lines of Defense, are responsible for formulating the appropriate management framework and taking the lead in designing Risk Appetites for Operational Risks they cover. They also cooperate with CRO who is responsible for monitoring and maintaining of the effectiveness of the Risk Appetites.

The Chief Compliance Officer (“CCO”) is responsible for taking the lead in the coordination for formulating the appropriate management framework and designing Risk Appetite for Reputational Risk, with the cooperation of CRO. The CCO also cooperates with CRO who is responsible for monitoring and maintaining of the effectiveness of the Risk Appetite.

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Risk Policy Framework

Policies and procedures are essential tools of governance and define principles, rules and standards, and the specific processes that must be adhered to in order to effectively manage risk at Nomura. Risk management operations are designed to function in accordance with these policies and procedures.

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Monitoring, Reporting and Data Integrity

Development, consolidation, monitoring and reporting of risk management information (“risk MI”) are fundamental to the appropriate management of risk. The aim of all risk MI is to provide a basis for sound decision-making, action and escalation as required. The Risk Management Division, the Finance Division and the LCC Division are responsible for producing regular risk MI, which reflects the position of Nomura relative to stated risk appetite. Risk MI includes information from across the risk classes defined in the risk management framework and reflect the use of the various risk tools used to identify and assess those risks. These three divisions are responsible for implementing appropriate controls over data integrity for risk MI.

Risk Management Enhancement Program

U.S. Prime Brokerage Event

In March 2021, following the default of one of our prime brokerage clients in the United States on its obligations to post additional margin in respect of its positions with us, we issued a closeout notice to the client following which we began to wind down the positions held by us and liquidate hedges held against those positions. Due to fluctuations in the market values of the hedges against the positions and our expectation that we will not be able to recover those losses from the client, we recognized significant losses during the fourth quarter and fiscal year ended March 31, 2021, and recognized additional losses in the fiscal year ending March 31, 2022.

Our transactions with the client comprised (i) total return swaps (the “TRS transactions”), which are transactions that allow the client to obtain synthetic (i.e., derivative) long or short exposure to underlying individual equities or indices, as well as (ii) providing financing against a portfolio of securities in the client’s cash prime brokerage account. To manage credit risk in relation to prime brokerage clients, we require that prime brokerage clients deposit collateral (referred to as “margin”) in respect of their positions with us in accordance with the margin ratios applied to them. These margin ratios are determined based on the results of an internal risk assessment of the specific client and the composition of the client’s positions and may require that they post additional margin based on the effect of market movements on these ratios. TRS transactions are hedged from a market risk perspective by holding long or short positions in individual equities or indices and through derivative transactions, depending on the positions taken by the relevant client. For long equity positions taken by the client, we hold cash equity long positions in the underlying equities as well as derivative transactions. For short equity positions taken by the client, we hold cash equity short positions and derivative transactions. Lending transactions against cash prime brokerage portfolios are generally overcollateralized, and therefore not separately hedged, and we may enter into separate hedges if the value of the collateral falls.

Particularly between January and March 2021, transaction amounts and volumes with the client increased significantly as a result of changes in market prices as well as new positions entered into by the client. However, in March 2021, the market value of certain securities in which the client held a large synthetic position experienced a sharp decline, after which we requested that the client deposit additional margin with us pursuant to our contractual agreements with the client. The client defaulted on its obligation to post additional margin, and we issued a closeout notice to the client. It became clear that the client had similar large positions with other financial institutions, and that the client had also defaulted on margin calls with these financial institutions. Although we endeavored to take a disciplined approach to unwind the positions and liquidate the hedges for the TRS transactions, taking into account both market impact and our own trading losses, due to the significant volume of positions being closed by both us and the other affected financial institutions and the effect on market prices, we recognized ¥204.2 billion of losses in earnings reported within Net gain (loss) on trading in the quarter and fiscal year ended March 31, 2021. We also recognized additional provisions for current expected credit losses of ¥41.6 billion in earnings reported within other expenses during the same period against loans extended to the client collateralized by a cash portfolio of securities, reflecting the reduced likelihood of recovery on these lending transactions. All of the positions with the client were closed out and hedges liquidated by May 17, 2021, as a result of which we recognized losses of approximately ¥65.4 billion during the quarter ending June 30, 2021, of which ¥56.1 billion booked in Equities revenues as trading loss and ¥9.3 billion booked as loan loss provision in expenses.

Immediately following the incident, we conducted an internal investigation of the underlying facts, and our Audit Committee hired an external law firm to conduct a comprehensive review. In addition, we reviewed our risk management framework, centered on the prime brokerage business, and conducted a comprehensive review by third-party risk management experts on our risk management framework for the Wholesale division and our Risk Management function. Based on those, we have determined various measures to enhance risk management and its governance structure to drive it forward. We took measures to strengthen our risk management, including expanding our Wholesale division’s risk monitoring at the GPC. In addition, we established a Board Risk Committee (the “BRC”), effective October 29, 2021, which is chaired by an independent director and constituted of non-executive directors, to discuss important risk matters from a standpoint independent of execution. At the same time, the existing committee to discuss risk management on execution side is partially reformed, from the GIRMC to the GRMC, in line with the establishment of the BRC at the Board of Director level. For detail of the BRC and the GRMC, see ‘Risk Management Governance and Oversight’.

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Moreover, we have appointed Mr. Christopher Willcox, who has extensive experience with the U.S. financial services business, as the CEO of some of our U.S. subsidiaries since May 2021.

Programme Governance Structure

Given our strong commitment to timely remediation of weaknesses across the firm, we have already taken several important steps to launch remediation actions and align resources to ensure successful implementation. Importantly, we have set up a robust governance process in 2021, including the Steering Committee for Enhancement of Risk Management (the “Steering Committee”) which is chaired by Group CEO, and Deputy President as vice chair. The Steering Committee deliberates on matters such as formulating and overseeing the execution of enhancement measures, securing necessary resources, and developing a global cooperation structure to ensure enhancements are achieved. Further, a Chief Transformation Officer (the “CTO”) and members of the Steering Committee will lead efforts to advance group-wide initiatives, and foster collaboration and consistency across regions. To ensure supervision of the enhancement plan at the highest level, the Steering Committee updates the EMB on a regular basis as well as reports progress of the plan directly to the BoD.

Under the leadership of the Steering Committee, detailed measures to enhance risk management have already been discussed and implementation has begun. These measures have been categorized into four areas: business strategy, oversight, risk management, and risk culture. We have assigned an executive officer or executive-level person to each area and have prioritized the resources necessary for implementation.

Business Strategy

By clarifying our Global Markets business strategy and conducting regular reviews of the business portfolio using various methods, we continue our efforts to maintain consistency between the risk profile, and other areas such as the firm’s strategic direction, risk appetite and allocation of resources. In particular, we are committing the required resources and investments to ensure a risk management framework for safe and sound execution of the business thorough review of our businesses and strategic planning processes. For example, we have reviewed and significantly revised the strategy of the Prime Brokerage business to better align with its core capabilities, risk appetite and financial resources position.

Oversight

In order to build a more robust, global cross-border governance framework, we are reviewing the cross-border booking model and controls at local entities from front office to back office. To strengthen critical first-line risk management functions and enhance oversight of complex business activities carried out globally, we made critical hires including for newly created positions as part of efforts to strengthen business oversight, for example a Global Head of Wholesale Front Office & Risk Control and a Global Head of Wholesale Client Account Management.

Risk Management

To strengthen the risk control function in the first line and risk management function in the second line, we are in a process of significantly increasing the headcount in each line. We also plan to increase the number of employees in Internal Audit, which is the third line.

By the end of October 2021, we have already advanced expertise of our Risk Management function. To increase managers in the risk management function, strengthen our global cooperation and controls, and further enhance risk management, we assigned a new executive officer in charge of risk management at the Tokyo headquarters and implementing other initiatives. To supervise risk management enhancement initiatives and business management, and strengthen our implementation capabilities, we also newly established the Group Risk Management Head Office. The Group Risk Management Head Office monitors risk management operations globally, support the work of the CRO and bolster collaboration with relevant departments.

We are also working to improve processes related to risk appetite, by adding quantitative indicators to our Risk Appetite Statement, and by reviewing our limit framework as well as Management Information suite.

Risk Culture

We established a firm-wide programme to strengthen risk management and foster a shared sense of responsibility toward managing risks. To appropriately evaluate and embed the targeted actions, we have revised the Nomura Group Code of Conduct in March 2022, and will continue further efforts such as expanding conduct-related workshops and annual training programs to all regions, and systematically reviewing and changing policies and practices for providing incentives. To measure the progress of these initiatives, we plan to establish a framework to assess the effectiveness of the program, including risk culture surveys and other metrics.

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Management of Financial Resources

Nomura has established a framework for management of financial resources in order to adequately manage utilization of these resources. The EMB allocates financial resources to business units at the beginning of each financial year. These allocations are used to set revenue forecasts for each business units. Key components are set out below:

Risk-weighted assets

A key component used in the calculation of our consolidated capital adequacy ratios is risk-weighted assets. The EMB determines the risk appetite for our consolidated Tier 1 capital ratio on an annual basis and sets the limits for the usage of risk-weighted assets by each division and by additional lower levels of the division. In addition the EMB determines the risk appetite for the level of exposures under the leverage ratio framework which is a non-risk based measure to supplement risk-weighted assets. See Item 4.B. “Business Overview—Regulatory Capital Rules” of our annual report on Form 20-F for the fiscal year ended March 31, 2022, and “Consolidated Regulatory Capital Requirements” and “Consolidated Leverage Ratio Requirements” in this annual report for further information on our consolidated capital adequacy ratios and risk-weighted assets.

Available Funds

The CFO decides the maximum amount of available funds, provided without posting of any collateral, for allocation within Nomura and the EMB approves the allocation of the funds to each business division. Global Treasury monitors the usage by businesses and reports to the EMB.

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Classification and Definition of Risk

Nomura classifies and defines risks as follows and has established departments or units to manage each risk type.

Risk Category	Definition
Financial Risk
Market risk	Risk of losses arising from fluctuations in values of financial assets or debts (including off-balance sheet items) due to fluctuations in market risk factors (interest rates, foreign exchange rates, prices of securities and others).
Credit risk	Risk of loss arising from an obligor’s default, insolvency or administrative proceeding which results in the obligor’s failure to meet its contractual obligations in accordance with agreed terms. It is also the risk of loss arising through a credit valuation adjustment (“CVA”) associated with deterioration in the creditworthiness of a counterparty.
Model risk	Risk of financial loss, incorrect decision making, or damage to the firm’s credibility arising from model errors or incorrect or inappropriate model application.
Liquidity risk	Risk of loss arising from difficulty in securing the necessary funding or from a significantly higher cost of funding than normal levels due to deterioration of Nomura Group’s creditworthiness or deterioration in market conditions.
Non-financial Risk
Operational risk	Risk of financial loss or non-financial impact arising from inadequate or failed internal processes, people and systems, or from external events. Operational risk includes in its definition Compliance, Legal, IT and Cyber Security, Fraud, Third Party and other non-financial risks. Operational risk does not include strategic risk and reputational risk, however, some operational risks can lead to reputational issues and as such operational and reputational risks may be closely linked.
Reputational risk	Possible damage to Nomura’s reputation and associated risk to earnings, capital or liquidity arising from any association, action or inaction which could be perceived by stakeholders to be inappropriate, unethical or inconsistent with Nomura Group’s values and corporate philosophy.
Other Risks
ESG: Environmental, Social and Governance	ESG is a collective term for Environmental (E), Social (S) and Governance (G) factors. “Environmental” includes issues related to impacts on the natural environment, including climate change. “Social” includes interactions with stakeholders and communities, for example the approach to human rights, workplace related issues and engagement on social issues. Governance includes issues related to corporate governance, corporate behaviour and the approach to transparent reporting.
Strategic risk	Risk to current or anticipated earning, capital, liquidity, enterprise value, or the Nomura Group’s reputation arising from adverse business decisions, poor implementation of business decisions, or lack of responsiveness to change in the industry or external environment.

Market Risk Management

Market risk is the risk of loss arising from fluctuations in values of financial assets and liabilities (including off-balance sheet items) due to fluctuations in market risk factors (interest rates, foreign exchange rates, prices of securities and others).

Market Risk Management Process

Effective management of market risk requires the ability to analyze a complex and evolving portfolio in a constantly changing global market environment, identify problematic trends and ensure that appropriate action is taken in a timely manner.

Nomura uses a variety of statistical risk measurement tools to assess and monitor market risk on an ongoing basis, including, but not limited to, Value at Risk (“VaR”), Stressed VaR (“SVaR”) and Incremental Risk Charge. In addition, Nomura uses sensitivity analysis and stress testing to measure and analyze its market risk. Sensitivities are measures used to show the potential changes to a portfolio due to standard moves in market risk factors. They are specific to each asset class and cannot usually be aggregated across risk factors. Stress testing enables the analysis of portfolio risks or tail risks, including non-linear behaviors and can be aggregated across risk factors at any level of the group hierarchy, from group level to business division, units or desk levels. Market risk is monitored against a set of approved limits, with daily reports and other management information provided to the business units and senior management.

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Value at Risk

VaR is a measure of the potential loss due to adverse movements of market factors, such as equity prices, interest rates, credit, foreign exchange rates, and commodities with associated volatilities and correlations.

VaR Methodology Assumptions

Nomura uses a single VaR model which has been implemented globally in order to determine the total trading VaR. A historical simulation is implemented, where historical market moves over a two-year window are applied to current exposure in order to construct a profit and loss distribution. Potential losses can be estimated at required confidence levels or probabilities. For internal risk management purposes, VaR is calculated across Nomura using a 1-day time horizon; this data is presented below. A scenario weighting scheme is employed to ensure that the VaR model responds to changing market volatility. For regulatory reporting purposes, Nomura uses a 10-day time horizon, calculated using actual 10-day historical market moves and employ an equal weight scheme to ensure VaR is not overly sensitive to changing market volatility. To complement VaR under Basel 2.5 regulations, Nomura also computes SVaR, which samples from a one-year window during a period of financial stress. The SVaR window is regularly calibrated and observations are equally weighted.

Nomura’s VaR model uses exact time series for each individual risk factor. However, if good quality data is not available, a ‘proxy logic’ maps the exposure to an appropriate time series. The level of proxying taking place is carefully monitored through internal risk management processes and there is a continual effort to source new time series to use in the VaR calculation.

Nomura has decided to change the confidence level used to calculate its disclosed one-day VaR from 99% to 95% effective from the end of the fiscal year ended March 31, 2022 as Nomura believes based on its historical experience that the 95th percentile measure better reflects the day-to-day profit and loss volatility expected for the firm. In addition to data for the six months ended September 30, 2022 and the fiscal year ended March 31, 2022 calculated using the 95% confidence interval pursuant to the requirements of Form 10Qe, Nomura is also providing data for the fiscal years ended March 31, 2021 and 2022 calculated using the previously-used 99% confidence interval.

VaR Backtesting

The performance of Nomura’s VaR model is closely monitored to help ensure that it remains fit for purpose. The main approach for validating VaR is to compare actual 1-day trading losses with the corresponding VaR estimate. Nomura’s VaR model is backtested at different hierarchy levels. Backtesting results are reviewed on a monthly basis by Nomura’s Risk Management Division. One-day trading loss exceeded the 99% VaR estimate at the Nomura Group level once for the six months ended September 30, 2022.

Limitations and Advantages of VaR

VaR aggregates risks from different asset classes in a transparent and intuitive way. However, there are limitations. VaR is a backward-looking measure: it implicitly assumes that distributions and correlations of recent factor moves are adequate to represent moves in the near future. VaR is appropriate for liquid markets and is not appropriate for risk factors that exhibit sudden jumps. Therefore it may understate the impact of severe events. Given these limitations, Nomura uses VaR only as one component of a diverse market risk management process.

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VaR metrics: 95% Confidence Interval

As described above, Nomura has decided to change the confidence level used to calculate its disclosed one-day VaR from 99% to 95%. See “VaR Methodology Assumption”. One-day VaR data using the new confidence level of 95% for the six months ended September 30, 2022 and the fiscal year ended March 31, 2022 are presented below.

The following graph shows the daily VaR over the last six quarters for substantially all of Nomura’s trading positions:

The following tables show the VaR as of each of the dates indicated for substantially all of Nomura’s trading positions:

	Billions of yen
	As of
	Mar. 31, 2022			Sep. 30, 2022
Equity	¥	1.4		¥	2.4
Interest rate		2.3			3.7
Foreign exchange		0.9			1.6
Subtotal		4.6			7.7
Less: Diversification Benefit		(1.9	)		(2.8	)
VaR	¥	2.7		¥	4.9
	Billions of yen
	For the twelve months ended			For the six months ended
	Mar. 31, 2022			Sep. 30, 2022
Maximum daily VaR(1)	¥	23.2		¥	6.3
Average daily VaR(1)		4.5			4.1
Minimum daily VaR(1)		2.7			2.7

(1) Represents the maximum, average and minimum VaR based on all daily calculations for the twelve months ended March 31, 2022 and for the six months ended September 30, 2022.

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VaR metrics: 99% Confidence Interval

As described above, Nomura has decided to change the confidence level used to calculate its disclosed one-day VaR from 99% to 95%. See “VaR Methodology Assumption”. One-day VaR data calculated using the previous confidence level of 99% for the fiscal year ended March 31, 2022, together with comparative data for the previous fiscal year, is presented below.

The following graph shows the daily VaR over the six quarters to March 31, 2022 for substantially all of Nomura’s trading positions:

The following tables show the VaR as of each of the dates indicated for substantially all of Nomura’s trading positions:

	Billions of yen
	As of
	March 31, 2021			March 31, 2022
Equity	¥	93.4		¥	1.7
Interest rate		8.6			3.5
Foreign exchange		4.2			1.3
Subtotal		106.2			6.5
Less: Diversification Benefit		(12.8	)		(1.7	)
VaR	¥	93.4		¥	4.8
	Billions of yen
	For the twelve months ended
	March 31, 2021			March 31, 2022
Maximum daily VaR(1)	¥	93.4		¥	89.7
Average daily VaR(1)		13.6			8.2
Minimum daily VaR(1)		7.1			4.0

(1) Represents the maximum, average and minimum VaR based on all daily calculations for the fiscal years ended March 31, 2021 and March 31, 2022.

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Total VaR increased to ¥4.9 billion as of September 30, 2022 from ¥2.7 billion as of March 31, 2022. VaR relating to equity risk increased to ¥2.4 billion as of September 30, 2022, compared to ¥1.4 billion as of March 31, 2022. VaR relating to interest rate risk increased to ¥3.7 billion as of September 30, 2022, compared to ¥2.3 billion as of March 31, 2022. VaR relating to foreign exchange risk increased to ¥1.6 billion as of September 30, 2022, compared to ¥0.9 billion as of March 31, 2022.

Stress Testing

Nomura conducts market risk stress testing since VaR and sensitivity analysis have limited ability to capture all portfolio risks or tail risks. Stress testing for market risk is conducted regularly, using various scenarios based upon features of trading strategies. Nomura conducts stress testing not only at the desk level, but also at the Nomura Group level with a set of common global scenarios in order to reflect the impact of market fluctuations on the entire Nomura Group.

Non-Trading Risk

A major market risk in Nomura’s non-trading portfolio relates to equity investments held for operating purposes and on a long-term basis. Equity investments held for operating purposes are minority stakes in the equity securities of unaffiliated Japanese financial institutions and corporations held in order to promote existing and potential business relationships. This non-trading portfolio is exposed mainly to volatility in the Japanese stock market. One method that can estimate the market risk in this portfolio is to analyze market sensitivity based on changes in the TOPIX, which is a leading index of prices of stocks on the First Section of the Tokyo Stock Exchange.

Nomura uses regression analysis covering the previous 90 days which tracks and compares fluctuations in the TOPIX and the fair value of Nomura’s equity investments held for operating purposes, which allows to determine a correlation factor. Based on this analysis for each 10% change in the TOPIX, the fair value of Nomura’s operating equity investments held for operating purposes can be expected to change by ¥10,912 million at the end of March 2022 and ¥9,550 million at the end of September 2022. The TOPIX closed at 1,946.40 points at the end of March 2022 and at 1,835.94 points at the end of September 2022. This simulation analyzes data for the entire portfolio of equity investments held for operating purposes at Nomura and therefore actual results may differ from Nomura’s expectations because of price fluctuations of individual equities.

Credit Risk Management

Credit risk is the risk of loss arising from an obligor’s default, insolvency or administrative proceeding which results in the obligor’s failure to meet its contractual obligations in accordance with agreed terms. This includes both on and off-balance sheet exposures. It is also the risk of loss arising through a CVA associated with deterioration in the creditworthiness of a counterparty. Nomura manages credit risk on a global basis and on an individual Nomura legal entity basis.

Credit Risk Management Framework

The measurement, monitoring and management of credit risk at Nomura are governed by a set of global policies and procedures. Credit Risk Management (“CRM”), a global function within the Risk Management Division, is responsible for the implementation and maintenance of these policies and procedures. These policies are authorized by the GRMC and/or Global Risk Strategic Committee, prescribe the basic principles of credit risk management and set delegated authority, which enables CRM personnel to set credit limits.

Credit risk is managed by CRM together with various global and regional risk committees. This helps to ensure transparency of material credit risks and compliance with established credit limits, the approval of material extensions of credit and the escalation of risk concentrations to appropriate senior management.

50

Credit Risk Management Process

CRM operates as a credit risk control function within the Risk Management Division, reporting to the CRO. The process for managing credit risk at Nomura includes:

• Evaluation of likelihood that a counterparty defaults on its payments and obligations;

• Assignment of internal ratings to all active counterparties;

• Approval of extensions of credit and establishment of credit limits;

• Measurement, monitoring and management of Nomura’s current and potential future credit exposures;

• Setting credit terms in legal documentation; and

• Use of appropriate credit risk mitigants including netting, collateral and hedging.

The scope of credit risk management includes counterparty trading and various debt or equity instruments including loans, private equity investments, fund investments, investment securities and any other as deemed necessary from a credit risk management perspective.

The evaluation of counterparties’ creditworthiness involves a thorough due diligence and analysis of the business environments in which they operate, their competitive positions, management and financial strength and flexibility. Credit analysts also take into account the corporate structure and any explicit or implicit credit support. CRM evaluates credit risk not only by counterparty, but also by counterparty group.

Following the credit analysis, CRM estimates the probability of default of a given counterparty or obligor through an alphanumeric ratings scale similar to that used by rating agencies and a corresponding numeric scale. Credit analysts are responsible for assigning and maintaining the internal ratings, ensuring that each rating is reviewed and approved at least annually.

Nomura’s internal rating system employs a range of ratings models to achieve global consistency and accuracy. These models are developed and maintained by the Risk Methodology Group. Internal ratings represent a critical component of Nomura’s approach to managing counterparty credit risk. They are frequently used as key factors in:

• Establishing the amount of counterparty credit risk that Nomura is willing to take to an individual counterparty or counterparty group (setting of credit limits);

• Determining the level of delegated authority for setting credit limits (including tenor);

• The frequency of credit reviews (renewal of credit limits);

• Reporting counterparty credit risk to senior management within Nomura; and

• Reporting counterparty credit risk to stakeholders outside of Nomura.

The Credit Risk Control Unit is a function within the Risk Model Validation Group which is independent of CRM. It seeks to ensure that Nomura’s internal rating system is properly reviewed and validated, and that breaks or issues are reported to senior management for timely resolution. The unit is responsible for ensuring that the system remains accurate and predictive of risk and provides periodic reporting on the system to senior management.

For regulatory capital calculation purposes, Nomura has been applying the Foundation Internal Rating Based Approach in calculating credit risk-weighted assets since the end of March 2011. The Standardized Approach is applied to certain business units or asset types, which are considered immaterial to the calculation of credit risk-weighted assets.

Internal ratings are mapped to the probabilities of default (“PD”) which in turn are used for calculating credit risk-weighted assets. PDs are estimated annually by the Risk Methodology Group and validated by the Credit Risk Control Unit through testing of conservativeness and backtesting of PDs used in calculations.

51

Credit Limits and Risk Measures

Internal ratings form an integral part in the assignment of credit limits to counterparties. Nomura’s credit limit framework is designed to ensure that Nomura takes appropriate credit risk in a manner that is consistent with its overall risk appetite. Global Credit policies define the delegated authority matrices that establish the maximum aggregated limit amounts and tenors that may be set for any single counterparty group based on their internal rating.

Nomura’s main type of counterparty credit risk exposures arise from derivatives transactions or securities financing transactions. Credit exposures against counterparties are managed by means of setting credit limits based upon credit analysis of individual counterparty. Credit risk is managed daily through the monitoring of credit exposure against approved credit limits and the ongoing monitoring of the creditworthiness of Nomura’s counterparties. Changes in circumstances that alter Nomura’s risk appetite for any particular counterparty, sector, industry or country are reflected in changes to the internal rating and credit limit as appropriate.

Nomura’s global credit risk management systems record credit limits and capture credit exposures to Nomura’s counterparties allowing CRM to measure, monitor and manage utilization of credit limits, ensure appropriate reporting and escalation of limit breaches.

For derivatives and securities financing transactions, Nomura measures credit risk primarily by way of a Monte Carlo-based simulation model that determines a Potential Exposure profile at a specified confidence level. The exposure calculation model used for counterparty credit risk management has also been used for the Internal Model Method based exposure calculation for regulatory capital reporting purposes since the end of December 2012. Loans and lending commitments are measured and monitored on both a funded and unfunded basis.

Wrong Way Risk

Wrong Way Risk (“WWR”) occurs when exposure to a counterparty is highly correlated with the deterioration of creditworthiness of that counterparty. Nomura has established global policies that govern the management of WWR exposures. Stress testing is used to support the assessment of WWR embedded within existing portfolios and adjustments are made to credit exposures and regulatory capital, as appropriate.

Stress Testing

Stress Testing is an integral part of Nomura’s management of credit risk. Regular stress tests are used to support the assessment of credit risks by counterparties, sectors and regions. The stress tests include potential concentrations that are highlighted as a result of applying shocks to risk factors, probabilities of default or rating migrations.

Risk Mitigation

Nomura utilizes financial instruments, agreements and practices to assist in the management of credit risk. Nomura enters into legal agreements, such as the International Swap and Derivatives Association, Inc. agreements or equivalent (referred to as “Master Netting Agreements”), with many of its counterparties. Master Netting Agreements allow netting of receivables and payables and reduce losses potentially incurred as a result of a counterparty default. Further reduction in credit risk is achieved through entering into collateral agreements that allow Nomura to obtain collateral from counterparties either upfront or contingent on exposure levels, changes in credit rating or other factors.

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Credit Risk to Counterparties in Derivatives Transaction

The credit exposures arising from Nomura’s trading-related derivatives as of March 31, 2022 are summarized in the table below, showing the positive fair value of derivative assets by counterparty credit rating and by remaining contractual maturity. The credit ratings are internally determined by Nomura’s CRM.

	Billions of yen
	Years to Maturity
Credit Rating	Less than 1 year		1 to 3 years		3 to 5 years		5 to 7 years		More than 7 years		Cross-Maturity Netting(1)			Total Fair Value			Collateral obtained		Replacement cost(3)
														(a)			(b)		(a)-(b)
AAA	¥	50	¥	25	¥	5	¥	4	¥	39	¥	(107	)	¥	16		¥	2	¥	14
AA		571		325		252		74		578		(1,454	)		346			75		271
A		843		846		324		194		868		(2,658	)		417			239		178
BBB		285		239		121		67		518		(838	)		392			91		301
BB and lower		166		79		62		20		46		(170	)		203			295		0
Other(2)		33		51		90		50		363		(648	)		(61	)		46		0
Sub-total	¥	1,948	¥	1,565	¥	854	¥	409	¥	2,412	¥	(5,875	)	¥	1,313		¥	748	¥	764
Listed		352		46		1		0		0		(158	)		241			234		7
Total	¥	2,300	¥	1,611	¥	855	¥	409	¥	2,412	¥	(6,033	)	¥	1,554		¥	982	¥	771

(1) Represents netting of derivative liabilities against derivatives assets entered into with the same counterparty across different maturity bands. Derivative assets and derivative liabilities with the same counterparty in the same maturity band are net within the relevant maturity band. Cash collateral netting against net derivative assets in accordance with ASC 210-20 “Balance Sheet—Offsetting” and ASC 815 “Derivatives and Hedging” is also included.

(2) “Other” comprises unrated counterparties and certain portfolio level valuation adjustments not allocated to specific counterparties.

(3) Zero balances represent instances where total collateral received is in excess of the total fair value; therefore, Nomura’s credit exposure is zero.

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Country Risk

At Nomura, country risk is defined as the risk of loss arising from country-specific events (such as political, economic, legal and other events) that affect counterparties and/or issuers within that country, causing those counterparties and/or issuers to be unable to meet financial obligations. Nomura’s country risk framework acts as a complement to other risk management areas and encompasses a number of tools including, but not limited to, country limits, which restrict credit exposure concentration to any given country. Other tools to manage country risk include country ratings as well as country risk policies and procedures that describe responsibilities and delegation for decision-making.

Nomura’s credit portfolio remains well-diversified by country and concentrated towards highly-rated countries. The breakdown of top 10 country exposures is as follows:

Top 10 Country Exposures(1)	Billions of Yen
	(As of September 30, 2022)
United States		4,712
Japan		3,219
United Kingdom		1,361
Singapore		331
France		305
India		201
Germany		200
Canada		190
Netherlands		170
Switzerland		168

(1) The table represents the Top 10 country exposures as of September 30, 2022 based on country of risk, combining counterparty and inventory exposures:

- Counterparty exposures include cash and cash equivalents held at banks; the outstanding default fund and initial margin balances posted by Nomura to central clearing counterparties as legally required under its direct and affiliate clearing memberships; the aggregate marked-to-market exposure by counterparty of derivative transactions and securities financing transactions (net of collateral where the collateral is held under a legally enforceable margin agreement); and the fair value of total commitment amount less any applicable reserves.

- Inventory exposures are the market value of debt and equity securities, and equity and credit derivatives, using the net of long versus short positions.

Russia and Ukraine war

Since the war in Ukraine began in February 2022, Nomura has been actively monitoring the impact of the conflict on the Ukraine and Russian economies, as well as on other financial markets. As of September 30, 2022, the total direct exposure of Nomura to Ukraine and Russia was not significant.

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Operational Risk Management

Operational risk is the risk of financial loss or non-financial impact arising from inadequate or failed internal processes, people and systems, or from external events. Operational risk includes in its definition Compliance, Legal, IT and Cyber Security, Fraud, Third Party and other non-financial risks. Operational risk does not include strategic risk and reputational risk, however, some operational risks can lead to reputational issues and as such operational and reputational risks may be closely linked.

Operational Risk Management Framework

An Operational Risk Management Framework has been established in order to allow Nomura to identify, assess, manage, monitor and report on operational risk. The GRMC, with delegated authority from the EMB has formal oversight over the management of operational risk.

This framework is set out below:

Infrastructure of the framework

• Policy framework: Sets standards for managing operational risk and details how to monitor adherence to these standards.

• Training and awareness: Action taken by the Operational Risk Management (“ORM”) to improve business understanding of operational risk.

Products and Services

• Event Reporting: This process is used to identify and report any event which resulted in or had the potential to result in a loss or gain or other impact associated with inadequate or failed internal processes, people and systems, or from external events.

• Risk and Control Self-Assessment (“RCSA”): This process is used to identify the inherent risks the business faces, the key controls associated with those risks and relevant actions to mitigate the residual risks. Global ORM are responsible for developing the RCSA process and supporting the business in its implementation.

• Key Risk Indicators (“KRI”): KRIs are metrics used to monitor the business’ exposure to operational risk and trigger appropriate responses as thresholds are breached.

• Scenario Analysis: The process used to assess and quantify potential high impact, low likelihood operational risk events. During the process actions may be identified to enhance the control environment which are then tracked via the Operational Risk Management Framework.

Outputs

• Analysis and reporting: A key aspect of ORM’s role is to analyze, report, and challenge operational risk information provided by business units, and work with business units to develop action plans to mitigate risks.

• Operational risk capital calculation: Calculate operational risk capital as required under applicable Basel standards and local regulatory requirements.

55

Regulatory Capital Calculation for Operational Risk

Nomura uses the Standardized Approach for calculating regulatory capital for operational risk. This involves using a three-year average of gross income allocated to business lines, which is multiplied by a fixed percentage (“Beta Factor”) determined by the FSA, to establish the amount of required operational risk capital.

Nomura uses consolidated net revenue as gross income, however for certain consolidated subsidiaries, gross operating profit is used as gross income. Gross income allocation is performed by mapping the net revenue of each business segment as defined in Nomura’s management accounting data to each business line defined in the Standardized Approach as follows:

Business Line	Description	Beta Factor
Retail Banking	Retail deposit and loan-related services		12	%
Commercial Banking	Deposit and loan-related services except for Retail Banking business		15	%
Payment and Settlement	Payment and settlement services for clients’ transactions		18	%
Retail Brokerage	Securities-related services mainly for individuals		12	%
Trading and Sales	Market-related business		18	%
Corporate Finance	M&A, underwriting, secondary and private offerings, and other funding services for clients		18	%
Agency Services	Agency services for clients such as custody		15	%
Asset Management	Fund management services for clients		12	%

Nomura calculates the required amount of operational risk capital for each business line by multiplying the allocated annual gross income amount by the appropriate Beta Factor defined above. The operational risk capital for any gross income amount not allocated to a specific business line is determined by multiplying such unallocated gross income amount by a fixed percentage of 18%.

The total operational risk capital for Nomura is calculated by aggregating the total amount of operational risk capital required for each business line and unallocated amount and by determining a three-year average. Where the aggregated amount for a given year is negative, then the total operational risk capital amount for that year will be calculated as zero.

In any given year, negative amounts in any business line are offset against positive amounts in other business lines. However, negative unallocated amounts are not offset against positive amounts in other business lines and are calculated as zero.

Operational risk capital is calculated at the end of September and March each year.

Model Risk Management

Model Risk is the risk of financial loss, incorrect decision making, or damage to the firm’s credibility arising from Model errors or incorrect or inappropriate Model application.

To effectively manage the Firm’s Model Risk, Nomura has established a Model Risk Management Framework to govern the development, ownership, validation, approval, usage, ongoing monitoring, and periodic review of the Firm’s Models. The framework is supported by a set of policies and procedures that articulate process requirements for the various elements of the model lifecycle, including monitoring of model risk with respect to the Firm’s appetite.

New models and material changes to approved models must be independently validated prior to official use. Thresholds to assess the materiality of model changes are defined in Model Risk Management’s procedures. During independent validation, validation teams analyze a number of factors to assess a model’s suitability, identify model limitations, and quantify the associated model risk, which is ultimately mitigated through the imposition of approval conditions, such as usage conditions, model reserves and capital adjustments. Approved models are subject to Model Risk Management’s periodic review process and ongoing performance monitoring to assess their continued suitability. Appropriately delegated Model Risk Management Committees provide oversight, challenge, governance, and ultimate approval of validated Models.

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Funding and Liquidity Risk Management

For further information on funding and liquidity risk management, see “Liquidity and Capital Resources—Funding and Liquidity Management” in this report.

Risk Measures and Controls

Limit Frameworks

The establishment of robust limit monitoring and management is central to appropriate monitoring and management of risk. The limit management frameworks incorporate escalation policies to facilitate approval of limits at appropriate levels of seniority. The Risk Management Division, the Finance Division and the LCC Division are responsible for day-to-day operation of these limit frameworks including approval, monitoring, and reporting as required. Business units are responsible for complying with the agreed limits. Limits apply across a range of quantitative measures of risk and across market and credit risks.

New Business Risk Management

The new business approval process represents the starting point for new business in Nomura and exists to support management decision-making and ensure that risks associated with new products and transactions are identified and managed appropriately. The new business approval process consists of two components:

(1) Transaction committees are in place to provide formal governance over the review and decision-making process for individual transactions.

(2) The new product approval process allows business unit sponsors to submit applications for new products and obtain approval from relevant departments prior to execution of the new products. The process is designed to capture and assess risks across various risk classes as a result of the new product or business.

The new business approval process continues to seek assuring the sound and effective management to better meet the various changes observed in the market environment.

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Stress Testing

Stress testing performed at the Nomura Group seeks to provide comprehensive coverage of risks across different hierarchical levels, and covers different time horizons, severities, plausibilities and stress testing methodologies. The results of stress tests are used in capital planning processes, capital adequacy assessments, liquidity adequacy assessments, recovery and resolution planning, assessments of whether risk appetite is appropriate, and in routine risk management.

Stress tests are run on a regular basis or on an ad hoc basis as needed, for example, in response to material changes in the external environment and/or in the Nomura Group risk profile. The results of stress tests with supporting detailed analysis are reported to senior management and other stakeholders as appropriate for the stress test being performed.

Stress testing is categorized either as sensitivity analysis or scenario analysis and may be performed on a Nomura Group-wide basis or at more granular levels.

• Sensitivity analysis is used to quantify the impact of a market move in one or two associated risk factors (for example, equity prices, equity volatilities) in order primarily to capture those risks which may not be readily identified by other risk models;

• Scenario analysis is used to quantify the impact of a specified event across multiple asset classes and risk classes. This is a primary approach used in performing stress testing at the different hierarchical levels of the Nomura Group;

Scenario analysis includes following examples.

• Nomura Group establishes several stress scenarios to validate risk appetite for capital and liquidity soundness, taking into account the business environment, business’s risk profile, economic environment and forecasts.

• Group-wide stress to assess the capital adequacy of the Nomura Group under severe but plausible market scenarios is conducted on a quarterly basis at a minimum; and

• Reverse stress testing, a process of considering the vulnerabilities of the firm and hence how it may react to situations where it becomes difficult to continue its business and reviewing the results of that analysis, is conducted on an annual basis at a minimum.

Stress testing is an integral part of the Nomura Group’s overall governance and is used as a tool for forward-looking risk management, decision-making and enhancing communication amongst Corporate Functions, Business Divisions, and senior management.

58

Interim Consolidated Financial Statements (UNAUDITED)

	Page
Consolidated Balance Sheets as of March 31, 2022 and September 30, 2022		F-2
Consolidated Statements of Income for the Six Months Ended September 30, 2021 and 2022 and Three Months Ended September 30, 2021 and 2022		F-5
Consolidated Statements of Comprehensive Income for the Six Months Ended September 30, 2021 and 2022 and Three Months Ended September 30, 2021 and 2022		F-7
Consolidated Statements of Changes in Equity for the Six Months Ended September 30, 2021 and 2022 and Three Months Ended September 30, 2021 and 2022		F-8
Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2021 and 2022		F-10
Notes to the Interim Consolidated Financial Statements		F-12
Review Report of Independent Registered Public Accounting Firm		F-98

F-1

Interim Consolidated Financial Statements

Consolidated Balance Sheets (UNAUDITED)

	Millions of yen
	March 31, 2022			September 30, 2022
ASSETS
Cash and cash deposits:
Cash and cash equivalents	¥	3,316,238		¥	3,675,554
Time deposits		320,754			346,654
Deposits with stock exchanges and other segregated cash		426,519			383,874
Total cash and cash deposits		4,063,511			4,406,082
Loans and receivables:
Loans receivable (includes ¥1,210,590 and ¥1,415,348 at fair value)		3,579,727			4,203,403
Receivables from customers (includes ¥86,839 and ¥60,506 at fair value)		417,661			531,383
Receivables from other than customers (includes ¥10,362 and ¥12,268 at fair value)		1,069,660			1,302,565
Allowance for credit losses		(66,346	)		(72,156	)
Total loans and receivables		5,000,702			5,965,195
Collateralized agreements:
Securities purchased under agreements to resell (includes ¥297,653 and ¥318,084 at fair value)		11,879,312			15,828,901
Securities borrowed		4,997,129			5,011,799
Total collateralized agreements		16,876,441			20,840,700
Trading assets and private equity and debt investments:
Trading assets (includes assets pledged of ¥4,643,412 and ¥4,911,777; includes ¥14,328 and ¥15,804 at fair value)		15,230,817			18,074,120
Private equity and debt investments (includes ¥10,770 and ¥10,318 at fair value)		65,193			63,733
Total trading assets and private equity and debt investments		15,296,010			18,137,853
Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥426,081 and ¥483,378)		419,047			430,675
Non-trading debt securities (includes assets pledged of ¥17,823 and ¥nil)		484,681			447,788
Investments in equity securities (includes assets pledged of ¥606 and ¥306)		133,897			127,256
Investments in and advances to affiliated companies (includes assets pledged of ¥5,038 and ¥5,363)		364,281			390,114
Other (includes ¥169,080 and ¥159,042 at fair value)		773,586			786,317
Total other assets		2,175,492			2,182,150
Total assets	¥	43,412,156		¥	51,531,980

F-2

Consolidated Balance Sheets—(Continued) (UNAUDITED)

	Millions of yen
	March 31, 2022			September 30, 2022
LIABILITIES AND EQUITY
Short-term borrowings (includes ¥710,629 and ¥593,885 at fair value)	¥	1,050,141		¥	1,273,660
Payables and deposits:
Payables to customers		1,522,961			1,665,336
Payables to other than customers		1,636,725			2,168,016
Deposits received at banks (includes ¥71,156 and ¥147,998 at fair value)		1,760,679			2,039,013
Total payables and deposits		4,920,365			5,872,365
Collateralized financing:
Securities sold under agreements to repurchase (includes ¥411,847 and ¥588,170 at fair value)		12,574,556			15,964,194
Securities loaned (includes ¥104,606 and ¥88,646 at fair value)		1,567,351			1,585,934
Other secured borrowings		396,291			326,875
Total collateralized financing		14,538,198			17,877,003
Trading liabilities		9,652,118			12,212,463
Other liabilities (includes ¥52,110 and ¥36,779 at fair value)		1,020,225			974,538
Long-term borrowings (includes ¥4,557,326 and ¥4,697,524 at fair value)		9,258,306			10,094,650
Total liabilities		40,439,353			48,304,679
Commitments and contingencies (Note 14)
Equity:
Nomura Holdings, Inc. (“NHI”) shareholders’ equity:
Common stock
No par value share
Authorized—6,000,000,000 shares
Issued—3,233,562,601 shares
Outstanding—3,017,804,012 and 3,001,173,885 shares		594,493			594,493
Additional paid-in capital		697,507			687,297
Retained earnings		1,606,987			1,608,564
Accumulated other comprehensive income		127,973			392,490
Total NHI shareholders’ equity before treasury stock		3,026,960			3,282,844
Common stock held in treasury, at cost—215,758,589 and 232,388,716 shares		(112,355	)		(119,870	)
Total NHI shareholders’ equity		2,914,605			3,162,974
Noncontrolling interests		58,198			64,327
Total equity		2,972,803			3,227,301
Total liabilities and equity	¥	43,412,156		¥	51,531,980

F-3

Consolidated Balance Sheets—(Continued) (UNAUDITED)

The following table presents the classification of consolidated variable interest entities’ (“VIEs”) assets and liabilities included in the consolidated balance sheets above. The assets of a consolidated VIE may only be used to settle obligations of that VIE. Creditors do not typically have any recourse to Nomura beyond the assets held in the VIEs. See Note 6 “Securitizations and Variable Interest Entities” for further information.

	Billions of yen
	March 31, 2022		September 30, 2022
Cash and cash deposits	¥	62	¥	10
Trading assets and private equity and debt investments		1,024		975
Other assets		125		188
Total assets	¥	1,211	¥	1,173
Trading liabilities	¥	0	¥	0
Other liabilities		6		4
Borrowings		892		880
Total liabilities	¥	898	¥	884

The accompanying notes are an integral part of these consolidated financial statements.

F-4

Consolidated Statements of Income (UNAUDITED)

	Millions of yen
	Six months ended September 30
	2021		2022
Revenue:
Commissions	¥	174,522	¥	138,583
Fees from investment banking		69,604		51,474
Asset management and portfolio service fees		131,237		137,288
Net gain on trading		143,136		302,823
Gain on private equity and debt investments		26,463		1,203
Interest and dividends		134,461		305,942
Gain (loss) on investments in equity securities		5,550		(3,265	)
Other		99,408		9,772
Total revenue		784,381		943,820
Interest expense		112,240		326,834
Net revenue		672,141		616,986
Non-interest expenses:
Compensation and benefits		264,848		293,955
Commissions and floor brokerage		54,213		56,671
Information processing and communications		89,235		101,859
Occupancy and related depreciation		34,562		33,002
Business development expenses		7,196		10,052
Other		125,087		78,230
Total non-interest expenses		575,141		573,769
Income before income taxes		97,000		43,217
Income tax expense		41,524		26,081
Net income	¥	55,476	¥	17,136
Less: Net income (loss) attributable to noncontrolling interests		3,776		(1,331	)
Net income attributable to NHI shareholders	¥	51,700	¥	18,467
	Yen
	Six months ended September 30
	2021		2022
Per share of common stock:
Basic—
Net income attributable to NHI shareholders per share	¥	16.76	¥	6.13
Diluted—
Net income attributable to NHI shareholders per share	¥	16.25	¥	5.91

The accompanying notes are an integral part of these consolidated financial statements.

F-5

Consolidated Statements of Income—(Continued) (UNAUDITED)

	Millions of yen
	Three months ended September 30
	2021			2022
Revenue:
Commissions	¥	91,636	¥	68,152
Fees from investment banking		33,901		24,189
Asset management and portfolio service fees		67,193		69,038
Net gain on trading		91,142		160,905
Gain on private equity and debt investments		475		5,738
Interest and dividends		69,925		196,893
Gain (loss) on investments in equity securities		2,082		(1,523	)
Other		22,855		10,460
Total revenue		379,209		533,852
Interest expense		60,343		215,894
Net revenue		318,866		317,958
Non-interest expenses:
Compensation and benefits		129,245		150,894
Commissions and floor brokerage		27,397		28,183
Information processing and communications		45,136		52,127
Occupancy and related depreciation		17,846		16,643
Business development expenses		3,902		5,353
Other		76,873		33,274
Total non-interest expenses		300,399		286,474
Income before income taxes		18,467		31,484
Income tax expense		12,984		14,741
Net income	¥	5,483	¥	16,743
Less: Net income (loss) attributable to noncontrolling interests		2,270		(28	)
Net income attributable to NHI shareholders	¥	3,213	¥	16,771
	Yen
	Three months ended September 30
	2021			2022
Per share of common stock:
Basic—
Net income attributable to NHI shareholders per share	¥	1.04	¥	5.59
Diluted—
Net income attributable to NHI shareholders per share	¥	1.01	¥	5.41

The accompanying notes are an integral part of these consolidated financial statements.

F-6

Consolidated Statements of Comprehensive Income (UNAUDITED)

	Millions of yen
	Six months ended September 30
	2021			2022
Net income	¥	55,476		¥	17,136
Other comprehensive income:
Cumulative translation adjustments:
Cumulative translation adjustments		6,370			213,044
Deferred income taxes		(202	)		(574	)
Total		6,168			212,470
Defined benefit pension plans:
Pension liability adjustment		680			1,713
Deferred income taxes		(196	)		(341	)
Total		484			1,372
Own credit adjustments:
Own credit adjustments		5,956			66,483
Deferred income taxes		(2,131	)		(13,657	)
Total		3,825			52,826
Total other comprehensive income		10,477			266,668
Comprehensive income	¥	65,953		¥	283,804
Less: Comprehensive income attributable to noncontrolling interests		4,615			820
Comprehensive income attributable to NHI shareholders	¥	61,338		¥	282,984
	Millions of yen
	Three months ended September 30
	2021			2022
Net income	¥	5,483		¥	16,743
Other comprehensive income:
Cumulative translation adjustments:
Cumulative translation adjustments		9,134			67,726
Deferred income taxes		109			(158	)
Total		9,243			67,568
Defined benefit pension plans:
Pension liability adjustment		810			787
Deferred income taxes		(335	)		(201	)
Total		475			586
Own credit adjustments:
Own credit adjustments		231			37,624
Deferred income taxes		(699	)		(8,224	)
Total		(468	)		29,400
Total other comprehensive income		9,250			97,554
Comprehensive income	¥	14,733		¥	114,297
Less: Comprehensive income (loss) attributable to noncontrolling interests		2,850			(327	)
Comprehensive income attributable to NHI shareholders	¥	11,883		¥	114,624

The accompanying notes are an integral part of these consolidated financial statements.

F-7

Consolidated Statements of Changes in Equity (UNAUDITED)

	Millions of yen
	Six months ended September 30
	2021			2022
Common stock
Balance at beginning of year	¥	594,493		¥	594,493
Balance at end of period		594,493			594,493
Additional paid-in capital
Balance at beginning of year		696,122			697,507
Stock-based compensation awards		(11,381	)		(10,210	)
Changes in an affiliated company’s interests		(18	)		—
Balance at end of period		684,723			687,297
Retained earnings
Balance at beginning of year		1,533,713			1,606,987
Net income attributable to NHI shareholders		51,700			18,467
Cash dividends (1)		(24,758	)		(15,006	)
Gain (loss) on sales of treasury stock		(2,958	)		(1,884	)
Balance at end of period		1,557,697			1,608,564
Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		18,316			136,912
Net change during the period		5,329			210,319
Balance at end of period		23,645			347,231
Defined benefit pension plans
Balance at beginning of year		(43,477	)		(43,803	)
Pension liability adjustment		484			1,372
Balance at end of period		(42,993	)		(42,431	)
Own credit adjustments
Balance at beginning of year		(12,983	)		34,864
Own credit adjustments		3,825			52,826
Balance at end of period		(9,158	)		87,690
Balance at end of period		(28,506	)		392,490
Common stock held in treasury
Balance at beginning of year		(91,246	)		(112,355	)
Repurchases of common stock		(6	)		(24,723	)
Sales of common stock		0			0
Common stock issued to employees		16,931			17,208
Balance at end of period		(74,321	)		(119,870	)
Total NHI shareholders’ equity
Balance at end of period		2,734,086			3,162,974
Noncontrolling interests
Balance at beginning of year		61,513			58,198
Cash dividends		(1,914	)		(2,440	)
Net income (loss) attributable to noncontrolling interests		3,776			(1,331	)
Accumulated other comprehensive income attributable to noncontrolling interests		839			2,151
Purchase / sale of subsidiary shares, net		277			84
Other net change in noncontrolling interests		3,055			7,665
Balance at end of period		67,546			64,327
Total equity
Balance at end of period	¥	2,801,632		¥	3,227,301

(1) Dividends per share                Six months ended September 30, 2021 ¥ 8.00                Six months ended September 30, 2022 ¥ 5.00

The accompanying notes are an integral part of these consolidated financial statements.

F-8

Consolidated Statements of Changes in Equity—(Continued) (UNAUDITED)

	Millions of yen
	Three months ended September 30
	2021			2022
Common stock
Balance at beginning of year	¥	594,493		¥	594,493
Balance at end of period		594,493			594,493
Additional paid-in capital
Balance at beginning of year		677,476			678,115
Stock-based compensation awards		7,247			9,182
Balance at end of period		684,723			687,297
Retained earnings
Balance at beginning of year		1,579,330			1,606,779
Net income attributable to NHI shareholders		3,213			16,771
Cash dividends (1)		(24,758	)		(15,006	)
Gain (loss) on sales of treasury stock		(88	)		20
Balance at end of period		1,557,697			1,608,564
Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		14,982			279,364
Net change during the period		8,663			67,867
Balance at end of period		23,645			347,231
Defined benefit pension plans
Balance at beginning of year		(43,468	)		(43,017	)
Pension liability adjustment		475			586
Balance at end of period		(42,993	)		(42,431	)
Own credit adjustments
Balance at beginning of year		(8,690	)		58,290
Own credit adjustments		(468	)		29,400
Balance at end of period		(9,158	)		87,690
Balance at end of period		(28,506	)		392,490
Common stock held in treasury
Balance at beginning of year		(74,896	)		(118,541	)
Repurchases of common stock		(3	)		(1,514	)
Sales of common stock		0			0
Common stock issued to employees		578			185
Balance at end of period		(74,321	)		(119,870	)
Total NHI shareholders’ equity
Balance at end of period		2,734,086			3,162,974
Noncontrolling interests
Balance at beginning of year		65,093			59,642
Cash dividends		(304	)		57
Net income (loss) attributable to noncontrolling interests		2,270			(27	)
Accumulated other comprehensive income (loss) attributable to noncontrolling interests		580			(299	)
Purchase / sale of subsidiary shares, net		80			84
Other net change in noncontrolling interests		(173	)		4,870
Balance at end of period		67,546			64,327
Total equity
Balance at end of period	¥	2,801,632		¥	3,227,301

(1) Dividends per share                Three months ended September 30, 2021 ¥ 8.00                Three months ended September 30, 2022 ¥ 5.00

The accompanying notes are an integral part of these consolidated financial statements.

F-9

Consolidated Statements of Cash Flows (UNAUDITED)

	Millions of yen
	Six months ended September 30
	2021			2022
Cash flows from operating activities:
Net income	¥	55,476		¥	17,136
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization		29,574			30,355
(Gain) loss on investments in equity securities		(5,550	)		3,265
Gain on investments in subsidiaries and affiliates		(36,249	)		—
Gain on disposal of office buildings, land, equipment and facilities		(3,957	)		151
Deferred income taxes		11,263			11,050
Changes in operating assets and liabilities:
Time deposits		(61,957	)		(8,439	)
Deposits with stock exchanges and other segregated cash		62,040			99,999
Trading assets and private equity and debt investments		(591,566	)		(1,293,513	)
Trading liabilities		139,755			1,598,294
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase		(409,458	)		(1,254,871	)
Securities borrowed, net of securities loaned		745,760			270,702
Other secured borrowings		(11,756	)		(70,778	)
Loans and receivables, net of allowance for credit losses		(124,048	)		(275,360	)
Payables		47,178			408,030
Bonus accrual		(62,677	)		(72,500	)
Accrued income taxes, net		(52,004	)		(38,497	)
Other, net		45,559			(84,920	)
Net cash used in operating activities		(222,617	)		(659,896	)
Cash flows from investing activities:
Payments for purchases of office buildings, land, equipment and facilities		(51,843	)		(55,969	)
Proceeds from sales of office buildings, land, equipment and facilities		24,679			25,324
Payments for purchases of investments in equity securities		(100	)		—
Proceeds from sales of investments in equity securities		434			816
Increase in loans receivable at banks, net		(41,540	)		(33,031	)
Decrease (increase) in non-trading debt securities, net		(17,578	)		57,442
Decrease (increase) in investments in affiliated companies, net		49,845			(2,822	)
Other, net		30,162			480
Net cash used in investing activities		(5,941	)		(7,760	)
Cash flows from financing activities:
Increase in long-term borrowings		2,320,541			991,025
Decrease in long-term borrowings		(1,649,198	)		(525,048	)
Increase (decrease) in short-term borrowings, net		(230,220	)		121,210
Increase in deposits received at banks, net		152,890			232,810
Proceeds from sales of common stock held in treasury		8			3
Payments for repurchases of common stock held in treasury		(6	)		(23,209	)
Payments for cash dividends		(45,952	)		(42,254	)
Contributions from noncontrolling interests		—			3,334
Distributions to noncontrolling interests		—			(2,440	)
Net cash provided by financing activities		548,063			755,431
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents		6,726			271,536
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents		326,231			359,311
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year		3,510,011			3,316,408
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	¥	3,836,242		¥	3,675,719
Supplemental information:
Cash paid during the period for—
Interest	¥	112,168		¥	302,848
Income tax payments, net	¥	82,265		¥	53,527

F-10

Consolidated Statements of Cash Flows—(Continued) (UNAUDITED)

The following table presents a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported within the consolidated balance sheets to the total of the same such amounts shown in the statements of cash flows above. Restricted cash and restricted cash equivalents are amounts where access, withdrawal or usage by Nomura is substantively prohibited by a third party entity outside of the Nomura group.

	Millions of yen
	Six months ended September 30
	2021		2022
Cash and cash equivalents reported in Cash and cash equivalents	¥	3,836,088	¥	3,675,554
Restricted cash and restricted cash equivalents reported in Deposits with stock exchanges and other segregated cash	¥	154	¥	165
Total cash, cash equivalent, restricted cash and restricted cash equivalents	¥	3,836,242	¥	3,675,719

Non-cash—

Total amount of right-of-use assets recognized during the six months ended September 30, 2021 and September 30, 2022 were ¥16,317 million and ¥15,692 million, respectively.

The accompanying notes are an integral part of these consolidated financial statements.

F-11

Notes to the Interim Consolidated Financial Statements (UNAUDITED)

1. Summary of accounting policies:

Description of business—

Nomura Holdings, Inc. (“Company”) and its broker-dealer, banking and other financial services subsidiaries provide investment, financing and related services to individual, institutional and government clients on a global basis. The Company and other entities in which it has a controlling financial interest are collectively referred to as “Nomura” within these consolidated financial statements.

Nomura operates its business through various divisions based upon the nature of specific products and services, its main client base and its management structure. Nomura reports operating results through three business segments: Retail, Investment Management and Wholesale.

In its Retail segment, Nomura provides investment consultation services mainly to individual clients in Japan. In its Investment Management segment, Nomura develops and manages investment trusts, and provides investment advisory services. In its Wholesale segment, Nomura engages in the sales and trading of debt and equity securities, derivatives, and currencies on a global basis, and provides investment banking services such as the underwriting of debt and equity securities as well as mergers and acquisitions and financial advice.

The accounting and financial reporting policies of Nomura conform to U.S. generally accepted accounting principles (“U.S.GAAP”) as applicable to broker dealers. A summary of the significant accounting policies applied by Nomura within these interim consolidated financial statements is provided within in the notes to the consolidated financial statements of Nomura’s annual report on Form 20-F for the year ended March 31, 2022 as filed on June 24, 2022 as amended by certain new accounting pronouncements adopted by the Company during the six months ended September 30, 2022 and discussed further below.

Use of estimates—

There have been no significant adverse changes in accounting estimates used by management which have had a significant adverse effect on the Company’s financial position or financial performance during the six months ended September 30, 2022.

New accounting pronouncements recently adopted—

No new accounting pronouncements relevant to Nomura were adopted during the six months ended September 30, 2022.

F-12

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Future accounting developments—

The following table presents a summary of new authoritative accounting pronouncements relevant to Nomura which will be adopted on or after October 1, 2022, the expected date of adoption by Nomura and whether the new accounting pronouncement may have a material impact on these consolidated financial statements:

Pronouncement	Summary of new guidance	Expected adoption date and method of adoption	Effect on these consolidated statements
ASU 2022-02 “Financial instruments—Credit losses (Topic 326): Troubled debt restructurings and vintage disclosures”	•  Eliminates specific recognition and measurement guidance for troubled debt restructurings (“TDRs”). Single guidance to be applied to all modifications when determining whether a modification results in a new receivable or a continuation of an existing receivable. •  Requires to use a discounted cash flow (“DCF”) or reconcilable method for measurement of current expected credit losses for modified receivables is removed; where a DCF method is used for the measurement, an effective interest rate (EIR) derived from the modified contractual terms should be applied. •  Enhances disclosures by creditors for modifications of receivables from debtors experiencing financial difficulty in the form of principal forgiveness, an interest rate reduction, other-than-insignificant payment delay or term extension. •  Augments the current requirements for public business entity creditors to disclose current-period gross write-offs by year of origination (i.e., the vintage year) for financing receivables and net investments in leases.	Nomura plans to adopt the amendments from April 1, 2023.	No material financial impact expected unless a significant number of TDRs occur in the future. Certain disclosures about modification of receivables and write-offs will be updated or removed.
ASU 2022-03 “Fair value measurement (Topic 820)”	•  Clarifies that a contractual sale restriction is an entity-specific characteristic and therefore should not be considered in the fair value measurement of an equity security. •  Enhances disclosures for fair value of investments in equity securities subject to contractual sale restrictions, nature and remaining duration of the restrictions and circumstances that could cause a lapse in the restrictions.	Nomura plans to adopt the amendments from April 1, 2024.	No material financial impact expected.

F-13

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

2. Fair value measurements:

The fair value of financial instruments

A significant amount of Nomura’s financial instruments is measured at fair value. Financial assets measured at fair value on a recurring basis are reported in the consolidated balance sheets within Trading assets and private equity and debt investments, Loans and receivables, Collateralized agreements and Other assets. Financial liabilities measured at fair value on a recurring basis are reported within Trading liabilities, Short-term borrowings, Payables and deposits, Collateralized financing, Long-term borrowings and Other liabilities.

Other financial assets and financial liabilities are measured at fair value on a nonrecurring basis, where the primary measurement basis is not fair value but where fair value is used in specific circumstances after initial recognition, such as to measure impairment.

In all cases, fair value is determined in accordance with ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”) which defines fair value as the amount that would be exchanged to sell a financial asset or transfer a financial liability in an orderly transaction between market participants at the measurement date. It assumes that the transaction occurs in the principal market for the relevant financial assets or financial liabilities, or in the absence of a principal market, the most advantageous market.

Fair value is usually determined on an individual financial instrument basis consistent with the unit of account of the financial instrument. However, certain financial instruments managed on a portfolio basis are valued as a portfolio, namely based on the price that would be received to sell a net long position (i.e., a net financial asset) or transfer a net short position (i.e., a net financial liability) consistent with how market participants would price the net risk exposure at the measurement date.

Financial assets measured at fair value also include investments in certain funds where, as a practical expedient, fair value is determined on the basis of net asset value per share (“NAV per share”) if the NAV per share is calculated in accordance with certain industry standard principles.

Increases and decreases in the fair value of assets and liabilities will significantly impact Nomura’s position, performance, liquidity and capital resources. As explained below, valuation techniques applied contain inherent uncertainties and Nomura is unable to predict the accurate impact of future developments in the market. The valuation of financial instruments is more difficult during periods of market stress as a result of greater volatility and reduced price transparency, such as during the COVID-19 pandemic in 2020 and 2021 and during the invasion of Ukraine by the Russian Federation in 2022, and may therefore require the greater use of judgement in the determination of fair value. Where appropriate, Nomura uses economic hedging strategies to mitigate its risk, although these hedges are also subject to unpredictable movements in the market.

Valuation methodology for financial instruments carried at fair value on a recurring basis

The fair value of financial instruments is based on quoted market prices including market indices, broker or dealer quotations or an estimation by management of the expected exit price under current market conditions. Various financial instruments, including cash instruments and over-the-counter (“OTC”) contracts, have bid and offer prices that are observable in the market. These are measured at the point within the bid-offer range which best represents Nomura’s estimate of fair value. Where quoted market prices or broker or dealer quotations are not available, prices for similar instruments or valuation pricing models are considered in the determination of fair value.

Where quoted prices are available in active markets, no valuation adjustments are taken to modify the fair value of assets or liabilities marked using such prices. Other instruments may be measured using valuation techniques, such as valuation pricing models incorporating observable valuation inputs, unobservable parameters or a combination of both. Valuation pricing models use valuation inputs which would be considered by market participants in valuing similar financial instruments.

Valuation pricing models and their underlying assumptions impact the amount and timing of unrealized and realized gains and losses recognized, and the use of different valuation pricing models or underlying assumptions could produce different financial results. Valuation uncertainty results from a variety of factors, including the valuation technique or model selected, the quantitative assumptions used within the valuation model, the inputs into the model, as well as other factors. Valuation adjustments are used to reflect the assessment of this uncertainty. Common valuation adjustments include model reserves, credit adjustments, close-out adjustments, and other appropriate instrument-specific adjustments, such as those to reflect transfer or sale restrictions.

F-14

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

The level of adjustments is largely judgmental and is based on an assessment of the factors that management believe other market participants would use in determining the fair value of similar financial instruments. The type of adjustments taken, the methodology for the calculation of these adjustments, and the valuation inputs for these calculations are reassessed periodically to reflect current market practice and the availability of new information.

For example, the fair value of certain financial instruments includes adjustments for credit risk; both with regards to counterparty credit risk on positions held and Nomura’s own creditworthiness on positions issued. Credit risk on financial assets is significantly mitigated by credit enhancements such as collateral and netting arrangements. Any net credit exposure is measured using available and applicable valuation inputs for the relevant counterparty. The same approach is used to measure the credit exposure on Nomura’s financial liabilities as is used to measure counterparty credit risk on Nomura’s financial assets.

Such valuation pricing models are calibrated to the market on a regular basis and inputs used are adjusted for current market conditions and risks. The Valuation Model Validation Group within Nomura’s Risk Management Department reviews pricing models and assesses model appropriateness and consistency independently of the front office. The model reviews consider a number of factors about a model’s suitability for valuation and sensitivity of a particular product. Valuation models are calibrated to the market on a periodic basis by comparison to observable market pricing, comparison with alternative models and analysis of risk profiles.

As explained above, any changes in fixed income, equity, foreign exchange and commodity markets can impact Nomura’s estimates of fair value in the future, potentially affecting trading gains and losses. Where financial contracts have longer maturity dates, Nomura’s estimates of fair value may involve greater subjectivity due to the lack of transparent market data.

Fair value hierarchy

All financial instruments measured at fair value, including those measured at fair value using the fair value option, have been categorized into a three-level hierarchy (“fair value hierarchy”) based on the transparency of valuation inputs used by Nomura to estimate fair value. A financial instrument is classified in the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement of the financial instrument. The three levels of the fair value hierarchy are defined as follows, with Level 1 representing the most transparent inputs and Level 3 representing the least transparent inputs:

Level 1:

Observable valuation inputs that reflect quoted prices (unadjusted) for identical financial instruments traded in active markets at the measurement date.

Level 2:

Valuation inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the financial instrument.

Level 3:

Unobservable valuation inputs which reflect Nomura assumptions and specific data.

F-15

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

The availability of valuation inputs observable in the market varies by product and can be affected by a variety of factors. Significant factors include, but are not restricted to the prevalence of similar products in the market, especially for customized products, how established the product is in the market, for example, whether it is a new product or is relatively mature, and the reliability of information provided in the market which would depend, for example, on the frequency and volume of current data. A period of significant change in the market may reduce the availability of observable data. Under such circumstances, financial instruments may be reclassified into a lower level in the fair value hierarchy.

Significant judgments used in determining the classification of financial instruments include the nature of the market in which the product would be traded, the underlying risks, the type and liquidity of market data inputs and the nature of observed transactions for similar instruments.

Where valuation models include the use of valuation inputs which are less observable or unobservable in the market, significant management judgment is used in establishing fair value. The valuations for Level 3 financial instruments, therefore, involve a greater degree of judgment than those valuations for Level 1 or Level 2 financial instruments and has become more prevalent during the COVID-19 pandemic.

Certain criteria used to determine whether a market is active or inactive include the number of transactions, the frequency that pricing is updated by other market participants, the variability of price quotes among market participants, and the amount of publicly available information.

F-16

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

The following tables present the amounts of Nomura’s financial instruments measured at fair value on a recurring basis as of March 31, 2022 and September 30, 2022 within the fair value hierarchy.

	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(2)
Non-trading debt securities		117		367		—		—			484
Other(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(11)		—		653		58		—			711
Payables and deposits(10)(12)		—		63		8		—			71
Collateralized financing(9)		—		516		—		—			516
Long-term borrowings(11)(13)(14)		23		4,055		479		—			4,557
Other liabilities(15)		32		155		32		—			219
Total	¥	6,552	¥	24,427	¥	826	¥	(16,079	)	¥	15,726

F-17

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

	Billions of yen
	September 30, 2022
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting(1)			Balance as of September 30, 2022
Assets:
Trading assets and private equity and debt investments(2)
Equities(3)	¥	1,965	¥	1,101	¥	16	¥	—		¥	3,082
Private equity and debt investments(5)		14		—		39		—			53
Japanese government securities		1,955		—		—		—			1,955
Japanese agency and municipal securities		—		123		2		—			125
Foreign government, agency and municipal securities		4,104		1,949		10		—			6,063
Bank and corporate debt securities and loans for trading purposes		—		1,100		272		—			1,372
Commercial mortgage-backed securities (“CMBS”)		—		—		7		—			7
Residential mortgage-backed securities (“RMBS”)		—		2,755		9		—			2,764
Issued/Guaranteed by government sponsored entity		—		2,636		—		—			2,636
Other		—		119		9		—			128
Real estate-backed securities		—		52		103		—			155
Collateralized debt obligations (“CDOs”) and other(6)		—		44		20		—			64
Investment trust funds and other		305		25		0		—			330
Total trading assets and private equity and debt investments		8,343		7,149		478		—			15,970
Derivative assets(7)
Equity contracts		1		1,259		45		—			1,305
Interest rate contracts		129		20,918		206		—			21,253
Credit contracts		23		238		70		—			331
Foreign exchange contracts		0		8,534		56		—			8,590
Commodity contracts		0		1		—		—			1
Netting		—		—		—		(29,358	)		(29,358	)
Total derivative assets		153		30,950		377		(29,358	)		2,122
Subtotal	¥	8,496	¥	38,099	¥	855	¥	(29,358	)	¥	18,092
Loans and receivables(8)		—		1,268		221		—			1,489
Collateralized agreements(9)		—		299		19		—			318
Other assets(2)
Non-trading debt securities		106		338		3		—			447
Other(3)(4)		163		79		189		—			431
Total	¥	8,765	¥	40,083	¥	1,287	¥	(29,358	)	¥	20,777
Liabilities:
Trading liabilities
Equities	¥	2,074	¥	7	¥	1	¥	—		¥	2,082
Japanese government securities		1,030		—		—		—			1,030
Foreign government, agency and municipal securities		5,045		1,083		0		—			6,128
Bank and corporate debt securities		—		227		4		—			231
Residential mortgage-backed securities (“RMBS”)		—		0		0		—			0
Collateralized debt obligations (“CDOs”) and other(6)		—		3		—		—			3
Investment trust funds and other		116		8		0		—			124
Total trading liabilities		8,265		1,328		5		—			9,598
Derivative liabilities(7)
Equity contracts		1		1,847		50		—			1,898
Interest rate contracts		54		20,021		171		—			20,246
Credit contracts		26		315		103		—			444
Foreign exchange contracts		0		8,458		35		—			8,493
Commodity contracts		0		1		—		—			1
Netting		—		—		—		(28,468	)		(28,468	)
Total derivative liabilities		81		30,642		359		(28,468	)		2,614
Subtotal	¥	8,346	¥	31,970	¥	364	¥	(28,468	)	¥	12,212
Short-term borrowings(11)		—		564		29		—			593
Payables and deposits(10)(12)		—		127		21		—			148
Collateralized financing(9)		—		677		—		—			677
Long-term borrowings(11)(13)(14)		22		4,262		415		—			4,699
Other liabilities(15)		57		91		23		—			171
Total	¥	8,425	¥	37,691	¥	852	¥	(28,468	)	¥	18,500

F-18

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

(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, 2022 and September 30, 2022, the fair values of these investments which are included in Trading assets and private equity and debt investments were ¥45 billion and ¥47 billion, respectively. As of March 31, 2022 and September 30, 2022, the fair values of these investments which are included in Other assets were ¥3 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 ¥101,503 million and ¥32,394 million, respectively, as of March 31, 2022 and ¥92,584 million and ¥34,672 million, respectively, as of September 30, 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 for which the fair value option has been elected.

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

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

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

(14) 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.

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

F-19

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Valuation techniques by major class of financial instrument

The valuation techniques used by Nomura to estimate fair value for major classes of financial instruments, together with the significant inputs which determine classification in the fair value hierarchy, are as follows.

Equities and equity securities reported within Other assets—Equities and equity securities reported within Other assets include direct holdings of both listed and unlisted equity securities, and fund investments. The fair value of listed equity securities is determined using quoted prices for identical securities from active markets where available. These valuations should be in line with market practice and therefore can be based on bid prices or mid-market prices. Nomura determines whether the market is active depending on the sufficiency and frequency of trading activity. Where these securities are classified in Level 1 of the fair value hierarchy, no valuation adjustments are made to fair value. Listed equity securities traded in inactive markets are also generally valued using the exchange price and are classified in Level 2. Whilst rare in practice, Nomura may apply a discount or liquidity adjustment to the exchange price of a listed equity security traded in an inactive market if the exchange price is not considered to be an appropriate representation of fair value. These adjustments are determined by individual security and are not determined or influenced by the size of holding. The amount of such adjustments made to listed equity securities traded in inactive markets was ¥nil as of March 31, 2022 and September 30, 2022, respectively. The fair value of unlisted equity securities is determined using the same valuation technique as private equity and debt investments described below and are usually classified in Level 3 because significant valuation inputs such as liquidity discounts and credit spreads are unobservable.

Private equity and debt investments—The determination of fair value of unlisted private equity and debt investments requires significant management judgment because the investments, by their nature, have little or no price transparency. Private equity and debt investments are initially carried at cost as an approximation of fair value. Adjustments to carrying value are made if there is third-party evidence of a change in value. Adjustments are also made, in the absence of third-party transactions, if it is determined that the expected exit price of the investment is different from carrying value. In reaching that determination, Nomura primarily uses either a discounted cash flow (“DCF”) or market multiple valuation technique. A DCF valuation technique incorporates estimated future cash flows to be generated from the underlying investee, as adjusted for an appropriate growth rate discounted at a weighted average cost of capital (“WACC”). Market multiple valuation techniques include comparables such as Enterprise Value/earnings before interest, taxes, depreciation and amortization (“EV/EBITDA”) ratios, Price/Earnings (“PE”) ratios, Price/Book ratios, Price/Embedded Value ratios and other multiples based on relationships between numbers reported in the financial statements of the investee and the price of comparable companies. A liquidity discount may also be applied to either a DCF or market multiple valuation to reflect the specific characteristics of the investee. The liquidity discount includes considerations for various uncertainties in the model and inputs to valuation. Where possible these valuations are compared with the operating cash flows and financial performance of the investee or properties relative to budgets or projections, price/earnings data for similar quoted companies, trends within sectors and/or regions and any specific rights or terms associated with the investment, such as conversion features and liquidation preferences. Private equity and debt investments are generally classified in Level 3 since the valuation inputs such as those mentioned above are usually unobservable.

Government, agency and municipal securities—The fair value of Japanese and other G7 government securities is primarily determined using quoted market prices, executable broker or dealer quotations, or alternative pricing sources. These securities are traded in active markets and therefore are classified within Level 1 of the fair value hierarchy. Non-G7 government securities, agency securities and municipal securities are valued using similar pricing sources but are generally classified in Level 2 as they are traded in inactive markets. Certain non-G7 securities may be classified in Level 1 because they are traded in active markets. Certain securities may be classified in Level 3 because they are traded infrequently and there is not sufficient information from comparable securities to classify them in Level 2. These are valued using DCF valuation techniques which include significant unobservable valuation inputs such as credit spreads of the issuer.

F-20

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Bank and corporate debt securities—The fair value of bank and corporate debt securities is primarily determined using DCF valuation techniques but also using broker or dealer quotations and recent market transactions of identical or similar debt securities, if available. Consideration is given to the nature of the broker and dealer quotations, namely whether these are indicative or executable, the number of available quotations and how these quotations compare to any available recent market activity or alternative pricing sources. The significant valuation inputs used for DCF valuations are yield curves, asset swap spreads, recovery rates and credit spreads of the issuer. Bank and corporate debt securities are generally classified in Level 2 of the fair value hierarchy because these valuation inputs are usually observable or market-corroborated. Certain bank and corporate debt securities will be classified in Level 3 because they are traded infrequently and there is insufficient information from comparable securities to classify them in Level 2, or credit spreads or recovery rates of the issuer used in DCF valuations are unobservable.

Commercial mortgage-backed securities (“CMBS”) and Residential mortgage-backed securities (“RMBS”)—The fair value of CMBS and RMBS are primarily determined using DCF valuation techniques but also using broker or dealer quotations and recent market transactions of identical or similar securities, if available. Consideration is given to the nature of the broker and dealer quotations, namely whether these are indicative or executable, the number of available quotations and how these quotations compare to any available recent market activity or alternative pricing sources. The significant valuation inputs include yields, prepayment rates, default probabilities and loss severities. CMBS and RMBS securities are generally classified in Level 2 because these valuation inputs are observable or market-corroborated. Certain CMBS and RMBS positions will be classified in Level 3 because they are traded infrequently and there is insufficient information from comparable securities to classify them in Level 2, or one or more of the significant valuation inputs used in DCF valuations are unobservable.

Real estate-backed securities—The fair value of real estate-backed securities is determined using broker or dealer quotations, recent market transactions or by reference to a comparable market index. Consideration is given to the nature of the broker and dealer quotations, namely whether these are indicative or executable, the number of available quotations and how these quotations compare to any available recent market activity or alternative pricing sources. Where all significant inputs are observable, the securities will be classified in Level 2. For certain securities, no direct pricing sources or comparable securities or indices may be available. These securities are valued using DCF or valuation techniques and are classified in Level 3 as the valuation includes significant unobservable valuation inputs such as yields or loss severities.

Collateralized debt obligations (“CDOs”) and other—The fair value of CDOs is primarily determined using DCF valuation techniques but also using broker or dealer quotations and recent market transactions of identical or similar securities, if available. Consideration is given to the nature of the broker and dealer quotations, namely whether these are indicative or executable, the number of available quotations and how these quotations compare to any available recent market activity or alternative pricing sources. The significant valuation inputs used include market spread data for each credit rating, yields, prepayment rates, default probabilities and loss severities. CDOs are generally classified in Level 2 of the fair value hierarchy because these valuation inputs are observable or market-corroborated. CDOs will be classified in Level 3 where one or more of the significant valuation inputs used in the DCF valuations are unobservable.

Investment trust funds and other—The fair value of investment trust funds is primarily determined using NAV per share. Publicly traded funds which are valued using a daily NAV per share are classified in Level 1 of the fair value hierarchy. For funds that are not publicly traded but Nomura has the ability to redeem its investment with the investee at NAV per share on the balance sheet date or within the near term, the investments are classified in Level 2. Investments where Nomura does not have the ability to redeem in the near term or does not know when it can redeem are classified in Level 3. The fair value of certain other investments reported within Investment trust funds and other is determined using DCF valuation techniques. These investments are classified in Level 3 as the valuation includes significant unobservable valuation inputs such as credit spreads of issuer and correlation.

F-21

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Derivatives—Equity contracts—Nomura enters into both exchange-traded and OTC equity derivative transactions such as index and equity options, equity basket options and index and equity swaps. Where these derivatives are traded in active markets and the exchange price is representative of fair value, the fair value of exchange-traded equity derivatives is determined using an unadjusted exchange price and classified in Level 1 of the fair value hierarchy. The fair value of exchange-traded equity derivatives which are traded in inactive markets or where the exchange price is not representative of fair value is determined using a model price and are classified in Level 2. The fair value of OTC equity derivatives is determined through option models such as Black-Scholes and Monte Carlo simulation. The significant valuation inputs used include equity prices, dividend yields, volatilities and correlations. Valuation adjustments are also made to model valuations in order to reflect counterparty credit risk on derivative assets and Nomura‘s own creditworthiness on derivative liabilities. OTC equity derivatives are generally classified in Level 2 because all significant valuation inputs and adjustments are observable or market-corroborated. Certain less liquid vanilla or more complex equity derivatives are classified in Level 3 where dividend yield, volatility or correlation valuation inputs are significant and unobservable.

Derivatives—Interest rate contracts—Nomura enters into both exchange-traded and OTC interest rate derivative transactions such as interest rate swaps, currency swaps, interest rate options, forward rate agreements, swaptions, caps and floors. Where these derivatives are traded in active markets and the exchange price is representative of fair value, the fair value of exchange-traded interest rate derivatives is determined using an unadjusted exchange price and classified in Level 1 of the fair value hierarchy. The fair value of exchange-traded interest rate derivatives which are traded in inactive markets or where the exchange price is not representative of fair value is determined using a model price and are classified in Level 2. The fair value of OTC interest rate derivatives is determined through DCF valuation techniques as well as option models such as Black-Scholes and Monte Carlo simulation. The significant valuation inputs used include interest rates, forward foreign exchange (“FX”) rates, volatilities and correlations. Valuation adjustments are also made to model valuations in order to reflect counterparty credit risk on derivative assets and Nomura‘s own creditworthiness on derivative liabilities. OTC interest rate derivatives are generally classified in Level 2 because all significant valuation inputs and adjustments are observable or market-corroborated. Certain less liquid vanilla or more complex OTC interest rate derivatives are classified in Level 3 where interest rate, volatility or correlation valuation inputs are significant and unobservable.

Derivatives—Credit contracts—Nomura enters into OTC credit derivative transactions such as credit default swaps and credit options on single names, indices or baskets of assets. The fair value of OTC credit derivatives is determined through DCF valuation techniques as well as option models such as Black-Scholes and Monte Carlo simulation. The significant valuation inputs used include interest rates, credit spreads, recovery rates, default probabilities, volatilities and correlations. Valuation adjustments are also made to model valuations in order to reflect counterparty credit risk on derivative assets and Nomura’s own creditworthiness on derivative liabilities. OTC credit derivatives are generally classified in Level 2 of the fair value hierarchy because all significant valuation inputs and adjustments are observable or market-corroborated. Certain less liquid vanilla or more complex OTC credit derivatives are classified in Level 3 where credit spread, recovery rate, volatility or correlation valuation inputs are significant and unobservable.

Derivatives—Foreign exchange contracts—Nomura enters into both exchange-traded and OTC foreign exchange derivative transactions such as foreign exchange forwards and currency options. The fair value of exchange-traded foreign exchange derivatives which are traded in inactive markets or where the exchange price is not representative of fair value is determined using a model price and are classified in Level 2. The fair value of OTC foreign exchange derivatives is determined through DCF valuation techniques as well as option models such as Black-Scholes and Monte Carlo simulation. The significant valuation inputs used include interest rates, forward FX rates, spot FX rates and volatilities. Valuation adjustments are also made to model valuations in order to reflect counterparty credit risk on derivative assets and Nomura’s own creditworthiness on derivative liabilities. OTC foreign exchange derivatives are generally classified in Level 2 because all significant valuation inputs and adjustments are observable or market-corroborated. Certain foreign exchange derivatives are classified in Level 3 where interest rates, volatility or correlation valuation inputs are significant and unobservable.

Nomura includes valuation adjustments in its estimation of fair value of certain OTC derivatives relating to funding costs associated with these transactions to be consistent with how market participants in the principal market for these derivatives would determine fair value.

F-22

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Loans and receivables—The fair value of loans and receivables carried at fair value either as trading assets or through election of the fair value option is primarily determined using DCF valuation techniques as quoted prices are typically not available. The significant valuation inputs used are similar to those used in the valuation of corporate debt securities described above. Loans and receivables are generally classified in Level 2 of the fair value hierarchy because all significant valuation inputs are observable. Certain loans and receivables, however, are classified in Level 3 because they are traded infrequently and there is not sufficient information from comparable securities to classify them in Level 2 or credit spreads of the issuer or recovery rates used in DCF valuations are significant and unobservable.

Collateralized agreements and Collateralized financing—The primary types of collateralized agreement and financing transactions carried at fair value are reverse repurchase and repurchase agreements elected for the fair value option. The fair value of these financial instruments is primarily determined using DCF valuation techniques. The significant valuation inputs used include interest rates and collateral funding spreads such as general collateral or special rates. Reverse repurchase and repurchase agreements are generally classified in Level 2 of the fair value hierarchy because these valuation inputs are usually observable.

Non-trading debt securities—These are debt securities held by certain non-trading subsidiaries in the group and are valued and classified in the fair value hierarchy using the same valuation techniques used for other debt securities classified as Government, agency and municipal securities and Bank and corporate debt securities described above.

Short-term and long-term borrowings (“Structured notes”)—Structured notes are debt securities issued by Nomura or by consolidated variable interest entities (“VIEs”) which contain embedded features that alter the return to the investor from simply receiving a fixed or floating rate of interest to a return that depends upon some other variables, such as an equity or equity index, commodity price, foreign exchange rate, credit rating of a third party or a more complex interest rate (i.e., an embedded derivative).

The fair value of structured notes is determined using a quoted price in an active market for the identical liability if available, and where not available, using a mixture of valuation techniques that use the quoted price of the identical liability when traded as an asset, quoted prices for similar liabilities, similar liabilities when traded as assets, or an internal model which combines DCF valuation techniques and option pricing models, depending on the nature of the embedded features within the structured note. Where an internal model is used, Nomura estimates the fair value of both the underlying debt instrument and the embedded derivative components. The significant valuation inputs used to estimate the fair value of the debt instrument component include yield curves, prepayment rates, default probabilities and loss severities. The significant valuation inputs used to estimate the fair value of the embedded derivative component are the same as those used for the relevant type of freestanding OTC derivative discussed above. A valuation adjustment is also made to the entire structured note in order to reflect Nomura’s own creditworthiness. This adjustment is determined based on recent observable secondary market transactions and executable broker quotes involving Nomura debt instruments and is therefore typically treated as a Level 2 valuation input. Structured notes are generally classified in Level 2 of the fair value hierarchy as all significant valuation inputs and adjustments are observable. Where any unobservable valuation inputs are significant, such as yields, prepayment rates, default probabilities, loss severities, volatilities and correlations used to estimate the fair value of the embedded derivative component, structured notes are classified in Level 3.

Long-term borrowings (“Secured financing transactions”)—Secured financing transactions are liabilities recognized when a transfer of a financial asset does not meet the criteria for sales accounting under ASC 860 “Transfer and Servicing” (“ASC 860”) and therefore the transaction is accounted for as a secured borrowing. These liabilities are valued using the same valuation techniques that are applied to the transferred financial assets which remain on the consolidated balance sheets and are therefore classified in the same level in the fair value hierarchy as the transferred financial assets. These liabilities do not provide general recourse to Nomura and therefore, no adjustment is made to reflect Nomura’s own creditworthiness.

F-23

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Level 3 financial instruments

The valuation of Level 3 financial assets and liabilities is dependent on certain significant valuation inputs which are unobservable. Common characteristics of an inactive market include a low number of transactions of the financial instrument, stale or non-current price quotes, price quotes that vary substantially either over time or among market makers, non-executable broker quotes or little publicly released information.

If corroborative evidence is not available to value Level 3 financial instruments, fair value may be measured using other equivalent products in the market. The level of correlation between the specific Level 3 financial instrument and the available benchmark instrument is considered as an unobservable valuation input. Other techniques for determining an appropriate value for unobservable valuation input may consider information such as consensus pricing data among certain market participants, historical trends, extrapolation from observable market data and other information Nomura would expect market participants to use in valuing similar instruments.

Use of reasonably possible alternative valuation input assumptions to value Level 3 financial instruments will significantly influence fair value determination. Ultimately, the uncertainties described above about input assumptions imply that the fair value of Level 3 financial instruments is a judgmental estimate. The specific valuation for each instrument is based on management’s judgment of prevailing market conditions, in accordance with Nomura’s established valuation policies and procedures.

F-24

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Quantitative and qualitative information regarding significant unobservable valuation inputs

The following tables present quantitative and qualitative information about the significant unobservable valuation inputs used by Nomura to measure the fair value of financial instruments classified in Level 3 as of March 31, 2022 and September 30, 2022. These financial instruments will also typically include observable valuation inputs (i.e., Level 1 or Level 2 valuation inputs) which are not included in the table and are also often hedged using financial instruments which are classified in Level 1 or Level 2 of the fair value hierarchy. Changes in each of these significant unobservable valuation inputs used by Nomura will impact upon the fair value measurement of the financial instrument. The following tables also illustrate qualitatively how an increase in those significant unobservable valuation inputs might result in a higher or lower fair value measurement at the reporting date and the interrelationship between significant unobservable valuation inputs where more than one is used to determine fair value measurement of the financial instruments.

	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

F-25

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

	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)
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
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	Loss severities	0.0%	0.0%	Lower fair value	Not applicable
				DCF/ Option models	Volatilities Volatilities Correlations	5.0 – 97.0% 41.2 – 69.6 bp (1.00) – 0.98	—   —   —	Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Other liabilities		32		DCF	Recovery rates	90.0%	90.0%	Higher fair value	Not applicable

F-26

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

	September 30, 2022
Financial Instrument	Fair value in billions of yen		Valuation technique	Significant unobservable 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		39	DCF	WACC Growth rates Credit spreads Liquidity discounts	5.3 – 17.5% 0.0 – 2.0%  10.9% 5.0 – 30.0%	9.8% 0.5% 10.9% 18.1%	Lower fair value Higher fair value Lower fair value Lower fair value	No predictable interrelationship
			Market multiples	EV/EBITDA ratios PE Ratios Liquidity discounts	(0.4) – 11.6 x 10.9 – 24.0 x 5.0 – 30.0%	7.1 x 14.2 x 12.9%	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% 7.3 – 18.5%	0.7% 8.2%	Lower fair value Higher fair value	No predictable interrelationship
Bank and corporate debt securities and loans for trading purposes		272	DCF	Credit spreads Recovery rates	0.0 – 154.7% 0.0 – 100.0%	8.7% 82.1%	Lower fair value Higher fair value	No predictable interrelationship
Commercial mortgage-backed securities (“CMBS”)		7	DCF	Yields Loss severities	4.6 – 12.7% 28.3 – 73.0%	4.9% 40.3%	Lower fair value Lower fair value	No predictable interrelationship
Residential mortgage- backed securities (“RMBS”)		9	DCF	Yields Prepayment rates Loss severities	0.0 – 25.0% 7.2 – 15.0% 0.3 – 99.9%	8.8% 9.7% 17.3%	Lower fair value Lower fair value Lower fair value	No predictable interrelationship
Real estate-backed securities		103	DCF	Loss severities	1.4 – 20.2%	7.7%	Lower fair value	Not applicable
Collateralized debt obligations (“CDOs”) and other		20	DCF	Yields Prepayment rates Default probabilities Loss severities	6.8 – 30.0% 20.0% 2.0% 95.5 – 100.0%	19.2% 20.0% 2.0% 96.8%	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

F-27

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

	September 30, 2022
Financial Instrument	Fair value in billions of yen			Valuation technique	Significant unobservable 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)
Derivatives, net:
Equity contracts	¥	(5	)	Option models	Dividend yield Volatilities Correlations	0.0 – 31.5% 5.5 – 111.2% (0.80) – 0.97	—   —   —	Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Interest rate contracts		35		DCF/ Option models	Interest rates Volatilities Volatilities Correlations	1.2 – 4.5% 10.3 – 17.1% 38.8 – 147.2 bp (1.00) – 0.99	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Credit contracts		(33	)	DCF/ Option models	Credit spreads Recovery rates Volatilities Correlations	0.1 – 447.4% 0.0 – 90.0% 59.5 – 68.5% 0.24 – 0.90	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Foreign exchange contracts		21		Option models	Interest rates Volatilities Volatilities Correlations	3.6 – 3.6% 2.4 – 43.1% 0.0 – 0.0 bp (1.00) – 0.84	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Loans and receivables		221		DCF	Credit spreads Recovery rates	0.0 – 67.4% 40.0 – 100.0%	7.8% 95.1%	Lower fair value Higher fair value	No predictable interrelationship
Collateralized agreements		19		DCF	Repo rate	2.8 – 6.0%	3.4%	Lower fair value	Not applicable
Other assets
Non-trading debt securities		3		DCF	Credit spreads	0.0%	0.0%	Lower fair value	No predictable interrelationship
Other(7)		189		DCF	WACC Growth rates Liquidity discounts	11.8% 3.0% 10.0%	11.8% 3.0% 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	3.8 – 5.3 x 8.2 – 30.8 x 0.3 – 1.6 x 25.0 – 30.0%	4.3 x 10.8 x 0.8 x 29.9%	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		4		DCF	Recovery rates	5.6 – 98.5%	85.8%	Higher fair value	Not applicable
Short-term borrowings		29		DCF/ Option models	Volatilities Correlations	11.5 – 111.2% (0.65) – 0.97	—   —	Higher fair value Higher fair value	No predictable interrelationship
Payables and deposits		21		DCF/ Option models	Volatilities  Correlations	10.3 – 11.3% 0.34 – 0.98	—   —	Higher fair value Higher fair value	No predictable interrelationship
Long-term borrowings		415		DCF	Loss severities	0.0%	0.0%	Lower fair value	Not applicable
				DCF/ Option models	Volatilities Volatilities Correlations	10.3 – 111.2%  66.9 bp (1.00) – 0.98	—   —   —	Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Other liabilities		23		DCF	Recovery rates	90.8 – 98.5%	92.7%	Higher fair value	Not applicable

F-28

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

(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.

F-29

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Qualitative discussion of the ranges of significant unobservable valuation inputs

The following comments present qualitative discussion about the significant unobservable valuation inputs used by Nomura for financial instruments classified in Level 3.

Derivatives—Equity contracts—The significant unobservable valuation inputs are dividend yield, volatilities and correlations. The range of dividend yields varies as some companies do not pay any dividends, for example due to a lack of profits or as a policy during a growth period, and hence have a zero dividend yield while others may pay high dividends, for example to return money to investors. The range of volatilities is wide as the volatilities of shorter-dated equity derivatives or those based on single equity securities can be higher than those of longer-dated instruments or those based on indices. Correlations represent the relationships between one input and another (“pairs”) and can either be positive or negative amounts. The range of correlations moves from positive to negative because the movement of some pairs is very closely related and in the same direction causing highly positive correlations while others generally move in opposite directions causing highly negative correlations with pairs that have differing relationships throughout the range.

Derivatives—Interest rate contracts—The significant unobservable valuation inputs are interest rates, volatilities and correlations. The range of interest rates is due to interest rates in different countries/currencies being at different levels. The range of volatilities is wide as volatilities of shorter-dated interest rate derivatives are typically higher than those of longer-dated instruments. The range of correlations moves from positive to negative because the movement of some pairs is very closely related and in the same direction causing highly positive correlations while others generally move in opposite directions causing highly negative correlations with pairs that have differing relationships through the range. All significant unobservable valuation inputs are spread across the ranges.

Derivatives—Credit contracts—The significant unobservable valuation inputs are credit spreads, recovery rates, volatilities and correlations. The range of credit spreads reflects the different risk of default present within the portfolio. At the low end of the range, underlying reference names have a very limited risk of default whereas at the high end of the range, underlying reference names have a much greater risk of default. The range of recovery rates varies primarily due to the seniority of the underlying exposure with senior exposures having a higher recovery than subordinated exposures. The range of volatilities is wide as the volatilities of shorter-dated credit contracts are typically higher than those of longer-dated instruments. The correlation range is positive since credit spread moves are generally in the same direction. Highly positive correlations are those for which the movement is very closely related and in the same direction, with correlation falling as the relationship becomes less strong.

Derivatives—Foreign exchange contracts—The significant unobservable valuation inputs are interest rates, volatilities and correlations. The range of interest rates is due to interest rates in different countries/currencies being at different levels with some countries having extremely low levels and others being at levels that while still relatively low are less so. The range of volatilities is mainly due to the lower end of the range arising from currencies that trade in narrow ranges (e.g. versus the U.S. Dollar) while the higher end comes from currencies with a greater range of movement such as emerging market currencies. The range of correlations moves from positive to negative because the movement of some pairs is very closely related and in the same direction causing highly positive correlations while others generally move in opposite directions causing highly negative correlations with pairs that have differing relationships through the range.

Short-term borrowings and Long-term borrowings—The significant unobservable valuation inputs are yields, prepayment rates, default probabilities, loss severities, volatilities and correlations. The range of volatilities is wide as the volatilities of shorter-dated instruments are typically higher than those in longer-dated instruments. The range of correlations moves from positive to negative because the movement of some pairs is very closely related and in the same direction causing highly positive correlations while others generally move in opposite directions causing highly negative correlations with pairs that have differing relationships through the range.

F-30

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Movements in Level 3 financial instruments

The following tables present gains and losses as well as increases and decreases of financial instruments measured at fair value on a recurring basis which Nomura classified in Level 3 for the six and three months ended September 30, 2021 and 2022. Financial instruments classified in Level 3 are often hedged with instruments within Level 1 or Level 2 of the fair value hierarchy. The gains or losses presented below do not reflect the offsetting gains or losses for these hedging instruments. Level 3 financial instruments are also measured using both observable and unobservable valuation inputs. Fair value changes presented below, therefore, reflect realized and unrealized gains and losses resulting from movements in both observable and unobservable valuation inputs.

For the six months ended September 30, 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
	Six months ended September 30, 2021
	Beginning balance as of six months ended September 30, 2021			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, 2021
Assets:
Trading assets and private equity and debt investments
Equities	¥	16		¥	0		¥	—	¥	1	¥	(6	)	¥	—		¥	0		¥	2		¥	(1	)	¥	12
Private equity and debt investments		58			2			—		3		(3	)		—			0			—			(13	)		47
Japanese agency and municipal securities		2			0			—		0		0			—			—			—			—			2
Foreign government, agency and municipal securities		12			0			—		6		(9	)		—			0			2			(1	)		10
Bank and corporate debt securities and loans for trading purposes		135			2			—		32		(45	)		—			1			22			(15	)		132
Commercial mortgage-backed securities (“CMBS”)		8			0			—		0		0			—			0			—			0			8
Residential mortgage-backed securities (“RMBS”)		6			0			—		3		(2	)		—			0			—			—			7
Real estate-backed securities		106			3			—		195		(182	)		—			1			—			—			123
Collateralized debt obligations (“CDOs”) and other		23			(1	)		—		36		(35	)		—			0			—			—			23
Investment trust funds and other		0			0			—		16		(16	)		—			0			0			—			0
Total trading assets and private equity and debt investments		366			6			—		292		(298	)		—			2			26			(30	)		364
Derivatives, net(3)
Equity contracts		(41	)		20			—		—		—			1			(1	)		(2	)		32			9
Interest rate contracts		(43	)		(3	)		—		—		—			11			(1	)		6			2			(28	)
Credit contracts		(38	)		(1	)		—		—		—			3			0			(2	)		1			(37	)
Foreign exchange contracts		15			(3	)		—		—		—			(1	)		0			0			(1	)		10
Total derivatives, net		(107	)		13			—		—		—			14			(2	)		2			34			(46	)
Subtotal	¥	259		¥	19		¥	—	¥	292	¥	(298	)	¥	14		¥	0		¥	28		¥	4		¥	318
Loans and receivables		104			2			—		14		(18	)		—			2			27			(8	)		123
Collateralized agreements		18			0			—		—		(5	)		—			0			—			—			13
Other assets
Other		185			23			—		0		0			—			2			0			(1	)		209
Total	¥	566		¥	44		¥	—	¥	306	¥	(321	)	¥	14		¥	4		¥	55		¥	(5	)	¥	663
Liabilities:
Trading liabilities
Equities	¥	0		¥	0		¥	—	¥	0	¥	0		¥	—		¥	0		¥	—		¥	0		¥	0
Foreign government, agency and municipal securities		1			0			—		—		(1	)		—			0			—			—			0
Bank and corporate debt securities		5			0			—		3		(1	)		—			0			3			(4	)		6
Collateralized debt obligations (“CDOs”) and other		1			0			—		0		(1	)		—			0			0			—			0
Investment trust funds and other		0			0			—		0		0			—			0			—			—			0
Total trading liabilities	¥	7		¥	0		¥	—	¥	3	¥	(3	)	¥	—		¥	0		¥	3		¥	(4	)	¥	6
Short-term borrowings		103			(7	)		0		92		(89	)		—			0			8			(35	)		86
Payables and deposits		1			0			0		0		—			—			—			1			0			2
Collateralized financing		1			—			0		—		—			—			—			—			(1	)		—
Long-term borrowings		547			(9	)		2		289		(256	)		—			0			23			(99	)		511
Other liabilities		35			(4	)		—		0		(15	)		—			0			0			0			24
Total	¥	694		¥	(20	)	¥	2	¥	384	¥	(363	)	¥	—		¥	0		¥	35		¥	(139	)	¥	629

F-31

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

	Billions of yen
	Six months ended September 30, 2022
	Beginning balance as of six months ended September 30, 2022			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, 2022
Assets:
Trading assets and private equity and debt investments
Equities	¥	14		¥	0		¥	—	¥	7	¥	(2	)	¥	—		¥	2		¥	1		¥	(6	)	¥	16
Private equity and debt investments		32			2			—		7		(2	)		—			0			—			—			39
Japanese agency and municipal securities		2			0			—		—		0			—			—			—			—			2
Foreign government, agency and municipal securities		10			2			—		7		(8	)		—			0			0			(1	)		10
Bank and corporate debt securities and loans for trading purposes		220			(1	)		—		157		(168	)		—			27			55			(18	)		272
Commercial mortgage-backed securities (“CMBS”)		7			0			—		0		0			—			—			0			—			7
Residential mortgage-backed securities (“RMBS”)		8			(1	)		—		0		(1	)		—			2			1			—			9
Real estate-backed securities		79			(13	)		—		98		(75	)		—			14			—			—			103
Collateralized debt obligations (“CDOs”) and other		26			(2	)		—		29		(37	)		—			4			0			—			20
Investment trust funds and other		0			0			—		0		0			—			0			0			—			0
Total trading assets and private equity and debt investments		398			(13	)		—		305		(293	)		—			49			57			(25	)		478
Derivatives, net(3)
Equity contracts		10			12			—		—		—			(25	)		(3	)		(1	)		2			(5	)
Interest rate contracts		(11	)		22			—		—		0			17			0			11			(4	)		35
Credit contracts		(33	)		12			—		—		—			(6	)		(4	)		(2	)		0			(33	)
Foreign exchange contracts		10			0			—		—		—			9			2			0			0			21
Total derivatives, net		(24	)		46			—		—		0			(5	)		(5	)		8			(2	)		18
Subtotal	¥	374		¥	33		¥	—	¥	305	¥	(293	)	¥	(5	)	¥	44		¥	65		¥	(27	)	¥	496
Loans and receivables		205			5			—		25		(52	)		—			29			36			(27	)		221
Collateralized agreements		16			0			—		—		—			—			3			—			—			19
Other assets
Non-trading debt securities		—			0			—		0		—			—			1			2			—			3
Other		197			(34	)		0		1		(1	)		—			25			1			—			189
Total	¥	792		¥	4		¥	0	¥	331	¥	(346	)	¥	(5	)	¥	102		¥	104		¥	(54	)	¥	928
Liabilities:
Trading liabilities
Equities	¥	0		¥	0		¥	—	¥	0	¥	(1	)	¥	—		¥	0		¥	2		¥	—		¥	1
Foreign government, agency and municipal securities		0			0			—		—		—			—			0			—			—			0
Bank and corporate debt securities		3			0			—		1		(3	)		—			0			3			0			4
Collateralized debt obligations (“CDOs”) and other		0			—			—		1		(1	)		—			0			—			—			—
Investment trust funds and other		0			0			—		—		0			—			0			—			—			0
Total trading liabilities	¥	3		¥	0		¥	—	¥	2	¥	(5	)	¥	—		¥	0		¥	5		¥	0		¥	5
Short-term borrowings		58			0			0		26		(16	)		—			0			4			(43	)		29
Payables and deposits		8			1			0		15		—			—			—			7			(8	)		21
Long-term borrowings		479			13			3		122		(77	)		—			3			38			(134	)		415
Other liabilities		32			9			—		3		(7	)		—			5			0			(1	)		23
Total	¥	580		¥	23		¥	3	¥	168	¥	(105	)	¥	—		¥	8		¥	54		¥	(186	)	¥	493

F-32

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

	Billions of yen
	Three months ended September 30, 2021
	Beginning balance as of three months ended September 30, 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 three months ended September 30, 2021
Assets:
Trading assets and private equity and debt investments
Equities	¥	11		¥	0		¥	—	¥	1	¥	(1	)	¥	—		¥	0		¥	1		¥	0		¥	12
Private equity and debt investments		45			(1	)		—		4		(1	)		—			0			—			—			47
Japanese agency and municipal securities		2			0			—		0		0			—			—			—			—			2
Foreign government, agency and municipal securities		13			0			—		1		(5	)		—			0			1			0			10
Bank and corporate debt securities and loans for trading purposes		131			1			—		18		(27	)		—			1			12			(4	)		132
Commercial mortgage-backed securities (“CMBS”)		8			0			—		—		0			—			0			—			0			8
Residential mortgage-backed securities (“RMBS”)		7			1			—		1		(2	)		—			0			—			—			7
Real estate-backed securities		158			0			—		84		(121	)		—			2			—			—			123
Collateralized debt obligations (“CDOs”) and other		21			0			—		15		(13	)		—			0			—			—			23
Investment trust funds and other		1			0			—		15		(16	)		—			0			—			—			0
Total trading assets and private equity and debt investments		397			1			—		139		(186	)		—			3			14			(4	)		364
Derivatives, net(3)
Equity contracts		(39	)		21			—		—		—			3			(1	)		6			19			9
Interest rate contracts		(41	)		(1	)		—		—		—			9			0			5			0			(28	)
Credit contracts		(31	)		(5	)		—		—		—			1			0			(2	)		0			(37	)
Foreign exchange contracts		9			4			—		—		—			(2	)		0			0			(1	)		10
Total derivatives, net		(102	)		19			—		—		—			11			(1	)		9			18			(46	)
Subtotal	¥	295		¥	20		¥	—	¥	139	¥	(186	)	¥	11		¥	2		¥	23		¥	14		¥	318
Loans and receivables		111			3			—		8		(11	)		—			1			18			(7	)		123
Collateralized agreements		16			0			—		—		(3	)		—			0			—			—			13
Other assets
Other		202			5			—		—		—			—			2			0			—			209
Total	¥	624		¥	28		¥	—	¥	147	¥	(200	)	¥	11		¥	5		¥	41		¥	7		¥	663
Liabilities:
Trading liabilities
Equities	¥	0		¥	0		¥	—	¥	—	¥	0		¥	—		¥	0		¥	—		¥	—		¥	0
Foreign government, agency and municipal securities		0			0			—		—		0			—			0			—			—			0
Bank and corporate debt securities		2			0			—		2		(1	)		—			0			4			(1	)		6
Collateralized debt obligations (“CDOs”) and other		0			0			—		0		0			—			0			—			—			0
Investment trust funds and other		0			0			—		—		0			—			0			—			—			0
Total trading liabilities	¥	2		¥	0		¥	—	¥	2	¥	(1	)	¥	—		¥	0		¥	4		¥	(1	)	¥	6
Short-term borrowings		94			2			0		49		(48	)		—			0			3			(10	)		86
Payables and deposits		2			0			0		0		—			—			—			0			0			2
Long-term borrowings		508			5			0		129		(110	)		—			0			7			(18	)		511
Other liabilities		33			(2	)		—		0		(11	)		—			0			—			0			24
Total	¥	639		¥	5		¥	0	¥	180	¥	(170	)	¥	—		¥	0		¥	14		¥	(29	)	¥	629

F-33

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

	Billions of yen
	Three months ended September 30, 2022
	Beginning balance as of three months ended September 30, 2022			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 three months ended September 30, 2022
Assets:
Trading assets and private equity and debt investments
Equities	¥	19		¥	2		¥	—	¥	1	¥	(2	)	¥	—		¥	1		¥	1		¥	(6	)	¥	16
Private equity and debt investments		32			3			—		5		(1	)		—			0			—			—			39
Japanese agency and municipal securities		2			0			—		—		0			—			—			—			—			2
Foreign government, agency and municipal securities		12			0			—		2		(3	)		—			0			0			(1	)		10
Bank and corporate debt securities and loans for trading purposes		260			(3	)		—		72		(98	)		—			11			33			(3	)		272
Commercial mortgage-backed securities (“CMBS”)		7			0			—		—		0			—			—			0			—			7
Residential mortgage-backed securities (“RMBS”)		9			0			—		0		(1	)		—			1			—			—			9
Real estate-backed securities		105			(3	)		—		36		(41	)		—			6			—			—			103
Collateralized debt obligations (“CDOs”) and other		23			2			—		12		(18	)		—			1			0			—			20
Investment trust funds and other		0			0			—		0		0			—			0			0			—			0
Total trading assets and private equity and debt investments		469			1			—		128		(164	)		—			20			34			(10	)		478
Derivatives, net(3)
Equity contracts		26			(2	)		—		—		—			(27	)		(2	)		(5	)		5			(5	)
Interest rate contracts		20			20			—		—		0			0			(1	)		(2	)		(2	)		35
Credit contracts		(30	)		(5	)		—		—		—			4			0			(2	)		0			(33	)
Foreign exchange contracts		18			(1	)		—		—		—			5			0			0			(1	)		21
Total derivatives, net		34			12			—		—		0			(18	)		(3	)		(9	)		2			18
Subtotal	¥	503		¥	13		¥	—	¥	128	¥	(164	)	¥	(18	)	¥	17		¥	25		¥	(8	)	¥	496
Loans and receivables		196			3			—		18		(21	)		—			9			16			—			221
Collateralized agreements		18			0			—		—		—			—			1			—			—			19
Other assets
Non-trading debt securities		3			0			—		0		—			—			0			—			—			3
Other		189			(10	)		0		0		0			—			9			1			—			189
Total	¥	909		¥	6		¥	0	¥	146	¥	(185	)	¥	(18	)	¥	36		¥	42		¥	(8	)	¥	928
Liabilities:
Trading liabilities
Equities	¥	1		¥	0		¥	—	¥	—	¥	0		¥	—		¥	0		¥	0		¥	—		¥	1
Foreign government, agency and municipal securities		0			0			—		—		0			—			0			—			—			0
Bank and corporate debt securities		5			0			—		0		(3	)		—			0			2			0			4
Collateralized debt obligations (“CDOs”) and other		0			—			—		—		0			—			—			—			—			—
Investment trust funds and other		0			0			—		—		0			—			0			—			—			0
Total trading liabilities	¥	6		¥	0		¥	—	¥	0	¥	(3	)	¥	—		¥	0		¥	2		¥	0		¥	5
Short-term borrowings		35			(2	)		0		9		(10	)		—			0			3			(10	)		29
Payables and deposits		25			0			0		4		—			—			—			—			(8	)		21
Long-term borrowings		442			0			2		37		(22	)		—			2			16			(58	)		415
Other liabilities		26			(1	)		—		0		(5	)		—			2			0			(1	)		23
Total	¥	534		¥	(3	)	¥	2	¥	50	¥	(40	)	¥	—		¥	4		¥	21		¥	(77	)	¥	493

(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 six and three months ended September 30, 2021 and 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.

F-34

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Unrealized gains and losses recognized for Level 3 financial instruments

The following table presents the amounts of unrealized gains (losses) for the six and three months ended September 30, 2021 and 2022, relating to those financial instruments which Nomura classified in Level 3 within the fair value hierarchy and that were still held by Nomura at the relevant consolidated balance sheet date.

	Billions of yen
	Six months ended September 30
	2021			2022
	Unrealized gains / (losses)(1)
Assets:
Trading assets and private equity and debt investments
Equities	¥	0		¥	0
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		1			0
Commercial mortgage-backed securities (“CMBS”)		0			0
Residential mortgage-backed securities (“RMBS”)		0			0
Real estate-backed securities		2			(1	)
Collateralized debt obligations (“CDOs”) and other		(2	)		(3	)
Investment trust funds and other		0			0
Total trading assets and private equity and debt investments		3			(2	)
Derivatives, net(2)
Equity contracts		24			11
Interest rate contracts		(9	)		15
Credit contracts		2			3
Foreign exchange contracts		(1	)		(7	)
Total derivatives, net		16			22
Subtotal	¥	19		¥	20
Loans and receivables		1			4
Collateralized agreements		0			0
Other assets
Other		23			(34	)
Total	¥	43		¥	(10	)
Liabilities:
Trading liabilities
Equities	¥	—		¥	0
Foreign government, agency and municipal securities		0			0
Bank and corporate debt securities		0			0
Total trading liabilities	¥	0		¥	0
Short-term borrowings(3)		3			0
Payables and deposits(3)		0			1
Long-term borrowings(3)		4			19
Other liabilities		(1	)		14
Total	¥	6		¥	34

F-35

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

	Billions of yen
	Three months ended September 30
	2021			2022
	Unrealized gains / (losses)(1)
Assets:
Trading assets and private equity and debt investments
Equities	¥	1		¥	2
Private equity and debt investments		1			3
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		0			(2	)
Commercial mortgage-backed securities (“CMBS”)		0			0
Residential mortgage-backed securities (“RMBS”)		0			0
Real estate-backed securities		(1	)		(2	)
Collateralized debt obligations (“CDOs”) and other		(2	)		1
Investment trust funds and other		0			0
Total trading assets and private equity and debt investments		(1	)		2
Derivatives, net(2)
Equity contracts		25			4
Interest rate contracts		(4	)		11
Credit contracts		(3	)		(5	)
Foreign exchange contracts		5			(2	)
Total derivatives, net		23			8
Subtotal	¥	22		¥	10
Loans and receivables		2			3
Collateralized agreements		—			0
Other assets
Other		5			(9	)
Total	¥	29		¥	4
Liabilities:
Trading liabilities
Equities	¥	—		¥	0
Bank and corporate debt securities		0			0
Collateralized debt obligations (“CDOs”) and other		0			—
Total trading liabilities	¥	0		¥	0
Short-term borrowings(3)		5			(1	)
Payables and deposits(3)		0			0
Long-term borrowings(3)		8			5
Other liabilities		0			1
Total	¥	13		¥	5

(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 ¥2 billion and ¥3 billion for the six months ended September 30, 2021 and 2022 respectively and ¥0 billion and ¥2 billion for the three months ended September 30, 2021 and 2022, respectively.

F-36

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Investments in investment funds that calculate NAV per share

In the normal course of business, Nomura invests in non-consolidated funds which meet the definition of investment companies or are similar in nature and which do not have readily determinable fair values. For certain of these investments, Nomura uses NAV per share as the basis for valuation as a practical expedient. Some of these investments are redeemable at different amounts from NAV per share.

The following tables present information on these investments where NAV per share is calculated or disclosed as of March 31, 2022 and September 30, 2022. Investments are presented by major category relevant to the nature of Nomura’s business and risks

	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
	Billions of yen
	September 30, 2022
	Fair value		Unfunded commitments(1)		Redemption frequency (if currently eligible)(2)		Redemption notice(3)
Hedge funds	¥	15	¥	1		Monthly		Same day-30 days
Venture capital funds		10		9		—		—
Private equity funds		21		13		—		—
Real estate funds		3		1		—		—
Total	¥	49	¥	24

(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.

Hedge funds:

These investments include funds of funds that invest in multiple asset classes. The fair values of these investments are determined using NAV per share. Although most of these funds can be redeemed within six months, certain funds cannot be redeemed within six months due to contractual, liquidity or gating issues. The redemption period is unknown for certain suspended or liquidating funds. Some of these investments contain restrictions against transfers of the investments to third parties.

Venture capital funds:

These investments include primarily start-up funds. The fair values of these investments are determined using NAV per share. Most of these funds cannot be redeemed within six months. The redemption period is unknown for certain suspended or liquidating funds. Some of these investments contain restrictions against transfers of the investments to third parties.

Private equity funds:

These investments are made mainly in various sectors in Europe, U.S. and Japan. The fair values of these investments are determined using NAV per share. Redemption is restricted for most of these investments. The redemption period is unknown for certain suspended or liquidating funds. Some of these investments contain restrictions against transfers of the investments to third parties.

Real estate funds:

These are investments in commercial and other types of real estate. The fair values of these investments are determined using NAV per share. Redemption is restricted for most of these investments. The redemption period is unknown for certain suspended or liquidating funds. Some of these investments contain restrictions against transfers of the investments to third parties.

F-37

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Fair value option for financial assets and financial liabilities

Nomura measures certain eligible financial assets and liabilities at fair value through the election of the fair value option permitted by ASC 815 “Derivatives and Hedging” and ASC 825 “Financial Instruments.” When Nomura elects the fair value option for an eligible item, changes in that item’s fair value are recognized through earnings. Election of the fair value option is generally irrevocable unless an event occurs that gives rise to a new basis of accounting for that instrument.

The financial assets and financial liabilities primarily elected for the fair value option by Nomura, and the reasons for the election, are as follows:

• Equity method investments reported within Trading assets and private equity and debt investments and Other assets held for capital appreciation or current income purposes which Nomura generally has an intention to exit rather than hold indefinitely. Nomura elects the fair value option to more appropriately represent the purpose of these investments in these consolidated financial statements.

• Loans receivable and Receivables from customers reported within Loans and receivables which are risk managed on a fair value basis and loan commitments related to loans receivable for which the fair value option will be elected upon funding. Nomura elects the fair value option to mitigate volatility through earnings caused by the difference in measurement basis that otherwise would arise between loans and the derivatives used to risk manage those instruments.

• Reverse repurchase and repurchase agreements reported within Collateralized agreements and Collateralized financing which are risk managed on a fair value basis. Nomura elects the fair value option to mitigate volatility through earnings caused by the difference in measurement basis that otherwise would arise between the reverse repurchase and repurchase agreements and the derivatives used to risk manage those instruments.

• All structured notes issued on or after April 1, 2008 reported within Short-term borrowings or Long-term borrowings. Nomura elects the fair value option for those structured notes primarily to mitigate the volatility through earnings caused by differences in the measurement basis for structured notes and the derivatives Nomura uses to risk manage those positions. Nomura also elects the fair value option for certain notes issued by consolidated VIEs for the same purpose and for certain structured notes issued prior to April 1, 2008. Certain subsidiaries elect the fair value option for structured loans and vanilla debt securities issued by those subsidiaries.

• Certain structured deposit issuances reported within Deposits received at banks. Nomura elects the fair value option for those structured deposits primarily to mitigate the volatility through earnings caused by differences in the measurement basis for structured deposits and the derivatives Nomura uses to risk manage those positions.

• Financial liabilities reported within Long-term borrowings recognized in transactions which are accounted for as secured financing transactions under ASC 860. Nomura elects the fair value option for these financial liabilities to mitigate volatility through earnings that otherwise would arise had this election not been made. Even though Nomura usually has little or no continuing economic exposure to the transferred financial assets, they remain on the consolidated balance sheets and continue to be carried at fair value, with changes in fair value recognized through earnings.

• Financial reinsurance contracts reported within Other assets. Nomura elects the fair value option to mitigate income volatility caused by the difference in measurement basis that would otherwise exist. Changes in the fair value of the reinsurance contracts carried at fair value are reported in the consolidated statements of income.

Interest and dividends arising from financial instruments for which the fair value option has been elected are recognized within Interest and dividends, Interest expense or Revenue—Net gain on trading.

F-38

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

The following table presents gains (losses) due to changes in fair value for financial instruments measured at fair value using the fair value option for the six and three months ended September 30, 2021 and 2022.

	Billions of yen
	Six months ended September 30
	2021			2022
	Gains / (Losses)(1)
Assets:
Trading assets and private equity and debt investments(2)
Trading assets	¥	0		¥	(1	)
Private equity and debt investments		1			2
Loans and receivables		8			16
Collateralized agreements(3)		0			(2	)
Other assets(2)		16			(35	)
Total	¥	25		¥	(20	)
Liabilities:
Short-term borrowings(4)	¥	21		¥	126
Payables and deposits		3			9
Collateralized financing(3)		6			3
Long-term borrowings(4)(5)		(25	)		442
Other liabilities(6)		(10	)		16
Total	¥	(5	)	¥	596
	Billions of yen
	Three months ended September 30
	2021			2022
	Gains / (Losses)(1)
Assets:
Trading assets and private equity and debt investments(2)
Trading assets	¥	—		¥	(1	)
Private equity and debt investments		1			1
Loans and receivables		4			7
Collateralized agreements(3)		0			(2	)
Other assets(2)		5			(10	)
Total	¥	10		¥	(5	)
Liabilities:
Short-term borrowings(4)	¥	33		¥	66
Payables and deposits		0			4
Collateralized financing(3)		8			0
Long-term borrowings(4)(5)		30			173
Other liabilities(6)		(6	)		11
Total	¥	65		¥	254

(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.

F-39

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

As of March 31, 2022 and September 30, 2022, Nomura held an economic interest of 39.21% and 39.87% in American Century Companies, Inc., respectively. The investment is measured at fair value on a recurring basis through election of the fair value option and is reported within Other assets—Other in the consolidated balance sheets.

For the six months ended September 30, 2021 and 2022, there was no significant impact on financial assets for which the fair value option was elected attributable to instrument-specific credit risk.

Nomura calculates the impact of changes in its own creditworthiness on certain financial liabilities for which the fair value option is elected by revaluation techniques using a rate which incorporates observable changes in its credit spread.

The following table presents changes in the valuation adjustment for Nomura’s own creditworthiness recognized in other comprehensive income during the years pertaining to certain financial liabilities for which the fair value option has been elected recognized in other comprehensive income during the years and cumulatively, and amounts reclassified to earnings from accumulated other comprehensive income on early settlement of such financial liabilities during the six and three months ended September 30, 2021 and 2022

	Billions of yen
	Period ended or as of September 30
	2021			2022
Changes recognized as a credit to other comprehensive income	¥	6		¥	63
Credit Amounts reclassified to earnings		1			0
Cumulative credit (debit) balance recognized in accumulated other comprehensive income		(5	)		116
	Billions of yen
	Three months ended September 30
	2021			2022
Changes recognized as a credit to other comprehensive income	¥	1		¥	35
Credit (debit) amounts reclassified to earnings		0			(0	)

As of March 31, 2022, the fair value of the aggregate unpaid principal balance (which is contractually principally protected) of Loans and receivables for which the fair value option was elected was ¥267 billion less than the principal balance of such Loans and receivables. A significant portion of the principal balance relates to receivables recognized for claims in connection with the U.S. Prime Brokerage Event in March 2021. The unpaid principal balance of Loans and receivables for which the fair value option was elected that were 90 days or more past due was ¥278 billion. The fair value of the aggregate unpaid principal balance (which is contractually principally protected) of Long-term borrowings for which the fair value option was elected was ¥212 billion less than the principal balance of such Long-term borrowings.

As of September 30, 2022, the fair value of the aggregate unpaid principal balance (which is contractually principally protected) of Loans and receivables for which the fair value option was elected was ¥347 billion less than the principal balance of such Loans and receivables. A significant portion of the principal balance relates to receivables recognized for claims in connection with the U.S. Prime Brokerage Event in March 2021. The unpaid principal balance of Loans and receivables for which the fair value option was elected that were 90 days or more past due was ¥329 billion. The fair value of the aggregate unpaid principal balance (which is contractually principally protected) of Long-term borrowings for which the fair value option was elected was ¥487 billion less than the principal balance of such Long-term borrowings.

Investment by Investment companies

Nomura carries all of investments by investment companies under ASC 946 “Financial Services—Investment Companies” (“ASC 946”) at fair value, with changes in fair value recognized through the consolidated statements of income.

F-40

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Concentrations of credit risk

Concentrations of credit risk may arise from trading, securities financing transactions and underwriting activities, and may be impacted by changes in political or economic factors. Nomura has credit risk concentrations on debt securities issued by the Japanese Government, U.S. Government, British Government (“U.K.”), Governments within the European Union (“EU”), their states and municipalities, and their agencies. These concentrations generally arise from taking trading positions and are reported within Trading assets in the consolidated balance sheets. Government, agency and municipal securities, including Securities pledged as collateral, represented 16% of total assets as of March 31, 2022 and 16% as of September 30, 2022.

The following tables present geographic allocations of Nomura’s trading assets related to government, agency and municipal securities as of March 31, 2022 and September 30, 2022. See Note 3 “Derivative instruments and hedging activities” for further information regarding the concentration of credit risk for derivatives.

	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
	Billions of yen
	September 30, 2022
	Japan		U.S.		EU & U.K.		Other		Total(1)
Government, agency and municipal securities	¥	2,080	¥	3,276	¥	2,083	¥	704	¥	8,143

(1) Other than above, there were ¥331 billion and ¥325 billion of government, agency and municipal securities reported within Other assets—Non-trading debt securities in the consolidated balance sheets as of March 31, 2022 and September 30, 2022, respectively. These securities are primarily Japanese government, agency and municipal securities.

Estimated fair value of financial instruments not carried at fair value

Certain financial instruments are not carried at fair value on a recurring basis in the consolidated balance sheets since they are neither held for trading purposes nor are elected for the fair value option. These are typically carried at contractual amounts due or amortized cost.

The carrying value of the majority of the financial instruments detailed below approximates their fair value since they are short-term in nature and contain minimal credit risk. These financial instruments include financial assets reported within Cash and cash equivalents, Time deposits, Deposits with stock exchanges and other segregated cash, Receivables from customers, Receivables from other than customers, Securities purchased under agreements to resell and Securities borrowed and financial liabilities reported within Short-term borrowings, Payables to customers, Payables to other than customers, Deposits received at banks, Securities sold under agreements to repurchase, Securities loaned and Other secured borrowings in the consolidated balance sheets.

The fair values of other financial instruments which are longer-term in nature or may contain more than minimal credit risk may be different to their carrying value. Financial assets of this type primarily include certain loans which are reported within Loans receivable while financial liabilities primarily include long-term borrowings which are reported within Long-term borrowings.

F-41

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

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, 2022 and September 30, 2022.

	Billions of yen
	March 31, 2022(1)
	Carrying value		Fair value		Fair value by level
					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

	Billions of yen
	September 30, 2022(1)
	Carrying value		Fair value		Fair value by level
					Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	¥	3,676	¥	3,676	¥	3,676	¥	—	¥	—
Time deposits		347		347		—		347		—
Deposits with stock exchanges and other segregated cash		384		384		—		384		—
Loans receivable(2)		4,133		4,133		—		2,960		1,173
Securities purchased under agreements to resell		15,829		15,828		—		15,809		19
Securities borrowed		5,012		5,011		—		5,011		—
Total	¥	29,381	¥	29,379	¥	3,676	¥	24,511	¥	1,192
Liabilities:
Short-term borrowings	¥	1,274	¥	1,274	¥	—	¥	1,245	¥	29
Deposits received at banks		2,039		2,039		—		2,018		21
Securities sold under agreements to repurchase		15,964		15,964		—		15,964		—
Securities loaned		1,586		1,585		—		1,585		—
Other secured borrowings		327		327		—		327		—
Long-term borrowings		10,095		9,998		22		9,521		455
Total	¥	31,285	¥	31,187	¥	22	¥	30,660	¥	505

(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.

F-42

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Assets and liabilities measured at fair value on a nonrecurring basis

In addition to financial instruments carried at fair value on a recurring basis, Nomura also measures other financial and non-financial assets and liabilities at fair value on a nonrecurring basis, where the primary measurement basis is not fair value. Fair value is only used in specific circumstances after initial recognition such as to measure impairment.

As of March 31, 2022 and September 30, 2022, there were no significant amount of assets or liabilities which were measured at fair value on a nonrecurring basis.

F-43

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

3. Derivative instruments and hedging activities:

Nomura uses a variety of derivatives, including futures, forwards, options and swaps, for both trading and non-trading purposes.

Derivatives used for trading purposes

In the normal course of business, Nomura enters into transactions involving derivatives to meet client needs, for trading purposes, and to reduce its own exposure to loss due to adverse fluctuations in interest rates, currency exchange rates and market prices of securities. These financial instruments include contractual agreements such as commitments to swap interest payment streams, exchange currencies or purchase or sell securities and other financial instruments on specific terms at specific future dates.

Nomura maintains active trading positions in a variety of derivatives. Most of Nomura’s trading activities are client oriented. Nomura utilizes a variety of derivatives as a means of bridging clients’ specific financial needs and investors’ demands in the securities markets. Nomura also actively trades securities and various derivatives to facilitate its clients in adjusting their risk profiles change. In performing these activities, Nomura carries an inventory of capital markets instruments and maintains its access to market liquidity by quoting bid and offer prices to and trading with other market makers. These activities are essential to provide clients with securities and other capital market products at competitive prices.

Futures and forward contracts are commitments to either purchase or sell securities, foreign exchange contracts or other capital market instruments at a specific future date for a specified price and may be settled in cash or through delivery. Foreign exchange contracts include spot and forward contracts and involve the exchange of two currencies at a rate agreed by the contracting parties. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movements in market prices. Futures contracts are executed through exchanges which clear and guarantee performance of counterparties. Accordingly, credit risk associated with futures contracts is considered minimal. In contrast, forward contracts are generally negotiated between two counterparties and, therefore, are subject to counterparty risks.

Options are contracts that grant the purchaser, for a premium payment, the right to either purchase or sell a financial instrument at a specified price within a specified period of time or on a specified date from or to the writer of the option. The writer of options receives premiums and bears the risk of unfavorable changes in the market price of the financial instruments underlying the options.

Swaps are contractual agreements in which two counterparties agree to exchange certain cash flows, at specified future dates, based on an agreed contract. Certain agreements may result in combined interest rate and foreign exchange exposures. Entering into swap agreements may involve the risk of credit losses in the event of counterparty default.

To the extent these derivatives are economically hedging financial instruments or securities positions of Nomura, the overall risk of loss may be fully or partly mitigated by the hedged position.

Nomura seeks to minimize its exposure to market risk arising from its use of these derivatives through various control policies and procedures, including position limits, monitoring procedures and hedging strategies whereby Nomura enters into offsetting or other positions in a variety of financial instruments.

F-44

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Derivatives used for non-trading purposes

Nomura’s principal objectives in using derivatives for non-trading purposes are to manage interest rate risk, to modify interest rate risk profile of certain financial liabilities, to manage foreign exchange risk of certain foreign currency denominated debt securities, to manage net investment exposure to fluctuations in foreign exchange rates arising from certain foreign operations and to mitigate equity price risk arising from certain stock-based compensation awards given to employees. Credit risk associated with derivatives utilized for non-trading purposes is controlled and managed in the same way as that associated with derivatives used for trading purposes.

Fair value hedges

Nomura designates certain derivatives as fair value hedges of interest rate risk arising from specific financial liabilities and foreign currency risk arising from specific foreign currency denominated debt securities. These derivatives are effective in reducing the risk associated with the exposure being hedged and are highly correlated with changes in the fair value and foreign currency rates of the underlying hedged items, both at inception and throughout the life of the hedging relationship. Changes in fair value of the hedging derivatives are reported together with those of the hedged liabilities and assets through the consolidated statements of income within Interest expense and Revenue—Other, respectively.

Net investment hedges

Nomura designates certain derivatives designated as hedges of its net investment in foreign operations relating to specific subsidiaries which have non-Japanese Yen functional currencies. When determining the effectiveness of net investment hedges, the effective portion of the change in fair value of the hedging derivative is determined by changes in spot exchange rates. Changes in fair value of the hedging derivatives attributable to changes in the difference between the forward rate and spot rate are excluded from the measurement of hedge effectiveness and are reported in the consolidated statements of income within Revenue—Other. All other movements in the fair value of highly effective net investment hedging derivatives are reported through NHI shareholders’ equity within Accumulated other comprehensive income (loss).

Concentrations of credit risk for derivatives

The following tables present Nomura’s significant concentration of exposures to credit risk in OTC derivatives with financial institutions including transactions cleared through central counterparties as of March 31, 2022 and September 30, 2022. The gross fair value of derivative assets represents the maximum amount of loss due to credit risk that Nomura would incur if the counterparties of Nomura failed to perform in accordance with the terms of the instruments and any collateral or other security Nomura held in relation to those instruments proved to be of no value.

	Billions of yen
	March 31, 2022
	Gross fair value of derivative assets		Impact of master netting agreements			Impact of collateral			Net exposure to credit risk
Financial institutions	¥	15,667	¥	(13,193	)	¥	(1,669	)	¥	805
	Billions of yen
	September 30, 2022
	Gross fair value of derivative assets		Impact of master netting agreements			Impact of collateral			Net exposure to credit risk
Financial institutions	¥	27,075	¥	(23,637	)	¥	(2,337	)	¥	1,101

F-45

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Derivative activities

The following tables quantify of Nomura’s derivative positions as of March 31, 2022 and September 30, 2022 through a disclosure of notional amounts, in comparison with the fair value of those derivatives. All amounts are disclosed on a gross basis, prior to counterparty offsetting of derivative assets and liabilities and cash collateral offsetting against net derivatives. Derivatives which contain multiple types of risk are classified in the table based on the primary risk type of the instrument. Changes in the fair value of derivatives are recognized either through earnings or other comprehensive income depending on the purpose for which the derivatives are used.

			Billions of yen
			March 31, 2022
			Derivative assets		Derivative liabilities
	Total Notional(1)		Fair value		Fair value(1)
Derivatives used for trading and non-trading purposes(2):
Equity contracts	¥	34,526	¥	974	¥	1,457
Interest rate contracts		2,769,546		11,938		10,865
Credit contracts		37,572		443		514
Foreign exchange contracts		314,763		4,804		4,814
Commodity contracts		300		1		1
Total	¥	3,156,707	¥	18,160	¥	17,651
Derivatives designated as formal fair value or net investment accounting hedges:
Interest rate contracts	¥	2,166	¥	—	¥	88
Foreign exchange contracts		145		2		—
Total	¥	2,311	¥	2	¥	88
Total derivatives	¥	3,159,018	¥	18,162	¥	17,739
			Billions of yen
			September 30, 2022
			Derivative assets		Derivative liabilities
	Total Notional(1)		Fair value		Fair value(1)
Derivatives used for trading and non-trading purposes(2):
Equity contracts	¥	33,531	¥	1,305	¥	1,898
Interest rate contracts		3,521,150		21,253		20,011
Credit contracts		46,260		331		444
Foreign exchange contracts		399,613		8,585		8,493
Commodity contracts		299		1		1
Total	¥	4,000,853	¥	31,475	¥	30,847
Derivatives designated as formal fair value or net investment accounting hedges:
Interest rate contracts	¥	2,728	¥	—	¥	227
Foreign exchange contracts		158		5		—
Total	¥	2,886	¥	5	¥	227
Total derivatives	¥	4,003,739	¥	31,480	¥	31,074

(1) Includes the amount of embedded derivatives bifurcated in accordance with ASC 815.

(2) As of March 31, 2022 and September 30, 2022, the amounts reported include derivatives used for non-trading purposes other than those designated as fair value or net investment accounting hedges. These amounts have not been separately presented since such amounts were not significant.

F-46

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Offsetting of derivatives

Counterparty credit risk associated with derivatives is controlled by Nomura through credit approvals, limits and monitoring procedures. To reduce the risk of loss, Nomura requires collateral, principally cash collateral and government securities, for certain derivative transactions. In certain cases, Nomura may agree for such collateral to be posted to a third-party custodian under a control agreement that enables Nomura to take control of such collateral in the event of counterparty default. From an economic standpoint, Nomura evaluates default risk exposure net of related collateral. Furthermore, OTC derivative transactions are typically documented under industry standard master netting agreements which mitigate Nomura’s credit exposure to counterparties. A master netting agreement is a single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default of the counterparty (“close-out and offsetting rights”).

For certain OTC centrally-cleared and exchange-traded derivatives, the clearing or membership agreements entered into by Nomura provide similar rights to Nomura in the event of default of the relevant central clearing party or exchange. Nomura generally seeks to obtain an external legal opinion in order to ascertain the enforceability of such close-out and offsetting rights within these agreements.

For certain counterparties and /or in certain jurisdictions, Nomura may enter into derivative transactions which are not documented under a master netting agreement. Even when derivatives are documented under such agreements, Nomura may not have obtained, or may not be able to obtain evidence to determine with sufficient certainty that close-out and offsetting rights within such agreements are legally enforceable. This may be the case where the relevant local laws explicitly prohibit the enforceability of such close-out and offsetting rights, or where the local laws are complex, ambiguous or silent on the enforceability of such rights. This may include derivative transactions executed with certain foreign governments, agencies, municipalities, central clearing counterparties, exchanges and pension funds.

Nomura considers the enforceability of a master netting agreement in determining how credit risk arising from transactions with a specific counterparty is hedged, how counterparty credit exposures are calculated and applied to credit limits and the extent and nature of collateral requirements from the counterparty.

Derivative assets and liabilities with the same counterparty and the related cash collateral receivables and payables documented under an enforceable master netting agreement are presented on a net basis on the consolidated balance sheets where the specific criteria defined by ASC 210-20 and ASC 815 are met.

The following table presents information about offsetting of derivatives and related cash collateral amounts on the consolidated balance sheets as of March 31, 2022 and September 30, 2022 by type of derivative contract, and additional amounts permitted to be offset legally by Nomura under enforceable master netting agreements, central clearing counterparties or exchange rules in the event of counterparty default but not offset on the consolidated balance sheets due to one or more of the criteria defined by ASC 210-20 and ASC 815 are not met. Derivative transactions which are not documented under a master netting agreement or are documented under a master netting agreement for which Nomura does not have sufficient evidence of enforceability of close-out and offsetting rights are not offset in the following table.

F-47

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

	Billions of yen						Billions of yen
	March 31, 2022						September 30, 2022
	Derivative assets			Derivative liabilities (1)			Derivative assets			Derivative liabilities (1)
Equity contracts
OTC settled bilaterally	¥	709		¥	1,054		¥	771		¥	1,114
Exchange-traded		265			403			534			784
Interest rate contracts
OTC settled bilaterally		9,486			8,584			15,194			14,286
OTC centrally-cleared		2,332			2,309			5,929			5,898
Exchange-traded		120			60			130			54
Credit contracts
OTC settled bilaterally		208			276			209			305
OTC centrally-cleared		223			224			100			113
Exchange-traded		12			14			22			26
Foreign exchange contracts
OTC settled bilaterally		4,806			4,814			8,590			8,493
Commodity contracts
OTC settled bilaterally		1			1			1			1
Exchange-traded		0			0			0			0
Total gross derivative balances(2)	¥	18,162		¥	17,739		¥	31,480		¥	31,074
Less: Amounts offset in the consolidated balance sheets(3)		(16,608	)		(16,079	)		(29,358	)		(28,468	)
Total net amounts reported on the face of the consolidated balance sheets(4)	¥	1,554		¥	1,660		¥	2,122		¥	2,606
Less: Additional amounts not offset in the consolidated balance sheets(5)
Financial instruments and non-cash collateral		(432	)		(134	)		(619	)		(352	)
Net amount	¥	1,122		¥	1,526		¥	1,503		¥	2,254

(1) Includes the amount of embedded derivatives bifurcated in accordance with ASC 815.

(2) Includes all gross derivative asset and liability balances irrespective of whether they are transacted under a master netting agreement or whether Nomura has obtained sufficient evidence of enforceability of the master netting agreement. As of March 31, 2022, the gross balance of derivative assets and derivative liabilities which are not documented under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability was ¥458 billion and ¥671 billion, respectively. As of September 30, 2022, the gross balance of such derivative assets and derivative liabilities was ¥765 billion and ¥936 billion, respectively.

(3) Represents amounts offset through counterparty offsetting of derivative assets and liabilities as well as cash collateral offsetting against net derivatives under master netting and similar agreements for which Nomura has obtained sufficient evidence of enforceability in accordance with ASC 815. As of March 31, 2022, Nomura offset a total of ¥1,431 billion of cash collateral receivables against net derivative liabilities and ¥1,960 billion of cash collateral payables against net derivative assets. As of September 30, 2022, Nomura offset a total of ¥2,026 billion of cash collateral receivables against net derivative liabilities and ¥2,917 billion of cash collateral payables against net derivative assets.

(4) Net derivative assets and net derivative liabilities are generally reported within Trading assets and private equity and debt investments—Trading assets and Trading liabilities, respectively in the consolidated balance sheet. Bifurcated embedded derivatives are reported within Short-term borrowings or Long-term borrowings depending on the maturity of the underlying host contract.

(5) Represents amounts which are not permitted to be offset on the consolidated balance sheets in accordance with ASC 210-20 and ASC 815 but which provide Nomura with a legally enforceable right of offset in the event of counterparty default. Amounts relating to derivative and collateral agreements where Nomura has not yet obtained sufficient evidence of enforceability of such offsetting rights are excluded. As of March 31, 2022, a total of ¥359 billion of cash collateral receivables and ¥652 billion of cash collateral payables, including amounts reported in the table, have not been offset against net derivatives. As of September 30, 2022, a total of ¥438 billion of cash collateral receivables and ¥712 billion of cash collateral payables, including amounts reported in the table, have not been offset against net derivatives.

For information on offsetting of collateralized transactions, see Note 5 “Collateralized transactions”.

F-48

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Derivatives used for trading purposes

Derivative financial instruments used for trading purposes, including bifurcated embedded derivatives, are carried at fair value with changes in fair value recognized through the consolidated statements of income within Revenue—Net gain on trading.

The following tables present amounts included in the consolidated statements of income for the six and three months ended September 30, 2021 and 2022 related to derivatives used for trading and non-trading purposes by types of underlying derivative contract. Derivatives which contain multiple types of risk are classified in the table based on the primary risk type of instrument.

	Billions of yen
	Six months ended September 30
	2021			2022
Derivatives used for trading and non-trading purposes(1):
Equity contracts	¥	(185	)	¥	(20	)
Interest rate contracts		16			302
Credit contracts		2			(101	)
Foreign exchange contracts		26			270
Commodity contracts		33			2
Total	¥	(108	)	¥	453
	Billions of yen
	Three months ended September 30
	2021			2022
Derivatives used for trading and non-trading purposes(1):
Equity contracts	¥	(117	)	¥	14
Interest rate contracts		7			190
Credit contracts		(8	)		4
Foreign exchange contracts		(43	)		55
Commodity contracts		10			(20	)
Total	¥	(151	)	¥	243

(1) Includes net gains (losses) on derivatives used for non-trading purposes which are not designated as fair value or net investment hedges. For the six and three months ended September 30, 2021 and 2022, these amounts have not been separately presented as net gains (losses) for these non-trading derivatives were not significant. 

F-49

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Fair value hedges

Nomura issues Japanese Yen and foreign currency denominated debt with both fixed and floating interest rates. Nomura generally enters into swap agreements to convert fixed rate interest payments on its debt obligations to a floating rate and applies fair value hedge accounting to these instruments. In conjunction with the abolition of LIBOR, Nomura terminated the hedging instruments that reference LIBOR and began new hedging transactions. The cancelled hedging transactions are accounted for as termination of hedge accounting.

The following table presents the carrying value of the hedged items that are currently designated in a hedging relationship by line items in the consolidated balance sheets where the hedged item is reported, the related cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items and the cumulative amount of fair value hedging adjustment remaining for the liabilities which hedge accounting has been discontinued as of March 31, 2022 and September 30, 2022.

	Billions of yen
Balance sheet line item in which the hedged item is included:	Carrying amount of the hedged liabilities				Cumulative gains of fair value hedging adjustment included in the carrying amount of the hedged assets/liabilities				Cumulative amount of fair value hedging adjustment remaining for the liabilities which hedge accounting has been discontinued
	March 31, 2022		September 30, 2022		March 31, 2022		September 30, 2022		March 31, 2022		September 30, 2022
Long-term borrowings	¥	2,075	¥	2,504	¥	90	¥	223	¥	0	¥	1
Total	¥	2,075	¥	2,504	¥	90	¥	223	¥	0	¥	1

Hedging derivatives designated as fair value hedges are carried at fair value attributable to the hedged risk, which is recognized in the consolidated statements of income within Interest expense and Revenue-Other, respectively together with the change in fair value of the hedged items.

The following tables present amounts included in the consolidated statements of income for the six and three months ended September 30, 2021 and 2022 related to derivatives designated as fair value hedges by type of underlying derivative contract and the nature of the hedged item.

	Billions of yen
	Six months ended September 30
	2021			2022
Derivatives designated as fair value hedging instruments:
Interest rate contracts	¥	(3	)	¥	139
Total	¥	(3	)	¥	139
Hedged items in fair value hedges:
Long-term borrowings	¥	3		¥	(139	)
Total	¥	3		¥	(139	)
	Billions of yen
	Three months ended September 30
	2021			2022
Derivatives designated as fair value hedging instruments:
Interest rate contracts	¥	5		¥	88
Total	¥	5		¥	88
Hedged items in fair value hedges:
Long-term borrowings	¥	(5	)	¥	(88	)
Total	¥	(5	)	¥	(88	)

F-50

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Net investment hedges

Nomura designates certain foreign currency derivatives, as hedges of net investments in certain foreign operations with significant foreign exchange risks and applies hedge accounting to these instruments. Accordingly, foreign exchange gains and losses arising from the derivatives and non-derivative financial instruments designated as hedges, except for the portion excluded from effectiveness assessment, are recognized through the consolidated statements of comprehensive income within Other comprehensive income (loss)—Change in cumulative translation adjustments, net of tax. This is offset by the foreign exchange adjustments arising from consolidation of the relevant foreign subsidiaries.

The following tables present gains (losses) from derivatives designated as net investment hedges included in the consolidated statements of comprehensive income for the six and three months ended September 30, 2021 and 2022.

	Billions of yen
	Six months ended September 30
	2021		2022
Net investment hedging instruments:
Foreign exchange contracts	¥	2	¥	18
Total	¥	2	¥	18

	Billions of yen
	Three months ended September 30
	2021		2022
Net investment hedging instruments
Foreign exchange contracts	¥	4	¥	9
Total	¥	4	¥	9

The portion of gains (losses) representing the amount excluded from the assessment of hedge effectiveness are recognized within Revenue—Net gain on trading and Revenue—Other in the consolidated statements of income. The amount of gains (losses) was not significant during the six and three months ended September 30, 2021 and 2022.

Derivatives containing credit risk related contingent features

Nomura enters into certain OTC derivatives and other agreements containing credit-risk-related contingent features. These features would require Nomura to post additional collateral or settle the instrument upon occurrence of a credit event, the most common of which would be a downgrade in the Company’s long-term credit rating.

The aggregate fair value of all derivatives with credit-risk-related contingent features that are in a liability position as of March 31, 2022 was ¥638 billion with related collateral pledged of ¥421 billion. In the event of a one-notch downgrade to Nomura’s long-term credit rating in effect as of March 31, 2022, the aggregate fair value of assets that would have been required to be posted as additional collateral or that would have been needed to settle the instruments immediately was approximately ¥1 billion.

The aggregate fair value of all derivatives with credit-risk-related contingent features that are in a liability position as of September 30, 2022 was ¥718 billion with related collateral pledged of ¥553 billion. In the event of a one-notch downgrade to Nomura’s long-term credit rating in effect as of September 30, 2022, the aggregate fair value of assets that would have been required to be posted as additional collateral or that would have been needed to settle the instruments immediately was approximately ¥29 billion.

F-51

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Credit derivatives

Credit derivatives are derivatives in which one or more of their underlying reference assets of the instrument are related to the credit risk of a specified entity (or group of entities) or an index based on the credit risk of a group of entities that expose the seller of credit protection to potential loss from credit events specified in the contract.

Written credit derivatives are instruments or embedded features where Nomura assumes third party credit risk, either as guarantor in a guarantee-type contract, or as the party that provides credit protection in an option-type contract, credit default swap, or any other credit derivative contract.

Nomura enters into credit derivatives as part of its normal trading activities as both purchaser and/ or seller of protection for credit risk mitigation, proprietary trading positions and for client transactions.

The most common type of credit derivatives used by Nomura are single-name credit default swaps where settlement of the derivative is based on the credit risk of a single third party. Nomura also writes credit derivatives linked to the performance of credit default indices and issues other credit risk related portfolio products.

Nomura would have to perform under a credit derivative contract if a credit event as defined in the respective contract occurs. Typical credit events include bankruptcy, failure to pay and restructuring of obligations of the underlying reference asset.

Credit derivatives written by Nomura are either cash or physically settled. In cash-settled instruments, once payment is made upon an event of a default, the contract usually terminates with no further payments due. Nomura generally has no right to assume the reference assets of the counterparty in exchange for payment, nor does Nomura usually have any direct recourse to the actual issuers of the reference assets to recover the amount paid. In physically settled contracts, upon a default event, Nomura takes delivery of the reference asset in return for payment of the full notional amount of the contract.

Nomura actively monitors and manages its credit derivative exposures. Where protection is sold, risks may be mitigated by purchasing credit protection from other third parties either on identical underlying reference assets or on underlying reference assets with the same issuer which would be expected to behave in a correlated fashion. The most common form of recourse provision to enable Nomura to recover from third parties any amounts paid under a written credit derivative is therefore not through the derivative itself but rather through the purchase of separate credit derivative protection with identical or correlated underlying reference assets.

The extent of these purchased credit protection contracts is quantified in the following tables under the column titled “Purchased Credit Protection.” These amounts represent purchased credit protection with identical underlying reference assets to the written credit derivatives which act as a hedge against Nomura’s exposures. To the extent Nomura is required to pay out under the written credit derivative, a similar amount would generally become due to Nomura under the purchased credit protection.

Written credit derivatives have a stated notional amount which represents the maximum payment Nomura may be required to make under the written credit derivative. However, this is generally not a true representation of the amount Nomura will actually pay under these contracts as there are other factors that affect the likelihood and amount of any payment obligations under the contracts, including:

Probability of default: Nomura values credit derivatives by taking into account of the probability that the underlying reference asset will default and that Nomura will be required to make payments under the contract. Based on historical experience and Nomura’s assessment of the market, Nomura believes that the probability that all reference assets on which Nomura provides protection will default in a single period is remote. The notional amounts are therefore, significantly higher than Nomura’s actual exposures to these contracts as a whole.

Recovery value on the underlying asset: In the case of the occurrence of an event of default, Nomura’s liability on a written credit derivative is limited to the difference between the notional amount and the recovery value of the underlying reference asset under default. While the recovery value on a defaulted asset may be minimal in certain cases, this does reduce amounts paid on these contracts.

F-52

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

The following tables present information about Nomura’s written credit derivatives and purchased credit protection with identical underlyings as of March 31, 2022 and September 30, 2022.

	Billions of yen
	March 31, 2022
				Maximum potential payout/Notional										Notional
						Years to maturity								Purchased credit protection
	Carrying value (Asset) / Liability(1)			Total		Less than 1 year		1 to 3 years		3 to 5 years		More than 5 years
Single-name credit default swaps	¥	19		¥	7,708	¥	1,339	¥	2,915	¥	2,448	¥	1,006	¥	5,688
Credit default swap indices		(140	)		10,015		2,045		4,189		3,257		524		7,494
Other credit risk related portfolio products		19			419		56		286		63		14		293
Credit-risk related options and swaptions		0			115		—		—		88		27		68
Total	¥	(102	)	¥	18,257	¥	3,440	¥	7,390	¥	5,856	¥	1,571	¥	13,543
	Billions of yen
	September 30, 2022
				Maximum potential payout/Notional										Notional
						Years to maturity								Purchased credit protection
	Carrying value (Asset) / Liability(1)			Total		Less than 1 year		1 to 3 years		3 to 5 years		More than 5 years
Single-name credit default swaps	¥	59		¥	8,812	¥	1,567	¥	3,409	¥	2,629	¥	1,207	¥	6,474
Credit default swap indices		21			11,412		2,691		4,689		3,203		829		8,476
Other credit risk related portfolio products		71			468		89		239		118		22		285
Credit-risk related options and swaptions		1			64		—		—		64		—		27
Total	¥	152		¥	20,756	¥	4,347	¥	8,337	¥	6,014	¥	2,058	¥	15,262

(1) Carrying value amounts are shown on a gross basis prior to cash collateral or counterparty offsetting. Asset balances represent positive fair value amounts caused by tightening of credit spreads of underlyings since inception of the credit derivatives. 

The following tables present information about Nomura’s written credit derivatives by external credit rating of the underlying asset. Credit ratings are based on S&P Global Ratings (“S&P”), or if not rated by S&P, based on Moody’s Investors Service. If credit ratings from either of these agencies are not available, the credit ratings are based on Fitch Ratings Ltd. or Japan Credit Rating Agency, Ltd. For credit default indices, the credit rating is determined by taking the weighted average of the external credit ratings given for each of the underlying reference entities comprising the portfolio or index.

	Billions of yen
	March 31, 2022
	Maximum potential payout/Notional
	AAA		AA		A		BBB		BB		Other(1)		Total
Single-name credit default swaps	¥	192	¥	1,485	¥	2,164	¥	2,057	¥	869	¥	941	¥	7,708
Credit default swap indices		105		215		3,369		5,012		988		326		10,015
Other credit risk related portfolio products		—		—		28		226		47		118		419
Credit-risk related options and swaptions		—		—		61		27		27		—		115
Total	¥	297	¥	1,700	¥	5,622	¥	7,322	¥	1,931	¥	1,385	¥	18,257

F-53

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

	Billions of yen
	September 30, 2022
	Maximum potential payout/Notional
	AAA		AA		A		BBB		BB		Other(1)		Total
Single-name credit default swaps	¥	231	¥	1,654	¥	2,626	¥	2,577	¥	936	¥	788	¥	8,812
Credit default swap indices		234		198		3,939		5,623		1,028		390		11,412
Other credit risk related portfolio products		—		—		63		186		64		155		468
Credit-risk related options and swaptions		—		—		—		38		26		—		64
Total	¥	465	¥	1,852	¥	6,628	¥	8,424	¥	2,054	¥	1,333	¥	20,756

(1) Other includes credit derivatives where the credit rating of the underlying reference asset is below investment grade or where a credit rating is unavailable.

Derivatives entered into in contemplation of sales of financial assets

Nomura enters into transactions which involve both the transfer of financial assets to a counterparty and a separate agreement entered contemporaneously with the same counterparty through which Nomura retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. These transactions primarily include sales of securities with bilateral OTC total return swaps or other derivative agreements which are in-substance total return swaps.

These transactions are accounted for as sales of the securities with the derivative accounted for separately if the criteria for derecognition of the securities under ASC 860 are met. Where the derecognition criteria are not met, the transfer and separate derivative are accounted for as a single collateralized financing transaction which is reported within Long-term borrowings or Short-term borrowings in the consolidated balance sheets.

For the year ended March 31, 2022, certain transactions which involve sales of securities and total return swaps were accounted for as sales. As of the date of transfer, the carrying amount of the securities and the amount of gross cash proceeds from the sales were ¥69,405 million and ¥69,535 million, respectively. As of March 31, 2022, the fair value of the securities derecognized by Nomura and the gross liability balances of the derivatives arising from the transactions were ¥63,994 million and ¥5,319 million, respectively.

For the six months ended September 30, 2022, certain transactions which involve sales of securities and total return swaps were accounted for as sales. As of the date of transfer, the carrying amount of the securities and the amount of gross cash proceeds from the sales were ¥69,405 million and ¥69,535 million, respectively. As of September 30, 2022, the fair value of the securities derecognized by Nomura and the gross liability balances of the derivatives arising from the transactions were ¥58,087 million and ¥11,230 million, respectively.

F-54

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

4. Revenue from services provided to customers

Revenue by types of service

The following table presents revenue earned by Nomura from providing services to customers by relevant line item in the consolidated statements of income for the six and three months ended September 30, 2021 and 2022.

	Millions of yen
	Six months ended September 30
	2021		2022
Commissions	¥	174,522	¥	138,583
Fees from investment banking		69,604		51,474
Asset management and portfolio service fees		131,237		137,288
Other revenue		17,641		21,015
Total	¥	393,004	¥	348,360
	Millions of yen
	Three months ended September 30
	2021		2022
Commissions	¥	91,636	¥	68,152
Fees from investment banking		33,901		24,189
Asset management and portfolio service fees		67,193		69,038
Other revenue		9,278		10,563
Total	¥	202,008	¥	171,942

Commissions represent revenue principally from trade execution, clearing services and distribution of fund units provided by the Wholesale and Retail divisions generated approximately equally across the divisions. The following table shows a breakdown of Commissions for the six and three months ended September 30, 2021 and 2022.

	Millions of yen
	Six months ended September 30
	2021		2022
Brokerage commissions	¥	125,958	¥	96,820
Fund unit distribution fees		25,573		13,924
Other commissions		22,991		27,839
Total	¥	174,522	¥	138,583
	Millions of yen
	Three months ended September 30
	2021		2022
Brokerage commissions	¥	67,725	¥	48,454
Fund unit distribution fees		11,166		6,409
Other commissions		12,745		13,289
Total	¥	91,636	¥	68,152

F-55

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Fees from investment banking represent revenues from financial advisory, underwriting and distribution primarily from the Wholesale division, and to a lesser extent, the Retail division. The following table shows the breakdown of Fees from investment banking for the six and three months ended September 30, 2021 and 2022. 

	Millions of yen
	Six months ended September 30
	2021		2022
Equity underwriting and distribution fees	¥	20,231	¥	5,316
Debt underwriting and distribution fees		13,445		11,215
Financial advisory fees		26,776		28,310
Other fees		9,152		6,633
Total	¥	69,604	¥	51,474
	Millions of yen
	Three months ended September 30
	2021		2022
Equity underwriting and distribution fees	¥	10,276	¥	1,603
Debt underwriting and distribution fees		6,123		4,517
Financial advisory fees		13,661		14,279
Other fees		3,841		3,790
Total	¥	33,901	¥	24,189

Asset management and portfolio service fees represent revenues from asset management services primarily from the Investment Management division, and to a lesser extent, the Retail division.

The following table shows the breakdown of Asset management and portfolio service fees for the six and three months ended September 30, 2021 and 2022.

	Millions of yen
	Six months ended September 30
	2021		2022
Asset management fees	¥	82,579	¥	86,917
Administration fees		39,266		38,578
Custodial fees		9,392		11,793
Total	¥	131,237	¥	137,288
	Millions of yen
	Three months ended September 30
	2021		2022
Asset management fees	¥	41,994	¥	43,197
Administration fees		20,361		19,623
Custodial fees		4,838		6,218
Total	¥	67,193	¥	69,038

F-56

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

The following table presents summary information regarding the key methodologies, assumptions and judgments used in recognizing revenue for each of the primary types of service provided to customers, including the nature of underlying performance obligations within each type of service and whether those performance obligations are satisfied at a point in time or over a period of time. For performance obligations recognized over time, information is also provided to explain the nature of the input or output method used to recognize revenue over time.

Type of service provided to customers	Overview of key services provided	Key revenue recognition policies, assumptions and judgments
Trade execution, clearing services and distribution of fund units	•  Buying and selling of securities on behalf of customers •  Distribution of fund units •  Clearing of securities and derivatives on behalf of customers	•  Trade execution and clearing commissions recognized at a point in time, namely trade date. •  Distribution fees are recognized at a point in time when the fund units have been sold to third party investors. •  Commissions recognized net of soft dollar credits provided to customers where Nomura is acting as agent in providing investment research and similar services to the customer.
Financial advisory services	•  Provision of financial advice to customers in connection with a specific forecasted transaction or transactions such as mergers and acquisitions •  Provision of financial advice not in connection with a specific forecasted transaction or transactions such as general corporate intelligence and similar research •  Issuance of fairness opinions •  Structuring complex financial instruments for customers	•  Fees contingent on the success of an underlying transaction are variable consideration recognized when the underlying transaction has been completed since only at such point is it probable that a significant reversal of revenue will not occur. •  Retainer and milestone fees are recognized either over the period to which they relate or are deferred until consummation of the underlying transaction depending on whether the underlying performance obligation is satisfied at a point in time or over time. •  Judgment is required to make this determination with factors influencing this determination including, but not limited to, whether the fee is in connection with an engagement designed to achieve a specific transaction or outcome for the customer (such as the purchase or sale of a business), the nature and extent of benefit to be provided to the customer prior to, and in addition to such specific transaction or outcome and the fee structure for the engagement. •  Retainer and milestone fees recognized over time are normally recognized on a straight-line basis over the term of the contract based on time elapsed.
Underwriting and syndication services	•  Underwriting of debt, equity and other financial instruments on behalf of customers •  Distributing securities on behalf of issuers •  Arranging loan financing for customers •  Syndicating loan financing on behalf of customer	•  Underwriting and syndication fees are recognized at a point in time when the underlying transaction is complete. •  Commitment fees where draw down of the facility is deemed remote recognized on a straight-line basis over the life of the facility based on time elapsed. •  Underwriting and syndication costs recognized either as a reduction of revenue or on a gross basis depending on whether Nomura is acting as principal or agent for such amounts.

F-57

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Type of service provided to customers	Overview of key services provided	Key revenue recognition policies, assumptions and judgments
Asset management services	•  Management of funds, investment trusts and other investment vehicles •  Provision of investment advisory services •  Provision of custodial and administrative services to customers	•  Management fees earned by Nomura in connection with managing a fund, investment trust or other vehicle generally are recognized on a straight-line basis based on time elapsed. •  Performance-based fees are variable consideration recognized when the performance metric has been determined since only at such point is it probable that a significant reversal of revenue will not occur. •  Custodial and administrative fees are recognized on a straight-line basis over time based on time elapsed.

Where revenue is recognized at a point in time, payments of fees are typically received at the same time as when the performance obligation is satisfied, or within several days or months after satisfying a performance obligation. In relation to revenue recognized over time, payments of fees are typically settled monthly, quarterly or semi-annually.

The underlying contracts entered into by Nomura in connection with the services described above typically do not have significant financing components. If such components exist in a contract, Nomura has made an accounting policy permitted by ASC 606 “Revenue from Contracts with Customers” (“ASC 606”) not to adjust for the effects of a significant financing component where the financing is effectively for a period of one year or less. Such contracts also typically do not contain any rights of return or similar features for the customer

F-58

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Customer contract balances

When Nomura or the customer performs in accordance with the terms of a customer contract, a contract asset, customer contract receivable or contract liability is recognized in Nomura’s consolidated balance sheet.

A contract asset represents accrued revenue recognized by Nomura for completion or partially completion of a performance obligation, namely a right of Nomura to receive consideration for providing the service to the customer, which is conditional on factors or events other than the passage of time. A customer contract receivable is an unconditional right of Nomura to receive consideration in exchange for services provided. Both contract assets and customer contract receivables are reported in Receivables from Customers within Nomura’s consolidated balance sheet. A contract liability is any liability recognized in connection with a customer contract, including obligations to refund or obligations to provide a service in the future for which consideration has already been received or is due to be received. Contract liabilities are reported in Payables to Customers within Nomura’s consolidated balance sheet.

The following table presents the balances of customer contract receivables and contract liabilities in scope of ASC 606. The amount of contract assets as of March 31, 2022 and September 30, 2022 was not significant.

	Millions of yen
	March 31, 2022		September 30, 2022
Customer contract receivables	¥	88,621	¥	89,544
Contract liabilities(1)		3,834		4,838

(1) Contract liabilities primarily rise from investment advisory services and are recognized over the term of the contract based on time elapsed.

The balance of contract liabilities as of March 31, 2021 and 2022 were recognized as revenue for the six months ended September 30, 2021 and 2022, respectively.

Nomura recognized ¥5,930 million and ¥1,817 million of revenue from performance obligations satisfied in previous periods for the six months ended September 30, 2021 and the three months ended September 30, 2021, respectively. Nomura recognized ¥4,511 million and ¥810 million of revenue from performance obligations satisfied in previous periods for the six months ended September 30, 2022 and the three months ended September 30, 2022.

Transaction price allocated to the remaining performance obligations

In the ordinary course of business, Nomura may enter into customer contracts where the performance obligations are wholly or partially unsatisfied as of fiscal year ends. The total transaction prices allocated to the remaining unsatisfied performance obligations within these customer contracts were ¥1,350 million as of March 31, 2022 and ¥1,431 million as of September 30, 2022. As permitted by ASC 606, Nomura has elected not to disclose information about remaining performance obligations that have an individual estimated contract period of one year or less. In addition, considerations arising from contracts with customers do not comprise any significant amount that is not included in transaction price. 

Customer contract costs

As permitted by ASC 340 “Other Assets and Deferred Costs,” Nomura has elected to expense all costs to obtain customer contracts where such amounts would be otherwise expensed within one year or less. As a result, the amount of deferred costs to obtain or fulfill customer contracts as of March 31, 2022 and September 30, 2022 was not significant.

F-59

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

5. Collateralized transactions:

Nomura enters into collateralized transactions, including reverse repurchase agreements, repurchase agreements, securities borrowing transactions, securities lending transactions, other secured borrowings and similar transactions mainly to meet clients’ financing needs, finance trading inventory positions and obtain securities for settlement.

Reverse repurchase agreements, repurchase agreements, securities borrowing transactions and securities lending transactions are typically documented under industry standard master netting agreements which mitigate Nomura’s credit exposure to counterparties. For certain centrally-cleared reverse repurchase and repurchase agreements, the clearing or membership agreements entered into by Nomura provide similar rights to Nomura in the event of default of the relevant central clearing counterparty. Nomura generally seeks to obtain an external legal opinion in order to ascertain the enforceability of such close-out and offsetting rights within these agreements.

Nomura may enter into reverse repurchase agreements, repurchase agreements, securities borrowing and securities lending transactions with certain types of counterparty and in certain jurisdictions which are not documented under a master netting agreement. Even when these transactions are documented under such master netting agreements, Nomura may not have obtained, or may not be able to obtain, evidence to determine with sufficient certainty that the close-out and offsetting rights in the agreements are legally enforceable. This may be the case where relevant local laws explicitly prohibit such close-out and offsetting rights, or where local laws are complex, ambiguous or silent on the enforceability of such rights. This may include reverse repurchase agreements, repurchase agreements, securities borrowing and securities lending transactions executed with certain foreign governments, agencies, municipalities, central clearing counterparties, agent banks and pension funds.

Nomura considers the enforceability of a master netting agreement in determining how credit risk arising from transactions with a specific counterparty is hedged, how counterparty credit exposures are calculated and applied to credit limits and the extent and nature of collateral requirements from the counterparty.

In all of these transactions, Nomura either receives or provides collateral, including Japanese and non-Japanese government, agency, mortgage-backed, bank and corporate debt securities and equities. In most cases, the party receiving the collateral is free to sell or repledge the securities received through repurchase agreements, securities lending transactions or to cover short positions. In repurchase and reverse repurchase agreements, the value of collateral typically exceeds the amount of cash transferred, where collateral is generally in the form of securities. Securities borrowing transactions generally require Nomura to provide the counterparty with collateral in the form of cash or other securities. For securities lending transactions, Nomura generally receives collateral in the form of cash or other securities. Nomura monitors the market value of the securities either received from or provided to the counterparty. Additional cash or securities are exchanged as necessary, to ensure that such transactions are adequately collateralized throughout the life of the transactions.

Offsetting of certain collateralized transactions

Reverse repurchase agreements and repurchase agreements, securities borrowing and lending transactions with the same counterparty documented under a master netting agreement are offset in the consolidated balance sheets where specific criteria as defined by ASC 210-20 are met. These criteria include requirements around maturity of transactions, underlying systems on which collateral is settled, associated banking arrangements and legal enforceability of close-out and offsetting rights under relevant master netting agreements.

The following tables present information about offsetting of these transactions in the consolidated balance sheets as of March 31, 2022 and September 30, 2022, together with the extent to which master netting agreements entered into with counterparties and central clearing parties permit additional offsetting in the event of counterparty default. Transactions which are not documented under a master netting agreement or are documented under a master netting agreement for which Nomura does not have sufficient evidence of enforceability are not offset in the following tables.

F-60

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

	Billions of yen
	March 31, 2022
	Assets						Liabilities
	Reverse repurchase agreements			Securities borrowing transactions			Repurchase agreements			Securities lending transactions
Total gross balance(1)	¥	31,365		¥	4,994		¥	32,061		¥	1,734
Less: Amounts offset in the consolidated balance sheets(2)		(19,486	)		—			(19,486	)		—
Total net amounts of reported on the face of the consolidated balance sheets(3)	¥	11,879		¥	4,994		¥	12,575		¥	1,734
Less: Additional amounts not offset in the consolidated balance sheets(4)
Financial instruments and non-cash collateral		(9,370	)		(3,372	)		(9,114	)		(1,524	)
Cash collateral		(8	)		—			(12	)		—
Net amount	¥	2,501		¥	1,622		¥	3,449		¥	210
	Billions of yen
	September 30, 2022
	Assets						Liabilities
	Reverse repurchase agreements			Securities borrowing transactions			Repurchase agreements			Securities lending transactions
Total gross balance(1)	¥	37,462		¥	5,009		¥	37,597		¥	1,721
Less: Amounts offset in the consolidated balance sheets(2)		(21,633	)		—			(21,633	)		—
Total net amounts of reported on the face of the consolidated balance sheets(3)	¥	15,829		¥	5,009		¥	15,964		¥	1,721
Less: Additional amounts not offset in the consolidated balance sheets(4)
Financial instruments and non-cash collateral		(13,538	)		(3,114	)		(11,955	)		(1,527	)
Cash collateral		(24	)		—			(30	)		—
Net amount	¥	2,267		¥	1,895		¥	3,979		¥	194

(1) Include all recognized balances irrespective of whether they are transacted under a master netting agreement or whether Nomura has obtained sufficient evidence of enforceability of the master netting agreement. Amounts include transactions carried at fair value through election of the fair value option. As of March 31, 2022, the gross balance of reverse repurchase agreements and repurchase agreements which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥793 billion and ¥2,453 billion, respectively. As of March 31, 2022, the gross balance of securities borrowing transactions and securities lending transactions which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥1,511 billion and ¥158 billion, respectively. As of September 30, 2022, the gross balance of reverse repurchase agreements and repurchase agreements which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥1,039 billion and ¥3,231 billion, respectively. As of September 30, 2022, the gross balance of securities borrowing transactions and securities lending transactions which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥1,740 billion and ¥145 billion, respectively.

(2) Represent amounts offset through counterparty netting under master netting or similar agreements for which Nomura has obtained sufficient evidence of enforceability in accordance with ASC 210-20. Amounts offset include transactions carried at fair value through election of the fair value option.

F-61

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

(3) Reverse repurchase agreements and securities borrowing transactions are reported within Collateralized agreements—Securities purchased under agreements to resell and Collateralized agreements—Securities borrowed in the consolidated balance sheets, respectively. Repurchase agreements and securities lending transactions are reported within Collateralized financing—Securities sold under agreements to repurchase and Collateralized financing—Securities loaned in the consolidated balance sheets, respectively. Amounts reported under securities lending transactions also include transactions where Nomura lends securities and receives securities that can be sold or pledged as collateral. Nomura recognizes the securities received at fair value and a liability for the same amount, representing the obligation to return those securities. The liability is reported within Other liabilities in the consolidated balance sheets.

(4) Represent amounts which are not permitted to be offset on the face of the consolidated balance sheets in accordance with ASC 210-20 but which provide Nomura with the right of offset in the event of counterparty default. Amounts relating to agreements where Nomura has not yet obtained sufficient evidence of enforceability of such offsetting rights are excluded.

For information on offsetting of derivatives, see Note 3 “ Derivative instruments and hedging activities”.

Maturity analysis of repurchase agreements and securities lending transactions

The following table presents an analysis of the total carrying value of liabilities recognized in the consolidated balance sheets for repurchase agreements and securities lending transactions by remaining contractual maturity of the agreement as of March 31, 2022 and September 30, 2022. Amounts reported are shown prior to counterparty netting in accordance with ASC 210-20.  

	Billions of yen
	March 31, 2022
	Overnight and open(1)		Up to 30 days		30 – 90 days		90 days – 1 year		Greater than 1 year		Total
Repurchase agreements	¥	12,266	¥	15,454	¥	2,220	¥	1,611	¥	510	¥	32,061
Securities lending transactions		992		242		200		277		23		1,734
Total gross recognized liabilities(2)	¥	13,258	¥	15,696	¥	2,420	¥	1,888	¥	533	¥	33,795
	Billions of yen
	September 30, 2022
	Overnight and open(1)		Up to 30 days		30 –  90 days		90 days – 1 year		Greater than 1 year		Total
Repurchase agreements	¥	14,432	¥	16,518	¥	2,723	¥	3,148	¥	776	¥	37,597
Securities lending transactions		1,064		223		131		280		23		1,721
Total gross recognized liabilities(2)	¥	15,496	¥	16,741	¥	2,854	¥	3,428	¥	799	¥	39,318

(1) Open transactions do not have an explicit contractual maturity date and are terminable on demand by Nomura or the counterparty.

(2) Repurchase agreements and securities lending transactions are reported within Collateralized financing—Securities sold under agreements to repurchase and Collateralized financing—Securities loaned in the consolidated balance sheets, respectively. Amounts reported for securities lending transactions also include transactions where Nomura lends securities and receives securities that can be sold or pledged as collateral. Nomura recognizes the securities received at fair value and a liability for the same amount, representing the obligation to return those securities. The liability is reported within Other liabilities in the consolidated balance sheets. The total gross recognized liabilities reported for repurchase agreements and securities lending transactions are consistent with the total gross balances reported in the offsetting disclosures above.

F-62

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Securities transferred in repurchase agreements and securities lending transactions

The following table presents an analysis of the total carrying value of liabilities recognized in the consolidated balance sheets for repurchase agreements and securities lending transactions by class of securities transferred by Nomura to counterparties as of March 31, 2022 and September 30, 2022. Amounts reported are shown prior to counterparty netting in accordance with ASC 210-20.

	Billions of yen
	March 31, 2022
	Repurchase agreements		Securities lending transactions		Total
Equities and convertible securities	¥	384	¥	1,508	¥	1,892
Japanese government, agency and municipal securities		879		1		880
Foreign government, agency and municipal securities		26,436		17		26,453
Bank and corporate debt securities		2,322		175		2,497
Commercial mortgage-backed securities (“CMBS”)		1		—		1
Residential mortgage-backed securities (“RMBS”)(1)		1,846		—		1,846
Collateralized debt obligations (“CDOs”) and other		157		—		157
Investment trust funds and other		36		33		69
Total gross recognized liabilities(2)	¥	32,061	¥	1,734	¥	33,795
	Billions of yen
	September 30, 2022
	Repurchase agreements		Securities lending transactions		Total
Equities and convertible securities	¥	323	¥	1,468	¥	1,791
Japanese government, agency and municipal securities		1,679		0		1,679
Foreign government, agency and municipal securities		29,065		94		29,159
Bank and corporate debt securities		3,004		145		3,149
Residential mortgage-backed securities (“RMBS”)(1)		3,294		—		3,294
Collateralized debt obligations (“CDOs”) and other		203		—		203
Investment trust funds and other		29		14		43
Total gross recognized liabilities(2)	¥	37,597	¥	1,721	¥	39,318

(1) Includes ¥1,404 billion of U.S. government sponsored agency mortgage pass through securities and collateralized mortgage obligations as of March 31, 2022. Includes ¥2,723 billion of U.S. government sponsored agency mortgage pass through securities and collateralized mortgage obligations as of September 30, 2022. 

(2) Repurchase agreements and securities lending transactions are reported within Collateralized financing—Securities sold under agreements to repurchase and Collateralized financing—Securities loaned in the consolidated balance sheets, respectively. Amounts reported for securities lending transactions also include transactions where Nomura lends securities and receives securities that can be sold or pledged as collateral. Nomura recognizes the securities received at fair value and a liability for the same amount, representing the obligation to return those securities. The liability is reported within Other liabilities in the consolidated balance sheets. The total gross recognized liabilities reported for repurchase agreements and securities lending transactions are consistent with the total gross balances reported in the offsetting disclosures above.

Collateral received by Nomura

The following table presents the fair value of securities received as collateral, securities borrowed with collateral and securities borrowed without collateral, which Nomura is permitted to sell or repledge, and the portion that has been sold or repledged as of March 31, 2022 and September 30, 2022.

F-63

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

	Billions of yen
	March 31, 2022		September 30, 2022
The fair value of securities received as collateral, securities borrowed as collateral and securities borrowed without collateral where Nomura is permitted by contract or custom to sell or repledge the securities	¥	48,234	¥	60,879
The portion of the above that has been sold (as reported within Trading liabilities in the consolidated balance sheets) or repledged		36,146		41,244

Collateral pledged by Nomura

Nomura pledges owned securities and other financial assets to collateralize repurchase transactions, other secured financings and derivative transactions. Pledged securities that can be sold or repledged by the transferee, including Gensaki Repo transactions, are reported in parentheses as Securities pledged as collateral within Trading assets, Non-trading debt securities, Investments in equity securities and Investments in and advances to affiliated companies in the consolidated balance sheets.

The following table presents the carrying amounts of financial assets recognized in the consolidated balance sheets which have been pledged as collateral, primarily to stock exchanges and clearing organizations, without allowing the secured party the right to sell or repledge them by type of asset as of March 31, 2022 and September 30, 2022.

	Millions of yen
	March 31, 2022		September 30, 2022
Trading assets:
Equities and convertible securities	¥	368,235	¥	324,022
Government and government agency securities		1,178,011		1,476,077
Bank and corporate debt securities		27,899		17,931
Residential mortgage-backed securities (“RMBS”)		868,183		1,987,741
Collateralized debt obligations (“CDOs”) and other(1)		9,548		19,290
Investment trust funds and other		36,661		29,819
	¥	2,488,537	¥	3,854,880
Non-trading debt securities(2)	¥	163,445	¥	153,141
Investments in and advances to affiliated companies(3)	¥	12,832	¥	13,660

(1) Includes CLOs and ABS such as those secured on credit card loans, auto loans and student loans.

(2) Non-trading debt securities are primarily Japanese municipal securities.

(3) Investments in and advances to affiliated companies primarily comprise shares in Nomura Research Institute, Ltd.

The following table presents the carrying amount of financial and non-financial assets recognized in the consolidated balance sheets, other than those disclosed above, which are subject to lien as of March 31, 2022 and September 30, 2022.

	Millions of yen
	March 31, 2022		September 30, 2022
Loans and receivables	¥	235,875	¥	379,470
Trading assets and private equity and debt investments		1,416,279		1,389,264
Office buildings, land, equipment and facilities		4,841		4,730
Non-trading debt securities		2,827		1,712
Investments in and advances to affiliated companies		3		3
Other		497		719
	¥	1,660,322	¥	1,775,898

Assets in the above table were primarily pledged for secured borrowings, including other secured borrowings, collateralized borrowings of consolidated VIEs, trading balances of secured borrowings, and derivative transactions.

F-64

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

6. Securitizations and Variable Interest Entities:

Securitizations

Nomura utilizes special purpose entities (“SPEs”) to securitize commercial and residential mortgage loans, government agency and corporate securities and other types of financial assets. Those SPEs are incorporated as stock companies, Tokumei kumiai (silent partnerships), Cayman special purpose companies (“SPCs”) or trust accounts. Nomura’s involvement with SPEs includes structuring SPEs, underwriting, distributing and selling debt instruments and beneficial interests issued by SPEs to investors. Nomura accounts for the transfer of financial assets in accordance with ASC 860. This statement requires that Nomura accounts for the transfer of financial assets as a sale when Nomura relinquishes control over the assets. ASC 860 deems control to be relinquished when the following conditions are met: (a) the assets have been isolated from the transferor (even in bankruptcy or other receivership), (b) the transferee has the right to pledge or exchange the assets received, or if the transferee is an entity whose sole purpose is to engage in securitization or asset-backed financing activities, the holders of its beneficial interests have the right to pledge or exchange the beneficial interests, and (c) the transferor has not maintained effective control over the transferred assets. Nomura may retain an interest in the financial assets, including residual interests in the SPEs. Any such interests are accounted for at fair value and reported within Trading assets in Nomura’s consolidated balance sheets, with the change in fair value reported within Revenue—Net gain on trading. Fair value for retained interests in securitized financial assets is determined by using observable prices; or in cases where observable prices are not available for certain retained interests, Nomura estimates fair value based on the present value of expected future cash flows using its best estimates of the key assumptions, including forecasted credit losses, prepayment rates, forward yield curves and discount rates commensurate with the risks involved. Nomura may also enter into derivative transactions in relation to the assets transferred to an SPE.

As noted above, Nomura may have continuing involvement with SPEs to which Nomura transferred assets. For the six and three months ended September 30, 2021, Nomura received cash proceeds from SPEs in new securitizations of ¥196 billion and ¥141 billion, respectively, and the associated gain on sale was ¥9 billion and ¥2 billion, respectively. For the six and three months ended September 30, 2022, Nomura received cash proceeds from SPEs in new securitizations of ¥136 billion and ¥74 billion, respectively, and the associated gain/(loss) on sale was ¥0 billion and ¥(0) billion, respectively. For the six and three months ended September 30, 2021, Nomura received debt securities issued by these SPEs with an initial fair value of ¥1,171 billion and ¥489 billion, respectively, and cash inflows from third parties on the sale of those debt securities of ¥1,100 billion and ¥519 billion, respectively. For the six and three months ended September 30, 2022, Nomura received debt securities issued by these SPEs with an initial fair value of ¥271 billion and ¥70 billion, respectively, and cash inflows from third parties on the sale of those debt securities of ¥219 billion and ¥48 billion, respectively. The cumulative balance of financial assets transferred to SPEs with which Nomura has continuing involvement was ¥5,829 billion and ¥6,190 billion as of March 31, 2022 and September 30, 2022, respectively. Those transferred financial assets are substantially government, agency and municipal securities. Nomura’s retained interests were ¥131 billion and ¥173 billion, as of March 31, 2022 and September 30, 2022, respectively. For the six and three months ended September 30, 2021, Nomura received cash flows of ¥19 billion and ¥10 billion, respectively, from the SPEs on the retained interests held in the SPEs. For the six and three months ended September 30, 2022, Nomura received cash flows of ¥13 billion and ¥7 billion, respectively, from the SPEs on the retained interests held in the SPEs.

Nomura did not provide financial support to SPEs beyond its contractual obligations as of March 31, 2022 and September 30, 2022.

F-65

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

The following tables present the fair value of retained interests which Nomura has continuing involvement in SPEs and their classification in the fair value hierarchy, categorized by the type of transferred assets.

	Billions of yen
	March 31, 2022
	Level 1		Level 2		Level 3		Total		Investment grade		Other
Government, agency and municipal securities	¥	—	¥	124	¥	—	¥	124	¥	124	¥	—
Bank and corporate debt securities		—		—		—		—		—		—
CMBS and RMBS		—		—		7		7		2		5
Total	¥	—	¥	124	¥	7	¥	131	¥	126	¥	5
	Billions of yen
	September 30, 2022
	Level 1		Level 2		Level 3		Total		Investment grade		Other
Government, agency and municipal securities	¥	—	¥	162	¥	—	¥	162	¥	162	¥	—
Bank and corporate debt securities		—		—		—		—		—		—
CMBS and RMBS		—		—		11		11		3		8
Total	¥	—	¥	162	¥	11	¥	173	¥	165	¥	8

As of March 31, 2022 and September 30, 2022, predominantly all of the retained interests held by Nomura were valued using observable prices. The initial fair value of these retained interests are mostly level 2 in the fair value hierarchy.

The following table presents the type and carrying value of financial assets included within Trading assets and Loans receivable which have been transferred to SPEs but which do not meet the criteria for derecognition under ASC 860. These transfers are accounted for as secured financing transactions and generally reported within Long-term borrowings. The assets are pledged as collateral of the associated liabilities and cannot be removed unilaterally by Nomura and the liabilities are non-recourse to Nomura. 

	Billions of yen
	March 31, 2022		September 30, 2022
Assets
Trading assets
Japanese government securities	¥	—	¥	1
Loans for trading purposes		19		29
Loans receivable		203		344
Total	¥	222	¥	374
Liabilities
Long-term borrowings	¥	222	¥	374

F-66

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Variable Interest Entities (“VIEs”)

In the normal course of business, Nomura acts as a transferor of financial assets to VIEs, and underwriter, distributor, and seller of repackaged financial instruments issued by VIEs in connection with its securitization and equity derivative activities. Nomura retains, purchases and sells variable interests in VIEs in connection with its market-making, investing and structuring activities.

If Nomura has power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, and through Nomura’s interest in the VIE, Nomura has the right to receive benefits or the obligation to absorb losses that could be potentially significant to the VIE, Nomura is the primary beneficiary of the VIE and must consolidate the entity, provided that Nomura does not act as a fiduciary for other interest holders. Nomura’s consolidated VIEs include those that were created to market structured securities to investors by repackaging corporate convertible securities, mortgages and mortgage-backed securities. Certain VIEs used in connection with Nomura’s aircraft leasing business as well as other purposes are consolidated. Nomura also consolidates certain investment funds for which Nomura is the primary beneficiary.

The power to direct the most significant activities may take a number of different forms in different types of VIEs. For transactions such as securitizations, investment funds, and CDOs, Nomura generally considers collateral management and servicing to represent the power to make the most significant decisions, unless such roles are deemed to be a fiduciary relationship. Accordingly, Nomura does not consolidate such types of VIEs for which it does not act as collateral manager or servicer unless Nomura has the unilateral right to replace the collateral manager or servicer or to require liquidation of the entity.

For many transactions, such as where VIEs are used for re-securitizations of residential mortgage-backed securities, there are no significant economic decisions made on an ongoing basis and no single investor has the unilateral ability to liquidate the VIE. In those cases, Nomura focuses its analysis on the party who has the sole discretion in the initial design of the VIE, and considers factors such as the nature of the underlying assets held by the VIE, the extent of third party investors’ involvement in the design of the VIE, the size of initial third party investment and the amount and level of any subordination of beneficial interests issued by the VIE which will be held by Nomura and any third party investors. Nomura has sponsored numerous re-securitization transactions and in many cases has determined that it is not the primary beneficiary on the basis that power to direct the most significant activities relating to these entities are shared with third party investors. Nomura has consolidated certain VIEs where it was determined that third party investors were not involved in the design of the VIEs, including where the size of third party investment was insignificant at inception of the transaction.

F-67

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

The following table presents the classification of consolidated VIEs’ assets and liabilities in these consolidated financial statements as of March 31, 2022 and September 30, 2022. Most of these assets and liabilities are related to consolidated VIEs which securitize corporate convertible securities, mortgages and mortgage-backed securities. The assets of a consolidated VIE may only be used to settle obligations of that VIE. Creditors do not typically have any recourse to Nomura.

	Billions of yen
	March 31, 2022		September 30, 2022
Consolidated VIE assets
Cash and cash equivalents	¥	62	¥	10
Trading assets
Equities		555		507
Debt securities		443		435
CMBS and RMBS		21		23
Investment trust funds and other		—		1
Derivatives		1		1
Private equity and debt investments		4		8
Office buildings, land, equipment and facilities		10		9
Other		115		179
Total	¥	1,211	¥	1,173
Consolidated VIE liabilities
Trading liabilities
Derivatives	¥	0	¥	0
Borrowings
Short-term borrowings		95		100
Long-term borrowings		797		780
Other		6		4
Total	¥	898	¥	884

On a quarterly basis, Nomura reassesses its involvement with the VIEs and evaluates the impact of any changes in governing documents and/or variable interests held by Nomura and other parties.

Nomura also holds variable interests in VIEs where Nomura is not the primary beneficiary. Nomura’s variable interests in such VIEs include senior and subordinated debt, residual interests, and equity interests associated with commercial and residential mortgage-backed and other asset-backed securitizations and structured financings, equity interests in VIEs which were formed primarily to acquire high yield leveraged loans and other lower investment grade debt obligations, residual interests in operating leases for aircraft held by VIEs, and loans and investments in VIEs that acquire operating businesses.

F-68

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

The following tables present the carrying amount of variable interests of unconsolidated VIEs and maximum exposure to loss associated with these variable interests. Maximum exposure to loss does not reflect Nomura’s estimate of the actual losses that could result from adverse changes, nor does it reflect the economic hedges Nomura enters into to reduce its exposure. The risks associated with VIEs in which Nomura is involved are limited to the amount recorded in the consolidated balance sheets and the amount of any undrawn commitments and financial guarantees issued.

	Billions of yen
	March 31, 2022
	Carrying amount of variable interests				Maximum exposure to loss to unconsolidated VIEs
	Assets		Liabilities
Trading assets and liabilities
Equities	¥	26	¥	—	¥	26
Debt securities		61		—		61
CMBS and RMBS		1,432		—		1,432
Investment trust funds and other		191		—		191
Private equity and debt investments		22		—		22
Loans		940		—		940
Other		10		—		10
Commitments to extend credit and other guarantees		—		—		256
Total	¥	2,682	¥	—	¥	2,938
	Billions of yen
	September 30, 2022
	Carrying amount of variable interests				Maximum exposure to loss to unconsolidated VIEs
	Assets		Liabilities
Trading assets and liabilities
Equities	¥	25	¥	—	¥	25
Debt securities		101		—		101
CMBS and RMBS		2,743		—		2,743
Investment trust funds and other		224		—		224
Private equity and debt investments		18		—		18
Loans		1,193		—		1,193
Other		6		—		6
Commitments to extend credit and other guarantees		—		—		153
Total	¥	4,310	¥	—	¥	4,463

The above does not include certain repurchase agreement financings provided to third parties or Nomura sponsored VIEs.

F-69

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

7. Financing receivables:

In the normal course of business, Nomura extends financing to clients primarily in the form of loan receivables, loan commitments and collateralized agreements such as reverse repurchase agreements and securities borrowing transactions.

These financing receivables are recognized as assets on Nomura’s consolidated balance sheets at fair value or on amortized cost basis and provide a contractual right to receive money either on demand or on future fixed or determinable dates.

The carrying value of financing receivables measured on an amortized cost basis is adjusted for an allowance for current expected credit losses (“CECL”) defined by ASC 326 “Financial Instruments—Credit Losses” (“ASC 326”). Allowances for CECL against recognized financial instruments are reported in the consolidated balance sheets within Allowance for credit losses.

Collateralized agreements

Collateralized agreements consist of reverse repurchase agreements reported as Securities purchased under agreements to resell and securities borrowing transactions reported as Securities borrowed in the consolidated balance sheets, including those executed under Gensaki Repo agreements. Reverse repurchase agreements and securities borrowing transactions principally involve the buying of government and government agency securities from customers under agreements that also require Nomura to resell these securities to those customers, or borrowing these securities with cash and non-cash collateral. Nomura monitors the value of the underlying securities on a daily basis to the related receivables, including accrued interest, and requests or returns additional collateral when appropriate. Except for those where we apply the fair value option, reverse repurchase agreements are generally recognized in the consolidated balance sheets at the amount for which the securities were originally acquired with applicable accrued interest. Securities borrowing transactions are generally recognized in the consolidated balance sheets at the amount of cash collateral advanced. Allowances for current expected credit losses against collateralized agreements are not significant either because of application of practical expedients permitted by ASC 326 based on the collateralization requirements and ongoing monitoring of the collateral levels or the short expected life of the financial instruments.

Loans receivable

The key types of loans receivable recognized by Nomura are loans at banks, short-term secured margin loans, inter-bank money market loans and corporate loans.

Loans at banks include both retail and commercial secured loans and traditional unsecured loans mainly extended by Nomura Trust & Banking Co., Ltd. Where retail and commercial loans are secured by real estate or securities, Nomura is exposed to the risk of a decline in the value of the underlying collateral. Loans at banks also include unsecured commercial loans provided to investment banking clients for relationship purposes. For unsecured commercial loans, Nomura is exposed to risk of default of the counterparty, although these counterparties usually have high or good credit ratings. Where loans are secured by guarantees, Nomura is also exposed to the risk of default by the guarantor.

Short-term secured margin loans are margin loans provided to clients in connection with securities brokerage business in retail and wealth management services. These loans provide funding for clients in order to purchase securities. Nomura requests initial margin in the form of acceptable securities or deposits against these loans and holds the purchased securities as collateral through the life of the loans. If the value of the securities declines by more than specified amounts, Nomura can make additional frequent margin calls in order to maintain a specified ratio of loan-to-value (“LTV”) ratio. These clients are required and reasonably expected to continue to replenish the amount of collateral as required by Nomura. Allowances for current expected losses against Short-term secured margin loans are therefore usually not significant.

Inter-bank money market loans are loans to financial institutions in the inter-bank money market, where overnight and intra-day financings are traded through money market dealers. The risk to Nomura of making these loans is limited as only qualified financial institutions can participate in these markets and these loans are usually overnight or short-term in nature. Allowances for current expected losses against inter-bank money market loans are therefore usually not significant.

F-70

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Corporate loans are primarily commercial loans provided to corporate clients excluding those classified as Loans at banks. Corporate loans include loans secured by real estate or securities, unsecured commercial loans provided to investment banking clients for relationship purposes. The risk to Nomura of making these loans is similar to those risks arising from commercial loans reported in loans at banks.

The following tables present a summary of loans receivable reported within Loans receivable or Investments in and advances to affiliated companies in the consolidated balance sheets as of March 31, 2022, and September 30, 2022 by portfolio segment.

	Millions of yen
	March 31, 2022
	Carried at amortized cost		Carried at fair value(1)		Total
Loans receivable
Loans at banks	¥	717,992	¥	—	¥	717,992
Short-term secured margin loans		442,600		—		442,600
Inter-bank money market loans		2,196		—		2,196
Corporate loans		1,206,349		1,210,590		2,416,939
Total loans receivable	¥	2,369,137	¥	1,210,590	¥	3,579,727
Advances to affiliated companies		1,000		—		1,000
Total	¥	2,370,137	¥	1,210,590	¥	3,580,727
	Millions of yen
	September 30, 2022
	Carried at amortized cost		Carried at fair value(1)		Total
Loans receivable
Loans at banks	¥	751,077	¥	—	¥	751,077
Short-term secured margin loans		518,027		—		518,027
Inter-bank money market loans		3,266		—		3,266
Corporate loans		1,515,685		1,415,348		2,931,033
Total loans receivable	¥	2,788,055	¥	1,415,348	¥	4,203,403
Advances to affiliated companies		4,000		—		4,000
Total	¥	2,792,055	¥	1,415,348	¥	4,207,403

(1) Includes loans receivable and loan commitments carried at fair value through election of the fair value option. 

There were no significant purchases nor sales of loans receivable during the six months ended September 30, 2021. During the same period, there were no significant reclassifications of loans receivable to or from trading assets.

There were no significant purchases nor sales of loans receivable during the six months ended September 30, 2022. During the same period, there were no significant reclassifications of loans receivable to or from trading assets.

Net unamortized deferred fees and costs related to loans receivable carried at amortized cost were immaterial as of March 31, 2022 and September 30, 2022.

F-71

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Allowance for current expected credit losses

Management has established an allowance for current expected credit losses using the CECL impairment model against the following types of financial instruments, including financing receivables, which are not measured at fair value on a recurring basis, to reflect the net amount Nomura expects to collect:

• Loans receivable and written unfunded loan commitments;

• Cash deposits;

• Collateralized agreements such as reverse repos and securities borrowing transactions;

• Customer contract assets and receivables; and

• Other receivables including margin receivables, security deposits, default fund contributions to central clearing counterparties and net investments in finance leases.

Current expected credit losses for an individual or portfolio of financial instrument are measured at each Nomura reporting date based on expected credit losses over the remaining expected life of the financial instruments that consider forecast of future economic conditions in addition to information about past events and current conditions. Key macroeconomic inputs to our weighted average forecasts of three years include GDP and credit spreads. The risk of loss is considered, even when that risk of loss is remote. While management has based its estimate of the allowance for current expected credit losses on the best information available, future adjustments to the allowance may be necessary as a result of changes in the economic environment or variances between actual results and original assumptions.

Nomura has elected to exclude accrued interest receivable from the amortized cost basis of financial instruments used to measure expected credit losses. The amount of accrued interest receivable as of September 30, 2021 and 2022 was not significant.

The methodology used by Nomura to determine allowances for current expected credit losses in accordance with the CECL impairment model primarily depends on the nature of the financial instrument and whether certain practical expedients permitted by ASC 326 are applied by Nomura.

Financial instruments subject to the CECL impairment model are charged off when Nomura has deemed the loan or receivable as uncollectible, namely management believes there is no reasonable expectation of collecting future contractual cash flows and all commercially reasonable means of recovering outstanding principle and interest balances have been exhausted.

F-72

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

The following table summarizes the methodology used for each significant type of financial instrument subject to the CECL impairment model and the key assumptions used which have impacted the measurement of current expected credit losses during the year ended September 30, 2022.

Financial instrument	Methodology to determine current expected credit losses
Loans, written loan commitments and certain deposits	•   Full loss rate model developed by Nomura’s Risk department •   Measures expected credit losses based on probability of default (PD), Loss Given Default (LGD) and Exposure at Default (EAD) inputs. •   PD inputs incorporate forward-looking scenarios used by Nomura for internal risk management and capital purposes. •   Immediate reversion method used for periods beyond which reasonable and supportable forecast is not available. •   For financial instruments which have defaulted or are probable of defaulting, expected credit losses measured using discounted cash flow analyses or, where the financial instrument is collateral dependent, based on any shortfall of fair value of the underlying collateral.
Collateralized agreements, short-term secured margin loans and cash prime brokerage loans	•   For reverse repos and short-term secured margin loans and cash prime brokerage loans where frequent margining is required and the counterparty has ability to replenish margin, as permitted by a practical expedient provided by ASC 326 expected credit losses are limited to difference between carrying value of the reverse repo or margin loan and fair value of underlying collateral. •   Securities borrowing transactions typically have very short expected lives and are collateralized and therefore expected credit losses are generally determined qualitatively to be insignificant based on historical experience and consistent monitoring of collateral.
Customer contract assets and receivables	•   Expected credit losses typically based on ageing analysis where loss rates are applied to the carrying value based on historical experience, the current economic climate and specific information about the ability of the client to pay.

F-73

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

The following table presents changes in the total allowance for incurred credit losses for the six and three months ended September 30, 2021 and 2022 as determined using the CECL impairment model defined by ASC 326.

	Millions of yen
	Six months ended September 30, 2021
	Allowance for current expected credit losses											Allowances against receivables other than loans(1)			Total allowance for current expected credit losses
	Loans at banks			Short-term secured margin loans		Corporate loans			Subtotal
Opening balance	¥	1,282		¥	—	¥	47,985		¥	49,267		¥	4,517		¥	53,784
Provision for losses(2)		—			—		8,924			8,924			78			9,002
Charge-offs		—			—		(17	)		(17	)		(62	)		(79	)
Other(3)		161			—		718			879			(1,875	)		(996	)
Ending balance	¥	1,443		¥	—	¥	57,610		¥	59,053		¥	2,658		¥	61,711
	Millions of yen
	Six months ended September 30, 2022
	Allowance for current expected credit losses											Allowances against receivables other than loans(1)			Total allowance for current expected credit losses
	Loans at banks			Short-term secured margin loans		Corporate loans			Subtotal
Opening balance	¥	2,434		¥	—	¥	62,353		¥	64,787		¥	1,559		¥	66,346
Provision for losses		672			—		1,372			2,044			15			2,059
Charge-offs		(1,523	)		—		(2,552	)		(4,075	)		—			(4,075	)
Other(3)		(417	)		—		7,981			7,564			262			7,826
Ending balance	¥	1,166		¥	—	¥	69,154		¥	70,320		¥	1,836		¥	72,156
	Millions of yen
	Three months ended September 30, 2021
	Allowance for current expected credit losses											Allowance for receivables other than loans(1)			Total allowance for current expected credit losses
	Loans at banks			Short-term secured margin loans		Corporate loans			Subtotal
Opening balance	¥	1,273		¥	—	¥	57,559		¥	58,832		¥	2,587		¥	61,419
Provision for losses		—			—		(273	)		(273	)		75			(198	)
Charge-offs		—			—		(10	)		(10	)		(5	)		(15	)
Other(3)		170			—		334			504			1			505
Ending balance	¥	1,443		¥	—	¥	57,610		¥	59,053		¥	2,658		¥	61,711

F-74

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

	Millions of yen
	Three months ended September 30, 2022
	Allowance for current expected credit losses											Allowance for receivables other than loans(1)			Total allowance for current expected credit losses
	Loans at banks			Short-term secured margin loans		Corporate loans			Subtotal
Opening balance	¥	3,016		¥	—	¥	65,242		¥	68,258		¥	1,842		¥	70,100
Provision for losses		90			—		156			246			(13	)		233
Charge-offs		(1,523	)		—		(82	)		(1,605	)		—			(1,605	)
Other(3)		(417	)		—		3,838			3,421			7			3,428
Ending balance	¥	1,166		¥	—	¥	69,154		¥	70,320		¥	1,836		¥	72,156

(1) Includes amounts recognized against collateralized agreements, customer contract assets and receivables and other receivables.

(2) Following default by a U.S. client in connection with the U.S. Prime Brokerage Event in March 2021, a provision for losses of ¥9,289 million was recognized during the quarter ended June 30, 2021.

(3) Primarily includes the effect of foreign exchange movements and recoveries collected.

Troubled debt restructurings

In the ordinary course of business, Nomura may choose to restructure a loan classified as held for investment either because of financial difficulties of the borrower, or simply as a result of market conditions or relationship reasons. A troubled debt restructuring (“TDR”) occurs when Nomura (as lender) for economic or legal reasons related to the borrower’s financial difficulties grants a concession to the borrower that Nomura would not otherwise consider.

Expected credit losses for a loan being restructured under a TDR which only involve modification of the loan’s terms (rather than receipt of assets in full or partial settlement) is typically determined using a discounted cash flow analysis. Assets received in full or partial satisfaction of a loan in a TDR are recognized at fair value.

Discussions continue with various borrowers to modify the existing contractual terms of certain loans. These modifications where the borrower is deemed to be in financial difficulty and Nomura has, or expects to, grant a financial concession would typically be accounted for and reported as a TDR.

The amounts of TDRs which occurred during the six months ended September 30, 2021 and 2022 were not significant.

F-75

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Nonaccrual and past due loans

Loans are placed on a nonaccrual status if interest is deemed uncollectible. Nomura policy is to define interest as being uncollectible if the borrower is determined to be in financial difficulty or an interest or principal payment on the loans is 90 days or more past due.

Where a loan is placed on a nonaccrual status, any accrued but unpaid interest receivable reversed and no further accrual of interest is permitted. Interest income is subsequent recognized when a cash payment is received from the borrower using the cash basis method.

Loans are generally only returned to an accrual status if the loan is brought contractually current, i.e., all overdue principal and interest amounts are paid. In limited circumstances, a loan which has not been brought contractually current will also be returned to an accrual status if all principal and interest amounts contractually due are reasonably assured of repayment within a reasonable period of time or there has been a sustained period of repayment performance by the borrower.

As of March 31, 2022, there were ¥62,289 million of loans which were placed on a nonaccrual status, primarily secured corporate loans. Corporate loans on a non-accrual status as of March 31, 2022 include loans relating to a U.S. client in connection with the U.S. Prime Brokerage Event in March 2021. The amount of loans which were 90 days past due but were not on a nonaccrual status was not significant.

As of September 30, 2022, there were ¥70,103 million of loans which were placed on a nonaccrual status, primarily secured corporate loans. Corporate loans on a non-accrual status as of September 30, 2022 include loans relating to a U.S. client in connection with the U.S. Prime Brokerage Event in March 2021. The amount of loans which were 90 days past due but were not on a nonaccrual status was not significant.

Credit quality indicators

Nomura is exposed to credit risks due to a decline in the value of loans or a default caused by deterioration of creditworthiness or bankruptcy of the borrower. Nomura’s risk management framework for such credit risks is based on a risk assessment through an internal rating process, in depth pre-financing credit analysis of each individual loan and continuous post-financing monitoring of the borrower’s creditworthiness.

The following tables present an analysis of each class of loans not carried at fair value using Nomura’s internal ratings or equivalent credit quality indicators applied by subsidiaries by years of origination as of March 31, 2022 and September 30, 2022.

F-76

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

	Millions of yen
	March 31, 2022
	2022		2021		2020		2019		2018		2017 or earlier		Revolving		Total
Secured loans at banks:
AAA-BBB	¥	106,554	¥	126,834	¥	8,325	¥	17,308	¥	9,213	¥	12,729	¥	—	¥	280,963
BB-CCC		80,167		169,655		1,693		638		587		6,779		—		259,519
CC-D		—		—		—		—		—		—		—		—
Others(1)		—		82,304		—		—		—		—		—		82,304
Total secured loans at banks	¥	186,721	¥	378,793	¥	10,018	¥	17,946	¥	9,800	¥	19,508	¥	—	¥	622,786
Unsecured loans at banks:
AAA-BBB	¥	6,000	¥	18,175	¥	12,703	¥	20,565	¥	9,982	¥	25,841	¥	—	¥	93,266
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		1,940		—		—		—		1,940
Others		—		—		—		—		—		—		—		—
Total unsecured loans at banks	¥	6,000	¥	18,175	¥	12,703	¥	22,505	¥	9,982	¥	25,841	¥	—	¥	95,206
Short-term secured margin loans:
AAA-BBB	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others(1)		169,195		23,238		—		—		—		—		250,167		442,600
Total short-term secured margin loans	¥	169,195	¥	23,238	¥	—	¥	—	¥	—	¥	—	¥	250,167	¥	442,600
Unsecured inter-bank money market loans:
AAA-BBB	¥	2,196	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	2,196
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others		—		—		—		—		—		—		—		—
Total unsecured inter-bank money market loans	¥	2,196	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	2,196
Secured corporate loans:
AAA-BBB	¥	—	¥	52,545	¥	86,910	¥	20,710	¥	3,258	¥	52,496	¥	9,916	¥	225,835
BB-CCC		86,300		307,636		14,718		131,266		115,494		30,085		92,039		777,538
CC-D(2)		—		57,524		—		—		—		—		—		57,524
Others(1)		455		20		25		26		10		101		96		733
Total secured corporate loans	¥	86,755	¥	417,725	¥	101,653	¥	152,002	¥	118,762	¥	82,682	¥	102,051	¥	1,061,630
Unsecured corporate loans:
AAA-BBB	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—
BB-CCC		11,621		20,516		—		1,989		—		—		—		34,126
CC-D		—		—		—		—		—		—		—		—
Others		—		438		191		—		109,959		5		—		110,593
Total unsecured corporate loans	¥	11,621	¥	20,954	¥	191	¥	1,989	¥	109,959	¥	5	¥	—	¥	144,719
Advances to affiliated companies
AAA-BBB	¥	—	¥	1,000	¥	—	¥	—	¥	—	¥	—	¥	—	¥	1,000
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others		—		—		—		—		—		—		—		—
Total advances to affiliated companies	¥	—	¥	1,000	¥	—	¥	—	¥	—	¥	—	¥	—	¥	1,000
Total	¥	462,488	¥	859,885	¥	124,565	¥	194,442	¥	248,503	¥	128,036	¥	352,218	¥	2,370,137

(1) Relate to collateralized exposures where a specified ratio of LTV is maintained.

(2) Includes loans of ¥57,524 million to a U.S. client in connection with the U.S. Prime Brokerage Event.

F-77

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

	Millions of yen
	September 30, 2022
	2022		2021		2020		2019		2018		2017 or earlier		Revolving		Total
Secured loans at banks:
AAA-BBB	¥	183,353	¥	75,873	¥	8,275	¥	17,940	¥	8,972	¥	10,828	¥	—	¥	305,241
BB-CCC		170,985		93,971		2,739		629		645		6,439		—		275,408
CC-D		—		—		—		—		—		—		—		—
Others(1)		—		89,114		—		—		—		—		—		89,114
Total secured loans at banks	¥	354,338	¥	258,958	¥	11,014	¥	18,569	¥	9,617	¥	17,267	¥	—	¥	669,763
Unsecured loans at banks:
AAA-BBB	¥	7,060	¥	17,317	¥	11,935	¥	15,553	¥	7,519	¥	21,930	¥	—	¥	81,314
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others		—		—		—		—		—		—		—		—
Total unsecured loans at banks	¥	7,060	¥	17,317	¥	11,935	¥	15,553	¥	7,519	¥	21,930	¥	—	¥	81,314
Short-term secured margin loans:
AAA-BBB	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others(1)		232,540		25,737		—		—		—		—		259,750		518,027
Total short-term secured margin loans	¥	232,540	¥	25,737	¥	—	¥	—	¥	—	¥	—	¥	259,750	¥	518,027
Unsecured inter-bank money market loans:
AAA-BBB	¥	3,266	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	3,266
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others		—		—		—		—		—		—		—		—
Total unsecured inter-bank money market loans	¥	3,266	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	3,266
Secured corporate loans:
AAA-BBB	¥	357,320	¥	248,311	¥	159,325	¥	201,901	¥	8,451	¥	106,520	¥	25,261	¥	1,107,089
BB-CCC		11,869		22,211		—		22,625		20,000		13,028		78,909		168,642
CC-D(2)		—		67,730		—		—		—		—		—		67,730
Others(1)		500		17		24		23		7		88		67		726
Total secured corporate loans	¥	369,689	¥	338,269	¥	159,349	¥	224,549	¥	28,458	¥	119,636	¥	104,237	¥	1,344,187
Unsecured corporate loans:
AAA-BBB	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—
BB-CCC		37,193		968		—		—		—		—		—		38,161
CC-D		—		—		—		2,373		—		—		—		2,373
Others		71		513		180		—		130,194		6		—		130,964
Total unsecured corporate loans	¥	37,264	¥	1,481	¥	180	¥	2,373	¥	130,194	¥	6	¥	—	¥	171,498
Advances to affiliated companies
AAA-BBB	¥	3,000	¥	1,000	¥	—	¥	—	¥	—	¥	—	¥	—	¥	4,000
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others		—		—		—		—		—		—		—		—
Total advances to affiliated companies	¥	3,000	¥	1,000	¥	—	¥	—	¥	—	¥	—	¥	—	¥	4,000
Total	¥	1,007,157	¥	642,762	¥	182,478	¥	261,044	¥	175,788	¥	158,839	¥	363,987	¥	2,792,055

(1) Relate to collateralized exposures where a specified ratio of LTV is maintained.

(2) Includes loans of ¥67,730 million in relation to the U.S. Prime Brokerage Event.

F-78

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

The following table presents a definition of each of the internal ratings used in the Nomura Group.

Rating Range	Definition
AAA	Highest credit quality. An obligor or facility has extremely strong capacity to meet its financial commitments. ‘AAA range’ is the highest credit rating assigned by Nomura. Extremely low probability of default.
AA	Very high credit quality category. An obligor or facility has very strong capacity to meet its financial commitments. Very low probability of default but above that of ‘AAA range.’
A	High credit quality category. An obligor or facility has strong capacity to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than those in higher-rated categories. Low probability of default but higher than that of ‘AA range.’
BBB	Good credit quality category. An obligor or facility has adequate capacity to meet its financial commitments. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to meet its financial commitments. Medium probability of default but higher than that of ‘A range.’
BB	Speculative credit quality category. An obligor or facility is less vulnerable in the near term than other lower-ratings. However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions which could lead to the inadequate capacity to meet its financial commitments. Medium to high probability of default but higher than that of ‘BBB range.’
B	Highly speculative credit quality category. An obligor or facility is more vulnerable than those rated ‘BB range’, but the obligor currently has the capacity to meet its financial commitments. Adverse business, financial, or economic conditions will likely impair the issuer’s or obligor’s capacity or willingness to meet its financial commitments. High probability of default - more than that of ‘BB range.’
CCC	Substantial credit risk. An obligor or facility is currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments. Strong probability of default – more than that of ‘B range.’
CC	Default category. An obligor or facility is currently highly vulnerable to nonpayment.
C	Default category. An obligor or facility is currently extremely vulnerable to nonpayment.
D	Failure of an obligor to make payments in full and on time of any financial obligations, markedly disadvantageous modification to a contractual term compared with the existing obligation, bankruptcy filings, administration, receivership, liquidation or other winding-up or cessation of business of an obligor or other similar situations.

Nomura reviews internal ratings at least once a year by using available credit information of obligors including financial statements and other information. Internal ratings are also reviewed more frequently for high-risk obligors or problematic exposures and any significant credit event of obligors will trigger an immediate credit review process.

F-79

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

8. Leases:

Nomura as lessor

Nomura leases office buildings and aircrafts in Japan and overseas either as head lessor or through subleases. These leases and subleases are primarily classified as operating leases. The related assets are stated at cost, net of accumulated depreciation, except for land, which is stated at cost in the consolidated balance sheets and reported within Other assets—Office buildings, land, equipment and facilities.

The following table presents the types of assets which Nomura leases under operating leases as of March 31, 2022 and September 30, 2022.

	Millions of yen
	March 31, 2022							September 30, 2022
	Cost		Accumulated depreciation			Net carrying amount		Cost		Accumulated depreciation			Net carrying amount
Real estate(1)	¥	354	¥	(292	)	¥	62	¥	21	¥	—		¥	21
Aircraft		10,373		(688	)		9,685		8,669		(50	)		8,619
Total	¥	10,727	¥	(980	)	¥	9,747	¥	8,690	¥	(50	)	¥	8,640

(1) Cost, accumulated depreciation and net carrying amounts include amounts relating to real estate utilized by Nomura.

Nomura recognized lease income of ¥1,927 million and ¥1,090 million for the six and three months ended September 30, 2021, respectively, and ¥409 million and ¥249 million for the six and three months ended September 30, 2022, respectively. These are included in the consolidated statements of income within Revenue—Other.

The following table presents an analysis of future undiscounted lease payments to be received in connection with noncancellable operating leases entered into by Nomura as lessor over the remaining lease term as of September 30, 2022. Amounts in connection with finance leases were not significant.

	Millions of yen
	September 30, 2022
	Minimum lease payments to be received
Years of receipt
Less than 1 year	¥	1,138
1 to 2 years		1,138
2 to 3 years		1,051
3 to 4 years		132
4 to 5 years		132
More than 5 years		1,037
Total	¥	4,628

F-80

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

9. Other assets—Other / Other liabilities:

The following table presents components of Other assets—Other and Other liabilities in the consolidated balance sheets as of March 31, 2022 and as of September 30, 2022.

	Millions of yen
	March 31, 2022		September 30, 2022
Other assets—Other:
Securities received as collateral	¥	166,352	¥	135,199
Goodwill and other intangible assets		30,007		34,265
Deferred tax assets		15,562		20,568
Investments in equity securities for other than operating purposes(1)		249,448		239,387
Deposit receivables(2)		227,777		232,015
Prepaid expenses		17,165		22,287
Other(2)		67,275		102,596
Total	¥	773,586	¥	786,317
Other liabilities:
Obligation to return securities received as collateral	¥	166,352	¥	135,199
Accrued income taxes		34,158		20,391
Other accrued expenses and provisions		457,511		419,740
Operating lease liabilities(2)		198,131		201,904
Other(2)		164,073		197,304
Total	¥	1,020,225	¥	974,538

(1) Includes equity securities without a readily determinable fair value of ¥65,365 million as of March 31, 2022 and as of September 30, 2022 respectively.

(2) Certain reclassifications of previously reported amounts have been made to conform to the current period presentation.

F-81

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

10. Earnings per share:

A reconciliation of the amounts and the numbers used in the calculation of net income attributable to NHI shareholders per share (basic and diluted) is as follows:

	Millions of yen except per share data presented in yen
	Six months ended September 30
	2021		2022
Basic—
Net income attributable to NHI shareholders	¥	51,700	¥	18,467
Weighted average number of shares outstanding		3,085,218,332		3,010,633,495
Net income attributable to NHI shareholders per share	¥	16.76	¥	6.13
Diluted—
Net income attributable to NHI shareholders	¥	51,645	¥	18,354
Weighted average number of shares outstanding		3,177,220,033		3,104,874,653
Net income attributable to NHI shareholders per share	¥	16.25	¥	5.91
	Millions of yen except per share data presented in yen
	Three months ended September 30
	2021		2022
Basic—
Net income attributable to NHI shareholders	¥	3,213	¥	16,771
Weighted average number of shares outstanding		3,094,089,105		3,001,728,417
Net income attributable to NHI shareholders per share	¥	1.04	¥	5.59
Diluted—
Net income attributable to NHI shareholders	¥	3,202	¥	16,738
Weighted average number of shares outstanding		3,179,898,312		3,093,327,844
Net income attributable to NHI shareholders per share	¥	1.01	¥	5.41

Net income attributable to NHI shareholders is adjusted to reflect the decline in Nomura’s equity share of earnings of subsidiaries and affiliates for the six and the three months ended September 30, 2021 and 2022, arising from options to purchase common shares issued by subsidiaries and affiliates.

The weighted average number of shares used in the calculation of diluted earnings per share (“EPS”) reflects the increase in potential issuance of common shares arising from stock-based compensation plans issued by the Company and affiliates, which would have minimal impact on EPS for the six and the three months ended September 30, 2021.

The weighted average number of shares used in the calculation of diluted EPS reflects the increase in potential issuance of common shares arising from stock-based compensation plans issued by the Company and affiliates, which would have minimal impact on EPS for the six and the three months ended September 30, 2022.

Antidilutive stock options and other stock-based compensation plans to purchase 12,387,500 and 9,712,800 common shares were not included in the computation of diluted EPS for the six and the three months ended September 30, 2021 and 2022 respectively.

F-82

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

11. Employee benefit plans:

Nomura provides various pension plans and other post-employment benefits which cover certain employees worldwide. In addition, Nomura provides health care benefits to certain active and retired employees through its Nomura Securities Health Insurance Society.

Net periodic benefit cost

The net periodic benefit cost of the defined benefit plans of Japanese entities includes the following components.

	Millions of yen
	Six months ended September 30
	2021			2022
Service cost	¥	3,226		¥	3,199
Interest cost		1,021			1,216
Expected return on plan assets		(3,028	)		(2,984	)
Amortization of net actuarial losses		1,978			1,909
Amortization of prior service cost		(800	)		(803	)
Net periodic benefit cost	¥	2,397		¥	2,537
	Millions of yen
	Three months ended September 30
	2021			2022
Service cost	¥	1,613		¥	1,600
Interest cost		510			608
Expected return on plan assets		(1,514	)		(1,492	)
Amortization of net actuarial losses		989			954
Amortization of prior service cost		(400	)		(401	)
Net periodic benefit cost	¥	1,198		¥	1,269

Nomura also recognized net periodic benefit cost of plans other than Japanese entities’ plans, which are not significant.

F-83

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

12. Income taxes:

For the six months ended September 30, 2021, the difference between the effective statutory tax rate of 31% and the effective tax rate of 42.8% was mainly due to an increase of the valuation allowance of foreign subsidiaries, whereas non-taxable revenues decreased the effective tax rate.

For the three months ended September 30, 2021, the difference between the effective statutory tax rate of 31% and the effective tax rate of 70.3% was mainly due to an increase of non-deductible expenses, whereas non-taxable revenues decreased the effective tax rate.

For the six months ended September 30, 2022, the difference between the effective statutory tax rate of 31% and the effective tax rate of 60.3% was mainly due to an increase of the valuation allowance, whereas non-taxable revenues decreased the effective tax rate.

For the three months ended September 30, 2022, the difference between the effective statutory tax rate of 31% and the effective tax rate of 46.8% was mainly due to an increase of the valuation allowance, whereas different tax rate applicable to income (loss) of foreign subsidiaries decreased the effective tax rate.

F-84

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

13. Other comprehensive income (loss):

Changes in accumulated other comprehensive income (loss) are as follows:

	Millions of yen
	Six months ended September 30, 2021
	Balance at beginning of year			Other comprehensive income (loss) before reclassifications			Reclassifications out of accumulated other comprehensive income (loss)(1)		Net change during the period		Balance at end of period
Cumulative translation adjustments	¥	18,316		¥	5,268		¥	61	¥	5,329	¥	23,645
Pension liability adjustment		(43,477	)		(358	)		842		484		(42,993	)
Own credit adjustments		(12,983	)		3,117			708		3,825		(9,158	)
Total	¥	(38,144	)	¥	8,027		¥	1,611	¥	9,638	¥	(28,506	)

(1) Reclassifications out of accumulated other comprehensive income were not significant.

	Millions of yen
	Six months ended September 30, 2022
	Balance at beginning of year			Other comprehensive income (loss) before reclassifications		Reclassifications out of accumulated other comprehensive income (loss)(1)		Net change during the period		Balance at end of period
Cumulative translation adjustments	¥	136,912		¥	210,319	¥	—	¥	210,319	¥	347,231
Pension liability adjustment		(43,803	)		505		867		1,372		(42,431	)
Own credit adjustments		34,864			52,595		231		52,826		87,690
Total	¥	127,973		¥	263,419	¥	1,098	¥	264,517	¥	392,490

(1) Reclassifications out of accumulated other comprehensive income were not significant.

	Millions of yen
	Three months ended September 30, 2021
	Balance at beginning of period			Other comprehensive income (loss) before reclassifications			Reclassifications out of accumulated other comprehensive income (loss)(1)		Net change during the period			Balance at end of period
Cumulative translation adjustments	¥	14,982		¥	8,663		¥	—	¥	8,663		¥	23,645
Pension liability adjustment		(43,468	)		176			299		475			(42,993	)
Own credit adjustments		(8,690	)		(775	)		307		(468	)		(9,158	)
Total	¥	(37,176	)	¥	8,064		¥	606	¥	8,670		¥	(28,506	)

(1) Reclassifications out of accumulated other comprehensive income were not significant.

	Millions of yen
	Three months ended September 30, 2022
	Balance at beginning of period			Other comprehensive income (loss) before reclassifications		Reclassifications out of accumulated other comprehensive income (loss)(1)			Net change during the period		Balance at end of period
Cumulative translation adjustments	¥	279,364		¥	67,867	¥	—		¥	67,867	¥	347,231
Pension liability adjustment		(43,017	)		217		369			586		(42,431	)
Own credit adjustments		58,290			29,477		(77	)		29,400		87,690
Total	¥	294,637		¥	97,561	¥	292		¥	97,853	¥	392,490

(1) Reclassifications out of accumulated other comprehensive income were not significant.

F-85

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

14. Commitments, contingencies and guarantees:

Commitments—

Credit and investment commitments

In connection with its banking and financing activities, Nomura provides commitments to extend credit which generally have fixed expiration dates. In connection with its investment banking activities, Nomura enters into agreements with clients under which Nomura commits to underwrite securities that may be issued by the clients. As a member of certain central clearing counterparties, Nomura is committed to provide liquidity facilities through entering into reverse repo transactions backed by government and government agency debt securities with those counterparties in a situation where a default of another clearing member occurs. The outstanding commitments under these agreements are included below in commitments to extend credit.

Nomura has commitments to invest in various partnerships and other entities and also has commitments to provide financing for investments related to these partnerships. The outstanding commitments under these agreements are included below in commitments to invest.

The following table presents a summary of the key types of outstanding commitments provided by Nomura.

	Millions of yen
	March 31, 2022		September 30, 2022
Commitments to extend credit
Liquidity facilities to central clearing counterparties	¥	1,135,695	¥	1,243,943
Other commitments to extend credit		877,156		1,099,585
Total	¥	2,012,851	¥	2,343,528
Commitments to invest	¥	32,286	¥	47,090

As of September 30, 2022, these commitments had the following maturities:

	Millions of yen
			Years to Maturity
	Total contractual amount		Less than 1 year		1 to 3 years		3 to 5 years		More than 5 years
Commitments to extend credit
Liquidity facilities to central clearing counterparties	¥	1,243,943	¥	1,243,943	¥	—	¥	—	¥	—
Other commitments to extend credit		1,099,585		177,338		267,085		270,738		384,424
Total	¥	2,343,528	¥	1,421,281	¥	267,085	¥	270,738	¥	384,424
Commitments to invest	¥	47,090	¥	22,136	¥	1,634	¥	5,000	¥	18,320

The contractual amounts of these commitments to extend credit represent the amounts at risk but only if the contracts are fully drawn upon, should the counterparties default, and assuming the value of any existing collateral becomes worthless. The total contractual amount of these commitments may not represent future cash requirements since the commitments may expire without being drawn upon. The credit risk associated with these commitments varies depending on the clients’ creditworthiness and the value of collateral held. Nomura evaluates each client’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by Nomura upon extension of credit, is based on credit evaluation of the counterparty.

Contingencies—

Investigations, lawsuits and other legal proceedings

In the normal course of business as a global financial services entity, Nomura is involved in investigations, lawsuits and other legal proceedings and, as a result, may suffer loss from any fines, penalties or damages awarded against Nomura, any settlements Nomura chooses to make to resolve a matter, and legal and other advisory costs incurred to support and formulate a defense.

The ability to predict the outcome of these actions and proceedings is inherently difficult, particularly where claimants are seeking substantial or indeterminate damages, where investigations and legal proceedings are at an early stage, where the matters present novel legal theories or involve a large number of parties, or which take place in foreign jurisdictions with complex or unclear laws.

F-86

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

The Company regularly evaluates each legal proceeding and claim on a case-by-case basis in consultation with external legal counsel to assess whether an estimate of possible loss or range of loss can be made, if recognition of a liability is not appropriate. In accordance with ASC 450 “Contingencies” (“ASC 450”), the Company recognizes a liability for this risk of loss arising on each individual matter when a loss is probable and the amount of such loss or range of loss can be reasonably estimated. The amount recognized as a liability is reviewed at least quarterly and is revised when further information becomes available. If these criteria are not met for an individual matter, such as if an estimated loss is only reasonably possible rather than probable, no liability is recognized. However, where a material loss is reasonably possible, the Company will disclose details of the legal proceeding or claim below. Under ASC 450 an event is defined as reasonably possible if the chance of the loss to the Company is more than remote but less than probable. As of March 31, 2022 and September 30, 2022, the total liability of ¥76,866 million and ¥81,479 million have been recognized respectively, and reported within Other liabilities in respect of outstanding and unsettled investigations, lawsuits and other legal proceedings (excluding claims with no legal proceedings as of March 31, 2022 and September 30, 2022) where loss is considered probable and the loss can be reasonably estimated. Total expenses recognized through earnings during the six months ended September 30, 2021 of the previous fiscal year in connection with these matters were ¥40,084 million, which have been reported within Non-interest expenses—Other.

The most significant actions and proceedings against Nomura are summarized below. The Company believes that, based on current information available as of the date of these consolidated financial statements, the ultimate resolution of these actions and proceedings will not be material to the Company’s financial condition. However, an adverse outcome in certain of these matters could have a material adverse effect on the consolidated statements of income or cash flows in a particular quarter or annual period.

For certain of the significant actions and proceedings, the Company is currently able to estimate the amount of reasonably possible loss, or range of reasonably possible losses, in excess of amounts recognized as a liability (if any) against such cases. These estimates are based on current information available as of the date of these consolidated financial statements and include, but are not limited to, the specific amount of damages or claims against Nomura in each case. As of December 16, 2022, for those cases where an estimate of the range of reasonably possible losses can be made, the Company estimates that the total aggregate reasonably possible maximum loss in excess of amounts recognized as a liability (if any) against these cases is approximately ¥63 billion.

For certain other significant actions and proceedings, the Company is unable to provide an estimate of the reasonably possible loss or range of reasonably possible losses because, among other reasons, (i) the proceedings are at such an early stage there is not enough information available to assess whether the stated grounds for the claim are viable; (ii) damages have not been identified by the claimant; (iii) damages are unsupported and/or exaggerated; (iv) there is uncertainty as to the outcome of pending appeals or motions; (v) there are significant legal issues to be resolved that may be dispositive, such as the applicability of statutes of limitations; (vi) there are novel or unsettled legal theories underlying the claims and/or (vii) a judgment has been made against Nomura but detailed reasons for the basis for the judgment and how the amount of the judgment has been determined have not yet been received.

Nomura will continue to cooperate with regulatory investigations and to vigorously defend its position in the ongoing actions and proceedings set out below, as appropriate.

In January 2008, Nomura International plc (“NIP”) was served with a tax notice issued by the tax authorities in Pescara, Italy alleging breaches by NIP of the U.K.-Italy Double Taxation Treaty of 1998 (“Tax Notice”). The alleged breaches relate to payments to NIP of tax credits on dividends on Italian shares. The Tax Notice not only denies certain payments to which NIP claims to be entitled but also seeks reimbursement of approximately EUR 33.8 million, plus interest, already refunded. NIP has exhausted all avenues of appeal following a judgment of the Italian Supreme Court dismissing NIP’s appeal in July 2021.

Similar claims have been made by the tax authorities against IBJ Nomura Financial Products (UK) PLC (“IBJN”) a group company which has been in members’ voluntary liquidation since 2000. An Italian Supreme Court judgment in June 2019 confirmed that tax credit refunds of approximately EUR 38 million, plus interest, were payable by IBJN to the Italian tax authorities.

In October 2010 and June 2012, two actions were brought against NIP, seeking recovery of payments allegedly made to NIP by Fairfield Sentry Ltd. and Fairfield Sigma Ltd. (collectively, “Fairfield Funds”), which are now in liquidation and were feeder funds to Bernard L. Madoff Investment Securities LLC (in liquidation pursuant to the Securities Investor Protection Act in the U.S. since December 2008) (“BLMIS”). The first suit was brought by the liquidators of the Fairfield Funds. It was filed on October 5, 2010 in the Supreme Court of the State of New York, but was subsequently removed to the United States Bankruptcy Court for the Southern District of New York. The second suit was brought by the Trustee for the liquidation of BLMIS (“Madoff Trustee”). NIP was added as a defendant in June 2012 when the Madoff Trustee filed an amended complaint in the United States Bankruptcy Court for the Southern District of New York. Both actions seek to recover approximately $34 million plus interest. 

F-87

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Certain of the Company’s subsidiaries in the U.S. securitized residential mortgage loans in the form of residential mortgage-backed securities (“RMBS”). These subsidiaries did not generally originate mortgage loans, but purchased mortgage loans from third-party loan originators (“originators”). In connection with such purchases, these subsidiaries received loan level representations from the originators. In connection with the securitizations, the relevant subsidiaries provided loan level representations and warranties of the type generally described below, which mirror the representations the subsidiaries received from the originators.

The loan level representations made in connection with the securitization of mortgage loans were generally detailed representations applicable to each loan and addressed characteristics of the borrowers and properties. The representations included, but were not limited to, information concerning the borrower’s credit status, the loan-to-value ratio, the owner occupancy status of the property, the lien position, the fact that the loan was originated in accordance with the originator’s guidelines, and the fact that the loan was originated in compliance with applicable laws. Certain of the RMBS issued by the subsidiaries were structured with credit protection provided to specified classes of certificates by monoline insurers.

With respect to certain of the RMBS issued from 2005 to 2007, the relevant subsidiaries received claims demanding the repurchase of certain loans from trustees of various securitization trusts, made at the instance of one or more investors, or from certificate insurers. The total original principal amount of loans for which repurchase claims were received by the relevant subsidiaries within six years of each securitization is $3,203 million. The relevant subsidiaries summarily rejected any demand for repurchase received after the expiration of the statute of limitations applicable to breach of representation claims. For those claims received within six years, the relevant subsidiaries reviewed each claim received, and rejected those claims believed to be without merit or agreed to repurchase certain loans for those claims that the relevant subsidiaries determined to have merit. In several instances, following the rejection of repurchase demands, investors instituted actions through the trustee alleging breach of contract from 2011 to 2014. The breach of contract claims that were brought within the six-year statute of limitations for breach of contract actions have survived motions to dismiss and discovery was completed and Notes of Issue were filed. The Company has been engaged in efforts to resolve the actions outside of Court.

A monoline insurer, Ambac Assurance Corp (“Ambac”), brought an action in April 2013 against Nomura Credit & Capital, Inc. (“NCCI”) and Nomura Holding America Inc. (“NHA”) alleging breach of contract with respect to representations concerning specific loan characteristics and fraud in the inducement of the insurance contract based on misrepresentations concerning the loans for two trusts insured by Ambac. The court dismissed all claims against NHA, and the claims against NCCI are continuing in the Supreme Court of the State of New York and discovery has now been completed.

In November 2011, NIP was served with a claim filed by the Madoff Trustee in the United States Bankruptcy Court for the Southern District of New York. This is a clawback action similar to claims filed by the Madoff Trustee against numerous other institutions. The Madoff Trustee alleges that NIP received redemptions from the BLMIS feeder fund, Harley International (Cayman) Limited in the six years prior to December 11, 2008 (the date proceedings were commenced against BLMIS) and that these are avoidable and recoverable under the U.S. Bankruptcy Code and New York law. The amount that the Madoff Trustee is currently seeking to recover from NIP is approximately $24.4 million plus interest.

In March 2013, Banca Monte dei Paschi di Siena SpA (“MPS”) issued a claim in the Italian Courts against (1) two former directors of MPS and (2) NIP. MPS alleged that the former directors improperly caused MPS to enter into certain structured financial transactions with NIP in 2009 (“Transactions”) and that NIP acted fraudulently and was jointly liable for the unlawful conduct of MPS’s former directors. MPS claimed damages of not less than EUR 1.1 billion.

In March 2013, NIP commenced a claim against MPS in the English Courts. The claim was for declaratory relief confirming that the Transactions remained valid and contractually binding. MPS filed and served its defence and counterclaim to these proceedings in March 2014. MPS alleged in its counterclaim that NIP was liable to make restitution of a net amount of approximately EUR 1.5 billion, and sought declarations regarding the illegality and invalidity of the Transactions.

On September 23, 2015, NIP entered into a settlement agreement with MPS to terminate the Transactions. NIP believes that the Transactions were conducted legally and appropriately, and does not accept the allegations made against it or admit any wrongdoing. Taking into account the views of relevant European financial authorities and the advice provided by external experts, NIP considered it to be in its best interests to reach a settlement in relation to this matter. As part of the agreement, the Transactions were unwound at a discount of EUR 440 million in favour of MPS and the civil proceedings between MPS and NIP in Italy and England, respectively, will no longer be pursued. Pursuant to the settlement agreement MPS and NIP applied to the Italian Courts to discontinue the proceedings brought by MPS against NIP. These proceedings have since been discontinued.

F-88

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

In April 2013, an investigation was commenced by the Public Prosecutor’s office in Siena, Italy, into various allegations against MPS and certain of its former directors, including in relation to the Transactions. The investigation was subsequently transferred to the Public Prosecutor of Milan. On April 3, 2015, the Public Prosecutor’s office in Milan issued a notice concluding its preliminary investigation. The Public Prosecutor was seeking to indict MPS, three individuals from MPS’s former management, NIP and two former NIP employees for, among others, the offences of false accounting and market manipulation in relation to MPS’s previous accounts. The preliminary hearing at which the Milan criminal court considered whether or not to grant the indictment concluded on October 1, 2016, the Judge ordering the trial of all individuals and banks involved except for MPS (which entered into a plea bargaining agreement with the Public Prosecutor). The trial commenced in December 2016. As part of these proceedings, a number of civil claimants have been permitted to bring damages claims against a number of entities and individuals, including NIP.

On November 8, 2019, the court delivered its oral verdict, finding two former employees of NIP guilty of false accounting, market manipulation and obstructing the supervisory activities of CONSOB and that NIP had breached Italian corporate liability legislation. In so doing it imposed a fine of EUR 3.45 million on NIP as well as ordering confiscation of EUR 88 million. On May 12, 2020, the court issued the detailed reasoning for the verdict (including the rationale for the penalties imposed). NIP appealed the decision to the Milan Court of Appeal. On May 6, 2022, the Milan Court of Appeal delivered its oral verdict, overturning the first instance judgment and acquitting the two former employees of NIP of all charges. The court also overturned the first instance judgment in respect of NIP and quashed the EUR 3.45 million fine and EUR 88 million confiscation order imposed on NIP. The detailed reasoning for the verdict was made available on October 3, 2022. In November 2022, the Public Prosecutor appealed the decision to the Supreme Court. 

In addition, NIP is involved in a number of separate civil or administrative matters relating to the Transactions including those described further below.

In January 2018, a claim before the Italian Courts brought by two claimants, Alken Fund Sicav (on behalf of two Luxembourg investment funds Alken Fund European Opportunities and Alken Fund Absolute Return Europe) and Alken Luxembourg S.A (the funds’ management company) (collectively referred to as “Alken”) was served on NIP. The claim was made against NIP, MPS, four MPS former directors and a member of MPS’s internal audit board, and sought monetary damages of approximately EUR 434 million plus interest, as well as non-monetary damages in an amount left to be quantified by the Judge. In July 2021, the court rejected all of Alken’s claims. In February 2022, Alken appealed the decision to the Milan Court of Appeal.

In May 2019, a claim before the Italian Courts brought by York Global Finance Offshore BDH (Luxembourg) Sàrl and a number of seemingly related funds was served on NIP. The claim is made against NIP, MPS, two MPS former directors and a member of MPS’s internal audit board, and seeks monetary damages of approximately EUR 186.7 million plus interest, as well as non-monetary damages in an amount left to be quantified by the Judge.

Additionally, NIP was served by the Commissione Nazionale per le Società e la Borsa (“CONSOB”, the Italian financial regulatory authority) with a notice commencing administrative sanction proceedings for market manipulation in connection with the Transactions. In relation to the Transactions, the notice named MPS, three individuals from MPS’s former management and two former NIP employees as defendants, whereas NIP was named only in its capacity as vicariously liable to pay any fines imposed on the former NIP employees. On May 22, 2018, CONSOB issued its decision in which it levied EUR 100,000 fines in relation to each of the two former NIP employees. In addition, CONSOB decided that the two employees did not meet the necessary Italian law integrity requirements to perform certain senior corporate functions, for a period of three months and six months respectively. NIP was vicariously liable to pay the fines imposed on its former employees. NIP paid the fines and appealed the decision to the Milan Court of Appeal. In December 2020, the Court of Appeal annulled the CONSOB decision against NIP. CONSOB has appealed the Court of Appeal’s decision to the Italian Supreme Court. 

In June 2016 and August 2016, Nomura International (Hong Kong) Limited (“NIHK”) and Nomura Special Investments Singapore Pte Limited (“NSIS”) were respectively served with a complaint filed in the Taipei District Court against NIHK, NSIS and certain individuals by Cathay United Bank, Co., Ltd., Taiwan Cooperative Bank Ltd., Chang Hwa Commercial Bank Ltd., Taiwan Business Bank Ltd., KGI Bank and Hwatai Bank Ltd. (collectively, “Syndicate Banks”). The Syndicate Banks’ complaint relates to a $60 million syndicated term loan to a subsidiary of Ultrasonic AG that was arranged by NIHK, and made by the Syndicate Banks together with NSIS. The Syndicate Banks’ allegations in the complaint included allegations that NIHK failed to comply with its fiduciary duties to the lenders as the arranger of the loan and the Syndicate Banks sought to recover approximately $48 million in damages, plus interest. By judgment dated June 2, 2022, the Taipei District Court dismissed the Syndicate Banks’ claims in entirety. On July 4, 2022, a Statement of Appeal was filed by 5 of the 6 Syndicate Banks (Cathay United Bank, Taiwan Cooperative Bank, Chang Hwa Commercial Bank, Taiwan Business Bank and Hwatai Bank, together the “Appellants”), indicating the Appellants’ intention to appeal the Taipei District Court decision to the Taiwan High Court. The claim amount for the appeal was approximately $42.6 million in damages, plus interest. The Appellants’ appeal was dismissed on August 30, 2022. The Taipei District Court judgment dated June 2, 2022, dismissing the Syndicate Banks’ claims, became final and binding on September 19, 2022.

F-89

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

On May 20, 2021, NIP and the Company were named as addressees in a decision issued by the European Commission in which NIP, the Company and various other third party banks have been found to have infringed EU competition law in connection with their activity in the primary and secondary markets for European Government Bonds (“EGB”). The European Commission found that the infringement consisted of anticompetitive agreements and/or concerted practices in the EGB sector in breach of EU competition law and fined NIP and the Company approximately EUR 129.6 million. In August 2021, NIP and the Company appealed the decision. The fine has been provisionally paid, as is required, pending the outcome of NIP and the Company’s appeal.

NIP and Nomura Securities International, Inc. (“NSI”) are defendants in a class action filed in the United States District Court for the Southern District of New York alleging violations of U.S. antitrust law in relation to the alleged manipulation of the primary and secondary markets for EGB.

Additionally, NIP and NSI are defendants in a separate class action filed in the Toronto Registry Office of the Federal Court of Canada alleging violations of Canadian competition law relating to the alleged manipulation of the market for supranational, sub-sovereign and agency bonds. In October 2022, subject to approval by the Federal Court of Canada, NIP and NSI have agreed to settle the class action.

Nomura is responding to requests for information from the U.S. Commodity Futures Trading Commission (“CFTC”) in relation to swap trading related to bond issuances. On February 1, 2021, the CFTC filed a civil enforcement action against a Nomura employee and charged him with violating the anti-fraud, price manipulation and false statements provisions of the Commodity Exchange Act in relation to a 2015 interest rate swap transaction.

Nomura also responded to requests for information from the CFTC in relation to compliance with records preservation requirements relating to the use of non-Nomura approved messaging platforms for business communications. In September 2022, Nomura agreed to pay a $50 million civil monetary penalty and to comply with certain non-monetary undertakings ordered by the CFTC.

NSI was cooperating with the Securities and Exchange Commission (“SEC”) in connection with an investigation of compliance with records preservation requirements relating to the use of non-Nomura approved messaging platforms for business communications. In September 2022, NSI agreed to pay a $50 million civil monetary penalty and to comply with certain non-monetary undertakings ordered by the SEC.

In September 2017 and November 2017, NIHK and NSIS were respectively served with a complaint filed in the Taipei District Court against NIHK, NSIS, China Firstextile (Holdings) Limited (“FT”) and certain individuals by First Commercial Bank, Ltd., Land Bank of Taiwan Co., Ltd., Chang Hwa Commercial Bank Ltd., Taishin International Bank, E.Sun Commercial Bank, Ltd., CTBC Bank Co., Ltd., Hwatai Bank, Ltd. and Bank of Taiwan (collectively, “FT Syndicate Banks”). The FT Syndicate Banks’ complaint relates to a $100 million syndicated term loan facility to borrower FT that was arranged by NIHK, and made by the FT Syndicate Banks together with NSIS. The FT Syndicate Banks’ allegations in the complaint include tort claims under Taiwan law against the defendants. The FT Syndicate Banks seek to recover approximately $68 million in damages, plus interest.

In August 2017, the Cologne public prosecutor in Germany notified NIP that it is investigating possible tax fraud by individuals who worked for the Nomura Group in relation to the historic planning and execution of trading strategies around dividend record dates in certain German equities (known as “cum/ex” trading) and in relation to filings of tax reclaims in 2007 to 2012. During the fiscal year ended March 31, 2020, Nomura Group became aware that certain of those individuals would be the subject of investigative proceedings in Germany. NIP and another entity in the Nomura Group are cooperating with the investigation, including by disclosing to the public prosecutor certain documents and trading data. If the investigation involving Nomura Group entities and former individuals proceeds to trial, the individuals could face criminal sanctions and Nomura Group entities could face administrative sanctions such as administrative fines or profit confiscation orders.

Stichting Vestia, a Dutch housing association and former counterparty, has asserted a claim against NIP relating to derivative transactions entered into between Vestia and NIP between 2009 and 2011. On February 1, 2022, Vestia commenced proceedings against NIP in the English Courts. The proceedings allege that the transactions are void because Vestia lacked the capacity and/or the authority to enter into them. Vestia is seeking restitution of a net amount of approximately EUR 153.5 million plus interest in respect of those transactions. 

F-90

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

In the context of a secured financing and the enforcement of the related pledge agreements following events of default attributable to the counterparty, on February 8, 2022, two former pledgors served a formal notice stating their intention to commence legal proceedings against Nomura European Investment Limited (“NEI”) as lender and NIP as security agent. The pledgors alleged that there had been certain valuation errors in relation to enforcement of the related pledge agreements and sought compensation from NEI or, alternatively, from NIP. On November 9, 2022, NEI and NIP entered into a settlement agreement with the pledgors to resolve the potential claim with no admission of liability or wrongdoing. 

In August and October 2022, Nomura Financial Advisory and Securities (India) Private Limited (“NFASPL”) was served with two commercial suits filed with the Bombay High Court against NFASPL and other parties. The lawsuits relate to the same equity disposal where the plaintiffs were two of the sellers and NFASPL acted as financial advisor to the sellers, and include allegations that NFASPL failed to comply with its duties as financial advisor. The total claim amounts in the suits are approximately INR 2.6 billion in damages, plus interest.

F-91

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Guarantees—

In the normal course of business, Nomura enters into various guarantee arrangements with counterparties in the form of standby letters of credit and other guarantees, which generally have a fixed expiration date.

In addition, Nomura enters into certain derivative contracts that meet the accounting definition of a guarantee, namely derivative contracts that contingently require a guarantor to make payment to a guaranteed party based on changes in an underlying that relate to an asset, liability or equity security held by a guaranteed party. Since Nomura does not track whether its clients enter into these derivative contracts for speculative or hedging purposes, Nomura includes relevant information about these derivative contracts that could meet the accounting definition of guarantees in the disclosure below.

For information about the maximum potential amount of future payments that Nomura could be required to make under these derivative contracts, the notional amount of contracts has been disclosed, except for certain derivative contracts, such as written interest rate caps and written currency options, the maximum potential payout amount cannot be estimated, as increases in interest or foreign exchange rates in the future could be theoretically unlimited.

The notional amounts do not represent anticipated losses from these derivatives contracts. As Nomura measures all derivative contracts at fair value, carrying value is considered the best indication of probability of payment and performance risks for these derivative contracts. Nomura may also reduce net exposures to certain of these contracts by entering into offsetting transactions or by entering into contracts that hedge the market risks related to these derivative contracts.

The following table presents information on Nomura’s derivative contracts that could meet the accounting definition of a guarantee and standby letters of credit and other guarantees.

	Millions of yen
	March 31, 2022				September 30, 2022
	Carrying value		Maximum Potential Payout/ Notional Total		Carrying value		Maximum Potential Payout/ Notional Total
Derivative contracts(1)(2)	¥	6,151,646	¥	393,709,887	¥	12,354,870	¥	497,283,042
Standby letters of credit and other guarantees(3)		—		1,698,193		—		1,521,994

(1) Credit derivatives are disclosed in Note 3 “Derivative instruments and hedging activities” and are excluded from above.

(2) Derivative contracts primarily consist of equity, interest rate and foreign exchange contracts.

(3) Primarily related to a certain sponsored repo program where Nomura guarantees to a third party clearing house in relation to its clients’ payment obligations. Our credit exposures under this guarantee is minimized by obtaining collateral from clients at amount approximately the maximum potential payout under the guarantee.

The following table presents maturity information on Nomura’s derivative contracts that could meet the accounting definition of a guarantee and standby letters of credit and other guarantees as of September 30, 2022.

	Millions of yen
	Carrying value		Maximum Potential Payout/Notional
			Total		Years to Maturity
					Less than 1 year		1 to 3 years		3 to 5 years		More than 5 years
Derivative contracts	¥	12,354,870	¥	497,283,042	¥	111,702,087	¥	159,340,394	¥	76,103,006	¥	150,137,555
Standby letters of credit and other guarantees		—		1,521,994		1,507,633		7,228		5,572		1,561

F-92

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

15. Segment and geographic information:

Operating segments—

Nomura’s operating management and management reporting are prepared based on the Retail, the Investment Management, and the Wholesale segments. Nomura structures its business segments based upon the nature of its main products and services, its client base and its management structure.

The accounting policies for segment information follow U.S. GAAP, except for a part of the impact of unrealized gains/losses on certain investments in equity securities held for operating purposes, which under U.S. GAAP are included in Income (loss) before income taxes, but excluded from segment information.

Revenues and expenses directly associated with each business segment are included in the operating results of each respective segment. Revenues and expenses that are not directly attributable to a particular segment are allocated to each respective business segment or included in “Other”, based upon Nomura’s allocation methodologies as used by management to assess each segment’s performance.

Business segments’ results are shown in the following tables. Net interest revenue is disclosed because management views interest revenue net of interest expense for its operating decisions. Business segments’ information on total assets is not disclosed because management does not utilize such information for its operating decisions and therefore, it is not reported to management.

F-93

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

	Millions of yen
	Retail		Investment Management			Wholesale(1)			Other (Incl. elimination)			Total
Six months ended September 30, 2021
Non-interest revenue	¥	168,475	¥	97,944		¥	255,957		¥	122,305		¥	644,681
Net interest revenue		1,702		(133	)		49,489			(28,837	)		22,221
Net revenue		170,177		97,811			305,446			93,468			666,902
Non-interest expenses		134,171		37,869			308,834			94,267			575,141
Income before income taxes	¥	36,006	¥	59,942		¥	(3,388	)	¥	(799	)	¥	91,761
Six months ended September 30, 2022
Non-interest revenue	¥	142,603	¥	35,366		¥	406,582		¥	57,991		¥	642,542
Net interest revenue		1,263		(1,616	)		(2,096	)		(18,443	)		(20,892	)
Net revenue		143,866		33,750			404,486			39,548			621,650
Non-interest expenses		133,465		39,911			359,025			41,368			573,769
Income (loss) before income taxes	¥	10,401	¥	(6,161	)	¥	45,461		¥	(1,820	)	¥	47,881
	Millions of yen
	Retail		Investment Management			Wholesale			Other (Incl. elimination)			Total
Three months ended September 30, 2021
Non-interest revenue	¥	84,395	¥	34,244		¥	145,187		¥	43,590		¥	307,416
Net interest revenue		796		85			27,482			(18,781	)		9,582
Net revenue		85,191		34,329			172,669			24,809			316,998
Non-interest expenses		68,207		19,300			147,700			65,192			300,399
Income (loss) before income taxes	¥	16,984	¥	15,029		¥	24,969		¥	(40,383	)	¥	16,599
Three months ended September 30, 2022
Non-interest revenue	¥	71,977	¥	27,058		¥	214,413		¥	25,325		¥	338,773
Net interest revenue		503		(887	)		(8,914	)		(9,702	)		(19,000	)
Net revenue		72,480		26,171			205,499			15,623			319,773
Non-interest expenses		66,995		20,618			185,310			13,551			286,474
Income before income taxes	¥	5,485	¥	5,553		¥	20,189		¥	2,072		¥	33,299

(1) Non-interest revenue and Non-interest expense for the six months ended September 30, 2021 include losses of ¥65,362 million arising from the U.S. Prime Brokerage Event. The losses are reported within Net gain on trading in the amount of ¥(56,073) million and in Non-interest expenses—Other in the amount of ¥9,289 million in the consolidated statements of income.

Transactions between operating segments are recorded within segment results on commercial terms and conditions and are eliminated in “Other.”

F-94

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

The following table presents the major components of Income (loss) before income taxes in “Other.”

	Millions of yen
	Six months ended September 30
	2021			2022
Net gain (loss) related to economic hedging transactions	¥	(381	)	¥	(9,709	)
Realized gain on investments in equity securities held for operating purposes		196			295
Equity in earnings of affiliates		15,188			26,107
Corporate items(1)		(54,838	)		(1,475	)
Other(2)(3)		39,036			(17,038	)
Total	¥	(799	)	¥	(1,820	)
	Millions of yen
	Three months ended September 30
	2021			2022
Net gain (loss) related to economic hedging transactions	¥	(3,825	)	¥	98
Realized gain on investments in equity securities held for operating purposes		23			55
Equity in earnings of affiliates		5,571			9,114
Corporate items		(45,566	)		4,513
Other(3)		3,414			(11,708	)
Total	¥	(40,383	)	¥	2,072

(1) The loss before income taxes for the six months ended September 30, 2021 includes losses of approximately ¥40 billion related to legacy transactions.

(2) The income before income taxes for the six months ended September 30, 2021 includes a gain of ¥36,249 million from the sale of Nomura Research Institute, Ltd. ordinary shares.

(3) Includes the impact of Nomura’s own creditworthiness.

The table below presents reconciliations of the combined business segments’ results included in the preceding table to Nomura’s reported Net revenue, Non-interest expenses and Income before income taxes in the consolidated statements of income.

	Millions of yen
	Six months ended September 30
	2021		2022
Net revenue	¥	666,902	¥	621,650
Unrealized gain on investments in equity securities held for operating purposes		5,239		(4,664	)
Consolidated net revenue	¥	672,141	¥	616,986
Non-interest expenses	¥	575,141	¥	573,769
Unrealized gain (loss) on investments in equity securities held for operating purposes		—		—
Consolidated non-interest expenses	¥	575,141	¥	573,769
Income before income taxes	¥	91,761	¥	47,881
Unrealized gain on investments in equity securities held for operating purposes		5,239		(4,664	)
Consolidated income before income taxes	¥	97,000	¥	43,217
	Millions of yen
	Three months ended September 30
	2021		2022
Net revenue	¥	316,998	¥	319,773
Unrealized gain on investments in equity securities held for operating purposes		1,868		(1,815	)
Consolidated net revenue	¥	318,866	¥	317,958
Non-interest expenses	¥	300,399	¥	286,474
Unrealized gain (loss) on investments in equity securities held for operating purposes		—		—
Consolidated non-interest expenses	¥	300,399	¥	286,474
Income before income taxes	¥	16,599	¥	33,299
Unrealized gain on investments in equity securities held for operating purposes		1,868		(1,815	)
Consolidated income before income taxes	¥	18,467	¥	31,484

F-95

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

Geographic information—

Nomura’s identifiable assets, revenues and expenses are generally allocated based on the country of domicile of the legal entity providing the service. However, because of the integration of the global capital markets and the corresponding global nature of Nomura’s activities and services, it is not always possible to make a precise separation by location. As a result, various assumptions, which are consistent among years, have been made in presenting the following geographic data.

The table below presents a geographic allocation of Net revenue and Income (loss) before income taxes from operations by geographic areas, and long-lived assets associated with Nomura’s operations. Net revenue in “Americas” and “Europe” substantially represents Nomura’s operations in the U.S. and the U.K., respectively. Net revenue and Long-lived assets have been allocated based on transactions with external customers while Income (loss) before income taxes have been allocated based on the inclusion of intersegment transactions.

	Millions of yen
	Six months ended September 30
	2021			2022
Net revenue(1)(2):
Americas	¥	122,906		¥	119,139
Europe		66,997			64,064
Asia and Oceania		43,876			41,657
Subtotal		233,779			224,860
Japan		438,362			392,126
Consolidated	¥	672,141		¥	616,986
Income (loss) before income taxes(2):
Americas	¥	(53,824	)	¥	(43,011	)
Europe		(14,150	)		4,505
Asia and Oceania		13,724			23,917
Subtotal		(54,250	)		(14,589	)
Japan		151,250			57,806
Consolidated	¥	97,000		¥	43,217
	Millions of yen
	Three months ended September 30
	2021			2022
Net revenue(1):
Americas	¥	84,602		¥	75,057
Europe		33,629			35,533
Asia and Oceania		22,715			4,744
Subtotal		140,946			115,334
Japan		177,920			202,624
Consolidated	¥	318,866		¥	317,958
Income (loss) before income taxes:
Americas	¥	(17,225	)	¥	(21,364	)
Europe		(8,863	)		6,405
Asia and Oceania		7,103			15,574
Subtotal		(18,985	)		615
Japan		37,452			30,869
Consolidated	¥	18,467		¥	31,484

(1) There is no revenue derived from transactions with a single major external customer.

(2) Includes losses arising from the U.S. Prime Brokerage Event for six months ended September 30, 2021.

F-96

Notes to the Interim Consolidated Financial Statements—(Continued) (UNAUDITED)

	Millions of yen
	March 31, 2022		September 30, 2022
Long-lived assets:
Americas	¥	103,045	¥	121,343
Europe		53,643		54,048
Asia and Oceania		23,600		22,804
Subtotal		180,288		198,195
Japan		269,135		267,226
Consolidated	¥	449,423	¥	465,421

16. Supplementary subsidiary guarantee information required under SEC rules:

The Company provides several guarantees of debts of its subsidiaries.

The Company has fully and unconditionally guaranteed the securities issued by Nomura America Finance LLC (“NAFL”), which is an indirect, wholly owned finance subsidiary of the Company. NAFL operates as a special purpose entity. It was formed for the purpose of issuing debt securities to repay existing credit facilities, refinance indebtedness, and for acquisition purposes. The guarantee will remain in effect until the entire principal, if any, of, and interest and premium, if any, on, the securities has been paid in full or discharged in accordance with the provisions of the indenture, or otherwise fully defeased by the Company.

17. Subsequent events:

NHI sold 13,000,000 ordinary shares of Nomura Research Institute, Ltd. (“NRI”) by participating in a secondary offering on December 5, 2022. As a result, Nomura is expected to recognize a pre-tax gain of approximately ¥25 billion during the third quarter of the fiscal year ending March 31, 2023. NRI is expected to remain as an equity-method affiliate of Nomura after this transaction.

F-97

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of

Nomura Holdings, Inc.

Results of Review of Interim Financial Statements

We have reviewed the accompanying consolidated balance sheet of Nomura Holdings, Inc. (the “Company”) as of September 30, 2022, the related consolidated statements of income, comprehensive income and changes in equity for the three- and six-month periods ended September 30, 2022 and 2021, the related consolidated statements of cash flows for the six-month periods ended September 30, 2022 and 2021, and the related notes (collectively referred to as the “consolidated interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the consolidated interim financial statements for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated balance sheet of the Company as of March 31, 2022, the related consolidated statements of income, comprehensive income, changes in equity and cash flows for the year then ended, and the related notes (not presented herein); and in our report dated June 24, 2022, we expressed an unqualified audit opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of March 31, 2022, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

These financial statements are the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Ernst & Young ShinNihon LLC

Tokyo, Japan

December 16, 2022

F-98

Exhibit 15

December 16, 2022

The Shareholders and Board of Directors of

Nomura Holdings, Inc.

We are aware of the incorporation by reference in the Registration Statements (Form F-3 No. 333-261756 and Form S-8 No. 333-214267, No. 333-221128, No. 333-228585, No. 333-228586, No. 333-231683, No. 333-239996, No. 333-256408 and No. 333-265160) and related Prospectus of Nomura Holdings, Inc. of our report dated December 16, 2022 relating to the unaudited consolidated interim financial statements of Nomura Holdings, Inc. as of and for the quarter ended September 30, 2022 that are included in its Form 6-K dated December 16, 2022.

/s/ Ernst & Young ShinNihon LLC

Exhibit 17

Subsidiary Issuer of Registered Guaranteed Securities

Nomura Holdings, Inc. (“NHI”) fully and unconditionally guarantees certain securities issued by its indirect, wholly owned finance subsidiary, Nomura America Finance LLC (“NAFL”). The securities issued by NAFL and guaranteed by NHI that are subject to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 are as follows:

• Senior Global Medium-Term Notes, Series A, Callable Leveraged Steepener Notes due November 24, 2025

• Senior Global Medium-Term Notes, Series A, Callable Leveraged Steepener Notes due December 31, 2033

• Senior Global Medium-Term Notes, Series A, Callable Leveraged Steepener Notes due February 28, 2034

• Senior Global Medium-Term Notes, Series A, Callable Leveraged Steepener Notes due May 30, 2034

• Senior Global Medium-Term Notes, Series A, Callable Contingent Coupon Trigger Notes Linked to Russell 2000® Index due July 16, 2024

• Senior Global Medium-Term Notes, Series A, Callable Leveraged Steepener Notes due July 29, 2034

• Senior Global Medium-Term Notes, Series A, CPI-Linked Notes due December 24, 2024

• Senior Global Medium-Term Notes, Series A, Callable Leveraged Steepener Notes due December 24, 2034

• Senior Global Medium-Term Notes, Series A, Contingent Coupon Trigger Notes Linked to Russell 2000® Index due February 18, 2025

• Senior Global Medium-Term Notes, Series A, 3.00% Fixed to Floating Rate Notes due August 21, 2025

XML

Cover Page	6 Months Ended
	Sep. 30, 2022
Document Information [Line Items]
Document Type	6-K
Amendment Flag	false
Document Fiscal Year Focus	2022
Entity Central Index Key	0001163653
Document Fiscal Period Focus	Q2
Document Period End Date	Sep. 30, 2022
Entity Registrant Name	NOMURA HOLDINGS, INC.
Current Fiscal Year End Date	--03-31

XML

Consolidated Balance Sheets - JPY (¥) ¥ in Millions	Sep. 30, 2022	Mar. 31, 2022
Cash and cash deposits:
Cash and cash equivalents	¥ 3,675,554	¥ 3,316,238
Time deposits	346,654	320,754
Deposits with stock exchanges and other segregated cash	383,874	426,519
Total cash and cash deposits	4,406,082	4,063,511
Loans and receivables:
Loans receivable (includes ¥1,210,590 and ¥1,415,348 at fair value)	4,203,403	3,579,727
Receivables from customers (includes ¥86,839 and ¥60,506 at fair value)	531,383	417,661
Receivables from other than customers (includes ¥10,362 and ¥12,268 at fair value)"	1,302,565	1,069,660
Allowance for credit losses	(72,156)	(66,346)
Total loans and receivables	5,965,195	5,000,702
Collateralized agreements:
Securities purchased under agreements to resell (includes ¥297,653 and ¥318,084 at fair value)	15,828,901	11,879,312
Securities borrowed	5,011,799	4,997,129
Total collateralized agreements	20,840,700	16,876,441
Trading assets and private equity and debt investments:
Trading assets (includes assets pledged of ¥4,643,412 and ¥4,911,777; includes ¥14,328 and ¥15,804 at fair value)	18,074,120	15,230,817
Private equity and debt investments (includes ¥10,770 and ¥10,318 at fair value)	63,733	65,193
Total trading assets and private equity and debt investments	18,137,853	15,296,010
Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥426,081 and ¥483,378)	430,675	419,047
Non-trading debt securities (includes assets pledged of ¥17,823 and ¥nil)	447,788	484,681
Investments in equity securities (includes assets pledged of ¥606 and ¥306)	127,256	133,897
Investments in and advances to affiliated companies (includes assets pledged of ¥5,038 and ¥5,363)	390,114	364,281
Other (includes ¥169,080 and ¥159,042 at fair value)	786,317	773,586
Total other assets	2,182,150	2,175,492
Total assets	51,531,980	43,412,156
LIABILITIES AND EQUITY
Short-term borrowings (includes ¥710,629 and ¥593,885 at fair value)	1,273,660	1,050,141
Payables and deposits:
Payables to customers	1,665,336	1,522,961
Payables to other than customers	2,168,016	1,636,725
Deposits received at banks (includes ¥71,156 and ¥147,998 at fair value)	2,039,013	1,760,679
Total payables and deposits	5,872,365	4,920,365
Collateralized financing:
Securities sold under agreements to repurchase (includes ¥411,847 and ¥588,170 at fair value)	15,964,194	12,574,556
Securities loaned (includes ¥104,606 and ¥88,646 at fair value)	1,585,934	1,567,351
Other secured borrowings	326,875	396,291
Total collateralized financing	17,877,003	14,538,198
Trading liabilities	12,212,463	9,652,118
Other liabilities (includes ¥52,110 and ¥36,779 at fair value)	974,538	1,020,225
Long-term borrowings (includes ¥4,557,326 and ¥4,697,524 at fair value)	10,094,650	9,258,306
Total liabilities	48,304,679	40,439,353
Commitments and contingencies (Note 14)
Common stock
No par value share Authorized—6,000,000,000 shares Issued—3,233,562,601 shares Outstanding—3,017,804,012 and 3,001,173,885 shares	594,493	594,493
Additional paid-in capital	687,297	697,507
Retained earnings	1,608,564	1,606,987
Accumulated other comprehensive income	392,490	127,973
Total NHI shareholders' equity before treasury stock	3,282,844	3,026,960
Common stock held in treasury, at cost—215,758,589 and 232,388,716 shares	(119,870)	(112,355)
Total NHI shareholders' equity	3,162,974	2,914,605
Noncontrolling interests	64,327	58,198
Total equity	3,227,301	2,972,803
Total liabilities and equity	51,531,980	43,412,156
Variable Interest Entity, primary beneficiary [Member]
Cash and cash deposits:
Cash and cash equivalents	10,000	62,000
Total cash and cash deposits	10,000	62,000
Trading assets and private equity and debt investments:
Total trading assets and private equity and debt investments	975,000	1,024,000
Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥426,081 and ¥483,378)	9,000	10,000
Other (includes ¥169,080 and ¥159,042 at fair value)	179,000	115,000
Total other assets	188,000	125,000
Total assets	1,173,000	1,211,000
LIABILITIES AND EQUITY
Short-term borrowings (includes ¥710,629 and ¥593,885 at fair value)	100,000	95,000
Collateralized financing:
Trading liabilities	0	0
Other liabilities (includes ¥52,110 and ¥36,779 at fair value)	4,000	6,000
Long-term borrowings (includes ¥4,557,326 and ¥4,697,524 at fair value)	780,000	797,000
Borrowings	880,000	892,000
Total liabilities	¥ 884,000	¥ 898,000

XML

Consolidated Balance Sheets (Parenthetical) - JPY (¥) ¥ in Millions		Sep. 30, 2022	Mar. 31, 2022
Loans receivable, fair value	[1]	¥ 1,415,348	¥ 1,210,590
Receivables from customers, fair value		60,506	86,839
Receivable from other than customers		12,268	10,362
Securities purchased under agreements to resell, fair value		318,084	297,653
Trading assets, securities pledged as collateral		18,074,120	15,230,817
Trading assets, fair value		15,804	14,328
Private equity investments, fair value		10,318	10,770
Office buildings, land, equipment and facilities, net of accumulated depreciation and amortization		483,378	426,081
Securities pledged as collateral			17,823
Other, fair value		159,042	169,080
Short-term borrowings, fair value		593,885	710,629
Deposits received at banks, fair value		147,998	71,156
Securities sold under agreements to repurchase, fair value		588,170	411,847
Securities loaned, fair value		88,646	104,606
Other liabilities, fair value		36,779	52,110
Long-term borrowings, fair value		¥ 4,697,524	¥ 4,557,326
Common stock
Authorized		6,000,000,000	6,000,000,000
Issued		3,233,562,601	3,233,562,601
Outstanding		3,001,173,885	3,017,804,012
Common stock held in treasury, shares		232,388,716	215,758,589
Asset Pledged as Collateral [Member]
Trading assets, securities pledged as collateral		¥ 4,911,777	¥ 4,643,412
Equity Securities [Member]
Securities pledged as collateral		306	606
Other Affiliates [Member]
Securities pledged as collateral		¥ 5,363	¥ 5,038

[1] Includes loans receivable and loan commitments carried at fair value through election of the fair value option.

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Consolidated Statements of Income - JPY (¥) ¥ in Millions		3 Months Ended		6 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022		Sep. 30, 2021
Revenue:
Commissions		¥ 68,152	¥ 91,636	¥ 138,583		¥ 174,522
Fees from investment banking		24,189	33,901	51,474		69,604
Asset management and portfolio service fees		69,038	67,193	137,288		131,237
Net gain on trading		160,905	91,142	302,823		143,136
Gain on private equity and debt investments		5,738	475	1,203		26,463
Interest and dividends		196,893	69,925	305,942		134,461
Gain (loss) on investments in equity securities		(1,523)	2,082	(3,265)		5,550
Other		10,460	22,855	9,772		99,408
Total revenue		533,852	379,209	943,820		784,381
Interest expense		215,894	60,343	326,834		112,240
Net revenue	[1]	317,958	318,866	616,986	[2]	672,141	[2]
Non-interest expenses:
Compensation and benefits		150,894	129,245	293,955		264,848
Commissions and floor brokerage		28,183	27,397	56,671		54,213
Information processing and communications		52,127	45,136	101,859		89,235
Occupancy and related depreciation		16,643	17,846	33,002		34,562
Business development expenses		5,353	3,902	10,052		7,196
Other		33,274	76,873	78,230		125,087
Total non-interest expenses		286,474	300,399	573,769		575,141
Income before income taxes		31,484	18,467	43,217	[2]	97,000	[2]
Income tax expense		14,741	12,984	26,081		41,524
Net income		16,743	5,483	17,136		55,476
Less: Net income (loss) attributable to noncontrolling interests		(28)	2,270	(1,331)		3,776
Net income attributable to NHI shareholders		¥ 16,771	¥ 3,213	¥ 18,467		¥ 51,700
Basic-
Net income attributable to NHI shareholders per share		¥ 5.59	¥ 1.04	¥ 6.13		¥ 16.76
Diluted-
Net income attributable to NHI shareholders per share		¥ 5.41	¥ 1.01	¥ 5.91		¥ 16.25

[1] There is no revenue derived from transactions with a single major external customer.

[2] Includes losses arising from the U.S. Prime Brokerage Event.

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Consolidated Statements of Comprehensive Income - JPY (¥) ¥ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income	¥ 16,743	¥ 5,483	¥ 17,136	¥ 55,476
Cumulative translation adjustments:
Cumulative translation adjustments	67,726	9,134	213,044	6,370
Deferred income taxes	(158)	109	(574)	(202)
Total	67,568	9,243	212,470	6,168
Defined benefit pension plans:
Pension liability adjustment	787	810	1,713	680
Deferred income taxes	(201)	(335)	(341)	(196)
Total	586	475	1,372	484
Own credit adjustments:
Own credit adjustments	37,624	231	66,483	5,956
Deferred income taxes	(8,224)	(699)	(13,657)	(2,131)
Total	29,400	(468)	52,826	3,825
Total other comprehensive income	97,554	9,250	266,668	10,477
Comprehensive income	114,297	14,733	283,804	65,953
Less: Comprehensive income (loss) attributable to noncontrolling interests	(327)	2,850	820	4,615
Comprehensive income attributable to NHI shareholders	¥ 114,624	¥ 11,883	¥ 282,984	¥ 61,338

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Consolidated Statements of Changes in Equity - JPY (¥) ¥ in Millions	Total	Common stock [Member]	Additional paid-in capital [Member]	Retained earnings [Member]		Cumulative translation adjustments [Member]	Defined benefit pension plans [Member]	Own credit adjustments [Member]	Accumulated other comprehensive income (loss) [Member]	Common stock held in treasury [Member]	Total NHI shareholders' equity [Member]	Noncontrolling interests [Member]
Balance at beginning of year at Mar. 31, 2021		¥ 594,493	¥ 696,122	¥ 1,533,713		¥ 18,316	¥ (43,477)	¥ (12,983)		¥ (91,246)		¥ 61,513
Net income attributable to NHI shareholders	¥ 51,700			51,700
Cash dividends				(24,758)	[1]							(1,914)
Gain (loss) on sales of treasury stock				(2,958)
Stock-based compensation awards			(11,381)
Changes in an affiliated company's interests			(18)
Net change during the period						5,329
Pension liability adjustment	484						484
Own credit adjustments	3,825							3,825
Repurchases of common stock										(6)
Sales of common stock										0
Common stock issued to employees										16,931
Net income (loss) attributable to noncontrolling interests	(3,776)											3,776
Accumulated other comprehensive income (loss) attributable to noncontrolling interests
Accumulated other comprehensive income (loss) attributable to noncontrolling interests												839
Purchase / sale of subsidiary shares, net												277
Other net change in noncontrolling interests												3,055
Balance at end of period at Sep. 30, 2021	2,801,632	594,493	684,723	1,557,697		23,645	(42,993)	(9,158)	¥ (28,506)	(74,321)	¥ 2,734,086	67,546
Balance at beginning of year at Jun. 30, 2021		594,493	677,476	1,579,330		14,982	(43,468)	(8,690)		(74,896)		65,093
Net income attributable to NHI shareholders	3,213			3,213
Cash dividends				(24,758)	[2]							(304)
Gain (loss) on sales of treasury stock				(88)
Stock-based compensation awards			7,247
Net change during the period						8,663
Pension liability adjustment	475						475
Own credit adjustments	(468)							(468)
Repurchases of common stock										(3)
Sales of common stock										0
Common stock issued to employees										578
Net income (loss) attributable to noncontrolling interests	(2,270)											2,270
Accumulated other comprehensive income (loss) attributable to noncontrolling interests
Accumulated other comprehensive income (loss) attributable to noncontrolling interests												580
Purchase / sale of subsidiary shares, net												80
Other net change in noncontrolling interests												(173)
Balance at end of period at Sep. 30, 2021	2,801,632	594,493	684,723	1,557,697		23,645	(42,993)	(9,158)	(28,506)	(74,321)	2,734,086	67,546
Balance at beginning of year at Mar. 31, 2022	2,972,803	594,493	697,507	1,606,987		136,912	(43,803)	34,864		(112,355)		58,198
Net income attributable to NHI shareholders	18,467			18,467
Cash dividends				(15,006)	[1]							(2,440)
Gain (loss) on sales of treasury stock				(1,884)
Stock-based compensation awards			(10,210)
Changes in an affiliated company's interests
Net change during the period						210,319
Pension liability adjustment	1,372						1,372
Own credit adjustments	52,826							52,826
Repurchases of common stock										(24,723)
Sales of common stock										0
Common stock issued to employees										17,208
Net income (loss) attributable to noncontrolling interests	1,331											(1,331)
Accumulated other comprehensive income (loss) attributable to noncontrolling interests
Accumulated other comprehensive income (loss) attributable to noncontrolling interests												2,151
Purchase / sale of subsidiary shares, net												84
Other net change in noncontrolling interests												7,665
Balance at end of period at Sep. 30, 2022	3,227,301	594,493	687,297	1,608,564		347,231	(42,431)	87,690	392,490	(119,870)	3,162,974	64,327
Balance at beginning of year at Jun. 30, 2022		594,493	678,115	1,606,779		279,364	(43,017)	58,290		(118,541)		59,642
Net income attributable to NHI shareholders	16,771			16,771
Cash dividends				(15,006)	[2]							57
Gain (loss) on sales of treasury stock				20
Stock-based compensation awards			9,182
Net change during the period						67,867
Pension liability adjustment	586						586
Own credit adjustments	29,400							29,400
Repurchases of common stock										(1,514)
Sales of common stock										0
Common stock issued to employees										185
Net income (loss) attributable to noncontrolling interests	28											(27)
Accumulated other comprehensive income (loss) attributable to noncontrolling interests
Accumulated other comprehensive income (loss) attributable to noncontrolling interests												(299)
Purchase / sale of subsidiary shares, net												84
Other net change in noncontrolling interests												4,870
Balance at end of period at Sep. 30, 2022	¥ 3,227,301	¥ 594,493	¥ 687,297	¥ 1,608,564		¥ 347,231	¥ (42,431)	¥ 87,690	¥ 392,490	¥ (119,870)	¥ 3,162,974	¥ 64,327

[1] Dividends per share Six months ended September 30, 2021 ¥ 8.00 Six months ended September 30, 2022 ¥ 5.00

[2] Dividends per share Three months ended September 30, 2021 ¥ 8.00 Three months ended September 30, 2022 ¥ 5.00

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Consolidated Statements of Changes in Equity (Parenthetical) - ¥ / shares	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Dividends per share	¥ 5	¥ 8	¥ 5	¥ 8

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Consolidated Statements of Cash Flows - JPY (¥) ¥ in Millions	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	¥ 17,136	¥ 55,476
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	30,355	29,574
(Gain) loss on investments in equity securities	3,265	(5,550)
Gain on investments in subsidiaries and affiliates		(36,249)
Gain on disposal of office buildings, land, equipment and facilities	151	(3,957)
Deferred income taxes	11,050	11,263
Changes in operating assets and liabilities:
Time deposits	(8,439)	(61,957)
Deposits with stock exchanges and other segregated cash	99,999	62,040
Trading assets and private equity and debt investments	(1,293,513)	(591,566)
Trading liabilities	1,598,294	139,755
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase	(1,254,871)	(409,458)
Securities borrowed, net of securities loaned	270,702	745,760
Other secured borrowings	(70,778)	(11,756)
Loans and receivables, net of allowance for credit losses	(275,360)	(124,048)
Payables	408,030	47,178
Bonus accrual	(72,500)	(62,677)
Accrued income taxes, net	(38,497)	(52,004)
Other, net	(84,920)	45,559
Net cash used in operating activities	(659,896)	(222,617)
Cash flows from investing activities:
Payments for purchases of office buildings, land, equipment and facilities	(55,969)	(51,843)
Proceeds from sales of office buildings, land, equipment and facilities	25,324	24,679
Payments for purchases of investments in equity securities		(100)
Proceeds from sales of investments in equity securities	816	434
Increase in loans receivable at banks, net	(33,031)	(41,540)
Decrease (increase) in non-trading debt securities, net	57,442	(17,578)
Decrease (increase) in investments in affiliated companies, net	(2,822)	49,845
Other, net	480	30,162
Net cash used in investing activities	(7,760)	(5,941)
Cash flows from financing activities:
Increase in long-term borrowings	991,025	2,320,541
Decrease in long-term borrowings	(525,048)	(1,649,198)
Increase (decrease) in short-term borrowings, net	121,210	(230,220)
Increase in deposits received at banks, net	232,810	152,890
Proceeds from sales of common stock held in treasury	3	8
Payments for repurchases of common stock held in treasury	(23,209)	(6)
Payments for cash dividends	(42,254)	(45,952)
Contributions from noncontrolling interests	3,334
Distributions to noncontrolling interests	(2,440)
Net cash provided by financing activities	755,431	548,063
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	271,536	6,726
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents	359,311	326,231
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	3,316,408	3,510,011
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	3,675,719	3,836,242
Cash paid during the period for—
Interest	302,848	112,168
Income tax payments, net	¥ 53,527	¥ 82,265

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Consolidated Statements of Cash Flows (Parenthetical) - JPY (¥) ¥ in Millions	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents reported in Cash and cash equivalents	¥ 3,675,554	¥ 3,836,088
Restricted cash and restricted cash equivalents reported in Deposits with stock exchanges and other segregated cash	165	154
Total cash, cash equivalent, restricted cash and restricted cash equivalents	3,675,719	3,836,242
Right-of-use asset	¥ 15,692	¥ 16,317

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Summary of accounting policies

6 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Summary of accounting policies

1. Summary of accounting policies:

Description of business—

Nomura Holdings, Inc. (“Company”) and its broker-dealer, banking and other financial services subsidiaries provide investment, financing and related services to individual, institutional and government clients on a global basis. The Company and other entities in which it has a controlling financial interest are collectively referred to as “Nomura” within these consolidated financial statements.

Nomura operates its business through various divisions based upon the nature of specific products and services, its main client base and its management structure. Nomura reports operating results through three business segments: Retail, Investment Management and Wholesale.

In its Retail segment, Nomura provides investment consultation services mainly to individual clients in Japan. In its Investment Management segment, Nomura develops and manages investment trusts, and provides investment advisory services. In its Wholesale segment, Nomura engages in the sales and trading of debt and equity securities, derivatives, and currencies on a global basis, and provides investment banking services such as the underwriting of debt and equity securities as well as mergers and acquisitions and financial advice.

The accounting and financial reporting policies of Nomura conform to U.S. generally accepted accounting principles (“U.S.GAAP”) as applicable to broker dealers. A summary of the significant accounting policies applied by Nomura within these interim consolidated financial statements is provided within in the notes to the consolidated financial statements of Nomura’s annual report on Form 20-F for the year ended March 31, 2022 as filed on June 24, 2022 as amended by certain new accounting pronouncements adopted by the Company during the six months ended September 30, 2022 and discussed further below.

Use of estimates—

There have been no significant adverse changes in accounting estimates used by management which have had a significant adverse effect on the Company’s financial position or financial performance during the six months ended September 30, 2022.

New accounting pronouncements recently adopted—

No new accounting pronouncements relevant to Nomura were adopted during the six months ended September 30, 2022.

Future accounting developments—

The following table presents a summary of new authoritative accounting pronouncements relevant to Nomura which will be adopted on or after October 1, 2022, the expected date of adoption by Nomura and whether the new accounting pronouncement may have a material impact on these consolidated financial statements:

Pronouncement	Summary of new guidance	Expected adoption date and method of adoption	Effect on these consolidated statements
ASU 2022-02 “Financial instruments—Credit losses (Topic 326): Troubled debt restructurings and vintage disclosures”	•  Eliminates specific recognition and measurement guidance for troubled debt restructurings (“TDRs”). Single guidance to be applied to all modifications when determining whether a modification results in a new receivable or a continuation of an existing receivable. •  Requires to use a discounted cash flow (“DCF”) or reconcilable method for measurement of current expected credit losses for modified receivables is removed; where a DCF method is used for the measurement, an effective interest rate (EIR) derived from the modified contractual terms should be applied. •  Enhances disclosures by creditors for modifications of receivables from debtors experiencing financial difficulty in the form of principal forgiveness, an interest rate reduction, other-than-insignificant payment delay or term extension. •  Augments the current requirements for public business entity creditors to disclose current-period gross write-offs by year of origination (i.e., the vintage year) for financing receivables and net investments in leases.	Nomura plans to adopt the amendments from April 1, 2023.	No material financial impact expected unless a significant number of TDRs occur in the future. Certain disclosures about modification of receivables and write-offs will be updated or removed.
ASU 2022-03 “Fair value measurement (Topic 820)”	•  Clarifies that a contractual sale restriction is an entity-specific characteristic and therefore should not be considered in the fair value measurement of an equity security. •  Enhances disclosures for fair value of investments in equity securities subject to contractual sale restrictions, nature and remaining duration of the restrictions and circumstances that could cause a lapse in the restrictions.	Nomura plans to adopt the amendments from April 1, 2024.	No material financial impact expected.

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Fair value measurements

6 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair value measurements

2. Fair value measurements:

The fair value of financial instruments

A significant amount of Nomura’s financial instruments is measured at fair value. Financial assets measured at fair value on a recurring basis are reported in the consolidated balance sheets within Trading assets and private equity and debt investments, Loans and receivables, Collateralized agreements and Other assets. Financial liabilities measured at fair value on a recurring basis are reported within Trading liabilities, Short-term borrowings, Payables and deposits, Collateralized financing, Long-term borrowings and Other liabilities.

Other financial assets and financial liabilities are measured at fair value on a nonrecurring basis, where the primary measurement basis is not fair value but where fair value is used in specific circumstances after initial recognition, such as to measure impairment.

In all cases, fair value is determined in accordance with ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”) which defines fair value as the amount that would be exchanged to sell a financial asset or transfer a financial liability in an orderly transaction between market participants at the measurement date. It assumes that the transaction occurs in the principal market for the relevant financial assets or financial liabilities, or in the absence of a principal market, the most advantageous market.

Fair value is usually determined on an individual financial instrument basis consistent with the unit of account of the financial instrument. However, certain financial instruments managed on a portfolio basis are valued as a portfolio, namely based on the price that would be received to sell a net long position (i.e., a net financial asset) or transfer a net short position (i.e., a net financial liability) consistent with how market participants would price the net risk exposure at the measurement date.

Financial assets measured at fair value also include investments in certain funds where, as a practical expedient, fair value is determined on the basis of net asset value per share (“NAV per share”) if the NAV per share is calculated in accordance with certain industry standard principles.

Increases and decreases in the fair value of assets and liabilities will significantly impact Nomura’s position, performance, liquidity and capital resources. As explained below, valuation techniques applied contain inherent uncertainties and Nomura is unable to predict the accurate impact of future developments in the market. The valuation of financial instruments is more difficult during periods of market stress as a result of greater volatility and reduced price transparency, such as during the COVID-19 pandemic in 2020 and 2021 and during the invasion of Ukraine by the Russian Federation in 2022, and may therefore require the greater use of judgement in the determination of fair value. Where appropriate, Nomura uses economic hedging strategies to mitigate its risk, although these hedges are also subject to unpredictable movements in the market.

Valuation methodology for financial instruments carried at fair value on a recurring basis

The fair value of financial instruments is based on quoted market prices including market indices, broker or dealer quotations or an estimation by management of the expected exit price under current market conditions. Various financial instruments, including cash instruments and over-the-counter (“OTC”) contracts, have bid and offer prices that are observable in the market. These are measured at the point within the bid-offer range which best represents Nomura’s estimate of fair value. Where quoted market prices or broker or dealer quotations are not available, prices for similar instruments or valuation pricing models are considered in the determination of fair value.

Where quoted prices are available in active markets, no valuation adjustments are taken to modify the fair value of assets or liabilities marked using such prices. Other instruments may be measured using valuation techniques, such as valuation pricing models incorporating observable valuation inputs, unobservable parameters or a combination of both. Valuation pricing models use valuation inputs which would be considered by market participants in valuing similar financial instruments.

Valuation pricing models and their underlying assumptions impact the amount and timing of unrealized and realized gains and losses recognized, and the use of different valuation pricing models or underlying assumptions could produce different financial results. Valuation uncertainty results from a variety of factors, including the valuation technique or model selected, the quantitative assumptions used within the valuation model, the inputs into the model, as well as other factors. Valuation adjustments are used to reflect the assessment of this uncertainty. Common valuation adjustments include model reserves, credit adjustments, close-out adjustments, and other appropriate instrument-specific adjustments, such as those to reflect transfer or sale restrictions.

The level of adjustments is largely judgmental and is based on an assessment of the factors that management believe other market participants would use in determining the fair value of similar financial instruments. The type of adjustments taken, the methodology for the calculation of these adjustments, and the valuation inputs for these calculations are reassessed periodically to reflect current market practice and the availability of new information.

For example, the fair value of certain financial instruments includes adjustments for credit risk; both with regards to counterparty credit risk on positions held and Nomura’s own creditworthiness on positions issued. Credit risk on financial assets is significantly mitigated by credit enhancements such as collateral and netting arrangements. Any net credit exposure is measured using available and applicable valuation inputs for the relevant counterparty. The same approach is used to measure the credit exposure on Nomura’s financial liabilities as is used to measure counterparty credit risk on Nomura’s financial assets.

Such valuation pricing models are calibrated to the market on a regular basis and inputs used are adjusted for current market conditions and risks. The Valuation Model Validation Group within Nomura’s Risk Management Department reviews pricing models and assesses model appropriateness and consistency independently of the front office. The model reviews consider a number of factors about a model’s suitability for valuation and sensitivity of a particular product. Valuation models are calibrated to the market on a periodic basis by comparison to observable market pricing, comparison with alternative models and analysis of risk profiles.

As explained above, any changes in fixed income, equity, foreign exchange and commodity markets can impact Nomura’s estimates of fair value in the future, potentially affecting trading gains and losses. Where financial contracts have longer maturity dates, Nomura’s estimates of fair value may involve greater subjectivity due to the lack of transparent market data.

Fair value hierarchy

All financial instruments measured at fair value, including those measured at fair value using the fair value option, have been categorized into a three-level hierarchy (“fair value hierarchy”) based on the transparency of valuation inputs used by Nomura to estimate fair value. A financial instrument is classified in the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement of the financial instrument. The three levels of the fair value hierarchy are defined as follows, with Level 1 representing the most transparent inputs and Level 3 representing the least transparent inputs:

Level 1:

Observable valuation inputs that reflect quoted prices (unadjusted) for identical financial instruments traded in active markets at the measurement date.

Level 2:

Valuation inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the financial instrument.

Level 3:

Unobservable valuation inputs which reflect Nomura assumptions and specific data.

The availability of valuation inputs observable in the market varies by product and can be affected by a variety of factors. Significant factors include, but are not restricted to the prevalence of similar products in the market, especially for customized products, how established the product is in the market, for example, whether it is a new product or is relatively mature, and the reliability of information provided in the market which would depend, for example, on the frequency and volume of current data. A period of significant change in the market may reduce the availability of observable data. Under such circumstances, financial instruments may be reclassified into a lower level in the fair value hierarchy.

Significant judgments used in determining the classification of financial instruments include the nature of the market in which the product would be traded, the underlying risks, the type and liquidity of market data inputs and the nature of observed transactions for similar instruments.

Where valuation models include the use of valuation inputs which are less observable or unobservable in the market, significant management judgment is used in establishing fair value. The valuations for Level 3 financial instruments, therefore, involve a greater degree of judgment than those valuations for Level 1 or Level 2 financial instruments and has become more prevalent during the COVID-19 pandemic.

Certain criteria used to determine whether a market is active or inactive include the number of transactions, the frequency that pricing is updated by other market participants, the variability of price quotes among market participants, and the amount of publicly available information.

The following tables present the amounts of Nomura’s financial instruments measured at fair value on a recurring basis as of March 31, 2022 and September 30, 2022 within the fair value hierarchy.

	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(2)
Non-trading debt securities		117		367		—		—			484
Other(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(11)		—		653		58		—			711
Payables and deposits(10)(12)		—		63		8		—			71
Collateralized financing(9)		—		516		—		—			516
Long-term borrowings(11)(13)(14)		23		4,055		479		—			4,557
Other liabilities(15)		32		155		32		—			219
Total	¥	6,552	¥	24,427	¥	826	¥	(16,079	)	¥	15,726

	Billions of yen
	September 30, 2022
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting(1)			Balance as of September 30, 2022
Assets:
Trading assets and private equity and debt investments(2)
Equities(3)	¥	1,965	¥	1,101	¥	16	¥	—		¥	3,082
Private equity and debt investments(5)		14		—		39		—			53
Japanese government securities		1,955		—		—		—			1,955
Japanese agency and municipal securities		—		123		2		—			125
Foreign government, agency and municipal securities		4,104		1,949		10		—			6,063
Bank and corporate debt securities and loans for trading purposes		—		1,100		272		—			1,372
Commercial mortgage-backed securities (“CMBS”)		—		—		7		—			7
Residential mortgage-backed securities (“RMBS”)		—		2,755		9		—			2,764
Issued/Guaranteed by government sponsored entity		—		2,636		—		—			2,636
Other		—		119		9		—			128
Real estate-backed securities		—		52		103		—			155
Collateralized debt obligations (“CDOs”) and other(6)		—		44		20		—			64
Investment trust funds and other		305		25		0		—			330
Total trading assets and private equity and debt investments		8,343		7,149		478		—			15,970
Derivative assets(7)
Equity contracts		1		1,259		45		—			1,305
Interest rate contracts		129		20,918		206		—			21,253
Credit contracts		23		238		70		—			331
Foreign exchange contracts		0		8,534		56		—			8,590
Commodity contracts		0		1		—		—			1
Netting		—		—		—		(29,358	)		(29,358	)
Total derivative assets		153		30,950		377		(29,358	)		2,122
Subtotal	¥	8,496	¥	38,099	¥	855	¥	(29,358	)	¥	18,092
Loans and receivables(8)		—		1,268		221		—			1,489
Collateralized agreements(9)		—		299		19		—			318
Other assets(2)
Non-trading debt securities		106		338		3		—			447
Other(3)(4)		163		79		189		—			431
Total	¥	8,765	¥	40,083	¥	1,287	¥	(29,358	)	¥	20,777
Liabilities:
Trading liabilities
Equities	¥	2,074	¥	7	¥	1	¥	—		¥	2,082
Japanese government securities		1,030		—		—		—			1,030
Foreign government, agency and municipal securities		5,045		1,083		0		—			6,128
Bank and corporate debt securities		—		227		4		—			231
Residential mortgage-backed securities (“RMBS”)		—		0		0		—			0
Collateralized debt obligations (“CDOs”) and other(6)		—		3		—		—			3
Investment trust funds and other		116		8		0		—			124
Total trading liabilities		8,265		1,328		5		—			9,598
Derivative liabilities(7)
Equity contracts		1		1,847		50		—			1,898
Interest rate contracts		54		20,021		171		—			20,246
Credit contracts		26		315		103		—			444
Foreign exchange contracts		0		8,458		35		—			8,493
Commodity contracts		0		1		—		—			1
Netting		—		—		—		(28,468	)		(28,468	)
Total derivative liabilities		81		30,642		359		(28,468	)		2,614
Subtotal	¥	8,346	¥	31,970	¥	364	¥	(28,468	)	¥	12,212
Short-term borrowings(11)		—		564		29		—			593
Payables and deposits(10)(12)		—		127		21		—			148
Collateralized financing(9)		—		677		—		—			677
Long-term borrowings(11)(13)(14)		22		4,262		415		—			4,699
Other liabilities(15)		57		91		23		—			171
Total	¥	8,425	¥	37,691	¥	852	¥	(28,468	)	¥	18,500

(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, 2022 and September 30, 2022, the fair values of these investments which are included in Trading assets and private equity and debt investments were ¥45 billion and ¥47 billion, respectively. As of March 31, 2022 and September 30, 2022, the fair values of these investments which are included in Other assets were ¥3 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 ¥101,503 million and ¥32,394 million, respectively, as of March 31, 2022 and ¥92,584 million and ¥34,672 million, respectively, as of September 30, 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 for which the fair value option has been elected.

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

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

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

(14) 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.

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

Valuation techniques by major class of financial instrument

The valuation techniques used by Nomura to estimate fair value for major classes of financial instruments, together with the significant inputs which determine classification in the fair value hierarchy, are as follows.

Equities and equity securities reported within Other assets—Equities and equity securities reported within Other assets include direct holdings of both listed and unlisted equity securities, and fund investments. The fair value of listed equity securities is determined using quoted prices for identical securities from active markets where available. These valuations should be in line with market practice and therefore can be based on bid prices or mid-market prices. Nomura determines whether the market is active depending on the sufficiency and frequency of trading activity. Where these securities are classified in Level 1 of the fair value hierarchy, no valuation adjustments are made to fair value. Listed equity securities traded in inactive markets are also generally valued using the exchange price and are classified in Level 2. Whilst rare in practice, Nomura may apply a discount or liquidity adjustment to the exchange price of a listed equity security traded in an inactive market if the exchange price is not considered to be an appropriate representation of fair value. These adjustments are determined by individual security and are not determined or influenced by the size of holding. The amount of such adjustments made to listed equity securities traded in inactive markets was ¥nil as of March 31, 2022 and September 30, 2022, respectively. The fair value of unlisted equity securities is determined using the same valuation technique as private equity and debt investments described below and are usually classified in Level 3 because significant valuation inputs such as liquidity discounts and credit spreads are unobservable.

Private equity and debt investments—The determination of fair value of unlisted private equity and debt investments requires significant management judgment because the investments, by their nature, have little or no price transparency. Private equity and debt investments are initially carried at cost as an approximation of fair value. Adjustments to carrying value are made if there is third-party evidence of a change in value. Adjustments are also made, in the absence of third-party transactions, if it is determined that the expected exit price of the investment is different from carrying value. In reaching that determination, Nomura primarily uses either a discounted cash flow (“DCF”) or market multiple valuation technique. A DCF valuation technique incorporates estimated future cash flows to be generated from the underlying investee, as adjusted for an appropriate growth rate discounted at a weighted average cost of capital (“WACC”). Market multiple valuation techniques include comparables such as Enterprise Value/earnings before interest, taxes, depreciation and amortization (“EV/EBITDA”) ratios, Price/Earnings (“PE”) ratios, Price/Book ratios, Price/Embedded Value ratios and other multiples based on relationships between numbers reported in the financial statements of the investee and the price of comparable companies. A liquidity discount may also be applied to either a DCF or market multiple valuation to reflect the specific characteristics of the investee. The liquidity discount includes considerations for various uncertainties in the model and inputs to valuation. Where possible these valuations are compared with the operating cash flows and financial performance of the investee or properties relative to budgets or projections, price/earnings data for similar quoted companies, trends within sectors and/or regions and any specific rights or terms associated with the investment, such as conversion features and liquidation preferences. Private equity and debt investments are generally classified in Level 3 since the valuation inputs such as those mentioned above are usually unobservable.

Government, agency and municipal securities—The fair value of Japanese and other G7 government securities is primarily determined using quoted market prices, executable broker or dealer quotations, or alternative pricing sources. These securities are traded in active markets and therefore are classified within Level 1 of the fair value hierarchy. Non-G7 government securities, agency securities and municipal securities are valued using similar pricing sources but are generally classified in Level 2 as they are traded in inactive markets. Certain non-G7 securities may be classified in Level 1 because they are traded in active markets. Certain securities may be classified in Level 3 because they are traded infrequently and there is not sufficient information from comparable securities to classify them in Level 2. These are valued using DCF valuation techniques which include significant unobservable valuation inputs such as credit spreads of the issuer.

Bank and corporate debt securities—The fair value of bank and corporate debt securities is primarily determined using DCF valuation techniques but also using broker or dealer quotations and recent market transactions of identical or similar debt securities, if available. Consideration is given to the nature of the broker and dealer quotations, namely whether these are indicative or executable, the number of available quotations and how these quotations compare to any available recent market activity or alternative pricing sources. The significant valuation inputs used for DCF valuations are yield curves, asset swap spreads, recovery rates and credit spreads of the issuer. Bank and corporate debt securities are generally classified in Level 2 of the fair value hierarchy because these valuation inputs are usually observable or market-corroborated. Certain bank and corporate debt securities will be classified in Level 3 because they are traded infrequently and there is insufficient information from comparable securities to classify them in Level 2, or credit spreads or recovery rates of the issuer used in DCF valuations are unobservable.

Commercial mortgage-backed securities (“CMBS”) and Residential mortgage-backed securities (“RMBS”)—The fair value of CMBS and RMBS are primarily determined using DCF valuation techniques but also using broker or dealer quotations and recent market transactions of identical or similar securities, if available. Consideration is given to the nature of the broker and dealer quotations, namely whether these are indicative or executable, the number of available quotations and how these quotations compare to any available recent market activity or alternative pricing sources. The significant valuation inputs include yields, prepayment rates, default probabilities and loss severities. CMBS and RMBS securities are generally classified in Level 2 because these valuation inputs are observable or market-corroborated. Certain CMBS and RMBS positions will be classified in Level 3 because they are traded infrequently and there is insufficient information from comparable securities to classify them in Level 2, or one or more of the significant valuation inputs used in DCF valuations are unobservable.

Real estate-backed securities—The fair value of real estate-backed securities is determined using broker or dealer quotations, recent market transactions or by reference to a comparable market index. Consideration is given to the nature of the broker and dealer quotations, namely whether these are indicative or executable, the number of available quotations and how these quotations compare to any available recent market activity or alternative pricing sources. Where all significant inputs are observable, the securities will be classified in Level 2. For certain securities, no direct pricing sources or comparable securities or indices may be available. These securities are valued using DCF or valuation techniques and are classified in Level 3 as the valuation includes significant unobservable valuation inputs such as yields or loss severities.

Collateralized debt obligations (“CDOs”) and other—The fair value of CDOs is primarily determined using DCF valuation techniques but also using broker or dealer quotations and recent market transactions of identical or similar securities, if available. Consideration is given to the nature of the broker and dealer quotations, namely whether these are indicative or executable, the number of available quotations and how these quotations compare to any available recent market activity or alternative pricing sources. The significant valuation inputs used include market spread data for each credit rating, yields, prepayment rates, default probabilities and loss severities. CDOs are generally classified in Level 2 of the fair value hierarchy because these valuation inputs are observable or market-corroborated. CDOs will be classified in Level 3 where one or more of the significant valuation inputs used in the DCF valuations are unobservable.

Investment trust funds and other—The fair value of investment trust funds is primarily determined using NAV per share. Publicly traded funds which are valued using a daily NAV per share are classified in Level 1 of the fair value hierarchy. For funds that are not publicly traded but Nomura has the ability to redeem its investment with the investee at NAV per share on the balance sheet date or within the near term, the investments are classified in Level 2. Investments where Nomura does not have the ability to redeem in the near term or does not know when it can redeem are classified in Level 3. The fair value of certain other investments reported within Investment trust funds and other is determined using DCF valuation techniques. These investments are classified in Level 3 as the valuation includes significant unobservable valuation inputs such as credit spreads of issuer and correlation.

Derivatives—Equity contracts—Nomura enters into both exchange-traded and OTC equity derivative transactions such as index and equity options, equity basket options and index and equity swaps. Where these derivatives are traded in active markets and the exchange price is representative of fair value, the fair value of exchange-traded equity derivatives is determined using an unadjusted exchange price and classified in Level 1 of the fair value hierarchy. The fair value of exchange-traded equity derivatives which are traded in inactive markets or where the exchange price is not representative of fair value is determined using a model price and are classified in Level 2. The fair value of OTC equity derivatives is determined through option models such as Black-Scholes and Monte Carlo simulation. The significant valuation inputs used include equity prices, dividend yields, volatilities and correlations. Valuation adjustments are also made to model valuations in order to reflect counterparty credit risk on derivative assets and Nomura‘s own creditworthiness on derivative liabilities. OTC equity derivatives are generally classified in Level 2 because all significant valuation inputs and adjustments are observable or market-corroborated. Certain less liquid vanilla or more complex equity derivatives are classified in Level 3 where dividend yield, volatility or correlation valuation inputs are significant and unobservable.

Derivatives—Interest rate contracts—Nomura enters into both exchange-traded and OTC interest rate derivative transactions such as interest rate swaps, currency swaps, interest rate options, forward rate agreements, swaptions, caps and floors. Where these derivatives are traded in active markets and the exchange price is representative of fair value, the fair value of exchange-traded interest rate derivatives is determined using an unadjusted exchange price and classified in Level 1 of the fair value hierarchy. The fair value of exchange-traded interest rate derivatives which are traded in inactive markets or where the exchange price is not representative of fair value is determined using a model price and are classified in Level 2. The fair value of OTC interest rate derivatives is determined through DCF valuation techniques as well as option models such as Black-Scholes and Monte Carlo simulation. The significant valuation inputs used include interest rates, forward foreign exchange (“FX”) rates, volatilities and correlations. Valuation adjustments are also made to model valuations in order to reflect counterparty credit risk on derivative assets and Nomura‘s own creditworthiness on derivative liabilities. OTC interest rate derivatives are generally classified in Level 2 because all significant valuation inputs and adjustments are observable or market-corroborated. Certain less liquid vanilla or more complex OTC interest rate derivatives are classified in Level 3 where interest rate, volatility or correlation valuation inputs are significant and unobservable.

Derivatives—Credit contracts—Nomura enters into OTC credit derivative transactions such as credit default swaps and credit options on single names, indices or baskets of assets. The fair value of OTC credit derivatives is determined through DCF valuation techniques as well as option models such as Black-Scholes and Monte Carlo simulation. The significant valuation inputs used include interest rates, credit spreads, recovery rates, default probabilities, volatilities and correlations. Valuation adjustments are also made to model valuations in order to reflect counterparty credit risk on derivative assets and Nomura’s own creditworthiness on derivative liabilities. OTC credit derivatives are generally classified in Level 2 of the fair value hierarchy because all significant valuation inputs and adjustments are observable or market-corroborated. Certain less liquid vanilla or more complex OTC credit derivatives are classified in Level 3 where credit spread, recovery rate, volatility or correlation valuation inputs are significant and unobservable.

Derivatives—Foreign exchange contracts—Nomura enters into both exchange-traded and OTC foreign exchange derivative transactions such as foreign exchange forwards and currency options. The fair value of exchange-traded foreign exchange derivatives which are traded in inactive markets or where the exchange price is not representative of fair value is determined using a model price and are classified in Level 2. The fair value of OTC foreign exchange derivatives is determined through DCF valuation techniques as well as option models such as Black-Scholes and Monte Carlo simulation. The significant valuation inputs used include interest rates, forward FX rates, spot FX rates and volatilities. Valuation adjustments are also made to model valuations in order to reflect counterparty credit risk on derivative assets and Nomura’s own creditworthiness on derivative liabilities. OTC foreign exchange derivatives are generally classified in Level 2 because all significant valuation inputs and adjustments are observable or market-corroborated. Certain foreign exchange derivatives are classified in Level 3 where interest rates, volatility or correlation valuation inputs are significant and unobservable.

Nomura includes valuation adjustments in its estimation of fair value of certain OTC derivatives relating to funding costs associated with these transactions to be consistent with how market participants in the principal market for these derivatives would determine fair value.

Loans and receivables—The fair value of loans and receivables carried at fair value either as trading assets or through election of the fair value option is primarily determined using DCF valuation techniques as quoted prices are typically not available. The significant valuation inputs used are similar to those used in the valuation of corporate debt securities described above. Loans and receivables are generally classified in Level 2 of the fair value hierarchy because all significant valuation inputs are observable. Certain loans and receivables, however, are classified in Level 3 because they are traded infrequently and there is not sufficient information from comparable securities to classify them in Level 2 or credit spreads of the issuer or recovery rates used in DCF valuations are significant and unobservable.

Collateralized agreements and Collateralized financing—The primary types of collateralized agreement and financing transactions carried at fair value are reverse repurchase and repurchase agreements elected for the fair value option. The fair value of these financial instruments is primarily determined using DCF valuation techniques. The significant valuation inputs used include interest rates and collateral funding spreads such as general collateral or special rates. Reverse repurchase and repurchase agreements are generally classified in Level 2 of the fair value hierarchy because these valuation inputs are usually observable.

Non-trading debt securities—These are debt securities held by certain non-trading subsidiaries in the group and are valued and classified in the fair value hierarchy using the same valuation techniques used for other debt securities classified as Government, agency and municipal securities and Bank and corporate debt securities described above.

Short-term and long-term borrowings (“Structured notes”)—Structured notes are debt securities issued by Nomura or by consolidated variable interest entities (“VIEs”) which contain embedded features that alter the return to the investor from simply receiving a fixed or floating rate of interest to a return that depends upon some other variables, such as an equity or equity index, commodity price, foreign exchange rate, credit rating of a third party or a more complex interest rate (i.e., an embedded derivative).

The fair value of structured notes is determined using a quoted price in an active market for the identical liability if available, and where not available, using a mixture of valuation techniques that use the quoted price of the identical liability when traded as an asset, quoted prices for similar liabilities, similar liabilities when traded as assets, or an internal model which combines DCF valuation techniques and option pricing models, depending on the nature of the embedded features within the structured note. Where an internal model is used, Nomura estimates the fair value of both the underlying debt instrument and the embedded derivative components. The significant valuation inputs used to estimate the fair value of the debt instrument component include yield curves, prepayment rates, default probabilities and loss severities. The significant valuation inputs used to estimate the fair value of the embedded derivative component are the same as those used for the relevant type of freestanding OTC derivative discussed above. A valuation adjustment is also made to the entire structured note in order to reflect Nomura’s own creditworthiness. This adjustment is determined based on recent observable secondary market transactions and executable broker quotes involving Nomura debt instruments and is therefore typically treated as a Level 2 valuation input. Structured notes are generally classified in Level 2 of the fair value hierarchy as all significant valuation inputs and adjustments are observable. Where any unobservable valuation inputs are significant, such as yields, prepayment rates, default probabilities, loss severities, volatilities and correlations used to estimate the fair value of the embedded derivative component, structured notes are classified in Level 3.

Long-term borrowings (“Secured financing transactions”)—Secured financing transactions are liabilities recognized when a transfer of a financial asset does not meet the criteria for sales accounting under ASC 860 “Transfer and Servicing” (“ASC 860”) and therefore the transaction is accounted for as a secured borrowing. These liabilities are valued using the same valuation techniques that are applied to the transferred financial assets which remain on the consolidated balance sheets and are therefore classified in the same level in the fair value hierarchy as the transferred financial assets. These liabilities do not provide general recourse to Nomura and therefore, no adjustment is made to reflect Nomura’s own creditworthiness.

Level 3 financial instruments

The valuation of Level 3 financial assets and liabilities is dependent on certain significant valuation inputs which are unobservable. Common characteristics of an inactive market include a low number of transactions of the financial instrument, stale or non-current price quotes, price quotes that vary substantially either over time or among market makers, non-executable broker quotes or little publicly released information.

If corroborative evidence is not available to value Level 3 financial instruments, fair value may be measured using other equivalent products in the market. The level of correlation between the specific Level 3 financial instrument and the available benchmark instrument is considered as an unobservable valuation input. Other techniques for determining an appropriate value for unobservable valuation input may consider information such as consensus pricing data among certain market participants, historical trends, extrapolation from observable market data and other information Nomura would expect market participants to use in valuing similar instruments.

Use of reasonably possible alternative valuation input assumptions to value Level 3 financial instruments will significantly influence fair value determination. Ultimately, the uncertainties described above about input assumptions imply that the fair value of Level 3 financial instruments is a judgmental estimate. The specific valuation for each instrument is based on management’s judgment of prevailing market conditions, in accordance with Nomura’s established valuation policies and procedures.

Quantitative and qualitative information regarding significant unobservable valuation inputs

The following tables present quantitative and qualitative information about the significant unobservable valuation inputs used by Nomura to measure the fair value of financial instruments classified in Level 3 as of March 31, 2022 and September 30, 2022. These financial instruments will also typically include observable valuation inputs (i.e., Level 1 or Level 2 valuation inputs) which are not included in the table and are also often hedged using financial instruments which are classified in Level 1 or Level 2 of the fair value hierarchy. Changes in each of these significant unobservable valuation inputs used by Nomura will impact upon the fair value measurement of the financial instrument. The following tables also illustrate qualitatively how an increase in those significant unobservable valuation inputs might result in a higher or lower fair value measurement at the reporting date and the interrelationship between significant unobservable valuation inputs where more than one is used to determine fair value measurement of the financial instruments.

	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

	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)
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
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	Loss severities	0.0%	0.0%	Lower fair value	Not applicable
				DCF/ Option models	Volatilities Volatilities Correlations	5.0 – 97.0% 41.2 – 69.6 bp (1.00) – 0.98	—   —   —	Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Other liabilities		32		DCF	Recovery rates	90.0%	90.0%	Higher fair value	Not applicable

	September 30, 2022
Financial Instrument	Fair value in billions of yen		Valuation technique	Significant unobservable 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		39	DCF	WACC Growth rates Credit spreads Liquidity discounts	5.3 – 17.5% 0.0 – 2.0%  10.9% 5.0 – 30.0%	9.8% 0.5% 10.9% 18.1%	Lower fair value Higher fair value Lower fair value Lower fair value	No predictable interrelationship
			Market multiples	EV/EBITDA ratios PE Ratios Liquidity discounts	(0.4) – 11.6 x 10.9 – 24.0 x 5.0 – 30.0%	7.1 x 14.2 x 12.9%	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% 7.3 – 18.5%	0.7% 8.2%	Lower fair value Higher fair value	No predictable interrelationship
Bank and corporate debt securities and loans for trading purposes		272	DCF	Credit spreads Recovery rates	0.0 – 154.7% 0.0 – 100.0%	8.7% 82.1%	Lower fair value Higher fair value	No predictable interrelationship
Commercial mortgage-backed securities (“CMBS”)		7	DCF	Yields Loss severities	4.6 – 12.7% 28.3 – 73.0%	4.9% 40.3%	Lower fair value Lower fair value	No predictable interrelationship
Residential mortgage- backed securities (“RMBS”)		9	DCF	Yields Prepayment rates Loss severities	0.0 – 25.0% 7.2 – 15.0% 0.3 – 99.9%	8.8% 9.7% 17.3%	Lower fair value Lower fair value Lower fair value	No predictable interrelationship
Real estate-backed securities		103	DCF	Loss severities	1.4 – 20.2%	7.7%	Lower fair value	Not applicable
Collateralized debt obligations (“CDOs”) and other		20	DCF	Yields Prepayment rates Default probabilities Loss severities	6.8 – 30.0% 20.0% 2.0% 95.5 – 100.0%	19.2% 20.0% 2.0% 96.8%	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, 2022
Financial Instrument	Fair value in billions of yen			Valuation technique	Significant unobservable 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)
Derivatives, net:
Equity contracts	¥	(5	)	Option models	Dividend yield Volatilities Correlations	0.0 – 31.5% 5.5 – 111.2% (0.80) – 0.97	—   —   —	Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Interest rate contracts		35		DCF/ Option models	Interest rates Volatilities Volatilities Correlations	1.2 – 4.5% 10.3 – 17.1% 38.8 – 147.2 bp (1.00) – 0.99	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Credit contracts		(33	)	DCF/ Option models	Credit spreads Recovery rates Volatilities Correlations	0.1 – 447.4% 0.0 – 90.0% 59.5 – 68.5% 0.24 – 0.90	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Foreign exchange contracts		21		Option models	Interest rates Volatilities Volatilities Correlations	3.6 – 3.6% 2.4 – 43.1% 0.0 – 0.0 bp (1.00) – 0.84	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Loans and receivables		221		DCF	Credit spreads Recovery rates	0.0 – 67.4% 40.0 – 100.0%	7.8% 95.1%	Lower fair value Higher fair value	No predictable interrelationship
Collateralized agreements		19		DCF	Repo rate	2.8 – 6.0%	3.4%	Lower fair value	Not applicable
Other assets
Non-trading debt securities		3		DCF	Credit spreads	0.0%	0.0%	Lower fair value	No predictable interrelationship
Other(7)		189		DCF	WACC Growth rates Liquidity discounts	11.8% 3.0% 10.0%	11.8% 3.0% 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	3.8 – 5.3 x 8.2 – 30.8 x 0.3 – 1.6 x 25.0 – 30.0%	4.3 x 10.8 x 0.8 x 29.9%	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		4		DCF	Recovery rates	5.6 – 98.5%	85.8%	Higher fair value	Not applicable
Short-term borrowings		29		DCF/ Option models	Volatilities Correlations	11.5 – 111.2% (0.65) – 0.97	—   —	Higher fair value Higher fair value	No predictable interrelationship
Payables and deposits		21		DCF/ Option models	Volatilities  Correlations	10.3 – 11.3% 0.34 – 0.98	—   —	Higher fair value Higher fair value	No predictable interrelationship
Long-term borrowings		415		DCF	Loss severities	0.0%	0.0%	Lower fair value	Not applicable
				DCF/ Option models	Volatilities Volatilities Correlations	10.3 – 111.2%  66.9 bp (1.00) – 0.98	—   —   —	Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Other liabilities		23		DCF	Recovery rates	90.8 – 98.5%	92.7%	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.

Qualitative discussion of the ranges of significant unobservable valuation inputs

The following comments present qualitative discussion about the significant unobservable valuation inputs used by Nomura for financial instruments classified in Level 3.

Derivatives—Equity contracts—The significant unobservable valuation inputs are dividend yield, volatilities and correlations. The range of dividend yields varies as some companies do not pay any dividends, for example due to a lack of profits or as a policy during a growth period, and hence have a zero dividend yield while others may pay high dividends, for example to return money to investors. The range of volatilities is wide as the volatilities of shorter-dated equity derivatives or those based on single equity securities can be higher than those of longer-dated instruments or those based on indices. Correlations represent the relationships between one input and another (“pairs”) and can either be positive or negative amounts. The range of correlations moves from positive to negative because the movement of some pairs is very closely related and in the same direction causing highly positive correlations while others generally move in opposite directions causing highly negative correlations with pairs that have differing relationships throughout the range.

Derivatives—Interest rate contracts—The significant unobservable valuation inputs are interest rates, volatilities and correlations. The range of interest rates is due to interest rates in different countries/currencies being at different levels. The range of volatilities is wide as volatilities of shorter-dated interest rate derivatives are typically higher than those of longer-dated instruments. The range of correlations moves from positive to negative because the movement of some pairs is very closely related and in the same direction causing highly positive correlations while others generally move in opposite directions causing highly negative correlations with pairs that have differing relationships through the range. All significant unobservable valuation inputs are spread across the ranges.

Derivatives—Credit contracts—The significant unobservable valuation inputs are credit spreads, recovery rates, volatilities and correlations. The range of credit spreads reflects the different risk of default present within the portfolio. At the low end of the range, underlying reference names have a very limited risk of default whereas at the high end of the range, underlying reference names have a much greater risk of default. The range of recovery rates varies primarily due to the seniority of the underlying exposure with senior exposures having a higher recovery than subordinated exposures. The range of volatilities is wide as the volatilities of shorter-dated credit contracts are typically higher than those of longer-dated instruments. The correlation range is positive since credit spread moves are generally in the same direction. Highly positive correlations are those for which the movement is very closely related and in the same direction, with correlation falling as the relationship becomes less strong.

Derivatives—Foreign exchange contracts—The significant unobservable valuation inputs are interest rates, volatilities and correlations. The range of interest rates is due to interest rates in different countries/currencies being at different levels with some countries having extremely low levels and others being at levels that while still relatively low are less so. The range of volatilities is mainly due to the lower end of the range arising from currencies that trade in narrow ranges (e.g. versus the U.S. Dollar) while the higher end comes from currencies with a greater range of movement such as emerging market currencies. The range of correlations moves from positive to negative because the movement of some pairs is very closely related and in the same direction causing highly positive correlations while others generally move in opposite directions causing highly negative correlations with pairs that have differing relationships through the range.

Short-term borrowings and Long-term borrowings—The significant unobservable valuation inputs are yields, prepayment rates, default probabilities, loss severities, volatilities and correlations. The range of volatilities is wide as the volatilities of shorter-dated instruments are typically higher than those in longer-dated instruments. The range of correlations moves from positive to negative because the movement of some pairs is very closely related and in the same direction causing highly positive correlations while others generally move in opposite directions causing highly negative correlations with pairs that have differing relationships through the range.

Movements in Level 3 financial instruments

The following tables present gains and losses as well as increases and decreases of financial instruments measured at fair value on a recurring basis which Nomura classified in Level 3 for the six and three months ended September 30, 2021 and 2022. Financial instruments classified in Level 3 are often hedged with instruments within Level 1 or Level 2 of the fair value hierarchy. The gains or losses presented below do not reflect the offsetting gains or losses for these hedging instruments. Level 3 financial instruments are also measured using both observable and unobservable valuation inputs. Fair value changes presented below, therefore, reflect realized and unrealized gains and losses resulting from movements in both observable and unobservable valuation inputs.

For the six months ended September 30, 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
	Six months ended September 30, 2021
	Beginning balance as of six months ended September 30, 2021			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, 2021
Assets:
Trading assets and private equity and debt investments
Equities	¥	16		¥	0		¥	—	¥	1	¥	(6	)	¥	—		¥	0		¥	2		¥	(1	)	¥	12
Private equity and debt investments		58			2			—		3		(3	)		—			0			—			(13	)		47
Japanese agency and municipal securities		2			0			—		0		0			—			—			—			—			2
Foreign government, agency and municipal securities		12			0			—		6		(9	)		—			0			2			(1	)		10
Bank and corporate debt securities and loans for trading purposes		135			2			—		32		(45	)		—			1			22			(15	)		132
Commercial mortgage-backed securities (“CMBS”)		8			0			—		0		0			—			0			—			0			8
Residential mortgage-backed securities (“RMBS”)		6			0			—		3		(2	)		—			0			—			—			7
Real estate-backed securities		106			3			—		195		(182	)		—			1			—			—			123
Collateralized debt obligations (“CDOs”) and other		23			(1	)		—		36		(35	)		—			0			—			—			23
Investment trust funds and other		0			0			—		16		(16	)		—			0			0			—			0
Total trading assets and private equity and debt investments		366			6			—		292		(298	)		—			2			26			(30	)		364
Derivatives, net(3)
Equity contracts		(41	)		20			—		—		—			1			(1	)		(2	)		32			9
Interest rate contracts		(43	)		(3	)		—		—		—			11			(1	)		6			2			(28	)
Credit contracts		(38	)		(1	)		—		—		—			3			0			(2	)		1			(37	)
Foreign exchange contracts		15			(3	)		—		—		—			(1	)		0			0			(1	)		10
Total derivatives, net		(107	)		13			—		—		—			14			(2	)		2			34			(46	)
Subtotal	¥	259		¥	19		¥	—	¥	292	¥	(298	)	¥	14		¥	0		¥	28		¥	4		¥	318
Loans and receivables		104			2			—		14		(18	)		—			2			27			(8	)		123
Collateralized agreements		18			0			—		—		(5	)		—			0			—			—			13
Other assets
Other		185			23			—		0		0			—			2			0			(1	)		209
Total	¥	566		¥	44		¥	—	¥	306	¥	(321	)	¥	14		¥	4		¥	55		¥	(5	)	¥	663
Liabilities:
Trading liabilities
Equities	¥	0		¥	0		¥	—	¥	0	¥	0		¥	—		¥	0		¥	—		¥	0		¥	0
Foreign government, agency and municipal securities		1			0			—		—		(1	)		—			0			—			—			0
Bank and corporate debt securities		5			0			—		3		(1	)		—			0			3			(4	)		6
Collateralized debt obligations (“CDOs”) and other		1			0			—		0		(1	)		—			0			0			—			0
Investment trust funds and other		0			0			—		0		0			—			0			—			—			0
Total trading liabilities	¥	7		¥	0		¥	—	¥	3	¥	(3	)	¥	—		¥	0		¥	3		¥	(4	)	¥	6
Short-term borrowings		103			(7	)		0		92		(89	)		—			0			8			(35	)		86
Payables and deposits		1			0			0		0		—			—			—			1			0			2
Collateralized financing		1			—			0		—		—			—			—			—			(1	)		—
Long-term borrowings		547			(9	)		2		289		(256	)		—			0			23			(99	)		511
Other liabilities		35			(4	)		—		0		(15	)		—			0			0			0			24
Total	¥	694		¥	(20	)	¥	2	¥	384	¥	(363	)	¥	—		¥	0		¥	35		¥	(139	)	¥	629

	Billions of yen
	Six months ended September 30, 2022
	Beginning balance as of six months ended September 30, 2022			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, 2022
Assets:
Trading assets and private equity and debt investments
Equities	¥	14		¥	0		¥	—	¥	7	¥	(2	)	¥	—		¥	2		¥	1		¥	(6	)	¥	16
Private equity and debt investments		32			2			—		7		(2	)		—			0			—			—			39
Japanese agency and municipal securities		2			0			—		—		0			—			—			—			—			2
Foreign government, agency and municipal securities		10			2			—		7		(8	)		—			0			0			(1	)		10
Bank and corporate debt securities and loans for trading purposes		220			(1	)		—		157		(168	)		—			27			55			(18	)		272
Commercial mortgage-backed securities (“CMBS”)		7			0			—		0		0			—			—			0			—			7
Residential mortgage-backed securities (“RMBS”)		8			(1	)		—		0		(1	)		—			2			1			—			9
Real estate-backed securities		79			(13	)		—		98		(75	)		—			14			—			—			103
Collateralized debt obligations (“CDOs”) and other		26			(2	)		—		29		(37	)		—			4			0			—			20
Investment trust funds and other		0			0			—		0		0			—			0			0			—			0
Total trading assets and private equity and debt investments		398			(13	)		—		305		(293	)		—			49			57			(25	)		478
Derivatives, net(3)
Equity contracts		10			12			—		—		—			(25	)		(3	)		(1	)		2			(5	)
Interest rate contracts		(11	)		22			—		—		0			17			0			11			(4	)		35
Credit contracts		(33	)		12			—		—		—			(6	)		(4	)		(2	)		0			(33	)
Foreign exchange contracts		10			0			—		—		—			9			2			0			0			21
Total derivatives, net		(24	)		46			—		—		0			(5	)		(5	)		8			(2	)		18
Subtotal	¥	374		¥	33		¥	—	¥	305	¥	(293	)	¥	(5	)	¥	44		¥	65		¥	(27	)	¥	496
Loans and receivables		205			5			—		25		(52	)		—			29			36			(27	)		221
Collateralized agreements		16			0			—		—		—			—			3			—			—			19
Other assets
Non-trading debt securities		—			0			—		0		—			—			1			2			—			3
Other		197			(34	)		0		1		(1	)		—			25			1			—			189
Total	¥	792		¥	4		¥	0	¥	331	¥	(346	)	¥	(5	)	¥	102		¥	104		¥	(54	)	¥	928
Liabilities:
Trading liabilities
Equities	¥	0		¥	0		¥	—	¥	0	¥	(1	)	¥	—		¥	0		¥	2		¥	—		¥	1
Foreign government, agency and municipal securities		0			0			—		—		—			—			0			—			—			0
Bank and corporate debt securities		3			0			—		1		(3	)		—			0			3			0			4
Collateralized debt obligations (“CDOs”) and other		0			—			—		1		(1	)		—			0			—			—			—
Investment trust funds and other		0			0			—		—		0			—			0			—			—			0
Total trading liabilities	¥	3		¥	0		¥	—	¥	2	¥	(5	)	¥	—		¥	0		¥	5		¥	0		¥	5
Short-term borrowings		58			0			0		26		(16	)		—			0			4			(43	)		29
Payables and deposits		8			1			0		15		—			—			—			7			(8	)		21
Long-term borrowings		479			13			3		122		(77	)		—			3			38			(134	)		415
Other liabilities		32			9			—		3		(7	)		—			5			0			(1	)		23
Total	¥	580		¥	23		¥	3	¥	168	¥	(105	)	¥	—		¥	8		¥	54		¥	(186	)	¥	493

	Billions of yen
	Three months ended September 30, 2021
	Beginning balance as of three months ended September 30, 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 three months ended September 30, 2021
Assets:
Trading assets and private equity and debt investments
Equities	¥	11		¥	0		¥	—	¥	1	¥	(1	)	¥	—		¥	0		¥	1		¥	0		¥	12
Private equity and debt investments		45			(1	)		—		4		(1	)		—			0			—			—			47
Japanese agency and municipal securities		2			0			—		0		0			—			—			—			—			2
Foreign government, agency and municipal securities		13			0			—		1		(5	)		—			0			1			0			10
Bank and corporate debt securities and loans for trading purposes		131			1			—		18		(27	)		—			1			12			(4	)		132
Commercial mortgage-backed securities (“CMBS”)		8			0			—		—		0			—			0			—			0			8
Residential mortgage-backed securities (“RMBS”)		7			1			—		1		(2	)		—			0			—			—			7
Real estate-backed securities		158			0			—		84		(121	)		—			2			—			—			123
Collateralized debt obligations (“CDOs”) and other		21			0			—		15		(13	)		—			0			—			—			23
Investment trust funds and other		1			0			—		15		(16	)		—			0			—			—			0
Total trading assets and private equity and debt investments		397			1			—		139		(186	)		—			3			14			(4	)		364
Derivatives, net(3)
Equity contracts		(39	)		21			—		—		—			3			(1	)		6			19			9
Interest rate contracts		(41	)		(1	)		—		—		—			9			0			5			0			(28	)
Credit contracts		(31	)		(5	)		—		—		—			1			0			(2	)		0			(37	)
Foreign exchange contracts		9			4			—		—		—			(2	)		0			0			(1	)		10
Total derivatives, net		(102	)		19			—		—		—			11			(1	)		9			18			(46	)
Subtotal	¥	295		¥	20		¥	—	¥	139	¥	(186	)	¥	11		¥	2		¥	23		¥	14		¥	318
Loans and receivables		111			3			—		8		(11	)		—			1			18			(7	)		123
Collateralized agreements		16			0			—		—		(3	)		—			0			—			—			13
Other assets
Other		202			5			—		—		—			—			2			0			—			209
Total	¥	624		¥	28		¥	—	¥	147	¥	(200	)	¥	11		¥	5		¥	41		¥	7		¥	663
Liabilities:
Trading liabilities
Equities	¥	0		¥	0		¥	—	¥	—	¥	0		¥	—		¥	0		¥	—		¥	—		¥	0
Foreign government, agency and municipal securities		0			0			—		—		0			—			0			—			—			0
Bank and corporate debt securities		2			0			—		2		(1	)		—			0			4			(1	)		6
Collateralized debt obligations (“CDOs”) and other		0			0			—		0		0			—			0			—			—			0
Investment trust funds and other		0			0			—		—		0			—			0			—			—			0
Total trading liabilities	¥	2		¥	0		¥	—	¥	2	¥	(1	)	¥	—		¥	0		¥	4		¥	(1	)	¥	6
Short-term borrowings		94			2			0		49		(48	)		—			0			3			(10	)		86
Payables and deposits		2			0			0		0		—			—			—			0			0			2
Long-term borrowings		508			5			0		129		(110	)		—			0			7			(18	)		511
Other liabilities		33			(2	)		—		0		(11	)		—			0			—			0			24
Total	¥	639		¥	5		¥	0	¥	180	¥	(170	)	¥	—		¥	0		¥	14		¥	(29	)	¥	629

	Billions of yen
	Three months ended September 30, 2022
	Beginning balance as of three months ended September 30, 2022			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 three months ended September 30, 2022
Assets:
Trading assets and private equity and debt investments
Equities	¥	19		¥	2		¥	—	¥	1	¥	(2	)	¥	—		¥	1		¥	1		¥	(6	)	¥	16
Private equity and debt investments		32			3			—		5		(1	)		—			0			—			—			39
Japanese agency and municipal securities		2			0			—		—		0			—			—			—			—			2
Foreign government, agency and municipal securities		12			0			—		2		(3	)		—			0			0			(1	)		10
Bank and corporate debt securities and loans for trading purposes		260			(3	)		—		72		(98	)		—			11			33			(3	)		272
Commercial mortgage-backed securities (“CMBS”)		7			0			—		—		0			—			—			0			—			7
Residential mortgage-backed securities (“RMBS”)		9			0			—		0		(1	)		—			1			—			—			9
Real estate-backed securities		105			(3	)		—		36		(41	)		—			6			—			—			103
Collateralized debt obligations (“CDOs”) and other		23			2			—		12		(18	)		—			1			0			—			20
Investment trust funds and other		0			0			—		0		0			—			0			0			—			0
Total trading assets and private equity and debt investments		469			1			—		128		(164	)		—			20			34			(10	)		478
Derivatives, net(3)
Equity contracts		26			(2	)		—		—		—			(27	)		(2	)		(5	)		5			(5	)
Interest rate contracts		20			20			—		—		0			0			(1	)		(2	)		(2	)		35
Credit contracts		(30	)		(5	)		—		—		—			4			0			(2	)		0			(33	)
Foreign exchange contracts		18			(1	)		—		—		—			5			0			0			(1	)		21
Total derivatives, net		34			12			—		—		0			(18	)		(3	)		(9	)		2			18
Subtotal	¥	503		¥	13		¥	—	¥	128	¥	(164	)	¥	(18	)	¥	17		¥	25		¥	(8	)	¥	496
Loans and receivables		196			3			—		18		(21	)		—			9			16			—			221
Collateralized agreements		18			0			—		—		—			—			1			—			—			19
Other assets
Non-trading debt securities		3			0			—		0		—			—			0			—			—			3
Other		189			(10	)		0		0		0			—			9			1			—			189
Total	¥	909		¥	6		¥	0	¥	146	¥	(185	)	¥	(18	)	¥	36		¥	42		¥	(8	)	¥	928
Liabilities:
Trading liabilities
Equities	¥	1		¥	0		¥	—	¥	—	¥	0		¥	—		¥	0		¥	0		¥	—		¥	1
Foreign government, agency and municipal securities		0			0			—		—		0			—			0			—			—			0
Bank and corporate debt securities		5			0			—		0		(3	)		—			0			2			0			4
Collateralized debt obligations (“CDOs”) and other		0			—			—		—		0			—			—			—			—			—
Investment trust funds and other		0			0			—		—		0			—			0			—			—			0
Total trading liabilities	¥	6		¥	0		¥	—	¥	0	¥	(3	)	¥	—		¥	0		¥	2		¥	0		¥	5
Short-term borrowings		35			(2	)		0		9		(10	)		—			0			3			(10	)		29
Payables and deposits		25			0			0		4		—			—			—			—			(8	)		21
Long-term borrowings		442			0			2		37		(22	)		—			2			16			(58	)		415
Other liabilities		26			(1	)		—		0		(5	)		—			2			0			(1	)		23
Total	¥	534		¥	(3	)	¥	2	¥	50	¥	(40	)	¥	—		¥	4		¥	21		¥	(77	)	¥	493

(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 six and three months ended September 30, 2021 and 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.

Unrealized gains and losses recognized for Level 3 financial instruments

The following table presents the amounts of unrealized gains (losses) for the six and three months ended September 30, 2021 and 2022, relating to those financial instruments which Nomura classified in Level 3 within the fair value hierarchy and that were still held by Nomura at the relevant consolidated balance sheet date.

	Billions of yen
	Six months ended September 30
	2021			2022
	Unrealized gains / (losses)(1)
Assets:
Trading assets and private equity and debt investments
Equities	¥	0		¥	0
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		1			0
Commercial mortgage-backed securities (“CMBS”)		0			0
Residential mortgage-backed securities (“RMBS”)		0			0
Real estate-backed securities		2			(1	)
Collateralized debt obligations (“CDOs”) and other		(2	)		(3	)
Investment trust funds and other		0			0
Total trading assets and private equity and debt investments		3			(2	)
Derivatives, net(2)
Equity contracts		24			11
Interest rate contracts		(9	)		15
Credit contracts		2			3
Foreign exchange contracts		(1	)		(7	)
Total derivatives, net		16			22
Subtotal	¥	19		¥	20
Loans and receivables		1			4
Collateralized agreements		0			0
Other assets
Other		23			(34	)
Total	¥	43		¥	(10	)
Liabilities:
Trading liabilities
Equities	¥	—		¥	0
Foreign government, agency and municipal securities		0			0
Bank and corporate debt securities		0			0
Total trading liabilities	¥	0		¥	0
Short-term borrowings(3)		3			0
Payables and deposits(3)		0			1
Long-term borrowings(3)		4			19
Other liabilities		(1	)		14
Total	¥	6		¥	34

	Billions of yen
	Three months ended September 30
	2021			2022
	Unrealized gains / (losses)(1)
Assets:
Trading assets and private equity and debt investments
Equities	¥	1		¥	2
Private equity and debt investments		1			3
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		0			(2	)
Commercial mortgage-backed securities (“CMBS”)		0			0
Residential mortgage-backed securities (“RMBS”)		0			0
Real estate-backed securities		(1	)		(2	)
Collateralized debt obligations (“CDOs”) and other		(2	)		1
Investment trust funds and other		0			0
Total trading assets and private equity and debt investments		(1	)		2
Derivatives, net(2)
Equity contracts		25			4
Interest rate contracts		(4	)		11
Credit contracts		(3	)		(5	)
Foreign exchange contracts		5			(2	)
Total derivatives, net		23			8
Subtotal	¥	22		¥	10
Loans and receivables		2			3
Collateralized agreements		—			0
Other assets
Other		5			(9	)
Total	¥	29		¥	4
Liabilities:
Trading liabilities
Equities	¥	—		¥	0
Bank and corporate debt securities		0			0
Collateralized debt obligations (“CDOs”) and other		0			—
Total trading liabilities	¥	0		¥	0
Short-term borrowings(3)		5			(1	)
Payables and deposits(3)		0			0
Long-term borrowings(3)		8			5
Other liabilities		0			1
Total	¥	13		¥	5

(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 ¥2 billion and ¥3 billion for the six months ended September 30, 2021 and 2022 respectively and ¥0 billion and ¥2 billion for the three months ended September 30, 2021 and 2022, respectively.

Investments in investment funds that calculate NAV per share

In the normal course of business, Nomura invests in non-consolidated funds which meet the definition of investment companies or are similar in nature and which do not have readily determinable fair values. For certain of these investments, Nomura uses NAV per share as the basis for valuation as a practical expedient. Some of these investments are redeemable at different amounts from NAV per share.

The following tables present information on these investments where NAV per share is calculated or disclosed as of March 31, 2022 and September 30, 2022. Investments are presented by major category relevant to the nature of Nomura’s business and risks

	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
	Billions of yen
	September 30, 2022
	Fair value		Unfunded commitments(1)		Redemption frequency (if currently eligible)(2)		Redemption notice(3)
Hedge funds	¥	15	¥	1		Monthly		Same day-30 days
Venture capital funds		10		9		—		—
Private equity funds		21		13		—		—
Real estate funds		3		1		—		—
Total	¥	49	¥	24

(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.

Hedge funds:

These investments include funds of funds that invest in multiple asset classes. The fair values of these investments are determined using NAV per share. Although most of these funds can be redeemed within six months, certain funds cannot be redeemed within six months due to contractual, liquidity or gating issues. The redemption period is unknown for certain suspended or liquidating funds. Some of these investments contain restrictions against transfers of the investments to third parties.

Venture capital funds:

These investments include primarily start-up funds. The fair values of these investments are determined using NAV per share. Most of these funds cannot be redeemed within six months. The redemption period is unknown for certain suspended or liquidating funds. Some of these investments contain restrictions against transfers of the investments to third parties.

Private equity funds:

These investments are made mainly in various sectors in Europe, U.S. and Japan. The fair values of these investments are determined using NAV per share. Redemption is restricted for most of these investments. The redemption period is unknown for certain suspended or liquidating funds. Some of these investments contain restrictions against transfers of the investments to third parties.

Real estate funds:

These are investments in commercial and other types of real estate. The fair values of these investments are determined using NAV per share. Redemption is restricted for most of these investments. The redemption period is unknown for certain suspended or liquidating funds. Some of these investments contain restrictions against transfers of the investments to third parties.

Fair value option for financial assets and financial liabilities

Nomura measures certain eligible financial assets and liabilities at fair value through the election of the fair value option permitted by ASC 815 “Derivatives and Hedging” and ASC 825 “Financial Instruments.” When Nomura elects the fair value option for an eligible item, changes in that item’s fair value are recognized through earnings. Election of the fair value option is generally irrevocable unless an event occurs that gives rise to a new basis of accounting for that instrument.

The financial assets and financial liabilities primarily elected for the fair value option by Nomura, and the reasons for the election, are as follows:

• Equity method investments reported within Trading assets and private equity and debt investments and Other assets held for capital appreciation or current income purposes which Nomura generally has an intention to exit rather than hold indefinitely. Nomura elects the fair value option to more appropriately represent the purpose of these investments in these consolidated financial statements.

• Loans receivable and Receivables from customers reported within Loans and receivables which are risk managed on a fair value basis and loan commitments related to loans receivable for which the fair value option will be elected upon funding. Nomura elects the fair value option to mitigate volatility through earnings caused by the difference in measurement basis that otherwise would arise between loans and the derivatives used to risk manage those instruments.

• Reverse repurchase and repurchase agreements reported within Collateralized agreements and Collateralized financing which are risk managed on a fair value basis. Nomura elects the fair value option to mitigate volatility through earnings caused by the difference in measurement basis that otherwise would arise between the reverse repurchase and repurchase agreements and the derivatives used to risk manage those instruments.

• All structured notes issued on or after April 1, 2008 reported within Short-term borrowings or Long-term borrowings. Nomura elects the fair value option for those structured notes primarily to mitigate the volatility through earnings caused by differences in the measurement basis for structured notes and the derivatives Nomura uses to risk manage those positions. Nomura also elects the fair value option for certain notes issued by consolidated VIEs for the same purpose and for certain structured notes issued prior to April 1, 2008. Certain subsidiaries elect the fair value option for structured loans and vanilla debt securities issued by those subsidiaries.

• Certain structured deposit issuances reported within Deposits received at banks. Nomura elects the fair value option for those structured deposits primarily to mitigate the volatility through earnings caused by differences in the measurement basis for structured deposits and the derivatives Nomura uses to risk manage those positions.

• Financial liabilities reported within Long-term borrowings recognized in transactions which are accounted for as secured financing transactions under ASC 860. Nomura elects the fair value option for these financial liabilities to mitigate volatility through earnings that otherwise would arise had this election not been made. Even though Nomura usually has little or no continuing economic exposure to the transferred financial assets, they remain on the consolidated balance sheets and continue to be carried at fair value, with changes in fair value recognized through earnings.

• Financial reinsurance contracts reported within Other assets. Nomura elects the fair value option to mitigate income volatility caused by the difference in measurement basis that would otherwise exist. Changes in the fair value of the reinsurance contracts carried at fair value are reported in the consolidated statements of income.

Interest and dividends arising from financial instruments for which the fair value option has been elected are recognized within Interest and dividends, Interest expense or Revenue—Net gain on trading.

The following table presents gains (losses) due to changes in fair value for financial instruments measured at fair value using the fair value option for the six and three months ended September 30, 2021 and 2022.

	Billions of yen
	Six months ended September 30
	2021			2022
	Gains / (Losses)(1)
Assets:
Trading assets and private equity and debt investments(2)
Trading assets	¥	0		¥	(1	)
Private equity and debt investments		1			2
Loans and receivables		8			16
Collateralized agreements(3)		0			(2	)
Other assets(2)		16			(35	)
Total	¥	25		¥	(20	)
Liabilities:
Short-term borrowings(4)	¥	21		¥	126
Payables and deposits		3			9
Collateralized financing(3)		6			3
Long-term borrowings(4)(5)		(25	)		442
Other liabilities(6)		(10	)		16
Total	¥	(5	)	¥	596
	Billions of yen
	Three months ended September 30
	2021			2022
	Gains / (Losses)(1)
Assets:
Trading assets and private equity and debt investments(2)
Trading assets	¥	—		¥	(1	)
Private equity and debt investments		1			1
Loans and receivables		4			7
Collateralized agreements(3)		0			(2	)
Other assets(2)		5			(10	)
Total	¥	10		¥	(5	)
Liabilities:
Short-term borrowings(4)	¥	33		¥	66
Payables and deposits		0			4
Collateralized financing(3)		8			0
Long-term borrowings(4)(5)		30			173
Other liabilities(6)		(6	)		11
Total	¥	65		¥	254

(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.

As of March 31, 2022 and September 30, 2022, Nomura held an economic interest of 39.21% and 39.87% in American Century Companies, Inc., respectively. The investment is measured at fair value on a recurring basis through election of the fair value option and is reported within Other assets—Other in the consolidated balance sheets.

For the six months ended September 30, 2021 and 2022, there was no significant impact on financial assets for which the fair value option was elected attributable to instrument-specific credit risk.

Nomura calculates the impact of changes in its own creditworthiness on certain financial liabilities for which the fair value option is elected by revaluation techniques using a rate which incorporates observable changes in its credit spread.

The following table presents changes in the valuation adjustment for Nomura’s own creditworthiness recognized in other comprehensive income during the years pertaining to certain financial liabilities for which the fair value option has been elected recognized in other comprehensive income during the years and cumulatively, and amounts reclassified to earnings from accumulated other comprehensive income on early settlement of such financial liabilities during the six and three months ended September 30, 2021 and 2022

	Billions of yen
	Period ended or as of September 30
	2021			2022
Changes recognized as a credit to other comprehensive income	¥	6		¥	63
Credit Amounts reclassified to earnings		1			0
Cumulative credit (debit) balance recognized in accumulated other comprehensive income		(5	)		116
	Billions of yen
	Three months ended September 30
	2021			2022
Changes recognized as a credit to other comprehensive income	¥	1		¥	35
Credit (debit) amounts reclassified to earnings		0			(0	)

As of March 31, 2022, the fair value of the aggregate unpaid principal balance (which is contractually principally protected) of Loans and receivables for which the fair value option was elected was ¥267 billion less than the principal balance of such Loans and receivables. A significant portion of the principal balance relates to receivables recognized for claims in connection with the U.S. Prime Brokerage Event in March 2021. The unpaid principal balance of Loans and receivables for which the fair value option was elected that were 90 days or more past due was ¥278 billion. The fair value of the aggregate unpaid principal balance (which is contractually principally protected) of Long-term borrowings for which the fair value option was elected was ¥212 billion less than the principal balance of such Long-term borrowings.

As of September 30, 2022, the fair value of the aggregate unpaid principal balance (which is contractually principally protected) of Loans and receivables for which the fair value option was elected was ¥347 billion less than the principal balance of such Loans and receivables. A significant portion of the principal balance relates to receivables recognized for claims in connection with the U.S. Prime Brokerage Event in March 2021. The unpaid principal balance of Loans and receivables for which the fair value option was elected that were 90 days or more past due was ¥329 billion. The fair value of the aggregate unpaid principal balance (which is contractually principally protected) of Long-term borrowings for which the fair value option was elected was ¥487 billion less than the principal balance of such Long-term borrowings.

Investment by Investment companies

Nomura carries all of investments by investment companies under ASC 946 “Financial Services—Investment Companies” (“ASC 946”) at fair value, with changes in fair value recognized through the consolidated statements of income.

Concentrations of credit risk

Concentrations of credit risk may arise from trading, securities financing transactions and underwriting activities, and may be impacted by changes in political or economic factors. Nomura has credit risk concentrations on debt securities issued by the Japanese Government, U.S. Government, British Government (“U.K.”), Governments within the European Union (“EU”), their states and municipalities, and their agencies. These concentrations generally arise from taking trading positions and are reported within Trading assets in the consolidated balance sheets. Government, agency and municipal securities, including Securities pledged as collateral, represented 16% of total assets as of March 31, 2022 and 16% as of September 30, 2022.

The following tables present geographic allocations of Nomura’s trading assets related to government, agency and municipal securities as of March 31, 2022 and September 30, 2022. See Note 3 “Derivative instruments and hedging activities” for further information regarding the concentration of credit risk for derivatives.

	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
	Billions of yen
	September 30, 2022
	Japan		U.S.		EU & U.K.		Other		Total(1)
Government, agency and municipal securities	¥	2,080	¥	3,276	¥	2,083	¥	704	¥	8,143

(1) Other than above, there were ¥331 billion and ¥325 billion of government, agency and municipal securities reported within Other assets—Non-trading debt securities in the consolidated balance sheets as of March 31, 2022 and September 30, 2022, respectively. These securities are primarily Japanese government, agency and municipal securities.

Estimated fair value of financial instruments not carried at fair value

Certain financial instruments are not carried at fair value on a recurring basis in the consolidated balance sheets since they are neither held for trading purposes nor are elected for the fair value option. These are typically carried at contractual amounts due or amortized cost.

The carrying value of the majority of the financial instruments detailed below approximates their fair value since they are short-term in nature and contain minimal credit risk. These financial instruments include financial assets reported within Cash and cash equivalents, Time deposits, Deposits with stock exchanges and other segregated cash, Receivables from customers, Receivables from other than customers, Securities purchased under agreements to resell and Securities borrowed and financial liabilities reported within Short-term borrowings, Payables to customers, Payables to other than customers, Deposits received at banks, Securities sold under agreements to repurchase, Securities loaned and Other secured borrowings in the consolidated balance sheets.

The fair values of other financial instruments which are longer-term in nature or may contain more than minimal credit risk may be different to their carrying value. Financial assets of this type primarily include certain loans which are reported within Loans receivable while financial liabilities primarily include long-term borrowings which are reported within Long-term borrowings.

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, 2022 and September 30, 2022.

	Billions of yen
	March 31, 2022(1)
	Carrying value		Fair value		Fair value by level
					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

	Billions of yen
	September 30, 2022(1)
	Carrying value		Fair value		Fair value by level
					Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	¥	3,676	¥	3,676	¥	3,676	¥	—	¥	—
Time deposits		347		347		—		347		—
Deposits with stock exchanges and other segregated cash		384		384		—		384		—
Loans receivable(2)		4,133		4,133		—		2,960		1,173
Securities purchased under agreements to resell		15,829		15,828		—		15,809		19
Securities borrowed		5,012		5,011		—		5,011		—
Total	¥	29,381	¥	29,379	¥	3,676	¥	24,511	¥	1,192
Liabilities:
Short-term borrowings	¥	1,274	¥	1,274	¥	—	¥	1,245	¥	29
Deposits received at banks		2,039		2,039		—		2,018		21
Securities sold under agreements to repurchase		15,964		15,964		—		15,964		—
Securities loaned		1,586		1,585		—		1,585		—
Other secured borrowings		327		327		—		327		—
Long-term borrowings		10,095		9,998		22		9,521		455
Total	¥	31,285	¥	31,187	¥	22	¥	30,660	¥	505

(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.

Assets and liabilities measured at fair value on a nonrecurring basis

In addition to financial instruments carried at fair value on a recurring basis, Nomura also measures other financial and non-financial assets and liabilities at fair value on a nonrecurring basis, where the primary measurement basis is not fair value. Fair value is only used in specific circumstances after initial recognition such as to measure impairment.

As of March 31, 2022 and September 30, 2022, there were no significant amount of assets or liabilities which were measured at fair value on a nonrecurring basis.

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Derivative instruments and hedging activities

6 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities [Abstract]

Derivative instruments and hedging activities

3. Derivative instruments and hedging activities:

Nomura uses a variety of derivatives, including futures, forwards, options and swaps, for both trading and non-trading purposes.

Derivatives used for trading purposes

In the normal course of business, Nomura enters into transactions involving derivatives to meet client needs, for trading purposes, and to reduce its own exposure to loss due to adverse fluctuations in interest rates, currency exchange rates and market prices of securities. These financial instruments include contractual agreements such as commitments to swap interest payment streams, exchange currencies or purchase or sell securities and other financial instruments on specific terms at specific future dates.

Nomura maintains active trading positions in a variety of derivatives. Most of Nomura’s trading activities are client oriented. Nomura utilizes a variety of derivatives as a means of bridging clients’ specific financial needs and investors’ demands in the securities markets. Nomura also actively trades securities and various derivatives to facilitate its clients in adjusting their risk profiles change. In performing these activities, Nomura carries an inventory of capital markets instruments and maintains its access to market liquidity by quoting bid and offer prices to and trading with other market makers. These activities are essential to provide clients with securities and other capital market products at competitive prices.

Futures and forward contracts are commitments to either purchase or sell securities, foreign exchange contracts or other capital market instruments at a specific future date for a specified price and may be settled in cash or through delivery. Foreign exchange contracts include spot and forward contracts and involve the exchange of two currencies at a rate agreed by the contracting parties. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movements in market prices. Futures contracts are executed through exchanges which clear and guarantee performance of counterparties. Accordingly, credit risk associated with futures contracts is considered minimal. In contrast, forward contracts are generally negotiated between two counterparties and, therefore, are subject to counterparty risks.

Options are contracts that grant the purchaser, for a premium payment, the right to either purchase or sell a financial instrument at a specified price within a specified period of time or on a specified date from or to the writer of the option. The writer of options receives premiums and bears the risk of unfavorable changes in the market price of the financial instruments underlying the options.

Swaps are contractual agreements in which two counterparties agree to exchange certain cash flows, at specified future dates, based on an agreed contract. Certain agreements may result in combined interest rate and foreign exchange exposures. Entering into swap agreements may involve the risk of credit losses in the event of counterparty default.

To the extent these derivatives are economically hedging financial instruments or securities positions of Nomura, the overall risk of loss may be fully or partly mitigated by the hedged position.

Nomura seeks to minimize its exposure to market risk arising from its use of these derivatives through various control policies and procedures, including position limits, monitoring procedures and hedging strategies whereby Nomura enters into offsetting or other positions in a variety of financial instruments.

Derivatives used for non-trading purposes

Nomura’s principal objectives in using derivatives for non-trading purposes are to manage interest rate risk, to modify interest rate risk profile of certain financial liabilities, to manage foreign exchange risk of certain foreign currency denominated debt securities, to manage net investment exposure to fluctuations in foreign exchange rates arising from certain foreign operations and to mitigate equity price risk arising from certain stock-based compensation awards given to employees. Credit risk associated with derivatives utilized for non-trading purposes is controlled and managed in the same way as that associated with derivatives used for trading purposes.

Fair value hedges

Nomura designates certain derivatives as fair value hedges of interest rate risk arising from specific financial liabilities and foreign currency risk arising from specific foreign currency denominated debt securities. These derivatives are effective in reducing the risk associated with the exposure being hedged and are highly correlated with changes in the fair value and foreign currency rates of the underlying hedged items, both at inception and throughout the life of the hedging relationship. Changes in fair value of the hedging derivatives are reported together with those of the hedged liabilities and assets through the consolidated statements of income within Interest expense and Revenue—Other, respectively.

Net investment hedges

Nomura designates certain derivatives designated as hedges of its net investment in foreign operations relating to specific subsidiaries which have non-Japanese Yen functional currencies. When determining the effectiveness of net investment hedges, the effective portion of the change in fair value of the hedging derivative is determined by changes in spot exchange rates. Changes in fair value of the hedging derivatives attributable to changes in the difference between the forward rate and spot rate are excluded from the measurement of hedge effectiveness and are reported in the consolidated statements of income within Revenue—Other. All other movements in the fair value of highly effective net investment hedging derivatives are reported through NHI shareholders’ equity within Accumulated other comprehensive income (loss).

Concentrations of credit risk for derivatives

The following tables present Nomura’s significant concentration of exposures to credit risk in OTC derivatives with financial institutions including transactions cleared through central counterparties as of March 31, 2022 and September 30, 2022. The gross fair value of derivative assets represents the maximum amount of loss due to credit risk that Nomura would incur if the counterparties of Nomura failed to perform in accordance with the terms of the instruments and any collateral or other security Nomura held in relation to those instruments proved to be of no value.

	Billions of yen
	March 31, 2022
	Gross fair value of derivative assets		Impact of master netting agreements			Impact of collateral			Net exposure to credit risk
Financial institutions	¥	15,667	¥	(13,193	)	¥	(1,669	)	¥	805
	Billions of yen
	September 30, 2022
	Gross fair value of derivative assets		Impact of master netting agreements			Impact of collateral			Net exposure to credit risk
Financial institutions	¥	27,075	¥	(23,637	)	¥	(2,337	)	¥	1,101

Derivative activities

The following tables quantify of Nomura’s derivative positions as of March 31, 2022 and September 30, 2022 through a disclosure of notional amounts, in comparison with the fair value of those derivatives. All amounts are disclosed on a gross basis, prior to counterparty offsetting of derivative assets and liabilities and cash collateral offsetting against net derivatives. Derivatives which contain multiple types of risk are classified in the table based on the primary risk type of the instrument. Changes in the fair value of derivatives are recognized either through earnings or other comprehensive income depending on the purpose for which the derivatives are used.

			Billions of yen
			March 31, 2022
			Derivative assets		Derivative liabilities
	Total Notional(1)		Fair value		Fair value(1)
Derivatives used for trading and non-trading purposes(2):
Equity contracts	¥	34,526	¥	974	¥	1,457
Interest rate contracts		2,769,546		11,938		10,865
Credit contracts		37,572		443		514
Foreign exchange contracts		314,763		4,804		4,814
Commodity contracts		300		1		1
Total	¥	3,156,707	¥	18,160	¥	17,651
Derivatives designated as formal fair value or net investment accounting hedges:
Interest rate contracts	¥	2,166	¥	—	¥	88
Foreign exchange contracts		145		2		—
Total	¥	2,311	¥	2	¥	88
Total derivatives	¥	3,159,018	¥	18,162	¥	17,739
			Billions of yen
			September 30, 2022
			Derivative assets		Derivative liabilities
	Total Notional(1)		Fair value		Fair value(1)
Derivatives used for trading and non-trading purposes(2):
Equity contracts	¥	33,531	¥	1,305	¥	1,898
Interest rate contracts		3,521,150		21,253		20,011
Credit contracts		46,260		331		444
Foreign exchange contracts		399,613		8,585		8,493
Commodity contracts		299		1		1
Total	¥	4,000,853	¥	31,475	¥	30,847
Derivatives designated as formal fair value or net investment accounting hedges:
Interest rate contracts	¥	2,728	¥	—	¥	227
Foreign exchange contracts		158		5		—
Total	¥	2,886	¥	5	¥	227
Total derivatives	¥	4,003,739	¥	31,480	¥	31,074

(1) Includes the amount of embedded derivatives bifurcated in accordance with ASC 815.

(2) As of March 31, 2022 and September 30, 2022, the amounts reported include derivatives used for non-trading purposes other than those designated as fair value or net investment accounting hedges. These amounts have not been separately presented since such amounts were not significant.

Offsetting of derivatives

Counterparty credit risk associated with derivatives is controlled by Nomura through credit approvals, limits and monitoring procedures. To reduce the risk of loss, Nomura requires collateral, principally cash collateral and government securities, for certain derivative transactions. In certain cases, Nomura may agree for such collateral to be posted to a third-party custodian under a control agreement that enables Nomura to take control of such collateral in the event of counterparty default. From an economic standpoint, Nomura evaluates default risk exposure net of related collateral. Furthermore, OTC derivative transactions are typically documented under industry standard master netting agreements which mitigate Nomura’s credit exposure to counterparties. A master netting agreement is a single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default of the counterparty (“close-out and offsetting rights”).

For certain OTC centrally-cleared and exchange-traded derivatives, the clearing or membership agreements entered into by Nomura provide similar rights to Nomura in the event of default of the relevant central clearing party or exchange. Nomura generally seeks to obtain an external legal opinion in order to ascertain the enforceability of such close-out and offsetting rights within these agreements.

For certain counterparties and /or in certain jurisdictions, Nomura may enter into derivative transactions which are not documented under a master netting agreement. Even when derivatives are documented under such agreements, Nomura may not have obtained, or may not be able to obtain evidence to determine with sufficient certainty that close-out and offsetting rights within such agreements are legally enforceable. This may be the case where the relevant local laws explicitly prohibit the enforceability of such close-out and offsetting rights, or where the local laws are complex, ambiguous or silent on the enforceability of such rights. This may include derivative transactions executed with certain foreign governments, agencies, municipalities, central clearing counterparties, exchanges and pension funds.

Nomura considers the enforceability of a master netting agreement in determining how credit risk arising from transactions with a specific counterparty is hedged, how counterparty credit exposures are calculated and applied to credit limits and the extent and nature of collateral requirements from the counterparty.

Derivative assets and liabilities with the same counterparty and the related cash collateral receivables and payables documented under an enforceable master netting agreement are presented on a net basis on the consolidated balance sheets where the specific criteria defined by ASC 210-20 and ASC 815 are met.

The following table presents information about offsetting of derivatives and related cash collateral amounts on the consolidated balance sheets as of March 31, 2022 and September 30, 2022 by type of derivative contract, and additional amounts permitted to be offset legally by Nomura under enforceable master netting agreements, central clearing counterparties or exchange rules in the event of counterparty default but not offset on the consolidated balance sheets due to one or more of the criteria defined by ASC 210-20 and ASC 815 are not met. Derivative transactions which are not documented under a master netting agreement or are documented under a master netting agreement for which Nomura does not have sufficient evidence of enforceability of close-out and offsetting rights are not offset in the following table.

	Billions of yen						Billions of yen
	March 31, 2022						September 30, 2022
	Derivative assets			Derivative liabilities (1)			Derivative assets			Derivative liabilities (1)
Equity contracts
OTC settled bilaterally	¥	709		¥	1,054		¥	771		¥	1,114
Exchange-traded		265			403			534			784
Interest rate contracts
OTC settled bilaterally		9,486			8,584			15,194			14,286
OTC centrally-cleared		2,332			2,309			5,929			5,898
Exchange-traded		120			60			130			54
Credit contracts
OTC settled bilaterally		208			276			209			305
OTC centrally-cleared		223			224			100			113
Exchange-traded		12			14			22			26
Foreign exchange contracts
OTC settled bilaterally		4,806			4,814			8,590			8,493
Commodity contracts
OTC settled bilaterally		1			1			1			1
Exchange-traded		0			0			0			0
Total gross derivative balances(2)	¥	18,162		¥	17,739		¥	31,480		¥	31,074
Less: Amounts offset in the consolidated balance sheets(3)		(16,608	)		(16,079	)		(29,358	)		(28,468	)
Total net amounts reported on the face of the consolidated balance sheets(4)	¥	1,554		¥	1,660		¥	2,122		¥	2,606
Less: Additional amounts not offset in the consolidated balance sheets(5)
Financial instruments and non-cash collateral		(432	)		(134	)		(619	)		(352	)
Net amount	¥	1,122		¥	1,526		¥	1,503		¥	2,254

(1) Includes the amount of embedded derivatives bifurcated in accordance with ASC 815.

(2) Includes all gross derivative asset and liability balances irrespective of whether they are transacted under a master netting agreement or whether Nomura has obtained sufficient evidence of enforceability of the master netting agreement. As of March 31, 2022, the gross balance of derivative assets and derivative liabilities which are not documented under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability was ¥458 billion and ¥671 billion, respectively. As of September 30, 2022, the gross balance of such derivative assets and derivative liabilities was ¥765 billion and ¥936 billion, respectively.

(3) Represents amounts offset through counterparty offsetting of derivative assets and liabilities as well as cash collateral offsetting against net derivatives under master netting and similar agreements for which Nomura has obtained sufficient evidence of enforceability in accordance with ASC 815. As of March 31, 2022, Nomura offset a total of ¥1,431 billion of cash collateral receivables against net derivative liabilities and ¥1,960 billion of cash collateral payables against net derivative assets. As of September 30, 2022, Nomura offset a total of ¥2,026 billion of cash collateral receivables against net derivative liabilities and ¥2,917 billion of cash collateral payables against net derivative assets.

(4) Net derivative assets and net derivative liabilities are generally reported within Trading assets and private equity and debt investments—Trading assets and Trading liabilities, respectively in the consolidated balance sheet. Bifurcated embedded derivatives are reported within Short-term borrowings or Long-term borrowings depending on the maturity of the underlying host contract.

(5) Represents amounts which are not permitted to be offset on the consolidated balance sheets in accordance with ASC 210-20 and ASC 815 but which provide Nomura with a legally enforceable right of offset in the event of counterparty default. Amounts relating to derivative and collateral agreements where Nomura has not yet obtained sufficient evidence of enforceability of such offsetting rights are excluded. As of March 31, 2022, a total of ¥359 billion of cash collateral receivables and ¥652 billion of cash collateral payables, including amounts reported in the table, have not been offset against net derivatives. As of September 30, 2022, a total of ¥438 billion of cash collateral receivables and ¥712 billion of cash collateral payables, including amounts reported in the table, have not been offset against net derivatives.

For information on offsetting of collateralized transactions, see Note 5 “Collateralized transactions”.

Derivatives used for trading purposes

Derivative financial instruments used for trading purposes, including bifurcated embedded derivatives, are carried at fair value with changes in fair value recognized through the consolidated statements of income within Revenue—Net gain on trading.

The following tables present amounts included in the consolidated statements of income for the six and three months ended September 30, 2021 and 2022 related to derivatives used for trading and non-trading purposes by types of underlying derivative contract. Derivatives which contain multiple types of risk are classified in the table based on the primary risk type of instrument.

	Billions of yen
	Six months ended September 30
	2021			2022
Derivatives used for trading and non-trading purposes(1):
Equity contracts	¥	(185	)	¥	(20	)
Interest rate contracts		16			302
Credit contracts		2			(101	)
Foreign exchange contracts		26			270
Commodity contracts		33			2
Total	¥	(108	)	¥	453
	Billions of yen
	Three months ended September 30
	2021			2022
Derivatives used for trading and non-trading purposes(1):
Equity contracts	¥	(117	)	¥	14
Interest rate contracts		7			190
Credit contracts		(8	)		4
Foreign exchange contracts		(43	)		55
Commodity contracts		10			(20	)
Total	¥	(151	)	¥	243

(1) Includes net gains (losses) on derivatives used for non-trading purposes which are not designated as fair value or net investment hedges. For the six and three months ended September 30, 2021 and 2022, these amounts have not been separately presented as net gains (losses) for these non-trading derivatives were not significant. 

Fair value hedges

Nomura issues Japanese Yen and foreign currency denominated debt with both fixed and floating interest rates. Nomura generally enters into swap agreements to convert fixed rate interest payments on its debt obligations to a floating rate and applies fair value hedge accounting to these instruments. In conjunction with the abolition of LIBOR, Nomura terminated the hedging instruments that reference LIBOR and began new hedging transactions. The cancelled hedging transactions are accounted for as termination of hedge accounting.

The following table presents the carrying value of the hedged items that are currently designated in a hedging relationship by line items in the consolidated balance sheets where the hedged item is reported, the related cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items and the cumulative amount of fair value hedging adjustment remaining for the liabilities which hedge accounting has been discontinued as of March 31, 2022 and September 30, 2022.

	Billions of yen
Balance sheet line item in which the hedged item is included:	Carrying amount of the hedged liabilities				Cumulative gains of fair value hedging adjustment included in the carrying amount of the hedged assets/liabilities				Cumulative amount of fair value hedging adjustment remaining for the liabilities which hedge accounting has been discontinued
	March 31, 2022		September 30, 2022		March 31, 2022		September 30, 2022		March 31, 2022		September 30, 2022
Long-term borrowings	¥	2,075	¥	2,504	¥	90	¥	223	¥	0	¥	1
Total	¥	2,075	¥	2,504	¥	90	¥	223	¥	0	¥	1

Hedging derivatives designated as fair value hedges are carried at fair value attributable to the hedged risk, which is recognized in the consolidated statements of income within Interest expense and Revenue-Other, respectively together with the change in fair value of the hedged items.

The following tables present amounts included in the consolidated statements of income for the six and three months ended September 30, 2021 and 2022 related to derivatives designated as fair value hedges by type of underlying derivative contract and the nature of the hedged item.

	Billions of yen
	Six months ended September 30
	2021			2022
Derivatives designated as fair value hedging instruments:
Interest rate contracts	¥	(3	)	¥	139
Total	¥	(3	)	¥	139
Hedged items in fair value hedges:
Long-term borrowings	¥	3		¥	(139	)
Total	¥	3		¥	(139	)
	Billions of yen
	Three months ended September 30
	2021			2022
Derivatives designated as fair value hedging instruments:
Interest rate contracts	¥	5		¥	88
Total	¥	5		¥	88
Hedged items in fair value hedges:
Long-term borrowings	¥	(5	)	¥	(88	)
Total	¥	(5	)	¥	(88	)

Net investment hedges

Nomura designates certain foreign currency derivatives, as hedges of net investments in certain foreign operations with significant foreign exchange risks and applies hedge accounting to these instruments. Accordingly, foreign exchange gains and losses arising from the derivatives and non-derivative financial instruments designated as hedges, except for the portion excluded from effectiveness assessment, are recognized through the consolidated statements of comprehensive income within Other comprehensive income (loss)—Change in cumulative translation adjustments, net of tax. This is offset by the foreign exchange adjustments arising from consolidation of the relevant foreign subsidiaries.

The following tables present gains (losses) from derivatives designated as net investment hedges included in the consolidated statements of comprehensive income for the six and three months ended September 30, 2021 and 2022.

	Billions of yen
	Six months ended September 30
	2021		2022
Net investment hedging instruments:
Foreign exchange contracts	¥	2	¥	18
Total	¥	2	¥	18

	Billions of yen
	Three months ended September 30
	2021		2022
Net investment hedging instruments
Foreign exchange contracts	¥	4	¥	9
Total	¥	4	¥	9

The portion of gains (losses) representing the amount excluded from the assessment of hedge effectiveness are recognized within Revenue—Net gain on trading and Revenue—Other in the consolidated statements of income. The amount of gains (losses) was not significant during the six and three months ended September 30, 2021 and 2022.

Derivatives containing credit risk related contingent features

Nomura enters into certain OTC derivatives and other agreements containing credit-risk-related contingent features. These features would require Nomura to post additional collateral or settle the instrument upon occurrence of a credit event, the most common of which would be a downgrade in the Company’s long-term credit rating.

The aggregate fair value of all derivatives with credit-risk-related contingent features that are in a liability position as of March 31, 2022 was ¥638 billion with related collateral pledged of ¥421 billion. In the event of a one-notch downgrade to Nomura’s long-term credit rating in effect as of March 31, 2022, the aggregate fair value of assets that would have been required to be posted as additional collateral or that would have been needed to settle the instruments immediately was approximately ¥1 billion.

The aggregate fair value of all derivatives with credit-risk-related contingent features that are in a liability position as of September 30, 2022 was ¥718 billion with related collateral pledged of ¥553 billion. In the event of a one-notch downgrade to Nomura’s long-term credit rating in effect as of September 30, 2022, the aggregate fair value of assets that would have been required to be posted as additional collateral or that would have been needed to settle the instruments immediately was approximately ¥29 billion.

Credit derivatives

Credit derivatives are derivatives in which one or more of their underlying reference assets of the instrument are related to the credit risk of a specified entity (or group of entities) or an index based on the credit risk of a group of entities that expose the seller of credit protection to potential loss from credit events specified in the contract.

Written credit derivatives are instruments or embedded features where Nomura assumes third party credit risk, either as guarantor in a guarantee-type contract, or as the party that provides credit protection in an option-type contract, credit default swap, or any other credit derivative contract.

Nomura enters into credit derivatives as part of its normal trading activities as both purchaser and/ or seller of protection for credit risk mitigation, proprietary trading positions and for client transactions.

The most common type of credit derivatives used by Nomura are single-name credit default swaps where settlement of the derivative is based on the credit risk of a single third party. Nomura also writes credit derivatives linked to the performance of credit default indices and issues other credit risk related portfolio products.

Nomura would have to perform under a credit derivative contract if a credit event as defined in the respective contract occurs. Typical credit events include bankruptcy, failure to pay and restructuring of obligations of the underlying reference asset.

Credit derivatives written by Nomura are either cash or physically settled. In cash-settled instruments, once payment is made upon an event of a default, the contract usually terminates with no further payments due. Nomura generally has no right to assume the reference assets of the counterparty in exchange for payment, nor does Nomura usually have any direct recourse to the actual issuers of the reference assets to recover the amount paid. In physically settled contracts, upon a default event, Nomura takes delivery of the reference asset in return for payment of the full notional amount of the contract.

Nomura actively monitors and manages its credit derivative exposures. Where protection is sold, risks may be mitigated by purchasing credit protection from other third parties either on identical underlying reference assets or on underlying reference assets with the same issuer which would be expected to behave in a correlated fashion. The most common form of recourse provision to enable Nomura to recover from third parties any amounts paid under a written credit derivative is therefore not through the derivative itself but rather through the purchase of separate credit derivative protection with identical or correlated underlying reference assets.

The extent of these purchased credit protection contracts is quantified in the following tables under the column titled “Purchased Credit Protection.” These amounts represent purchased credit protection with identical underlying reference assets to the written credit derivatives which act as a hedge against Nomura’s exposures. To the extent Nomura is required to pay out under the written credit derivative, a similar amount would generally become due to Nomura under the purchased credit protection.

Written credit derivatives have a stated notional amount which represents the maximum payment Nomura may be required to make under the written credit derivative. However, this is generally not a true representation of the amount Nomura will actually pay under these contracts as there are other factors that affect the likelihood and amount of any payment obligations under the contracts, including:

Probability of default: Nomura values credit derivatives by taking into account of the probability that the underlying reference asset will default and that Nomura will be required to make payments under the contract. Based on historical experience and Nomura’s assessment of the market, Nomura believes that the probability that all reference assets on which Nomura provides protection will default in a single period is remote. The notional amounts are therefore, significantly higher than Nomura’s actual exposures to these contracts as a whole.

Recovery value on the underlying asset: In the case of the occurrence of an event of default, Nomura’s liability on a written credit derivative is limited to the difference between the notional amount and the recovery value of the underlying reference asset under default. While the recovery value on a defaulted asset may be minimal in certain cases, this does reduce amounts paid on these contracts.

The following tables present information about Nomura’s written credit derivatives and purchased credit protection with identical underlyings as of March 31, 2022 and September 30, 2022.

	Billions of yen
	March 31, 2022
				Maximum potential payout/Notional										Notional
						Years to maturity								Purchased credit protection
	Carrying value (Asset) / Liability(1)			Total		Less than 1 year		1 to 3 years		3 to 5 years		More than 5 years
Single-name credit default swaps	¥	19		¥	7,708	¥	1,339	¥	2,915	¥	2,448	¥	1,006	¥	5,688
Credit default swap indices		(140	)		10,015		2,045		4,189		3,257		524		7,494
Other credit risk related portfolio products		19			419		56		286		63		14		293
Credit-risk related options and swaptions		0			115		—		—		88		27		68
Total	¥	(102	)	¥	18,257	¥	3,440	¥	7,390	¥	5,856	¥	1,571	¥	13,543
	Billions of yen
	September 30, 2022
				Maximum potential payout/Notional										Notional
						Years to maturity								Purchased credit protection
	Carrying value (Asset) / Liability(1)			Total		Less than 1 year		1 to 3 years		3 to 5 years		More than 5 years
Single-name credit default swaps	¥	59		¥	8,812	¥	1,567	¥	3,409	¥	2,629	¥	1,207	¥	6,474
Credit default swap indices		21			11,412		2,691		4,689		3,203		829		8,476
Other credit risk related portfolio products		71			468		89		239		118		22		285
Credit-risk related options and swaptions		1			64		—		—		64		—		27
Total	¥	152		¥	20,756	¥	4,347	¥	8,337	¥	6,014	¥	2,058	¥	15,262

(1) Carrying value amounts are shown on a gross basis prior to cash collateral or counterparty offsetting. Asset balances represent positive fair value amounts caused by tightening of credit spreads of underlyings since inception of the credit derivatives. 

The following tables present information about Nomura’s written credit derivatives by external credit rating of the underlying asset. Credit ratings are based on S&P Global Ratings (“S&P”), or if not rated by S&P, based on Moody’s Investors Service. If credit ratings from either of these agencies are not available, the credit ratings are based on Fitch Ratings Ltd. or Japan Credit Rating Agency, Ltd. For credit default indices, the credit rating is determined by taking the weighted average of the external credit ratings given for each of the underlying reference entities comprising the portfolio or index.

	Billions of yen
	March 31, 2022
	Maximum potential payout/Notional
	AAA		AA		A		BBB		BB		Other(1)		Total
Single-name credit default swaps	¥	192	¥	1,485	¥	2,164	¥	2,057	¥	869	¥	941	¥	7,708
Credit default swap indices		105		215		3,369		5,012		988		326		10,015
Other credit risk related portfolio products		—		—		28		226		47		118		419
Credit-risk related options and swaptions		—		—		61		27		27		—		115
Total	¥	297	¥	1,700	¥	5,622	¥	7,322	¥	1,931	¥	1,385	¥	18,257

	Billions of yen
	September 30, 2022
	Maximum potential payout/Notional
	AAA		AA		A		BBB		BB		Other(1)		Total
Single-name credit default swaps	¥	231	¥	1,654	¥	2,626	¥	2,577	¥	936	¥	788	¥	8,812
Credit default swap indices		234		198		3,939		5,623		1,028		390		11,412
Other credit risk related portfolio products		—		—		63		186		64		155		468
Credit-risk related options and swaptions		—		—		—		38		26		—		64
Total	¥	465	¥	1,852	¥	6,628	¥	8,424	¥	2,054	¥	1,333	¥	20,756

(1) Other includes credit derivatives where the credit rating of the underlying reference asset is below investment grade or where a credit rating is unavailable.

Derivatives entered into in contemplation of sales of financial assets

Nomura enters into transactions which involve both the transfer of financial assets to a counterparty and a separate agreement entered contemporaneously with the same counterparty through which Nomura retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. These transactions primarily include sales of securities with bilateral OTC total return swaps or other derivative agreements which are in-substance total return swaps.

These transactions are accounted for as sales of the securities with the derivative accounted for separately if the criteria for derecognition of the securities under ASC 860 are met. Where the derecognition criteria are not met, the transfer and separate derivative are accounted for as a single collateralized financing transaction which is reported within Long-term borrowings or Short-term borrowings in the consolidated balance sheets.

For the year ended March 31, 2022, certain transactions which involve sales of securities and total return swaps were accounted for as sales. As of the date of transfer, the carrying amount of the securities and the amount of gross cash proceeds from the sales were ¥69,405 million and ¥69,535 million, respectively. As of March 31, 2022, the fair value of the securities derecognized by Nomura and the gross liability balances of the derivatives arising from the transactions were ¥63,994 million and ¥5,319 million, respectively.

For the six months ended September 30, 2022, certain transactions which involve sales of securities and total return swaps were accounted for as sales. As of the date of transfer, the carrying amount of the securities and the amount of gross cash proceeds from the sales were ¥69,405 million and ¥69,535 million, respectively. As of September 30, 2022, the fair value of the securities derecognized by Nomura and the gross liability balances of the derivatives arising from the transactions were ¥58,087 million and ¥11,230 million, respectively.

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Revenue from services provided to customers

6 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue from services provided to customers

4. Revenue from services provided to customers

Revenue by types of service

The following table presents revenue earned by Nomura from providing services to customers by relevant line item in the consolidated statements of income for the six and three months ended September 30, 2021 and 2022.

	Millions of yen
	Six months ended September 30
	2021		2022
Commissions	¥	174,522	¥	138,583
Fees from investment banking		69,604		51,474
Asset management and portfolio service fees		131,237		137,288
Other revenue		17,641		21,015
Total	¥	393,004	¥	348,360
	Millions of yen
	Three months ended September 30
	2021		2022
Commissions	¥	91,636	¥	68,152
Fees from investment banking		33,901		24,189
Asset management and portfolio service fees		67,193		69,038
Other revenue		9,278		10,563
Total	¥	202,008	¥	171,942

Commissions represent revenue principally from trade execution, clearing services and distribution of fund units provided by the Wholesale and Retail divisions generated approximately equally across the divisions. The following table shows a breakdown of Commissions for the six and three months ended September 30, 2021 and 2022.

	Millions of yen
	Six months ended September 30
	2021		2022
Brokerage commissions	¥	125,958	¥	96,820
Fund unit distribution fees		25,573		13,924
Other commissions		22,991		27,839
Total	¥	174,522	¥	138,583
	Millions of yen
	Three months ended September 30
	2021		2022
Brokerage commissions	¥	67,725	¥	48,454
Fund unit distribution fees		11,166		6,409
Other commissions		12,745		13,289
Total	¥	91,636	¥	68,152

Fees from investment banking represent revenues from financial advisory, underwriting and distribution primarily from the Wholesale division, and to a lesser extent, the Retail division. The following table shows the breakdown of Fees from investment banking for the six and three months ended September 30, 2021 and 2022. 

	Millions of yen
	Six months ended September 30
	2021		2022
Equity underwriting and distribution fees	¥	20,231	¥	5,316
Debt underwriting and distribution fees		13,445		11,215
Financial advisory fees		26,776		28,310
Other fees		9,152		6,633
Total	¥	69,604	¥	51,474
	Millions of yen
	Three months ended September 30
	2021		2022
Equity underwriting and distribution fees	¥	10,276	¥	1,603
Debt underwriting and distribution fees		6,123		4,517
Financial advisory fees		13,661		14,279
Other fees		3,841		3,790
Total	¥	33,901	¥	24,189

Asset management and portfolio service fees represent revenues from asset management services primarily from the Investment Management division, and to a lesser extent, the Retail division.

The following table shows the breakdown of Asset management and portfolio service fees for the six and three months ended September 30, 2021 and 2022.

	Millions of yen
	Six months ended September 30
	2021		2022
Asset management fees	¥	82,579	¥	86,917
Administration fees		39,266		38,578
Custodial fees		9,392		11,793
Total	¥	131,237	¥	137,288
	Millions of yen
	Three months ended September 30
	2021		2022
Asset management fees	¥	41,994	¥	43,197
Administration fees		20,361		19,623
Custodial fees		4,838		6,218
Total	¥	67,193	¥	69,038

The following table presents summary information regarding the key methodologies, assumptions and judgments used in recognizing revenue for each of the primary types of service provided to customers, including the nature of underlying performance obligations within each type of service and whether those performance obligations are satisfied at a point in time or over a period of time. For performance obligations recognized over time, information is also provided to explain the nature of the input or output method used to recognize revenue over time.

Type of service provided to customers	Overview of key services provided	Key revenue recognition policies, assumptions and judgments
Trade execution, clearing services and distribution of fund units	•  Buying and selling of securities on behalf of customers •  Distribution of fund units •  Clearing of securities and derivatives on behalf of customers	•  Trade execution and clearing commissions recognized at a point in time, namely trade date. •  Distribution fees are recognized at a point in time when the fund units have been sold to third party investors. •  Commissions recognized net of soft dollar credits provided to customers where Nomura is acting as agent in providing investment research and similar services to the customer.
Financial advisory services	•  Provision of financial advice to customers in connection with a specific forecasted transaction or transactions such as mergers and acquisitions •  Provision of financial advice not in connection with a specific forecasted transaction or transactions such as general corporate intelligence and similar research •  Issuance of fairness opinions •  Structuring complex financial instruments for customers	•  Fees contingent on the success of an underlying transaction are variable consideration recognized when the underlying transaction has been completed since only at such point is it probable that a significant reversal of revenue will not occur. •  Retainer and milestone fees are recognized either over the period to which they relate or are deferred until consummation of the underlying transaction depending on whether the underlying performance obligation is satisfied at a point in time or over time. •  Judgment is required to make this determination with factors influencing this determination including, but not limited to, whether the fee is in connection with an engagement designed to achieve a specific transaction or outcome for the customer (such as the purchase or sale of a business), the nature and extent of benefit to be provided to the customer prior to, and in addition to such specific transaction or outcome and the fee structure for the engagement. •  Retainer and milestone fees recognized over time are normally recognized on a straight-line basis over the term of the contract based on time elapsed.
Underwriting and syndication services	•  Underwriting of debt, equity and other financial instruments on behalf of customers •  Distributing securities on behalf of issuers •  Arranging loan financing for customers •  Syndicating loan financing on behalf of customer	•  Underwriting and syndication fees are recognized at a point in time when the underlying transaction is complete. •  Commitment fees where draw down of the facility is deemed remote recognized on a straight-line basis over the life of the facility based on time elapsed. •  Underwriting and syndication costs recognized either as a reduction of revenue or on a gross basis depending on whether Nomura is acting as principal or agent for such amounts.

Type of service provided to customers	Overview of key services provided	Key revenue recognition policies, assumptions and judgments
Asset management services	•  Management of funds, investment trusts and other investment vehicles •  Provision of investment advisory services •  Provision of custodial and administrative services to customers	•  Management fees earned by Nomura in connection with managing a fund, investment trust or other vehicle generally are recognized on a straight-line basis based on time elapsed. •  Performance-based fees are variable consideration recognized when the performance metric has been determined since only at such point is it probable that a significant reversal of revenue will not occur. •  Custodial and administrative fees are recognized on a straight-line basis over time based on time elapsed.

Where revenue is recognized at a point in time, payments of fees are typically received at the same time as when the performance obligation is satisfied, or within several days or months after satisfying a performance obligation. In relation to revenue recognized over time, payments of fees are typically settled monthly, quarterly or semi-annually.

The underlying contracts entered into by Nomura in connection with the services described above typically do not have significant financing components. If such components exist in a contract, Nomura has made an accounting policy permitted by ASC 606 “Revenue from Contracts with Customers” (“ASC 606”) not to adjust for the effects of a significant financing component where the financing is effectively for a period of one year or less. Such contracts also typically do not contain any rights of return or similar features for the customer

Customer contract balances

When Nomura or the customer performs in accordance with the terms of a customer contract, a contract asset, customer contract receivable or contract liability is recognized in Nomura’s consolidated balance sheet.

A contract asset represents accrued revenue recognized by Nomura for completion or partially completion of a performance obligation, namely a right of Nomura to receive consideration for providing the service to the customer, which is conditional on factors or events other than the passage of time. A customer contract receivable is an unconditional right of Nomura to receive consideration in exchange for services provided. Both contract assets and customer contract receivables are reported in Receivables from Customers within Nomura’s consolidated balance sheet. A contract liability is any liability recognized in connection with a customer contract, including obligations to refund or obligations to provide a service in the future for which consideration has already been received or is due to be received. Contract liabilities are reported in Payables to Customers within Nomura’s consolidated balance sheet.

The following table presents the balances of customer contract receivables and contract liabilities in scope of ASC 606. The amount of contract assets as of March 31, 2022 and September 30, 2022 was not significant.

	Millions of yen
	March 31, 2022		September 30, 2022
Customer contract receivables	¥	88,621	¥	89,544
Contract liabilities(1)		3,834		4,838

(1) Contract liabilities primarily rise from investment advisory services and are recognized over the term of the contract based on time elapsed.

The balance of contract liabilities as of March 31, 2021 and 2022 were recognized as revenue for the six months ended September 30, 2021 and 2022, respectively.

Nomura recognized ¥5,930 million and ¥1,817 million of revenue from performance obligations satisfied in previous periods for the six months ended September 30, 2021 and the three months ended September 30, 2021, respectively. Nomura recognized ¥4,511 million and ¥810 million of revenue from performance obligations satisfied in previous periods for the six months ended September 30, 2022 and the three months ended September 30, 2022.

Transaction price allocated to the remaining performance obligations

In the ordinary course of business, Nomura may enter into customer contracts where the performance obligations are wholly or partially unsatisfied as of fiscal year ends. The total transaction prices allocated to the remaining unsatisfied performance obligations within these customer contracts were ¥1,350 million as of March 31, 2022 and ¥1,431 million as of September 30, 2022. As permitted by ASC 606, Nomura has elected not to disclose information about remaining performance obligations that have an individual estimated contract period of one year or less. In addition, considerations arising from contracts with customers do not comprise any significant amount that is not included in transaction price. 

Customer contract costs

As permitted by ASC 340 “Other Assets and Deferred Costs,” Nomura has elected to expense all costs to obtain customer contracts where such amounts would be otherwise expensed within one year or less. As a result, the amount of deferred costs to obtain or fulfill customer contracts as of March 31, 2022 and September 30, 2022 was not significant.

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Collateralized transactions

6 Months Ended

Sep. 30, 2022

Collateralized Transactions

Collateralized transactions

5. Collateralized transactions:

Nomura enters into collateralized transactions, including reverse repurchase agreements, repurchase agreements, securities borrowing transactions, securities lending transactions, other secured borrowings and similar transactions mainly to meet clients’ financing needs, finance trading inventory positions and obtain securities for settlement.

Reverse repurchase agreements, repurchase agreements, securities borrowing transactions and securities lending transactions are typically documented under industry standard master netting agreements which mitigate Nomura’s credit exposure to counterparties. For certain centrally-cleared reverse repurchase and repurchase agreements, the clearing or membership agreements entered into by Nomura provide similar rights to Nomura in the event of default of the relevant central clearing counterparty. Nomura generally seeks to obtain an external legal opinion in order to ascertain the enforceability of such close-out and offsetting rights within these agreements.

Nomura may enter into reverse repurchase agreements, repurchase agreements, securities borrowing and securities lending transactions with certain types of counterparty and in certain jurisdictions which are not documented under a master netting agreement. Even when these transactions are documented under such master netting agreements, Nomura may not have obtained, or may not be able to obtain, evidence to determine with sufficient certainty that the close-out and offsetting rights in the agreements are legally enforceable. This may be the case where relevant local laws explicitly prohibit such close-out and offsetting rights, or where local laws are complex, ambiguous or silent on the enforceability of such rights. This may include reverse repurchase agreements, repurchase agreements, securities borrowing and securities lending transactions executed with certain foreign governments, agencies, municipalities, central clearing counterparties, agent banks and pension funds.

Nomura considers the enforceability of a master netting agreement in determining how credit risk arising from transactions with a specific counterparty is hedged, how counterparty credit exposures are calculated and applied to credit limits and the extent and nature of collateral requirements from the counterparty.

In all of these transactions, Nomura either receives or provides collateral, including Japanese and non-Japanese government, agency, mortgage-backed, bank and corporate debt securities and equities. In most cases, the party receiving the collateral is free to sell or repledge the securities received through repurchase agreements, securities lending transactions or to cover short positions. In repurchase and reverse repurchase agreements, the value of collateral typically exceeds the amount of cash transferred, where collateral is generally in the form of securities. Securities borrowing transactions generally require Nomura to provide the counterparty with collateral in the form of cash or other securities. For securities lending transactions, Nomura generally receives collateral in the form of cash or other securities. Nomura monitors the market value of the securities either received from or provided to the counterparty. Additional cash or securities are exchanged as necessary, to ensure that such transactions are adequately collateralized throughout the life of the transactions.

Offsetting of certain collateralized transactions

Reverse repurchase agreements and repurchase agreements, securities borrowing and lending transactions with the same counterparty documented under a master netting agreement are offset in the consolidated balance sheets where specific criteria as defined by ASC 210-20 are met. These criteria include requirements around maturity of transactions, underlying systems on which collateral is settled, associated banking arrangements and legal enforceability of close-out and offsetting rights under relevant master netting agreements.

The following tables present information about offsetting of these transactions in the consolidated balance sheets as of March 31, 2022 and September 30, 2022, together with the extent to which master netting agreements entered into with counterparties and central clearing parties permit additional offsetting in the event of counterparty default. Transactions which are not documented under a master netting agreement or are documented under a master netting agreement for which Nomura does not have sufficient evidence of enforceability are not offset in the following tables.

	Billions of yen
	March 31, 2022
	Assets						Liabilities
	Reverse repurchase agreements			Securities borrowing transactions			Repurchase agreements			Securities lending transactions
Total gross balance(1)	¥	31,365		¥	4,994		¥	32,061		¥	1,734
Less: Amounts offset in the consolidated balance sheets(2)		(19,486	)		—			(19,486	)		—
Total net amounts of reported on the face of the consolidated balance sheets(3)	¥	11,879		¥	4,994		¥	12,575		¥	1,734
Less: Additional amounts not offset in the consolidated balance sheets(4)
Financial instruments and non-cash collateral		(9,370	)		(3,372	)		(9,114	)		(1,524	)
Cash collateral		(8	)		—			(12	)		—
Net amount	¥	2,501		¥	1,622		¥	3,449		¥	210
	Billions of yen
	September 30, 2022
	Assets						Liabilities
	Reverse repurchase agreements			Securities borrowing transactions			Repurchase agreements			Securities lending transactions
Total gross balance(1)	¥	37,462		¥	5,009		¥	37,597		¥	1,721
Less: Amounts offset in the consolidated balance sheets(2)		(21,633	)		—			(21,633	)		—
Total net amounts of reported on the face of the consolidated balance sheets(3)	¥	15,829		¥	5,009		¥	15,964		¥	1,721
Less: Additional amounts not offset in the consolidated balance sheets(4)
Financial instruments and non-cash collateral		(13,538	)		(3,114	)		(11,955	)		(1,527	)
Cash collateral		(24	)		—			(30	)		—
Net amount	¥	2,267		¥	1,895		¥	3,979		¥	194

(1) Include all recognized balances irrespective of whether they are transacted under a master netting agreement or whether Nomura has obtained sufficient evidence of enforceability of the master netting agreement. Amounts include transactions carried at fair value through election of the fair value option. As of March 31, 2022, the gross balance of reverse repurchase agreements and repurchase agreements which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥793 billion and ¥2,453 billion, respectively. As of March 31, 2022, the gross balance of securities borrowing transactions and securities lending transactions which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥1,511 billion and ¥158 billion, respectively. As of September 30, 2022, the gross balance of reverse repurchase agreements and repurchase agreements which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥1,039 billion and ¥3,231 billion, respectively. As of September 30, 2022, the gross balance of securities borrowing transactions and securities lending transactions which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥1,740 billion and ¥145 billion, respectively.

(2) Represent amounts offset through counterparty netting under master netting or similar agreements for which Nomura has obtained sufficient evidence of enforceability in accordance with ASC 210-20. Amounts offset include transactions carried at fair value through election of the fair value option.

(3) Reverse repurchase agreements and securities borrowing transactions are reported within Collateralized agreements—Securities purchased under agreements to resell and Collateralized agreements—Securities borrowed in the consolidated balance sheets, respectively. Repurchase agreements and securities lending transactions are reported within Collateralized financing—Securities sold under agreements to repurchase and Collateralized financing—Securities loaned in the consolidated balance sheets, respectively. Amounts reported under securities lending transactions also include transactions where Nomura lends securities and receives securities that can be sold or pledged as collateral. Nomura recognizes the securities received at fair value and a liability for the same amount, representing the obligation to return those securities. The liability is reported within Other liabilities in the consolidated balance sheets.

(4) Represent amounts which are not permitted to be offset on the face of the consolidated balance sheets in accordance with ASC 210-20 but which provide Nomura with the right of offset in the event of counterparty default. Amounts relating to agreements where Nomura has not yet obtained sufficient evidence of enforceability of such offsetting rights are excluded.

For information on offsetting of derivatives, see Note 3 “ Derivative instruments and hedging activities”.

Maturity analysis of repurchase agreements and securities lending transactions

The following table presents an analysis of the total carrying value of liabilities recognized in the consolidated balance sheets for repurchase agreements and securities lending transactions by remaining contractual maturity of the agreement as of March 31, 2022 and September 30, 2022. Amounts reported are shown prior to counterparty netting in accordance with ASC 210-20.  

	Billions of yen
	March 31, 2022
	Overnight and open(1)		Up to 30 days		30 – 90 days		90 days – 1 year		Greater than 1 year		Total
Repurchase agreements	¥	12,266	¥	15,454	¥	2,220	¥	1,611	¥	510	¥	32,061
Securities lending transactions		992		242		200		277		23		1,734
Total gross recognized liabilities(2)	¥	13,258	¥	15,696	¥	2,420	¥	1,888	¥	533	¥	33,795
	Billions of yen
	September 30, 2022
	Overnight and open(1)		Up to 30 days		30 –  90 days		90 days – 1 year		Greater than 1 year		Total
Repurchase agreements	¥	14,432	¥	16,518	¥	2,723	¥	3,148	¥	776	¥	37,597
Securities lending transactions		1,064		223		131		280		23		1,721
Total gross recognized liabilities(2)	¥	15,496	¥	16,741	¥	2,854	¥	3,428	¥	799	¥	39,318

(1) Open transactions do not have an explicit contractual maturity date and are terminable on demand by Nomura or the counterparty.

(2) Repurchase agreements and securities lending transactions are reported within Collateralized financing—Securities sold under agreements to repurchase and Collateralized financing—Securities loaned in the consolidated balance sheets, respectively. Amounts reported for securities lending transactions also include transactions where Nomura lends securities and receives securities that can be sold or pledged as collateral. Nomura recognizes the securities received at fair value and a liability for the same amount, representing the obligation to return those securities. The liability is reported within Other liabilities in the consolidated balance sheets. The total gross recognized liabilities reported for repurchase agreements and securities lending transactions are consistent with the total gross balances reported in the offsetting disclosures above.

Securities transferred in repurchase agreements and securities lending transactions

The following table presents an analysis of the total carrying value of liabilities recognized in the consolidated balance sheets for repurchase agreements and securities lending transactions by class of securities transferred by Nomura to counterparties as of March 31, 2022 and September 30, 2022. Amounts reported are shown prior to counterparty netting in accordance with ASC 210-20.

	Billions of yen
	March 31, 2022
	Repurchase agreements		Securities lending transactions		Total
Equities and convertible securities	¥	384	¥	1,508	¥	1,892
Japanese government, agency and municipal securities		879		1		880
Foreign government, agency and municipal securities		26,436		17		26,453
Bank and corporate debt securities		2,322		175		2,497
Commercial mortgage-backed securities (“CMBS”)		1		—		1
Residential mortgage-backed securities (“RMBS”)(1)		1,846		—		1,846
Collateralized debt obligations (“CDOs”) and other		157		—		157
Investment trust funds and other		36		33		69
Total gross recognized liabilities(2)	¥	32,061	¥	1,734	¥	33,795
	Billions of yen
	September 30, 2022
	Repurchase agreements		Securities lending transactions		Total
Equities and convertible securities	¥	323	¥	1,468	¥	1,791
Japanese government, agency and municipal securities		1,679		0		1,679
Foreign government, agency and municipal securities		29,065		94		29,159
Bank and corporate debt securities		3,004		145		3,149
Residential mortgage-backed securities (“RMBS”)(1)		3,294		—		3,294
Collateralized debt obligations (“CDOs”) and other		203		—		203
Investment trust funds and other		29		14		43
Total gross recognized liabilities(2)	¥	37,597	¥	1,721	¥	39,318

(1) Includes ¥1,404 billion of U.S. government sponsored agency mortgage pass through securities and collateralized mortgage obligations as of March 31, 2022. Includes ¥2,723 billion of U.S. government sponsored agency mortgage pass through securities and collateralized mortgage obligations as of September 30, 2022. 

(2) Repurchase agreements and securities lending transactions are reported within Collateralized financing—Securities sold under agreements to repurchase and Collateralized financing—Securities loaned in the consolidated balance sheets, respectively. Amounts reported for securities lending transactions also include transactions where Nomura lends securities and receives securities that can be sold or pledged as collateral. Nomura recognizes the securities received at fair value and a liability for the same amount, representing the obligation to return those securities. The liability is reported within Other liabilities in the consolidated balance sheets. The total gross recognized liabilities reported for repurchase agreements and securities lending transactions are consistent with the total gross balances reported in the offsetting disclosures above.

Collateral received by Nomura

The following table presents the fair value of securities received as collateral, securities borrowed with collateral and securities borrowed without collateral, which Nomura is permitted to sell or repledge, and the portion that has been sold or repledged as of March 31, 2022 and September 30, 2022.

	Billions of yen
	March 31, 2022		September 30, 2022
The fair value of securities received as collateral, securities borrowed as collateral and securities borrowed without collateral where Nomura is permitted by contract or custom to sell or repledge the securities	¥	48,234	¥	60,879
The portion of the above that has been sold (as reported within Trading liabilities in the consolidated balance sheets) or repledged		36,146		41,244

Collateral pledged by Nomura

Nomura pledges owned securities and other financial assets to collateralize repurchase transactions, other secured financings and derivative transactions. Pledged securities that can be sold or repledged by the transferee, including Gensaki Repo transactions, are reported in parentheses as Securities pledged as collateral within Trading assets, Non-trading debt securities, Investments in equity securities and Investments in and advances to affiliated companies in the consolidated balance sheets.

The following table presents the carrying amounts of financial assets recognized in the consolidated balance sheets which have been pledged as collateral, primarily to stock exchanges and clearing organizations, without allowing the secured party the right to sell or repledge them by type of asset as of March 31, 2022 and September 30, 2022.

	Millions of yen
	March 31, 2022		September 30, 2022
Trading assets:
Equities and convertible securities	¥	368,235	¥	324,022
Government and government agency securities		1,178,011		1,476,077
Bank and corporate debt securities		27,899		17,931
Residential mortgage-backed securities (“RMBS”)		868,183		1,987,741
Collateralized debt obligations (“CDOs”) and other(1)		9,548		19,290
Investment trust funds and other		36,661		29,819
	¥	2,488,537	¥	3,854,880
Non-trading debt securities(2)	¥	163,445	¥	153,141
Investments in and advances to affiliated companies(3)	¥	12,832	¥	13,660

(1) Includes CLOs and ABS such as those secured on credit card loans, auto loans and student loans.

(2) Non-trading debt securities are primarily Japanese municipal securities.

(3) Investments in and advances to affiliated companies primarily comprise shares in Nomura Research Institute, Ltd.

The following table presents the carrying amount of financial and non-financial assets recognized in the consolidated balance sheets, other than those disclosed above, which are subject to lien as of March 31, 2022 and September 30, 2022.

	Millions of yen
	March 31, 2022		September 30, 2022
Loans and receivables	¥	235,875	¥	379,470
Trading assets and private equity and debt investments		1,416,279		1,389,264
Office buildings, land, equipment and facilities		4,841		4,730
Non-trading debt securities		2,827		1,712
Investments in and advances to affiliated companies		3		3
Other		497		719
	¥	1,660,322	¥	1,775,898

Assets in the above table were primarily pledged for secured borrowings, including other secured borrowings, collateralized borrowings of consolidated VIEs, trading balances of secured borrowings, and derivative transactions.

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Securitizations and Variable Interest Entities

6 Months Ended

Sep. 30, 2022

Securitizations and Variable Interest Entities [Abstract]

Securitizations and Variable Interest Entities

6. Securitizations and Variable Interest Entities:

Securitizations

Nomura utilizes special purpose entities (“SPEs”) to securitize commercial and residential mortgage loans, government agency and corporate securities and other types of financial assets. Those SPEs are incorporated as stock companies, Tokumei kumiai (silent partnerships), Cayman special purpose companies (“SPCs”) or trust accounts. Nomura’s involvement with SPEs includes structuring SPEs, underwriting, distributing and selling debt instruments and beneficial interests issued by SPEs to investors. Nomura accounts for the transfer of financial assets in accordance with ASC 860. This statement requires that Nomura accounts for the transfer of financial assets as a sale when Nomura relinquishes control over the assets. ASC 860 deems control to be relinquished when the following conditions are met: (a) the assets have been isolated from the transferor (even in bankruptcy or other receivership), (b) the transferee has the right to pledge or exchange the assets received, or if the transferee is an entity whose sole purpose is to engage in securitization or asset-backed financing activities, the holders of its beneficial interests have the right to pledge or exchange the beneficial interests, and (c) the transferor has not maintained effective control over the transferred assets. Nomura may retain an interest in the financial assets, including residual interests in the SPEs. Any such interests are accounted for at fair value and reported within Trading assets in Nomura’s consolidated balance sheets, with the change in fair value reported within Revenue—Net gain on trading. Fair value for retained interests in securitized financial assets is determined by using observable prices; or in cases where observable prices are not available for certain retained interests, Nomura estimates fair value based on the present value of expected future cash flows using its best estimates of the key assumptions, including forecasted credit losses, prepayment rates, forward yield curves and discount rates commensurate with the risks involved. Nomura may also enter into derivative transactions in relation to the assets transferred to an SPE.

As noted above, Nomura may have continuing involvement with SPEs to which Nomura transferred assets. For the six and three months ended September 30, 2021, Nomura received cash proceeds from SPEs in new securitizations of ¥196 billion and ¥141 billion, respectively, and the associated gain on sale was ¥9 billion and ¥2 billion, respectively. For the six and three months ended September 30, 2022, Nomura received cash proceeds from SPEs in new securitizations of ¥136 billion and ¥74 billion, respectively, and the associated gain/(loss) on sale was ¥0 billion and ¥(0) billion, respectively. For the six and three months ended September 30, 2021, Nomura received debt securities issued by these SPEs with an initial fair value of ¥1,171 billion and ¥489 billion, respectively, and cash inflows from third parties on the sale of those debt securities of ¥1,100 billion and ¥519 billion, respectively. For the six and three months ended September 30, 2022, Nomura received debt securities issued by these SPEs with an initial fair value of ¥271 billion and ¥70 billion, respectively, and cash inflows from third parties on the sale of those debt securities of ¥219 billion and ¥48 billion, respectively. The cumulative balance of financial assets transferred to SPEs with which Nomura has continuing involvement was ¥5,829 billion and ¥6,190 billion as of March 31, 2022 and September 30, 2022, respectively. Those transferred financial assets are substantially government, agency and municipal securities. Nomura’s retained interests were ¥131 billion and ¥173 billion, as of March 31, 2022 and September 30, 2022, respectively. For the six and three months ended September 30, 2021, Nomura received cash flows of ¥19 billion and ¥10 billion, respectively, from the SPEs on the retained interests held in the SPEs. For the six and three months ended September 30, 2022, Nomura received cash flows of ¥13 billion and ¥7 billion, respectively, from the SPEs on the retained interests held in the SPEs.

Nomura did not provide financial support to SPEs beyond its contractual obligations as of March 31, 2022 and September 30, 2022.

The following tables present the fair value of retained interests which Nomura has continuing involvement in SPEs and their classification in the fair value hierarchy, categorized by the type of transferred assets.

	Billions of yen
	March 31, 2022
	Level 1		Level 2		Level 3		Total		Investment grade		Other
Government, agency and municipal securities	¥	—	¥	124	¥	—	¥	124	¥	124	¥	—
Bank and corporate debt securities		—		—		—		—		—		—
CMBS and RMBS		—		—		7		7		2		5
Total	¥	—	¥	124	¥	7	¥	131	¥	126	¥	5
	Billions of yen
	September 30, 2022
	Level 1		Level 2		Level 3		Total		Investment grade		Other
Government, agency and municipal securities	¥	—	¥	162	¥	—	¥	162	¥	162	¥	—
Bank and corporate debt securities		—		—		—		—		—		—
CMBS and RMBS		—		—		11		11		3		8
Total	¥	—	¥	162	¥	11	¥	173	¥	165	¥	8

As of March 31, 2022 and September 30, 2022, predominantly all of the retained interests held by Nomura were valued using observable prices. The initial fair value of these retained interests are mostly level 2 in the fair value hierarchy.

The following table presents the type and carrying value of financial assets included within Trading assets and Loans receivable which have been transferred to SPEs but which do not meet the criteria for derecognition under ASC 860. These transfers are accounted for as secured financing transactions and generally reported within Long-term borrowings. The assets are pledged as collateral of the associated liabilities and cannot be removed unilaterally by Nomura and the liabilities are non-recourse to Nomura. 

	Billions of yen
	March 31, 2022		September 30, 2022
Assets
Trading assets
Japanese government securities	¥	—	¥	1
Loans for trading purposes		19		29
Loans receivable		203		344
Total	¥	222	¥	374
Liabilities
Long-term borrowings	¥	222	¥	374

Variable Interest Entities (“VIEs”)

In the normal course of business, Nomura acts as a transferor of financial assets to VIEs, and underwriter, distributor, and seller of repackaged financial instruments issued by VIEs in connection with its securitization and equity derivative activities. Nomura retains, purchases and sells variable interests in VIEs in connection with its market-making, investing and structuring activities.

If Nomura has power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, and through Nomura’s interest in the VIE, Nomura has the right to receive benefits or the obligation to absorb losses that could be potentially significant to the VIE, Nomura is the primary beneficiary of the VIE and must consolidate the entity, provided that Nomura does not act as a fiduciary for other interest holders. Nomura’s consolidated VIEs include those that were created to market structured securities to investors by repackaging corporate convertible securities, mortgages and mortgage-backed securities. Certain VIEs used in connection with Nomura’s aircraft leasing business as well as other purposes are consolidated. Nomura also consolidates certain investment funds for which Nomura is the primary beneficiary.

The power to direct the most significant activities may take a number of different forms in different types of VIEs. For transactions such as securitizations, investment funds, and CDOs, Nomura generally considers collateral management and servicing to represent the power to make the most significant decisions, unless such roles are deemed to be a fiduciary relationship. Accordingly, Nomura does not consolidate such types of VIEs for which it does not act as collateral manager or servicer unless Nomura has the unilateral right to replace the collateral manager or servicer or to require liquidation of the entity.

For many transactions, such as where VIEs are used for re-securitizations of residential mortgage-backed securities, there are no significant economic decisions made on an ongoing basis and no single investor has the unilateral ability to liquidate the VIE. In those cases, Nomura focuses its analysis on the party who has the sole discretion in the initial design of the VIE, and considers factors such as the nature of the underlying assets held by the VIE, the extent of third party investors’ involvement in the design of the VIE, the size of initial third party investment and the amount and level of any subordination of beneficial interests issued by the VIE which will be held by Nomura and any third party investors. Nomura has sponsored numerous re-securitization transactions and in many cases has determined that it is not the primary beneficiary on the basis that power to direct the most significant activities relating to these entities are shared with third party investors. Nomura has consolidated certain VIEs where it was determined that third party investors were not involved in the design of the VIEs, including where the size of third party investment was insignificant at inception of the transaction.

The following table presents the classification of consolidated VIEs’ assets and liabilities in these consolidated financial statements as of March 31, 2022 and September 30, 2022. Most of these assets and liabilities are related to consolidated VIEs which securitize corporate convertible securities, mortgages and mortgage-backed securities. The assets of a consolidated VIE may only be used to settle obligations of that VIE. Creditors do not typically have any recourse to Nomura.

	Billions of yen
	March 31, 2022		September 30, 2022
Consolidated VIE assets
Cash and cash equivalents	¥	62	¥	10
Trading assets
Equities		555		507
Debt securities		443		435
CMBS and RMBS		21		23
Investment trust funds and other		—		1
Derivatives		1		1
Private equity and debt investments		4		8
Office buildings, land, equipment and facilities		10		9
Other		115		179
Total	¥	1,211	¥	1,173
Consolidated VIE liabilities
Trading liabilities
Derivatives	¥	0	¥	0
Borrowings
Short-term borrowings		95		100
Long-term borrowings		797		780
Other		6		4
Total	¥	898	¥	884

On a quarterly basis, Nomura reassesses its involvement with the VIEs and evaluates the impact of any changes in governing documents and/or variable interests held by Nomura and other parties.

Nomura also holds variable interests in VIEs where Nomura is not the primary beneficiary. Nomura’s variable interests in such VIEs include senior and subordinated debt, residual interests, and equity interests associated with commercial and residential mortgage-backed and other asset-backed securitizations and structured financings, equity interests in VIEs which were formed primarily to acquire high yield leveraged loans and other lower investment grade debt obligations, residual interests in operating leases for aircraft held by VIEs, and loans and investments in VIEs that acquire operating businesses.

The following tables present the carrying amount of variable interests of unconsolidated VIEs and maximum exposure to loss associated with these variable interests. Maximum exposure to loss does not reflect Nomura’s estimate of the actual losses that could result from adverse changes, nor does it reflect the economic hedges Nomura enters into to reduce its exposure. The risks associated with VIEs in which Nomura is involved are limited to the amount recorded in the consolidated balance sheets and the amount of any undrawn commitments and financial guarantees issued.

	Billions of yen
	March 31, 2022
	Carrying amount of variable interests				Maximum exposure to loss to unconsolidated VIEs
	Assets		Liabilities
Trading assets and liabilities
Equities	¥	26	¥	—	¥	26
Debt securities		61		—		61
CMBS and RMBS		1,432		—		1,432
Investment trust funds and other		191		—		191
Private equity and debt investments		22		—		22
Loans		940		—		940
Other		10		—		10
Commitments to extend credit and other guarantees		—		—		256
Total	¥	2,682	¥	—	¥	2,938
	Billions of yen
	September 30, 2022
	Carrying amount of variable interests				Maximum exposure to loss to unconsolidated VIEs
	Assets		Liabilities
Trading assets and liabilities
Equities	¥	25	¥	—	¥	25
Debt securities		101		—		101
CMBS and RMBS		2,743		—		2,743
Investment trust funds and other		224		—		224
Private equity and debt investments		18		—		18
Loans		1,193		—		1,193
Other		6		—		6
Commitments to extend credit and other guarantees		—		—		153
Total	¥	4,310	¥	—	¥	4,463

The above does not include certain repurchase agreement financings provided to third parties or Nomura sponsored VIEs.

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Financing receivables

6 Months Ended

Sep. 30, 2022

Financing Receivables [Abstract]

Financing receivables

7. Financing receivables:

In the normal course of business, Nomura extends financing to clients primarily in the form of loan receivables, loan commitments and collateralized agreements such as reverse repurchase agreements and securities borrowing transactions.

These financing receivables are recognized as assets on Nomura’s consolidated balance sheets at fair value or on amortized cost basis and provide a contractual right to receive money either on demand or on future fixed or determinable dates.

The carrying value of financing receivables measured on an amortized cost basis is adjusted for an allowance for current expected credit losses (“CECL”) defined by ASC 326 “Financial Instruments—Credit Losses” (“ASC 326”). Allowances for CECL against recognized financial instruments are reported in the consolidated balance sheets within Allowance for credit losses.

Collateralized agreements

Collateralized agreements consist of reverse repurchase agreements reported as Securities purchased under agreements to resell and securities borrowing transactions reported as Securities borrowed in the consolidated balance sheets, including those executed under Gensaki Repo agreements. Reverse repurchase agreements and securities borrowing transactions principally involve the buying of government and government agency securities from customers under agreements that also require Nomura to resell these securities to those customers, or borrowing these securities with cash and non-cash collateral. Nomura monitors the value of the underlying securities on a daily basis to the related receivables, including accrued interest, and requests or returns additional collateral when appropriate. Except for those where we apply the fair value option, reverse repurchase agreements are generally recognized in the consolidated balance sheets at the amount for which the securities were originally acquired with applicable accrued interest. Securities borrowing transactions are generally recognized in the consolidated balance sheets at the amount of cash collateral advanced. Allowances for current expected credit losses against collateralized agreements are not significant either because of application of practical expedients permitted by ASC 326 based on the collateralization requirements and ongoing monitoring of the collateral levels or the short expected life of the financial instruments.

Loans receivable

The key types of loans receivable recognized by Nomura are loans at banks, short-term secured margin loans, inter-bank money market loans and corporate loans.

Loans at banks include both retail and commercial secured loans and traditional unsecured loans mainly extended by Nomura Trust & Banking Co., Ltd. Where retail and commercial loans are secured by real estate or securities, Nomura is exposed to the risk of a decline in the value of the underlying collateral. Loans at banks also include unsecured commercial loans provided to investment banking clients for relationship purposes. For unsecured commercial loans, Nomura is exposed to risk of default of the counterparty, although these counterparties usually have high or good credit ratings. Where loans are secured by guarantees, Nomura is also exposed to the risk of default by the guarantor.

Short-term secured margin loans are margin loans provided to clients in connection with securities brokerage business in retail and wealth management services. These loans provide funding for clients in order to purchase securities. Nomura requests initial margin in the form of acceptable securities or deposits against these loans and holds the purchased securities as collateral through the life of the loans. If the value of the securities declines by more than specified amounts, Nomura can make additional frequent margin calls in order to maintain a specified ratio of loan-to-value (“LTV”) ratio. These clients are required and reasonably expected to continue to replenish the amount of collateral as required by Nomura. Allowances for current expected losses against Short-term secured margin loans are therefore usually not significant.

Inter-bank money market loans are loans to financial institutions in the inter-bank money market, where overnight and intra-day financings are traded through money market dealers. The risk to Nomura of making these loans is limited as only qualified financial institutions can participate in these markets and these loans are usually overnight or short-term in nature. Allowances for current expected losses against inter-bank money market loans are therefore usually not significant.

Corporate loans are primarily commercial loans provided to corporate clients excluding those classified as Loans at banks. Corporate loans include loans secured by real estate or securities, unsecured commercial loans provided to investment banking clients for relationship purposes. The risk to Nomura of making these loans is similar to those risks arising from commercial loans reported in loans at banks.

The following tables present a summary of loans receivable reported within Loans receivable or Investments in and advances to affiliated companies in the consolidated balance sheets as of March 31, 2022, and September 30, 2022 by portfolio segment.

	Millions of yen
	March 31, 2022
	Carried at amortized cost		Carried at fair value(1)		Total
Loans receivable
Loans at banks	¥	717,992	¥	—	¥	717,992
Short-term secured margin loans		442,600		—		442,600
Inter-bank money market loans		2,196		—		2,196
Corporate loans		1,206,349		1,210,590		2,416,939
Total loans receivable	¥	2,369,137	¥	1,210,590	¥	3,579,727
Advances to affiliated companies		1,000		—		1,000
Total	¥	2,370,137	¥	1,210,590	¥	3,580,727
	Millions of yen
	September 30, 2022
	Carried at amortized cost		Carried at fair value(1)		Total
Loans receivable
Loans at banks	¥	751,077	¥	—	¥	751,077
Short-term secured margin loans		518,027		—		518,027
Inter-bank money market loans		3,266		—		3,266
Corporate loans		1,515,685		1,415,348		2,931,033
Total loans receivable	¥	2,788,055	¥	1,415,348	¥	4,203,403
Advances to affiliated companies		4,000		—		4,000
Total	¥	2,792,055	¥	1,415,348	¥	4,207,403

(1) Includes loans receivable and loan commitments carried at fair value through election of the fair value option. 

There were no significant purchases nor sales of loans receivable during the six months ended September 30, 2021. During the same period, there were no significant reclassifications of loans receivable to or from trading assets.

There were no significant purchases nor sales of loans receivable during the six months ended September 30, 2022. During the same period, there were no significant reclassifications of loans receivable to or from trading assets.

Net unamortized deferred fees and costs related to loans receivable carried at amortized cost were immaterial as of March 31, 2022 and September 30, 2022.

Allowance for current expected credit losses

Management has established an allowance for current expected credit losses using the CECL impairment model against the following types of financial instruments, including financing receivables, which are not measured at fair value on a recurring basis, to reflect the net amount Nomura expects to collect:

• Loans receivable and written unfunded loan commitments;

• Cash deposits;

• Collateralized agreements such as reverse repos and securities borrowing transactions;

• Customer contract assets and receivables; and

• Other receivables including margin receivables, security deposits, default fund contributions to central clearing counterparties and net investments in finance leases.

Current expected credit losses for an individual or portfolio of financial instrument are measured at each Nomura reporting date based on expected credit losses over the remaining expected life of the financial instruments that consider forecast of future economic conditions in addition to information about past events and current conditions. Key macroeconomic inputs to our weighted average forecasts of three years include GDP and credit spreads. The risk of loss is considered, even when that risk of loss is remote. While management has based its estimate of the allowance for current expected credit losses on the best information available, future adjustments to the allowance may be necessary as a result of changes in the economic environment or variances between actual results and original assumptions.

Nomura has elected to exclude accrued interest receivable from the amortized cost basis of financial instruments used to measure expected credit losses. The amount of accrued interest receivable as of September 30, 2021 and 2022 was not significant.

The methodology used by Nomura to determine allowances for current expected credit losses in accordance with the CECL impairment model primarily depends on the nature of the financial instrument and whether certain practical expedients permitted by ASC 326 are applied by Nomura.

Financial instruments subject to the CECL impairment model are charged off when Nomura has deemed the loan or receivable as uncollectible, namely management believes there is no reasonable expectation of collecting future contractual cash flows and all commercially reasonable means of recovering outstanding principle and interest balances have been exhausted.

The following table summarizes the methodology used for each significant type of financial instrument subject to the CECL impairment model and the key assumptions used which have impacted the measurement of current expected credit losses during the year ended September 30, 2022.

Financial instrument	Methodology to determine current expected credit losses
Loans, written loan commitments and certain deposits	•   Full loss rate model developed by Nomura’s Risk department •   Measures expected credit losses based on probability of default (PD), Loss Given Default (LGD) and Exposure at Default (EAD) inputs. •   PD inputs incorporate forward-looking scenarios used by Nomura for internal risk management and capital purposes. •   Immediate reversion method used for periods beyond which reasonable and supportable forecast is not available. •   For financial instruments which have defaulted or are probable of defaulting, expected credit losses measured using discounted cash flow analyses or, where the financial instrument is collateral dependent, based on any shortfall of fair value of the underlying collateral.
Collateralized agreements, short-term secured margin loans and cash prime brokerage loans	•   For reverse repos and short-term secured margin loans and cash prime brokerage loans where frequent margining is required and the counterparty has ability to replenish margin, as permitted by a practical expedient provided by ASC 326 expected credit losses are limited to difference between carrying value of the reverse repo or margin loan and fair value of underlying collateral. •   Securities borrowing transactions typically have very short expected lives and are collateralized and therefore expected credit losses are generally determined qualitatively to be insignificant based on historical experience and consistent monitoring of collateral.
Customer contract assets and receivables	•   Expected credit losses typically based on ageing analysis where loss rates are applied to the carrying value based on historical experience, the current economic climate and specific information about the ability of the client to pay.

The following table presents changes in the total allowance for incurred credit losses for the six and three months ended September 30, 2021 and 2022 as determined using the CECL impairment model defined by ASC 326.

	Millions of yen
	Six months ended September 30, 2021
	Allowance for current expected credit losses											Allowances against receivables other than loans(1)			Total allowance for current expected credit losses
	Loans at banks			Short-term secured margin loans		Corporate loans			Subtotal
Opening balance	¥	1,282		¥	—	¥	47,985		¥	49,267		¥	4,517		¥	53,784
Provision for losses(2)		—			—		8,924			8,924			78			9,002
Charge-offs		—			—		(17	)		(17	)		(62	)		(79	)
Other(3)		161			—		718			879			(1,875	)		(996	)
Ending balance	¥	1,443		¥	—	¥	57,610		¥	59,053		¥	2,658		¥	61,711
	Millions of yen
	Six months ended September 30, 2022
	Allowance for current expected credit losses											Allowances against receivables other than loans(1)			Total allowance for current expected credit losses
	Loans at banks			Short-term secured margin loans		Corporate loans			Subtotal
Opening balance	¥	2,434		¥	—	¥	62,353		¥	64,787		¥	1,559		¥	66,346
Provision for losses		672			—		1,372			2,044			15			2,059
Charge-offs		(1,523	)		—		(2,552	)		(4,075	)		—			(4,075	)
Other(3)		(417	)		—		7,981			7,564			262			7,826
Ending balance	¥	1,166		¥	—	¥	69,154		¥	70,320		¥	1,836		¥	72,156
	Millions of yen
	Three months ended September 30, 2021
	Allowance for current expected credit losses											Allowance for receivables other than loans(1)			Total allowance for current expected credit losses
	Loans at banks			Short-term secured margin loans		Corporate loans			Subtotal
Opening balance	¥	1,273		¥	—	¥	57,559		¥	58,832		¥	2,587		¥	61,419
Provision for losses		—			—		(273	)		(273	)		75			(198	)
Charge-offs		—			—		(10	)		(10	)		(5	)		(15	)
Other(3)		170			—		334			504			1			505
Ending balance	¥	1,443		¥	—	¥	57,610		¥	59,053		¥	2,658		¥	61,711

	Millions of yen
	Three months ended September 30, 2022
	Allowance for current expected credit losses											Allowance for receivables other than loans(1)			Total allowance for current expected credit losses
	Loans at banks			Short-term secured margin loans		Corporate loans			Subtotal
Opening balance	¥	3,016		¥	—	¥	65,242		¥	68,258		¥	1,842		¥	70,100
Provision for losses		90			—		156			246			(13	)		233
Charge-offs		(1,523	)		—		(82	)		(1,605	)		—			(1,605	)
Other(3)		(417	)		—		3,838			3,421			7			3,428
Ending balance	¥	1,166		¥	—	¥	69,154		¥	70,320		¥	1,836		¥	72,156

(1) Includes amounts recognized against collateralized agreements, customer contract assets and receivables and other receivables.

(2) Following default by a U.S. client in connection with the U.S. Prime Brokerage Event in March 2021, a provision for losses of ¥9,289 million was recognized during the quarter ended June 30, 2021.

(3) Primarily includes the effect of foreign exchange movements and recoveries collected.

Troubled debt restructurings

In the ordinary course of business, Nomura may choose to restructure a loan classified as held for investment either because of financial difficulties of the borrower, or simply as a result of market conditions or relationship reasons. A troubled debt restructuring (“TDR”) occurs when Nomura (as lender) for economic or legal reasons related to the borrower’s financial difficulties grants a concession to the borrower that Nomura would not otherwise consider.

Expected credit losses for a loan being restructured under a TDR which only involve modification of the loan’s terms (rather than receipt of assets in full or partial settlement) is typically determined using a discounted cash flow analysis. Assets received in full or partial satisfaction of a loan in a TDR are recognized at fair value.

Discussions continue with various borrowers to modify the existing contractual terms of certain loans. These modifications where the borrower is deemed to be in financial difficulty and Nomura has, or expects to, grant a financial concession would typically be accounted for and reported as a TDR.

The amounts of TDRs which occurred during the six months ended September 30, 2021 and 2022 were not significant.

Nonaccrual and past due loans

Loans are placed on a nonaccrual status if interest is deemed uncollectible. Nomura policy is to define interest as being uncollectible if the borrower is determined to be in financial difficulty or an interest or principal payment on the loans is 90 days or more past due.

Where a loan is placed on a nonaccrual status, any accrued but unpaid interest receivable reversed and no further accrual of interest is permitted. Interest income is subsequent recognized when a cash payment is received from the borrower using the cash basis method.

Loans are generally only returned to an accrual status if the loan is brought contractually current, i.e., all overdue principal and interest amounts are paid. In limited circumstances, a loan which has not been brought contractually current will also be returned to an accrual status if all principal and interest amounts contractually due are reasonably assured of repayment within a reasonable period of time or there has been a sustained period of repayment performance by the borrower.

As of March 31, 2022, there were ¥62,289 million of loans which were placed on a nonaccrual status, primarily secured corporate loans. Corporate loans on a non-accrual status as of March 31, 2022 include loans relating to a U.S. client in connection with the U.S. Prime Brokerage Event in March 2021. The amount of loans which were 90 days past due but were not on a nonaccrual status was not significant.

As of September 30, 2022, there were ¥70,103 million of loans which were placed on a nonaccrual status, primarily secured corporate loans. Corporate loans on a non-accrual status as of September 30, 2022 include loans relating to a U.S. client in connection with the U.S. Prime Brokerage Event in March 2021. The amount of loans which were 90 days past due but were not on a nonaccrual status was not significant.

Credit quality indicators

Nomura is exposed to credit risks due to a decline in the value of loans or a default caused by deterioration of creditworthiness or bankruptcy of the borrower. Nomura’s risk management framework for such credit risks is based on a risk assessment through an internal rating process, in depth pre-financing credit analysis of each individual loan and continuous post-financing monitoring of the borrower’s creditworthiness.

The following tables present an analysis of each class of loans not carried at fair value using Nomura’s internal ratings or equivalent credit quality indicators applied by subsidiaries by years of origination as of March 31, 2022 and September 30, 2022.

	Millions of yen
	March 31, 2022
	2022		2021		2020		2019		2018		2017 or earlier		Revolving		Total
Secured loans at banks:
AAA-BBB	¥	106,554	¥	126,834	¥	8,325	¥	17,308	¥	9,213	¥	12,729	¥	—	¥	280,963
BB-CCC		80,167		169,655		1,693		638		587		6,779		—		259,519
CC-D		—		—		—		—		—		—		—		—
Others(1)		—		82,304		—		—		—		—		—		82,304
Total secured loans at banks	¥	186,721	¥	378,793	¥	10,018	¥	17,946	¥	9,800	¥	19,508	¥	—	¥	622,786
Unsecured loans at banks:
AAA-BBB	¥	6,000	¥	18,175	¥	12,703	¥	20,565	¥	9,982	¥	25,841	¥	—	¥	93,266
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		1,940		—		—		—		1,940
Others		—		—		—		—		—		—		—		—
Total unsecured loans at banks	¥	6,000	¥	18,175	¥	12,703	¥	22,505	¥	9,982	¥	25,841	¥	—	¥	95,206
Short-term secured margin loans:
AAA-BBB	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others(1)		169,195		23,238		—		—		—		—		250,167		442,600
Total short-term secured margin loans	¥	169,195	¥	23,238	¥	—	¥	—	¥	—	¥	—	¥	250,167	¥	442,600
Unsecured inter-bank money market loans:
AAA-BBB	¥	2,196	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	2,196
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others		—		—		—		—		—		—		—		—
Total unsecured inter-bank money market loans	¥	2,196	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	2,196
Secured corporate loans:
AAA-BBB	¥	—	¥	52,545	¥	86,910	¥	20,710	¥	3,258	¥	52,496	¥	9,916	¥	225,835
BB-CCC		86,300		307,636		14,718		131,266		115,494		30,085		92,039		777,538
CC-D(2)		—		57,524		—		—		—		—		—		57,524
Others(1)		455		20		25		26		10		101		96		733
Total secured corporate loans	¥	86,755	¥	417,725	¥	101,653	¥	152,002	¥	118,762	¥	82,682	¥	102,051	¥	1,061,630
Unsecured corporate loans:
AAA-BBB	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—
BB-CCC		11,621		20,516		—		1,989		—		—		—		34,126
CC-D		—		—		—		—		—		—		—		—
Others		—		438		191		—		109,959		5		—		110,593
Total unsecured corporate loans	¥	11,621	¥	20,954	¥	191	¥	1,989	¥	109,959	¥	5	¥	—	¥	144,719
Advances to affiliated companies
AAA-BBB	¥	—	¥	1,000	¥	—	¥	—	¥	—	¥	—	¥	—	¥	1,000
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others		—		—		—		—		—		—		—		—
Total advances to affiliated companies	¥	—	¥	1,000	¥	—	¥	—	¥	—	¥	—	¥	—	¥	1,000
Total	¥	462,488	¥	859,885	¥	124,565	¥	194,442	¥	248,503	¥	128,036	¥	352,218	¥	2,370,137

(1) Relate to collateralized exposures where a specified ratio of LTV is maintained.

(2) Includes loans of ¥57,524 million to a U.S. client in connection with the U.S. Prime Brokerage Event.

	Millions of yen
	September 30, 2022
	2022		2021		2020		2019		2018		2017 or earlier		Revolving		Total
Secured loans at banks:
AAA-BBB	¥	183,353	¥	75,873	¥	8,275	¥	17,940	¥	8,972	¥	10,828	¥	—	¥	305,241
BB-CCC		170,985		93,971		2,739		629		645		6,439		—		275,408
CC-D		—		—		—		—		—		—		—		—
Others(1)		—		89,114		—		—		—		—		—		89,114
Total secured loans at banks	¥	354,338	¥	258,958	¥	11,014	¥	18,569	¥	9,617	¥	17,267	¥	—	¥	669,763
Unsecured loans at banks:
AAA-BBB	¥	7,060	¥	17,317	¥	11,935	¥	15,553	¥	7,519	¥	21,930	¥	—	¥	81,314
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others		—		—		—		—		—		—		—		—
Total unsecured loans at banks	¥	7,060	¥	17,317	¥	11,935	¥	15,553	¥	7,519	¥	21,930	¥	—	¥	81,314
Short-term secured margin loans:
AAA-BBB	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others(1)		232,540		25,737		—		—		—		—		259,750		518,027
Total short-term secured margin loans	¥	232,540	¥	25,737	¥	—	¥	—	¥	—	¥	—	¥	259,750	¥	518,027
Unsecured inter-bank money market loans:
AAA-BBB	¥	3,266	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	3,266
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others		—		—		—		—		—		—		—		—
Total unsecured inter-bank money market loans	¥	3,266	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	3,266
Secured corporate loans:
AAA-BBB	¥	357,320	¥	248,311	¥	159,325	¥	201,901	¥	8,451	¥	106,520	¥	25,261	¥	1,107,089
BB-CCC		11,869		22,211		—		22,625		20,000		13,028		78,909		168,642
CC-D(2)		—		67,730		—		—		—		—		—		67,730
Others(1)		500		17		24		23		7		88		67		726
Total secured corporate loans	¥	369,689	¥	338,269	¥	159,349	¥	224,549	¥	28,458	¥	119,636	¥	104,237	¥	1,344,187
Unsecured corporate loans:
AAA-BBB	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—
BB-CCC		37,193		968		—		—		—		—		—		38,161
CC-D		—		—		—		2,373		—		—		—		2,373
Others		71		513		180		—		130,194		6		—		130,964
Total unsecured corporate loans	¥	37,264	¥	1,481	¥	180	¥	2,373	¥	130,194	¥	6	¥	—	¥	171,498
Advances to affiliated companies
AAA-BBB	¥	3,000	¥	1,000	¥	—	¥	—	¥	—	¥	—	¥	—	¥	4,000
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others		—		—		—		—		—		—		—		—
Total advances to affiliated companies	¥	3,000	¥	1,000	¥	—	¥	—	¥	—	¥	—	¥	—	¥	4,000
Total	¥	1,007,157	¥	642,762	¥	182,478	¥	261,044	¥	175,788	¥	158,839	¥	363,987	¥	2,792,055

(1) Relate to collateralized exposures where a specified ratio of LTV is maintained.

(2) Includes loans of ¥67,730 million in relation to the U.S. Prime Brokerage Event.

The following table presents a definition of each of the internal ratings used in the Nomura Group.

Rating Range	Definition
AAA	Highest credit quality. An obligor or facility has extremely strong capacity to meet its financial commitments. ‘AAA range’ is the highest credit rating assigned by Nomura. Extremely low probability of default.
AA	Very high credit quality category. An obligor or facility has very strong capacity to meet its financial commitments. Very low probability of default but above that of ‘AAA range.’
A	High credit quality category. An obligor or facility has strong capacity to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than those in higher-rated categories. Low probability of default but higher than that of ‘AA range.’
BBB	Good credit quality category. An obligor or facility has adequate capacity to meet its financial commitments. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to meet its financial commitments. Medium probability of default but higher than that of ‘A range.’
BB	Speculative credit quality category. An obligor or facility is less vulnerable in the near term than other lower-ratings. However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions which could lead to the inadequate capacity to meet its financial commitments. Medium to high probability of default but higher than that of ‘BBB range.’
B	Highly speculative credit quality category. An obligor or facility is more vulnerable than those rated ‘BB range’, but the obligor currently has the capacity to meet its financial commitments. Adverse business, financial, or economic conditions will likely impair the issuer’s or obligor’s capacity or willingness to meet its financial commitments. High probability of default - more than that of ‘BB range.’
CCC	Substantial credit risk. An obligor or facility is currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments. Strong probability of default – more than that of ‘B range.’
CC	Default category. An obligor or facility is currently highly vulnerable to nonpayment.
C	Default category. An obligor or facility is currently extremely vulnerable to nonpayment.
D	Failure of an obligor to make payments in full and on time of any financial obligations, markedly disadvantageous modification to a contractual term compared with the existing obligation, bankruptcy filings, administration, receivership, liquidation or other winding-up or cessation of business of an obligor or other similar situations.

Nomura reviews internal ratings at least once a year by using available credit information of obligors including financial statements and other information. Internal ratings are also reviewed more frequently for high-risk obligors or problematic exposures and any significant credit event of obligors will trigger an immediate credit review process.

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Leases

6 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

8. Leases:

Nomura as lessor

Nomura leases office buildings and aircrafts in Japan and overseas either as head lessor or through subleases. These leases and subleases are primarily classified as operating leases. The related assets are stated at cost, net of accumulated depreciation, except for land, which is stated at cost in the consolidated balance sheets and reported within Other assets—Office buildings, land, equipment and facilities.

The following table presents the types of assets which Nomura leases under operating leases as of March 31, 2022 and September 30, 2022.

	Millions of yen
	March 31, 2022							September 30, 2022
	Cost		Accumulated depreciation			Net carrying amount		Cost		Accumulated depreciation			Net carrying amount
Real estate(1)	¥	354	¥	(292	)	¥	62	¥	21	¥	—		¥	21
Aircraft		10,373		(688	)		9,685		8,669		(50	)		8,619
Total	¥	10,727	¥	(980	)	¥	9,747	¥	8,690	¥	(50	)	¥	8,640

(1) Cost, accumulated depreciation and net carrying amounts include amounts relating to real estate utilized by Nomura.

Nomura recognized lease income of ¥1,927 million and ¥1,090 million for the six and three months ended September 30, 2021, respectively, and ¥409 million and ¥249 million for the six and three months ended September 30, 2022, respectively. These are included in the consolidated statements of income within Revenue—Other.

The following table presents an analysis of future undiscounted lease payments to be received in connection with noncancellable operating leases entered into by Nomura as lessor over the remaining lease term as of September 30, 2022. Amounts in connection with finance leases were not significant.

	Millions of yen
	September 30, 2022
	Minimum lease payments to be received
Years of receipt
Less than 1 year	¥	1,138
1 to 2 years		1,138
2 to 3 years		1,051
3 to 4 years		132
4 to 5 years		132
More than 5 years		1,037
Total	¥	4,628

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Other assets-Other / Other liabilities

6 Months Ended

Sep. 30, 2022

Other assets Other Other liabilities [Abstract]

Other assets—Other / Other liabilities

9. Other assets—Other / Other liabilities:

The following table presents components of Other assets—Other and Other liabilities in the consolidated balance sheets as of March 31, 2022 and as of September 30, 2022.

	Millions of yen
	March 31, 2022		September 30, 2022
Other assets—Other:
Securities received as collateral	¥	166,352	¥	135,199
Goodwill and other intangible assets		30,007		34,265
Deferred tax assets		15,562		20,568
Investments in equity securities for other than operating purposes(1)		249,448		239,387
Deposit receivables(2)		227,777		232,015
Prepaid expenses		17,165		22,287
Other(2)		67,275		102,596
Total	¥	773,586	¥	786,317
Other liabilities:
Obligation to return securities received as collateral	¥	166,352	¥	135,199
Accrued income taxes		34,158		20,391
Other accrued expenses and provisions		457,511		419,740
Operating lease liabilities(2)		198,131		201,904
Other(2)		164,073		197,304
Total	¥	1,020,225	¥	974,538

(1) Includes equity securities without a readily determinable fair value of ¥65,365 million as of March 31, 2022 and as of September 30, 2022 respectively.

(2) Certain reclassifications of previously reported amounts have been made to conform to the current period presentation.

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Earnings per share

6 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings per share

10. Earnings per share:

A reconciliation of the amounts and the numbers used in the calculation of net income attributable to NHI shareholders per share (basic and diluted) is as follows:

	Millions of yen except per share data presented in yen
	Six months ended September 30
	2021		2022
Basic—
Net income attributable to NHI shareholders	¥	51,700	¥	18,467
Weighted average number of shares outstanding		3,085,218,332		3,010,633,495
Net income attributable to NHI shareholders per share	¥	16.76	¥	6.13
Diluted—
Net income attributable to NHI shareholders	¥	51,645	¥	18,354
Weighted average number of shares outstanding		3,177,220,033		3,104,874,653
Net income attributable to NHI shareholders per share	¥	16.25	¥	5.91
	Millions of yen except per share data presented in yen
	Three months ended September 30
	2021		2022
Basic—
Net income attributable to NHI shareholders	¥	3,213	¥	16,771
Weighted average number of shares outstanding		3,094,089,105		3,001,728,417
Net income attributable to NHI shareholders per share	¥	1.04	¥	5.59
Diluted—
Net income attributable to NHI shareholders	¥	3,202	¥	16,738
Weighted average number of shares outstanding		3,179,898,312		3,093,327,844
Net income attributable to NHI shareholders per share	¥	1.01	¥	5.41

Net income attributable to NHI shareholders is adjusted to reflect the decline in Nomura’s equity share of earnings of subsidiaries and affiliates for the six and the three months ended September 30, 2021 and 2022, arising from options to purchase common shares issued by subsidiaries and affiliates.

The weighted average number of shares used in the calculation of diluted earnings per share (“EPS”) reflects the increase in potential issuance of common shares arising from stock-based compensation plans issued by the Company and affiliates, which would have minimal impact on EPS for the six and the three months ended September 30, 2021.

The weighted average number of shares used in the calculation of diluted EPS reflects the increase in potential issuance of common shares arising from stock-based compensation plans issued by the Company and affiliates, which would have minimal impact on EPS for the six and the three months ended September 30, 2022.

Antidilutive stock options and other stock-based compensation plans to purchase 12,387,500 and 9,712,800 common shares were not included in the computation of diluted EPS for the six and the three months ended September 30, 2021 and 2022 respectively.

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Employee benefit plans

6 Months Ended

Sep. 30, 2022

Employee Benefit Plans [Abstract]

Employee benefit plans

11. Employee benefit plans:

Nomura provides various pension plans and other post-employment benefits which cover certain employees worldwide. In addition, Nomura provides health care benefits to certain active and retired employees through its Nomura Securities Health Insurance Society.

Net periodic benefit cost

The net periodic benefit cost of the defined benefit plans of Japanese entities includes the following components.

	Millions of yen
	Six months ended September 30
	2021			2022
Service cost	¥	3,226		¥	3,199
Interest cost		1,021			1,216
Expected return on plan assets		(3,028	)		(2,984	)
Amortization of net actuarial losses		1,978			1,909
Amortization of prior service cost		(800	)		(803	)
Net periodic benefit cost	¥	2,397		¥	2,537
	Millions of yen
	Three months ended September 30
	2021			2022
Service cost	¥	1,613		¥	1,600
Interest cost		510			608
Expected return on plan assets		(1,514	)		(1,492	)
Amortization of net actuarial losses		989			954
Amortization of prior service cost		(400	)		(401	)
Net periodic benefit cost	¥	1,198		¥	1,269

Nomura also recognized net periodic benefit cost of plans other than Japanese entities’ plans, which are not significant.

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Income taxes

6 Months Ended

Sep. 30, 2022

Income Tax [Abstract]

Income taxes

12. Income taxes:

For the six months ended September 30, 2021, the difference between the effective statutory tax rate of 31% and the effective tax rate of 42.8% was mainly due to an increase of the valuation allowance of foreign subsidiaries, whereas non-taxable revenues decreased the effective tax rate.

For the three months ended September 30, 2021, the difference between the effective statutory tax rate of 31% and the effective tax rate of 70.3% was mainly due to an increase of non-deductible expenses, whereas non-taxable revenues decreased the effective tax rate.

For the six months ended September 30, 2022, the difference between the effective statutory tax rate of 31% and the effective tax rate of 60.3% was mainly due to an increase of the valuation allowance, whereas non-taxable revenues decreased the effective tax rate.

For the three months ended September 30, 2022, the difference between the effective statutory tax rate of 31% and the effective tax rate of 46.8% was mainly due to an increase of the valuation allowance, whereas different tax rate applicable to income (loss) of foreign subsidiaries decreased the effective tax rate.

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Other comprehensive income (loss)

6 Months Ended

Sep. 30, 2022

Accumulated Other Comprehensive Income (loss)

Other comprehensive income (loss)

13. Other comprehensive income (loss):

Changes in accumulated other comprehensive income (loss) are as follows:

	Millions of yen
	Six months ended September 30, 2021
	Balance at beginning of year			Other comprehensive income (loss) before reclassifications			Reclassifications out of accumulated other comprehensive income (loss)(1)		Net change during the period		Balance at end of period
Cumulative translation adjustments	¥	18,316		¥	5,268		¥	61	¥	5,329	¥	23,645
Pension liability adjustment		(43,477	)		(358	)		842		484		(42,993	)
Own credit adjustments		(12,983	)		3,117			708		3,825		(9,158	)
Total	¥	(38,144	)	¥	8,027		¥	1,611	¥	9,638	¥	(28,506	)

(1) Reclassifications out of accumulated other comprehensive income were not significant.

	Millions of yen
	Six months ended September 30, 2022
	Balance at beginning of year			Other comprehensive income (loss) before reclassifications		Reclassifications out of accumulated other comprehensive income (loss)(1)		Net change during the period		Balance at end of period
Cumulative translation adjustments	¥	136,912		¥	210,319	¥	—	¥	210,319	¥	347,231
Pension liability adjustment		(43,803	)		505		867		1,372		(42,431	)
Own credit adjustments		34,864			52,595		231		52,826		87,690
Total	¥	127,973		¥	263,419	¥	1,098	¥	264,517	¥	392,490

(1) Reclassifications out of accumulated other comprehensive income were not significant.

	Millions of yen
	Three months ended September 30, 2021
	Balance at beginning of period			Other comprehensive income (loss) before reclassifications			Reclassifications out of accumulated other comprehensive income (loss)(1)		Net change during the period			Balance at end of period
Cumulative translation adjustments	¥	14,982		¥	8,663		¥	—	¥	8,663		¥	23,645
Pension liability adjustment		(43,468	)		176			299		475			(42,993	)
Own credit adjustments		(8,690	)		(775	)		307		(468	)		(9,158	)
Total	¥	(37,176	)	¥	8,064		¥	606	¥	8,670		¥	(28,506	)

(1) Reclassifications out of accumulated other comprehensive income were not significant.

	Millions of yen
	Three months ended September 30, 2022
	Balance at beginning of period			Other comprehensive income (loss) before reclassifications		Reclassifications out of accumulated other comprehensive income (loss)(1)			Net change during the period		Balance at end of period
Cumulative translation adjustments	¥	279,364		¥	67,867	¥	—		¥	67,867	¥	347,231
Pension liability adjustment		(43,017	)		217		369			586		(42,431	)
Own credit adjustments		58,290			29,477		(77	)		29,400		87,690
Total	¥	294,637		¥	97,561	¥	292		¥	97,853	¥	392,490

(1) Reclassifications out of accumulated other comprehensive income were not significant.

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Commitments, contingencies and guarantees

6 Months Ended

Sep. 30, 2022

Commitments, Contingencies and Guarantees [Abstract]

Commitments, contingencies and guarantees

14. Commitments, contingencies and guarantees:

Commitments—

Credit and investment commitments

In connection with its banking and financing activities, Nomura provides commitments to extend credit which generally have fixed expiration dates. In connection with its investment banking activities, Nomura enters into agreements with clients under which Nomura commits to underwrite securities that may be issued by the clients. As a member of certain central clearing counterparties, Nomura is committed to provide liquidity facilities through entering into reverse repo transactions backed by government and government agency debt securities with those counterparties in a situation where a default of another clearing member occurs. The outstanding commitments under these agreements are included below in commitments to extend credit.

Nomura has commitments to invest in various partnerships and other entities and also has commitments to provide financing for investments related to these partnerships. The outstanding commitments under these agreements are included below in commitments to invest.

The following table presents a summary of the key types of outstanding commitments provided by Nomura.

	Millions of yen
	March 31, 2022		September 30, 2022
Commitments to extend credit
Liquidity facilities to central clearing counterparties	¥	1,135,695	¥	1,243,943
Other commitments to extend credit		877,156		1,099,585
Total	¥	2,012,851	¥	2,343,528
Commitments to invest	¥	32,286	¥	47,090

As of September 30, 2022, these commitments had the following maturities:

	Millions of yen
			Years to Maturity
	Total contractual amount		Less than 1 year		1 to 3 years		3 to 5 years		More than 5 years
Commitments to extend credit
Liquidity facilities to central clearing counterparties	¥	1,243,943	¥	1,243,943	¥	—	¥	—	¥	—
Other commitments to extend credit		1,099,585		177,338		267,085		270,738		384,424
Total	¥	2,343,528	¥	1,421,281	¥	267,085	¥	270,738	¥	384,424
Commitments to invest	¥	47,090	¥	22,136	¥	1,634	¥	5,000	¥	18,320

The contractual amounts of these commitments to extend credit represent the amounts at risk but only if the contracts are fully drawn upon, should the counterparties default, and assuming the value of any existing collateral becomes worthless. The total contractual amount of these commitments may not represent future cash requirements since the commitments may expire without being drawn upon. The credit risk associated with these commitments varies depending on the clients’ creditworthiness and the value of collateral held. Nomura evaluates each client’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by Nomura upon extension of credit, is based on credit evaluation of the counterparty.

Contingencies—

Investigations, lawsuits and other legal proceedings

In the normal course of business as a global financial services entity, Nomura is involved in investigations, lawsuits and other legal proceedings and, as a result, may suffer loss from any fines, penalties or damages awarded against Nomura, any settlements Nomura chooses to make to resolve a matter, and legal and other advisory costs incurred to support and formulate a defense.

The ability to predict the outcome of these actions and proceedings is inherently difficult, particularly where claimants are seeking substantial or indeterminate damages, where investigations and legal proceedings are at an early stage, where the matters present novel legal theories or involve a large number of parties, or which take place in foreign jurisdictions with complex or unclear laws.

The Company regularly evaluates each legal proceeding and claim on a case-by-case basis in consultation with external legal counsel to assess whether an estimate of possible loss or range of loss can be made, if recognition of a liability is not appropriate. In accordance with ASC 450 “Contingencies” (“ASC 450”), the Company recognizes a liability for this risk of loss arising on each individual matter when a loss is probable and the amount of such loss or range of loss can be reasonably estimated. The amount recognized as a liability is reviewed at least quarterly and is revised when further information becomes available. If these criteria are not met for an individual matter, such as if an estimated loss is only reasonably possible rather than probable, no liability is recognized. However, where a material loss is reasonably possible, the Company will disclose details of the legal proceeding or claim below. Under ASC 450 an event is defined as reasonably possible if the chance of the loss to the Company is more than remote but less than probable. As of March 31, 2022 and September 30, 2022, the total liability of ¥76,866 million and ¥81,479 million have been recognized respectively, and reported within Other liabilities in respect of outstanding and unsettled investigations, lawsuits and other legal proceedings (excluding claims with no legal proceedings as of March 31, 2022 and September 30, 2022) where loss is considered probable and the loss can be reasonably estimated. Total expenses recognized through earnings during the six months ended September 30, 2021 of the previous fiscal year in connection with these matters were ¥40,084 million, which have been reported within Non-interest expenses—Other.

The most significant actions and proceedings against Nomura are summarized below. The Company believes that, based on current information available as of the date of these consolidated financial statements, the ultimate resolution of these actions and proceedings will not be material to the Company’s financial condition. However, an adverse outcome in certain of these matters could have a material adverse effect on the consolidated statements of income or cash flows in a particular quarter or annual period.

For certain of the significant actions and proceedings, the Company is currently able to estimate the amount of reasonably possible loss, or range of reasonably possible losses, in excess of amounts recognized as a liability (if any) against such cases. These estimates are based on current information available as of the date of these consolidated financial statements and include, but are not limited to, the specific amount of damages or claims against Nomura in each case. As of December 16, 2022, for those cases where an estimate of the range of reasonably possible losses can be made, the Company estimates that the total aggregate reasonably possible maximum loss in excess of amounts recognized as a liability (if any) against these cases is approximately ¥63 billion.

For certain other significant actions and proceedings, the Company is unable to provide an estimate of the reasonably possible loss or range of reasonably possible losses because, among other reasons, (i) the proceedings are at such an early stage there is not enough information available to assess whether the stated grounds for the claim are viable; (ii) damages have not been identified by the claimant; (iii) damages are unsupported and/or exaggerated; (iv) there is uncertainty as to the outcome of pending appeals or motions; (v) there are significant legal issues to be resolved that may be dispositive, such as the applicability of statutes of limitations; (vi) there are novel or unsettled legal theories underlying the claims and/or (vii) a judgment has been made against Nomura but detailed reasons for the basis for the judgment and how the amount of the judgment has been determined have not yet been received.

Nomura will continue to cooperate with regulatory investigations and to vigorously defend its position in the ongoing actions and proceedings set out below, as appropriate.

In January 2008, Nomura International plc (“NIP”) was served with a tax notice issued by the tax authorities in Pescara, Italy alleging breaches by NIP of the U.K.-Italy Double Taxation Treaty of 1998 (“Tax Notice”). The alleged breaches relate to payments to NIP of tax credits on dividends on Italian shares. The Tax Notice not only denies certain payments to which NIP claims to be entitled but also seeks reimbursement of approximately EUR 33.8 million, plus interest, already refunded. NIP has exhausted all avenues of appeal following a judgment of the Italian Supreme Court dismissing NIP’s appeal in July 2021.

Similar claims have been made by the tax authorities against IBJ Nomura Financial Products (UK) PLC (“IBJN”) a group company which has been in members’ voluntary liquidation since 2000. An Italian Supreme Court judgment in June 2019 confirmed that tax credit refunds of approximately EUR 38 million, plus interest, were payable by IBJN to the Italian tax authorities.

In October 2010 and June 2012, two actions were brought against NIP, seeking recovery of payments allegedly made to NIP by Fairfield Sentry Ltd. and Fairfield Sigma Ltd. (collectively, “Fairfield Funds”), which are now in liquidation and were feeder funds to Bernard L. Madoff Investment Securities LLC (in liquidation pursuant to the Securities Investor Protection Act in the U.S. since December 2008) (“BLMIS”). The first suit was brought by the liquidators of the Fairfield Funds. It was filed on October 5, 2010 in the Supreme Court of the State of New York, but was subsequently removed to the United States Bankruptcy Court for the Southern District of New York. The second suit was brought by the Trustee for the liquidation of BLMIS (“Madoff Trustee”). NIP was added as a defendant in June 2012 when the Madoff Trustee filed an amended complaint in the United States Bankruptcy Court for the Southern District of New York. Both actions seek to recover approximately $34 million plus interest. 

Certain of the Company’s subsidiaries in the U.S. securitized residential mortgage loans in the form of residential mortgage-backed securities (“RMBS”). These subsidiaries did not generally originate mortgage loans, but purchased mortgage loans from third-party loan originators (“originators”). In connection with such purchases, these subsidiaries received loan level representations from the originators. In connection with the securitizations, the relevant subsidiaries provided loan level representations and warranties of the type generally described below, which mirror the representations the subsidiaries received from the originators.

The loan level representations made in connection with the securitization of mortgage loans were generally detailed representations applicable to each loan and addressed characteristics of the borrowers and properties. The representations included, but were not limited to, information concerning the borrower’s credit status, the loan-to-value ratio, the owner occupancy status of the property, the lien position, the fact that the loan was originated in accordance with the originator’s guidelines, and the fact that the loan was originated in compliance with applicable laws. Certain of the RMBS issued by the subsidiaries were structured with credit protection provided to specified classes of certificates by monoline insurers.

With respect to certain of the RMBS issued from 2005 to 2007, the relevant subsidiaries received claims demanding the repurchase of certain loans from trustees of various securitization trusts, made at the instance of one or more investors, or from certificate insurers. The total original principal amount of loans for which repurchase claims were received by the relevant subsidiaries within six years of each securitization is $3,203 million. The relevant subsidiaries summarily rejected any demand for repurchase received after the expiration of the statute of limitations applicable to breach of representation claims. For those claims received within six years, the relevant subsidiaries reviewed each claim received, and rejected those claims believed to be without merit or agreed to repurchase certain loans for those claims that the relevant subsidiaries determined to have merit. In several instances, following the rejection of repurchase demands, investors instituted actions through the trustee alleging breach of contract from 2011 to 2014. The breach of contract claims that were brought within the six-year statute of limitations for breach of contract actions have survived motions to dismiss and discovery was completed and Notes of Issue were filed. The Company has been engaged in efforts to resolve the actions outside of Court.

A monoline insurer, Ambac Assurance Corp (“Ambac”), brought an action in April 2013 against Nomura Credit & Capital, Inc. (“NCCI”) and Nomura Holding America Inc. (“NHA”) alleging breach of contract with respect to representations concerning specific loan characteristics and fraud in the inducement of the insurance contract based on misrepresentations concerning the loans for two trusts insured by Ambac. The court dismissed all claims against NHA, and the claims against NCCI are continuing in the Supreme Court of the State of New York and discovery has now been completed.

In November 2011, NIP was served with a claim filed by the Madoff Trustee in the United States Bankruptcy Court for the Southern District of New York. This is a clawback action similar to claims filed by the Madoff Trustee against numerous other institutions. The Madoff Trustee alleges that NIP received redemptions from the BLMIS feeder fund, Harley International (Cayman) Limited in the six years prior to December 11, 2008 (the date proceedings were commenced against BLMIS) and that these are avoidable and recoverable under the U.S. Bankruptcy Code and New York law. The amount that the Madoff Trustee is currently seeking to recover from NIP is approximately $24.4 million plus interest.

In March 2013, Banca Monte dei Paschi di Siena SpA (“MPS”) issued a claim in the Italian Courts against (1) two former directors of MPS and (2) NIP. MPS alleged that the former directors improperly caused MPS to enter into certain structured financial transactions with NIP in 2009 (“Transactions”) and that NIP acted fraudulently and was jointly liable for the unlawful conduct of MPS’s former directors. MPS claimed damages of not less than EUR 1.1 billion.

In March 2013, NIP commenced a claim against MPS in the English Courts. The claim was for declaratory relief confirming that the Transactions remained valid and contractually binding. MPS filed and served its defence and counterclaim to these proceedings in March 2014. MPS alleged in its counterclaim that NIP was liable to make restitution of a net amount of approximately EUR 1.5 billion, and sought declarations regarding the illegality and invalidity of the Transactions.

On September 23, 2015, NIP entered into a settlement agreement with MPS to terminate the Transactions. NIP believes that the Transactions were conducted legally and appropriately, and does not accept the allegations made against it or admit any wrongdoing. Taking into account the views of relevant European financial authorities and the advice provided by external experts, NIP considered it to be in its best interests to reach a settlement in relation to this matter. As part of the agreement, the Transactions were unwound at a discount of EUR 440 million in favour of MPS and the civil proceedings between MPS and NIP in Italy and England, respectively, will no longer be pursued. Pursuant to the settlement agreement MPS and NIP applied to the Italian Courts to discontinue the proceedings brought by MPS against NIP. These proceedings have since been discontinued.

In April 2013, an investigation was commenced by the Public Prosecutor’s office in Siena, Italy, into various allegations against MPS and certain of its former directors, including in relation to the Transactions. The investigation was subsequently transferred to the Public Prosecutor of Milan. On April 3, 2015, the Public Prosecutor’s office in Milan issued a notice concluding its preliminary investigation. The Public Prosecutor was seeking to indict MPS, three individuals from MPS’s former management, NIP and two former NIP employees for, among others, the offences of false accounting and market manipulation in relation to MPS’s previous accounts. The preliminary hearing at which the Milan criminal court considered whether or not to grant the indictment concluded on October 1, 2016, the Judge ordering the trial of all individuals and banks involved except for MPS (which entered into a plea bargaining agreement with the Public Prosecutor). The trial commenced in December 2016. As part of these proceedings, a number of civil claimants have been permitted to bring damages claims against a number of entities and individuals, including NIP.

On November 8, 2019, the court delivered its oral verdict, finding two former employees of NIP guilty of false accounting, market manipulation and obstructing the supervisory activities of CONSOB and that NIP had breached Italian corporate liability legislation. In so doing it imposed a fine of EUR 3.45 million on NIP as well as ordering confiscation of EUR 88 million. On May 12, 2020, the court issued the detailed reasoning for the verdict (including the rationale for the penalties imposed). NIP appealed the decision to the Milan Court of Appeal. On May 6, 2022, the Milan Court of Appeal delivered its oral verdict, overturning the first instance judgment and acquitting the two former employees of NIP of all charges. The court also overturned the first instance judgment in respect of NIP and quashed the EUR 3.45 million fine and EUR 88 million confiscation order imposed on NIP. The detailed reasoning for the verdict was made available on October 3, 2022. In November 2022, the Public Prosecutor appealed the decision to the Supreme Court. 

In addition, NIP is involved in a number of separate civil or administrative matters relating to the Transactions including those described further below.

In January 2018, a claim before the Italian Courts brought by two claimants, Alken Fund Sicav (on behalf of two Luxembourg investment funds Alken Fund European Opportunities and Alken Fund Absolute Return Europe) and Alken Luxembourg S.A (the funds’ management company) (collectively referred to as “Alken”) was served on NIP. The claim was made against NIP, MPS, four MPS former directors and a member of MPS’s internal audit board, and sought monetary damages of approximately EUR 434 million plus interest, as well as non-monetary damages in an amount left to be quantified by the Judge. In July 2021, the court rejected all of Alken’s claims. In February 2022, Alken appealed the decision to the Milan Court of Appeal.

In May 2019, a claim before the Italian Courts brought by York Global Finance Offshore BDH (Luxembourg) Sàrl and a number of seemingly related funds was served on NIP. The claim is made against NIP, MPS, two MPS former directors and a member of MPS’s internal audit board, and seeks monetary damages of approximately EUR 186.7 million plus interest, as well as non-monetary damages in an amount left to be quantified by the Judge.

Additionally, NIP was served by the Commissione Nazionale per le Società e la Borsa (“CONSOB”, the Italian financial regulatory authority) with a notice commencing administrative sanction proceedings for market manipulation in connection with the Transactions. In relation to the Transactions, the notice named MPS, three individuals from MPS’s former management and two former NIP employees as defendants, whereas NIP was named only in its capacity as vicariously liable to pay any fines imposed on the former NIP employees. On May 22, 2018, CONSOB issued its decision in which it levied EUR 100,000 fines in relation to each of the two former NIP employees. In addition, CONSOB decided that the two employees did not meet the necessary Italian law integrity requirements to perform certain senior corporate functions, for a period of three months and six months respectively. NIP was vicariously liable to pay the fines imposed on its former employees. NIP paid the fines and appealed the decision to the Milan Court of Appeal. In December 2020, the Court of Appeal annulled the CONSOB decision against NIP. CONSOB has appealed the Court of Appeal’s decision to the Italian Supreme Court. 

In June 2016 and August 2016, Nomura International (Hong Kong) Limited (“NIHK”) and Nomura Special Investments Singapore Pte Limited (“NSIS”) were respectively served with a complaint filed in the Taipei District Court against NIHK, NSIS and certain individuals by Cathay United Bank, Co., Ltd., Taiwan Cooperative Bank Ltd., Chang Hwa Commercial Bank Ltd., Taiwan Business Bank Ltd., KGI Bank and Hwatai Bank Ltd. (collectively, “Syndicate Banks”). The Syndicate Banks’ complaint relates to a $60 million syndicated term loan to a subsidiary of Ultrasonic AG that was arranged by NIHK, and made by the Syndicate Banks together with NSIS. The Syndicate Banks’ allegations in the complaint included allegations that NIHK failed to comply with its fiduciary duties to the lenders as the arranger of the loan and the Syndicate Banks sought to recover approximately $48 million in damages, plus interest. By judgment dated June 2, 2022, the Taipei District Court dismissed the Syndicate Banks’ claims in entirety. On July 4, 2022, a Statement of Appeal was filed by 5 of the 6 Syndicate Banks (Cathay United Bank, Taiwan Cooperative Bank, Chang Hwa Commercial Bank, Taiwan Business Bank and Hwatai Bank, together the “Appellants”), indicating the Appellants’ intention to appeal the Taipei District Court decision to the Taiwan High Court. The claim amount for the appeal was approximately $42.6 million in damages, plus interest. The Appellants’ appeal was dismissed on August 30, 2022. The Taipei District Court judgment dated June 2, 2022, dismissing the Syndicate Banks’ claims, became final and binding on September 19, 2022.

On May 20, 2021, NIP and the Company were named as addressees in a decision issued by the European Commission in which NIP, the Company and various other third party banks have been found to have infringed EU competition law in connection with their activity in the primary and secondary markets for European Government Bonds (“EGB”). The European Commission found that the infringement consisted of anticompetitive agreements and/or concerted practices in the EGB sector in breach of EU competition law and fined NIP and the Company approximately EUR 129.6 million. In August 2021, NIP and the Company appealed the decision. The fine has been provisionally paid, as is required, pending the outcome of NIP and the Company’s appeal.

NIP and Nomura Securities International, Inc. (“NSI”) are defendants in a class action filed in the United States District Court for the Southern District of New York alleging violations of U.S. antitrust law in relation to the alleged manipulation of the primary and secondary markets for EGB.

Additionally, NIP and NSI are defendants in a separate class action filed in the Toronto Registry Office of the Federal Court of Canada alleging violations of Canadian competition law relating to the alleged manipulation of the market for supranational, sub-sovereign and agency bonds. In October 2022, subject to approval by the Federal Court of Canada, NIP and NSI have agreed to settle the class action.

Nomura is responding to requests for information from the U.S. Commodity Futures Trading Commission (“CFTC”) in relation to swap trading related to bond issuances. On February 1, 2021, the CFTC filed a civil enforcement action against a Nomura employee and charged him with violating the anti-fraud, price manipulation and false statements provisions of the Commodity Exchange Act in relation to a 2015 interest rate swap transaction.

Nomura also responded to requests for information from the CFTC in relation to compliance with records preservation requirements relating to the use of non-Nomura approved messaging platforms for business communications. In September 2022, Nomura agreed to pay a $50 million civil monetary penalty and to comply with certain non-monetary undertakings ordered by the CFTC.

NSI was cooperating with the Securities and Exchange Commission (“SEC”) in connection with an investigation of compliance with records preservation requirements relating to the use of non-Nomura approved messaging platforms for business communications. In September 2022, NSI agreed to pay a $50 million civil monetary penalty and to comply with certain non-monetary undertakings ordered by the SEC.

In September 2017 and November 2017, NIHK and NSIS were respectively served with a complaint filed in the Taipei District Court against NIHK, NSIS, China Firstextile (Holdings) Limited (“FT”) and certain individuals by First Commercial Bank, Ltd., Land Bank of Taiwan Co., Ltd., Chang Hwa Commercial Bank Ltd., Taishin International Bank, E.Sun Commercial Bank, Ltd., CTBC Bank Co., Ltd., Hwatai Bank, Ltd. and Bank of Taiwan (collectively, “FT Syndicate Banks”). The FT Syndicate Banks’ complaint relates to a $100 million syndicated term loan facility to borrower FT that was arranged by NIHK, and made by the FT Syndicate Banks together with NSIS. The FT Syndicate Banks’ allegations in the complaint include tort claims under Taiwan law against the defendants. The FT Syndicate Banks seek to recover approximately $68 million in damages, plus interest.

In August 2017, the Cologne public prosecutor in Germany notified NIP that it is investigating possible tax fraud by individuals who worked for the Nomura Group in relation to the historic planning and execution of trading strategies around dividend record dates in certain German equities (known as “cum/ex” trading) and in relation to filings of tax reclaims in 2007 to 2012. During the fiscal year ended March 31, 2020, Nomura Group became aware that certain of those individuals would be the subject of investigative proceedings in Germany. NIP and another entity in the Nomura Group are cooperating with the investigation, including by disclosing to the public prosecutor certain documents and trading data. If the investigation involving Nomura Group entities and former individuals proceeds to trial, the individuals could face criminal sanctions and Nomura Group entities could face administrative sanctions such as administrative fines or profit confiscation orders.

Stichting Vestia, a Dutch housing association and former counterparty, has asserted a claim against NIP relating to derivative transactions entered into between Vestia and NIP between 2009 and 2011. On February 1, 2022, Vestia commenced proceedings against NIP in the English Courts. The proceedings allege that the transactions are void because Vestia lacked the capacity and/or the authority to enter into them. Vestia is seeking restitution of a net amount of approximately EUR 153.5 million plus interest in respect of those transactions. 

In the context of a secured financing and the enforcement of the related pledge agreements following events of default attributable to the counterparty, on February 8, 2022, two former pledgors served a formal notice stating their intention to commence legal proceedings against Nomura European Investment Limited (“NEI”) as lender and NIP as security agent. The pledgors alleged that there had been certain valuation errors in relation to enforcement of the related pledge agreements and sought compensation from NEI or, alternatively, from NIP. On November 9, 2022, NEI and NIP entered into a settlement agreement with the pledgors to resolve the potential claim with no admission of liability or wrongdoing. 

In August and October 2022, Nomura Financial Advisory and Securities (India) Private Limited (“NFASPL”) was served with two commercial suits filed with the Bombay High Court against NFASPL and other parties. The lawsuits relate to the same equity disposal where the plaintiffs were two of the sellers and NFASPL acted as financial advisor to the sellers, and include allegations that NFASPL failed to comply with its duties as financial advisor. The total claim amounts in the suits are approximately INR 2.6 billion in damages, plus interest.

Guarantees—

In the normal course of business, Nomura enters into various guarantee arrangements with counterparties in the form of standby letters of credit and other guarantees, which generally have a fixed expiration date.

In addition, Nomura enters into certain derivative contracts that meet the accounting definition of a guarantee, namely derivative contracts that contingently require a guarantor to make payment to a guaranteed party based on changes in an underlying that relate to an asset, liability or equity security held by a guaranteed party. Since Nomura does not track whether its clients enter into these derivative contracts for speculative or hedging purposes, Nomura includes relevant information about these derivative contracts that could meet the accounting definition of guarantees in the disclosure below.

For information about the maximum potential amount of future payments that Nomura could be required to make under these derivative contracts, the notional amount of contracts has been disclosed, except for certain derivative contracts, such as written interest rate caps and written currency options, the maximum potential payout amount cannot be estimated, as increases in interest or foreign exchange rates in the future could be theoretically unlimited.

The notional amounts do not represent anticipated losses from these derivatives contracts. As Nomura measures all derivative contracts at fair value, carrying value is considered the best indication of probability of payment and performance risks for these derivative contracts. Nomura may also reduce net exposures to certain of these contracts by entering into offsetting transactions or by entering into contracts that hedge the market risks related to these derivative contracts.

The following table presents information on Nomura’s derivative contracts that could meet the accounting definition of a guarantee and standby letters of credit and other guarantees.

	Millions of yen
	March 31, 2022				September 30, 2022
	Carrying value		Maximum Potential Payout/ Notional Total		Carrying value		Maximum Potential Payout/ Notional Total
Derivative contracts(1)(2)	¥	6,151,646	¥	393,709,887	¥	12,354,870	¥	497,283,042
Standby letters of credit and other guarantees(3)		—		1,698,193		—		1,521,994

(1) Credit derivatives are disclosed in Note 3 “Derivative instruments and hedging activities” and are excluded from above.

(2) Derivative contracts primarily consist of equity, interest rate and foreign exchange contracts.

(3) Primarily related to a certain sponsored repo program where Nomura guarantees to a third party clearing house in relation to its clients’ payment obligations. Our credit exposures under this guarantee is minimized by obtaining collateral from clients at amount approximately the maximum potential payout under the guarantee.

The following table presents maturity information on Nomura’s derivative contracts that could meet the accounting definition of a guarantee and standby letters of credit and other guarantees as of September 30, 2022.

	Millions of yen
	Carrying value		Maximum Potential Payout/Notional
			Total		Years to Maturity
					Less than 1 year		1 to 3 years		3 to 5 years		More than 5 years
Derivative contracts	¥	12,354,870	¥	497,283,042	¥	111,702,087	¥	159,340,394	¥	76,103,006	¥	150,137,555
Standby letters of credit and other guarantees		—		1,521,994		1,507,633		7,228		5,572		1,561

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Segment and geographic information

6 Months Ended

Sep. 30, 2022

Segment and Geographic Information [Abstract]

Segment and geographic information

15. Segment and geographic information:

Operating segments—

Nomura’s operating management and management reporting are prepared based on the Retail, the Investment Management, and the Wholesale segments. Nomura structures its business segments based upon the nature of its main products and services, its client base and its management structure.

The accounting policies for segment information follow U.S. GAAP, except for a part of the impact of unrealized gains/losses on certain investments in equity securities held for operating purposes, which under U.S. GAAP are included in Income (loss) before income taxes, but excluded from segment information.

Revenues and expenses directly associated with each business segment are included in the operating results of each respective segment. Revenues and expenses that are not directly attributable to a particular segment are allocated to each respective business segment or included in “Other”, based upon Nomura’s allocation methodologies as used by management to assess each segment’s performance.

Business segments’ results are shown in the following tables. Net interest revenue is disclosed because management views interest revenue net of interest expense for its operating decisions. Business segments’ information on total assets is not disclosed because management does not utilize such information for its operating decisions and therefore, it is not reported to management.

	Millions of yen
	Retail		Investment Management			Wholesale(1)			Other (Incl. elimination)			Total
Six months ended September 30, 2021
Non-interest revenue	¥	168,475	¥	97,944		¥	255,957		¥	122,305		¥	644,681
Net interest revenue		1,702		(133	)		49,489			(28,837	)		22,221
Net revenue		170,177		97,811			305,446			93,468			666,902
Non-interest expenses		134,171		37,869			308,834			94,267			575,141
Income before income taxes	¥	36,006	¥	59,942		¥	(3,388	)	¥	(799	)	¥	91,761
Six months ended September 30, 2022
Non-interest revenue	¥	142,603	¥	35,366		¥	406,582		¥	57,991		¥	642,542
Net interest revenue		1,263		(1,616	)		(2,096	)		(18,443	)		(20,892	)
Net revenue		143,866		33,750			404,486			39,548			621,650
Non-interest expenses		133,465		39,911			359,025			41,368			573,769
Income (loss) before income taxes	¥	10,401	¥	(6,161	)	¥	45,461		¥	(1,820	)	¥	47,881
	Millions of yen
	Retail		Investment Management			Wholesale			Other (Incl. elimination)			Total
Three months ended September 30, 2021
Non-interest revenue	¥	84,395	¥	34,244		¥	145,187		¥	43,590		¥	307,416
Net interest revenue		796		85			27,482			(18,781	)		9,582
Net revenue		85,191		34,329			172,669			24,809			316,998
Non-interest expenses		68,207		19,300			147,700			65,192			300,399
Income (loss) before income taxes	¥	16,984	¥	15,029		¥	24,969		¥	(40,383	)	¥	16,599
Three months ended September 30, 2022
Non-interest revenue	¥	71,977	¥	27,058		¥	214,413		¥	25,325		¥	338,773
Net interest revenue		503		(887	)		(8,914	)		(9,702	)		(19,000	)
Net revenue		72,480		26,171			205,499			15,623			319,773
Non-interest expenses		66,995		20,618			185,310			13,551			286,474
Income before income taxes	¥	5,485	¥	5,553		¥	20,189		¥	2,072		¥	33,299

(1) Non-interest revenue and Non-interest expense for the six months ended September 30, 2021 include losses of ¥65,362 million arising from the U.S. Prime Brokerage Event. The losses are reported within Net gain on trading in the amount of ¥(56,073) million and in Non-interest expenses—Other in the amount of ¥9,289 million in the consolidated statements of income.

Transactions between operating segments are recorded within segment results on commercial terms and conditions and are eliminated in “Other.”

The following table presents the major components of Income (loss) before income taxes in “Other.”

	Millions of yen
	Six months ended September 30
	2021			2022
Net gain (loss) related to economic hedging transactions	¥	(381	)	¥	(9,709	)
Realized gain on investments in equity securities held for operating purposes		196			295
Equity in earnings of affiliates		15,188			26,107
Corporate items(1)		(54,838	)		(1,475	)
Other(2)(3)		39,036			(17,038	)
Total	¥	(799	)	¥	(1,820	)
	Millions of yen
	Three months ended September 30
	2021			2022
Net gain (loss) related to economic hedging transactions	¥	(3,825	)	¥	98
Realized gain on investments in equity securities held for operating purposes		23			55
Equity in earnings of affiliates		5,571			9,114
Corporate items		(45,566	)		4,513
Other(3)		3,414			(11,708	)
Total	¥	(40,383	)	¥	2,072

(1) The loss before income taxes for the six months ended September 30, 2021 includes losses of approximately ¥40 billion related to legacy transactions.

(2) The income before income taxes for the six months ended September 30, 2021 includes a gain of ¥36,249 million from the sale of Nomura Research Institute, Ltd. ordinary shares.

(3) Includes the impact of Nomura’s own creditworthiness.

The table below presents reconciliations of the combined business segments’ results included in the preceding table to Nomura’s reported Net revenue, Non-interest expenses and Income before income taxes in the consolidated statements of income.

	Millions of yen
	Six months ended September 30
	2021		2022
Net revenue	¥	666,902	¥	621,650
Unrealized gain on investments in equity securities held for operating purposes		5,239		(4,664	)
Consolidated net revenue	¥	672,141	¥	616,986
Non-interest expenses	¥	575,141	¥	573,769
Unrealized gain (loss) on investments in equity securities held for operating purposes		—		—
Consolidated non-interest expenses	¥	575,141	¥	573,769
Income before income taxes	¥	91,761	¥	47,881
Unrealized gain on investments in equity securities held for operating purposes		5,239		(4,664	)
Consolidated income before income taxes	¥	97,000	¥	43,217
	Millions of yen
	Three months ended September 30
	2021		2022
Net revenue	¥	316,998	¥	319,773
Unrealized gain on investments in equity securities held for operating purposes		1,868		(1,815	)
Consolidated net revenue	¥	318,866	¥	317,958
Non-interest expenses	¥	300,399	¥	286,474
Unrealized gain (loss) on investments in equity securities held for operating purposes		—		—
Consolidated non-interest expenses	¥	300,399	¥	286,474
Income before income taxes	¥	16,599	¥	33,299
Unrealized gain on investments in equity securities held for operating purposes		1,868		(1,815	)
Consolidated income before income taxes	¥	18,467	¥	31,484

Geographic information—

Nomura’s identifiable assets, revenues and expenses are generally allocated based on the country of domicile of the legal entity providing the service. However, because of the integration of the global capital markets and the corresponding global nature of Nomura’s activities and services, it is not always possible to make a precise separation by location. As a result, various assumptions, which are consistent among years, have been made in presenting the following geographic data.

The table below presents a geographic allocation of Net revenue and Income (loss) before income taxes from operations by geographic areas, and long-lived assets associated with Nomura’s operations. Net revenue in “Americas” and “Europe” substantially represents Nomura’s operations in the U.S. and the U.K., respectively. Net revenue and Long-lived assets have been allocated based on transactions with external customers while Income (loss) before income taxes have been allocated based on the inclusion of intersegment transactions.

	Millions of yen
	Six months ended September 30
	2021			2022
Net revenue(1)(2):
Americas	¥	122,906		¥	119,139
Europe		66,997			64,064
Asia and Oceania		43,876			41,657
Subtotal		233,779			224,860
Japan		438,362			392,126
Consolidated	¥	672,141		¥	616,986
Income (loss) before income taxes(2):
Americas	¥	(53,824	)	¥	(43,011	)
Europe		(14,150	)		4,505
Asia and Oceania		13,724			23,917
Subtotal		(54,250	)		(14,589	)
Japan		151,250			57,806
Consolidated	¥	97,000		¥	43,217
	Millions of yen
	Three months ended September 30
	2021			2022
Net revenue(1):
Americas	¥	84,602		¥	75,057
Europe		33,629			35,533
Asia and Oceania		22,715			4,744
Subtotal		140,946			115,334
Japan		177,920			202,624
Consolidated	¥	318,866		¥	317,958
Income (loss) before income taxes:
Americas	¥	(17,225	)	¥	(21,364	)
Europe		(8,863	)		6,405
Asia and Oceania		7,103			15,574
Subtotal		(18,985	)		615
Japan		37,452			30,869
Consolidated	¥	18,467		¥	31,484

(1) There is no revenue derived from transactions with a single major external customer.

(2) Includes losses arising from the U.S. Prime Brokerage Event for six months ended September 30, 2021.

	Millions of yen
	March 31, 2022		September 30, 2022
Long-lived assets:
Americas	¥	103,045	¥	121,343
Europe		53,643		54,048
Asia and Oceania		23,600		22,804
Subtotal		180,288		198,195
Japan		269,135		267,226
Consolidated	¥	449,423	¥	465,421

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Supplementary subsidiary guarantee information required under SEC rules

6 Months Ended

Sep. 30, 2022

Supplementary Subsidiary Guarantee Information Required under SEC Rules [Abstract]

Supplementary subsidiary guarantee information required under SEC rules

16. Supplementary subsidiary guarantee information required under SEC rules:

The Company provides several guarantees of debts of its subsidiaries.

The Company has fully and unconditionally guaranteed the securities issued by Nomura America Finance LLC (“NAFL”), which is an indirect, wholly owned finance subsidiary of the Company. NAFL operates as a special purpose entity. It was formed for the purpose of issuing debt securities to repay existing credit facilities, refinance indebtedness, and for acquisition purposes. The guarantee will remain in effect until the entire principal, if any, of, and interest and premium, if any, on, the securities has been paid in full or discharged in accordance with the provisions of the indenture, or otherwise fully defeased by the Company.

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Subsequent events

6 Months Ended

Sep. 30, 2022

Subsequent Events [Abstract]

Subsequent events

17. Subsequent events:

NHI sold 13,000,000 ordinary shares of Nomura Research Institute, Ltd. (“NRI”) by participating in a secondary offering on December 5, 2022. As a result, Nomura is expected to recognize a pre-tax gain of approximately ¥25 billion during the third quarter of the fiscal year ending March 31, 2023. NRI is expected to remain as an equity-method affiliate of Nomura after this transaction.

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Summary of accounting policies (Policies)

6 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Description of business

Description of business—

Nomura Holdings, Inc. (“Company”) and its broker-dealer, banking and other financial services subsidiaries provide investment, financing and related services to individual, institutional and government clients on a global basis. The Company and other entities in which it has a controlling financial interest are collectively referred to as “Nomura” within these consolidated financial statements.

Nomura operates its business through various divisions based upon the nature of specific products and services, its main client base and its management structure. Nomura reports operating results through three business segments: Retail, Investment Management and Wholesale.

In its Retail segment, Nomura provides investment consultation services mainly to individual clients in Japan. In its Investment Management segment, Nomura develops and manages investment trusts, and provides investment advisory services. In its Wholesale segment, Nomura engages in the sales and trading of debt and equity securities, derivatives, and currencies on a global basis, and provides investment banking services such as the underwriting of debt and equity securities as well as mergers and acquisitions and financial advice.

The accounting and financial reporting policies of Nomura conform to U.S. generally accepted accounting principles (“U.S.GAAP”) as applicable to broker dealers. A summary of the significant accounting policies applied by Nomura within these interim consolidated financial statements is provided within in the notes to the consolidated financial statements of Nomura’s annual report on Form 20-F for the year ended March 31, 2022 as filed on June 24, 2022 as amended by certain new accounting pronouncements adopted by the Company during the six months ended September 30, 2022 and discussed further below.

Use of estimates

Use of estimates—

There have been no significant adverse changes in accounting estimates used by management which have had a significant adverse effect on the Company’s financial position or financial performance during the six months ended September 30, 2022.

New accounting pronouncements recently adopted

New accounting pronouncements recently adopted—

No new accounting pronouncements relevant to Nomura were adopted during the six months ended September 30, 2022.

Future accounting developments

Future accounting developments—

The following table presents a summary of new authoritative accounting pronouncements relevant to Nomura which will be adopted on or after October 1, 2022, the expected date of adoption by Nomura and whether the new accounting pronouncement may have a material impact on these consolidated financial statements:

Pronouncement	Summary of new guidance	Expected adoption date and method of adoption	Effect on these consolidated statements
ASU 2022-02 “Financial instruments—Credit losses (Topic 326): Troubled debt restructurings and vintage disclosures”	•  Eliminates specific recognition and measurement guidance for troubled debt restructurings (“TDRs”). Single guidance to be applied to all modifications when determining whether a modification results in a new receivable or a continuation of an existing receivable. •  Requires to use a discounted cash flow (“DCF”) or reconcilable method for measurement of current expected credit losses for modified receivables is removed; where a DCF method is used for the measurement, an effective interest rate (EIR) derived from the modified contractual terms should be applied. •  Enhances disclosures by creditors for modifications of receivables from debtors experiencing financial difficulty in the form of principal forgiveness, an interest rate reduction, other-than-insignificant payment delay or term extension. •  Augments the current requirements for public business entity creditors to disclose current-period gross write-offs by year of origination (i.e., the vintage year) for financing receivables and net investments in leases.	Nomura plans to adopt the amendments from April 1, 2023.	No material financial impact expected unless a significant number of TDRs occur in the future. Certain disclosures about modification of receivables and write-offs will be updated or removed.
ASU 2022-03 “Fair value measurement (Topic 820)”	•  Clarifies that a contractual sale restriction is an entity-specific characteristic and therefore should not be considered in the fair value measurement of an equity security. •  Enhances disclosures for fair value of investments in equity securities subject to contractual sale restrictions, nature and remaining duration of the restrictions and circumstances that could cause a lapse in the restrictions.	Nomura plans to adopt the amendments from April 1, 2024.	No material financial impact expected.

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Fair value measurements (Tables)

6 Months Ended

Sep. 30, 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, 2022 and September 30, 2022 within the fair value hierarchy.

	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(2)
Non-trading debt securities		117		367		—		—			484
Other(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(11)		—		653		58		—			711
Payables and deposits(10)(12)		—		63		8		—			71
Collateralized financing(9)		—		516		—		—			516
Long-term borrowings(11)(13)(14)		23		4,055		479		—			4,557
Other liabilities(15)		32		155		32		—			219
Total	¥	6,552	¥	24,427	¥	826	¥	(16,079	)	¥	15,726

	Billions of yen
	September 30, 2022
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting(1)			Balance as of September 30, 2022
Assets:
Trading assets and private equity and debt investments(2)
Equities(3)	¥	1,965	¥	1,101	¥	16	¥	—		¥	3,082
Private equity and debt investments(5)		14		—		39		—			53
Japanese government securities		1,955		—		—		—			1,955
Japanese agency and municipal securities		—		123		2		—			125
Foreign government, agency and municipal securities		4,104		1,949		10		—			6,063
Bank and corporate debt securities and loans for trading purposes		—		1,100		272		—			1,372
Commercial mortgage-backed securities (“CMBS”)		—		—		7		—			7
Residential mortgage-backed securities (“RMBS”)		—		2,755		9		—			2,764
Issued/Guaranteed by government sponsored entity		—		2,636		—		—			2,636
Other		—		119		9		—			128
Real estate-backed securities		—		52		103		—			155
Collateralized debt obligations (“CDOs”) and other(6)		—		44		20		—			64
Investment trust funds and other		305		25		0		—			330
Total trading assets and private equity and debt investments		8,343		7,149		478		—			15,970
Derivative assets(7)
Equity contracts		1		1,259		45		—			1,305
Interest rate contracts		129		20,918		206		—			21,253
Credit contracts		23		238		70		—			331
Foreign exchange contracts		0		8,534		56		—			8,590
Commodity contracts		0		1		—		—			1
Netting		—		—		—		(29,358	)		(29,358	)
Total derivative assets		153		30,950		377		(29,358	)		2,122
Subtotal	¥	8,496	¥	38,099	¥	855	¥	(29,358	)	¥	18,092
Loans and receivables(8)		—		1,268		221		—			1,489
Collateralized agreements(9)		—		299		19		—			318
Other assets(2)
Non-trading debt securities		106		338		3		—			447
Other(3)(4)		163		79		189		—			431
Total	¥	8,765	¥	40,083	¥	1,287	¥	(29,358	)	¥	20,777
Liabilities:
Trading liabilities
Equities	¥	2,074	¥	7	¥	1	¥	—		¥	2,082
Japanese government securities		1,030		—		—		—			1,030
Foreign government, agency and municipal securities		5,045		1,083		0		—			6,128
Bank and corporate debt securities		—		227		4		—			231
Residential mortgage-backed securities (“RMBS”)		—		0		0		—			0
Collateralized debt obligations (“CDOs”) and other(6)		—		3		—		—			3
Investment trust funds and other		116		8		0		—			124
Total trading liabilities		8,265		1,328		5		—			9,598
Derivative liabilities(7)
Equity contracts		1		1,847		50		—			1,898
Interest rate contracts		54		20,021		171		—			20,246
Credit contracts		26		315		103		—			444
Foreign exchange contracts		0		8,458		35		—			8,493
Commodity contracts		0		1		—		—			1
Netting		—		—		—		(28,468	)		(28,468	)
Total derivative liabilities		81		30,642		359		(28,468	)		2,614
Subtotal	¥	8,346	¥	31,970	¥	364	¥	(28,468	)	¥	12,212
Short-term borrowings(11)		—		564		29		—			593
Payables and deposits(10)(12)		—		127		21		—			148
Collateralized financing(9)		—		677		—		—			677
Long-term borrowings(11)(13)(14)		22		4,262		415		—			4,699
Other liabilities(15)		57		91		23		—			171
Total	¥	8,425	¥	37,691	¥	852	¥	(28,468	)	¥	18,500

(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, 2022 and September 30, 2022, the fair values of these investments which are included in Trading assets and private equity and debt investments were ¥45 billion and ¥47 billion, respectively. As of March 31, 2022 and September 30, 2022, the fair values of these investments which are included in Other assets were ¥3 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 ¥101,503 million and ¥32,394 million, respectively, as of March 31, 2022 and ¥92,584 million and ¥34,672 million, respectively, as of September 30, 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 for which the fair value option has been elected.

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

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

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

(14) 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.

(15) 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, 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

	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)
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
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	Loss severities	0.0%	0.0%	Lower fair value	Not applicable
				DCF/ Option models	Volatilities Volatilities Correlations	5.0 – 97.0% 41.2 – 69.6 bp (1.00) – 0.98	—   —   —	Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Other liabilities		32		DCF	Recovery rates	90.0%	90.0%	Higher fair value	Not applicable

	September 30, 2022
Financial Instrument	Fair value in billions of yen		Valuation technique	Significant unobservable 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		39	DCF	WACC Growth rates Credit spreads Liquidity discounts	5.3 – 17.5% 0.0 – 2.0%  10.9% 5.0 – 30.0%	9.8% 0.5% 10.9% 18.1%	Lower fair value Higher fair value Lower fair value Lower fair value	No predictable interrelationship
			Market multiples	EV/EBITDA ratios PE Ratios Liquidity discounts	(0.4) – 11.6 x 10.9 – 24.0 x 5.0 – 30.0%	7.1 x 14.2 x 12.9%	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% 7.3 – 18.5%	0.7% 8.2%	Lower fair value Higher fair value	No predictable interrelationship
Bank and corporate debt securities and loans for trading purposes		272	DCF	Credit spreads Recovery rates	0.0 – 154.7% 0.0 – 100.0%	8.7% 82.1%	Lower fair value Higher fair value	No predictable interrelationship
Commercial mortgage-backed securities (“CMBS”)		7	DCF	Yields Loss severities	4.6 – 12.7% 28.3 – 73.0%	4.9% 40.3%	Lower fair value Lower fair value	No predictable interrelationship
Residential mortgage- backed securities (“RMBS”)		9	DCF	Yields Prepayment rates Loss severities	0.0 – 25.0% 7.2 – 15.0% 0.3 – 99.9%	8.8% 9.7% 17.3%	Lower fair value Lower fair value Lower fair value	No predictable interrelationship
Real estate-backed securities		103	DCF	Loss severities	1.4 – 20.2%	7.7%	Lower fair value	Not applicable
Collateralized debt obligations (“CDOs”) and other		20	DCF	Yields Prepayment rates Default probabilities Loss severities	6.8 – 30.0% 20.0% 2.0% 95.5 – 100.0%	19.2% 20.0% 2.0% 96.8%	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, 2022
Financial Instrument	Fair value in billions of yen			Valuation technique	Significant unobservable 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)
Derivatives, net:
Equity contracts	¥	(5	)	Option models	Dividend yield Volatilities Correlations	0.0 – 31.5% 5.5 – 111.2% (0.80) – 0.97	—   —   —	Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Interest rate contracts		35		DCF/ Option models	Interest rates Volatilities Volatilities Correlations	1.2 – 4.5% 10.3 – 17.1% 38.8 – 147.2 bp (1.00) – 0.99	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Credit contracts		(33	)	DCF/ Option models	Credit spreads Recovery rates Volatilities Correlations	0.1 – 447.4% 0.0 – 90.0% 59.5 – 68.5% 0.24 – 0.90	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Foreign exchange contracts		21		Option models	Interest rates Volatilities Volatilities Correlations	3.6 – 3.6% 2.4 – 43.1% 0.0 – 0.0 bp (1.00) – 0.84	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Loans and receivables		221		DCF	Credit spreads Recovery rates	0.0 – 67.4% 40.0 – 100.0%	7.8% 95.1%	Lower fair value Higher fair value	No predictable interrelationship
Collateralized agreements		19		DCF	Repo rate	2.8 – 6.0%	3.4%	Lower fair value	Not applicable
Other assets
Non-trading debt securities		3		DCF	Credit spreads	0.0%	0.0%	Lower fair value	No predictable interrelationship
Other(7)		189		DCF	WACC Growth rates Liquidity discounts	11.8% 3.0% 10.0%	11.8% 3.0% 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	3.8 – 5.3 x 8.2 – 30.8 x 0.3 – 1.6 x 25.0 – 30.0%	4.3 x 10.8 x 0.8 x 29.9%	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		4		DCF	Recovery rates	5.6 – 98.5%	85.8%	Higher fair value	Not applicable
Short-term borrowings		29		DCF/ Option models	Volatilities Correlations	11.5 – 111.2% (0.65) – 0.97	—   —	Higher fair value Higher fair value	No predictable interrelationship
Payables and deposits		21		DCF/ Option models	Volatilities  Correlations	10.3 – 11.3% 0.34 – 0.98	—   —	Higher fair value Higher fair value	No predictable interrelationship
Long-term borrowings		415		DCF	Loss severities	0.0%	0.0%	Lower fair value	Not applicable
				DCF/ Option models	Volatilities Volatilities Correlations	10.3 – 111.2%  66.9 bp (1.00) – 0.98	—   —   —	Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Other liabilities		23		DCF	Recovery rates	90.8 – 98.5%	92.7%	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 six months ended September 30, 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
	Six months ended September 30, 2021
	Beginning balance as of six months ended September 30, 2021			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, 2021
Assets:
Trading assets and private equity and debt investments
Equities	¥	16		¥	0		¥	—	¥	1	¥	(6	)	¥	—		¥	0		¥	2		¥	(1	)	¥	12
Private equity and debt investments		58			2			—		3		(3	)		—			0			—			(13	)		47
Japanese agency and municipal securities		2			0			—		0		0			—			—			—			—			2
Foreign government, agency and municipal securities		12			0			—		6		(9	)		—			0			2			(1	)		10
Bank and corporate debt securities and loans for trading purposes		135			2			—		32		(45	)		—			1			22			(15	)		132
Commercial mortgage-backed securities (“CMBS”)		8			0			—		0		0			—			0			—			0			8
Residential mortgage-backed securities (“RMBS”)		6			0			—		3		(2	)		—			0			—			—			7
Real estate-backed securities		106			3			—		195		(182	)		—			1			—			—			123
Collateralized debt obligations (“CDOs”) and other		23			(1	)		—		36		(35	)		—			0			—			—			23
Investment trust funds and other		0			0			—		16		(16	)		—			0			0			—			0
Total trading assets and private equity and debt investments		366			6			—		292		(298	)		—			2			26			(30	)		364
Derivatives, net(3)
Equity contracts		(41	)		20			—		—		—			1			(1	)		(2	)		32			9
Interest rate contracts		(43	)		(3	)		—		—		—			11			(1	)		6			2			(28	)
Credit contracts		(38	)		(1	)		—		—		—			3			0			(2	)		1			(37	)
Foreign exchange contracts		15			(3	)		—		—		—			(1	)		0			0			(1	)		10
Total derivatives, net		(107	)		13			—		—		—			14			(2	)		2			34			(46	)
Subtotal	¥	259		¥	19		¥	—	¥	292	¥	(298	)	¥	14		¥	0		¥	28		¥	4		¥	318
Loans and receivables		104			2			—		14		(18	)		—			2			27			(8	)		123
Collateralized agreements		18			0			—		—		(5	)		—			0			—			—			13
Other assets
Other		185			23			—		0		0			—			2			0			(1	)		209
Total	¥	566		¥	44		¥	—	¥	306	¥	(321	)	¥	14		¥	4		¥	55		¥	(5	)	¥	663
Liabilities:
Trading liabilities
Equities	¥	0		¥	0		¥	—	¥	0	¥	0		¥	—		¥	0		¥	—		¥	0		¥	0
Foreign government, agency and municipal securities		1			0			—		—		(1	)		—			0			—			—			0
Bank and corporate debt securities		5			0			—		3		(1	)		—			0			3			(4	)		6
Collateralized debt obligations (“CDOs”) and other		1			0			—		0		(1	)		—			0			0			—			0
Investment trust funds and other		0			0			—		0		0			—			0			—			—			0
Total trading liabilities	¥	7		¥	0		¥	—	¥	3	¥	(3	)	¥	—		¥	0		¥	3		¥	(4	)	¥	6
Short-term borrowings		103			(7	)		0		92		(89	)		—			0			8			(35	)		86
Payables and deposits		1			0			0		0		—			—			—			1			0			2
Collateralized financing		1			—			0		—		—			—			—			—			(1	)		—
Long-term borrowings		547			(9	)		2		289		(256	)		—			0			23			(99	)		511
Other liabilities		35			(4	)		—		0		(15	)		—			0			0			0			24
Total	¥	694		¥	(20	)	¥	2	¥	384	¥	(363	)	¥	—		¥	0		¥	35		¥	(139	)	¥	629

	Billions of yen
	Six months ended September 30, 2022
	Beginning balance as of six months ended September 30, 2022			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, 2022
Assets:
Trading assets and private equity and debt investments
Equities	¥	14		¥	0		¥	—	¥	7	¥	(2	)	¥	—		¥	2		¥	1		¥	(6	)	¥	16
Private equity and debt investments		32			2			—		7		(2	)		—			0			—			—			39
Japanese agency and municipal securities		2			0			—		—		0			—			—			—			—			2
Foreign government, agency and municipal securities		10			2			—		7		(8	)		—			0			0			(1	)		10
Bank and corporate debt securities and loans for trading purposes		220			(1	)		—		157		(168	)		—			27			55			(18	)		272
Commercial mortgage-backed securities (“CMBS”)		7			0			—		0		0			—			—			0			—			7
Residential mortgage-backed securities (“RMBS”)		8			(1	)		—		0		(1	)		—			2			1			—			9
Real estate-backed securities		79			(13	)		—		98		(75	)		—			14			—			—			103
Collateralized debt obligations (“CDOs”) and other		26			(2	)		—		29		(37	)		—			4			0			—			20
Investment trust funds and other		0			0			—		0		0			—			0			0			—			0
Total trading assets and private equity and debt investments		398			(13	)		—		305		(293	)		—			49			57			(25	)		478
Derivatives, net(3)
Equity contracts		10			12			—		—		—			(25	)		(3	)		(1	)		2			(5	)
Interest rate contracts		(11	)		22			—		—		0			17			0			11			(4	)		35
Credit contracts		(33	)		12			—		—		—			(6	)		(4	)		(2	)		0			(33	)
Foreign exchange contracts		10			0			—		—		—			9			2			0			0			21
Total derivatives, net		(24	)		46			—		—		0			(5	)		(5	)		8			(2	)		18
Subtotal	¥	374		¥	33		¥	—	¥	305	¥	(293	)	¥	(5	)	¥	44		¥	65		¥	(27	)	¥	496
Loans and receivables		205			5			—		25		(52	)		—			29			36			(27	)		221
Collateralized agreements		16			0			—		—		—			—			3			—			—			19
Other assets
Non-trading debt securities		—			0			—		0		—			—			1			2			—			3
Other		197			(34	)		0		1		(1	)		—			25			1			—			189
Total	¥	792		¥	4		¥	0	¥	331	¥	(346	)	¥	(5	)	¥	102		¥	104		¥	(54	)	¥	928
Liabilities:
Trading liabilities
Equities	¥	0		¥	0		¥	—	¥	0	¥	(1	)	¥	—		¥	0		¥	2		¥	—		¥	1
Foreign government, agency and municipal securities		0			0			—		—		—			—			0			—			—			0
Bank and corporate debt securities		3			0			—		1		(3	)		—			0			3			0			4
Collateralized debt obligations (“CDOs”) and other		0			—			—		1		(1	)		—			0			—			—			—
Investment trust funds and other		0			0			—		—		0			—			0			—			—			0
Total trading liabilities	¥	3		¥	0		¥	—	¥	2	¥	(5	)	¥	—		¥	0		¥	5		¥	0		¥	5
Short-term borrowings		58			0			0		26		(16	)		—			0			4			(43	)		29
Payables and deposits		8			1			0		15		—			—			—			7			(8	)		21
Long-term borrowings		479			13			3		122		(77	)		—			3			38			(134	)		415
Other liabilities		32			9			—		3		(7	)		—			5			0			(1	)		23
Total	¥	580		¥	23		¥	3	¥	168	¥	(105	)	¥	—		¥	8		¥	54		¥	(186	)	¥	493

	Billions of yen
	Three months ended September 30, 2021
	Beginning balance as of three months ended September 30, 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 three months ended September 30, 2021
Assets:
Trading assets and private equity and debt investments
Equities	¥	11		¥	0		¥	—	¥	1	¥	(1	)	¥	—		¥	0		¥	1		¥	0		¥	12
Private equity and debt investments		45			(1	)		—		4		(1	)		—			0			—			—			47
Japanese agency and municipal securities		2			0			—		0		0			—			—			—			—			2
Foreign government, agency and municipal securities		13			0			—		1		(5	)		—			0			1			0			10
Bank and corporate debt securities and loans for trading purposes		131			1			—		18		(27	)		—			1			12			(4	)		132
Commercial mortgage-backed securities (“CMBS”)		8			0			—		—		0			—			0			—			0			8
Residential mortgage-backed securities (“RMBS”)		7			1			—		1		(2	)		—			0			—			—			7
Real estate-backed securities		158			0			—		84		(121	)		—			2			—			—			123
Collateralized debt obligations (“CDOs”) and other		21			0			—		15		(13	)		—			0			—			—			23
Investment trust funds and other		1			0			—		15		(16	)		—			0			—			—			0
Total trading assets and private equity and debt investments		397			1			—		139		(186	)		—			3			14			(4	)		364
Derivatives, net(3)
Equity contracts		(39	)		21			—		—		—			3			(1	)		6			19			9
Interest rate contracts		(41	)		(1	)		—		—		—			9			0			5			0			(28	)
Credit contracts		(31	)		(5	)		—		—		—			1			0			(2	)		0			(37	)
Foreign exchange contracts		9			4			—		—		—			(2	)		0			0			(1	)		10
Total derivatives, net		(102	)		19			—		—		—			11			(1	)		9			18			(46	)
Subtotal	¥	295		¥	20		¥	—	¥	139	¥	(186	)	¥	11		¥	2		¥	23		¥	14		¥	318
Loans and receivables		111			3			—		8		(11	)		—			1			18			(7	)		123
Collateralized agreements		16			0			—		—		(3	)		—			0			—			—			13
Other assets
Other		202			5			—		—		—			—			2			0			—			209
Total	¥	624		¥	28		¥	—	¥	147	¥	(200	)	¥	11		¥	5		¥	41		¥	7		¥	663
Liabilities:
Trading liabilities
Equities	¥	0		¥	0		¥	—	¥	—	¥	0		¥	—		¥	0		¥	—		¥	—		¥	0
Foreign government, agency and municipal securities		0			0			—		—		0			—			0			—			—			0
Bank and corporate debt securities		2			0			—		2		(1	)		—			0			4			(1	)		6
Collateralized debt obligations (“CDOs”) and other		0			0			—		0		0			—			0			—			—			0
Investment trust funds and other		0			0			—		—		0			—			0			—			—			0
Total trading liabilities	¥	2		¥	0		¥	—	¥	2	¥	(1	)	¥	—		¥	0		¥	4		¥	(1	)	¥	6
Short-term borrowings		94			2			0		49		(48	)		—			0			3			(10	)		86
Payables and deposits		2			0			0		0		—			—			—			0			0			2
Long-term borrowings		508			5			0		129		(110	)		—			0			7			(18	)		511
Other liabilities		33			(2	)		—		0		(11	)		—			0			—			0			24
Total	¥	639		¥	5		¥	0	¥	180	¥	(170	)	¥	—		¥	0		¥	14		¥	(29	)	¥	629

	Billions of yen
	Three months ended September 30, 2022
	Beginning balance as of three months ended September 30, 2022			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 three months ended September 30, 2022
Assets:
Trading assets and private equity and debt investments
Equities	¥	19		¥	2		¥	—	¥	1	¥	(2	)	¥	—		¥	1		¥	1		¥	(6	)	¥	16
Private equity and debt investments		32			3			—		5		(1	)		—			0			—			—			39
Japanese agency and municipal securities		2			0			—		—		0			—			—			—			—			2
Foreign government, agency and municipal securities		12			0			—		2		(3	)		—			0			0			(1	)		10
Bank and corporate debt securities and loans for trading purposes		260			(3	)		—		72		(98	)		—			11			33			(3	)		272
Commercial mortgage-backed securities (“CMBS”)		7			0			—		—		0			—			—			0			—			7
Residential mortgage-backed securities (“RMBS”)		9			0			—		0		(1	)		—			1			—			—			9
Real estate-backed securities		105			(3	)		—		36		(41	)		—			6			—			—			103
Collateralized debt obligations (“CDOs”) and other		23			2			—		12		(18	)		—			1			0			—			20
Investment trust funds and other		0			0			—		0		0			—			0			0			—			0
Total trading assets and private equity and debt investments		469			1			—		128		(164	)		—			20			34			(10	)		478
Derivatives, net(3)
Equity contracts		26			(2	)		—		—		—			(27	)		(2	)		(5	)		5			(5	)
Interest rate contracts		20			20			—		—		0			0			(1	)		(2	)		(2	)		35
Credit contracts		(30	)		(5	)		—		—		—			4			0			(2	)		0			(33	)
Foreign exchange contracts		18			(1	)		—		—		—			5			0			0			(1	)		21
Total derivatives, net		34			12			—		—		0			(18	)		(3	)		(9	)		2			18
Subtotal	¥	503		¥	13		¥	—	¥	128	¥	(164	)	¥	(18	)	¥	17		¥	25		¥	(8	)	¥	496
Loans and receivables		196			3			—		18		(21	)		—			9			16			—			221
Collateralized agreements		18			0			—		—		—			—			1			—			—			19
Other assets
Non-trading debt securities		3			0			—		0		—			—			0			—			—			3
Other		189			(10	)		0		0		0			—			9			1			—			189
Total	¥	909		¥	6		¥	0	¥	146	¥	(185	)	¥	(18	)	¥	36		¥	42		¥	(8	)	¥	928
Liabilities:
Trading liabilities
Equities	¥	1		¥	0		¥	—	¥	—	¥	0		¥	—		¥	0		¥	0		¥	—		¥	1
Foreign government, agency and municipal securities		0			0			—		—		0			—			0			—			—			0
Bank and corporate debt securities		5			0			—		0		(3	)		—			0			2			0			4
Collateralized debt obligations (“CDOs”) and other		0			—			—		—		0			—			—			—			—			—
Investment trust funds and other		0			0			—		—		0			—			0			—			—			0
Total trading liabilities	¥	6		¥	0		¥	—	¥	0	¥	(3	)	¥	—		¥	0		¥	2		¥	0		¥	5
Short-term borrowings		35			(2	)		0		9		(10	)		—			0			3			(10	)		29
Payables and deposits		25			0			0		4		—			—			—			—			(8	)		21
Long-term borrowings		442			0			2		37		(22	)		—			2			16			(58	)		415
Other liabilities		26			(1	)		—		0		(5	)		—			2			0			(1	)		23
Total	¥	534		¥	(3	)	¥	2	¥	50	¥	(40	)	¥	—		¥	4		¥	21		¥	(77	)	¥	493

(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 six and three months ended September 30, 2021 and 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
	Six months ended September 30
	2021			2022
	Unrealized gains / (losses)(1)
Assets:
Trading assets and private equity and debt investments
Equities	¥	0		¥	0
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		1			0
Commercial mortgage-backed securities (“CMBS”)		0			0
Residential mortgage-backed securities (“RMBS”)		0			0
Real estate-backed securities		2			(1	)
Collateralized debt obligations (“CDOs”) and other		(2	)		(3	)
Investment trust funds and other		0			0
Total trading assets and private equity and debt investments		3			(2	)
Derivatives, net(2)
Equity contracts		24			11
Interest rate contracts		(9	)		15
Credit contracts		2			3
Foreign exchange contracts		(1	)		(7	)
Total derivatives, net		16			22
Subtotal	¥	19		¥	20
Loans and receivables		1			4
Collateralized agreements		0			0
Other assets
Other		23			(34	)
Total	¥	43		¥	(10	)
Liabilities:
Trading liabilities
Equities	¥	—		¥	0
Foreign government, agency and municipal securities		0			0
Bank and corporate debt securities		0			0
Total trading liabilities	¥	0		¥	0
Short-term borrowings(3)		3			0
Payables and deposits(3)		0			1
Long-term borrowings(3)		4			19
Other liabilities		(1	)		14
Total	¥	6		¥	34

	Billions of yen
	Three months ended September 30
	2021			2022
	Unrealized gains / (losses)(1)
Assets:
Trading assets and private equity and debt investments
Equities	¥	1		¥	2
Private equity and debt investments		1			3
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		0			(2	)
Commercial mortgage-backed securities (“CMBS”)		0			0
Residential mortgage-backed securities (“RMBS”)		0			0
Real estate-backed securities		(1	)		(2	)
Collateralized debt obligations (“CDOs”) and other		(2	)		1
Investment trust funds and other		0			0
Total trading assets and private equity and debt investments		(1	)		2
Derivatives, net(2)
Equity contracts		25			4
Interest rate contracts		(4	)		11
Credit contracts		(3	)		(5	)
Foreign exchange contracts		5			(2	)
Total derivatives, net		23			8
Subtotal	¥	22		¥	10
Loans and receivables		2			3
Collateralized agreements		—			0
Other assets
Other		5			(9	)
Total	¥	29		¥	4
Liabilities:
Trading liabilities
Equities	¥	—		¥	0
Bank and corporate debt securities		0			0
Collateralized debt obligations (“CDOs”) and other		0			—
Total trading liabilities	¥	0		¥	0
Short-term borrowings(3)		5			(1	)
Payables and deposits(3)		0			0
Long-term borrowings(3)		8			5
Other liabilities		0			1
Total	¥	13		¥	5

(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 ¥2 billion and ¥3 billion for the six months ended September 30, 2021 and 2022 respectively and ¥0 billion and ¥2 billion for the three months ended September 30, 2021 and 2022, respectively.

Information on investments where net asset value per share is calculated

	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
	Billions of yen
	September 30, 2022
	Fair value		Unfunded commitments(1)		Redemption frequency (if currently eligible)(2)		Redemption notice(3)
Hedge funds	¥	15	¥	1		Monthly		Same day-30 days
Venture capital funds		10		9		—		—
Private equity funds		21		13		—		—
Real estate funds		3		1		—		—
Total	¥	49	¥	24

(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

The following table presents gains (losses) due to changes in fair value for financial instruments measured at fair value using the fair value option for the six and three months ended September 30, 2021 and 2022.

	Billions of yen
	Six months ended September 30
	2021			2022
	Gains / (Losses)(1)
Assets:
Trading assets and private equity and debt investments(2)
Trading assets	¥	0		¥	(1	)
Private equity and debt investments		1			2
Loans and receivables		8			16
Collateralized agreements(3)		0			(2	)
Other assets(2)		16			(35	)
Total	¥	25		¥	(20	)
Liabilities:
Short-term borrowings(4)	¥	21		¥	126
Payables and deposits		3			9
Collateralized financing(3)		6			3
Long-term borrowings(4)(5)		(25	)		442
Other liabilities(6)		(10	)		16
Total	¥	(5	)	¥	596
	Billions of yen
	Three months ended September 30
	2021			2022
	Gains / (Losses)(1)
Assets:
Trading assets and private equity and debt investments(2)
Trading assets	¥	—		¥	(1	)
Private equity and debt investments		1			1
Loans and receivables		4			7
Collateralized agreements(3)		0			(2	)
Other assets(2)		5			(10	)
Total	¥	10		¥	(5	)
Liabilities:
Short-term borrowings(4)	¥	33		¥	66
Payables and deposits		0			4
Collateralized financing(3)		8			0
Long-term borrowings(4)(5)		30			173
Other liabilities(6)		(6	)		11
Total	¥	65		¥	254

(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
	Period ended or as of September 30
	2021			2022
Changes recognized as a credit to other comprehensive income	¥	6		¥	63
Credit Amounts reclassified to earnings		1			0
Cumulative credit (debit) balance recognized in accumulated other comprehensive income		(5	)		116
	Billions of yen
	Three months ended September 30
	2021			2022
Changes recognized as a credit to other comprehensive income	¥	1		¥	35
Credit (debit) amounts reclassified to earnings		0			(0	)

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

	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
	Billions of yen
	September 30, 2022
	Japan		U.S.		EU & U.K.		Other		Total(1)
Government, agency and municipal securities	¥	2,080	¥	3,276	¥	2,083	¥	704	¥	8,143

(1) Other than above, there were ¥331 billion and ¥325 billion of government, agency and municipal securities reported within Other assets—Non-trading debt securities in the consolidated balance sheets as of March 31, 2022 and September 30, 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, 2022 and September 30, 2022.

	Billions of yen
	March 31, 2022(1)
	Carrying value		Fair value		Fair value by level
					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

	Billions of yen
	September 30, 2022(1)
	Carrying value		Fair value		Fair value by level
					Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	¥	3,676	¥	3,676	¥	3,676	¥	—	¥	—
Time deposits		347		347		—		347		—
Deposits with stock exchanges and other segregated cash		384		384		—		384		—
Loans receivable(2)		4,133		4,133		—		2,960		1,173
Securities purchased under agreements to resell		15,829		15,828		—		15,809		19
Securities borrowed		5,012		5,011		—		5,011		—
Total	¥	29,381	¥	29,379	¥	3,676	¥	24,511	¥	1,192
Liabilities:
Short-term borrowings	¥	1,274	¥	1,274	¥	—	¥	1,245	¥	29
Deposits received at banks		2,039		2,039		—		2,018		21
Securities sold under agreements to repurchase		15,964		15,964		—		15,964		—
Securities loaned		1,586		1,585		—		1,585		—
Other secured borrowings		327		327		—		327		—
Long-term borrowings		10,095		9,998		22		9,521		455
Total	¥	31,285	¥	31,187	¥	22	¥	30,660	¥	505

(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.

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Derivative instruments and hedging activities (Tables)

6 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities [Abstract]

Significant concentration of exposures to credit risk in OTC derivatives

	Billions of yen
	March 31, 2022
	Gross fair value of derivative assets		Impact of master netting agreements			Impact of collateral			Net exposure to credit risk
Financial institutions	¥	15,667	¥	(13,193	)	¥	(1,669	)	¥	805
	Billions of yen
	September 30, 2022
	Gross fair value of derivative assets		Impact of master netting agreements			Impact of collateral			Net exposure to credit risk
Financial institutions	¥	27,075	¥	(23,637	)	¥	(2,337	)	¥	1,101

Volume of derivative activity in statement of financial position

			Billions of yen
			March 31, 2022
			Derivative assets		Derivative liabilities
	Total Notional(1)		Fair value		Fair value(1)
Derivatives used for trading and non-trading purposes(2):
Equity contracts	¥	34,526	¥	974	¥	1,457
Interest rate contracts		2,769,546		11,938		10,865
Credit contracts		37,572		443		514
Foreign exchange contracts		314,763		4,804		4,814
Commodity contracts		300		1		1
Total	¥	3,156,707	¥	18,160	¥	17,651
Derivatives designated as formal fair value or net investment accounting hedges:
Interest rate contracts	¥	2,166	¥	—	¥	88
Foreign exchange contracts		145		2		—
Total	¥	2,311	¥	2	¥	88
Total derivatives	¥	3,159,018	¥	18,162	¥	17,739
			Billions of yen
			September 30, 2022
			Derivative assets		Derivative liabilities
	Total Notional(1)		Fair value		Fair value(1)
Derivatives used for trading and non-trading purposes(2):
Equity contracts	¥	33,531	¥	1,305	¥	1,898
Interest rate contracts		3,521,150		21,253		20,011
Credit contracts		46,260		331		444
Foreign exchange contracts		399,613		8,585		8,493
Commodity contracts		299		1		1
Total	¥	4,000,853	¥	31,475	¥	30,847
Derivatives designated as formal fair value or net investment accounting hedges:
Interest rate contracts	¥	2,728	¥	—	¥	227
Foreign exchange contracts		158		5		—
Total	¥	2,886	¥	5	¥	227
Total derivatives	¥	4,003,739	¥	31,480	¥	31,074

(1) Includes the amount of embedded derivatives bifurcated in accordance with ASC 815.

(2) As of March 31, 2022 and September 30, 2022, the amounts reported include derivatives used for non-trading purposes other than those designated as fair value or net investment accounting hedges. These amounts have not been separately presented since such amounts were not significant.

Offsetting of derivatives instruments and related collateral amounts

	Billions of yen						Billions of yen
	March 31, 2022						September 30, 2022
	Derivative assets			Derivative liabilities (1)			Derivative assets			Derivative liabilities (1)
Equity contracts
OTC settled bilaterally	¥	709		¥	1,054		¥	771		¥	1,114
Exchange-traded		265			403			534			784
Interest rate contracts
OTC settled bilaterally		9,486			8,584			15,194			14,286
OTC centrally-cleared		2,332			2,309			5,929			5,898
Exchange-traded		120			60			130			54
Credit contracts
OTC settled bilaterally		208			276			209			305
OTC centrally-cleared		223			224			100			113
Exchange-traded		12			14			22			26
Foreign exchange contracts
OTC settled bilaterally		4,806			4,814			8,590			8,493
Commodity contracts
OTC settled bilaterally		1			1			1			1
Exchange-traded		0			0			0			0
Total gross derivative balances(2)	¥	18,162		¥	17,739		¥	31,480		¥	31,074
Less: Amounts offset in the consolidated balance sheets(3)		(16,608	)		(16,079	)		(29,358	)		(28,468	)
Total net amounts reported on the face of the consolidated balance sheets(4)	¥	1,554		¥	1,660		¥	2,122		¥	2,606
Less: Additional amounts not offset in the consolidated balance sheets(5)
Financial instruments and non-cash collateral		(432	)		(134	)		(619	)		(352	)
Net amount	¥	1,122		¥	1,526		¥	1,503		¥	2,254

(1) Includes the amount of embedded derivatives bifurcated in accordance with ASC 815.

(2) Includes all gross derivative asset and liability balances irrespective of whether they are transacted under a master netting agreement or whether Nomura has obtained sufficient evidence of enforceability of the master netting agreement. As of March 31, 2022, the gross balance of derivative assets and derivative liabilities which are not documented under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability was ¥458 billion and ¥671 billion, respectively. As of September 30, 2022, the gross balance of such derivative assets and derivative liabilities was ¥765 billion and ¥936 billion, respectively.

(3) Represents amounts offset through counterparty offsetting of derivative assets and liabilities as well as cash collateral offsetting against net derivatives under master netting and similar agreements for which Nomura has obtained sufficient evidence of enforceability in accordance with ASC 815. As of March 31, 2022, Nomura offset a total of ¥1,431 billion of cash collateral receivables against net derivative liabilities and ¥1,960 billion of cash collateral payables against net derivative assets. As of September 30, 2022, Nomura offset a total of ¥2,026 billion of cash collateral receivables against net derivative liabilities and ¥2,917 billion of cash collateral payables against net derivative assets.

(4) Net derivative assets and net derivative liabilities are generally reported within Trading assets and private equity and debt investments—Trading assets and Trading liabilities, respectively in the consolidated balance sheet. Bifurcated embedded derivatives are reported within Short-term borrowings or Long-term borrowings depending on the maturity of the underlying host contract.

(5) Represents amounts which are not permitted to be offset on the consolidated balance sheets in accordance with ASC 210-20 and ASC 815 but which provide Nomura with a legally enforceable right of offset in the event of counterparty default. Amounts relating to derivative and collateral agreements where Nomura has not yet obtained sufficient evidence of enforceability of such offsetting rights are excluded. As of March 31, 2022, a total of ¥359 billion of cash collateral receivables and ¥652 billion of cash collateral payables, including amounts reported in the table, have not been offset against net derivatives. As of September 30, 2022, a total of ¥438 billion of cash collateral receivables and ¥712 billion of cash collateral payables, including amounts reported in the table, have not been offset against net derivatives.

Derivative amounts included in consolidated statements of income

The following tables present amounts included in the consolidated statements of income for the six and three months ended September 30, 2021 and 2022 related to derivatives used for trading and non-trading purposes by types of underlying derivative contract. Derivatives which contain multiple types of risk are classified in the table based on the primary risk type of instrument.

	Billions of yen
	Six months ended September 30
	2021			2022
Derivatives used for trading and non-trading purposes(1):
Equity contracts	¥	(185	)	¥	(20	)
Interest rate contracts		16			302
Credit contracts		2			(101	)
Foreign exchange contracts		26			270
Commodity contracts		33			2
Total	¥	(108	)	¥	453
	Billions of yen
	Three months ended September 30
	2021			2022
Derivatives used for trading and non-trading purposes(1):
Equity contracts	¥	(117	)	¥	14
Interest rate contracts		7			190
Credit contracts		(8	)		4
Foreign exchange contracts		(43	)		55
Commodity contracts		10			(20	)
Total	¥	(151	)	¥	243

(1) Includes net gains (losses) on derivatives used for non-trading purposes which are not designated as fair value or net investment hedges. For the six and three months ended September 30, 2021 and 2022, these amounts have not been separately presented as net gains (losses) for these non-trading derivatives were not significant. 

Schedule of carrying value hedged items

	Billions of yen
Balance sheet line item in which the hedged item is included:	Carrying amount of the hedged liabilities				Cumulative gains of fair value hedging adjustment included in the carrying amount of the hedged assets/liabilities				Cumulative amount of fair value hedging adjustment remaining for the liabilities which hedge accounting has been discontinued
	March 31, 2022		September 30, 2022		March 31, 2022		September 30, 2022		March 31, 2022		September 30, 2022
Long-term borrowings	¥	2,075	¥	2,504	¥	90	¥	223	¥	0	¥	1
Total	¥	2,075	¥	2,504	¥	90	¥	223	¥	0	¥	1

Fair value hedges

The following tables present amounts included in the consolidated statements of income for the six and three months ended September 30, 2021 and 2022 related to derivatives designated as fair value hedges by type of underlying derivative contract and the nature of the hedged item.

	Billions of yen
	Six months ended September 30
	2021			2022
Derivatives designated as fair value hedging instruments:
Interest rate contracts	¥	(3	)	¥	139
Total	¥	(3	)	¥	139
Hedged items in fair value hedges:
Long-term borrowings	¥	3		¥	(139	)
Total	¥	3		¥	(139	)
	Billions of yen
	Three months ended September 30
	2021			2022
Derivatives designated as fair value hedging instruments:
Interest rate contracts	¥	5		¥	88
Total	¥	5		¥	88
Hedged items in fair value hedges:
Long-term borrowings	¥	(5	)	¥	(88	)
Total	¥	(5	)	¥	(88	)

Net investment hedges

The following tables present gains (losses) from derivatives designated as net investment hedges included in the consolidated statements of comprehensive income for the six and three months ended September 30, 2021 and 2022.

	Billions of yen
	Six months ended September 30
	2021		2022
Net investment hedging instruments:
Foreign exchange contracts	¥	2	¥	18
Total	¥	2	¥	18

	Billions of yen
	Three months ended September 30
	2021		2022
Net investment hedging instruments
Foreign exchange contracts	¥	4	¥	9
Total	¥	4	¥	9

Written credit derivatives and purchased credit protection

	Billions of yen
	March 31, 2022
				Maximum potential payout/Notional										Notional
						Years to maturity								Purchased credit protection
	Carrying value (Asset) / Liability(1)			Total		Less than 1 year		1 to 3 years		3 to 5 years		More than 5 years
Single-name credit default swaps	¥	19		¥	7,708	¥	1,339	¥	2,915	¥	2,448	¥	1,006	¥	5,688
Credit default swap indices		(140	)		10,015		2,045		4,189		3,257		524		7,494
Other credit risk related portfolio products		19			419		56		286		63		14		293
Credit-risk related options and swaptions		0			115		—		—		88		27		68
Total	¥	(102	)	¥	18,257	¥	3,440	¥	7,390	¥	5,856	¥	1,571	¥	13,543
	Billions of yen
	September 30, 2022
				Maximum potential payout/Notional										Notional
						Years to maturity								Purchased credit protection
	Carrying value (Asset) / Liability(1)			Total		Less than 1 year		1 to 3 years		3 to 5 years		More than 5 years
Single-name credit default swaps	¥	59		¥	8,812	¥	1,567	¥	3,409	¥	2,629	¥	1,207	¥	6,474
Credit default swap indices		21			11,412		2,691		4,689		3,203		829		8,476
Other credit risk related portfolio products		71			468		89		239		118		22		285
Credit-risk related options and swaptions		1			64		—		—		64		—		27
Total	¥	152		¥	20,756	¥	4,347	¥	8,337	¥	6,014	¥	2,058	¥	15,262

(1) Carrying value amounts are shown on a gross basis prior to cash collateral or counterparty offsetting. Asset balances represent positive fair value amounts caused by tightening of credit spreads of underlyings since inception of the credit derivatives. 

Written credit derivatives by external credit rating of underlying asset

	Billions of yen
	March 31, 2022
	Maximum potential payout/Notional
	AAA		AA		A		BBB		BB		Other(1)		Total
Single-name credit default swaps	¥	192	¥	1,485	¥	2,164	¥	2,057	¥	869	¥	941	¥	7,708
Credit default swap indices		105		215		3,369		5,012		988		326		10,015
Other credit risk related portfolio products		—		—		28		226		47		118		419
Credit-risk related options and swaptions		—		—		61		27		27		—		115
Total	¥	297	¥	1,700	¥	5,622	¥	7,322	¥	1,931	¥	1,385	¥	18,257

	Billions of yen
	September 30, 2022
	Maximum potential payout/Notional
	AAA		AA		A		BBB		BB		Other(1)		Total
Single-name credit default swaps	¥	231	¥	1,654	¥	2,626	¥	2,577	¥	936	¥	788	¥	8,812
Credit default swap indices		234		198		3,939		5,623		1,028		390		11,412
Other credit risk related portfolio products		—		—		63		186		64		155		468
Credit-risk related options and swaptions		—		—		—		38		26		—		64
Total	¥	465	¥	1,852	¥	6,628	¥	8,424	¥	2,054	¥	1,333	¥	20,756

(1) Other includes credit derivatives where the credit rating of the underlying reference asset is below investment grade or where a credit rating is unavailable.

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Revenue from services provided to customers (Tables)

6 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenues by types of service

The following table presents revenue earned by Nomura from providing services to customers by relevant line item in the consolidated statements of income for the six and three months ended September 30, 2021 and 2022.

	Millions of yen
	Six months ended September 30
	2021		2022
Commissions	¥	174,522	¥	138,583
Fees from investment banking		69,604		51,474
Asset management and portfolio service fees		131,237		137,288
Other revenue		17,641		21,015
Total	¥	393,004	¥	348,360
	Millions of yen
	Three months ended September 30
	2021		2022
Commissions	¥	91,636	¥	68,152
Fees from investment banking		33,901		24,189
Asset management and portfolio service fees		67,193		69,038
Other revenue		9,278		10,563
Total	¥	202,008	¥	171,942

Schedule Of Disaggregation Of Brokerage Commissions Revenue

Commissions represent revenue principally from trade execution, clearing services and distribution of fund units provided by the Wholesale and Retail divisions generated approximately equally across the divisions. The following table shows a breakdown of Commissions for the six and three months ended September 30, 2021 and 2022.

	Millions of yen
	Six months ended September 30
	2021		2022
Brokerage commissions	¥	125,958	¥	96,820
Fund unit distribution fees		25,573		13,924
Other commissions		22,991		27,839
Total	¥	174,522	¥	138,583
	Millions of yen
	Three months ended September 30
	2021		2022
Brokerage commissions	¥	67,725	¥	48,454
Fund unit distribution fees		11,166		6,409
Other commissions		12,745		13,289
Total	¥	91,636	¥	68,152

Schedule Of Disaggregation Of Investment Banking Revenue

The following table shows the breakdown of Fees from investment banking for the six and three months ended September 30, 2021 and 2022. 

	Millions of yen
	Six months ended September 30
	2021		2022
Equity underwriting and distribution fees	¥	20,231	¥	5,316
Debt underwriting and distribution fees		13,445		11,215
Financial advisory fees		26,776		28,310
Other fees		9,152		6,633
Total	¥	69,604	¥	51,474
	Millions of yen
	Three months ended September 30
	2021		2022
Equity underwriting and distribution fees	¥	10,276	¥	1,603
Debt underwriting and distribution fees		6,123		4,517
Financial advisory fees		13,661		14,279
Other fees		3,841		3,790
Total	¥	33,901	¥	24,189

Schedule Of Disaggregation Of Asset Management Fees And Custody Fee

The following table shows the breakdown of Asset management and portfolio service fees for the six and three months ended September 30, 2021 and 2022.

	Millions of yen
	Six months ended September 30
	2021		2022
Asset management fees	¥	82,579	¥	86,917
Administration fees		39,266		38,578
Custodial fees		9,392		11,793
Total	¥	131,237	¥	137,288
	Millions of yen
	Three months ended September 30
	2021		2022
Asset management fees	¥	41,994	¥	43,197
Administration fees		20,361		19,623
Custodial fees		4,838		6,218
Total	¥	67,193	¥	69,038

Customer contract receivables, customer contract assets and customer contract liabilities

The following table presents the balances of customer contract receivables and contract liabilities in scope of ASC 606. The amount of contract assets as of March 31, 2022 and September 30, 2022 was not significant.

	Millions of yen
	March 31, 2022		September 30, 2022
Customer contract receivables	¥	88,621	¥	89,544
Contract liabilities(1)		3,834		4,838

(1) Contract liabilities primarily rise from investment advisory services and are recognized over the term of the contract based on time elapsed.

The balance of contract liabilities as of March 31, 2021 and 2022 were recognized as revenue for the six months ended September 30, 2021 and 2022, respectively.

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Collateralized transactions (Tables)

6 Months Ended

Sep. 30, 2022

Collateralized Transactions

Offsetting of the transactions in the consolidated balance sheets

	Billions of yen
	March 31, 2022
	Assets						Liabilities
	Reverse repurchase agreements			Securities borrowing transactions			Repurchase agreements			Securities lending transactions
Total gross balance(1)	¥	31,365		¥	4,994		¥	32,061		¥	1,734
Less: Amounts offset in the consolidated balance sheets(2)		(19,486	)		—			(19,486	)		—
Total net amounts of reported on the face of the consolidated balance sheets(3)	¥	11,879		¥	4,994		¥	12,575		¥	1,734
Less: Additional amounts not offset in the consolidated balance sheets(4)
Financial instruments and non-cash collateral		(9,370	)		(3,372	)		(9,114	)		(1,524	)
Cash collateral		(8	)		—			(12	)		—
Net amount	¥	2,501		¥	1,622		¥	3,449		¥	210
	Billions of yen
	September 30, 2022
	Assets						Liabilities
	Reverse repurchase agreements			Securities borrowing transactions			Repurchase agreements			Securities lending transactions
Total gross balance(1)	¥	37,462		¥	5,009		¥	37,597		¥	1,721
Less: Amounts offset in the consolidated balance sheets(2)		(21,633	)		—			(21,633	)		—
Total net amounts of reported on the face of the consolidated balance sheets(3)	¥	15,829		¥	5,009		¥	15,964		¥	1,721
Less: Additional amounts not offset in the consolidated balance sheets(4)
Financial instruments and non-cash collateral		(13,538	)		(3,114	)		(11,955	)		(1,527	)
Cash collateral		(24	)		—			(30	)		—
Net amount	¥	2,267		¥	1,895		¥	3,979		¥	194

(1) Include all recognized balances irrespective of whether they are transacted under a master netting agreement or whether Nomura has obtained sufficient evidence of enforceability of the master netting agreement. Amounts include transactions carried at fair value through election of the fair value option. As of March 31, 2022, the gross balance of reverse repurchase agreements and repurchase agreements which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥793 billion and ¥2,453 billion, respectively. As of March 31, 2022, the gross balance of securities borrowing transactions and securities lending transactions which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥1,511 billion and ¥158 billion, respectively. As of September 30, 2022, the gross balance of reverse repurchase agreements and repurchase agreements which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥1,039 billion and ¥3,231 billion, respectively. As of September 30, 2022, the gross balance of securities borrowing transactions and securities lending transactions which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥1,740 billion and ¥145 billion, respectively.

(2) Represent amounts offset through counterparty netting under master netting or similar agreements for which Nomura has obtained sufficient evidence of enforceability in accordance with ASC 210-20. Amounts offset include transactions carried at fair value through election of the fair value option.

(3) Reverse repurchase agreements and securities borrowing transactions are reported within Collateralized agreements—Securities purchased under agreements to resell and Collateralized agreements—Securities borrowed in the consolidated balance sheets, respectively. Repurchase agreements and securities lending transactions are reported within Collateralized financing—Securities sold under agreements to repurchase and Collateralized financing—Securities loaned in the consolidated balance sheets, respectively. Amounts reported under securities lending transactions also include transactions where Nomura lends securities and receives securities that can be sold or pledged as collateral. Nomura recognizes the securities received at fair value and a liability for the same amount, representing the obligation to return those securities. The liability is reported within Other liabilities in the consolidated balance sheets.

(4) Represent amounts which are not permitted to be offset on the face of the consolidated balance sheets in accordance with ASC 210-20 but which provide Nomura with the right of offset in the event of counterparty default. Amounts relating to agreements where Nomura has not yet obtained sufficient evidence of enforceability of such offsetting rights are excluded.

Maturity analysis of repurchase agreements and securities lending transactions

	Billions of yen
	March 31, 2022
	Overnight and open(1)		Up to 30 days		30 – 90 days		90 days – 1 year		Greater than 1 year		Total
Repurchase agreements	¥	12,266	¥	15,454	¥	2,220	¥	1,611	¥	510	¥	32,061
Securities lending transactions		992		242		200		277		23		1,734
Total gross recognized liabilities(2)	¥	13,258	¥	15,696	¥	2,420	¥	1,888	¥	533	¥	33,795
	Billions of yen
	September 30, 2022
	Overnight and open(1)		Up to 30 days		30 –  90 days		90 days – 1 year		Greater than 1 year		Total
Repurchase agreements	¥	14,432	¥	16,518	¥	2,723	¥	3,148	¥	776	¥	37,597
Securities lending transactions		1,064		223		131		280		23		1,721
Total gross recognized liabilities(2)	¥	15,496	¥	16,741	¥	2,854	¥	3,428	¥	799	¥	39,318

(1) Open transactions do not have an explicit contractual maturity date and are terminable on demand by Nomura or the counterparty.

(2) Repurchase agreements and securities lending transactions are reported within Collateralized financing—Securities sold under agreements to repurchase and Collateralized financing—Securities loaned in the consolidated balance sheets, respectively. Amounts reported for securities lending transactions also include transactions where Nomura lends securities and receives securities that can be sold or pledged as collateral. Nomura recognizes the securities received at fair value and a liability for the same amount, representing the obligation to return those securities. The liability is reported within Other liabilities in the consolidated balance sheets. The total gross recognized liabilities reported for repurchase agreements and securities lending transactions are consistent with the total gross balances reported in the offsetting disclosures above.

Securities transferred in repurchase agreements and securities lending transactions

	Billions of yen
	March 31, 2022
	Repurchase agreements		Securities lending transactions		Total
Equities and convertible securities	¥	384	¥	1,508	¥	1,892
Japanese government, agency and municipal securities		879		1		880
Foreign government, agency and municipal securities		26,436		17		26,453
Bank and corporate debt securities		2,322		175		2,497
Commercial mortgage-backed securities (“CMBS”)		1		—		1
Residential mortgage-backed securities (“RMBS”)(1)		1,846		—		1,846
Collateralized debt obligations (“CDOs”) and other		157		—		157
Investment trust funds and other		36		33		69
Total gross recognized liabilities(2)	¥	32,061	¥	1,734	¥	33,795
	Billions of yen
	September 30, 2022
	Repurchase agreements		Securities lending transactions		Total
Equities and convertible securities	¥	323	¥	1,468	¥	1,791
Japanese government, agency and municipal securities		1,679		0		1,679
Foreign government, agency and municipal securities		29,065		94		29,159
Bank and corporate debt securities		3,004		145		3,149
Residential mortgage-backed securities (“RMBS”)(1)		3,294		—		3,294
Collateralized debt obligations (“CDOs”) and other		203		—		203
Investment trust funds and other		29		14		43
Total gross recognized liabilities(2)	¥	37,597	¥	1,721	¥	39,318

(1) Includes ¥1,404 billion of U.S. government sponsored agency mortgage pass through securities and collateralized mortgage obligations as of March 31, 2022. Includes ¥2,723 billion of U.S. government sponsored agency mortgage pass through securities and collateralized mortgage obligations as of September 30, 2022. 

(2) Repurchase agreements and securities lending transactions are reported within Collateralized financing—Securities sold under agreements to repurchase and Collateralized financing—Securities loaned in the consolidated balance sheets, respectively. Amounts reported for securities lending transactions also include transactions where Nomura lends securities and receives securities that can be sold or pledged as collateral. Nomura recognizes the securities received at fair value and a liability for the same amount, representing the obligation to return those securities. The liability is reported within Other liabilities in the consolidated balance sheets. The total gross recognized liabilities reported for repurchase agreements and securities lending transactions are consistent with the total gross balances reported in the offsetting disclosures above.

Fair value of securities received as collateral available to sell or repledge

	Billions of yen
	March 31, 2022		September 30, 2022
The fair value of securities received as collateral, securities borrowed as collateral and securities borrowed without collateral where Nomura is permitted by contract or custom to sell or repledge the securities	¥	48,234	¥	60,879
The portion of the above that has been sold (as reported within Trading liabilities in the consolidated balance sheets) or repledged		36,146		41,244

Assets owned, pledged as collateral

	Millions of yen
	March 31, 2022		September 30, 2022
Trading assets:
Equities and convertible securities	¥	368,235	¥	324,022
Government and government agency securities		1,178,011		1,476,077
Bank and corporate debt securities		27,899		17,931
Residential mortgage-backed securities (“RMBS”)		868,183		1,987,741
Collateralized debt obligations (“CDOs”) and other(1)		9,548		19,290
Investment trust funds and other		36,661		29,819
	¥	2,488,537	¥	3,854,880
Non-trading debt securities(2)	¥	163,445	¥	153,141
Investments in and advances to affiliated companies(3)	¥	12,832	¥	13,660

(1) Includes CLOs and ABS such as those secured on credit card loans, auto loans and student loans.

(2) Non-trading debt securities are primarily Japanese municipal securities.

(3) Investments in and advances to affiliated companies primarily comprise shares in Nomura Research Institute, Ltd.

Assets subject to lien

	Millions of yen
	March 31, 2022		September 30, 2022
Loans and receivables	¥	235,875	¥	379,470
Trading assets and private equity and debt investments		1,416,279		1,389,264
Office buildings, land, equipment and facilities		4,841		4,730
Non-trading debt securities		2,827		1,712
Investments in and advances to affiliated companies		3		3
Other		497		719
	¥	1,660,322	¥	1,775,898

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Securitizations and Variable Interest Entities (Tables)

6 Months Ended

Sep. 30, 2022

Securitizations and Variable Interest Entities [Abstract]

Fair value of retained interests

	Billions of yen
	March 31, 2022
	Level 1		Level 2		Level 3		Total		Investment grade		Other
Government, agency and municipal securities	¥	—	¥	124	¥	—	¥	124	¥	124	¥	—
Bank and corporate debt securities		—		—		—		—		—		—
CMBS and RMBS		—		—		7		7		2		5
Total	¥	—	¥	124	¥	7	¥	131	¥	126	¥	5
	Billions of yen
	September 30, 2022
	Level 1		Level 2		Level 3		Total		Investment grade		Other
Government, agency and municipal securities	¥	—	¥	162	¥	—	¥	162	¥	162	¥	—
Bank and corporate debt securities		—		—		—		—		—		—
CMBS and RMBS		—		—		11		11		3		8
Total	¥	—	¥	162	¥	11	¥	173	¥	165	¥	8

Type and carrying value of financial assets

	Billions of yen
	March 31, 2022		September 30, 2022
Assets
Trading assets
Japanese government securities	¥	—	¥	1
Loans for trading purposes		19		29
Loans receivable		203		344
Total	¥	222	¥	374
Liabilities
Long-term borrowings	¥	222	¥	374

Classification of consolidated VIEs' assets and liabilities

	Billions of yen
	March 31, 2022		September 30, 2022
Consolidated VIE assets
Cash and cash equivalents	¥	62	¥	10
Trading assets
Equities		555		507
Debt securities		443		435
CMBS and RMBS		21		23
Investment trust funds and other		—		1
Derivatives		1		1
Private equity and debt investments		4		8
Office buildings, land, equipment and facilities		10		9
Other		115		179
Total	¥	1,211	¥	1,173
Consolidated VIE liabilities
Trading liabilities
Derivatives	¥	0	¥	0
Borrowings
Short-term borrowings		95		100
Long-term borrowings		797		780
Other		6		4
Total	¥	898	¥	884

Carrying amount of assets and liabilities of unconsolidated VIEs

	Billions of yen
	March 31, 2022
	Carrying amount of variable interests				Maximum exposure to loss to unconsolidated VIEs
	Assets		Liabilities
Trading assets and liabilities
Equities	¥	26	¥	—	¥	26
Debt securities		61		—		61
CMBS and RMBS		1,432		—		1,432
Investment trust funds and other		191		—		191
Private equity and debt investments		22		—		22
Loans		940		—		940
Other		10		—		10
Commitments to extend credit and other guarantees		—		—		256
Total	¥	2,682	¥	—	¥	2,938
	Billions of yen
	September 30, 2022
	Carrying amount of variable interests				Maximum exposure to loss to unconsolidated VIEs
	Assets		Liabilities
Trading assets and liabilities
Equities	¥	25	¥	—	¥	25
Debt securities		101		—		101
CMBS and RMBS		2,743		—		2,743
Investment trust funds and other		224		—		224
Private equity and debt investments		18		—		18
Loans		1,193		—		1,193
Other		6		—		6
Commitments to extend credit and other guarantees		—		—		153
Total	¥	4,310	¥	—	¥	4,463

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Financing receivables (Tables)

6 Months Ended

Sep. 30, 2022

Financing Receivables [Abstract]

Summary of loans receivable reported within loans receivable or investments in and advances to affiliated companies

The following tables present a summary of loans receivable reported within Loans receivable or Investments in and advances to affiliated companies in the consolidated balance sheets as of March 31, 2022, and September 30, 2022 by portfolio segment.

	Millions of yen
	March 31, 2022
	Carried at amortized cost		Carried at fair value(1)		Total
Loans receivable
Loans at banks	¥	717,992	¥	—	¥	717,992
Short-term secured margin loans		442,600		—		442,600
Inter-bank money market loans		2,196		—		2,196
Corporate loans		1,206,349		1,210,590		2,416,939
Total loans receivable	¥	2,369,137	¥	1,210,590	¥	3,579,727
Advances to affiliated companies		1,000		—		1,000
Total	¥	2,370,137	¥	1,210,590	¥	3,580,727
	Millions of yen
	September 30, 2022
	Carried at amortized cost		Carried at fair value(1)		Total
Loans receivable
Loans at banks	¥	751,077	¥	—	¥	751,077
Short-term secured margin loans		518,027		—		518,027
Inter-bank money market loans		3,266		—		3,266
Corporate loans		1,515,685		1,415,348		2,931,033
Total loans receivable	¥	2,788,055	¥	1,415,348	¥	4,203,403
Advances to affiliated companies		4,000		—		4,000
Total	¥	2,792,055	¥	1,415,348	¥	4,207,403

(1) Includes loans receivable and loan commitments carried at fair value through election of the fair value option. 

Changes in allowance for doubtful accounts

The following table presents changes in the total allowance for incurred credit losses for the six and three months ended September 30, 2021 and 2022 as determined using the CECL impairment model defined by ASC 326.

	Millions of yen
	Six months ended September 30, 2021
	Allowance for current expected credit losses											Allowances against receivables other than loans(1)			Total allowance for current expected credit losses
	Loans at banks			Short-term secured margin loans		Corporate loans			Subtotal
Opening balance	¥	1,282		¥	—	¥	47,985		¥	49,267		¥	4,517		¥	53,784
Provision for losses(2)		—			—		8,924			8,924			78			9,002
Charge-offs		—			—		(17	)		(17	)		(62	)		(79	)
Other(3)		161			—		718			879			(1,875	)		(996	)
Ending balance	¥	1,443		¥	—	¥	57,610		¥	59,053		¥	2,658		¥	61,711
	Millions of yen
	Six months ended September 30, 2022
	Allowance for current expected credit losses											Allowances against receivables other than loans(1)			Total allowance for current expected credit losses
	Loans at banks			Short-term secured margin loans		Corporate loans			Subtotal
Opening balance	¥	2,434		¥	—	¥	62,353		¥	64,787		¥	1,559		¥	66,346
Provision for losses		672			—		1,372			2,044			15			2,059
Charge-offs		(1,523	)		—		(2,552	)		(4,075	)		—			(4,075	)
Other(3)		(417	)		—		7,981			7,564			262			7,826
Ending balance	¥	1,166		¥	—	¥	69,154		¥	70,320		¥	1,836		¥	72,156
	Millions of yen
	Three months ended September 30, 2021
	Allowance for current expected credit losses											Allowance for receivables other than loans(1)			Total allowance for current expected credit losses
	Loans at banks			Short-term secured margin loans		Corporate loans			Subtotal
Opening balance	¥	1,273		¥	—	¥	57,559		¥	58,832		¥	2,587		¥	61,419
Provision for losses		—			—		(273	)		(273	)		75			(198	)
Charge-offs		—			—		(10	)		(10	)		(5	)		(15	)
Other(3)		170			—		334			504			1			505
Ending balance	¥	1,443		¥	—	¥	57,610		¥	59,053		¥	2,658		¥	61,711

	Millions of yen
	Three months ended September 30, 2022
	Allowance for current expected credit losses											Allowance for receivables other than loans(1)			Total allowance for current expected credit losses
	Loans at banks			Short-term secured margin loans		Corporate loans			Subtotal
Opening balance	¥	3,016		¥	—	¥	65,242		¥	68,258		¥	1,842		¥	70,100
Provision for losses		90			—		156			246			(13	)		233
Charge-offs		(1,523	)		—		(82	)		(1,605	)		—			(1,605	)
Other(3)		(417	)		—		3,838			3,421			7			3,428
Ending balance	¥	1,166		¥	—	¥	69,154		¥	70,320		¥	1,836		¥	72,156

(1) Includes amounts recognized against collateralized agreements, customer contract assets and receivables and other receivables.

(2) Following default by a U.S. client in connection with the U.S. Prime Brokerage Event in March 2021, a provision for losses of ¥9,289 million was recognized during the quarter ended June 30, 2021.

(3) Primarily includes the effect of foreign exchange movements and recoveries collected.

Analysis of each class of loans not carried at fair value using internal ratings or equivalent credit quality indicators

The following tables present an analysis of each class of loans not carried at fair value using Nomura’s internal ratings or equivalent credit quality indicators applied by subsidiaries by years of origination as of March 31, 2022 and September 30, 2022.

	Millions of yen
	March 31, 2022
	2022		2021		2020		2019		2018		2017 or earlier		Revolving		Total
Secured loans at banks:
AAA-BBB	¥	106,554	¥	126,834	¥	8,325	¥	17,308	¥	9,213	¥	12,729	¥	—	¥	280,963
BB-CCC		80,167		169,655		1,693		638		587		6,779		—		259,519
CC-D		—		—		—		—		—		—		—		—
Others(1)		—		82,304		—		—		—		—		—		82,304
Total secured loans at banks	¥	186,721	¥	378,793	¥	10,018	¥	17,946	¥	9,800	¥	19,508	¥	—	¥	622,786
Unsecured loans at banks:
AAA-BBB	¥	6,000	¥	18,175	¥	12,703	¥	20,565	¥	9,982	¥	25,841	¥	—	¥	93,266
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		1,940		—		—		—		1,940
Others		—		—		—		—		—		—		—		—
Total unsecured loans at banks	¥	6,000	¥	18,175	¥	12,703	¥	22,505	¥	9,982	¥	25,841	¥	—	¥	95,206
Short-term secured margin loans:
AAA-BBB	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others(1)		169,195		23,238		—		—		—		—		250,167		442,600
Total short-term secured margin loans	¥	169,195	¥	23,238	¥	—	¥	—	¥	—	¥	—	¥	250,167	¥	442,600
Unsecured inter-bank money market loans:
AAA-BBB	¥	2,196	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	2,196
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others		—		—		—		—		—		—		—		—
Total unsecured inter-bank money market loans	¥	2,196	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	2,196
Secured corporate loans:
AAA-BBB	¥	—	¥	52,545	¥	86,910	¥	20,710	¥	3,258	¥	52,496	¥	9,916	¥	225,835
BB-CCC		86,300		307,636		14,718		131,266		115,494		30,085		92,039		777,538
CC-D(2)		—		57,524		—		—		—		—		—		57,524
Others(1)		455		20		25		26		10		101		96		733
Total secured corporate loans	¥	86,755	¥	417,725	¥	101,653	¥	152,002	¥	118,762	¥	82,682	¥	102,051	¥	1,061,630
Unsecured corporate loans:
AAA-BBB	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—
BB-CCC		11,621		20,516		—		1,989		—		—		—		34,126
CC-D		—		—		—		—		—		—		—		—
Others		—		438		191		—		109,959		5		—		110,593
Total unsecured corporate loans	¥	11,621	¥	20,954	¥	191	¥	1,989	¥	109,959	¥	5	¥	—	¥	144,719
Advances to affiliated companies
AAA-BBB	¥	—	¥	1,000	¥	—	¥	—	¥	—	¥	—	¥	—	¥	1,000
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others		—		—		—		—		—		—		—		—
Total advances to affiliated companies	¥	—	¥	1,000	¥	—	¥	—	¥	—	¥	—	¥	—	¥	1,000
Total	¥	462,488	¥	859,885	¥	124,565	¥	194,442	¥	248,503	¥	128,036	¥	352,218	¥	2,370,137

(1) Relate to collateralized exposures where a specified ratio of LTV is maintained.

(2) Includes loans of ¥57,524 million to a U.S. client in connection with the U.S. Prime Brokerage Event.

	Millions of yen
	September 30, 2022
	2022		2021		2020		2019		2018		2017 or earlier		Revolving		Total
Secured loans at banks:
AAA-BBB	¥	183,353	¥	75,873	¥	8,275	¥	17,940	¥	8,972	¥	10,828	¥	—	¥	305,241
BB-CCC		170,985		93,971		2,739		629		645		6,439		—		275,408
CC-D		—		—		—		—		—		—		—		—
Others(1)		—		89,114		—		—		—		—		—		89,114
Total secured loans at banks	¥	354,338	¥	258,958	¥	11,014	¥	18,569	¥	9,617	¥	17,267	¥	—	¥	669,763
Unsecured loans at banks:
AAA-BBB	¥	7,060	¥	17,317	¥	11,935	¥	15,553	¥	7,519	¥	21,930	¥	—	¥	81,314
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others		—		—		—		—		—		—		—		—
Total unsecured loans at banks	¥	7,060	¥	17,317	¥	11,935	¥	15,553	¥	7,519	¥	21,930	¥	—	¥	81,314
Short-term secured margin loans:
AAA-BBB	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others(1)		232,540		25,737		—		—		—		—		259,750		518,027
Total short-term secured margin loans	¥	232,540	¥	25,737	¥	—	¥	—	¥	—	¥	—	¥	259,750	¥	518,027
Unsecured inter-bank money market loans:
AAA-BBB	¥	3,266	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	3,266
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others		—		—		—		—		—		—		—		—
Total unsecured inter-bank money market loans	¥	3,266	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	3,266
Secured corporate loans:
AAA-BBB	¥	357,320	¥	248,311	¥	159,325	¥	201,901	¥	8,451	¥	106,520	¥	25,261	¥	1,107,089
BB-CCC		11,869		22,211		—		22,625		20,000		13,028		78,909		168,642
CC-D(2)		—		67,730		—		—		—		—		—		67,730
Others(1)		500		17		24		23		7		88		67		726
Total secured corporate loans	¥	369,689	¥	338,269	¥	159,349	¥	224,549	¥	28,458	¥	119,636	¥	104,237	¥	1,344,187
Unsecured corporate loans:
AAA-BBB	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—	¥	—
BB-CCC		37,193		968		—		—		—		—		—		38,161
CC-D		—		—		—		2,373		—		—		—		2,373
Others		71		513		180		—		130,194		6		—		130,964
Total unsecured corporate loans	¥	37,264	¥	1,481	¥	180	¥	2,373	¥	130,194	¥	6	¥	—	¥	171,498
Advances to affiliated companies
AAA-BBB	¥	3,000	¥	1,000	¥	—	¥	—	¥	—	¥	—	¥	—	¥	4,000
BB-CCC		—		—		—		—		—		—		—		—
CC-D		—		—		—		—		—		—		—		—
Others		—		—		—		—		—		—		—		—
Total advances to affiliated companies	¥	3,000	¥	1,000	¥	—	¥	—	¥	—	¥	—	¥	—	¥	4,000
Total	¥	1,007,157	¥	642,762	¥	182,478	¥	261,044	¥	175,788	¥	158,839	¥	363,987	¥	2,792,055

(1) Relate to collateralized exposures where a specified ratio of LTV is maintained.

(2) Includes loans of ¥67,730 million in relation to the U.S. Prime Brokerage Event.

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Leases (Tables)

6 Months Ended

Sep. 30, 2022

Leases [Abstract]

Types of assets which Nomura leases under operating leases

	Millions of yen
	March 31, 2022							September 30, 2022
	Cost		Accumulated depreciation			Net carrying amount		Cost		Accumulated depreciation			Net carrying amount
Real estate(1)	¥	354	¥	(292	)	¥	62	¥	21	¥	—		¥	21
Aircraft		10,373		(688	)		9,685		8,669		(50	)		8,619
Total	¥	10,727	¥	(980	)	¥	9,747	¥	8,690	¥	(50	)	¥	8,640

(1) Cost, accumulated depreciation and net carrying amounts include amounts relating to real estate utilized by Nomura.

Schedule of future minimum lease payments to be received on noncancelable operating leases

	Millions of yen
	September 30, 2022
	Minimum lease payments to be received
Years of receipt
Less than 1 year	¥	1,138
1 to 2 years		1,138
2 to 3 years		1,051
3 to 4 years		132
4 to 5 years		132
More than 5 years		1,037
Total	¥	4,628

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Other assets-Other / Other liabilitie (Tables)

6 Months Ended

Sep. 30, 2022

Other assets Other Other liabilities [Abstract]

Schedule of Other assets-Other and Other liabilities

	Millions of yen
	March 31, 2022		September 30, 2022
Other assets—Other:
Securities received as collateral	¥	166,352	¥	135,199
Goodwill and other intangible assets		30,007		34,265
Deferred tax assets		15,562		20,568
Investments in equity securities for other than operating purposes(1)		249,448		239,387
Deposit receivables(2)		227,777		232,015
Prepaid expenses		17,165		22,287
Other(2)		67,275		102,596
Total	¥	773,586	¥	786,317
Other liabilities:
Obligation to return securities received as collateral	¥	166,352	¥	135,199
Accrued income taxes		34,158		20,391
Other accrued expenses and provisions		457,511		419,740
Operating lease liabilities(2)		198,131		201,904
Other(2)		164,073		197,304
Total	¥	1,020,225	¥	974,538

(1) Includes equity securities without a readily determinable fair value of ¥65,365 million as of March 31, 2022 and as of September 30, 2022 respectively.

(2) Certain reclassifications of previously reported amounts have been made to conform to the current period presentation.

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Earnings per share (Tables)

6 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Summary of amounts and numbers used in calculation of net income attributable to NHI shareholders per share (basic and diluted)

	Millions of yen except per share data presented in yen
	Six months ended September 30
	2021		2022
Basic—
Net income attributable to NHI shareholders	¥	51,700	¥	18,467
Weighted average number of shares outstanding		3,085,218,332		3,010,633,495
Net income attributable to NHI shareholders per share	¥	16.76	¥	6.13
Diluted—
Net income attributable to NHI shareholders	¥	51,645	¥	18,354
Weighted average number of shares outstanding		3,177,220,033		3,104,874,653
Net income attributable to NHI shareholders per share	¥	16.25	¥	5.91
	Millions of yen except per share data presented in yen
	Three months ended September 30
	2021		2022
Basic—
Net income attributable to NHI shareholders	¥	3,213	¥	16,771
Weighted average number of shares outstanding		3,094,089,105		3,001,728,417
Net income attributable to NHI shareholders per share	¥	1.04	¥	5.59
Diluted—
Net income attributable to NHI shareholders	¥	3,202	¥	16,738
Weighted average number of shares outstanding		3,179,898,312		3,093,327,844
Net income attributable to NHI shareholders per share	¥	1.01	¥	5.41

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Employee benefit plans (Tables)

6 Months Ended

Sep. 30, 2022

Employee Benefit Plans [Abstract]

Net periodic benefit cost for defined benefit plans

	Millions of yen
	Six months ended September 30
	2021			2022
Service cost	¥	3,226		¥	3,199
Interest cost		1,021			1,216
Expected return on plan assets		(3,028	)		(2,984	)
Amortization of net actuarial losses		1,978			1,909
Amortization of prior service cost		(800	)		(803	)
Net periodic benefit cost	¥	2,397		¥	2,537
	Millions of yen
	Three months ended September 30
	2021			2022
Service cost	¥	1,613		¥	1,600
Interest cost		510			608
Expected return on plan assets		(1,514	)		(1,492	)
Amortization of net actuarial losses		989			954
Amortization of prior service cost		(400	)		(401	)
Net periodic benefit cost	¥	1,198		¥	1,269

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Other comprehensive income (loss) (Tables)

6 Months Ended

Sep. 30, 2022

Accumulated Other Comprehensive Income (loss)

Changes in accumulated other comprehensive income (loss)

Changes in accumulated other comprehensive income (loss) are as follows:

	Millions of yen
	Six months ended September 30, 2021
	Balance at beginning of year			Other comprehensive income (loss) before reclassifications			Reclassifications out of accumulated other comprehensive income (loss)(1)		Net change during the period		Balance at end of period
Cumulative translation adjustments	¥	18,316		¥	5,268		¥	61	¥	5,329	¥	23,645
Pension liability adjustment		(43,477	)		(358	)		842		484		(42,993	)
Own credit adjustments		(12,983	)		3,117			708		3,825		(9,158	)
Total	¥	(38,144	)	¥	8,027		¥	1,611	¥	9,638	¥	(28,506	)

(1) Reclassifications out of accumulated other comprehensive income were not significant.

	Millions of yen
	Six months ended September 30, 2022
	Balance at beginning of year			Other comprehensive income (loss) before reclassifications		Reclassifications out of accumulated other comprehensive income (loss)(1)		Net change during the period		Balance at end of period
Cumulative translation adjustments	¥	136,912		¥	210,319	¥	—	¥	210,319	¥	347,231
Pension liability adjustment		(43,803	)		505		867		1,372		(42,431	)
Own credit adjustments		34,864			52,595		231		52,826		87,690
Total	¥	127,973		¥	263,419	¥	1,098	¥	264,517	¥	392,490

(1) Reclassifications out of accumulated other comprehensive income were not significant.

	Millions of yen
	Three months ended September 30, 2021
	Balance at beginning of period			Other comprehensive income (loss) before reclassifications			Reclassifications out of accumulated other comprehensive income (loss)(1)		Net change during the period			Balance at end of period
Cumulative translation adjustments	¥	14,982		¥	8,663		¥	—	¥	8,663		¥	23,645
Pension liability adjustment		(43,468	)		176			299		475			(42,993	)
Own credit adjustments		(8,690	)		(775	)		307		(468	)		(9,158	)
Total	¥	(37,176	)	¥	8,064		¥	606	¥	8,670		¥	(28,506	)

(1) Reclassifications out of accumulated other comprehensive income were not significant.

	Millions of yen
	Three months ended September 30, 2022
	Balance at beginning of period			Other comprehensive income (loss) before reclassifications		Reclassifications out of accumulated other comprehensive income (loss)(1)			Net change during the period		Balance at end of period
Cumulative translation adjustments	¥	279,364		¥	67,867	¥	—		¥	67,867	¥	347,231
Pension liability adjustment		(43,017	)		217		369			586		(42,431	)
Own credit adjustments		58,290			29,477		(77	)		29,400		87,690
Total	¥	294,637		¥	97,561	¥	292		¥	97,853	¥	392,490

(1) Reclassifications out of accumulated other comprehensive income were not significant.

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Commitments, contingencies and guarantees (Tables)

6 Months Ended

Sep. 30, 2022

Commitments, Contingencies and Guarantees [Abstract]

Commitments outstanding

The following table presents a summary of the key types of outstanding commitments provided by Nomura.

	Millions of yen
	March 31, 2022		September 30, 2022
Commitments to extend credit
Liquidity facilities to central clearing counterparties	¥	1,135,695	¥	1,243,943
Other commitments to extend credit		877,156		1,099,585
Total	¥	2,012,851	¥	2,343,528
Commitments to invest	¥	32,286	¥	47,090

Maturity schedule of commitments

As of September 30, 2022, these commitments had the following maturities:

	Millions of yen
			Years to Maturity
	Total contractual amount		Less than 1 year		1 to 3 years		3 to 5 years		More than 5 years
Commitments to extend credit
Liquidity facilities to central clearing counterparties	¥	1,243,943	¥	1,243,943	¥	—	¥	—	¥	—
Other commitments to extend credit		1,099,585		177,338		267,085		270,738		384,424
Total	¥	2,343,528	¥	1,421,281	¥	267,085	¥	270,738	¥	384,424
Commitments to invest	¥	47,090	¥	22,136	¥	1,634	¥	5,000	¥	18,320

Information on derivative contracts and standby letters of credit and other guarantees

The following table presents information on Nomura’s derivative contracts that could meet the accounting definition of a guarantee and standby letters of credit and other guarantees.

	Millions of yen
	March 31, 2022				September 30, 2022
	Carrying value		Maximum Potential Payout/ Notional Total		Carrying value		Maximum Potential Payout/ Notional Total
Derivative contracts(1)(2)	¥	6,151,646	¥	393,709,887	¥	12,354,870	¥	497,283,042
Standby letters of credit and other guarantees(3)		—		1,698,193		—		1,521,994

(1) Credit derivatives are disclosed in Note 3 “Derivative instruments and hedging activities” and are excluded from above.

(2) Derivative contracts primarily consist of equity, interest rate and foreign exchange contracts.

(3) Primarily related to a certain sponsored repo program where Nomura guarantees to a third party clearing house in relation to its clients’ payment obligations. Our credit exposures under this guarantee is minimized by obtaining collateral from clients at amount approximately the maximum potential payout under the guarantee.

Maturity information on derivative contracts and standby letters of credit and other guarantees

The following table presents maturity information on Nomura’s derivative contracts that could meet the accounting definition of a guarantee and standby letters of credit and other guarantees as of September 30, 2022.

	Millions of yen
	Carrying value		Maximum Potential Payout/Notional
			Total		Years to Maturity
					Less than 1 year		1 to 3 years		3 to 5 years		More than 5 years
Derivative contracts	¥	12,354,870	¥	497,283,042	¥	111,702,087	¥	159,340,394	¥	76,103,006	¥	150,137,555
Standby letters of credit and other guarantees		—		1,521,994		1,507,633		7,228		5,572		1,561

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Segment and geographic information (Tables)

6 Months Ended

Sep. 30, 2022

Segment and Geographic Information [Abstract]

Business segments' results

	Millions of yen
	Retail		Investment Management			Wholesale(1)			Other (Incl. elimination)			Total
Six months ended September 30, 2021
Non-interest revenue	¥	168,475	¥	97,944		¥	255,957		¥	122,305		¥	644,681
Net interest revenue		1,702		(133	)		49,489			(28,837	)		22,221
Net revenue		170,177		97,811			305,446			93,468			666,902
Non-interest expenses		134,171		37,869			308,834			94,267			575,141
Income before income taxes	¥	36,006	¥	59,942		¥	(3,388	)	¥	(799	)	¥	91,761
Six months ended September 30, 2022
Non-interest revenue	¥	142,603	¥	35,366		¥	406,582		¥	57,991		¥	642,542
Net interest revenue		1,263		(1,616	)		(2,096	)		(18,443	)		(20,892	)
Net revenue		143,866		33,750			404,486			39,548			621,650
Non-interest expenses		133,465		39,911			359,025			41,368			573,769
Income (loss) before income taxes	¥	10,401	¥	(6,161	)	¥	45,461		¥	(1,820	)	¥	47,881
	Millions of yen
	Retail		Investment Management			Wholesale			Other (Incl. elimination)			Total
Three months ended September 30, 2021
Non-interest revenue	¥	84,395	¥	34,244		¥	145,187		¥	43,590		¥	307,416
Net interest revenue		796		85			27,482			(18,781	)		9,582
Net revenue		85,191		34,329			172,669			24,809			316,998
Non-interest expenses		68,207		19,300			147,700			65,192			300,399
Income (loss) before income taxes	¥	16,984	¥	15,029		¥	24,969		¥	(40,383	)	¥	16,599
Three months ended September 30, 2022
Non-interest revenue	¥	71,977	¥	27,058		¥	214,413		¥	25,325		¥	338,773
Net interest revenue		503		(887	)		(8,914	)		(9,702	)		(19,000	)
Net revenue		72,480		26,171			205,499			15,623			319,773
Non-interest expenses		66,995		20,618			185,310			13,551			286,474
Income before income taxes	¥	5,485	¥	5,553		¥	20,189		¥	2,072		¥	33,299

(1) Non-interest revenue and Non-interest expense for the six months ended September 30, 2021 include losses of ¥65,362 million arising from the U.S. Prime Brokerage Event. The losses are reported within Net gain on trading in the amount of ¥(56,073) million and in Non-interest expenses—Other in the amount of ¥9,289 million in the consolidated statements of income.

Major components of income (loss) before income taxes in "Other"

The following table presents the major components of Income (loss) before income taxes in “Other.”

	Millions of yen
	Six months ended September 30
	2021			2022
Net gain (loss) related to economic hedging transactions	¥	(381	)	¥	(9,709	)
Realized gain on investments in equity securities held for operating purposes		196			295
Equity in earnings of affiliates		15,188			26,107
Corporate items(1)		(54,838	)		(1,475	)
Other(2)(3)		39,036			(17,038	)
Total	¥	(799	)	¥	(1,820	)
	Millions of yen
	Three months ended September 30
	2021			2022
Net gain (loss) related to economic hedging transactions	¥	(3,825	)	¥	98
Realized gain on investments in equity securities held for operating purposes		23			55
Equity in earnings of affiliates		5,571			9,114
Corporate items		(45,566	)		4,513
Other(3)		3,414			(11,708	)
Total	¥	(40,383	)	¥	2,072

(1) The loss before income taxes for the six months ended September 30, 2021 includes losses of approximately ¥40 billion related to legacy transactions.

(2) The income before income taxes for the six months ended September 30, 2021 includes a gain of ¥36,249 million from the sale of Nomura Research Institute, Ltd. ordinary shares.

(3) Includes the impact of Nomura’s own creditworthiness.

Reconciliation of combined business segments' results included in preceding table to reported net revenue, non-interest expenses and income (loss) before income taxes

The table below presents reconciliations of the combined business segments’ results included in the preceding table to Nomura’s reported Net revenue, Non-interest expenses and Income before income taxes in the consolidated statements of income.

	Millions of yen
	Six months ended September 30
	2021		2022
Net revenue	¥	666,902	¥	621,650
Unrealized gain on investments in equity securities held for operating purposes		5,239		(4,664	)
Consolidated net revenue	¥	672,141	¥	616,986
Non-interest expenses	¥	575,141	¥	573,769
Unrealized gain (loss) on investments in equity securities held for operating purposes		—		—
Consolidated non-interest expenses	¥	575,141	¥	573,769
Income before income taxes	¥	91,761	¥	47,881
Unrealized gain on investments in equity securities held for operating purposes		5,239		(4,664	)
Consolidated income before income taxes	¥	97,000	¥	43,217
	Millions of yen
	Three months ended September 30
	2021		2022
Net revenue	¥	316,998	¥	319,773
Unrealized gain on investments in equity securities held for operating purposes		1,868		(1,815	)
Consolidated net revenue	¥	318,866	¥	317,958
Non-interest expenses	¥	300,399	¥	286,474
Unrealized gain (loss) on investments in equity securities held for operating purposes		—		—
Consolidated non-interest expenses	¥	300,399	¥	286,474
Income before income taxes	¥	16,599	¥	33,299
Unrealized gain on investments in equity securities held for operating purposes		1,868		(1,815	)
Consolidated income before income taxes	¥	18,467	¥	31,484

Geographic allocation of net revenue and income (loss) before income taxes from operations by geographic areas, and long-lived assets

	Millions of yen
	Six months ended September 30
	2021			2022
Net revenue(1)(2):
Americas	¥	122,906		¥	119,139
Europe		66,997			64,064
Asia and Oceania		43,876			41,657
Subtotal		233,779			224,860
Japan		438,362			392,126
Consolidated	¥	672,141		¥	616,986
Income (loss) before income taxes(2):
Americas	¥	(53,824	)	¥	(43,011	)
Europe		(14,150	)		4,505
Asia and Oceania		13,724			23,917
Subtotal		(54,250	)		(14,589	)
Japan		151,250			57,806
Consolidated	¥	97,000		¥	43,217
	Millions of yen
	Three months ended September 30
	2021			2022
Net revenue(1):
Americas	¥	84,602		¥	75,057
Europe		33,629			35,533
Asia and Oceania		22,715			4,744
Subtotal		140,946			115,334
Japan		177,920			202,624
Consolidated	¥	318,866		¥	317,958
Income (loss) before income taxes:
Americas	¥	(17,225	)	¥	(21,364	)
Europe		(8,863	)		6,405
Asia and Oceania		7,103			15,574
Subtotal		(18,985	)		615
Japan		37,452			30,869
Consolidated	¥	18,467		¥	31,484

(1) There is no revenue derived from transactions with a single major external customer.

(2) Includes losses arising from the U.S. Prime Brokerage Event for six months ended September 30, 2021.

	Millions of yen
	March 31, 2022		September 30, 2022
Long-lived assets:
Americas	¥	103,045	¥	121,343
Europe		53,643		54,048
Asia and Oceania		23,600		22,804
Subtotal		180,288		198,195
Japan		269,135		267,226
Consolidated	¥	449,423	¥	465,421

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Summary of accounting policies - Additional information (Detail)	6 Months Ended
	Sep. 30, 2022 Segment
Accounting Policy [Line Items]
Number of business segments	3

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Fair value measurements - Fair value of financial instruments measured on recurring basis (Detail) - JPY (¥) ¥ in Millions		Sep. 30, 2022	Mar. 31, 2022
Assets:
Derivative assets		¥ 31,480,000	¥ 18,162,000
Netting	[1]	(29,358,000)	(16,608,000)
Collateralized agreements		20,840,700	16,876,441
Other assets		786,317	773,586
Total Assets		12,268	10,362
Liabilities:
Derivative liabilities	[2]	31,074,000	17,739,000
Netting	[1],[2]	(28,468,000)	(16,079,000)
Short-term borrowings		593,885	710,629
Collateralized financing		17,877,003	14,538,198
Long-term borrowings		4,697,524	4,557,326
Recurring [Member]
Assets:
Trading assets and private equity and debt investments	[3]	15,970,000	13,697,000
Derivative assets	[4]	2,122,000	1,554,000
Netting	[4]	(29,358,000)	(16,608,000)
Subtotal, Assets		18,092,000	15,251,000
Loans and receivables	[5]	1,489,000	1,308,000
Collateralized agreements	[6]	318,000	298,000
Total Assets		20,777,000	17,820,000
Liabilities:
Trading liabilities		9,598,000	7,985,000
Derivative liabilities	[4]	2,614,000	1,667,000
Netting	[4]	(28,468,000)	(16,079,000)
Subtotal, Liabilities		12,212,000	9,652,000
Short-term borrowings	[7]	593,000	711,000
Payables and deposits	[8],[9]	148,000	71,000
Collateralized financing	[6]	677,000	516,000
Long-term borrowings	[7],[10],[11]	4,699,000	4,557,000
Other liabilities	[12]	171,000	219,000
Total Liabilities		18,500,000	15,726,000
Recurring [Member] | Equities [Member]
Assets:
Trading assets and private equity and debt investments	[3],[13]	3,082,000	3,155,000
Liabilities:
Trading liabilities		2,082,000	1,804,000
Recurring [Member] | Private equity and debt investments [Member]
Assets:
Trading assets and private equity and debt investments	[3],[14]	53,000	54,000
Recurring [Member] | Japanese government securities [Member]
Assets:
Trading assets and private equity and debt investments	[3]	1,955,000	1,730,000
Liabilities:
Trading liabilities		1,030,000	1,098,000
Recurring [Member] | Japanese agency and municipal securities [Member]
Assets:
Trading assets and private equity and debt investments	[3]	125,000	186,000
Liabilities:
Trading liabilities			0
Recurring [Member] | Foreign government, agency and municipal securities [Member]
Assets:
Trading assets and private equity and debt investments	[3]	6,063,000	5,240,000
Liabilities:
Trading liabilities		6,128,000	4,779,000
Recurring [Member] | Bank and corporate debt securities and loans for trading purposes [Member]
Assets:
Trading assets and private equity and debt investments	[3]	1,372,000	1,354,000
Recurring [Member] | Bank and corporate debt securities [Member]
Liabilities:
Trading liabilities		231,000	225,000
Recurring [Member] | Commercial mortgage-backed securities ("CMBS") [Member]
Assets:
Trading assets and private equity and debt investments	[3]	7,000	7,000
Recurring [Member] | Residential mortgage-backed securities ("RMBS") [Member]
Assets:
Trading assets and private equity and debt investments	[3]	2,764,000	1,458,000
Liabilities:
Trading liabilities		0	0
Recurring [Member] | Residential mortgage-backed securities ("RMBS") [Member] | Issued/Guaranteed by government sponsored entity [Member]
Assets:
Trading assets and private equity and debt investments	[3]	2,636,000	1,376,000
Recurring [Member] | Residential mortgage-backed securities ("RMBS") [Member] | Other [Member]
Assets:
Trading assets and private equity and debt investments	[3]	128,000	82,000
Recurring [Member] | Real estate-backed securities [Member]
Assets:
Trading assets and private equity and debt investments	[3]	155,000	137,000
Recurring [Member] | Collateralized debt obligations ("CDOs") and other [Member]
Assets:
Trading assets and private equity and debt investments	[3],[15]	64,000	60,000
Liabilities:
Trading liabilities	[15]	3,000	3,000
Recurring [Member] | Investment trust funds and other [Member]
Assets:
Trading assets and private equity and debt investments	[3]	330,000	316,000
Liabilities:
Trading liabilities		124,000	76,000
Recurring [Member] | Equity contracts [Member]
Assets:
Derivative assets	[4]	1,305,000	974,000
Liabilities:
Derivative liabilities	[4]	1,898,000	1,457,000
Recurring [Member] | Interest rate contracts [Member]
Assets:
Derivative assets	[4]	21,253,000	11,938,000
Liabilities:
Derivative liabilities	[4]	20,246,000	10,960,000
Recurring [Member] | Credit contracts [Member]
Assets:
Derivative assets	[4]	331,000	443,000
Liabilities:
Derivative liabilities	[4]	444,000	514,000
Recurring [Member] | Foreign exchange contracts [Member]
Assets:
Derivative assets	[4]	8,590,000	4,806,000
Liabilities:
Derivative liabilities	[4]	8,493,000	4,814,000
Recurring [Member] | Commodity contracts [Member]
Assets:
Derivative assets	[4]	1,000	1,000
Liabilities:
Derivative liabilities	[4]	1,000	1,000
Recurring [Member] | Non-trading debt securities [Member]
Assets:
Other assets	[3]	447,000	484,000
Recurring [Member] | Other [Member]
Assets:
Other assets	[3],[13],[16]	431,000	479,000
Recurring [Member] | Counterparty and Cash Collateral Netting [Member]
Assets:
Trading assets and private equity and debt investments	[3],[17]
Derivative assets	[4],[17]	(29,358,000)	(16,608,000)
Netting	[4],[17]	(29,358,000)	(16,608,000)
Subtotal, Assets	[17]	(29,358,000)	(16,608,000)
Loans and receivables	[5],[17]
Collateralized agreements	[6],[17]
Total Assets	[17]	(29,358,000)	(16,608,000)
Liabilities:
Trading liabilities	[17]
Derivative liabilities	[4],[17]	(28,468,000)	(16,079,000)
Netting	[4],[17]	(28,468,000)	(16,079,000)
Subtotal, Liabilities	[17]	(28,468,000)	(16,079,000)
Short-term borrowings	[7],[17]
Payables and deposits	[8],[9],[17]
Collateralized financing	[6],[17]
Long-term borrowings	[7],[10],[11],[17]
Other liabilities	[12],[17]
Total Liabilities	[17]	(28,468,000)	(16,079,000)
Recurring [Member] | Counterparty and Cash Collateral Netting [Member] | Equities [Member]
Assets:
Trading assets and private equity and debt investments	[3],[13],[17]
Liabilities:
Trading liabilities	[17]
Recurring [Member] | Counterparty and Cash Collateral Netting [Member] | Private equity and debt investments [Member]
Assets:
Trading assets and private equity and debt investments	[3],[14],[17]
Recurring [Member] | Counterparty and Cash Collateral Netting [Member] | Japanese government securities [Member]
Assets:
Trading assets and private equity and debt investments	[3],[17]
Liabilities:
Trading liabilities	[17]
Recurring [Member] | Counterparty and Cash Collateral Netting [Member] | Japanese agency and municipal securities [Member]
Assets:
Trading assets and private equity and debt investments	[3],[17]
Liabilities:
Trading liabilities	[17]
Recurring [Member] | Counterparty and Cash Collateral Netting [Member] | Foreign government, agency and municipal securities [Member]
Assets:
Trading assets and private equity and debt investments	[3],[17]
Liabilities:
Trading liabilities	[17]
Recurring [Member] | Counterparty and Cash Collateral Netting [Member] | Bank and corporate debt securities and loans for trading purposes [Member]
Assets:
Trading assets and private equity and debt investments	[3],[17]
Recurring [Member] | Counterparty and Cash Collateral Netting [Member] | Bank and corporate debt securities [Member]
Liabilities:
Trading liabilities	[17]
Recurring [Member] | Counterparty and Cash Collateral Netting [Member] | Commercial mortgage-backed securities ("CMBS") [Member]
Assets:
Trading assets and private equity and debt investments	[3],[17]
Recurring [Member] | Counterparty and Cash Collateral Netting [Member] | Residential mortgage-backed securities ("RMBS") [Member]
Assets:
Trading assets and private equity and debt investments	[3],[17]
Liabilities:
Trading liabilities	[17]
Recurring [Member] | Counterparty and Cash Collateral Netting [Member] | Residential mortgage-backed securities ("RMBS") [Member] | Issued/Guaranteed by government sponsored entity [Member]
Assets:
Trading assets and private equity and debt investments	[3],[17]
Recurring [Member] | Counterparty and Cash Collateral Netting [Member] | Residential mortgage-backed securities ("RMBS") [Member] | Other [Member]
Assets:
Trading assets and private equity and debt investments	[3],[17]
Recurring [Member] | Counterparty and Cash Collateral Netting [Member] | Real estate-backed securities [Member]
Assets:
Trading assets and private equity and debt investments	[3],[17]
Recurring [Member] | Counterparty and Cash Collateral Netting [Member] | Collateralized debt obligations ("CDOs") and other [Member]
Assets:
Trading assets and private equity and debt investments	[3],[15],[17]
Liabilities:
Trading liabilities	[15],[17]
Recurring [Member] | Counterparty and Cash Collateral Netting [Member] | Investment trust funds and other [Member]
Assets:
Trading assets and private equity and debt investments	[3],[17]
Liabilities:
Trading liabilities	[17]
Recurring [Member] | Counterparty and Cash Collateral Netting [Member] | Equity contracts [Member]
Assets:
Derivative assets	[4],[17]
Liabilities:
Derivative liabilities	[4],[17]
Recurring [Member] | Counterparty and Cash Collateral Netting [Member] | Interest rate contracts [Member]
Assets:
Derivative assets	[4],[17]
Liabilities:
Derivative liabilities	[4],[17]
Recurring [Member] | Counterparty and Cash Collateral Netting [Member] | Credit contracts [Member]
Assets:
Derivative assets	[4],[17]
Liabilities:
Derivative liabilities	[4],[17]
Recurring [Member] | Counterparty and Cash Collateral Netting [Member] | Foreign exchange contracts [Member]
Assets:
Derivative assets	[4],[17]
Liabilities:
Derivative liabilities	[4],[17]
Recurring [Member] | Counterparty and Cash Collateral Netting [Member] | Commodity contracts [Member]
Assets:
Derivative assets	[4],[17]
Liabilities:
Derivative liabilities	[4],[17]
Recurring [Member] | Counterparty and Cash Collateral Netting [Member] | Non-trading debt securities [Member]
Assets:
Other assets	[3],[17]
Recurring [Member] | Counterparty and Cash Collateral Netting [Member] | Other [Member]
Assets:
Other assets	[3],[13],[16],[17]
Recurring [Member] | Level 1 [Member]
Assets:
Trading assets and private equity and debt investments	[3]	8,343,000	7,365,000
Derivative assets	[4]	153,000	136,000
Netting	[4]
Subtotal, Assets		8,496,000	7,501,000
Loans and receivables	[5]
Collateralized agreements	[6]
Total Assets		8,765,000	7,764,000
Liabilities:
Trading liabilities		8,265,000	6,421,000
Derivative liabilities	[4]	81,000	76,000
Netting	[4]
Subtotal, Liabilities		8,346,000	6,497,000
Short-term borrowings	[7]
Payables and deposits	[8],[9]
Collateralized financing	[6]
Long-term borrowings	[7],[10],[11]	22,000	23,000
Other liabilities	[12]	57,000	32,000
Total Liabilities		8,425,000	6,552,000
Recurring [Member] | Level 1 [Member] | Equities [Member]
Assets:
Trading assets and private equity and debt investments	[3],[13]	1,965,000	2,100,000
Liabilities:
Trading liabilities		2,074,000	1,796,000
Recurring [Member] | Level 1 [Member] | Private equity and debt investments [Member]
Assets:
Trading assets and private equity and debt investments	[3],[14]	14,000	22,000
Recurring [Member] | Level 1 [Member] | Japanese government securities [Member]
Assets:
Trading assets and private equity and debt investments	[3]	1,955,000	1,730,000
Liabilities:
Trading liabilities		1,030,000	1,098,000
Recurring [Member] | Level 1 [Member] | Japanese agency and municipal securities [Member]
Assets:
Trading assets and private equity and debt investments	[3]
Liabilities:
Trading liabilities
Recurring [Member] | Level 1 [Member] | Foreign government, agency and municipal securities [Member]
Assets:
Trading assets and private equity and debt investments	[3]	4,104,000	3,220,000
Liabilities:
Trading liabilities		5,045,000	3,451,000
Recurring [Member] | Level 1 [Member] | Bank and corporate debt securities and loans for trading purposes [Member]
Assets:
Trading assets and private equity and debt investments	[3]
Recurring [Member] | Level 1 [Member] | Bank and corporate debt securities [Member]
Liabilities:
Trading liabilities
Recurring [Member] | Level 1 [Member] | Commercial mortgage-backed securities ("CMBS") [Member]
Assets:
Trading assets and private equity and debt investments	[3]
Recurring [Member] | Level 1 [Member] | Residential mortgage-backed securities ("RMBS") [Member]
Assets:
Trading assets and private equity and debt investments	[3]
Liabilities:
Trading liabilities
Recurring [Member] | Level 1 [Member] | Residential mortgage-backed securities ("RMBS") [Member] | Issued/Guaranteed by government sponsored entity [Member]
Assets:
Trading assets and private equity and debt investments	[3]
Recurring [Member] | Level 1 [Member] | Residential mortgage-backed securities ("RMBS") [Member] | Other [Member]
Assets:
Trading assets and private equity and debt investments	[3]
Recurring [Member] | Level 1 [Member] | Real estate-backed securities [Member]
Assets:
Trading assets and private equity and debt investments	[3]
Recurring [Member] | Level 1 [Member] | Collateralized debt obligations ("CDOs") and other [Member]
Assets:
Trading assets and private equity and debt investments	[3],[15]
Liabilities:
Trading liabilities	[15]
Recurring [Member] | Level 1 [Member] | Investment trust funds and other [Member]
Assets:
Trading assets and private equity and debt investments	[3]	305,000	293,000
Liabilities:
Trading liabilities		116,000	76,000
Recurring [Member] | Level 1 [Member] | Equity contracts [Member]
Assets:
Derivative assets	[4]	1,000	3,000
Liabilities:
Derivative liabilities	[4]	1,000	2,000
Recurring [Member] | Level 1 [Member] | Interest rate contracts [Member]
Assets:
Derivative assets	[4]	129,000	120,000
Liabilities:
Derivative liabilities	[4]	54,000	60,000
Recurring [Member] | Level 1 [Member] | Credit contracts [Member]
Assets:
Derivative assets	[4]	23,000	12,000
Liabilities:
Derivative liabilities	[4]	26,000	14,000
Recurring [Member] | Level 1 [Member] | Foreign exchange contracts [Member]
Assets:
Derivative assets	[4]	0
Liabilities:
Derivative liabilities	[4]	0	0
Recurring [Member] | Level 1 [Member] | Commodity contracts [Member]
Assets:
Derivative assets	[4]	0	1,000
Liabilities:
Derivative liabilities	[4]	0	0
Recurring [Member] | Level 1 [Member] | Non-trading debt securities [Member]
Assets:
Other assets	[3]	106,000	117,000
Recurring [Member] | Level 1 [Member] | Other [Member]
Assets:
Other assets	[3],[13],[16]	163,000	146,000
Recurring [Member] | Level 2 [Member]
Assets:
Trading assets and private equity and debt investments	[3]	7,149,000	5,934,000
Derivative assets	[4]	30,950,000	17,804,000
Netting	[4]
Subtotal, Assets		38,099,000	23,738,000
Loans and receivables	[5]	1,268,000	1,103,000
Collateralized agreements	[6]	299,000	282,000
Total Assets		40,083,000	25,626,000
Liabilities:
Trading liabilities		1,328,000	1,561,000
Derivative liabilities	[4]	30,642,000	17,424,000
Netting	[4]
Subtotal, Liabilities		31,970,000	18,985,000
Short-term borrowings	[7]	564,000	653,000
Payables and deposits	[8],[9]	127,000	63,000
Collateralized financing	[6]	677,000	516,000
Long-term borrowings	[7],[10],[11]	4,262,000	4,055,000
Other liabilities	[12]	91,000	155,000
Total Liabilities		37,691,000	24,427,000
Recurring [Member] | Level 2 [Member] | Equities [Member]
Assets:
Trading assets and private equity and debt investments	[3],[13]	1,101,000	1,041,000
Liabilities:
Trading liabilities		7,000	8,000
Recurring [Member] | Level 2 [Member] | Private equity and debt investments [Member]
Assets:
Trading assets and private equity and debt investments	[3],[14]
Recurring [Member] | Level 2 [Member] | Japanese government securities [Member]
Assets:
Trading assets and private equity and debt investments	[3]
Liabilities:
Trading liabilities
Recurring [Member] | Level 2 [Member] | Japanese agency and municipal securities [Member]
Assets:
Trading assets and private equity and debt investments	[3]	123,000	184,000
Liabilities:
Trading liabilities			0
Recurring [Member] | Level 2 [Member] | Foreign government, agency and municipal securities [Member]
Assets:
Trading assets and private equity and debt investments	[3]	1,949,000	2,010,000
Liabilities:
Trading liabilities		1,083,000	1,328,000
Recurring [Member] | Level 2 [Member] | Bank and corporate debt securities and loans for trading purposes [Member]
Assets:
Trading assets and private equity and debt investments	[3]	1,100,000	1,134,000
Recurring [Member] | Level 2 [Member] | Bank and corporate debt securities [Member]
Liabilities:
Trading liabilities		227,000	222,000
Recurring [Member] | Level 2 [Member] | Commercial mortgage-backed securities ("CMBS") [Member]
Assets:
Trading assets and private equity and debt investments	[3]		0
Recurring [Member] | Level 2 [Member] | Residential mortgage-backed securities ("RMBS") [Member]
Assets:
Trading assets and private equity and debt investments	[3]	2,755,000	1,450,000
Liabilities:
Trading liabilities		0	0
Recurring [Member] | Level 2 [Member] | Residential mortgage-backed securities ("RMBS") [Member] | Issued/Guaranteed by government sponsored entity [Member]
Assets:
Trading assets and private equity and debt investments	[3]	2,636,000	1,376,000
Recurring [Member] | Level 2 [Member] | Residential mortgage-backed securities ("RMBS") [Member] | Other [Member]
Assets:
Trading assets and private equity and debt investments	[3]	119,000	74,000
Recurring [Member] | Level 2 [Member] | Real estate-backed securities [Member]
Assets:
Trading assets and private equity and debt investments	[3]	52,000	58,000
Recurring [Member] | Level 2 [Member] | Collateralized debt obligations ("CDOs") and other [Member]
Assets:
Trading assets and private equity and debt investments	[3],[15]	44,000	34,000
Liabilities:
Trading liabilities	[15]	3,000	3,000
Recurring [Member] | Level 2 [Member] | Investment trust funds and other [Member]
Assets:
Trading assets and private equity and debt investments	[3]	25,000	23,000
Liabilities:
Trading liabilities		8,000	0
Recurring [Member] | Level 2 [Member] | Equity contracts [Member]
Assets:
Derivative assets	[4]	1,259,000	874,000
Liabilities:
Derivative liabilities	[4]	1,847,000	1,368,000
Recurring [Member] | Level 2 [Member] | Interest rate contracts [Member]
Assets:
Derivative assets	[4]	20,918,000	11,755,000
Liabilities:
Derivative liabilities	[4]	20,021,000	10,826,000
Recurring [Member] | Level 2 [Member] | Credit contracts [Member]
Assets:
Derivative assets	[4]	238,000	398,000
Liabilities:
Derivative liabilities	[4]	315,000	434,000
Recurring [Member] | Level 2 [Member] | Foreign exchange contracts [Member]
Assets:
Derivative assets	[4]	8,534,000	4,777,000
Liabilities:
Derivative liabilities	[4]	8,458,000	4,795,000
Recurring [Member] | Level 2 [Member] | Commodity contracts [Member]
Assets:
Derivative assets	[4]	1,000	0
Liabilities:
Derivative liabilities	[4]	1,000	1,000
Recurring [Member] | Level 2 [Member] | Non-trading debt securities [Member]
Assets:
Other assets	[3]	338,000	367,000
Recurring [Member] | Level 2 [Member] | Other [Member]
Assets:
Other assets	[3],[13],[16]	79,000	136,000
Recurring [Member] | Level 3 [Member]
Assets:
Trading assets and private equity and debt investments	[3]	478,000	398,000
Derivative assets	[4]	377,000	222,000
Netting	[4]
Subtotal, Assets		855,000	620,000
Loans and receivables	[5]	221,000	205,000
Collateralized agreements	[6]	19,000	16,000
Total Assets		1,287,000	1,038,000
Liabilities:
Trading liabilities		5,000	3,000
Derivative liabilities	[4]	359,000	246,000
Netting	[4]
Subtotal, Liabilities		364,000	249,000
Short-term borrowings	[7]	29,000	58,000
Payables and deposits	[8],[9]	21,000	8,000
Collateralized financing	[6]
Long-term borrowings	[7],[10],[11]	415,000	479,000
Other liabilities	[12]	23,000	32,000
Total Liabilities		852,000	826,000
Recurring [Member] | Level 3 [Member] | Equities [Member]
Assets:
Trading assets and private equity and debt investments	[3],[13]	16,000	14,000
Liabilities:
Trading liabilities		1,000	0
Recurring [Member] | Level 3 [Member] | Private equity and debt investments [Member]
Assets:
Trading assets and private equity and debt investments	[3],[14]	39,000	32,000
Recurring [Member] | Level 3 [Member] | Japanese government securities [Member]
Assets:
Trading assets and private equity and debt investments	[3]
Liabilities:
Trading liabilities
Recurring [Member] | Level 3 [Member] | Japanese agency and municipal securities [Member]
Assets:
Trading assets and private equity and debt investments	[3]	2,000	2,000
Liabilities:
Trading liabilities
Recurring [Member] | Level 3 [Member] | Foreign government, agency and municipal securities [Member]
Assets:
Trading assets and private equity and debt investments	[3]	10,000	10,000
Liabilities:
Trading liabilities		0	0
Recurring [Member] | Level 3 [Member] | Bank and corporate debt securities and loans for trading purposes [Member]
Assets:
Trading assets and private equity and debt investments	[3]	272,000	220,000
Recurring [Member] | Level 3 [Member] | Bank and corporate debt securities [Member]
Liabilities:
Trading liabilities		4,000	3,000
Recurring [Member] | Level 3 [Member] | Commercial mortgage-backed securities ("CMBS") [Member]
Assets:
Trading assets and private equity and debt investments	[3]	7,000	7,000
Recurring [Member] | Level 3 [Member] | Residential mortgage-backed securities ("RMBS") [Member]
Assets:
Trading assets and private equity and debt investments	[3]	9,000	8,000
Liabilities:
Trading liabilities		0
Recurring [Member] | Level 3 [Member] | Residential mortgage-backed securities ("RMBS") [Member] | Issued/Guaranteed by government sponsored entity [Member]
Assets:
Trading assets and private equity and debt investments	[3]
Recurring [Member] | Level 3 [Member] | Residential mortgage-backed securities ("RMBS") [Member] | Other [Member]
Assets:
Trading assets and private equity and debt investments	[3]	9,000	8,000
Recurring [Member] | Level 3 [Member] | Real estate-backed securities [Member]
Assets:
Trading assets and private equity and debt investments	[3]	103,000	79,000
Recurring [Member] | Level 3 [Member] | Collateralized debt obligations ("CDOs") and other [Member]
Assets:
Trading assets and private equity and debt investments	[3],[15]	20,000	26,000
Liabilities:
Trading liabilities	[15]		0
Recurring [Member] | Level 3 [Member] | Investment trust funds and other [Member]
Assets:
Trading assets and private equity and debt investments	[3]	0	0
Liabilities:
Trading liabilities		0	0
Recurring [Member] | Level 3 [Member] | Equity contracts [Member]
Assets:
Derivative assets	[4]	45,000	97,000
Liabilities:
Derivative liabilities	[4]	50,000	87,000
Recurring [Member] | Level 3 [Member] | Interest rate contracts [Member]
Assets:
Derivative assets	[4]	206,000	63,000
Liabilities:
Derivative liabilities	[4]	171,000	74,000
Recurring [Member] | Level 3 [Member] | Credit contracts [Member]
Assets:
Derivative assets	[4]	70,000	33,000
Liabilities:
Derivative liabilities	[4]	103,000	66,000
Recurring [Member] | Level 3 [Member] | Foreign exchange contracts [Member]
Assets:
Derivative assets	[4]	56,000	29,000
Liabilities:
Derivative liabilities	[4]	35,000	19,000
Recurring [Member] | Level 3 [Member] | Commodity contracts [Member]
Assets:
Derivative assets	[4]
Liabilities:
Derivative liabilities	[4]
Recurring [Member] | Level 3 [Member] | Non-trading debt securities [Member]
Assets:
Other assets	[3]	3,000
Recurring [Member] | Level 3 [Member] | Other [Member]
Assets:
Other assets	[3],[13],[16]	¥ 189,000	¥ 197,000

[1] Represents amounts offset through counterparty offsetting of derivative assets and liabilities as well as cash collateral offsetting against net derivatives under master netting and similar agreements for which Nomura has obtained sufficient evidence of enforceability in accordance with ASC 815. As of March 31, 2022, Nomura offset a total of ¥1,431 billion of cash collateral receivables against net derivative liabilities and ¥1,960 billion of cash collateral payables against net derivative assets. As of September 30, 2022, Nomura offset a total of ¥2,026 billion of cash collateral receivables against net derivative liabilities and ¥2,917 billion of cash collateral payables against net derivative assets.

[2] Includes the amount of embedded derivatives bifurcated in accordance with ASC 815.

[3] 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, 2022 and September 30, 2022, the fair values of these investments which are included in Trading assets and private equity and debt investments were ¥45 billion and ¥47 billion, respectively. As of March 31, 2022 and September 30, 2022, the fair values of these investments which are included in Other assets were ¥3 billion and ¥3 billion, respectively.

[4] Derivatives which contain multiple types of risk are classified based on the primary risk type of the instrument.

[5] Includes loans and receivables for which the fair value option has been elected.

[6] Includes collateralized agreements or collateralized financing for which the fair value option has been elected.

[7] Includes structured notes for which the fair value option has been elected.

[8] Includes deposits received at banks for which the fair value option has been elected.

[9] Includes embedded derivatives bifurcated from deposits received at banks. If unrealized gains are greater than unrealized losses, deposits are reduced by the excess amount.

[10] Includes embedded derivatives bifurcated from issued structured notes. If unrealized gains are greater than unrealized losses, borrowings are reduced by the excess amount.

[11] Includes liabilities recognized from secured financing transactions that are accounted for as financings rather than sales. Nomura elected the fair value option for these liabilities.

[12] Includes loan commitments for which the fair value option has been elected.

[13] Includes equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the fair value option.

[14] 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.

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

[16] Includes equity investments which comprise listed and unlisted equity securities held for operating purposes in the amounts of ¥101,503 million and ¥32,394 million, respectively, as of March 31, 2022 and ¥92,584 million and ¥34,672 million, respectively, as of September 30, 2022.

[17] Represents the amount offset under counterparty netting of derivative assets and liabilities as well as cash collateral netting against net derivatives.

XML

Fair value measurements - Fair value of financial instruments measured on recurring basis (Parenthetical) (Detail) - JPY (¥) ¥ in Millions		Sep. 30, 2022	Mar. 31, 2022
Fair value measurements
Other assets		¥ 786,317	¥ 773,586
Investments in equity securities		127,256	133,897
Listed Equity [Member]
Fair value measurements
Investments in equity securities		92,584	101,503
Unlisted Equity [Member]
Fair value measurements
Investments in equity securities		34,672	32,394
Recurring [Member]
Fair value measurements
Trading assets and private equity and debt investments	[1]	15,970,000	13,697,000
Recurring [Member] | Other assets [Member]
Fair value measurements
Other assets	[1],[2],[3]	431,000	479,000
Recurring [Member] | Net asset value per share [Member]
Fair value measurements
Trading assets and private equity and debt investments		47,000	45,000
Recurring [Member] | Net asset value per share [Member] | Other assets [Member]
Fair value measurements
Other assets		¥ 3,000	¥ 3,000

[1] 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, 2022 and September 30, 2022, the fair values of these investments which are included in Trading assets and private equity and debt investments were ¥45 billion and ¥47 billion, respectively. As of March 31, 2022 and September 30, 2022, the fair values of these investments which are included in Other assets were ¥3 billion and ¥3 billion, respectively.

[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 equity investments which comprise listed and unlisted equity securities held for operating purposes in the amounts of ¥101,503 million and ¥32,394 million, respectively, as of March 31, 2022 and ¥92,584 million and ¥34,672 million, respectively, as of September 30, 2022.

XML

Fair value measurements - Additional information (Detail) - JPY (¥) ¥ in Billions	Sep. 30, 2022	Mar. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Differences between the fair value of the aggregate unpaid principal balance (which is contractually principally protected) of loans and receivables, more (less) than the principal balance of such loans and receivables	¥ 347	¥ 267
Differences between the fair value of the aggregate unpaid principal balance (which is contractually principally protected) of long-term borrowings more (less) than the principal balance of such long-term borrowings	487	212
The amount of loans and receivables with fair value options that are past due for 90 days or more	¥ 329	¥ 278
Concentrations of credit risk, percentage	16.00%	16.00%
American Century Companies, Inc. [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Percentage of economic interest	39.87%	39.21%

XML

Fair value measurements - Schedule of quantitative and qualitative information regarding significant unobservable inputs (Detail) - Recurring [Member] - Level 3 [Member] ¥ in Billions		6 Months Ended		12 Months Ended
		Sep. 30, 2022 JPY (¥)		Mar. 31, 2022 JPY (¥)		Jun. 30, 2022 JPY (¥)	Sep. 30, 2021 JPY (¥)	Jun. 30, 2021 JPY (¥)	Mar. 31, 2021 JPY (¥)
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Assets		¥ 928		¥ 792		¥ 909	¥ 663	¥ 624	¥ 566
Fair Value, Financial Instrument, Liabilities		493		580		534	629	639	694
Trading assets and private equity and debt investments [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Assets		478		398		469	364	397	366
Trading assets and private equity and debt investments [Member] | Equities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Assets		¥ 16		¥ 14		19	12	11	16
Trading assets and private equity and debt investments [Member] | Equities [Member] | DCF [Member]
Quantitative information about significant unobservable inputs [Line Items]
Interrelationships between valuation inputs	[1]	Not applicable		Not applicable
Trading assets and private equity and debt investments [Member] | Equities [Member] | DCF [Member] | Liquidity discounts [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.75		0.75
Impact of increases in significant unobservable valuation inputs	[3],[4]	Lower fair value		Lower fair value
Trading assets and private equity and debt investments [Member] | Equities [Member] | DCF [Member] | Liquidity discounts [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[5],[6]	0.75		0.75
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Assets		¥ 39		¥ 32		32	47	45	58
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | DCF [Member]
Quantitative information about significant unobservable inputs [Line Items]
Interrelationships between valuation inputs	[1]	No predictable interrelationship		No predictable interrelationship
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | DCF [Member] | WACC [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Lower fair value		Lower fair value
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | DCF [Member] | WACC [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.053		0.071
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | DCF [Member] | WACC [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.175		0.13
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | DCF [Member] | WACC [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[5],[6]	0.098		0.102
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | DCF [Member] | Growth rates [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | DCF [Member] | Growth rates [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0		0
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | DCF [Member] | Growth rates [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.02		0.02
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | DCF [Member] | Growth rates [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[5],[6]	0.005		0.007
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | DCF [Member] | Credit spreads [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.109
Impact of increases in significant unobservable valuation inputs	[3],[4]	Lower fair value
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | DCF [Member] | Credit spreads [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[5],[6]	0.109
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | DCF [Member] | Liquidity discounts [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Lower fair value		Lower fair value
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | DCF [Member] | Liquidity discounts [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.05		0.05
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | DCF [Member] | Liquidity discounts [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.30		0.30
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | DCF [Member] | Liquidity discounts [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[5],[6]	0.181		0.185
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | Market multiples [Member]
Quantitative information about significant unobservable inputs [Line Items]
Interrelationships between valuation inputs	[1]	No predictable interrelationship		No predictable interrelationship
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | Market multiples [Member] | EV/EBITDA ratios [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | Market multiples [Member] | EV/EBITDA ratios [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	(0.4)		2
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | Market multiples [Member] | EV/EBITDA ratios [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	11.6		11.2
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | Market multiples [Member] | EV/EBITDA ratios [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[5],[6]	7.1		6.9
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | Market multiples [Member] | PE Ratios [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | Market multiples [Member] | PE Ratios [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	10.9		10.7
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | Market multiples [Member] | PE Ratios [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	24		12.6
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | Market multiples [Member] | PE Ratios [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[5],[6]	14.2		11.6
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | Market multiples [Member] | Liquidity discounts [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Lower fair value		Lower fair value
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | Market multiples [Member] | Liquidity discounts [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.05		0.05
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | Market multiples [Member] | Liquidity discounts [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.30		0.20
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member] | Market multiples [Member] | Liquidity discounts [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[5],[6]	0.129		0.119
Trading assets and private equity and debt investments [Member] | Foreign government, agency and municipal securities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Assets		¥ 10		¥ 10		12	10	13	12
Trading assets and private equity and debt investments [Member] | Foreign government, agency and municipal securities [Member] | DCF [Member]
Quantitative information about significant unobservable inputs [Line Items]
Interrelationships between valuation inputs	[1]	No predictable interrelationship		No predictable interrelationship
Trading assets and private equity and debt investments [Member] | Foreign government, agency and municipal securities [Member] | DCF [Member] | Credit spreads [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Lower fair value		Lower fair value
Trading assets and private equity and debt investments [Member] | Foreign government, agency and municipal securities [Member] | DCF [Member] | Credit spreads [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0		0
Trading assets and private equity and debt investments [Member] | Foreign government, agency and municipal securities [Member] | DCF [Member] | Credit spreads [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.013		0.013
Trading assets and private equity and debt investments [Member] | Foreign government, agency and municipal securities [Member] | DCF [Member] | Credit spreads [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[5],[6]	0.007		0.007
Trading assets and private equity and debt investments [Member] | Foreign government, agency and municipal securities [Member] | DCF [Member] | Recovery rates [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]			0.06
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Trading assets and private equity and debt investments [Member] | Foreign government, agency and municipal securities [Member] | DCF [Member] | Recovery rates [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.073
Trading assets and private equity and debt investments [Member] | Foreign government, agency and municipal securities [Member] | DCF [Member] | Recovery rates [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.185
Trading assets and private equity and debt investments [Member] | Foreign government, agency and municipal securities [Member] | DCF [Member] | Recovery rates [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[5],[6]	0.082		0.06
Trading assets and private equity and debt investments [Member] | Bank and corporate debt securities and loans for trading purposes [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Assets		¥ 272		¥ 220		260	132	131	135
Trading assets and private equity and debt investments [Member] | Bank and corporate debt securities and loans for trading purposes [Member] | DCF [Member]
Quantitative information about significant unobservable inputs [Line Items]
Interrelationships between valuation inputs	[1]	No predictable interrelationship		No predictable interrelationship
Trading assets and private equity and debt investments [Member] | Bank and corporate debt securities and loans for trading purposes [Member] | DCF [Member] | Credit spreads [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Lower fair value		Lower fair value
Trading assets and private equity and debt investments [Member] | Bank and corporate debt securities and loans for trading purposes [Member] | DCF [Member] | Credit spreads [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0		0.001
Trading assets and private equity and debt investments [Member] | Bank and corporate debt securities and loans for trading purposes [Member] | DCF [Member] | Credit spreads [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	1.547		1.147
Trading assets and private equity and debt investments [Member] | Bank and corporate debt securities and loans for trading purposes [Member] | DCF [Member] | Credit spreads [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[5],[6]	0.087		0.072
Trading assets and private equity and debt investments [Member] | Bank and corporate debt securities and loans for trading purposes [Member] | DCF [Member] | Recovery rates [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Trading assets and private equity and debt investments [Member] | Bank and corporate debt securities and loans for trading purposes [Member] | DCF [Member] | Recovery rates [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0		0
Trading assets and private equity and debt investments [Member] | Bank and corporate debt securities and loans for trading purposes [Member] | DCF [Member] | Recovery rates [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	1		1
Trading assets and private equity and debt investments [Member] | Bank and corporate debt securities and loans for trading purposes [Member] | DCF [Member] | Recovery rates [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[5],[6]	0.821		0.844
Trading assets and private equity and debt investments [Member] | Commercial mortgage-backed securities ("CMBS") [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Assets		¥ 7		¥ 7		7	8	8	8
Trading assets and private equity and debt investments [Member] | Commercial mortgage-backed securities ("CMBS") [Member] | DCF [Member]
Quantitative information about significant unobservable inputs [Line Items]
Interrelationships between valuation inputs	[1]	No predictable interrelationship		No predictable interrelationship
Trading assets and private equity and debt investments [Member] | Commercial mortgage-backed securities ("CMBS") [Member] | DCF [Member] | Yields [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Lower fair value		Lower fair value
Trading assets and private equity and debt investments [Member] | Commercial mortgage-backed securities ("CMBS") [Member] | DCF [Member] | Yields [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.046		0.043
Trading assets and private equity and debt investments [Member] | Commercial mortgage-backed securities ("CMBS") [Member] | DCF [Member] | Yields [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.127		0.111
Trading assets and private equity and debt investments [Member] | Commercial mortgage-backed securities ("CMBS") [Member] | DCF [Member] | Yields [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[5],[6]	0.049		0.046
Trading assets and private equity and debt investments [Member] | Commercial mortgage-backed securities ("CMBS") [Member] | DCF [Member] | Loss severities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Lower fair value		Lower fair value
Trading assets and private equity and debt investments [Member] | Commercial mortgage-backed securities ("CMBS") [Member] | DCF [Member] | Loss severities [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.283		0.283
Trading assets and private equity and debt investments [Member] | Commercial mortgage-backed securities ("CMBS") [Member] | DCF [Member] | Loss severities [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.73		0.73
Trading assets and private equity and debt investments [Member] | Commercial mortgage-backed securities ("CMBS") [Member] | DCF [Member] | Loss severities [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[5],[6]	0.403		0.408
Trading assets and private equity and debt investments [Member] | Residential mortgage-backed securities ("RMBS") [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Assets		¥ 9		¥ 8		9	7	7	6
Trading assets and private equity and debt investments [Member] | Residential mortgage-backed securities ("RMBS") [Member] | DCF [Member]
Quantitative information about significant unobservable inputs [Line Items]
Interrelationships between valuation inputs	[1]	No predictable interrelationship		No predictable interrelationship
Trading assets and private equity and debt investments [Member] | Residential mortgage-backed securities ("RMBS") [Member] | DCF [Member] | Yields [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Lower fair value		Lower fair value
Trading assets and private equity and debt investments [Member] | Residential mortgage-backed securities ("RMBS") [Member] | DCF [Member] | Yields [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0		0
Trading assets and private equity and debt investments [Member] | Residential mortgage-backed securities ("RMBS") [Member] | DCF [Member] | Yields [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.25		0.222
Trading assets and private equity and debt investments [Member] | Residential mortgage-backed securities ("RMBS") [Member] | DCF [Member] | Yields [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[5],[6]	0.088		0.084
Trading assets and private equity and debt investments [Member] | Residential mortgage-backed securities ("RMBS") [Member] | DCF [Member] | Prepayment rates [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Lower fair value		Lower fair value
Trading assets and private equity and debt investments [Member] | Residential mortgage-backed securities ("RMBS") [Member] | DCF [Member] | Prepayment rates [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.072		0.069
Trading assets and private equity and debt investments [Member] | Residential mortgage-backed securities ("RMBS") [Member] | DCF [Member] | Prepayment rates [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.15		0.15
Trading assets and private equity and debt investments [Member] | Residential mortgage-backed securities ("RMBS") [Member] | DCF [Member] | Prepayment rates [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[5],[6]	0.097		0.095
Trading assets and private equity and debt investments [Member] | Residential mortgage-backed securities ("RMBS") [Member] | DCF [Member] | Loss severities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Lower fair value		Lower fair value
Trading assets and private equity and debt investments [Member] | Residential mortgage-backed securities ("RMBS") [Member] | DCF [Member] | Loss severities [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.003		0
Trading assets and private equity and debt investments [Member] | Residential mortgage-backed securities ("RMBS") [Member] | DCF [Member] | Loss severities [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.999		0.999
Trading assets and private equity and debt investments [Member] | Residential mortgage-backed securities ("RMBS") [Member] | DCF [Member] | Loss severities [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[5],[6]	0.173		0.069
Trading assets and private equity and debt investments [Member] | Real estate-backed securities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Assets		¥ 103		¥ 79		105	123	158	106
Trading assets and private equity and debt investments [Member] | Real estate-backed securities [Member] | DCF [Member]
Quantitative information about significant unobservable inputs [Line Items]
Interrelationships between valuation inputs	[1]	Not applicable		Not applicable
Trading assets and private equity and debt investments [Member] | Real estate-backed securities [Member] | DCF [Member] | Loss severities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Lower fair value		Lower fair value
Trading assets and private equity and debt investments [Member] | Real estate-backed securities [Member] | DCF [Member] | Loss severities [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.014		0
Trading assets and private equity and debt investments [Member] | Real estate-backed securities [Member] | DCF [Member] | Loss severities [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.202		0.212
Trading assets and private equity and debt investments [Member] | Real estate-backed securities [Member] | DCF [Member] | Loss severities [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[5],[6]	0.077		0.029
Trading assets and private equity and debt investments [Member] | Collateralized debt obligations ("CDOs") and other [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Assets		¥ 20		¥ 26		23	23	21	23
Trading assets and private equity and debt investments [Member] | Collateralized debt obligations ("CDOs") and other [Member] | DCF [Member]
Quantitative information about significant unobservable inputs [Line Items]
Interrelationships between valuation inputs	[1]	Change in default probabilities typically accompanied by directionally similar change in loss severities and opposite change in prepayment rates		Change in default probabilities typically accompanied by directionally similar change in loss severities and opposite change in prepayment rates
Trading assets and private equity and debt investments [Member] | Collateralized debt obligations ("CDOs") and other [Member] | DCF [Member] | Yields [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Lower fair value		Lower fair value
Trading assets and private equity and debt investments [Member] | Collateralized debt obligations ("CDOs") and other [Member] | DCF [Member] | Yields [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.068		0.055
Trading assets and private equity and debt investments [Member] | Collateralized debt obligations ("CDOs") and other [Member] | DCF [Member] | Yields [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.30		0.275
Trading assets and private equity and debt investments [Member] | Collateralized debt obligations ("CDOs") and other [Member] | DCF [Member] | Yields [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[5],[6]	0.192		0.131
Trading assets and private equity and debt investments [Member] | Collateralized debt obligations ("CDOs") and other [Member] | DCF [Member] | Prepayment rates [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.20
Impact of increases in significant unobservable valuation inputs	[3],[4]	Lower fair value		Lower fair value
Trading assets and private equity and debt investments [Member] | Collateralized debt obligations ("CDOs") and other [Member] | DCF [Member] | Prepayment rates [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]			0.18
Trading assets and private equity and debt investments [Member] | Collateralized debt obligations ("CDOs") and other [Member] | DCF [Member] | Prepayment rates [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]			0.20
Trading assets and private equity and debt investments [Member] | Collateralized debt obligations ("CDOs") and other [Member] | DCF [Member] | Prepayment rates [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[5],[6]	0.20		0.195
Trading assets and private equity and debt investments [Member] | Collateralized debt obligations ("CDOs") and other [Member] | DCF [Member] | Default probabilities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.02		0.02
Impact of increases in significant unobservable valuation inputs	[3],[4]	Lower fair value		Lower fair value
Trading assets and private equity and debt investments [Member] | Collateralized debt obligations ("CDOs") and other [Member] | DCF [Member] | Default probabilities [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[5],[6]	0.02		0.02
Trading assets and private equity and debt investments [Member] | Collateralized debt obligations ("CDOs") and other [Member] | DCF [Member] | Loss severities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Lower fair value		Lower fair value
Trading assets and private equity and debt investments [Member] | Collateralized debt obligations ("CDOs") and other [Member] | DCF [Member] | Loss severities [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	0.955		0
Trading assets and private equity and debt investments [Member] | Collateralized debt obligations ("CDOs") and other [Member] | DCF [Member] | Loss severities [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[2]	1		1
Trading assets and private equity and debt investments [Member] | Collateralized debt obligations ("CDOs") and other [Member] | DCF [Member] | Loss severities [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading assets and private equity and debt investments	[5],[6]	0.968		0.44
Equity contracts [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Assets	[7]	¥ (5)		¥ 10		26	9	(39)	(41)
Equity contracts [Member] | Option models [Member]
Quantitative information about significant unobservable inputs [Line Items]
Interrelationships between valuation inputs	[1]	No predictable interrelationship		No predictable interrelationship
Equity contracts [Member] | Option models [Member] | Dividend yield [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Equity contracts [Member] | Option models [Member] | Dividend yield [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	0		0
Equity contracts [Member] | Option models [Member] | Dividend yield [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	0.315		0.126
Equity contracts [Member] | Option models [Member] | Dividend yield [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[5],[6]
Equity contracts [Member] | Option models [Member] | Volatilities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Equity contracts [Member] | Option models [Member] | Volatilities [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	0.055		0
Equity contracts [Member] | Option models [Member] | Volatilities [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	1.112		1.097
Equity contracts [Member] | Option models [Member] | Volatilities [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[5],[6]
Equity contracts [Member] | Option models [Member] | Correlations [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Equity contracts [Member] | Option models [Member] | Correlations [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	(0.8)		(0.8)
Equity contracts [Member] | Option models [Member] | Correlations [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	0.97		0.97
Equity contracts [Member] | Option models [Member] | Correlations [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[5],[6]
Interest rate contracts [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Assets	[7]	¥ 35		¥ (11)		20	(28)	(41)	(43)
Interest rate contracts [Member] | DCF / Option models [Member]
Quantitative information about significant unobservable inputs [Line Items]
Interrelationships between valuation inputs	[1]	No predictable interrelationship		No predictable interrelationship
Interest rate contracts [Member] | DCF / Option models [Member] | Interest rates [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Interest rate contracts [Member] | DCF / Option models [Member] | Interest rates [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	0.012		0.003
Interest rate contracts [Member] | DCF / Option models [Member] | Interest rates [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	0.045		0.033
Interest rate contracts [Member] | DCF / Option models [Member] | Interest rates [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[5],[6]
Interest rate contracts [Member] | DCF / Option models [Member] | Volatilities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Interest rate contracts [Member] | DCF / Option models [Member] | Volatilities [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	0.103		0.092
Interest rate contracts [Member] | DCF / Option models [Member] | Volatilities [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	0.171		0.139
Interest rate contracts [Member] | DCF / Option models [Member] | Volatilities [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[5],[6]
Interest rate contracts [Member] | DCF / Option models [Member] | Volatilities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Interest rate contracts [Member] | DCF / Option models [Member] | Volatilities [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	0.00388		0.00348
Interest rate contracts [Member] | DCF / Option models [Member] | Volatilities [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	0.01472		0.01283
Interest rate contracts [Member] | DCF / Option models [Member] | Volatilities [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[5],[6]
Interest rate contracts [Member] | DCF / Option models [Member] | Correlations [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Interest rate contracts [Member] | DCF / Option models [Member] | Correlations [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	(1)		(1)
Interest rate contracts [Member] | DCF / Option models [Member] | Correlations [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	0.99		0.98
Interest rate contracts [Member] | DCF / Option models [Member] | Correlations [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[5],[6]
Credit contracts [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Assets	[7]	¥ (33)		¥ (33)		(30)	(37)	(31)	(38)
Credit contracts [Member] | DCF / Option models [Member]
Quantitative information about significant unobservable inputs [Line Items]
Interrelationships between valuation inputs	[1]	No predictable interrelationship		No predictable interrelationship
Credit contracts [Member] | DCF / Option models [Member] | Credit spreads [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Credit contracts [Member] | DCF / Option models [Member] | Credit spreads [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	0.001		0
Credit contracts [Member] | DCF / Option models [Member] | Credit spreads [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	4.474		4.287
Credit contracts [Member] | DCF / Option models [Member] | Credit spreads [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[5],[6]
Credit contracts [Member] | DCF / Option models [Member] | Recovery rates [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Credit contracts [Member] | DCF / Option models [Member] | Recovery rates [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	0		0
Credit contracts [Member] | DCF / Option models [Member] | Recovery rates [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	0.90		0.90
Credit contracts [Member] | DCF / Option models [Member] | Recovery rates [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[5],[6]
Credit contracts [Member] | DCF / Option models [Member] | Volatilities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Credit contracts [Member] | DCF / Option models [Member] | Volatilities [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	0.595		0.50
Credit contracts [Member] | DCF / Option models [Member] | Volatilities [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	0.685		0.676
Credit contracts [Member] | DCF / Option models [Member] | Volatilities [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[5],[6]
Credit contracts [Member] | DCF / Option models [Member] | Correlations [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Credit contracts [Member] | DCF / Option models [Member] | Correlations [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	0.24		0
Credit contracts [Member] | DCF / Option models [Member] | Correlations [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	0.9		0.9
Credit contracts [Member] | DCF / Option models [Member] | Correlations [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[5],[6]
Foreign exchange contracts [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Assets	[7]	¥ 21		¥ 10		18	10	9	15
Foreign exchange contracts [Member] | Option models [Member]
Quantitative information about significant unobservable inputs [Line Items]
Interrelationships between valuation inputs	[1]	No predictable interrelationship		No predictable interrelationship
Foreign exchange contracts [Member] | Option models [Member] | Interest rates [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Foreign exchange contracts [Member] | Option models [Member] | Interest rates [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	0.036		0.003
Foreign exchange contracts [Member] | Option models [Member] | Interest rates [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	0.036		0.029
Foreign exchange contracts [Member] | Option models [Member] | Interest rates [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[5],[6]
Foreign exchange contracts [Member] | Option models [Member] | Volatilities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Foreign exchange contracts [Member] | Option models [Member] | Volatilities [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	0.024		0.024
Foreign exchange contracts [Member] | Option models [Member] | Volatilities [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	0.431		0.393
Foreign exchange contracts [Member] | Option models [Member] | Volatilities [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[5],[6]
Foreign exchange contracts [Member] | Option models [Member] | Volatilities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Foreign exchange contracts [Member] | Option models [Member] | Volatilities [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	0		0.00139
Foreign exchange contracts [Member] | Option models [Member] | Volatilities [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	0		0.0024
Foreign exchange contracts [Member] | Option models [Member] | Volatilities [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[5],[6]
Foreign exchange contracts [Member] | Option models [Member] | Correlations [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Foreign exchange contracts [Member] | Option models [Member] | Correlations [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	(1)		(0.25)
Foreign exchange contracts [Member] | Option models [Member] | Correlations [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[2]	0.84		0.84
Foreign exchange contracts [Member] | Option models [Member] | Correlations [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Derivatives, net	[5],[6]
Loans and receivables [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Assets		¥ 221		¥ 205		196	123	111	104
Loans and receivables [Member] | DCF [Member]
Quantitative information about significant unobservable inputs [Line Items]
Interrelationships between valuation inputs	[1]	No predictable interrelationship		No predictable interrelationship
Loans and receivables [Member] | DCF [Member] | Credit spreads [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Lower fair value		Lower fair value
Loans and receivables [Member] | DCF [Member] | Credit spreads [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Loans and receivables	[2]	0		0
Loans and receivables [Member] | DCF [Member] | Credit spreads [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Loans and receivables	[2]	0.674		0.215
Loans and receivables [Member] | DCF [Member] | Credit spreads [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Loans and receivables	[5],[6]	0.078		0.06
Loans and receivables [Member] | DCF [Member] | Recovery rates [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Loans and receivables [Member] | DCF [Member] | Recovery rates [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Loans and receivables	[2]	0.40		0.44
Loans and receivables [Member] | DCF [Member] | Recovery rates [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Loans and receivables	[2]	1		1
Loans and receivables [Member] | DCF [Member] | Recovery rates [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Loans and receivables	[5],[6]	0.951		0.982
Collateralized agreements [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Assets		¥ 19		¥ 16		18	13	16	18
Collateralized agreements [Member] | DCF [Member]
Quantitative information about significant unobservable inputs [Line Items]
Interrelationships between valuation inputs	[1]	Not applicable		Not applicable
Collateralized agreements [Member] | DCF [Member] | Repo rate [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Lower fair value		Lower fair value
Collateralized agreements [Member] | DCF [Member] | Repo rate [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Collateralized agreements	[2]	0.028		0.028
Collateralized agreements [Member] | DCF [Member] | Repo rate [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Collateralized agreements	[2]	0.06		0.06
Collateralized agreements [Member] | DCF [Member] | Repo rate [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Collateralized agreements	[5],[6]	0.034		0.036
Non-trading debt securities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Assets		¥ 3				3
Non-trading debt securities [Member] | DCF [Member]
Quantitative information about significant unobservable inputs [Line Items]
Interrelationships between valuation inputs	[1]	No predictable interrelationship
Non-trading debt securities [Member] | DCF [Member] | Credit spreads [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Other assets	[2]	0
Impact of increases in significant unobservable valuation inputs	[3],[4]	Lower fair value
Non-trading debt securities [Member] | DCF [Member] | Credit spreads [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Other assets	[5],[6]	0
Other [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Assets		¥ 189	[8]	¥ 197	[8]	189	209	202	185
Other [Member] | DCF [Member]
Quantitative information about significant unobservable inputs [Line Items]
Interrelationships between valuation inputs	[1],[8]	No predictable interrelationship		No predictable interrelationship
Other [Member] | DCF [Member] | WACC [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Other assets	[2],[8]	0.118		0.101
Impact of increases in significant unobservable valuation inputs	[3],[4],[8]	Lower fair value		Lower fair value
Other [Member] | DCF [Member] | WACC [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Other assets	[5],[6],[8]	0.118		0.101
Other [Member] | DCF [Member] | Growth rates [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Other assets	[2],[8]	0.03		0.02
Impact of increases in significant unobservable valuation inputs	[3],[4],[8]	Higher fair value		Higher fair value
Other [Member] | DCF [Member] | Growth rates [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Other assets	[5],[6],[8]	0.03		0.02
Other [Member] | DCF [Member] | Liquidity discounts [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Other assets	[2],[8]	0.10		0.10
Impact of increases in significant unobservable valuation inputs	[3],[4],[8]	Lower fair value		Lower fair value
Other [Member] | DCF [Member] | Liquidity discounts [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Other assets	[5],[6],[8]	0.10		0.10
Other [Member] | Market multiples [Member]
Quantitative information about significant unobservable inputs [Line Items]
Interrelationships between valuation inputs	[1],[8]	Generally changes in multiples result in a corresponding similar directional change in a fair value measurement, assuming earnings levels remain constant.		Generally changes in multiples result in a corresponding similar directional change in a fair value measurement, assuming earnings levels remain constant.
Other [Member] | Market multiples [Member] | EV/EBITDA ratios [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4],[8]	Higher fair value		Higher fair value
Other [Member] | Market multiples [Member] | EV/EBITDA ratios [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Other assets	[2],[8]	3.8		3.6
Other [Member] | Market multiples [Member] | EV/EBITDA ratios [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Other assets	[2],[8]	5.3		5.9
Other [Member] | Market multiples [Member] | EV/EBITDA ratios [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Other assets	[5],[6],[8]	4.3		4.4
Other [Member] | Market multiples [Member] | PE Ratios [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4],[8]	Higher fair value		Higher fair value
Other [Member] | Market multiples [Member] | PE Ratios [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Other assets	[2],[8]	8.2		6.7
Other [Member] | Market multiples [Member] | PE Ratios [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Other assets	[2],[8]	30.8		30.8
Other [Member] | Market multiples [Member] | PE Ratios [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Other assets	[5],[6],[8]	10.8		13.1
Other [Member] | Market multiples [Member] | Price/Book ratios [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4],[8]	Higher fair value		Higher fair value
Other [Member] | Market multiples [Member] | Price/Book ratios [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Other assets	[2],[8]	0.3		0.3
Other [Member] | Market multiples [Member] | Price/Book ratios [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Other assets	[2],[8]	1.6		1.7
Other [Member] | Market multiples [Member] | Price/Book ratios [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Other assets	[5],[6],[8]	0.8		0.9
Other [Member] | Market multiples [Member] | Liquidity discounts [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4],[8]	Lower fair value		Lower fair value
Other [Member] | Market multiples [Member] | Liquidity discounts [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Other assets	[2],[8]	0.25		0.25
Other [Member] | Market multiples [Member] | Liquidity discounts [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Other assets	[2],[8]	0.30		0.40
Other [Member] | Market multiples [Member] | Liquidity discounts [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Other assets	[5],[6],[8]	0.299		0.306
Trading liabilities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Liabilities		¥ 5		¥ 3		6	6	2	7
Trading liabilities [Member] | Equities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Liabilities		1		0		1	0	0	0
Trading liabilities [Member] | Foreign government, agency and municipal securities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Liabilities		0		0		0	0	0	1
Trading liabilities [Member] | Collateralized debt obligations ("CDOs") and other [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Liabilities				0		0	0	0	1
Trading liabilities [Member] | Bank and corporate debt securities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Liabilities		¥ 4		¥ 3		5	6	2	5
Trading liabilities [Member] | Bank and corporate debt securities [Member] | DCF [Member]
Quantitative information about significant unobservable inputs [Line Items]
Interrelationships between valuation inputs	[1]	Not applicable		Not applicable
Trading liabilities [Member] | Bank and corporate debt securities [Member] | DCF [Member] | Recovery rates [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Trading liabilities [Member] | Bank and corporate debt securities [Member] | DCF [Member] | Recovery rates [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading liabilities	[2]	0.056		0.039
Trading liabilities [Member] | Bank and corporate debt securities [Member] | DCF [Member] | Recovery rates [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading liabilities	[2]	0.985		0.97
Trading liabilities [Member] | Bank and corporate debt securities [Member] | DCF [Member] | Recovery rates [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Trading liabilities	[5],[6]	0.858		0.841
Short-term borrowings [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Liabilities		¥ 29		¥ 58		35	86	94	103
Short-term borrowings [Member] | DCF / Option models [Member]
Quantitative information about significant unobservable inputs [Line Items]
Interrelationships between valuation inputs	[1]	No predictable interrelationship		No predictable interrelationship
Short-term borrowings [Member] | DCF / Option models [Member] | Volatilities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Short-term borrowings [Member] | DCF / Option models [Member] | Volatilities [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Short-term borrowings	[2]	0.115		0.05
Short-term borrowings [Member] | DCF / Option models [Member] | Volatilities [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Short-term borrowings	[2]	1.112		0.97
Short-term borrowings [Member] | DCF / Option models [Member] | Volatilities [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Short-term borrowings	[5],[6]
Short-term borrowings [Member] | DCF / Option models [Member] | Correlations [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Short-term borrowings [Member] | DCF / Option models [Member] | Correlations [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Short-term borrowings	[2]	(0.65)		(0.8)
Short-term borrowings [Member] | DCF / Option models [Member] | Correlations [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Short-term borrowings	[2]	0.97		0.93
Short-term borrowings [Member] | DCF / Option models [Member] | Correlations [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Short-term borrowings	[5],[6]
Payables and deposits [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Liabilities		¥ 21		¥ 8		25	2	2	1
Payables and deposits [Member] | DCF / Option models [Member]
Quantitative information about significant unobservable inputs [Line Items]
Interrelationships between valuation inputs	[1]	No predictable interrelationship		No predictable interrelationship
Payables and deposits [Member] | DCF / Option models [Member] | Volatilities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Payables and deposits [Member] | DCF / Option models [Member] | Volatilities [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Payables and deposits	[2]	0.103		0.092
Payables and deposits [Member] | DCF / Option models [Member] | Volatilities [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Payables and deposits	[2]	0.113		0.113
Payables and deposits [Member] | DCF / Option models [Member] | Volatilities [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Payables and deposits	[5],[6]
Payables and deposits [Member] | DCF / Option models [Member] | Volatilities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]			Higher fair value
Payables and deposits [Member] | DCF / Option models [Member] | Volatilities [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Payables and deposits	[2]			0.00412
Payables and deposits [Member] | DCF / Option models [Member] | Volatilities [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Payables and deposits	[2]			0.00696
Payables and deposits [Member] | DCF / Option models [Member] | Volatilities [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Payables and deposits	[5],[6]
Payables and deposits [Member] | DCF / Option models [Member] | Correlations [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Payables and deposits [Member] | DCF / Option models [Member] | Correlations [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Payables and deposits	[2]	0.34		0.34
Payables and deposits [Member] | DCF / Option models [Member] | Correlations [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Payables and deposits	[2]	0.98		0.98
Payables and deposits [Member] | DCF / Option models [Member] | Correlations [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Payables and deposits	[5],[6]
Long-term borrowings [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Liabilities		¥ 415		¥ 479		442	511	508	547
Long-term borrowings [Member] | DCF [Member]
Quantitative information about significant unobservable inputs [Line Items]
Interrelationships between valuation inputs	[1]	Not applicable		Not applicable
Long-term borrowings [Member] | DCF [Member] | Loss severities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Long-term borrowings	[2]	0		0
Impact of increases in significant unobservable valuation inputs	[3],[4]	Lower fair value		Lower fair value
Long-term borrowings [Member] | DCF [Member] | Loss severities [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Long-term borrowings	[5],[6]	0		0
Long-term borrowings [Member] | DCF / Option models [Member]
Quantitative information about significant unobservable inputs [Line Items]
Interrelationships between valuation inputs	[1]	No predictable interrelationship		No predictable interrelationship
Long-term borrowings [Member] | DCF / Option models [Member] | Volatilities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Long-term borrowings [Member] | DCF / Option models [Member] | Volatilities [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Long-term borrowings	[2]	0.103		0.05
Long-term borrowings [Member] | DCF / Option models [Member] | Volatilities [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Long-term borrowings	[2]	1.112		0.97
Long-term borrowings [Member] | DCF / Option models [Member] | Volatilities [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Long-term borrowings	[5],[6]
Long-term borrowings [Member] | DCF / Option models [Member] | Volatilities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Long-term borrowings	[2]	0.00669
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Long-term borrowings [Member] | DCF / Option models [Member] | Volatilities [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Long-term borrowings	[2]			0.00412
Long-term borrowings [Member] | DCF / Option models [Member] | Volatilities [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Long-term borrowings	[2]			0.00696
Long-term borrowings [Member] | DCF / Option models [Member] | Volatilities [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Long-term borrowings	[5],[6]
Long-term borrowings [Member] | DCF / Option models [Member] | Correlations [Member]
Quantitative information about significant unobservable inputs [Line Items]
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Long-term borrowings [Member] | DCF / Option models [Member] | Correlations [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Long-term borrowings	[2]	(1)		(1)
Long-term borrowings [Member] | DCF / Option models [Member] | Correlations [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Long-term borrowings	[2]	0.98		0.98
Long-term borrowings [Member] | DCF / Option models [Member] | Correlations [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Long-term borrowings	[5],[6]
Other liabilities [Member]
Quantitative information about significant unobservable inputs [Line Items]
Fair Value, Financial Instrument, Liabilities		¥ 23		¥ 32		¥ 26	¥ 24	¥ 33	¥ 35
Other liabilities [Member] | DCF [Member]
Quantitative information about significant unobservable inputs [Line Items]
Interrelationships between valuation inputs	[1]	Not applicable		Not applicable
Other liabilities [Member] | DCF [Member] | Recovery rates [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Other liabilities	[2]			0.90
Impact of increases in significant unobservable valuation inputs	[3],[4]	Higher fair value		Higher fair value
Other liabilities [Member] | DCF [Member] | Recovery rates [Member] | Minimum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Other liabilities	[2]	0.908
Other liabilities [Member] | DCF [Member] | Recovery rates [Member] | Maximum [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Other liabilities	[2]	0.985
Other liabilities [Member] | DCF [Member] | Recovery rates [Member] | Weighted Average [Member]
Quantitative information about significant unobservable inputs [Line Items]
Valuation inputs, Other liabilities	[5],[6]	0.927		0.90

[1] 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.

[2] 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.

[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 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.

[5] 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.

[6] Weighted average information for non-derivatives is calculated by weighting each valuation input by the fair value of the financial instrument.

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

[8] Valuation techniques and unobservable valuation inputs in respect of equity securities reported within Other assets in the consolidated balance sheets.

XML

Fair value measurements - Schedule of movements in Level 3 financial instruments (Detail) - Recurring [Member] - Level 3 [Member] - JPY (¥) ¥ in Billions		3 Months Ended			6 Months Ended
		Sep. 30, 2022		Sep. 30, 2021	Sep. 30, 2022		Sep. 30, 2021
Assets [Abstract]
Beginning balance, Assets		¥ 909		¥ 624	¥ 792		¥ 566
Total gains (losses) recognized in net revenue, Assets	[1]	6		28	4		44
Total gains (losses) recognized in other comprehensive income, Assets		0			0
Purchases/ issues, Assets	[2]	146		147	331		306
Sales/ redemptions, Assets	[2]	(185)		(200)	(346)		(321)
Settlements, Assets		(18)		11	(5)		14
Foreign exchange movements, Assets		36		5	102		4
Transfers into Level 3, Assets	[3],[4]	42		41	104		55
Transfers out of Level 3, Assets	[4]	(8)		7	(54)		(5)
Ending balance, Assets		928		663	928		663
Liabilities [Abstract]
Beginning balance, Liabilities		534		639	580		694
Total gains (losses) recognized in net revenue, Liabilities	[1]	(3)		5	23		(20)
Total gains (losses) recognized in other comprehensive income, Liabilities		2		0	3		2
Purchases/ issues, Liabilities	[2]	50		180	168		384
Sales/ redemptions, Liabilities	[2]	(40)		(170)	(105)		(363)
Settlements, Liabilities
Foreign exchange movements, Liabilities		4		0	8		0
Transfers into Level 3, Liabilities	[3],[4]	21		14	54		35
Transfers out of Level 3, Liabilities	[4]	(77)		(29)	(186)		(139)
Ending balance, Liabilities		493		629	493		629
Trading assets and private equity and debt investments [Member]
Assets [Abstract]
Beginning balance, Assets		469		397	398		366
Total gains (losses) recognized in net revenue, Assets	[1]	1		1	(13)		6
Total gains (losses) recognized in other comprehensive income, Assets
Purchases/ issues, Assets	[2]	128		139	305		292
Sales/ redemptions, Assets	[2]	(164)		(186)	(293)		(298)
Settlements, Assets
Foreign exchange movements, Assets		20		3	49		2
Transfers into Level 3, Assets	[3],[4]	34		14	57		26
Transfers out of Level 3, Assets	[4]	(10)		(4)	(25)		(30)
Ending balance, Assets		478		364	478		364
Trading assets and private equity and debt investments [Member] | Equities [Member]
Assets [Abstract]
Beginning balance, Assets		19		11	14		16
Total gains (losses) recognized in net revenue, Assets	[1]	2		0	0		0
Total gains (losses) recognized in other comprehensive income, Assets
Purchases/ issues, Assets	[2]	1		1	7		1
Sales/ redemptions, Assets	[2]	(2)		(1)	(2)		(6)
Settlements, Assets
Foreign exchange movements, Assets		1		0	2		0
Transfers into Level 3, Assets	[3],[4]	1		1	1		2
Transfers out of Level 3, Assets	[4]	(6)		0	(6)		(1)
Ending balance, Assets		16		12	16		12
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member]
Assets [Abstract]
Beginning balance, Assets		32		45	32		58
Total gains (losses) recognized in net revenue, Assets	[1]	3		(1)	2		2
Total gains (losses) recognized in other comprehensive income, Assets
Purchases/ issues, Assets	[2]	5		4	7		3
Sales/ redemptions, Assets	[2]	(1)		(1)	(2)		(3)
Settlements, Assets
Foreign exchange movements, Assets		0		0	0		0
Transfers into Level 3, Assets	[3],[4]
Transfers out of Level 3, Assets	[4]						(13)
Ending balance, Assets		39		47	39		47
Trading assets and private equity and debt investments [Member] | Japanese agency and municipal securities [Member]
Assets [Abstract]
Beginning balance, Assets		2		2	2		2
Total gains (losses) recognized in net revenue, Assets	[1]	0		0	0		0
Total gains (losses) recognized in other comprehensive income, Assets
Purchases/ issues, Assets	[2]			0			0
Sales/ redemptions, Assets	[2]	0		0	0		0
Settlements, Assets
Foreign exchange movements, Assets
Transfers into Level 3, Assets	[3],[4]
Transfers out of Level 3, Assets	[4]
Ending balance, Assets		2		2	2		2
Trading assets and private equity and debt investments [Member] | Foreign government, agency and municipal securities [Member]
Assets [Abstract]
Beginning balance, Assets		12		13	10		12
Total gains (losses) recognized in net revenue, Assets	[1]	0		0	2		0
Total gains (losses) recognized in other comprehensive income, Assets
Purchases/ issues, Assets	[2]	2		1	7		6
Sales/ redemptions, Assets	[2]	(3)		(5)	(8)		(9)
Settlements, Assets
Foreign exchange movements, Assets		0		0	0		0
Transfers into Level 3, Assets	[3],[4]	0		1	0		2
Transfers out of Level 3, Assets	[4]	(1)		0	(1)		(1)
Ending balance, Assets		10		10	10		10
Trading assets and private equity and debt investments [Member] | Bank and corporate debt securities and loans for trading purposes [Member]
Assets [Abstract]
Beginning balance, Assets		260		131	220		135
Total gains (losses) recognized in net revenue, Assets	[1]	(3)		1	(1)		2
Total gains (losses) recognized in other comprehensive income, Assets
Purchases/ issues, Assets	[2]	72		18	157		32
Sales/ redemptions, Assets	[2]	(98)		(27)	(168)		(45)
Settlements, Assets
Foreign exchange movements, Assets		11		1	27		1
Transfers into Level 3, Assets	[3],[4]	33		12	55		22
Transfers out of Level 3, Assets	[4]	(3)		(4)	(18)		(15)
Ending balance, Assets		272		132	272		132
Trading assets and private equity and debt investments [Member] | Commercial mortgage-backed securities ("CMBS") [Member]
Assets [Abstract]
Beginning balance, Assets		7		8	7		8
Total gains (losses) recognized in net revenue, Assets	[1]	0		0	0		0
Total gains (losses) recognized in other comprehensive income, Assets
Purchases/ issues, Assets	[2]				0		0
Sales/ redemptions, Assets	[2]	0		0	0		0
Settlements, Assets
Foreign exchange movements, Assets				0			0
Transfers into Level 3, Assets	[3],[4]	0			0
Transfers out of Level 3, Assets	[4]			0			0
Ending balance, Assets		7		8	7		8
Trading assets and private equity and debt investments [Member] | Residential mortgage-backed securities ("RMBS") [Member]
Assets [Abstract]
Beginning balance, Assets		9		7	8		6
Total gains (losses) recognized in net revenue, Assets	[1]	0		1	(1)		0
Total gains (losses) recognized in other comprehensive income, Assets
Purchases/ issues, Assets	[2]	0		1	0		3
Sales/ redemptions, Assets	[2]	(1)		(2)	(1)		(2)
Settlements, Assets
Foreign exchange movements, Assets		1		0	2		0
Transfers into Level 3, Assets	[3],[4]				1
Transfers out of Level 3, Assets	[4]
Ending balance, Assets		9		7	9		7
Trading assets and private equity and debt investments [Member] | Real estate-backed securities [Member]
Assets [Abstract]
Beginning balance, Assets		105		158	79		106
Total gains (losses) recognized in net revenue, Assets	[1]	(3)		0	(13)		3
Total gains (losses) recognized in other comprehensive income, Assets
Purchases/ issues, Assets	[2]	36		84	98		195
Sales/ redemptions, Assets	[2]	(41)		(121)	(75)		(182)
Settlements, Assets
Foreign exchange movements, Assets		6		2	14		1
Transfers into Level 3, Assets	[3],[4]
Transfers out of Level 3, Assets	[4]
Ending balance, Assets		103		123	103		123
Trading assets and private equity and debt investments [Member] | Collateralized debt obligations ("CDOs") and other [Member]
Assets [Abstract]
Beginning balance, Assets		23		21	26		23
Total gains (losses) recognized in net revenue, Assets	[1]	2		0	(2)		(1)
Total gains (losses) recognized in other comprehensive income, Assets
Purchases/ issues, Assets	[2]	12		15	29		36
Sales/ redemptions, Assets	[2]	(18)		(13)	(37)		(35)
Settlements, Assets
Foreign exchange movements, Assets		1		0	4		0
Transfers into Level 3, Assets	[3],[4]	0			0
Transfers out of Level 3, Assets	[4]
Ending balance, Assets		20		23	20		23
Trading assets and private equity and debt investments [Member] | Investment trust funds and other [Member]
Assets [Abstract]
Beginning balance, Assets		0		1	0		0
Total gains (losses) recognized in net revenue, Assets	[1]	0		0	0		0
Total gains (losses) recognized in other comprehensive income, Assets
Purchases/ issues, Assets	[2]	0		15	0		16
Sales/ redemptions, Assets	[2]	0		(16)	0		(16)
Settlements, Assets
Foreign exchange movements, Assets		0		0	0		0
Transfers into Level 3, Assets	[3],[4]	0			0		0
Transfers out of Level 3, Assets	[4]
Ending balance, Assets		0		0	0		0
Equity contracts [Member]
Assets [Abstract]
Beginning balance, Assets	[5]	26		(39)	10		(41)
Total gains (losses) recognized in net revenue, Assets	[1],[5]	(2)		21	12		20
Total gains (losses) recognized in other comprehensive income, Assets	[5]
Purchases/ issues, Assets	[2],[5]
Sales/ redemptions, Assets	[2],[5]
Settlements, Assets	[5]	(27)		3	(25)		1
Foreign exchange movements, Assets	[5]	(2)		(1)	(3)		(1)
Transfers into Level 3, Assets	[3],[4],[5]	(5)		6	(1)		(2)
Transfers out of Level 3, Assets	[4],[5]	5		19	2		32
Ending balance, Assets	[5]	(5)		9	(5)		9
Interest rate contracts [Member]
Assets [Abstract]
Beginning balance, Assets	[5]	20		(41)	(11)		(43)
Total gains (losses) recognized in net revenue, Assets	[1],[5]	20		(1)	22		(3)
Total gains (losses) recognized in other comprehensive income, Assets	[5]
Purchases/ issues, Assets	[2],[5]
Sales/ redemptions, Assets	[2],[5]	0			0
Settlements, Assets	[5]	0		9	17		11
Foreign exchange movements, Assets	[5]	(1)		0	0		(1)
Transfers into Level 3, Assets	[3],[4],[5]	(2)		5	11		6
Transfers out of Level 3, Assets	[4],[5]	(2)		0	(4)		2
Ending balance, Assets	[5]	35		(28)	35		(28)
Credit contracts [Member]
Assets [Abstract]
Beginning balance, Assets	[5]	(30)		(31)	(33)		(38)
Total gains (losses) recognized in net revenue, Assets	[1],[5]	(5)		(5)	12		(1)
Total gains (losses) recognized in other comprehensive income, Assets	[5]
Purchases/ issues, Assets	[2],[5]
Sales/ redemptions, Assets	[2],[5]
Settlements, Assets	[5]	4		1	(6)		3
Foreign exchange movements, Assets	[5]	0		0	(4)		0
Transfers into Level 3, Assets	[3],[4],[5]	(2)		(2)	(2)		(2)
Transfers out of Level 3, Assets	[4],[5]	0		0	0		1
Ending balance, Assets	[5]	(33)		(37)	(33)		(37)
Foreign exchange contracts [Member]
Assets [Abstract]
Beginning balance, Assets	[5]	18		9	10		15
Total gains (losses) recognized in net revenue, Assets	[1],[5]	(1)		4	0		(3)
Total gains (losses) recognized in other comprehensive income, Assets	[5]
Purchases/ issues, Assets	[2],[5]
Sales/ redemptions, Assets	[2],[5]
Settlements, Assets	[5]	5		(2)	9		(1)
Foreign exchange movements, Assets	[5]	0		0	2		0
Transfers into Level 3, Assets	[3],[4],[5]	0		0	0		0
Transfers out of Level 3, Assets	[4],[5]	(1)		(1)	0		(1)
Ending balance, Assets	[5]	21		10	21		10
Derivatives, net [Member]
Assets [Abstract]
Beginning balance, Assets	[5]	34		(102)	(24)		(107)
Total gains (losses) recognized in net revenue, Assets	[1],[5]	12		19	46		13
Total gains (losses) recognized in other comprehensive income, Assets	[5]
Purchases/ issues, Assets	[2],[5]
Sales/ redemptions, Assets	[2],[5]	0			0
Settlements, Assets	[5]	(18)		11	(5)		14
Foreign exchange movements, Assets	[5]	(3)		(1)	(5)		(2)
Transfers into Level 3, Assets	[3],[4],[5]	(9)		9	8		2
Transfers out of Level 3, Assets	[4],[5]	2		18	(2)		34
Ending balance, Assets	[5]	18		(46)	18		(46)
Subtotal [Member]
Assets [Abstract]
Beginning balance, Assets		503		295	374		259
Total gains (losses) recognized in net revenue, Assets	[1]	13		20	33		19
Total gains (losses) recognized in other comprehensive income, Assets
Purchases/ issues, Assets	[2]	128		139	305		292
Sales/ redemptions, Assets	[2]	(164)		(186)	(293)		(298)
Settlements, Assets		(18)		11	(5)		14
Foreign exchange movements, Assets		17		2	44		0
Transfers into Level 3, Assets	[3],[4]	25		23	65		28
Transfers out of Level 3, Assets	[4]	(8)		14	(27)		4
Ending balance, Assets		496		318	496		318
Loans and receivables [Member]
Assets [Abstract]
Beginning balance, Assets		196		111	205		104
Total gains (losses) recognized in net revenue, Assets	[1]	3		3	5		2
Total gains (losses) recognized in other comprehensive income, Assets
Purchases/ issues, Assets	[2]	18		8	25		14
Sales/ redemptions, Assets	[2]	(21)		(11)	(52)		(18)
Settlements, Assets
Foreign exchange movements, Assets		9		1	29		2
Transfers into Level 3, Assets	[3],[4]	16		18	36		27
Transfers out of Level 3, Assets	[4]			(7)	(27)		(8)
Ending balance, Assets		221		123	221		123
Collateralized agreements [Member]
Assets [Abstract]
Beginning balance, Assets		18		16	16		18
Total gains (losses) recognized in net revenue, Assets	[1]	0		0	0		0
Total gains (losses) recognized in other comprehensive income, Assets
Purchases/ issues, Assets	[2]
Sales/ redemptions, Assets	[2]			(3)			(5)
Settlements, Assets
Foreign exchange movements, Assets		1		0	3		0
Transfers into Level 3, Assets	[3],[4]
Transfers out of Level 3, Assets	[4]
Ending balance, Assets		19		13	19		13
Non-trading debt securities [Member]
Assets [Abstract]
Beginning balance, Assets		3
Total gains (losses) recognized in net revenue, Assets	[1]	0			0
Total gains (losses) recognized in other comprehensive income, Assets
Purchases/ issues, Assets	[2]	0			0
Sales/ redemptions, Assets	[2]
Settlements, Assets
Foreign exchange movements, Assets		0			1
Transfers into Level 3, Assets	[3],[4]				2
Transfers out of Level 3, Assets	[4]
Ending balance, Assets		3			3
Other [Member]
Assets [Abstract]
Beginning balance, Assets		189		202	197	[6]	185
Total gains (losses) recognized in net revenue, Assets	[1]	(10)		5	(34)		23
Total gains (losses) recognized in other comprehensive income, Assets		0			0
Purchases/ issues, Assets	[2]	0			1		0
Sales/ redemptions, Assets	[2]	0			(1)		0
Settlements, Assets
Foreign exchange movements, Assets		9		2	25		2
Transfers into Level 3, Assets	[3],[4]	1		0	1		0
Transfers out of Level 3, Assets	[4]						(1)
Ending balance, Assets		189	[6]	209	189	[6]	209
Trading liabilities [Member]
Liabilities [Abstract]
Beginning balance, Liabilities		6		2	3		7
Total gains (losses) recognized in net revenue, Liabilities	[1]	0		0	0		0
Total gains (losses) recognized in other comprehensive income, Liabilities
Purchases/ issues, Liabilities	[2]	0		2	2		3
Sales/ redemptions, Liabilities	[2]	(3)		(1)	(5)		(3)
Settlements, Liabilities
Foreign exchange movements, Liabilities		0		0	0		0
Transfers into Level 3, Liabilities	[3],[4]	2		4	5		3
Transfers out of Level 3, Liabilities	[4]	0		(1)	0		(4)
Ending balance, Liabilities		5		6	5		6
Trading liabilities [Member] | Equities [Member]
Liabilities [Abstract]
Beginning balance, Liabilities		1		0	0		0
Total gains (losses) recognized in net revenue, Liabilities	[1]	0		0	0		0
Total gains (losses) recognized in other comprehensive income, Liabilities
Purchases/ issues, Liabilities	[2]				0		0
Sales/ redemptions, Liabilities	[2]	0		0	(1)		0
Settlements, Liabilities
Foreign exchange movements, Liabilities		0		0	0		0
Transfers into Level 3, Liabilities	[3],[4]	0			2
Transfers out of Level 3, Liabilities	[4]						0
Ending balance, Liabilities		1		0	1		0
Trading liabilities [Member] | Foreign government, agency and municipal securities [Member]
Liabilities [Abstract]
Beginning balance, Liabilities		0		0	0		1
Total gains (losses) recognized in net revenue, Liabilities	[1]	0		0	0		0
Total gains (losses) recognized in other comprehensive income, Liabilities
Purchases/ issues, Liabilities	[2]
Sales/ redemptions, Liabilities	[2]	0		0			(1)
Settlements, Liabilities
Foreign exchange movements, Liabilities		0		0	0		0
Transfers into Level 3, Liabilities	[3],[4]
Transfers out of Level 3, Liabilities	[4]
Ending balance, Liabilities		0		0	0		0
Trading liabilities [Member] | Bank and corporate debt securities [Member]
Liabilities [Abstract]
Beginning balance, Liabilities		5		2	3		5
Total gains (losses) recognized in net revenue, Liabilities	[1]	0		0	0		0
Total gains (losses) recognized in other comprehensive income, Liabilities
Purchases/ issues, Liabilities	[2]	0		2	1		3
Sales/ redemptions, Liabilities	[2]	(3)		(1)	(3)		(1)
Settlements, Liabilities
Foreign exchange movements, Liabilities		0		0	0		0
Transfers into Level 3, Liabilities	[3],[4]	2		4	3		3
Transfers out of Level 3, Liabilities	[4]	0		(1)	0		(4)
Ending balance, Liabilities		4		6	4		6
Trading liabilities [Member] | Collateralized debt obligations ("CDOs") and other [Member]
Liabilities [Abstract]
Beginning balance, Liabilities		0		0	0		1
Total gains (losses) recognized in net revenue, Liabilities	[1]			0			0
Total gains (losses) recognized in other comprehensive income, Liabilities
Purchases/ issues, Liabilities	[2]			0	1		0
Sales/ redemptions, Liabilities	[2]	0		0	(1)		(1)
Settlements, Liabilities
Foreign exchange movements, Liabilities				0	0		0
Transfers into Level 3, Liabilities	[3],[4]						0
Transfers out of Level 3, Liabilities	[4]
Ending balance, Liabilities				0			0
Trading liabilities [Member] | Investment trust funds and other [Member]
Liabilities [Abstract]
Beginning balance, Liabilities		0		0	0		0
Total gains (losses) recognized in net revenue, Liabilities	[1]	0		0	0		0
Total gains (losses) recognized in other comprehensive income, Liabilities
Purchases/ issues, Liabilities	[2]						0
Sales/ redemptions, Liabilities	[2]	0		0	0		0
Settlements, Liabilities
Foreign exchange movements, Liabilities		0		0	0		0
Transfers into Level 3, Liabilities	[3],[4]
Transfers out of Level 3, Liabilities	[4]
Ending balance, Liabilities		0		0	0		0
Short-term borrowings [Member]
Liabilities [Abstract]
Beginning balance, Liabilities		35		94	58		103
Total gains (losses) recognized in net revenue, Liabilities	[1]	(2)		2	0		(7)
Total gains (losses) recognized in other comprehensive income, Liabilities		0		0	0		0
Purchases/ issues, Liabilities	[2]	9		49	26		92
Sales/ redemptions, Liabilities	[2]	(10)		(48)	(16)		(89)
Settlements, Liabilities
Foreign exchange movements, Liabilities		0		0	0		0
Transfers into Level 3, Liabilities	[3],[4]	3		3	4		8
Transfers out of Level 3, Liabilities	[4]	(10)		(10)	(43)		(35)
Ending balance, Liabilities		29		86	29		86
Payables and deposits [Member]
Liabilities [Abstract]
Beginning balance, Liabilities		25		2	8		1
Total gains (losses) recognized in net revenue, Liabilities	[1]	0		0	1		0
Total gains (losses) recognized in other comprehensive income, Liabilities		0		0	0		0
Purchases/ issues, Liabilities	[2]	4		0	15		0
Sales/ redemptions, Liabilities	[2]
Settlements, Liabilities
Foreign exchange movements, Liabilities
Transfers into Level 3, Liabilities	[3],[4]			0	7		1
Transfers out of Level 3, Liabilities	[4]	(8)		0	(8)		0
Ending balance, Liabilities		21		2	21		2
Collateralized financing [Member]
Liabilities [Abstract]
Beginning balance, Liabilities							1
Total gains (losses) recognized in net revenue, Liabilities	[1]
Total gains (losses) recognized in other comprehensive income, Liabilities							0
Purchases/ issues, Liabilities	[2]
Sales/ redemptions, Liabilities	[2]
Settlements, Liabilities
Foreign exchange movements, Liabilities
Transfers into Level 3, Liabilities	[3],[4]
Transfers out of Level 3, Liabilities	[4]						(1)
Ending balance, Liabilities
Long-term borrowings [Member]
Liabilities [Abstract]
Beginning balance, Liabilities		442		508	479		547
Total gains (losses) recognized in net revenue, Liabilities	[1]	0		5	13		(9)
Total gains (losses) recognized in other comprehensive income, Liabilities		2		0	3		2
Purchases/ issues, Liabilities	[2]	37		129	122		289
Sales/ redemptions, Liabilities	[2]	(22)		(110)	(77)		(256)
Settlements, Liabilities
Foreign exchange movements, Liabilities		2		0	3		0
Transfers into Level 3, Liabilities	[3],[4]	16		7	38		23
Transfers out of Level 3, Liabilities	[4]	(58)		(18)	(134)		(99)
Ending balance, Liabilities		415		511	415		511
Other liabilities [Member]
Liabilities [Abstract]
Beginning balance, Liabilities		26		33	32		35
Total gains (losses) recognized in net revenue, Liabilities	[1]	(1)		(2)	9		(4)
Total gains (losses) recognized in other comprehensive income, Liabilities
Purchases/ issues, Liabilities	[2]	0		0	3		0
Sales/ redemptions, Liabilities	[2]	(5)		(11)	(7)		(15)
Settlements, Liabilities
Foreign exchange movements, Liabilities		2		0	5		0
Transfers into Level 3, Liabilities	[3],[4]	0			0		0
Transfers out of Level 3, Liabilities	[4]	(1)		0	(1)		0
Ending balance, Liabilities		¥ 23		¥ 24	¥ 23		¥ 24

[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] 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, 2021 and 2022.

[4] 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.

[5] Derivatives which contain multiple types of risk are classified based on the primary risk type of the instrument.

[6] Valuation techniques and unobservable valuation inputs in respect of equity securities reported within Other assets in the consolidated balance sheets.

XML

Fair value measurements - Schedule of unrealized gains and losses recognized for Level 3 financial instruments (Detail) - Recurring [Member] - Level 3 [Member] - JPY (¥) ¥ in Billions		3 Months Ended		6 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Assets	[1]	¥ 4	¥ 29	¥ (10)	¥ 43
Unrealized gains/(losses), Liabilities	[1]	5	13	34	6
Trading assets and private equity and debt investments [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Assets	[1]	2	(1)	(2)	3
Trading assets and private equity and debt investments [Member] | Equities [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Assets	[1]	2	1	0	0
Trading assets and private equity and debt investments [Member] | Private equity and debt investments [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Assets	[1]	3	1	2	2
Trading assets and private equity and debt investments [Member] | Japanese agency and municipal securities [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Assets	[1]	0	0	0	0
Trading assets and private equity and debt investments [Member] | Foreign government, agency and municipal securities [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Assets	[1]	0	0	0	0
Trading assets and private equity and debt investments [Member] | Bank and corporate debt securities and loans for trading purposes [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Assets	[1]	(2)	0	0	1
Trading assets and private equity and debt investments [Member] | Commercial mortgage-backed securities ("CMBS") [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Assets	[1]	0	0	0	0
Trading assets and private equity and debt investments [Member] | Residential mortgage-backed securities ("RMBS") [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Assets	[1]	0	0	0	0
Trading assets and private equity and debt investments [Member] | Real estate-backed securities [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Assets	[1]	(2)	(1)	(1)	2
Trading assets and private equity and debt investments [Member] | Collateralized debt obligations ("CDOs") and other [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Assets	[1]	1	(2)	(3)	(2)
Trading assets and private equity and debt investments [Member] | Investment trust funds and other [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Assets	[1]	0	0	0	0
Equity contracts [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Assets	[1],[2]	4	25	11	24
Interest rate contracts [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Assets	[1],[2]	11	(4)	15	(9)
Credit contracts [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Assets	[1],[2]	(5)	(3)	3	2
Foreign exchange contracts [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Assets	[1],[2]	(2)	5	(7)	(1)
Derivatives, net [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Assets	[1],[2]	8	23	22	16
Subtotal [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Assets	[1]	10	22	20	19
Loans and receivables [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Assets	[1]	3	2	4	1
Collateralized agreements [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Assets	[1]	0		0	0
Other [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Assets	[1]	(9)	5	(34)	23
Trading liabilities [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Liabilities	[1]	0	0	0	0
Trading liabilities [Member] | Equities [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Liabilities	[1]	0		0
Trading liabilities [Member] | Foreign government, agency and municipal securities [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Liabilities	[1]			0	0
Trading liabilities [Member] | Bank and corporate debt securities [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Liabilities	[1]	0	0	0	0
Trading liabilities [Member] | Collateralized debt obligations ("CDOs") and other [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Liabilities	[1]		0
Short-term borrowings [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Liabilities	[1],[3]	(1)	5	0	3
Payables and deposits [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Liabilities	[1],[3]	0	0	1	0
Long-term borrowings [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Liabilities	[1],[3]	5	8	19	4
Other liabilities [Member]
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items]
Unrealized gains/(losses), Liabilities	[1]	¥ 1	¥ 0	¥ 14	¥ (1)

[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 ¥2 billion and ¥3 billion for the six months ended September 30, 2021 and 2022 respectively and ¥0 billion and ¥2 billion for the three months ended September 30, 2021 and 2022, respectively.

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Fair value measurements - Schedule of unrealized gains and losses recognized for Level 3 financial instruments (Detail) (Parenthetical) - JPY (¥) ¥ in Billions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Unrealized gains and losses from financial liability in Other comprehensive income (loss)	¥ 2	¥ 0	¥ 3	¥ 2

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Fair value measurements - Information on investments where net asset value per share is calculated or disclosed (Detail) - JPY (¥) ¥ in Billions		6 Months Ended	12 Months Ended
		Sep. 30, 2022	Mar. 31, 2022
Fair value, balance sheet grouping, financial statement captions [Line Items]
Fair value		¥ 49	¥ 48
Unfunded commitments	[1]	24	31
Hedge funds [Member]
Fair value, balance sheet grouping, financial statement captions [Line Items]
Fair value		15	12
Unfunded commitments	[1]	¥ 1	¥ 1
Redemption frequency (if currently eligible)	[2]	Monthly	Monthly
Hedge funds [Member] | Minimum [Member]
Fair value, balance sheet grouping, financial statement captions [Line Items]
Redemption notice	[3]	1 day	1 day
Hedge funds [Member] | Maximum [Member]
Fair value, balance sheet grouping, financial statement captions [Line Items]
Redemption notice	[3]	30 days	30 days
Venture capital funds [Member]
Fair value, balance sheet grouping, financial statement captions [Line Items]
Fair value		¥ 10	¥ 10
Unfunded commitments	[1]	¥ 9	¥ 10
Redemption frequency (if currently eligible)	[2]
Redemption notice	[3]
Private equity funds [Member]
Fair value, balance sheet grouping, financial statement captions [Line Items]
Fair value		¥ 21	¥ 22
Unfunded commitments	[1]	¥ 13	¥ 19
Redemption frequency (if currently eligible)	[2]
Redemption notice	[3]
Real estate funds [Member]
Fair value, balance sheet grouping, financial statement captions [Line Items]
Fair value		¥ 3	¥ 4
Unfunded commitments	[1]	¥ 1	¥ 1
Redemption frequency (if currently eligible)	[2]
Redemption notice	[3]

[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.

XML

Fair value measurements - Gains (losses) due to changes in fair value for financial instruments measured at fair value using fair value option (Detail) - JPY (¥) ¥ in Billions		3 Months Ended		6 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Short-term borrowings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains/(Losses)	[1],[2]	¥ 66	¥ 33	¥ 126	¥ 21
Payables and deposits [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains/(Losses)	[1]	4	0	9	3
Collateralized financing [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains/(Losses)	[1],[3]	0	8	3	6
Long-term borrowings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains/(Losses)	[1],[2],[4]	173	30	442	(25)
Other liabilities [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains/(Losses)	[1],[5]	11	(6)	16	(10)
Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains/(Losses)	[1]	254	65	596	(5)
Trading assets [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains/(Losses)	[1],[6]	(1)		(1)	0
Private equity and debt investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains/(Losses)	[1],[6]	1	1	2	1
Loans and receivables [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains/(Losses)	[1]	7	4	16	8
Collateralized agreements [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains/(Losses)	[1],[3]	(2)	0	(2)	0
Other assets [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains/(Losses)	[1],[6]	(10)	5	(35)	16
Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Gains/(Losses)	[1]	¥ (5)	¥ 10	¥ (20)	¥ 25

[1] Includes gains and losses reported primarily within Revenue—Net gain on trading and Revenue—Other in the consolidated statements of income.

[2] Includes structured notes and other financial liabilities.

[3] Includes reverse repurchase and repurchase agreements.

[4] Includes secured financing transactions arising from transfers of financial assets which did not meet the criteria for sales accounting.

[5] Includes unfunded written loan commitments.

[6] Includes equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the fair value option.

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Fair value measurements - Impact of changes in its own creditworthiness on certain financial liabilities (Detail) - JPY (¥) ¥ in Billions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Changes recognized as a credit to other comprehensive income	¥ 35	¥ 1	¥ 63	¥ 6
Credit (debit) amounts reclassified to earnings	¥ 0	¥ 0	0	1
Cumulative credit (debit) balance recognized in accumulated other comprehensive income			¥ 116	¥ (5)

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Fair value measurements - Geographic allocations of trading assets related to government, agency and municipal securities (Detail) - Government, agency and municipal securities [Member] - JPY (¥) ¥ in Billions		Sep. 30, 2022	Mar. 31, 2022
Fair value, concentration of credit risk [Line items]
Trading assets	[1]	¥ 8,143	¥ 7,156
Japan [Member]
Fair value, concentration of credit risk [Line items]
Trading assets		2,080	1,916
U.S. [Member]
Fair value, concentration of credit risk [Line items]
Trading assets		3,276	2,368
EU & U.K. [Member]
Fair value, concentration of credit risk [Line items]
Trading assets		2,083	2,151
Other [Member]
Fair value, concentration of credit risk [Line items]
Trading assets		¥ 704	¥ 721

[1] Other than above, there were ¥331 billion and ¥325 billion of government, agency and municipal securities reported within Other assets—Non-trading debt securities in the consolidated balance sheets as of March 31, 2022 and September 30, 2022, respectively. These securities are primarily Japanese government, agency and municipal securities.

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Fair value measurements - Geographic allocations of trading assets related to government, agency and municipal securities (Parenthetical) (Detail) - JPY (¥) ¥ in Millions	Sep. 30, 2022	Mar. 31, 2022
Fair value, concentration of credit risk [Line items]
Non-trading debt securities	¥ 447,788	¥ 484,681
Government, agency and municipal securities [Member]
Fair value, concentration of credit risk [Line items]
Non-trading debt securities	¥ 325,000	¥ 331,000

XML

Fair value measurements - Schedule of carrying values, fair values and classification within the fair value hierarchy for certain classes of financial instrument (Detail) - JPY (¥) ¥ in Millions		Sep. 30, 2022	Mar. 31, 2022
Liabilities:
Deposits received at banks		¥ 147,998	¥ 71,156
Level 1 [Member]
Assets:
Cash and cash equivalents	[1]	3,676,000	3,316,000
Time deposits	[1]
Deposits with stock exchanges and other segregated cash	[1]
Loans receivable	[1],[2]
Securities purchased under agreements to resell	[1]
Securities borrowed	[1]
Total Assets	[1]	3,676,000	3,316,000
Liabilities:
Short-term borrowings	[1]
Deposits received at banks	[1]
Securities sold under agreements to repurchase	[1]
Securities loaned	[1]
Other secured borrowings	[1]
Long-term borrowings	[1]	22,000	23,000
Total Liabilities	[1]	22,000	23,000
Level 2 [Member]
Assets:
Cash and cash equivalents	[1]
Time deposits	[1]	347,000	321,000
Deposits with stock exchanges and other segregated cash	[1]	384,000	427,000
Loans receivable	[1],[2]	2,960,000	2,461,000
Securities purchased under agreements to resell	[1]	15,809,000	11,863,000
Securities borrowed	[1]	5,011,000	4,994,000
Total Assets	[1]	24,511,000	20,066,000
Liabilities:
Short-term borrowings	[1]	1,245,000	993,000
Deposits received at banks	[1]	2,018,000	1,752,000
Securities sold under agreements to repurchase	[1]	15,964,000	12,575,000
Securities loaned	[1]	1,585,000	1,568,000
Other secured borrowings	[1]	327,000	396,000
Long-term borrowings	[1]	9,521,000	8,688,000
Total Liabilities	[1]	30,660,000	25,972,000
Level 3 [Member]
Assets:
Cash and cash equivalents	[1]
Time deposits	[1]
Deposits with stock exchanges and other segregated cash	[1]
Loans receivable	[1],[2]	1,173,000	1,054,000
Securities purchased under agreements to resell	[1]	19,000	16,000
Securities borrowed	[1]
Total Assets	[1]	1,192,000	1,070,000
Liabilities:
Short-term borrowings	[1]	29,000	57,000
Deposits received at banks	[1]	21,000	9,000
Securities sold under agreements to repurchase	[1]		0
Securities loaned	[1]
Other secured borrowings	[1]
Long-term borrowings	[1]	455,000	525,000
Total Liabilities	[1]	505,000	591,000
Carrying value [Member]
Assets:
Cash and cash equivalents	[1]	3,676,000	3,316,000
Time deposits	[1]	347,000	321,000
Deposits with stock exchanges and other segregated cash	[1]	384,000	427,000
Loans receivable	[1],[2]	4,133,000	3,515,000
Securities purchased under agreements to resell	[1]	15,829,000	11,879,000
Securities borrowed	[1]	5,012,000	4,997,000
Total Assets	[1]	29,381,000	24,455,000
Liabilities:
Short-term borrowings	[1]	1,274,000	1,050,000
Deposits received at banks	[1]	2,039,000	1,761,000
Securities sold under agreements to repurchase	[1]	15,964,000	12,575,000
Securities loaned	[1]	1,586,000	1,567,000
Other secured borrowings	[1]	327,000	396,000
Long-term borrowings	[1]	10,095,000	9,258,000
Total Liabilities	[1]	31,285,000	26,607,000
Fair value [Member]
Assets:
Cash and cash equivalents	[1]	3,676,000	3,316,000
Time deposits	[1]	347,000	321,000
Deposits with stock exchanges and other segregated cash	[1]	384,000	427,000
Loans receivable	[1],[2]	4,133,000	3,515,000
Securities purchased under agreements to resell	[1]	15,828,000	11,879,000
Securities borrowed	[1]	5,011,000	4,994,000
Total Assets	[1]	29,379,000	24,452,000
Liabilities:
Short-term borrowings	[1]	1,274,000	1,050,000
Deposits received at banks	[1]	2,039,000	1,761,000
Securities sold under agreements to repurchase	[1]	15,964,000	12,575,000
Securities loaned	[1]	1,585,000	1,568,000
Other secured borrowings	[1]	327,000	396,000
Long-term borrowings	[1]	9,998,000	9,236,000
Total Liabilities	[1]	¥ 31,187,000	¥ 26,586,000

[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.

XML

Derivative instruments and hedging activities - Concentration of exposures to credit risk in OTC derivatives with financial institutions (Detail) - JPY (¥) ¥ in Billions	Sep. 30, 2022	Mar. 31, 2022
Derivative [Line Items]
Gross fair value of derivative assets	¥ 31,480	¥ 18,162
Financial institutions [Member]
Derivative [Line Items]
Gross fair value of derivative assets	27,075	15,667
Impact of master netting agreements	(23,637)	(13,193)
Impact of collateral	(2,337)	(1,669)
Net exposure to credit risk	¥ 1,101	¥ 805

XML

Derivative instruments and hedging activities - Volume of derivative activity in statement of financial position (Detail) - JPY (¥) ¥ in Billions		Sep. 30, 2022	Mar. 31, 2022
Derivatives, Fair Value [Line Items]
Total Notional	[1]	¥ 4,003,739	¥ 3,159,018
Derivative assets, Fair value		31,480	18,162
Derivative liabilities, Fair value	[1]	31,074	17,739
Derivatives used for trading and non-trading purposes [Member]
Derivatives, Fair Value [Line Items]
Total Notional	[1],[2]	4,000,853	3,156,707
Derivative assets, Fair value	[2]	31,475	18,160
Derivative liabilities, Fair value	[1],[2]	30,847	17,651
Derivatives used for trading and non-trading purposes [Member] | Equity contracts [Member]
Derivatives, Fair Value [Line Items]
Total Notional	[1],[2]	33,531	34,526
Derivative assets, Fair value	[2]	1,305	974
Derivative liabilities, Fair value	[1],[2]	1,898	1,457
Derivatives used for trading and non-trading purposes [Member] | Interest rate contracts [Member]
Derivatives, Fair Value [Line Items]
Total Notional	[1],[2]	3,521,150	2,769,546
Derivative assets, Fair value	[2]	21,253	11,938
Derivative liabilities, Fair value	[1],[2]	20,011	10,865
Derivatives used for trading and non-trading purposes [Member] | Credit contracts [Member]
Derivatives, Fair Value [Line Items]
Total Notional	[1],[2]	46,260	37,572
Derivative assets, Fair value	[2]	331	443
Derivative liabilities, Fair value	[1],[2]	444	514
Derivatives used for trading and non-trading purposes [Member] | Foreign exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Total Notional	[1],[2]	399,613	314,763
Derivative assets, Fair value	[2]	8,585	4,804
Derivative liabilities, Fair value	[1],[2]	8,493	4,814
Derivatives used for trading and non-trading purposes [Member] | Commodity contracts [Member]
Derivatives, Fair Value [Line Items]
Total Notional	[1],[2]	299	300
Derivative assets, Fair value	[2]	1	1
Derivative liabilities, Fair value	[1],[2]	1	1
Derivatives designated as formal fair value or net investment accounting hedges [Member]
Derivatives, Fair Value [Line Items]
Total Notional	[1]	2,886	2,311
Derivative assets, Fair value		5	2
Derivative liabilities, Fair value	[1]	227	88
Derivatives designated as formal fair value or net investment accounting hedges [Member] | Interest rate contracts [Member]
Derivatives, Fair Value [Line Items]
Total Notional	[1]	2,728	2,166
Derivative assets, Fair value
Derivative liabilities, Fair value	[1]	227	88
Derivatives designated as formal fair value or net investment accounting hedges [Member] | Foreign exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Total Notional	[1]	158	145
Derivative assets, Fair value		5	2
Derivative liabilities, Fair value	[1]

[1] Includes the amount of embedded derivatives bifurcated in accordance with ASC 815.

[2] As of March 31, 2022 and September 30, 2022, the amounts reported include derivatives used for non-trading purposes other than those designated as fair value or net investment accounting hedges. These amounts have not been separately presented since such amounts were not significant.

XML

Derivative instruments and hedging activities - Offsetting of derivatives and related collateral amounts (Detail) - JPY (¥) ¥ in Billions		Sep. 30, 2022	Mar. 31, 2022
Derivative assets
Gross derivative balances, Derivative assets	[1]	¥ 31,480	¥ 18,162
Less: Amounts offset in the consolidated balance sheets	[2]	(29,358)	(16,608)
Total net amounts reported on the face of the consolidated balance sheets	[3]	2,122	1,554
Less: Additional amounts not offset in the consolidated balance sheets
Financial instruments and non-cash collateral	[4]	(619)	(432)
Net amount		1,503	1,122
Derivative liabilities
Gross derivative balances, Derivative liabilities	[1],[5]	31,074	17,739
Less: Amounts offset in the consolidated balance sheets	[2],[5]	(28,468)	(16,079)
Total net amounts reported on the face of the consolidated balance sheets	[3],[5]	2,606	1,660
Less: Additional amounts not offset in the consolidated balance sheets [Abstract]
Financial instruments and non-cash collateral	[4],[5]	(352)	(134)
Net amount	[5]	2,254	1,526
Equity contracts [Member] | OTC settled bilaterally [Member]
Derivative assets
Gross derivative balances, Derivative assets		771	709
Derivative liabilities
Gross derivative balances, Derivative liabilities	[5]	1,114	1,054
Equity contracts [Member] | Exchange-traded [Member]
Derivative assets
Gross derivative balances, Derivative assets		534	265
Derivative liabilities
Gross derivative balances, Derivative liabilities	[5]	784	403
Interest rate contracts [Member] | OTC settled bilaterally [Member]
Derivative assets
Gross derivative balances, Derivative assets		15,194	9,486
Derivative liabilities
Gross derivative balances, Derivative liabilities	[5]	14,286	8,584
Interest rate contracts [Member] | OTC centrally-cleared [Member]
Derivative assets
Gross derivative balances, Derivative assets		5,929	2,332
Derivative liabilities
Gross derivative balances, Derivative liabilities	[5]	5,898	2,309
Interest rate contracts [Member] | Exchange-traded [Member]
Derivative assets
Gross derivative balances, Derivative assets		130	120
Derivative liabilities
Gross derivative balances, Derivative liabilities	[5]	54	60
Credit contracts [Member] | OTC settled bilaterally [Member]
Derivative assets
Gross derivative balances, Derivative assets		209	208
Derivative liabilities
Gross derivative balances, Derivative liabilities	[5]	305	276
Credit contracts [Member] | OTC centrally-cleared [Member]
Derivative assets
Gross derivative balances, Derivative assets		100	223
Derivative liabilities
Gross derivative balances, Derivative liabilities	[5]	113	224
Credit contracts [Member] | Exchange-traded [Member]
Derivative assets
Gross derivative balances, Derivative assets		22	12
Derivative liabilities
Gross derivative balances, Derivative liabilities	[5]	26	14
Foreign exchange contracts [Member] | OTC settled bilaterally [Member]
Derivative assets
Gross derivative balances, Derivative assets		8,590	4,806
Derivative liabilities
Gross derivative balances, Derivative liabilities	[5]	8,493	4,814
Commodity contracts [Member] | OTC settled bilaterally [Member]
Derivative assets
Gross derivative balances, Derivative assets		1	1
Derivative liabilities
Gross derivative balances, Derivative liabilities	[5]	1	1
Commodity contracts [Member] | Exchange-traded [Member]
Derivative assets
Gross derivative balances, Derivative assets		0	0
Derivative liabilities
Gross derivative balances, Derivative liabilities	[5]	¥ 0	¥ 0

[1] Includes all gross derivative asset and liability balances irrespective of whether they are transacted under a master netting agreement or whether Nomura has obtained sufficient evidence of enforceability of the master netting agreement. As of March 31, 2022, the gross balance of derivative assets and derivative liabilities which are not documented under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability was ¥458 billion and ¥671 billion, respectively. As of September 30, 2022, the gross balance of such derivative assets and derivative liabilities was ¥765 billion and ¥936 billion, respectively.

[2] Represents amounts offset through counterparty offsetting of derivative assets and liabilities as well as cash collateral offsetting against net derivatives under master netting and similar agreements for which Nomura has obtained sufficient evidence of enforceability in accordance with ASC 815. As of March 31, 2022, Nomura offset a total of ¥1,431 billion of cash collateral receivables against net derivative liabilities and ¥1,960 billion of cash collateral payables against net derivative assets. As of September 30, 2022, Nomura offset a total of ¥2,026 billion of cash collateral receivables against net derivative liabilities and ¥2,917 billion of cash collateral payables against net derivative assets.

[3] Net derivative assets and net derivative liabilities are generally reported within Trading assets and private equity and debt investments—Trading assets and Trading liabilities, respectively in the consolidated balance sheet. Bifurcated embedded derivatives are reported within Short-term borrowings or Long-term borrowings depending on the maturity of the underlying host contract.

[4] Represents amounts which are not permitted to be offset on the consolidated balance sheets in accordance with ASC 210-20 and ASC 815 but which provide Nomura with a legally enforceable right of offset in the event of counterparty default. Amounts relating to derivative and collateral agreements where Nomura has not yet obtained sufficient evidence of enforceability of such offsetting rights are excluded. As of March 31, 2022, a total of ¥359 billion of cash collateral receivables and ¥652 billion of cash collateral payables, including amounts reported in the table, have not been offset against net derivatives. As of September 30, 2022, a total of ¥438 billion of cash collateral receivables and ¥712 billion of cash collateral payables, including amounts reported in the table, have not been offset against net derivatives.

[5] Includes the amount of embedded derivatives bifurcated in accordance with ASC 815.

XML

Derivative instruments and hedging activities - Offsetting of derivatives and related collateral amounts (Parenthetical) (Detail) - JPY (¥) ¥ in Billions	Sep. 30, 2022	Mar. 31, 2022
Derivative Instruments and Hedging Activities [Abstract]
Gross balances of derivative assets, not subject to enforceable master netting arrangements or similar agreements	¥ 765	¥ 458
Gross balances of derivative liabilities, not subject to enforceable master netting arrangements or similar agreements	936	671
Cash collateral receivables against net derivative liabilities	2,026	1,431
Cash collateral payables against net derivative assets	2,917	1,960
Cash collateral receivables, not being offset against net derivatives	438	359
Cash collateral payables, not being offset against net derivatives	¥ 712	¥ 652

XML

Derivative instruments and hedging activities - Schedule of derivatives used for trading and non-trading purposes (Detail) - Derivatives used for trading and non-trading purposes [Member] - JPY (¥) ¥ in Billions		3 Months Ended		6 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative [Line Items]
Gains (losses) on derivatives used for trading and non-trading purposes	[1]	¥ 243	¥ (151)	¥ 453	¥ (108)
Equity contracts [Member]
Derivative [Line Items]
Gains (losses) on derivatives used for trading and non-trading purposes	[1]	14	(117)	(20)	(185)
Interest rate contracts [Member]
Derivative [Line Items]
Gains (losses) on derivatives used for trading and non-trading purposes	[1]	190	7	302	16
Credit contracts [Member]
Derivative [Line Items]
Gains (losses) on derivatives used for trading and non-trading purposes	[1]	4	(8)	(101)	2
Foreign exchange contracts [Member]
Derivative [Line Items]
Gains (losses) on derivatives used for trading and non-trading purposes	[1]	55	(43)	270	26
Commodity contracts [Member]
Derivative [Line Items]
Gains (losses) on derivatives used for trading and non-trading purposes	[1]	¥ (20)	¥ 10	¥ 2	¥ 33

[1] Includes net gains (losses) on derivatives used for non-trading purposes which are not designated as fair value or net investment hedges. For the six and three months ended September 30, 2021 and 2022, these amounts have not been separately presented as net gains (losses) for these non-trading derivatives were not significant.

XML

Derivative instruments and hedging activities - Schedule of derivative instruments in statement of financial position fair value (Detail) - JPY (¥) ¥ in Billions	Sep. 30, 2022	Mar. 31, 2022
Carrying amount of the hedged liabilities	¥ 2,504	¥ 2,075
Cumulative gains of fair value hedging adjustment included in the carrying amount of the hedged assets/liabilities	223	90
Cumulative amount of fair value hedging adjustment remaining for the liabilities which hedge accounting has been discontinued	1	0
Long-term borrowings [Member]
Carrying amount of the hedged liabilities	2,504	2,075
Cumulative gains of fair value hedging adjustment included in the carrying amount of the hedged assets/liabilities	223	90
Cumulative amount of fair value hedging adjustment remaining for the liabilities which hedge accounting has been discontinued	¥ 1	¥ 0

XML

Derivative instruments and hedging activities - Schedule of derivatives designated as hedging instruments and hedged items (Detail) - JPY (¥) ¥ in Billions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Hedged items in fair value hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on fair value hedges recognized	¥ (88)	¥ (5)	¥ (139)	¥ 3
Hedged items in fair value hedges | Long-term borrowings [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on fair value hedges recognized	(88)	(5)	(139)	3
Derivatives designated as fair value hedging instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on fair value hedges recognized	88	5	139	(3)
Derivatives designated as fair value hedging instruments [Member] | Interest rate contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on fair value hedges recognized	¥ 88	¥ 5	¥ 139	¥ (3)

XML

Derivative instruments and hedging activities - Schedule of gains (losses) from derivatives and non-derivatives designated as net investment hedges (Detail) - Net investment hedging instruments [Member] - JPY (¥) ¥ in Billions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) from derivatives designated as net investment hedges	¥ 9	¥ 4	¥ 18	¥ 2
Foreign exchange contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) from derivatives designated as net investment hedges	¥ 9	¥ 4	¥ 18	¥ 2

XML

Derivative instruments and hedging activities - Additional information (Detail) - JPY (¥) ¥ in Millions		Sep. 30, 2022	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability position with credit-risk-related contingent features		¥ 718,000	¥ 638,000
Collateral pledged for derivative instruments with credit-risk-related contingent features that are in a liability position		553,000	421,000
Additional collateral required to be posted, aggregate fair value		29,000	1,000
Gross liability balance of total return swaps in respect of financial assets derecognized	[1]	31,074,000	17,739,000
Sale and Total Return Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Transfer of financial assets accounted for sale amount derecognized		69,405	69,405
Cash proceeds received from derecognition of financial assets amount		69,535	69,535
Transfer of financial assets accounted for sale fair value of derecognized assets		58,087	63,994
Gross liability balance of total return swaps in respect of financial assets derecognized		¥ 11,230	¥ 5,319

[1] Includes the amount of embedded derivatives bifurcated in accordance with ASC 815.

XML

Derivative instruments and hedging activities - Schedule of information about written credit derivatives and purchased credit protection (Detail) - JPY (¥) ¥ in Billions		6 Months Ended	12 Months Ended
		Sep. 30, 2022	Mar. 31, 2022
Credit Derivatives [Line Items]
Carrying value (Asset) / Liability	[1]	¥ 152	¥ (102)
Maximum potential payout / Notional		20,756	18,257
Notional, Purchased credit protection		15,262	13,543
Single-name credit default swaps [Member]
Credit Derivatives [Line Items]
Carrying value (Asset) / Liability	[1]	59	19
Maximum potential payout / Notional		8,812	7,708
Notional, Purchased credit protection		6,474	5,688
Credit default swap indices [Member]
Credit Derivatives [Line Items]
Carrying value (Asset) / Liability	[1]	21	(140)
Maximum potential payout / Notional		11,412	10,015
Notional, Purchased credit protection		8,476	7,494
Other credit risk related portfolio products [Member]
Credit Derivatives [Line Items]
Carrying value (Asset) / Liability	[1]	71	19
Maximum potential payout / Notional		468	419
Notional, Purchased credit protection		285	293
Credit-risk related options and swaptions [Member]
Credit Derivatives [Line Items]
Carrying value (Asset) / Liability	[1]	1	0
Maximum potential payout / Notional		64	115
Notional, Purchased credit protection		27	68
Less than 1 year [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		4,347	3,440
Less than 1 year [Member] | Single-name credit default swaps [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		1,567	1,339
Less than 1 year [Member] | Credit default swap indices [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		2,691	2,045
Less than 1 year [Member] | Other credit risk related portfolio products [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		89	56
Less than 1 year [Member] | Credit-risk related options and swaptions [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional
1 to 3 years [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		8,337	7,390
1 to 3 years [Member] | Single-name credit default swaps [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		3,409	2,915
1 to 3 years [Member] | Credit default swap indices [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		4,689	4,189
1 to 3 years [Member] | Other credit risk related portfolio products [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		239	286
1 to 3 years [Member] | Credit-risk related options and swaptions [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional
3 to 5 years [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		6,014	5,856
3 to 5 years [Member] | Single-name credit default swaps [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		2,629	2,448
3 to 5 years [Member] | Credit default swap indices [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		3,203	3,257
3 to 5 years [Member] | Other credit risk related portfolio products [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		118	63
3 to 5 years [Member] | Credit-risk related options and swaptions [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		64	88
More than 5 years [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		2,058	1,571
More than 5 years [Member] | Single-name credit default swaps [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		1,207	1,006
More than 5 years [Member] | Credit default swap indices [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		829	524
More than 5 years [Member] | Other credit risk related portfolio products [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		22	14
More than 5 years [Member] | Credit-risk related options and swaptions [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional			¥ 27

[1] Carrying value amounts are shown on a gross basis prior to cash collateral or counterparty offsetting. Asset balances represent positive fair value amounts caused by tightening of credit spreads of underlyings since inception of the credit derivatives.

XML

Derivative instruments and hedging activities - Schedule of information about written credit derivatives by external credit rating of underlying asset (Detail) - JPY (¥) ¥ in Billions		Sep. 30, 2022	Mar. 31, 2022
Credit Derivatives [Line Items]
Maximum potential payout / Notional		¥ 20,756	¥ 18,257
Single-name credit default swaps [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		8,812	7,708
Credit default swap indices [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		11,412	10,015
Other credit risk related portfolio products [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		468	419
Credit-risk related options and swaptions [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		64	115
AAA [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		465	297
AAA [Member] | Single-name credit default swaps [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		231	192
AAA [Member] | Credit default swap indices [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		234	105
AAA [Member] | Other credit risk related portfolio products [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional
AAA [Member] | Credit-risk related options and swaptions [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional
AA [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		1,852	1,700
AA [Member] | Single-name credit default swaps [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		1,654	1,485
AA [Member] | Credit default swap indices [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		198	215
AA [Member] | Other credit risk related portfolio products [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional
AA [Member] | Credit-risk related options and swaptions [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional
A [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		6,628	5,622
A [Member] | Single-name credit default swaps [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		2,626	2,164
A [Member] | Credit default swap indices [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		3,939	3,369
A [Member] | Other credit risk related portfolio products [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		63	28
A [Member] | Credit-risk related options and swaptions [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional			61
BBB [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		8,424	7,322
BBB [Member] | Single-name credit default swaps [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		2,577	2,057
BBB [Member] | Credit default swap indices [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		5,623	5,012
BBB [Member] | Other credit risk related portfolio products [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		186	226
BBB [Member] | Credit-risk related options and swaptions [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		38	27
BB [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		2,054	1,931
BB [Member] | Single-name credit default swaps [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		936	869
BB [Member] | Credit default swap indices [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		1,028	988
BB [Member] | Other credit risk related portfolio products [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		64	47
BB [Member] | Credit-risk related options and swaptions [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional		26	27
Other [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional	[1]	1,333	1,385
Other [Member] | Single-name credit default swaps [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional	[1]	788	941
Other [Member] | Credit default swap indices [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional	[1]	390	326
Other [Member] | Other credit risk related portfolio products [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional	[1]	155	118
Other [Member] | Credit-risk related options and swaptions [Member]
Credit Derivatives [Line Items]
Maximum potential payout / Notional	[1]

[1] Other includes credit derivatives where the credit rating of the underlying reference asset is below investment grade or where a credit rating is unavailable.

XML

Revenue from services provided to customers - Revenues by types of service (Detail) - JPY (¥) ¥ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Abstract]
Commissions	¥ 68,152	¥ 91,636	¥ 138,583	¥ 174,522
Fees from investment banking	24,189	33,901	51,474	69,604
Asset management and portfolio service fees	69,038	67,193	137,288	131,237
Other revenue	10,563	9,278	21,015	17,641
Total	¥ 171,942	¥ 202,008	¥ 348,360	¥ 393,004

XML

Revenue from services provided to customers - Schedule of Disaggregation of Brokerage Commissions Revenue (Detail) - JPY (¥) ¥ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Product Information [Line Items]
Commissions	¥ 68,152	¥ 91,636	¥ 138,583	¥ 174,522
Brokerage commissions [Member]
Product Information [Line Items]
Commissions	48,454	67,725	96,820	125,958
Fund unit distribution fees [Member]
Product Information [Line Items]
Commissions	6,409	11,166	13,924	25,573
Other commissions [Member]
Product Information [Line Items]
Commissions	¥ 13,289	¥ 12,745	¥ 27,839	¥ 22,991

XML

Revenue from services provided to customers - Schedule of Disaggregation of Investment Banking Revenue (Detail) - JPY (¥) ¥ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation Of Investment Banking Revenue [Abstract]
Equity underwriting and distribution fees	¥ 1,603	¥ 10,276	¥ 5,316	¥ 20,231
Debt underwriting and distribution fees	4,517	6,123	11,215	13,445
Financial advisory fees	14,279	13,661	28,310	26,776
Other fees	3,790	3,841	6,633	9,152
Total	¥ 24,189	¥ 33,901	¥ 51,474	¥ 69,604

XML

Revenue from services provided to customers - Schedule of Disaggregation of Asset Management Fees And Custody Fee (Detail) - JPY (¥) ¥ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation Of Asset Management Fees And Custody Fee [Abstract]
Asset management fees	¥ 43,197	¥ 41,994	¥ 86,917	¥ 82,579
Administration fees	19,623	20,361	38,578	39,266
Custodial fees	6,218	4,838	11,793	9,392
Total	¥ 69,038	¥ 67,193	¥ 137,288	¥ 131,237

XML

Revenue from services provided to customers - Additional information (Detail) - JPY (¥) ¥ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue from performance obligations satisfied in previous periods	¥ 810	¥ 1,817	¥ 4,511	¥ 5,930
Remaining performance obligations, Transaction price	¥ 1,431		¥ 1,431		¥ 1,350
Estimated contract period			1 year		1 year

XML

Revenue from services provided to customers - Customer contract balances (Detail) - JPY (¥) ¥ in Millions		Sep. 30, 2022	Mar. 31, 2022
Contract with Customer, Asset and Liability [Abstract]
Customer contract receivables	[1]	¥ 89,544	¥ 88,621
Contract liabilities	[1]	¥ 4,838	¥ 3,834

[1] Contract liabilities primarily rise from investment advisory services and are recognized over the term of the contract based on time elapsed.

XML

Collateralized transactions - Offsetting of the transactions in the consolidated balance sheets (Detail) - JPY (¥) ¥ in Billions		Sep. 30, 2022	Mar. 31, 2022
Reverse repurchase agreements
Total gross balance	[1]	¥ 37,462	¥ 31,365
Less: Amounts offset in the consolidated balance sheets	[2]	(21,633)	(19,486)
Total net amounts of reported on the face of the consolidated balance sheets	[3]	15,829	11,879
Less: Additional amounts not offset in the consolidated balance sheets [Abstract]
Financial instruments and non-cash collateral	[4]	(13,538)	(9,370)
Cash collateral	[4]	(24)	(8)
Net amount		2,267	2,501
Securities borrowing transactions
Total gross balance	[1]	5,009	4,994
Less: Amounts offset in the consolidated balance sheets	[2]
Total net amounts of reported on the face of the consolidated balance sheets	[3]	5,009	4,994
Less: Additional amounts not offset in the consolidated balance sheets [Abstract]
Financial instruments and non-cash collateral	[4]	(3,114)	(3,372)
Cash collateral	[4]
Net amount		1,895	1,622
Repurchase agreements
Total gross balance	[1],[5]	37,597	32,061
Less: Amounts offset in the consolidated balance sheets	[2]	(21,633)	(19,486)
Total net amounts of reported on the face of the consolidated balance sheets	[3]	15,964	12,575
Less: Additional amounts not offset in the consolidated balance sheets [Abstract]
Financial instruments and non-cash collateral	[4]	(11,955)	(9,114)
Cash collateral	[4]	(30)	(12)
Net amount		3,979	3,449
Securities lending transactions
Total gross balance	[1],[5]	1,721	1,734
Less: Amounts offset in the consolidated balance sheets	[2]
Total net amounts of reported on the face of the consolidated balance sheets	[3]	1,721	1,734
Less: Additional amounts not offset in the consolidated balance sheets [Abstract]
Financial instruments and non-cash collateral	[4]	(1,527)	(1,524)
Cash collateral	[4]
Net amount		¥ 194	¥ 210

[1] Include all recognized balances irrespective of whether they are transacted under a master netting agreement or whether Nomura has obtained sufficient evidence of enforceability of the master netting agreement. Amounts include transactions carried at fair value through election of the fair value option. As of March 31, 2022, the gross balance of reverse repurchase agreements and repurchase agreements which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥793 billion and ¥2,453 billion, respectively. As of March 31, 2022, the gross balance of securities borrowing transactions and securities lending transactions which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥1,511 billion and ¥158 billion, respectively. As of September 30, 2022, the gross balance of reverse repurchase agreements and repurchase agreements which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥1,039 billion and ¥3,231 billion, respectively. As of September 30, 2022, the gross balance of securities borrowing transactions and securities lending transactions which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥1,740 billion and ¥145 billion, respectively.

[2] Represent amounts offset through counterparty netting under master netting or similar agreements for which Nomura has obtained sufficient evidence of enforceability in accordance with ASC 210-20. Amounts offset include transactions carried at fair value through election of the fair value option.

[3] Reverse repurchase agreements and securities borrowing transactions are reported within Collateralized agreements—Securities purchased under agreements to resell and Collateralized agreements—Securities borrowed in the consolidated balance sheets, respectively. Repurchase agreements and securities lending transactions are reported within Collateralized financing—Securities sold under agreements to repurchase and Collateralized financing—Securities loaned in the consolidated balance sheets, respectively. Amounts reported under securities lending transactions also include transactions where Nomura lends securities and receives securities that can be sold or pledged as collateral. Nomura recognizes the securities received at fair value and a liability for the same amount, representing the obligation to return those securities. The liability is reported within Other liabilities in the consolidated balance sheets.

[4] Represent amounts which are not permitted to be offset on the face of the consolidated balance sheets in accordance with ASC 210-20 but which provide Nomura with the right of offset in the event of counterparty default. Amounts relating to agreements where Nomura has not yet obtained sufficient evidence of enforceability of such offsetting rights are excluded.

[5] Repurchase agreements and securities lending transactions are reported within Collateralized financing—Securities sold under agreements to repurchase and Collateralized financing—Securities loaned in the consolidated balance sheets, respectively. Amounts reported for securities lending transactions also include transactions where Nomura lends securities and receives securities that can be sold or pledged as collateral. Nomura recognizes the securities received at fair value and a liability for the same amount, representing the obligation to return those securities. The liability is reported within Other liabilities in the consolidated balance sheets. The total gross recognized liabilities reported for repurchase agreements and securities lending transactions are consistent with the total gross balances reported in the offsetting disclosures above.

XML

Collateralized transactions - Offsetting of the transactions in the consolidated balance sheets (Parenthetical) (Detail) - JPY (¥) ¥ in Billions	Sep. 30, 2022	Mar. 31, 2022
Collateralized Transactions
Gross balance of reverse repurchase agreements which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability	¥ 1,039	¥ 793
Gross balance of repurchase agreements which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability	3,231	2,453
Gross balance of securities borrowing transactions which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability	1,740	1,511
Gross balance of securities lending transactions which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability	¥ 145	¥ 158

XML

Collateralized transactions - Maturity analysis of repurchase agreements and securities lending transactions (Detail) - JPY (¥) ¥ in Billions		Sep. 30, 2022	Mar. 31, 2022
Offsetting Liabilities [Line Items]
Repurchase agreements	[1],[2]	¥ 37,597	¥ 32,061
Securities lending transactions	[1],[2]	1,721	1,734
Total	[2]	39,318	33,795
Overnight and open [Member]
Offsetting Liabilities [Line Items]
Repurchase agreements	[3]	14,432	12,266
Securities lending transactions	[3]	1,064	992
Total	[2],[3]	15,496	13,258
Up to 30 days [Member]
Offsetting Liabilities [Line Items]
Repurchase agreements		16,518	15,454
Securities lending transactions		223	242
Total	[2]	16,741	15,696
30 – 90 days [Member]
Offsetting Liabilities [Line Items]
Repurchase agreements		2,723	2,220
Securities lending transactions		131	200
Total	[2]	2,854	2,420
90 days – 1 year [Member]
Offsetting Liabilities [Line Items]
Repurchase agreements		3,148	1,611
Securities lending transactions		280	277
Total	[2]	3,428	1,888
Greater than 1 year [Member]
Offsetting Liabilities [Line Items]
Repurchase agreements		776	510
Securities lending transactions		23	23
Total	[2]	¥ 799	¥ 533

[1] Include all recognized balances irrespective of whether they are transacted under a master netting agreement or whether Nomura has obtained sufficient evidence of enforceability of the master netting agreement. Amounts include transactions carried at fair value through election of the fair value option. As of March 31, 2022, the gross balance of reverse repurchase agreements and repurchase agreements which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥793 billion and ¥2,453 billion, respectively. As of March 31, 2022, the gross balance of securities borrowing transactions and securities lending transactions which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥1,511 billion and ¥158 billion, respectively. As of September 30, 2022, the gross balance of reverse repurchase agreements and repurchase agreements which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥1,039 billion and ¥3,231 billion, respectively. As of September 30, 2022, the gross balance of securities borrowing transactions and securities lending transactions which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥1,740 billion and ¥145 billion, respectively.

[2] Repurchase agreements and securities lending transactions are reported within Collateralized financing—Securities sold under agreements to repurchase and Collateralized financing—Securities loaned in the consolidated balance sheets, respectively. Amounts reported for securities lending transactions also include transactions where Nomura lends securities and receives securities that can be sold or pledged as collateral. Nomura recognizes the securities received at fair value and a liability for the same amount, representing the obligation to return those securities. The liability is reported within Other liabilities in the consolidated balance sheets. The total gross recognized liabilities reported for repurchase agreements and securities lending transactions are consistent with the total gross balances reported in the offsetting disclosures above.

[3] Open transactions do not have an explicit contractual maturity date and are terminable on demand by Nomura or the counterparty.

XML

Collateralized transactions - Securities transferred in repurchase agreements and securities lending transactions (Detail) - JPY (¥) ¥ in Billions		Sep. 30, 2022	Mar. 31, 2022
Financial Instruments Owned and Pledged as Collateral [Line Items]
Repurchase agreements	[1],[2]	¥ 37,597	¥ 32,061
Securities lending transactions	[1],[2]	1,721	1,734
Total	[2]	39,318	33,795
Equities and convertible securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Repurchase agreements		323	384
Securities lending transactions		1,468	1,508
Total		1,791	1,892
Japanese government, agency and municipal securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Repurchase agreements		1,679	879
Securities lending transactions		0	1
Total		1,679	880
Foreign government, agency and municipal securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Repurchase agreements		29,065	26,436
Securities lending transactions		94	17
Total		29,159	26,453
Bank and corporate debt securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Repurchase agreements		3,004	2,322
Securities lending transactions		145	175
Total		3,149	2,497
Commercial mortgage-backed securities ("CMBS") [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Repurchase agreements			1
Securities lending transactions
Total			1
Residential mortgage-backed securities ("RMBS") [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Repurchase agreements	[3]	3,294	1,846
Securities lending transactions	[3]
Total	[3]	3,294	1,846
Collateralized debt obligations ("CDOs") and other [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Repurchase agreements		203	157
Securities lending transactions
Total		203	157
Investment trust funds and other [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Repurchase agreements		29	36
Securities lending transactions		14	33
Total		¥ 43	¥ 69

[1] Include all recognized balances irrespective of whether they are transacted under a master netting agreement or whether Nomura has obtained sufficient evidence of enforceability of the master netting agreement. Amounts include transactions carried at fair value through election of the fair value option. As of March 31, 2022, the gross balance of reverse repurchase agreements and repurchase agreements which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥793 billion and ¥2,453 billion, respectively. As of March 31, 2022, the gross balance of securities borrowing transactions and securities lending transactions which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥1,511 billion and ¥158 billion, respectively. As of September 30, 2022, the gross balance of reverse repurchase agreements and repurchase agreements which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥1,039 billion and ¥3,231 billion, respectively. As of September 30, 2022, the gross balance of securities borrowing transactions and securities lending transactions which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability amounted to ¥1,740 billion and ¥145 billion, respectively.

[2] Repurchase agreements and securities lending transactions are reported within Collateralized financing—Securities sold under agreements to repurchase and Collateralized financing—Securities loaned in the consolidated balance sheets, respectively. Amounts reported for securities lending transactions also include transactions where Nomura lends securities and receives securities that can be sold or pledged as collateral. Nomura recognizes the securities received at fair value and a liability for the same amount, representing the obligation to return those securities. The liability is reported within Other liabilities in the consolidated balance sheets. The total gross recognized liabilities reported for repurchase agreements and securities lending transactions are consistent with the total gross balances reported in the offsetting disclosures above.

[3] Includes ¥1,404 billion of U.S. government sponsored agency mortgage pass through securities and collateralized mortgage obligations as of March 31, 2022. Includes ¥2,723 billion of U.S. government sponsored agency mortgage pass through securities and collateralized mortgage obligations as of September 30, 2022.

XML

Collateralized transactions - Securities transferred in repurchase agreements and securities lending transactions (Parenthetical) (Detail) - JPY (¥) ¥ in Billions	Sep. 30, 2022	Mar. 31, 2022
Collateralized Transactions
U.S. government sponsored agency mortgage pass through securities and collateralized mortgage obligations	¥ 2,723	¥ 1,404

XML

Collateralized transactions - Schedule of securities received as collateral (Detail) - JPY (¥) ¥ in Billions	Sep. 30, 2022	Mar. 31, 2022
Collateralized Transactions
The fair value of securities received as collateral, securities borrowed as collateral and securities borrowed without collateral where Nomura is permitted by contract or custom to sell or repledge the securities	¥ 60,879	¥ 48,234
The portion of the above that has been sold (as reported within Trading liabilities in the consolidated balance sheets) or repledged	¥ 41,244	¥ 36,146

XML

Collateralized transactions - Assets owned, pledged as collateral ,primarily to stock exchanges and clearing organizations (Detail) - JPY (¥) ¥ in Millions		Sep. 30, 2022	Mar. 31, 2022
Financial Instruments Owned and Pledged as Collateral [Line Items]
Trading assets		¥ 3,854,880	¥ 2,488,537
Non-trading debt securities	[1]	153,141	163,445
Investments in and advances to affiliated companies	[2]	13,660	12,832
Equities and convertible securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Trading assets		324,022	368,235
Government and government agency securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Trading assets		1,476,077	1,178,011
Bank and corporate debt securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Trading assets		17,931	27,899
Residential mortgage-backed securities ("RMBS") [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Trading assets		1,987,741	868,183
Collateralized debt obligations ("CDOs") and other [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Trading assets	[3]	19,290	9,548
Investment trust funds and other [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Trading assets		¥ 29,819	¥ 36,661

[1] Non-trading debt securities are primarily Japanese municipal securities.

[2] Investments in and advances to affiliated companies primarily comprise shares in Nomura Research Institute, Ltd.

[3] Includes CLOs and ABS such as those secured on credit card loans, auto loans and student loans.

XML

Collateralized transactions - Assets Subject to Lien (Detail) - JPY (¥) ¥ in Millions	Sep. 30, 2022	Mar. 31, 2022
Collateralized Transactions Assets Subject to Lien [Line Items]
Assets subject to lien, amount	¥ 1,775,898	¥ 1,660,322
Loans and receivables [Member]
Collateralized Transactions Assets Subject to Lien [Line Items]
Assets subject to lien, amount	379,470	235,875
Trading assets and private equity and debt investments [Member]
Collateralized Transactions Assets Subject to Lien [Line Items]
Assets subject to lien, amount	1,389,264	1,416,279
Office buildings, land, equipment and facilities [Member]
Collateralized Transactions Assets Subject to Lien [Line Items]
Assets subject to lien, amount	4,730	4,841
Non-trading debt securities [Member]
Collateralized Transactions Assets Subject to Lien [Line Items]
Assets subject to lien, amount	1,712	2,827
Investments in and advances to affiliated companies [Member]
Collateralized Transactions Assets Subject to Lien [Line Items]
Assets subject to lien, amount	3	3
Other [Member]
Collateralized Transactions Assets Subject to Lien [Line Items]
Assets subject to lien, amount	¥ 719	¥ 497

XML

Securitizations and Variable Interest Entities - Additional information (Detail) - JPY (¥) ¥ in Billions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Variable Interest Entity [Line Items]
Cash proceeds from SPEs in new securitizations	¥ 74	¥ 141	¥ 136	¥ 196
Securitization or asset-backed financing arrangement, financial asset for which transfer is accounted as sale, gain on sale	0	2	0	9
Debt securities issued by SPEs with an initial fair value	70	489	271	1,171
Cash inflows from third parties on the sale of debt securities	48	519	219	1,100
Cumulative balance of financial assets transferred to SPEs	6,190		6,190		¥ 5,829
Retained interests	173		173		¥ 131
Interests held in SPEs	¥ 7	¥ 10	¥ 13	¥ 19

XML

Securitizations and Variable Interest Entities - Fair value of retained interests (Detail) - JPY (¥) ¥ in Billions	Sep. 30, 2022	Mar. 31, 2022
Schedule of fair value of retained interests [Line Items]
Fair value of retained interests	¥ 173	¥ 131
Government, agency and municipal securities [Member]
Schedule of fair value of retained interests [Line Items]
Fair value of retained interests	162	124
Bank and corporate debt securities [Member]
Schedule of fair value of retained interests [Line Items]
Fair value of retained interests
CMBS and RMBS [Member]
Schedule of fair value of retained interests [Line Items]
Fair value of retained interests	11	7
Investment grade [Member]
Schedule of fair value of retained interests [Line Items]
Fair value of retained interests	165	126
Investment grade [Member] | Government, agency and municipal securities [Member]
Schedule of fair value of retained interests [Line Items]
Fair value of retained interests	162	124
Investment grade [Member] | Bank and corporate debt securities [Member]
Schedule of fair value of retained interests [Line Items]
Fair value of retained interests
Investment grade [Member] | CMBS and RMBS [Member]
Schedule of fair value of retained interests [Line Items]
Fair value of retained interests	3	2
Other [Member]
Schedule of fair value of retained interests [Line Items]
Fair value of retained interests	8	5
Other [Member] | Government, agency and municipal securities [Member]
Schedule of fair value of retained interests [Line Items]
Fair value of retained interests
Other [Member] | Bank and corporate debt securities [Member]
Schedule of fair value of retained interests [Line Items]
Fair value of retained interests
Other [Member] | CMBS and RMBS [Member]
Schedule of fair value of retained interests [Line Items]
Fair value of retained interests	8	5
Level 1 [Member]
Schedule of fair value of retained interests [Line Items]
Fair value of retained interests
Level 1 [Member] | Government, agency and municipal securities [Member]
Schedule of fair value of retained interests [Line Items]
Fair value of retained interests
Level 1 [Member] | Bank and corporate debt securities [Member]
Schedule of fair value of retained interests [Line Items]
Fair value of retained interests
Level 1 [Member] | CMBS and RMBS [Member]
Schedule of fair value of retained interests [Line Items]
Fair value of retained interests
Level 2 [Member]
Schedule of fair value of retained interests [Line Items]
Fair value of retained interests	162	124
Level 2 [Member] | Government, agency and municipal securities [Member]
Schedule of fair value of retained interests [Line Items]
Fair value of retained interests	162	124
Level 2 [Member] | Bank and corporate debt securities [Member]
Schedule of fair value of retained interests [Line Items]
Fair value of retained interests
Level 2 [Member] | CMBS and RMBS [Member]
Schedule of fair value of retained interests [Line Items]
Fair value of retained interests
Level 3 [Member]
Schedule of fair value of retained interests [Line Items]
Fair value of retained interests	11	7
Level 3 [Member] | Government, agency and municipal securities [Member]
Schedule of fair value of retained interests [Line Items]
Fair value of retained interests
Level 3 [Member] | Bank and corporate debt securities [Member]
Schedule of fair value of retained interests [Line Items]
Fair value of retained interests
Level 3 [Member] | CMBS and RMBS [Member]
Schedule of fair value of retained interests [Line Items]
Fair value of retained interests	¥ 11	¥ 7

XML

Securitizations and Variable Interest Entities - Type and carrying value of financial assets (Detail) - JPY (¥) ¥ in Millions	Sep. 30, 2022	Mar. 31, 2022
Liabilities [Abstract]
Long-term borrowings	¥ 10,094,650	¥ 9,258,306
Transferred to SPEs [Member]
Trading assets
Japanese government securities	1,000
Loans for trading purposes	29,000	19,000
Loans receivable	344,000	203,000
Total	374,000	222,000
Liabilities [Abstract]
Long-term borrowings	¥ 374,000	¥ 222,000

XML

Securitizations and Variable Interest Entities - Classification of consolidated VIEs' assets and liabilities (Detail) - JPY (¥) ¥ in Millions		Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021
Consolidated VIE assets
Cash and cash equivalents		¥ 3,675,554	¥ 3,316,238	¥ 3,836,088
Trading assets
Derivatives	[1]	2,122,000	1,554,000
Office buildings, land, equipment and facilities		430,675	419,047
Other		786,317	773,586
Total		51,531,980	43,412,156
Trading liabilities
Derivatives	[1],[2]	2,606,000	1,660,000
Borrowings
Short-term borrowings		1,273,660	1,050,141
Long-term borrowings		10,094,650	9,258,306
Total		48,304,679	40,439,353
Variable Interest Entity, primary beneficiary [Member]
Consolidated VIE assets
Cash and cash equivalents		10,000	62,000
Trading assets
Equities		507,000	555,000
Debt securities		435,000	443,000
CMBS and RMBS		23,000	21,000
Investment trust funds and other		1,000
Derivatives		1,000	1,000
Private equity and debt investments		8,000	4,000
Office buildings, land, equipment and facilities		9,000	10,000
Other		179,000	115,000
Total		1,173,000	1,211,000
Trading liabilities
Derivatives		0	0
Borrowings
Short-term borrowings		100,000	95,000
Long-term borrowings		780,000	797,000
Other		4,000	6,000
Total		¥ 884,000	¥ 898,000

[1] Net derivative assets and net derivative liabilities are generally reported within Trading assets and private equity and debt investments—Trading assets and Trading liabilities, respectively in the consolidated balance sheet. Bifurcated embedded derivatives are reported within Short-term borrowings or Long-term borrowings depending on the maturity of the underlying host contract.

[2] Includes the amount of embedded derivatives bifurcated in accordance with ASC 815.

XML

Securitizations and Variable Interest Entities - Carrying amount of variable interests of unconsolidated VIEs and maximum exposure to loss (Detail) - JPY (¥) ¥ in Millions	Sep. 30, 2022	Mar. 31, 2022
Variable Interest Entity [Line Items]
Carrying amount of variable interests, Assets	¥ 51,531,980	¥ 43,412,156
Carrying amount of variable interests, Liabilities	48,304,679	40,439,353
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Carrying amount of variable interests, Assets	4,310,000	2,682,000
Carrying amount of variable interests, Liabilities
Maximum exposure to loss to unconsolidated VIEs	4,463,000	2,938,000
Variable Interest Entity, Not Primary Beneficiary [Member] | Equities [Member]
Variable Interest Entity [Line Items]
Carrying amount of variable interests, Assets	25,000	26,000
Carrying amount of variable interests, Liabilities
Maximum exposure to loss to unconsolidated VIEs	25,000	26,000
Variable Interest Entity, Not Primary Beneficiary [Member] | Debt securities [Member]
Variable Interest Entity [Line Items]
Carrying amount of variable interests, Assets	101,000	61,000
Carrying amount of variable interests, Liabilities
Maximum exposure to loss to unconsolidated VIEs	101,000	61,000
Variable Interest Entity, Not Primary Beneficiary [Member] | CMBS and RMBS [Member]
Variable Interest Entity [Line Items]
Carrying amount of variable interests, Assets	2,743,000	1,432,000
Carrying amount of variable interests, Liabilities
Maximum exposure to loss to unconsolidated VIEs	2,743,000	1,432,000
Variable Interest Entity, Not Primary Beneficiary [Member] | Investment trust funds and other [Member]
Variable Interest Entity [Line Items]
Carrying amount of variable interests, Assets	224,000	191,000
Carrying amount of variable interests, Liabilities
Maximum exposure to loss to unconsolidated VIEs	224,000	191,000
Variable Interest Entity, Not Primary Beneficiary [Member] | Private equity and debt investments [Member]
Variable Interest Entity [Line Items]
Carrying amount of variable interests, Assets	18,000	22,000
Carrying amount of variable interests, Liabilities
Maximum exposure to loss to unconsolidated VIEs	18,000	22,000
Variable Interest Entity, Not Primary Beneficiary [Member] | Loans [Member]
Variable Interest Entity [Line Items]
Carrying amount of variable interests, Assets	1,193,000	940,000
Carrying amount of variable interests, Liabilities
Maximum exposure to loss to unconsolidated VIEs	1,193,000	940,000
Variable Interest Entity, Not Primary Beneficiary [Member] | Other [Member]
Variable Interest Entity [Line Items]
Carrying amount of variable interests, Assets	6,000	10,000
Carrying amount of variable interests, Liabilities
Maximum exposure to loss to unconsolidated VIEs	6,000	10,000
Variable Interest Entity, Not Primary Beneficiary [Member] | Commitments to extend credit and other guarantees [Member]
Variable Interest Entity [Line Items]
Carrying amount of variable interests, Assets
Carrying amount of variable interests, Liabilities
Maximum exposure to loss to unconsolidated VIEs	¥ 153,000	¥ 256,000

XML

Financing receivables - Summary of loans receivable reported within Loans receivable or Investments in and advances to affiliated companies (Detail) - JPY (¥) ¥ in Millions		Sep. 30, 2022	Mar. 31, 2022
Schedule of Financing Receivables [Line Items]
Carried at amortized cost		¥ 2,788,055	¥ 2,369,137
Carried at fair value	[1]	1,415,348	1,210,590
Total		4,203,403	3,579,727
Advances to affiliated companies [Member]
Schedule of Financing Receivables [Line Items]
Carried at amortized cost		4,000	1,000
Carried at fair value	[1]
Total		4,000	1,000
Total [Member]
Schedule of Financing Receivables [Line Items]
Carried at amortized cost		2,792,055	2,370,137
Carried at fair value	[1]	1,415,348	1,210,590
Total		4,207,403	3,580,727
Loans at banks [Member]
Schedule of Financing Receivables [Line Items]
Carried at amortized cost		751,077	717,992
Carried at fair value	[1]
Total		751,077	717,992
Short-term secured margin loans [Member]
Schedule of Financing Receivables [Line Items]
Carried at amortized cost		518,027	442,600
Carried at fair value	[1]
Total		518,027	442,600
Inter-bank money market loans [Member]
Schedule of Financing Receivables [Line Items]
Carried at amortized cost		3,266	2,196
Carried at fair value	[1]
Total		3,266	2,196
Corporate loans [Member]
Schedule of Financing Receivables [Line Items]
Carried at amortized cost		1,515,685	1,206,349
Carried at fair value	[1]	1,415,348	1,210,590
Total		¥ 2,931,033	¥ 2,416,939

[1] Includes loans receivable and loan commitments carried at fair value through election of the fair value option.

XML

Financing receivables - Changes in total allowance for credit losses (Detail) - JPY (¥) ¥ in Millions		3 Months Ended		6 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Allowance for current expected credit losses [Roll Forward]
Opening balance, Allowance for current expected credit losses		¥ 68,258	¥ 58,832	¥ 64,787	¥ 49,267
Provision for losses, Allowance for current expected credit losses		246	(273)	2,044	8,924	[1]
Charge-offs, Allowance for current expected credit losses		(1,605)	(10)	(4,075)	(17)
Other, Allowance for current expected credit losses	[2]	3,421	504	7,564	879
Ending balance, Allowance for current expected credit losses		70,320	59,053	70,320	59,053
Allowance for receivables other than loans [Roll Forward]
Opening balance, Allowance for receivables other than loans	[3]	1,842	2,587	1,559	4,517
Provision for losses, Allowance for receivables other than loans	[3]	(13)	75	15	78	[1]
Charge-offs, Allowance for receivables other than loans	[3]		(5)		(62)
Other, Allowance for receivables other than loans	[2],[3]	7	1	262	(1,875)
Ending balance, Allowance for receivables other than loans	[3]	1,836	2,658	1,836	2,658
Total allowance for current expected credit losses [Roll Forward]
Opening balance, Total allowance for current expected credit losses		70,100	61,419	66,346	53,784
Provision for losses, Total allowance for current expected credit losses		233	(198)	2,059	9,002	[1]
Charge-offs, Total allowance for current expected credit losses		(1,605)	(15)	(4,075)	(79)
Other, Total allowance for current expected credit losses	[2]	3,428	505	7,826	(996)
Ending balance, Total allowance for current expected credit losses		72,156	61,711	72,156	61,711
Loans at banks [Member]
Allowance for current expected credit losses [Roll Forward]
Opening balance, Allowance for current expected credit losses		3,016	1,273	2,434	1,282
Provision for losses, Allowance for current expected credit losses		90		672		[1]
Charge-offs, Allowance for current expected credit losses		(1,523)		(1,523)
Other, Allowance for current expected credit losses	[2]	(417)	170	(417)	161
Ending balance, Allowance for current expected credit losses		1,166	1,443	1,166	1,443
Short-term secured margin loans [Member]
Allowance for current expected credit losses [Roll Forward]
Opening balance, Allowance for current expected credit losses
Provision for losses, Allowance for current expected credit losses						[1]
Charge-offs, Allowance for current expected credit losses
Other, Allowance for current expected credit losses	[2]
Ending balance, Allowance for current expected credit losses
Corporate loans [Member]
Allowance for current expected credit losses [Roll Forward]
Opening balance, Allowance for current expected credit losses		65,242	57,559	62,353	47,985
Provision for losses, Allowance for current expected credit losses		156	(273)	1,372	8,924	[1]
Charge-offs, Allowance for current expected credit losses		(82)	(10)	(2,552)	(17)
Other, Allowance for current expected credit losses	[2]	3,838	334	7,981	718
Ending balance, Allowance for current expected credit losses		¥ 69,154	¥ 57,610	¥ 69,154	¥ 57,610

[1] Following default by a U.S. client in connection with the U.S. Prime Brokerage Event in March 2021, a provision for losses of ¥9,289 million was recognized during the quarter ended June 30, 2021.

[2] Primarily includes the effect of foreign exchange movements and recoveries collected.

[3] Includes amounts recognized against collateralized agreements, customer contract assets and receivables and other receivables.

XML

Financing receivables - Changes in total allowance for credit losses (Parenthetical) (Detail) ¥ in Millions	3 Months Ended
	Jun. 30, 2021 JPY (¥)
Subsidiaries [Member] | Loans with the client [Member] | US | Subprime Borkerage [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Provision for losses	¥ 9,289

XML

Financing receivables - Additional information (Detail) - JPY (¥) ¥ in Millions	Sep. 30, 2022	Mar. 31, 2022
Corporate Loan [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Impaired financing receivable with related allowance unpaid principal balance	¥ 70,103	¥ 62,289

XML

Financing receivables - Analysis of each class of loans not carried at fair value using internal ratings or equivalent credit quality indicators (Detail) - JPY (¥) ¥ in Millions		Sep. 30, 2022		Mar. 31, 2022
Financing receivable, recorded investment [Line items]
Current year		¥ 1,007,157		¥ 462,488
Year before current year		642,762		859,885
Two years before current year		182,478		124,565
Three years before current year		261,044		194,442
Four years before current year		175,788		248,503
More than five year before current year		158,839		128,036
Revolving		363,987		352,218
Total loans		2,792,055		2,370,137
AAA-BBB [Member] | Secured loans at banks [Member]
Financing receivable, recorded investment [Line items]
Current year		183,353		106,554
Year before current year		75,873		126,834
Two years before current year		8,275		8,325
Three years before current year		17,940		17,308
Four years before current year		8,972		9,213
More than five year before current year		10,828		12,729
Revolving
Total loans		305,241		280,963
AAA-BBB [Member] | Unsecured loans at banks [Member]
Financing receivable, recorded investment [Line items]
Current year		7,060		6,000
Year before current year		17,317		18,175
Two years before current year		11,935		12,703
Three years before current year		15,553		20,565
Four years before current year		7,519		9,982
More than five year before current year		21,930		25,841
Revolving
Total loans		81,314		93,266
AAA-BBB [Member] | Short-term secured margin loans [Member]
Financing receivable, recorded investment [Line items]
Current year
Year before current year
Two years before current year
Three years before current year
Four years before current year
More than five year before current year
Revolving
Total loans
AAA-BBB [Member] | Unsecured inter-bank money market loans [Member]
Financing receivable, recorded investment [Line items]
Current year		3,266		2,196
Year before current year
Two years before current year
Three years before current year
Four years before current year
More than five year before current year
Revolving
Total loans		3,266		2,196
AAA-BBB [Member] | Secured corporate loans [Member]
Financing receivable, recorded investment [Line items]
Current year		357,320
Year before current year		248,311		52,545
Two years before current year		159,325		86,910
Three years before current year		201,901		20,710
Four years before current year		8,451		3,258
More than five year before current year		106,520		52,496
Revolving		25,261		9,916
Total loans		1,107,089		225,835
AAA-BBB [Member] | Unsecured corporate loans [Member]
Financing receivable, recorded investment [Line items]
Current year
Year before current year
Two years before current year
Three years before current year
Four years before current year
More than five year before current year
Revolving
Total loans
AAA-BBB [Member] | Advances to affiliated companies [Member]
Financing receivable, recorded investment [Line items]
Current year		3,000
Year before current year		1,000		1,000
Two years before current year
Three years before current year
Four years before current year
More than five year before current year
Revolving
Total loans		4,000		1,000
BB-CCC [Member] | Secured loans at banks [Member]
Financing receivable, recorded investment [Line items]
Current year		170,985		80,167
Year before current year		93,971		169,655
Two years before current year		2,739		1,693
Three years before current year		629		638
Four years before current year		645		587
More than five year before current year		6,439		6,779
Revolving
Total loans		275,408		259,519
BB-CCC [Member] | Unsecured loans at banks [Member]
Financing receivable, recorded investment [Line items]
Current year
Year before current year
Two years before current year
Three years before current year
Four years before current year
More than five year before current year
Revolving
Total loans
BB-CCC [Member] | Short-term secured margin loans [Member]
Financing receivable, recorded investment [Line items]
Current year
Year before current year
Two years before current year
Three years before current year
Four years before current year
More than five year before current year
Revolving
Total loans
BB-CCC [Member] | Unsecured inter-bank money market loans [Member]
Financing receivable, recorded investment [Line items]
Current year
Year before current year
Two years before current year
Three years before current year
Four years before current year
More than five year before current year
Revolving
Total loans
BB-CCC [Member] | Secured corporate loans [Member]
Financing receivable, recorded investment [Line items]
Current year		11,869		86,300
Year before current year		22,211		307,636
Two years before current year				14,718
Three years before current year		22,625		131,266
Four years before current year		20,000		115,494
More than five year before current year		13,028		30,085
Revolving		78,909		92,039
Total loans		168,642		777,538
BB-CCC [Member] | Unsecured corporate loans [Member]
Financing receivable, recorded investment [Line items]
Current year		37,193		11,621
Year before current year		968		20,516
Two years before current year
Three years before current year				1,989
Four years before current year
More than five year before current year
Revolving
Total loans		38,161		34,126
BB-CCC [Member] | Advances to affiliated companies [Member]
Financing receivable, recorded investment [Line items]
Current year
Year before current year
Two years before current year
Three years before current year
Four years before current year
More than five year before current year
Revolving
Total loans
CC-D [Member] | Secured loans at banks [Member]
Financing receivable, recorded investment [Line items]
Current year
Year before current year
Two years before current year
Three years before current year
Four years before current year
More than five year before current year
Revolving
Total loans
CC-D [Member] | Unsecured loans at banks [Member]
Financing receivable, recorded investment [Line items]
Current year
Year before current year
Two years before current year
Three years before current year				1,940
Four years before current year
More than five year before current year
Revolving
Total loans				1,940
CC-D [Member] | Short-term secured margin loans [Member]
Financing receivable, recorded investment [Line items]
Current year
Year before current year
Two years before current year
Three years before current year
Four years before current year
More than five year before current year
Revolving
Total loans
CC-D [Member] | Unsecured inter-bank money market loans [Member]
Financing receivable, recorded investment [Line items]
Current year
Year before current year
Two years before current year
Three years before current year
Four years before current year
More than five year before current year
Revolving
Total loans
CC-D [Member] | Secured corporate loans [Member]
Financing receivable, recorded investment [Line items]
Current year			[1]		[2]
Year before current year		67,730	[1]	57,524	[2]
Two years before current year			[1]		[2]
Three years before current year			[1]		[2]
Four years before current year			[1]		[2]
More than five year before current year			[1]		[2]
Revolving			[1]		[2]
Total loans		67,730	[1]	57,524	[2]
CC-D [Member] | Unsecured corporate loans [Member]
Financing receivable, recorded investment [Line items]
Current year
Year before current year
Two years before current year
Three years before current year		2,373
Four years before current year
More than five year before current year
Revolving
Total loans		2,373
CC-D [Member] | Advances to affiliated companies [Member]
Financing receivable, recorded investment [Line items]
Current year
Year before current year
Two years before current year
Three years before current year
Four years before current year
More than five year before current year
Revolving
Total loans
Others [Member] | Secured loans at banks [Member]
Financing receivable, recorded investment [Line items]
Current year	[3]
Year before current year	[3]	89,114		82,304
Two years before current year	[3]
Three years before current year	[3]
Four years before current year	[3]
More than five year before current year	[3]
Revolving	[3]
Total loans	[3]	89,114		82,304
Others [Member] | Unsecured loans at banks [Member]
Financing receivable, recorded investment [Line items]
Current year
Year before current year
Two years before current year
Three years before current year
Four years before current year
More than five year before current year
Revolving
Total loans
Others [Member] | Short-term secured margin loans [Member]
Financing receivable, recorded investment [Line items]
Current year	[3]	232,540		169,195
Year before current year	[3]	25,737		23,238
Two years before current year	[3]
Three years before current year	[3]
Four years before current year	[3]
More than five year before current year	[3]
Revolving	[3]	259,750		250,167
Total loans	[3]	518,027		442,600
Others [Member] | Unsecured inter-bank money market loans [Member]
Financing receivable, recorded investment [Line items]
Current year
Year before current year
Two years before current year
Three years before current year
Four years before current year
More than five year before current year
Revolving
Total loans
Others [Member] | Secured corporate loans [Member]
Financing receivable, recorded investment [Line items]
Current year	[3]	500		455
Year before current year	[3]	17		20
Two years before current year	[3]	24		25
Three years before current year	[3]	23		26
Four years before current year	[3]	7		10
More than five year before current year	[3]	88		101
Revolving	[3]	67		96
Total loans	[3]	726		733
Others [Member] | Unsecured corporate loans [Member]
Financing receivable, recorded investment [Line items]
Current year		71
Year before current year		513		438
Two years before current year		180		191
Three years before current year
Four years before current year		130,194		109,959
More than five year before current year		6		5
Revolving
Total loans		130,964		110,593
Others [Member] | Advances to affiliated companies [Member]
Financing receivable, recorded investment [Line items]
Current year
Year before current year
Two years before current year
Three years before current year
Four years before current year
More than five year before current year
Revolving
Total loans
Total [Member] | Secured loans at banks [Member]
Financing receivable, recorded investment [Line items]
Current year		354,338		186,721
Year before current year		258,958		378,793
Two years before current year		11,014		10,018
Three years before current year		18,569		17,946
Four years before current year		9,617		9,800
More than five year before current year		17,267		19,508
Revolving
Total loans		669,763		622,786
Total [Member] | Unsecured loans at banks [Member]
Financing receivable, recorded investment [Line items]
Current year		7,060		6,000
Year before current year		17,317		18,175
Two years before current year		11,935		12,703
Three years before current year		15,553		22,505
Four years before current year		7,519		9,982
More than five year before current year		21,930		25,841
Revolving
Total loans		81,314		95,206
Total [Member] | Short-term secured margin loans [Member]
Financing receivable, recorded investment [Line items]
Current year		232,540		169,195
Year before current year		25,737		23,238
Two years before current year
Three years before current year
Four years before current year
More than five year before current year
Revolving		259,750		250,167
Total loans		518,027		442,600
Total [Member] | Unsecured inter-bank money market loans [Member]
Financing receivable, recorded investment [Line items]
Current year		3,266		2,196
Year before current year
Two years before current year
Three years before current year
Four years before current year
More than five year before current year
Revolving
Total loans		3,266		2,196
Total [Member] | Secured corporate loans [Member]
Financing receivable, recorded investment [Line items]
Current year		369,689		86,755
Year before current year		338,269		417,725
Two years before current year		159,349		101,653
Three years before current year		224,549		152,002
Four years before current year		28,458		118,762
More than five year before current year		119,636		82,682
Revolving		104,237		102,051
Total loans		1,344,187		1,061,630
Total [Member] | Unsecured corporate loans [Member]
Financing receivable, recorded investment [Line items]
Current year		37,264		11,621
Year before current year		1,481		20,954
Two years before current year		180		191
Three years before current year		2,373		1,989
Four years before current year		130,194		109,959
More than five year before current year		6		5
Revolving
Total loans		171,498		144,719
Total [Member] | Advances to affiliated companies [Member]
Financing receivable, recorded investment [Line items]
Current year		3,000
Year before current year		1,000		1,000
Two years before current year
Three years before current year
Four years before current year
More than five year before current year
Revolving
Total loans		¥ 4,000		¥ 1,000

[1] Includes loans of ¥67,730 million in relation to the U.S. Prime Brokerage Event.

[2] Includes loans of ¥57,524 million to a U.S. client in connection with the U.S. Prime Brokerage Event.

[3] Relate to collateralized exposures where a specified ratio of LTV is maintained.

XML

Financing receivables - Analysis of each class of loans not carried at fair value using internal ratings or equivalent credit quality indicators (Parenthetical) (Detail) - JPY (¥) ¥ in Millions	Sep. 30, 2022	Mar. 31, 2022
Financing Receivable, Recorded Investment [Line Items]
Loans receivable gross	¥ 2,792,055	¥ 2,370,137
Subsidiaries [Member] | Loans With The Client [Member] | US | Subprime Borkerage [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans receivable gross	¥ 67,730	¥ 57,524

XML

Leases - Types of lease assets under operating leases (Detail) - JPY (¥) ¥ in Millions		Sep. 30, 2022	Mar. 31, 2022
Operating Lease [Line Items]
Cost		¥ 8,690	¥ 10,727
Accumulated depreciation		(50)	(980)
Net carrying amount		8,640	9,747
Real estate [Member]
Operating Lease [Line Items]
Cost	[1]	21	354
Accumulated depreciation	[1]		(292)
Net carrying amount	[1]	21	62
Aircraft [Member]
Operating Lease [Line Items]
Cost		8,669	10,373
Accumulated depreciation		(50)	(688)
Net carrying amount		¥ 8,619	¥ 9,685

[1] Cost, accumulated depreciation and net carrying amounts include amounts relating to real estate utilized by Nomura.

XML

Leases - Additional information (Detail) - JPY (¥) ¥ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Lease income	¥ 249	¥ 1,090	¥ 409	¥ 1,927

XML

Leases - Summary of future minimum lease payments to be received under noncancelable operating leases (Detail) ¥ in Millions	Sep. 30, 2022 JPY (¥)
Leases [Abstract]
Minimum lease payments to be received, Less than 1 year	¥ 1,138
Minimum lease payments to be received, 1 to 2 years	1,138
Minimum lease payments to be received, 2 to 3 years	1,051
Minimum lease payments to be received, 3 to 4 years	132
Minimum lease payments to be received, 4 to 5 years	132
Minimum lease payments to be received, More than 5 years	1,037
Minimum lease payments to be received, Total	¥ 4,628

XML

Other assets-Other / Other liabilities - Schedule of Other assets-Other and Other liabilities (Detail) - JPY (¥) ¥ in Millions		Sep. 30, 2022	Mar. 31, 2022
Other assets-Other:
Securities received as collateral		¥ 135,199	¥ 166,352
Goodwill and other intangible assets		34,265	30,007
Deferred tax assets		20,568	15,562
Investments in equity securities for other than operating purposes	[1]	239,387	249,448
Deposit receivables	[2]	232,015	227,777
Prepaid expenses		22,287	17,165
Other	[2]	102,596	67,275
Total, Other assets-Other		786,317	773,586
Other liabilities:
Obligation to return securities received as collateral		135,199	166,352
Accrued income taxes		20,391	34,158
Other accrued expenses and provisions		419,740	457,511
Operating lease liabilities	[2]	201,904	198,131
Other	[2]	197,304	164,073
Total, Other liabilities		¥ 974,538	¥ 1,020,225

[1] Includes equity securities without a readily determinable fair value of ¥65,365 million as of March 31, 2022 and as of September 30, 2022 respectively.

[2] Certain reclassifications of previously reported amounts have been made to conform to the current period presentation.

XML

Other assets-Other / Other liabilities - Schedule of Other assets-Other and Other liabilities (Parenthetical) (Detail) - JPY (¥) ¥ in Millions	Sep. 30, 2022	Mar. 31, 2022
Other Assets Other and Other Liabilities [Line Items]
Equity securities without a readily determinable fair value, amount	¥ 65,365	¥ 65,365

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Earnings per share - Earnings per share (Basic and Diluted) (Detail) - JPY (¥) ¥ / shares in Units, ¥ in Millions, shares in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Basic—
Net income attributable to NHI shareholders	¥ 16,771	¥ 3,213	¥ 18,467	¥ 51,700
Weighted average number of shares outstanding	3,001,728,417	3,094,089,105	3,010,633,495	3,085,218,332
Net income attributable to NHI shareholders per share	¥ 5.59	¥ 1.04	¥ 6.13	¥ 16.76
Diluted—
Net income attributable to NHI shareholders	¥ 16,738	¥ 3,202	¥ 18,354	¥ 51,645
Weighted average number of shares outstanding	3,093,327,844	3,179,898,312	3,104,874,653	3,177,220,033
Net income attributable to NHI shareholders per share	¥ 5.41	¥ 1.01	¥ 5.91	¥ 16.25

XML

Earnings per share - Additional information (Detail) - shares	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Antidilutive stock options and other stock-based compensation plans to purchase	9,712,800	12,387,500	9,712,800	12,387,500

XML

Employee benefit plans - Net periodic benefit cost for defined benefit plans (Detail) - JPY (¥) ¥ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Employee Benefit Plans [Abstract]
Service cost	¥ 1,600	¥ 1,613	¥ 3,199	¥ 3,226
Interest cost	608	510	1,216	1,021
Expected return on plan assets	(1,492)	(1,514)	(2,984)	(3,028)
Amortization of net actuarial losses	954	989	1,909	1,978
Amortization of prior service cost	(401)	(400)	(803)	(800)
Net periodic benefit cost	¥ 1,269	¥ 1,198	¥ 2,537	¥ 2,397

XML

Income Taxes - Additional information (Detail)	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Taxes [Line Items]
Effective statutory tax rate	31.00%	31.00%	31.00%	31.00%
Effective tax rate	46.80%	70.30%	60.30%	42.80%

XML

Other comprehensive income (loss) - Changes in Accumulated other comprehensive income (loss) (Detail) - JPY (¥) ¥ in Millions		3 Months Ended		6 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accumulated other comprehensive income (loss) [Line Items]
Balance at beginning of year		¥ 294,637	¥ (37,176)	¥ 127,973	¥ (38,144)
Other comprehensive income (loss) before reclassifications		97,561	8,064	263,419	8,027
Reclassifications out of accumulated other comprehensive income (loss)	[1]	292	606	1,098	1,611
Net change during the period		97,853	8,670	264,517	9,638
Balance at end of period		392,490	(28,506)	392,490	(28,506)
Cumulative translation adjustments [Member]
Accumulated other comprehensive income (loss) [Line Items]
Balance at beginning of year		279,364	14,982	136,912	18,316
Other comprehensive income (loss) before reclassifications		67,867	8,663	210,319	5,268
Reclassifications out of accumulated other comprehensive income (loss)	[1]				61
Net change during the period		67,867	8,663	210,319	5,329
Balance at end of period		347,231	23,645	347,231	23,645
Pension liability adjustment [Member]
Accumulated other comprehensive income (loss) [Line Items]
Balance at beginning of year		(43,017)	(43,468)	(43,803)	(43,477)
Other comprehensive income (loss) before reclassifications		217	176	505	(358)
Reclassifications out of accumulated other comprehensive income (loss)	[1]	369	299	867	842
Net change during the period		586	475	1,372	484
Balance at end of period		(42,431)	(42,993)	(42,431)	(42,993)
Own credit adjustments [Member]
Accumulated other comprehensive income (loss) [Line Items]
Balance at beginning of year		58,290	(8,690)	34,864	(12,983)
Other comprehensive income (loss) before reclassifications		29,477	(775)	52,595	3,117
Reclassifications out of accumulated other comprehensive income (loss)	[1]	(77)	307	231	708
Net change during the period		29,400	(468)	52,826	3,825
Balance at end of period		¥ 87,690	¥ (9,158)	¥ 87,690	¥ (9,158)

[1] Reclassifications out of accumulated other comprehensive income were not significant.

XML

Commitments, contingencies and guarantees - Commitments outstanding (Detail) - JPY (¥) ¥ in Millions	Sep. 30, 2022	Mar. 31, 2022
Commitments [Line Items]
Commitments to extend credit	¥ 2,343,528	¥ 2,012,851
Commitments to invest	47,090	32,286
Liquidity facilities to central clearing counterparties [Member]
Commitments [Line Items]
Commitments to extend credit	1,243,943	1,135,695
Other commitments to extend credit [Member]
Commitments [Line Items]
Commitments to extend credit	¥ 1,099,585	¥ 877,156

XML

Commitments, contingencies and guarantees - Maturities of commitments (Detail) - JPY (¥) ¥ in Millions	Sep. 30, 2022	Mar. 31, 2022
Commitments and Contingencies Disclosure [Line Items]
Commitments to extend credit	¥ 2,343,528	¥ 2,012,851
Commitments to invest	47,090	32,286
Liquidity facilities to central clearing counterparties [Member]
Commitments and Contingencies Disclosure [Line Items]
Commitments to extend credit	1,243,943	1,135,695
Other commitments to extend credit [Member]
Commitments and Contingencies Disclosure [Line Items]
Commitments to extend credit	1,099,585	¥ 877,156
Less than 1 year [Member]
Commitments and Contingencies Disclosure [Line Items]
Commitments to extend credit	1,421,281
Commitments to invest	22,136
Less than 1 year [Member] | Liquidity facilities to central clearing counterparties [Member]
Commitments and Contingencies Disclosure [Line Items]
Commitments to extend credit	1,243,943
Less than 1 year [Member] | Other commitments to extend credit [Member]
Commitments and Contingencies Disclosure [Line Items]
Commitments to extend credit	177,338
1 to 3 years [Member]
Commitments and Contingencies Disclosure [Line Items]
Commitments to extend credit	267,085
Commitments to invest	1,634
1 to 3 years [Member] | Liquidity facilities to central clearing counterparties [Member]
Commitments and Contingencies Disclosure [Line Items]
Commitments to extend credit
1 to 3 years [Member] | Other commitments to extend credit [Member]
Commitments and Contingencies Disclosure [Line Items]
Commitments to extend credit	267,085
3 to 5 years [Member]
Commitments and Contingencies Disclosure [Line Items]
Commitments to extend credit	270,738
Commitments to invest	5,000
3 to 5 years [Member] | Liquidity facilities to central clearing counterparties [Member]
Commitments and Contingencies Disclosure [Line Items]
Commitments to extend credit
3 to 5 years [Member] | Other commitments to extend credit [Member]
Commitments and Contingencies Disclosure [Line Items]
Commitments to extend credit	270,738
More than 5 years [Member]
Commitments and Contingencies Disclosure [Line Items]
Commitments to extend credit	384,424
Commitments to invest	18,320
More than 5 years [Member] | Liquidity facilities to central clearing counterparties [Member]
Commitments and Contingencies Disclosure [Line Items]
Commitments to extend credit
More than 5 years [Member] | Other commitments to extend credit [Member]
Commitments and Contingencies Disclosure [Line Items]
Commitments to extend credit	¥ 384,424

XML

Commitments, contingencies and guarantees - Additional information (Detail) ¥ in Millions, $ in Millions, ₨ in Billions							1 Months Ended						6 Months Ended
	Jul. 04, 2022 USD ($)	May 06, 2022 EUR (€)	Feb. 01, 2022 EUR (€)	May 20, 2021 EUR (€)	Nov. 08, 2019 EUR (€)	Jun. 30, 2016 USD ($)	Sep. 30, 2022 USD ($)	Aug. 31, 2022 INR (₨)	May 31, 2019 EUR (€)	Jan. 31, 2018 EUR (€)	Sep. 30, 2017 USD ($)	Mar. 31, 2013 EUR (€)	Sep. 30, 2021 JPY (¥)	Dec. 16, 2022 JPY (¥)	Sep. 30, 2022 JPY (¥)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 JPY (¥)	Jun. 30, 2019 EUR (€)	May 22, 2018 EUR (€)	Sep. 23, 2015 EUR (€)	Mar. 31, 2014 EUR (€)	Jun. 30, 2012 USD ($)	Nov. 30, 2011 USD ($)	Jan. 31, 2008 EUR (€)
Contingencies
Current estimate of maximum reasonably possible loss | ¥														¥ 63,000
Legal expenses | ¥													¥ 40,084
Legal reserves | $																$ 3,203.0
Other Liabilities [Member]
Contingencies
Liability in respect of outstanding and unsettled investigations | ¥															¥ 81,479		¥ 76,866
Tax notice issued by tax authorities in Pescara, Italy [Member]
Contingencies
Reimbursement of refund																								€ 33,800,000
Tax credit refunds																		€ 38,000,000
Two actions by Fairfield Sentry Ltd. and Fairfield Sigma Ltd. [Member]
Contingencies
Recovery of payment | $																						$ 34.0
Claim filed by the Madoff Trustee [Member]
Contingencies
Recovery of payment | $																							$ 24.4
Action by Banca Monte dei Paschi di Siena SpA [Member]
Contingencies
Amount of damages sought												€ 1,100,000,000
Recovery of payment																					€ 1,500,000,000
Amount of discount based on the settlement agreement																				€ 440,000,000
Action by Alken Fund Sicav and Alken Luxembourg S.A [Member]
Contingencies
Amount of damages sought										€ 434,000,000
Action by York Global Finance Offshore BDH (Luxembourg) Sarl and a number of seemingly related funds [Member]
Contingencies
Amount of damages sought									€ 186,700,000
Action by the Commissione Nazionale per le Societa e la Borsa [Member]
Contingencies
Amount of fine payment, due to vicarious liability																			€ 100,000
Action by Syndicate Banks [Member]
Contingencies
Syndicate term loan | $						$ 60.0
Amount of damages sought | $						$ 48.0
Appeal to Taipei District Court By Syndicate Banks [Member]
Contingencies
Amount of damages sought | $	$ 42.6
Action by FT Syndicate Banks [Member]
Contingencies
Syndicate term loan | $											$ 100.0
Amount of damages sought | $											$ 68.0
NIP Guilty [Member]
Contingencies
Amount of damages sought					€ 3,450,000
Litigation settlement amount					€ 88,000,000
NIP Guilty [Member] | Rejected as invalid [Member]
Contingencies
Amount of damages sought		€ 3,450,000
Litigation settlement amount		€ 88,000,000
Action By European Commission For Infringing The Competition Law [Member]
Contingencies
Loss contingency accrual provision				€ 129,600,000
Action By Stichting Vestia [Member]
Contingencies
Litigation settlement amount			€ 153,500,000
Action by U.S. Commodity Futures Trading Commission [Member]
Contingencies
Loss contingency, agreed to pay value | $							$ 50.0
Action by Securities and Exchange Commission [Member]
Contingencies
Loss contingency, agreed to pay value | $							$ 50.0
Action by Bombay High Court [Member] | Nomura Financial Advisory and Securities (India) Private Limited (NFASPL) [Member]
Contingencies
Amount of damages sought | ₨								₨ 2.6

XML

Commitments, contingencies and guarantees - Information on derivative contracts and standby letters of credit and other guarantees (Detail) - JPY (¥) ¥ in Millions		Sep. 30, 2022	Mar. 31, 2022
Derivative contracts [Member]
Guarantees [Line Items]
Carrying value	[1],[2]	¥ 12,354,870	¥ 6,151,646
Maximum potential payout /Notional total	[1],[2]	497,283,042	393,709,887
Standby letters of credit and other guarantees [Member]
Guarantees [Line Items]
Carrying value	[3]
Maximum potential payout /Notional total	[3]	¥ 1,521,994	¥ 1,698,193

[1] Credit derivatives are disclosed in Note 3. “Derivative instruments and hedging activities” and are excluded from above.

[2] Derivative contracts primarily consist of equity, interest rate and foreign exchange contracts.

[3] Primarily related to a certain sponsored repo program where Nomura guarantees to a third party clearing house in relation to its clients’ payment obligations. Our credit exposures under this guarantee is minimized by obtaining collateral from clients at amount approximately the maximum potential payout under the guarantee.

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Commitments, contingencies and guarantees - Maturity information on derivative contracts and standby letters of credit and other guarantees (Detail) - JPY (¥) ¥ in Millions		Sep. 30, 2022	Mar. 31, 2022
Derivative contracts [Member]
Guarantees [Line Items]
Carrying value	[1],[2]	¥ 12,354,870	¥ 6,151,646
Maximum potential payout /Notional	[1],[2]	497,283,042	393,709,887
Derivative contracts [Member] | Less than 1 year [Member]
Guarantees [Line Items]
Maximum potential payout /Notional		111,702,087
Derivative contracts [Member] | 1 to 3 years [Member]
Guarantees [Line Items]
Maximum potential payout /Notional		159,340,394
Derivative contracts [Member] | 3 to 5 years [Member]
Guarantees [Line Items]
Maximum potential payout /Notional		76,103,006
Derivative contracts [Member] | More than 5 years [Member]
Guarantees [Line Items]
Maximum potential payout /Notional		150,137,555
Standby letters of credit and other guarantees [Member]
Guarantees [Line Items]
Carrying value	[3]
Maximum potential payout /Notional	[3]	1,521,994	¥ 1,698,193
Standby letters of credit and other guarantees [Member] | Less than 1 year [Member]
Guarantees [Line Items]
Maximum potential payout /Notional		1,507,633
Standby letters of credit and other guarantees [Member] | 1 to 3 years [Member]
Guarantees [Line Items]
Maximum potential payout /Notional		7,228
Standby letters of credit and other guarantees [Member] | 3 to 5 years [Member]
Guarantees [Line Items]
Maximum potential payout /Notional		5,572
Standby letters of credit and other guarantees [Member] | More than 5 years [Member]
Guarantees [Line Items]
Maximum potential payout /Notional		¥ 1,561

[1] Credit derivatives are disclosed in Note 3. “Derivative instruments and hedging activities” and are excluded from above.

[2] Derivative contracts primarily consist of equity, interest rate and foreign exchange contracts.

[3] Primarily related to a certain sponsored repo program where Nomura guarantees to a third party clearing house in relation to its clients’ payment obligations. Our credit exposures under this guarantee is minimized by obtaining collateral from clients at amount approximately the maximum potential payout under the guarantee.

XML

Segment and geographic information - Business segments' results (Detail) - JPY (¥) ¥ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022		Sep. 30, 2021
Segment Reporting Information [Line Items]
Non-interest revenue	¥ 338,773	¥ 307,416	¥ 642,542		¥ 644,681
Net interest revenue	(19,000)	9,582	(20,892)		22,221
Net revenue	319,773	316,998	621,650		666,902
Non-interest expenses	286,474	300,399	573,769		575,141
Income (loss) before income taxes	33,299	16,599	47,881		91,761
Retail [Member]
Segment Reporting Information [Line Items]
Non-interest revenue	71,977	84,395	142,603		168,475
Net interest revenue	503	796	1,263		1,702
Net revenue	72,480	85,191	143,866		170,177
Non-interest expenses	66,995	68,207	133,465		134,171
Income (loss) before income taxes	5,485	16,984	10,401		36,006
Investment Management [Member]
Segment Reporting Information [Line Items]
Non-interest revenue	27,058	34,244	35,366		97,944
Net interest revenue	(887)	85	(1,616)		(133)
Net revenue	26,171	34,329	33,750		97,811
Non-interest expenses	20,618	19,300	39,911		37,869
Income (loss) before income taxes	5,553	15,029	(6,161)		59,942
Wholesale [Member]
Segment Reporting Information [Line Items]
Non-interest revenue	214,413	145,187	406,582	[1]	255,957	[1]
Net interest revenue	(8,914)	27,482	(2,096)	[1]	49,489	[1]
Net revenue	205,499	172,669	404,486	[1]	305,446	[1]
Non-interest expenses	185,310	147,700	359,025	[1]	308,834	[1]
Income (loss) before income taxes	20,189	24,969	45,461	[1]	(3,388)	[1]
Other (Incl. elimination) [Member]
Segment Reporting Information [Line Items]
Non-interest revenue	25,325	43,590	57,991		122,305
Net interest revenue	(9,702)	(18,781)	(18,443)		(28,837)
Net revenue	15,623	24,809	39,548		93,468
Non-interest expenses	13,551	65,192	41,368		94,267
Income (loss) before income taxes	¥ 2,072	¥ (40,383)	¥ (1,820)		¥ (799)

[1] Non-interest revenue and Non-interest expense for the six months ended September 30, 2021 include losses of ¥65,362 million arising from the U.S. Prime Brokerage Event. The losses are reported within Net gain on trading in the amount of ¥(56,073) million and in Non-interest expenses—Other in the amount of ¥9,289 million in the consolidated statements of income.

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Segment and geographic information - Business segments' results (Parenthetical) (Detail) - JPY (¥) ¥ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Net gain on trading	¥ 160,905	¥ 91,142	¥ 302,823	¥ 143,136
Non-interest expenses - Other	¥ 33,274	¥ 76,873	¥ 78,230	125,087
US Client [Member]
Segment Reporting Information [Line Items]
Losses arising from transactions included in Non-interest revenue and Non-interest expense				65,362
Net gain on trading				(56,073)
Non-interest expenses - Other				¥ 9,289

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Segment and geographic information - Major components of Income (loss) before income taxes in "Other" (Detail) - JPY (¥) ¥ in Millions		3 Months Ended		6 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022		Sep. 30, 2021
Segment Reporting Information [Line Items]
Total		¥ 33,299	¥ 16,599	¥ 47,881		¥ 91,761
Other (Incl. elimination) [Member]
Segment Reporting Information [Line Items]
Net gain (loss) related to economic hedging transactions		98	(3,825)	(9,709)		(381)
Realized gain on investments in equity securities held for operating purposes		55	23	295		196
Equity in earnings of affiliates		9,114	5,571	26,107		15,188
Corporate items		4,513	(45,566)	(1,475)	[1]	(54,838)	[1]
Other	[2]	(11,708)	3,414	(17,038)	[3]	39,036	[3]
Total		¥ 2,072	¥ (40,383)	¥ (1,820)		¥ (799)

[1] The loss before income taxes for the six months ended September 30, 2021 includes losses of approximately ¥40 billion related to legacy transactions.

[2] Includes the impact of Nomura’s own creditworthiness.

[3] The income before income taxes for the six months ended September 30, 2021 includes a gain of ¥36,249 million from the sale of Nomura Research Institute, Ltd. ordinary shares.

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Segment and geographic information - Major components of Income (loss) before income taxes in "Other" (Parenthetical) (Detail) ¥ in Millions	6 Months Ended
	Sep. 30, 2021 JPY (¥)
Loss on legacy transactions	¥ 40,000
Nomura Research Institute, Ltd [Member]
Gain on the sale of the ordinary shares	¥ 36,249

XML

Segment and geographic information - Reconciliation of combined business segments' results included in preceding table to reported Net revenue, Non-interest expenses and Income (loss) before income taxes (Detail) - JPY (¥) ¥ in Millions		3 Months Ended		6 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022		Sep. 30, 2021
Segment and Geographic Information [Abstract]
Net revenue		¥ 319,773	¥ 316,998	¥ 621,650		¥ 666,902
Unrealized gain on investments in equity securities held for operating purposes		(1,815)	1,868	(4,664)		5,239
Consolidated net revenue	[1]	317,958	318,866	616,986	[2]	672,141	[2]
Non-interest expenses		286,474	300,399	573,769		575,141
Unrealized gain (loss) on investments in equity securities held for operating purposes
Consolidated non-interest expenses		286,474	300,399	573,769		575,141
Income before income taxes		33,299	16,599	47,881		91,761
Unrealized gain on investments in equity securities held for operating purposes		(1,815)	1,868	(4,664)		5,239
Consolidated income before income taxes		¥ 31,484	¥ 18,467	¥ 43,217	[2]	¥ 97,000	[2]

[1] There is no revenue derived from transactions with a single major external customer.

[2] Includes losses arising from the U.S. Prime Brokerage Event.

XML

Segment and geographic information - Geographic allocation of Net revenue and Income (loss) before income taxes from operations by geographic areas, and Long-lived assets (Detail) - JPY (¥) ¥ in Millions		3 Months Ended		6 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022		Sep. 30, 2021	[2]	Mar. 31, 2022
Net revenue, income (loss) before income taxes and long-lived assets
Consolidated, Net revenue	[1]	¥ 317,958	¥ 318,866	¥ 616,986	[2]	¥ 672,141
Consolidated, Income (loss) before income taxes		31,484	18,467	43,217	[2]	97,000
Consolidated, Long-lived assets		465,421		465,421				¥ 449,423
Americas [Member]
Net revenue, income (loss) before income taxes and long-lived assets
Consolidated, Net revenue	[1]	75,057	84,602	119,139	[2]	122,906
Consolidated, Income (loss) before income taxes		(21,364)	(17,225)	(43,011)	[2]	(53,824)
Consolidated, Long-lived assets		121,343		121,343				103,045
Europe [Member]
Net revenue, income (loss) before income taxes and long-lived assets
Consolidated, Net revenue	[1]	35,533	33,629	64,064	[2]	66,997
Consolidated, Income (loss) before income taxes		6,405	(8,863)	4,505	[2]	(14,150)
Consolidated, Long-lived assets		54,048		54,048				53,643
Asia and Oceania [Member]
Net revenue, income (loss) before income taxes and long-lived assets
Consolidated, Net revenue	[1]	4,744	22,715	41,657	[2]	43,876
Consolidated, Income (loss) before income taxes		15,574	7,103	23,917	[2]	13,724
Consolidated, Long-lived assets		22,804		22,804				23,600
Subtotal [Member]
Net revenue, income (loss) before income taxes and long-lived assets
Consolidated, Net revenue	[1]	115,334	140,946	224,860	[2]	233,779
Consolidated, Income (loss) before income taxes		615	(18,985)	(14,589)	[2]	(54,250)
Consolidated, Long-lived assets		198,195		198,195				180,288
Japan [Member]
Net revenue, income (loss) before income taxes and long-lived assets
Consolidated, Net revenue	[1]	202,624	177,920	392,126	[2]	438,362
Consolidated, Income (loss) before income taxes		30,869	¥ 37,452	57,806	[2]	¥ 151,250
Consolidated, Long-lived assets		¥ 267,226		¥ 267,226				¥ 269,135

[1] There is no revenue derived from transactions with a single major external customer.

[2] Includes losses arising from the U.S. Prime Brokerage Event.

XML

Subsequent events - Additional Information (Detail) - Subsequent event [Member] ¥ in Billions	Dec. 05, 2022 JPY (¥) shares
Third quarter of the fiscal year ending March 31, 2023 [Member]
Subsequent Event [Line Items]
Expected pre-tax gain amount | ¥	¥ 25
Nomura Research Institute Ltd [Member]
Subsequent Event [Line Items]
Number of ordinary shares sold by participating in a secondary offering | shares	13,000,000