Fair value measurements (Tables)

12 Months Ended

Mar. 31, 2023

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 carried at fair value on a recurring basis as of March 31, 2022 and 2023 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
	March 31, 2023
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting(1)			Balance as of March 31, 2023
Assets:
Trading assets and private equity and debt investments(2)
Equities(3)	¥	1,906	¥	1,111	¥	4	¥	—		¥	3,021
Private equity and debt investments(5)		25		—		52		—			77
Japanese government securities		1,627		—		—		—			1,627
Japanese agency and municipal securities		—		157		2		—			159
Foreign government, agency and municipal securities		3,566		2,221		8		—			5,795
Bank and corporate debt securities and loans for trading purposes		—		1,268		258		—			1,526
Commercial mortgage-backed securities (“CMBS”)		—		—		0		—			0
Residential mortgage-backed securities (“RMBS”)		—		3,402		8		—			3,410
Issued/Guaranteed by government sponsored entity		—		3,265		—		—			3,265
Other		—		137		8		—			145
Real estate-backed securities		—		58		95		—			153
Collateralized debt obligations (“CDOs”) and other(6)		—		35		28		—			63
Investment trust funds and other		307		3		2		—			312
Total trading assets and private equity and debt investments		7,431		8,255		457		—			16,143
Derivative assets(7)
Equity contracts		2		1,052		11		—			1,065
Interest rate contracts		73		12,593		133		—			12,799
Credit contracts		8		232		36		—			276
Foreign exchange contracts		0		4,171		49		—			4,220
Commodity contracts		1		2		—		—			3
Netting		—		—		—		(16,943	)		(16,943	)
Total derivative assets		84		18,050		229		(16,943	)		1,420
Subtotal	¥	7,515	¥	26,305	¥	686	¥	(16,943	)	¥	17,563
Loans and receivables(8)		—		1,498		191		—			1,689
Collateralized agreements(9)		—		286		17		—			303
Other assets(2)
Non-trading debt securities		87		247		3		—			337
Other(3)(4)		188		164		196		—			548
Total	¥	7,790	¥	28,500	¥	1,093	¥	(16,943	)	¥	20,440
Liabilities:
Trading liabilities
Equities	¥	2,068	¥	13	¥	1	¥	—		¥	2,082
Japanese government securities		1,469		—		—		—			1,469
Japanese agency and municipal securities		—		5		—		—			5
Foreign government, agency and municipal securities		3,579		1,021		0		—			4,600
Bank and corporate debt securities		—		232		3		—			235
Residential mortgage-backed securities (“RMBS”)		—		0		—		—			0
Investment trust funds and other		158		—		0		—			158
Total trading liabilities		7,274		1,271		4		—			8,549
Derivative liabilities(7)
Equity contracts		3		1,602		5		—			1,610
Interest rate contracts		45		12,080		122		—			12,247
Credit contracts		14		276		68		—			358
Foreign exchange contracts		0		4,090		30		—			4,120
Commodity contracts		—		3		—		—			3
Netting		—		—		—		(16,329	)		(16,329	)
Total derivative liabilities		62		18,051		225		(16,329	)		2,009
Subtotal	¥	7,336	¥	19,322	¥	229	¥	(16,329	)	¥	10,558
Short-term borrowings(11)	¥	—	¥	446	¥	30	¥	—		¥	476
Payables and deposits(10)(12)		—		142		17		—			159
Collateralized financing(9)		—		749		—		—			749
Long-term borrowings(11)(13)(14)		27		4,437		493		—			4,957
Other liabilities(15)		108		175		21		—			304
Total	¥	7,471	¥	25,271	¥	790	¥	(16,329	)	¥	17,203

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

(2) Investments that are carried at fair value using NAV per share as a practical expedient have not been classified in the fair value hierarchy. As of March 31, 2022 and March 31, 2023, 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 March 31, 2023, the fair values of these investments which are included in Other assets—Others 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 ¥69,475 million and ¥28,185 million, respectively, as of March 31, 2023.

(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. These 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.

(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. Deposits are adjusted for fair value changes in corresponding embedded derivatives for presentation in the consolidated balance sheets.

(13) Includes embedded derivatives bifurcated from issued structured notes. Structured notes are adjusted for fair value changes in corresponding embedded derivatives for presentation in the consolidated balance sheets

(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	2.0 – 11.2 x	6.9 x	Higher fair value	No predictable interrelationship
				PE Ratios	10.7 – 12.6 x	11.6 x	Higher fair value
				Liquidity discounts	5.0 – 20.0%	11.9%	Lower fair value
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

	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)
Bank and corporate debt securities and loans for trading purposes		220	DCF	Credit spreads Recovery rates	0.1 – 114.7% 0.0 – 100.0%	7.2% 84.4%	Lower fair value Higher fair value	No predictable interrelationship
Commercial mortgage backed securities (“CMBS”)		7	DCF	Yields Loss severities	4.3 – 11.1% 28.3 – 73.0%	4.6% 40.8%	Lower fair value Lower fair value	No predictable interrelationship
Residential mortgage backed securities (“RMBS”)		8	DCF	Yields Prepayment rates Loss severities	0.0 – 22.2% 6.9 – 15.0% 0.0 – 99.9%	8.4% 9.5% 6.9%	Lower fair value Lower fair value Lower fair value	No predictable interrelationship
Real estate-backed securities		79	DCF	Loss severities	0.0 – 21.2%	2.9%	Lower fair value	Not applicable
Collateralized debt obligations (“CDOs”) and other		26	DCF	Yields Prepayment rates Default probabilities Loss severities	5.5 – 27.5% 18.0 – 20.0% 2.0% 0.0 – 100.0%	13.1% 19.5% 2.0% 44.0%	Lower fair value Lower fair value Lower fair value Lower fair value	Change in default probabilities typically accompanied by directionally similar change in loss severities and opposite change in prepayment rates
Derivatives, net:
Equity contracts	¥	10	Option models	Dividend yield Volatilities Correlations	0.0 – 12.6% 0.0 – 109.7% (0.80) – 0.97	—   —   —	Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Interest rate contracts		(11)	DCF/ Option models	Interest rates Volatilities Volatilities Correlations	0.3 – 3.3% 9.2 – 13.9% 34.8 – 128.3 bp (1.00) – 0.98	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
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

	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)
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

	March 31, 2023
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	¥	4	DCF	Liquidity discounts	75.0%	75.0%	Lower fair value	Not applicable
Private equity and debt investments		52	DCF	WACC Growth rates Credit spreads Liquidity discounts	5.5 – 17.5% 0.0 – 2.0% 7.5 – 10.9% 5.0 – 30.0%	10.1% 0.7% 9.8% 17.1%	Lower fair value Higher fair value Lower fair value Lower fair value	No predictable interrelationship
			Market multiples	EV/EBITDA ratios PE Ratios Liquidity discounts	2.0 – 11.7 x 11.3 – 24.3 x 5.0 – 20.0%	8.4 x 14.4 x 11.0%	Higher fair value Higher fair value Lower fair value	No predictable interrelationship
Foreign government, agency and municipal securities		8	DCF	Credit spreads Recovery rates	0.0 – 1.7% 6.3 – 18.0%	0.7% 8.1%	Lower fair value Higher fair value	No predictable interrelationship

	March 31, 2023
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)
Bank and corporate debt securities and loans for trading purposes		258	DCF	Credit spreads Recovery rates	0.0 – 21.8% 0.0 – 100.0%	5.7% 83.1%	Lower fair value Higher fair value	No predictable interrelationship
Residential mortgage backed securities (“RMBS”)		8	DCF	Yields Prepayment rates Loss severities	17.7 – 28.6% 12.0 – 15.0% 0.4 – 99.6%	24.3% 13.2% 20.3%	Lower fair value Lower fair value Lower fair value	No predictable interrelationship
Real estate-backed securities		95	DCF	Loss severities	1.3 – 70.0%	9.2%	Lower fair value	Not applicable
Collateralized debt obligations (“CDOs”) and other		28	DCF	Yields Prepayment rates Default probabilities Loss severities	6.0 – 38.9% 18.0 – 20.0% 2.0% 50.0 – 100.0%	13.9% 19.0% 2.0% 52.6%	Lower fair value Lower fair value Lower fair value Lower fair value	Change in default probabilities typically accompanied by directionally similar change in loss severities and opposite change in prepayment rates
Investment trust funds and other		2	DCF	Liquidity discounts	0.0 – 2.0%	1.0%	Lower fair value	Not applicable
Derivatives, net:
Equity contracts	¥	6	Option models	Dividend yield Volatilities Correlations	0.0 -  25.1% 15.4 –  108.6% (0.85) - 0.98	—   —   —	Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Interest rate contracts		11	DCF/ Option models	Interest rates Volatilities Volatilities Correlations	1.0 - 4.4% 10.7 - 14.1% 38.5 - 147.4 bp (1.00) - 1.00	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Credit contracts		(32)	DCF/ Option models	Credit spreads Recovery rates Volatilities Correlations	0.1 - 348.3% 0.0 - 90.0% 55.5 - 61.1% 0.23 - 0.90	—   —   —   —	Higher fair value Higher fair value Higher fair value Higher fair value	No predictable interrelationship
Foreign exchange contracts		19	Option models	Volatilities Correlations	1.0 - 23.6% 0.18 - 0.74	—   —	Higher fair value Higher fair value	No predictable interrelationship
Loans and receivables		191	DCF	Credit spreads Recovery rates	0.0 - 25.8% 22.1 - 100.0%	7.1% 74.5%	Lower fair value Higher fair value	No predictable interrelationship
Collateralized agreements		17	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	Not applicable
Other(7)		196	DCF	WACC Growth rates	11.2% 3.0%	11.2% 3.0%	Lower fair value Higher fair value	No predictable interrelationship

	March 31, 2023
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)
			Market multiples	EV/EBITDA ratios PE Ratios Price/Book ratios Liquidity discounts	4.0 - 5.4 x 7.4 - 30.8 x 0.3 - 1.6 x 25.0 - 30.0%	4.4 x 10.3 x 0.8 x 29.8%	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	4.5 - 95.0%	65.5%	Higher fair value	Not applicable
Short-term borrowings		30	DCF/ Option models	Volatilities Correlations	15.4 - 100.6% (0.80) - 0.95	—   —	Higher fair value Higher fair value	No predictable interrelationship
Payable and deposits		17	DCF/ Option models	Volatilities Correlations	10.7 - 11.3% 0.40 - 0.98	—   —	Higher fair value Higher fair value	No predictable interrelationship
Long-term borrowings		493	DCF	Loss severities	0.0 - 30.0%	9.0%	Lower fair value	Not applicable
			DCF/ Option models	Volatilities	10.5 - 100.6%	—	Higher fair value	No predictable interrelationship
				Volatilities Correlations	51.9 - 63.6 bp (1.00) - 0.98	—   —	Higher fair value Higher fair value
Other liabilities		21	DCF	Recovery rates	40.0 - 98.5%	89.9%	Higher fair value	Not applicable

(1) Range information is provided in percentages, coefficients and multiples and represents the highest and lowest level significant unobservable valuation input used to value that type of financial instrument. A wide dispersion in the range does not necessarily reflect increased uncertainty or subjectivity in the valuation input and is typically just a consequence of the different characteristics of the financial instruments themselves.

(2) Weighted average information for non-derivatives is calculated by weighting each valuation input by the fair value of the financial instrument.

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

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

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

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

(7) Valuation techniques and unobservable valuation inputs in respect of equity securities reported within Other assets in the consolidated balance sheets.

Increases and decreases of Level 3 assets and liabilities measured at fair value on recurring basis unrealized and realized gain/losses included in revenue

For the years ended March 31, 2022 and 2023, gains and losses related to Level 3 assets and liabilities did not have a material impact on Nomura’s liquidity and capital resources management.

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

				Billions of yen
				Year ended March 31, 2023
	Balance as of April 1, 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 March 31, 2023
Assets:
Trading assets and private equity and debt investments
Equities	¥	14		¥	(2	)	¥	—	¥	11	¥	(13	)	¥	—		¥	1		¥	1	¥	(8	)	¥	4
Private equity and debt investments		32			11			—		27		(18	)		—			0			—		—			52
Japanese agency and municipal securities		2			0			—		0		0			—			—			—		—			2
Foreign government, agency and municipal securities		10			0			—		15		(17	)		—			0			1		(1	)		8
Bank and corporate debt securities and loans for trading purposes		220			(3	)		—		273		(266	)		—			13			100		(79	)		258
Commercial mortgage-backed securities (“CMBS”)		7			0			—		0		0			—			—			0		(7	)		0
Residential mortgage-backed securities (“RMBS”)		8			(1	)		—		3		(12	)		—			0			10		0			8
Real estate-backed securities		79			(10	)		—		160		(141	)		—			7			—		—			95
Collateralized debt obligations (“CDOs”) and other		26			(6	)		—		69		(69	)		—			2			10		(4	)		28
Investment trust funds and other		0			0			—		64		(62	)		—			0			0		—			2
Total trading assets and private equity and debt investments		398			(11	)		—		622		(598	)		—			23			122		(99	)		457
Derivatives, net(3)
Equity contracts		10			(4	)		—		—		—			(23	)		(4	)		11		16			6
Interest rate contracts		(11	)		(6	)		—		—		—			14			1			9		4			11
Credit contracts		(33	)		24			—		—		—			(5	)		(3	)		0		(15	)		(32	)
Foreign exchange contracts		10			2			—		—		—			5			2			0		0			19
Total derivatives, net		(24	)		16			—		—		—			(9	)		(4	)		20		5			4
Subtotal	¥	374		¥	5		¥	—	¥	622	¥	(598	)	¥	(9	)	¥	19		¥	142	¥	(94	)	¥	461
Loans and receivables	¥	205		¥	21		¥	—	¥	85	¥	(123	)	¥	—		¥	12		¥	65	¥	(74	)	¥	191
Collateralized agreements		16			0			—		—		—			—			1			—		—			17
Other assets
Non-trading debt securities		—			0			—		0		—			—			1			2		—			3
Other		197			(12	)		0		10		(14	)		—			14			1		—			196
Total	¥	792		¥	14		¥	0	¥	717	¥	(735	)	¥	(9	)	¥	47		¥	210	¥	(168	)	¥	868
Liabilities:
Trading liabilities
Equities	¥	0		¥	(1	)	¥	—	¥	0	¥	(2	)	¥	—		¥	0		¥	2	¥	—		¥	1
Foreign government, agency and municipal securities		0			0			—		—		—			—			0			—		—			0
Bank and corporate debt securities		3			0			—		2		(6	)		—			0			7		(3	)		3
Collateralized debt obligations (“CDOs”) and other		0			—			—		1		(1	)		—			0			—		—			—
Investment trust funds and other		0			0			—		0		0			—			0			—		—			0
Total trading liabilities	¥	3		¥	(1	)	¥	—	¥	3	¥	(9	)	¥	—		¥	0		¥	9	¥	(3	)	¥	4
Short-term borrowings		58			(4	)		0		43		(32	)		—			0			10		(53	)		30
Payables and deposits		8			1			0		17		0			—			—			8		(15	)		17
Long-term borrowings		479			4			7		238		(152	)		—			2			114		(177	)		493
Other liabilities		32			16			—		5		(2	)		—			3			0		(1	)		21
Total	¥	580		¥	16		¥	7	¥	306	¥	(195	)	¥	—		¥	5		¥	141	¥	(249)		¥	565

(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 years ended March 31, 2022 and March 31, 2023.

(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)

The following table presents the amounts of unrealized gains (losses) for the years ended March 31, 2022 and 2023, 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
	March 31
	2022			2023
	Unrealized gains / (losses)(1)
Assets:
Trading assets and private equity and debt investments
Equities	¥	2		¥	(2	)
Private equity and debt investments		1			9
Japanese agency and municipal securities		0			0
Foreign government, agency and municipal securities		0			(1	)
Bank and corporate debt securities and loans for trading purposes		(2	)		13
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		(7	)		(6	)
Investment trust funds and other		0			0
Total trading assets and private equity and debt investments		(5	)		15
Derivatives, net(2)
Equity contracts		46			7
Interest rate contracts		0			(8	)
Credit contracts		5			1
Foreign exchange contracts		(13	)		0
Total derivatives, net		38			0
Subtotal	¥	33		¥	15
Loans and receivables		16			14
Collateralized agreements		0			0
Other assets
Non-Trading debt Securities		—			0
Other		(2	)		(7	)
Total	¥	47		¥	22

	Billions of yen
	March 31
	2022			2023
	Unrealized gains / (losses)(1)
Liabilities:
Trading liabilities
Equities	¥	0		¥	0
Foreign government, agency and municipal securities		0			0
Bank and corporate debt securities		0			0
Collateralized debt obligations (“CDOs”) and other		0			—
Total trading liabilities	¥	0		¥	0
Short-term borrowings(3)		2			(3	)
Payables and deposits(3)		0			1
Long-term borrowings(3)		18			22
Other liabilities		(7	)		0
Total	¥	13		¥	20

(1) Includes gains and losses reported 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) Derivatives which contain multiple types of risk are classified based on the primary risk type of the instrument.

(3) Includes unrealized gains and losses of ¥5 billion and ¥7 billion for the years ended March 31, 2022 and 2023 recognized in Other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period. 

Information on investments where net asset value per share is calculated

The following tables present information on these investments where NAV per share is calculated or disclosed as of March 31, 2022 and 2023. 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
	March 31, 2023
	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		11		9		—		—
Private equity funds		24		10		—		—
Real estate funds		3		1		—		—
Total	¥	50	¥	21

(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 carried at fair value using the fair value option for the years ended March 31, 2021, 2022 and 2023.

	Billions of yen
	Year ended March 31
	2021			2022			2023
	Gains/(Losses)(1)
Assets:
Trading assets and private equity and debt investments(2)
Trading assets	¥	2		¥	1		¥	(1	)
Private equity and debt investments		0			6			2
Loans and receivables		7			39			35
Collateralized agreements(3)		5			(1	)		0
Other assets(2)		51			(3	)		(12	)
Total	¥	65		¥	42		¥	24
Liabilities:
Short-term borrowings(4)	¥	(83	)	¥	60		¥	208
Payables and deposits		3			4			7
Collateralized financing(3)		9			3			(5	)
Long-term borrowings(4)(5)		(194	)		275			298
Other liabilities(6)		3			4			7
Total	¥	(262	)	¥	346		¥	515

(1) Includes gains and losses reported primarily within Revenue—Net gain on trading and Revenue—Other in the consolidated statements of income.

(2) Includes equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the fair value option.

(3) Includes reverse repurchase and repurchase agreements.

(4) Includes structured notes and other financial liabilities.

(5) Includes secured financing transactions arising from transfers of financial assets which did not meet the criteria for sales accounting.

(6) Includes unfunded written loan commitments.

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

	Billions of yen
	Year ended March 31
	2022		2023
Changes recognized as a credit to other comprehensive income	¥	60	¥	95
Credit (debit) amounts reclassified to earnings		1		0
Cumulative credit balance recognized in accumulated other comprehensive income		49		145

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
	March 31, 2023
	Japan		U.S.		EU & U.K.		Other		Total(1)
Government, agency and municipal securities	¥	1,786	¥	2,561	¥	2,309	¥	925	¥	7,581

(1) Other than above, there were ¥331 billion and ¥324 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 2023, 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 not carried at fair value on a recurring basis in the consolidated balance sheets as of March 31, 2022 and 2023.

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

	Billions of yen
	March 31, 2023(1)
					Fair value by level
	Carrying value		Fair value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	¥	3,821	¥	3,821	¥	3,821	¥	—	¥	—
Time deposits		409		409		—		409		—
Deposits with stock exchanges and other segregated cash		291		291		—		291		—
Loans receivable(2)		4,010		4,009		—		2,855		1,154
Securities purchased under agreements to resell		13,834		13,834		—		13,817		17
Securities borrowed		4,283		4,283		—		4,283		—
Total	¥	26,648	¥	26,647	¥	3,821	¥	21,655	¥	1,171
Liabilities:
Short-term borrowings	¥	1,009	¥	1,009	¥	—	¥	978	¥	31
Deposits received at banks		2,138		2,138		—		2,121		17
Securities sold under agreements to repurchase		14,218		14,218		—		14,218		—
Securities loaned		1,557		1,557		—		1,557		—
Other secured borrowings		334		334		—		334		—
Long-term borrowings		10,399		10,350		27		9,795		528
Total	¥	29,655	¥	29,606	¥	27	¥	29,003	¥	576

(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.