UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2021

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant’s name into English)

5-5, Otemachi 1-chome

Chiyoda-ku, Tokyo 100-8176

Japan

(Address of principal executive office)

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

Form 20-F  ☒    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):  ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ☐    No  ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82-                    .

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE INTO THE PROSPECTUS FORMING A PART OF MIZUHO FINANCIAL GROUP, INC.’S REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-233354) AND TO BE A PART OF SUCH PROSPECTUS FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

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.

Date: November 29, 2021
Mizuho Financial Group, Inc.
By:	/s/ Makoto Umemiya
Name:	Makoto Umemiya
Title:	Senior Executive Officer / Group CFO

UNAUDITED INTERIM CONSOLIDATED JAPANESE GAAP FINANCIAL STATEMENTS

AS OF AND FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021

On November 29, 2021, we published our unaudited interim consolidated financial statements as of and for the six months ended September 30, 2021 prepared in accordance with Japanese GAAP as part of our interim securities report (shihanki hokokusho) for the same period filed by us with the relevant Japanese authorities. We have included in this report on Form 6-K an English translation of the unaudited interim consolidated financial statements and the notes thereto included in such interim securities report. Japanese GAAP differs in certain respects from U.S. GAAP. For a description of certain differences between U.S. GAAP and Japanese GAAP, see “Item 5. Operating and Financial Review and Prospects—Reconciliation with Japanese GAAP” in our most recent annual report on Form 20-F filed with the U.S. Securities Exchange Commission.

- 1 -

Financial Information

1. Mizuho Financial Group, Inc. (“MHFG”) is a specified business company under Article 17-15, Paragraph 2 of the Cabinet Office Ordinance on Disclosure of Corporate Information, etc. and prepares the interim consolidated financial statements in the second quarter.

2. The interim consolidated financial statements of MHFG are prepared in accordance with the “Ordinance on the Terminology, Forms, and Preparation Methods of Interim Consolidated Financial Statements” (Ordinance of the Ministry of Finance No. 24 of 1999). The classification of assets and liabilities and that of income and expenses are in accordance with the “Ordinance for Enforcement of the Banking Act” (Ordinance of the Ministry of Finance No. 10 of 1982).

3. Ernst & Young ShinNihon LLC conducted a semiannual audit on the interim consolidated financial statements of MHFG for the six months ended September 30, 2021, pursuant to Article 193-2, Paragraph 1 of the Financial Instruments and Exchange Act.

- 2 -

I. Interim Consolidated Financial Statements

(1) Interim Consolidated Balance Sheet

	(Millions of yen)
	As of March 31, 2021			As of September 30, 2021
Assets
Cash and Due from Banks	*8	47,981,981		*8	47,075,429
Call Loans and Bills Purchased		589,776			330,455
Receivables under Resale Agreements		11,623,654			16,932,692
Guarantee Deposits Paid under Securities Borrowing Transactions		2,707,711			2,412,626
Other Debt Purchased		3,208,004			3,137,520
Trading Assets	*8	12,589,294		*8	12,610,648
Money Held in Trust		582,368			637,862
Securities	*1, *8, *15	43,697,262		*1, *8, *15	43,725,034
Loans and Bills Discounted	*3, *4, *5, *6, *7, *8, *9	83,704,675		*3, *4, *5, *6, *7, *8, *9	82,198,528
Foreign Exchange Assets	*7	2,084,756		*7	2,228,808
Derivatives other than for Trading Assets		1,719,349			1,407,561
Other Assets	*8	6,174,020		*8	5,296,681
Tangible Fixed Assets	*10, *11	1,135,449		*10, *11	1,118,837
Intangible Fixed Assets		620,224			603,477
Net Defined Benefit Asset		1,109,107			959,987
Deferred Tax Assets		31,402			27,842
Customers’ Liabilities for Acceptances and Guarantees		6,602,744			7,085,422
Reserves for Possible Losses on Loans		(575,572	)		(594,023	)
Reserve for Possible Losses on Investments		(0	)		(1	)
Total Assets		225,586,211			227,195,390

- 3 -

	(Millions of yen)
	As of March 31, 2021			As of September 30, 2021
Liabilities
Deposits	*8	133,312,406		*8	129,291,662
Negotiable Certificates of Deposit		17,192,572			19,215,068
Call Money and Bills Sold		1,312,790			1,431,315
Payables under Repurchase Agreements	*8	18,607,255		*8	22,277,769
Guarantee Deposits Received under Securities Lending Transactions	*8	958,148		*8	1,229,187
Commercial Paper		2,105,067			1,969,424
Trading Liabilities		8,115,377			6,464,003
Borrowed Money	*8, *12	7,441,822		*8, *12	7,495,869
Foreign Exchange Liabilities		532,042			500,486
Short-term Bonds		456,045			543,561
Bonds and Notes	*13	10,321,672		*13	10,513,503
Due to Trust Accounts		1,160,608			1,182,263
Derivatives other than for Trading Liabilities		1,739,671			1,480,764
Other Liabilities		5,862,013			6,469,900
Reserve for Bonus Payments		104,131			58,833
Reserve for Variable Compensation		2,935			1,014
Net Defined Benefit Liability		71,049			71,775
Reserve for Director and Corporate Auditor Retirement Benefits		683			488
Reserve for Possible Losses on Sales of Loans		1,074			181
Reserve for Contingencies		6,762			8,562
Reserve for Reimbursement of Deposits		22,099			19,901
Reserve for Reimbursement of Debentures		14,419			12,157
Reserves under Special Laws		3,135			3,127
Deferred Tax Liabilities		215,557			166,823
Deferred Tax Liabilities for Revaluation Reserve for Land	*10	61,915		*10	61,436
Acceptances and Guarantees		6,602,744			7,085,422
Total Liabilities		216,224,003			217,554,505
Net Assets
Common Stock		2,256,767			2,256,767
Capital Surplus		1,135,940			1,125,324
Retained Earnings		4,421,655			4,712,422
Treasury Stock		(7,124	)		(8,164	)
Total Shareholders’ Equity		7,807,239			8,086,349
Net Unrealized Gains (Losses) on Other Securities		1,132,460			1,154,756
Deferred Gains or Losses on Hedges		31,618			(743	)
Revaluation Reserve for Land	*10	136,384		*10	135,297
Foreign Currency Translation Adjustments		(139,514	)		(80,968	)
Remeasurements of Defined Benefit Plans		288,088			229,137
Total Accumulated Other Comprehensive Income		1,449,035			1,437,480
Stock Acquisition Rights		134			95
Non-controlling Interests		105,797			116,959
Total Net Assets		9,362,207			9,640,884
Total Liabilities and Net Assets		225,586,211			227,195,390

- 4 -

(2) Interim Consolidated Statement of Income and Interim Consolidated Statement of Comprehensive Income

      Interim Consolidated Statement of Income

	(Millions of yen)
	For the six months ended September 30, 2020		For the six months ended September 30, 2021
Ordinary Income		1,576,761		1,579,249
Interest Income		693,651		615,622
Interest on Loans and Bills Discounted		490,811		422,172
Interest and Dividends on Securities		122,600		119,583
Fiduciary Income		27,143		29,728
Fee and Commission Income		397,087		416,769
Trading Income		238,219		226,614
Other Operating Income		156,922		142,799
Other Ordinary Income	*1	63,736	*1	147,714
Ordinary Expenses		1,309,150		1,179,909
Interest Expenses		253,522		141,461
Interest on Deposits		91,376		28,002
Fee and Commission Expenses		77,475		86,326
Trading Expenses		1,455		35,301
Other Operating Expenses		68,248		59,622
General and Administrative Expenses		681,287		667,594
Other Ordinary Expenses	*2	227,161	*2	189,602
Ordinary Profits		267,610		399,340
Extraordinary Gains	*3	72,735	*3	51,553
Extraordinary Losses	*4	6,955	*4	4,271
Income before Income Taxes		333,391		446,622
Income Taxes:
Current		74,186		65,604
Deferred		41,813		(10,941	)
Total Income Taxes		116,000		54,663
Profit		217,390		391,958
Profit Attributable to Non-controlling Interests		1,867		6,301
Profit Attributable to Owners of Parent		215,523		385,657

- 5 -

      Interim Consolidated Statement of Comprehensive Income

	(Millions of yen)
	For the six months ended September 30, 2020			For the six months ended September 30, 2021
Profit		217,390			391,958
Other Comprehensive Income		158,782			(9,048	)
Net Unrealized Gains (Losses) on Other Securities		212,348			23,805
Deferred Gains or Losses on Hedges		(5,843	)		(32,261	)
Foreign Currency Translation Adjustments		(36,529	)		50,061
Remeasurements of Defined Benefit Plans		(9,851	)		(58,390	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		(1,341	)		7,736
Comprehensive Income		376,172			382,910
(Breakdown)
Comprehensive Income Attributable to Owners of Parent		377,963			375,995
Comprehensive Income Attributable to Non-controlling Interests		(1,791	)		6,914

- 6 -

(3) Interim Consolidated Statement of Changes in Net Assets

      For the six months ended September 30, 2020

	(Millions of yen)
	Shareholders’ Equity
	Common Stock		Capital Surplus			Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,256,767		1,136,467			4,174,190			(6,414	)		7,561,010
Cumulative Effects of Changes in Accounting Policies							(32,639	)					(32,639	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies		2,256,767		1,136,467			4,141,550			(6,414	)		7,528,370
Changes during the period
Cash Dividends							(95,208	)					(95,208	)
Profit Attributable to Owners of Parent							215,523						215,523
Repurchase of Treasury Stock										(1,995	)		(1,995	)
Disposition of Treasury Stock				(80	)					1,385			1,305
Transfer from Revaluation Reserve for Land							(1,178	)					(1,178	)
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				(519	)								(519	)
Transfer from Retained Earnings to Capital Surplus				80			(80	)					—
Net Changes in Items other than Shareholders’ equity
Total Changes during the period		—		(519	)		119,056			(610	)		117,926
Balance as of the end of the period		2,256,767		1,135,948			4,260,606			(7,025	)		7,646,297

	Accumulated Other Comprehensive Income															Stock Acquisition Rights			Non- controlling Interests			Total Net Assets
	Net Unrealized Gains (Losses) on Other Securities		Deferred Gains or Losses on Hedges			Revaluation Reserve for Land		Foreign Currency Translation Adjustments			Remeasurements of Defined Benefit Plans			Total Accumulated Other Comprehensive Income
Balance as of the beginning of the period		823,085		72,081			136,655		(133,178	)		94,317			992,960		213			109,662			8,663,847
Cumulative Effects of Changes in Accounting Policies															—								(32,639	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies		823,085		72,081			136,655		(133,178	)		94,317			992,960		213			109,662			8,631,208
Changes during the period
Cash Dividends																							(95,208	)
Profit Attributable to Owners of Parent																							215,523
Repurchase of Treasury Stock																							(1,995	)
Disposition of Treasury Stock																							1,305
Transfer from Revaluation Reserve for Land																							(1,178	)
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																							(519	)
Transfer from Retained Earnings to Capital Surplus																							—
Net Changes in Items other than Shareholders’ equity		215,696		(5,819	)		1,178		(37,594	)		(9,842	)		163,619		(79	)		(7,469	)		156,070
Total Changes during the period		215,696		(5,819	)		1,178		(37,594	)		(9,842	)		163,619		(79	)		(7,469	)		273,997
Balance as of the end of the period		1,038,781		66,262			137,834		(170,773	)		84,475			1,156,580		134			102,192			8,905,205

- 7 -

      For the six months ended September 30, 2021

	(Millions of yen)
	Shareholders’ Equity
	Common Stock		Capital Surplus			Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,256,767		1,135,940			4,421,655			(7,124	)		7,807,239
Cumulative Effects of Changes in Accounting Policies							(724	)					(724	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies		2,256,767		1,135,940			4,420,931			(7,124	)		7,806,515
Changes during the period
Cash Dividends							(95,201	)					(95,201	)
Profit Attributable to Owners of Parent							385,657						385,657
Repurchase of Treasury Stock										(2,646	)		(2,646	)
Disposition of Treasury Stock				(51	)					1,606			1,554
Transfer from Revaluation Reserve for Land							1,086						1,086
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders				(10,616	)								(10,616	)
Transfer from Retained Earnings to Capital Surplus				51			(51	)					—
Net Changes in Items other than Shareholders’ equity
Total Changes during the period		—		(10,616	)		291,490			(1,040	)		279,833
Balance as of the end of the period		2,256,767		1,125,324			4,712,422			(8,164	)		8,086,349

	Accumulated Other Comprehensive Income
	Net Unrealized Gains (Losses) on Other Securities		Deferred Gains or Losses on Hedges			Revaluation Reserve for Land			Foreign Currency Translation Adjustments			Remeasurements of Defined Benefit Plans			Total Accumulated Other Comprehensive Income			Stock Acquisition Rights			Non- controlling Interests		Total Net Assets
Balance as of the beginning of the period		1,132,460		31,618			136,384			(139,514	)		288,088			1,449,035			134			105,797		9,362,207
Cumulative Effects of Changes in Accounting Policies																—								(724	)
Balance as of the beginning of the period reflecting Changes in Accounting Policies		1,132,460		31,618			136,384			(139,514	)		288,088			1,449,035			134			105,797		9,361,483
Changes during the period
Cash Dividends																								(95,201	)
Profit Attributable to Owners of Parent																								385,657
Repurchase of Treasury Stock																								(2,646	)
Disposition of Treasury Stock																								1,554
Transfer from Revaluation Reserve for Land																								1,086
Change in Treasury Shares of Parent Arising from Transactions with Non-controlling Shareholders																								(10,616	)
Transfer from Retained Earnings to Capital Surplus																								—
Net Changes in Items other than Shareholders’ equity		22,295		(32,361	)		(1,086	)		58,546			(58,950	)		(11,555	)		(39	)		11,161		(433	)
Total Changes during the period		22,295		(32,361	)		(1,086	)		58,546			(58,950	)		(11,555	)		(39	)		11,161		279,400
Balance as of the end of the period		1,154,756		(743	)		135,297			(80,968	)		229,137			1,437,480			95			116,959		9,640,884

- 8 -

(4) Interim Consolidated Statement of Cash Flows

	(Millions of yen)
	For the six months ended September 30, 2020			For the six months ended September 30, 2021
Cash Flow from Operating Activities
Income before Income Taxes		333,391			446,622
Depreciation		80,450			82,327
Losses on Impairment of Fixed Assets		1,391			2,577
Amortization of Goodwill		1,869			1,882
Equity in Loss (Gain) from Investments in Affiliates		(11,559	)		(16,519	)
Increase (Decrease) in Reserves for Possible Losses on Loans		53,470			17,235
Increase (Decrease) in Reserve for Possible Losses on Investments		0			0
Increase (Decrease) in Reserve for Possible Losses on Sales of Loans		504			(893	)
Increase (Decrease) in Reserve for Contingencies		(1,028	)		1,362
Increase (Decrease) in Reserve for Bonus Payments		(18,630	)		(45,632	)
Increase (Decrease) in Reserve for Variable Compensation		(1,092	)		(1,920	)
Decrease (Increase) in Net Defined Benefit Asset		(31,468	)		37,380
Increase (Decrease) in Net Defined Benefit Liability		1,180			7,462
Increase (Decrease) in Reserve for Director and Corporate Auditor Retirement Benefits		(308	)		(194	)
Increase (Decrease) in Reserve for Reimbursement of Deposits		(2,646	)		(2,198	)
Increase (Decrease) in Reserve for Reimbursement of Debentures		(1,009	)		(2,261	)
Interest Income - accrual basis		(693,651	)		(615,622	)
Interest Expenses - accrual basis		253,522			141,461
Losses (Gains) on Securities		(1,779	)		(55,028	)
Losses (Gains) on Money Held in Trust		(1,565	)		(576	)
Foreign Exchange Losses (Gains) - net		190,646			(94,978	)
Losses (Gains) on Disposition of Fixed Assets		(588	)		1,242
Losses (Gains) on Revision of Retirement Benefit Plan		(58,684	)		—
Losses (Gains) on Cancellation of Employee Retirement Benefit Trust		(7,895	)		(51,093	)
Decrease (Increase) in Trading Assets		(1,348,924	)		(18,340	)
Increase (Decrease) in Trading Liabilities		(1,148,807	)		(1,635,601	)
Decrease (Increase) in Derivatives other than for Trading Assets		513,769			307,018
Increase (Decrease) in Derivatives other than for Trading Liabilities		(356,773	)		(255,687	)
Decrease (Increase) in Loans and Bills Discounted		(3,180,082	)		1,665,708
Increase (Decrease) in Deposits		3,706,210			(4,210,533	)
Increase (Decrease) in Negotiable Certificates of Deposit		887,125			2,046,043
Increase (Decrease) in Borrowed Money (excluding Subordinated Borrowed Money)		2,040,630			51,827
Decrease (Increase) in Due from Banks (excluding Due from Central Banks)		58,994			(261,460	)
Decrease (Increase) in Call Loans, etc.		6,119,257			(4,925,790	)
Decrease (Increase) in Guarantee Deposits Paid under Securities Borrowing Transactions		52,362			295,085
Increase (Decrease) in Call Money, etc.		1,321,413			3,660,343
Increase (Decrease) in Commercial Paper		521,600			(159,028	)
Increase (Decrease) in Guarantee Deposits Received under Securities Lending Transactions		136,184			271,038
Decrease (Increase) in Foreign Exchange Assets		96,730			(139,049	)
Increase (Decrease) in Foreign Exchange Liabilities		(107,635	)		(31,586	)
Increase (Decrease) in Short-term Bonds (Liabilities)		(42,210	)		87,515
Increase (Decrease) in Bonds and Notes		506,833			73,621
Increase (Decrease) in Due to Trust Accounts		280,752			21,655
Interest and Dividend Income - cash basis		768,705			697,501
Interest Expenses - cash basis		(333,961	)		(178,443	)
Other - net		(200,012	)		875,912
Subtotal		10,376,684			(1,909,617	)
Cash Refunded (Paid) in Income Taxes		(131,734	)		(92,701	)
Net Cash Provided by (Used in) Operating Activities		10,244,949			(2,002,318	)

- 9 -

	(Millions of yen)
	For the six months ended September 30, 2020				For the six months ended September 30, 2021
Cash Flow from Investing Activities
Payments for Purchase of Securities			(48,153,087	)			(58,427,590	)
Proceeds from Sale of Securities			24,703,651				30,635,786
Proceeds from Redemption of Securities			14,798,919				28,645,491
Payments for Increase in Money Held in Trust			(63,426	)			(61,361	)
Proceeds from Decrease in Money Held in Trust			4,841				6,119
Payments for Purchase of Tangible Fixed Assets			(36,629	)			(11,779	)
Payments for Purchase of Intangible Fixed Assets			(47,263	)			(43,042	)
Proceeds from Sale of Tangible Fixed Assets			12,855				2,326
Proceeds from Sale of Intangible Fixed Assets			—				480
Proceeds from Sales of Stocks of Subsidiaries (affecting the scope of consolidation)			497				—
Net Cash Provided by (Used in) Investing Activities			(8,779,640	)			746,430
Cash Flow from Financing Activities
Proceeds from Subordinated Borrowed Money			30,000				—
Repayments of Subordinated Borrowings			—				(4,000	)
Proceeds from Issuance of Subordinated Bonds			287,000				140,950
Payments for Redemption of Subordinated Bonds			(50,000	)			(35,000	)
Proceeds from Investments by Non-controlling Shareholders			2,543				34
Repayments to Non-controlling Shareholders			—				(96	)
Cash Dividends Paid			(95,242	)			(95,198	)
Cash Dividends Paid to Non-controlling Shareholders			(4,074	)			(7,014	)
Payments for Repurchase of Treasury Stock			(1,503	)			(1,825	)
Proceeds from Sale of Treasury Stock			838				869
Payments for Repurchase of Treasury Stock of Subsidiaries			(5,414	)			(0	)
Net Cash Provided by (Used in) Financing Activities			164,147				(1,281	)
Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents			(120,684	)			71,025
Net Increase (Decrease) in Cash and Cash Equivalents			1,508,771				(1,186,144	)
Cash and Cash Equivalents at the beginning of the period			39,863,604				46,981,399
Cash and Cash Equivalents at the end of the period		*1	41,372,376			*1	45,795,255

- 10 -

Notes to Interim Consolidated Financial Statements

Fundamental and Important Matters for the Preparation of Interim Consolidated Financial Statements

1. Scope of Consolidation

(1) Number of consolidated subsidiaries: 160

Names of principal companies:

Mizuho Bank, Ltd.

Mizuho Trust & Banking Co., Ltd.

Mizuho Securities Co., Ltd.

Change in scope of consolidation

During the six months ended September 30, 2021, Mizuho Growth Fund No.4 Limited Partnership and eight other companies were newly included in the scope of consolidation as a result of establishment.

During the six months ended September 30, 2021, Mizuho Australia Ltd. and eight other companies were excluded from the scope of consolidation as a result of liquidation and other factors.

(2) Number of non-consolidated subsidiaries: 0

2. Application of the Equity Method

(1) Number of non-consolidated subsidiaries under the equity method: 0

(2) Number of affiliates under the equity method: 29

Names of principal companies:

Custody Bank of Japan, Ltd.

Orient Corporation

Mizuho Leasing Company, Limited

Change in scope of equity method

During the six months ended September 30, 2021, Cotra Ltd. was newly included in the scope of equity method as a result of establishment.

(3) Number of non-consolidated subsidiaries not under the equity method: 0

(4) Affiliates not under the equity method:

Pec International Leasing Co., Ltd.

Affiliates not under the equity method are excluded from the scope of the equity method since such exclusion has no material effect on MHFG’s interim consolidated financial statements in terms of Net Income (Loss) (amount corresponding to MHFG’s equity position), Retained Earnings (amount corresponding to MHFG’s equity position), Accumulated Other Comprehensive Income (amount corresponding to MHFG’s equity position) and others.

3. Interim Balance Sheet Dates of Consolidated Subsidiaries

(1) Interim balance sheet dates of consolidated subsidiaries are as follows:

June 30	39 companies
September 30	121 companies

(2) Consolidated Subsidiaries were consolidated based on their interim financial statements as of and for the period ended their respective interim balance sheet dates.

The necessary adjustments have been made to the interim financial statements for any significant transactions that took place between their respective interim balance sheet dates and the date of the interim consolidated financial statements.

- 11 -

4. Standards of Accounting Method

(1) Credited Loans pursuant to Trading Securities and Trading Income & Expenses

Credited loans held for the purpose of trading are, in line with trading securities, recognized on a trade date basis and recorded in Other Debt Purchased on the interim consolidated balance sheet. Other Debt Purchased related to the relevant credited loans is stated at fair value at the interim consolidated balance sheet date. Interest received and the gains or losses on the sale of the relevant credited loans during the six months ended September 30, 2021, including the gains or losses resulting from any change in the value between the beginning and the end of the six months ended September 30, 2021, are recognized in Other Operating Income and Other Operating Expenses on the interim consolidated statement of income.

(2) Trading Assets & Liabilities and Trading Income & Expenses

Trading transactions intended to take advantage of short-term fluctuations and arbitrage opportunities in interest rates, currency exchange rates, market prices of securities and related indices are recognized on a trade date basis and recorded in Trading Assets or Trading Liabilities on the interim consolidated balance sheet. Income or expenses generated on the relevant trading transactions are recorded in Trading Income or Trading Expenses on the interim consolidated statement of income.

Securities and other monetary claims held for trading purposes are stated at fair value at the interim consolidated balance sheet date. Derivative financial products, such as swaps, futures and option transactions, are stated at fair value, assuming that such transactions are terminated and settled at the interim consolidated balance sheet date.

Trading Income and Trading Expenses include the interest received and the interest paid during the six months ended September 30, 2021, the gains or losses resulting from any change in the value of securities and other monetary claims between the beginning and the end of the six months ended September 30, 2021, and the gains or losses resulting from any change in the value of financial derivatives between the beginning and the end of the six months ended September 30, 2021, assuming they were settled at the end of the six months ended September 30, 2021.

For financial derivatives, fair value is calculated on the basis of net assets or liabilities after offsetting financial assets and liabilities with respect to specific market risks and specific credit risk.

(3) Securities

(a) Bonds held to maturity are stated at amortized cost (straight-line method) and determined by the moving average method. Investments in affiliates not under the equity method are stated at acquisition cost and determined by the moving average method. Other Securities are stated at market price (cost of securities sold is calculated primarily by the moving average method). Stocks and others without a quoted market price are stated at acquisition cost and determined by the moving average method.

The net unrealized gains (losses) on Other Securities are included directly in Net Assets, net of applicable income taxes after excluding gains and losses as a result of the fair-value hedge method.

(b) Securities which are held as trust assets in Money Held in Trust accounts are valued in the same way as described in (a) above.

(4) Derivative Transactions

Derivative transactions (other than transactions for trading purposes) are valued at fair value.

Fair value is calculated on the basis of net assets or liabilities after offsetting financial assets and liabilities with respect to specific market risks and specific credit risk.

(5) Depreciation of Fixed Assets

1) Tangible Fixed Assets (Except for Lease Assets)

Depreciation of buildings is computed mainly by the straight-line method, and that of others is computed mainly by the declining-balance method. The amount based on estimated annual depreciation expenses is allocated to each period.

The range of useful lives is as follows:

Buildings	3 years to 50 years
Others	2 years to 20 years

- 12 -

2) Intangible Fixed Assets (Except for Lease Assets)

Amortization of Intangible Fixed Assets is computed by the straight-line method. Development costs for internally-used software are capitalized and amortized over their estimated useful lives of mainly from five to ten years as determined by MHFG and consolidated subsidiaries.

3) Lease Assets

Depreciation of lease assets booked in Tangible Fixed Assets and Intangible Fixed Assets which are concerned with finance lease transactions that do not transfer ownership is mainly computed by the same method as the one applied to fixed assets owned by us.

(6) Deferred Assets

Bond issuance costs are expensed as incurred.

(7) Reserves for Possible Losses on Loans

Reserves for Possible Losses on Loans of major domestic consolidated subsidiaries are maintained in accordance with internally established standards for write-offs and reserve provisions.

For claims extended to obligors that are legally bankrupt under the Bankruptcy Law, Special Liquidation under the Company Law or other similar laws (“Bankrupt Obligors”), and to obligors that are effectively in similar conditions (“Substantially Bankrupt Obligors”), reserves are maintained at the amounts of claims net of direct write-offs described below and the expected amounts recoverable from the disposition of collateral and the amounts recoverable under guarantees. For claims extended to obligors that are not yet legally or formally bankrupt but are likely to be bankrupt (“Intensive Control Obligors”), reserves are maintained at the amounts deemed necessary based on overall solvency analyses of the amounts of claims net of expected amounts recoverable from the disposition of collateral and the amounts recoverable under guarantees.

For claims extended to Intensive Control Obligors and Obligors with Restructured Loans and others, if the exposure to an obligor exceeds a certain specific amount, reserves are provided as follows: (i) if future cash flows of the principal and interest can be reasonably estimated, the discounted cash flow method is applied, under which the reserve is determined as the difference between the book value of the loan and its present value of future cash flows discounted using the contractual interest rate before the loan was classified as a Restructured Loan, and (ii) if future cash flows of the principal and interest cannot be reasonably estimated, reserves are provided for the losses estimated for each individual loan.

For claims extended to other obligors, reserves for the next one year or three years are maintained at rates derived from historical credit loss experience or historical bankruptcy experience for one or three years and making necessary adjustments such as future prospects and others. Reserve for Possible Losses on Loans to Restructuring Countries is maintained in order to cover possible losses based on analyses of the political and economic climates of the countries.

All claims are assessed by each claim origination department in accordance with the internally established “Self-assessment Standard,” and the results of the assessments are verified and examined by the independent examination departments.

In the case of claims to Bankrupt Obligors and Substantially Bankrupt Obligors, which are collateralized or guaranteed by a third party, the amounts deemed uncollectible (calculated by deducting the anticipated proceeds from the sale of collateral pledged against the claims and amounts that are expected to be recovered from guarantors of the claims) are written off against the respective claims balances. The total directly written-off amount was ¥113,626 million (¥116,834 million at the end of the fiscal year ended March 31, 2021).

Other consolidated subsidiaries provide the amount necessary to cover the loan losses based upon past experience and other factors for general claims and the assessment for each individual loan for other claims.

- 13 -

(Additional Information)

In light of the principles set forth in the report entitled “Japanese Financial Services Agency (“JFSA”)’s supervisory approaches to lending business and loan loss provisioning” published by JFSA in December 18, 2019, we have reflected the potential impact of the spread of COVID-19 and its prolongation on Reserves for Possible Losses on Loans for some credit. More specifically, we have estimated the expected loss amount that reflects the impact of the prolongation of COVID-19. The estimate includes the future prospect of business environment of each industry and the forecasted GDP growth rate as major assumptions. There are no material changes in the methods of the above accounting estimates and the major assumptions used in the interim consolidated financial statements from those of the previous fiscal year.

(8) Reserve for Possible Losses on Investments

Reserve for Possible Losses on Investments is maintained to provide against possible losses on investments in securities, after taking into consideration the financial condition and other factors concerning the investee company.

(9) Reserve for Bonus Payments

Reserve for Bonus Payments, which is provided for future bonus payments to employees, is maintained at the amount accrued at the end of the six months ended September 30, 2021, based on the estimated future payments.

(10) Reserve for Variable Compensation

To prepare for the payments of performance payments and stock compensation to be paid as variable compensation within compensation for directors, group executive officers and operating officers of Mizuho Financial Group, Inc., Mizuho Bank, Ltd., Mizuho Trust & Banking Co., Ltd., Mizuho Securities Co., Ltd., and certain consolidated subsidiaries, the amount accrued at the end of the six months ended September 30, 2021 among the estimated payments based on the standard amount regarding variable compensation of the fiscal year ending March 31, 2021 is provided.

(11) Reserve for Director and Corporate Auditor Retirement Benefits

Reserve for Director and Corporate Auditor Retirement Benefits, which is provided for future retirement benefit payments to directors, corporate auditors, and executive officers, is recognized at the amount accrued by the end of the six months ended September 30, 2021, based on the internally established standards.

(12) Reserve for Possible Losses on Sales of Loans

Reserve for Possible Losses on Sales of Loans is provided for possible future losses on sales of loans at the amount deemed necessary based on a reasonable estimate of possible future losses.

(13) Reserve for Contingencies

Reserve for Contingencies is maintained to provide against possible losses from contingencies which are not covered by other specific reserves. The balance is an estimate of possible future losses considered to require a reserve.

(14) Reserve for Reimbursement of Deposits

Reserve for Reimbursement of Deposits is provided against the losses for the deposits derecognized from liabilities at the estimated amount of future claims for withdrawal by depositors.

(15) Reserve for Reimbursement of Debentures

Reserve for Reimbursement of Debentures is provided for the debentures derecognized from liabilities at the estimated amount for future claims.

(16) Reserve under Special Laws

Reserve under Special Laws is Reserve for Contingent Liabilities from Financial Instruments and Exchange. This is the reserve pursuant to Article 46-5 of the Financial Instruments and Exchange Law and Article 175 of the Cabinet Office Ordinance regarding Financial Instruments Business, etc. to indemnify the losses incurred from accidents in the purchase and sale of securities, other transactions or derivative transactions.

- 14 -

(17) Accounting Method for Retirement Benefits

In calculating retirement benefit obligations, a benefit formula basis is used as a method of attributing expected retirement benefits to the period up to the end of the six months ended September 30, 2021. Unrecognized prior service cost and unrecognized actuarial differences are recognized as follows:

Unrecognized prior service cost: Recognized mainly as income or expenses in the period of occurrence.

Unrecognized actuarial difference: Recognized as income or expenses from the following fiscal year under the straight-line method over a certain term within the average remaining service period of the employees (mainly 10 years) of the respective fiscal years.

Certain consolidated subsidiaries apply the simplified method that assumes the amount required for voluntary resignation at the end of the six months ended September 30, 2021 to be retirement benefit obligations in computing net defined benefit liability and retirement benefit expenses.

(18) Revenues

Securities-related business fees mainly consist of brokerage fees and commissions, and asset-based revenues. Brokerage fees and commissions include fees earned from the execution of customer transactions and sales commissions of stocks, bonds and investment trusts, which are recognized at the point in time on transaction date with the customer. Asset-based revenues include fees received from investment trust management companies in return for administration services, such as record keeping services, of investment trusts, which are recognized over time in the period when the related service is provided.

Deposits and Lending business fees consist of Deposit-related fees and Lending-related fees. Deposit related fees are within the scope of “Accounting Standard for Revenue Recognition”, while most of Lending-related fees such as commitment fees and arrangement fees are not. Deposit-related fees include account transfer fees, which are recognized at the point in time on transaction date with the customer or at the point in time when the related service is provided.

Remittance business fees include service charges for domestic and international funds transfers and collections, which are recognized at the point in time when the related service is provided.

Trust-related business fees mainly consist of brokerage commissions of real estate property, consulting fees of real estate property and charged of stock transfer agent services. Brokerage commissions of real estate property are commissions that are received as consideration for services related to real estate brokerage, and are recognized in principle at the time of the conclusion of a sales contract for the subject real estate or trust beneficiary rights. Consulting fees of real estate property are commissions that are received as consideration for services related to real estate consulting, which are recognized at the point in time when the related service is provided or over time in the period when the related service is provided. Stock transfer agent service fees are commissions that are received as consideration for services related to transfer agent business and associated services, which are recognized at the point in time when the related service is provided or over time in the period when the related service is provided.

Agency business fees mainly consist of administration service fees related to MHFG Group’s agency business such as Japan’s principal public lottery program and revenues from standing proxy services related to stocks and others, which are recognized at the point in time when the related service is provided or over time in the period when the related service is provided.

Fees for other customer services include various revenues such as sales commissions of life insurance, service charges for electronic banking, financial advisory fees, and service charges for software development. Sales commissions of life insurance are received in return for selling insurance products and recognized mainly at the point in time on transaction date with the customer. Service charges for electronic banking are mainly monthly basic usage fees and recognized over time in the period when the related service is provided. Financial advisory fees are received as consideration for services supporting market research and business strategy planning, which are recognized over time in the period when the related service is provided. Service charges for software development are recognized mainly over time in the period when the related service is provided.

- 15 -

Fiduciary income mainly consists of trust fees earned through fiduciary asset management and administrative service, which are recognized at the point on creation of the trust or completion date specified in the contract, or over time in the period when the related service is provided.

Part of other ordinary income include underwriting fees from trading securities, credit card interchange fees and asset management business fees which are within the scope of “Accounting Standard for Revenue Recognition”. Underwriting fees are recognized at the point on the date which all the consideration of the transaction are fixed. Credit card interchange fees are recognized at the point on the settlement of the credit card payment transactions. Asset management business fees consist of investment trust management fees and investment advisory fees for investment trusts, which are recognized over time in the period when the related service is provided.

(19) Assets and Liabilities denominated in foreign currencies

Assets and liabilities denominated in foreign currencies and accounts of overseas branches of domestic consolidated banking subsidiaries and a domestic consolidated trust banking subsidiary are translated into Japanese yen primarily at the exchange rates in effect at the interim consolidated balance sheet date, with the exception of the investments in affiliates not under the equity method, which are translated at historical exchange rates.

Assets and liabilities denominated in foreign currencies of the consolidated subsidiaries, except for the transactions mentioned above, are translated into Japanese yen primarily at the exchange rates in effect at the respective interim balance sheet dates.

(20) Hedge Accounting

(a) Interest Rate Risk

The deferred method, the fair-value hedge method or the exceptional accrual method for interest rate swaps are applied as hedge accounting methods.

The portfolio hedge transaction for a large volume of small-value monetary claims and liabilities of domestic consolidated banking subsidiaries and domestic consolidated trust banking subsidiaries is accounted for in accordance with the method stipulated in the “Accounting and Auditing Treatment relating to Adoption of Accounting Standards for Financial Instruments for Banks” (JICPA Industry Committee Practical Guideline No.24, October 8, 2020).

The effectiveness of hedging activities for the portfolio hedge transaction for a large volume of small-value monetary claims and liabilities is assessed as follows:

i) as for hedging activities to offset market fluctuation risks, the effectiveness is assessed by bracketing both the hedged instruments, such as deposits and loans, and the hedging instruments, such as interest-rate swaps, in the same maturity bucket.

ii) as for hedging activities to fix the cash flows, the effectiveness is assessed based on the correlation between a base interest rate index of the hedged instrument and that of the hedging instrument.

The effectiveness of the individual hedge is assessed based on the comparison of the fluctuation in the market or of cash flows of the hedged instruments with that of the hedging instruments.

(b) Foreign Exchange Risk

Domestic consolidated banking subsidiaries and domestic consolidated trust banking subsidiaries apply the deferred method of hedge accounting to hedge foreign exchange risks associated with various financial assets and liabilities denominated in foreign currencies as stipulated in the “Accounting and Auditing Treatment relating to Adoption of Accounting Standards for Foreign Currency Transactions for Banks” (JICPA Industry Committee Practical Guideline No.25, October 8, 2020). The effectiveness of the hedge is assessed by confirming that the amount of the foreign currency position of the hedged monetary claims and liabilities is equal to or larger than that of currency-swap transactions, exchange swap transactions, and similar transactions designated as the hedging instruments of the foreign exchange risk.

In addition to the above methods, these subsidiaries apply the deferred method or the fair-value hedge method to portfolio hedges of the foreign exchange risks associated with investments in subsidiaries and affiliates in foreign currency and Other Securities in foreign currency (except for bonds) identified as hedged items in advance, as long as the amount of foreign currency payables of spot and forward foreign exchange contracts exceeds the amount of acquisition cost of the hedged foreign securities in foreign currency.

- 16 -

(c) Inter-company Transactions

Inter-company interest rate swaps, currency swaps and similar derivatives among consolidated companies or between trading accounts and other accounts, which are designated as hedges, are not eliminated, and related gains and losses are recognized in the statement of income or deferred under hedge accounting, because these inter-company derivatives are executed according to the criteria for appropriate outside third-party cover operations which are treated as hedge transactions objectively in accordance with JICPA Industry Committee Practical Guideline No. 24 and 25.

As for certain assets and liabilities of MHFG and its consolidated subsidiaries, the deferred method, the fair-value hedge method or the exceptional accrual method for interest rate swaps are applied.

(d) Hedging relationships which apply “Treatment of Hedge Accounting for Financial Instruments that Reference LIBOR”

Among above (a) to (c), all hedging relationships included in the scope of applying the “Treatment of Hedge Accounting for Financial Instruments that Reference LIBOR” (ASBJ Practical Solutions No.40, September 29, 2020) are subject to this exceptional treatment. The detail of the hedging relationships which apply the treatment are as follows.

Hedging method: the deferred method, the fair-value hedge method or the exceptional accrual method

Hedging instruments: interest-rate swaps, currency-swap transactions or exchange swap transactions, etc

Hedged instruments: financial assets and liabilities, financial assets and liabilities denominated in foreign currencies, etc

The variety of Hedge transactions: to offset market fluctuation risks, to fix the cash flows

(21) Scope of Cash and Cash Equivalents on Interim Consolidated Statements of Cash Flows

In the interim consolidated statements of cash flows, Cash and Cash Equivalents consist of cash and due from central banks included in “Cash and Due from Banks” on the interim consolidated balance sheet.

(22) Adoption of the Consolidated Taxation System

MHFG and some domestic consolidated subsidiaries of the Group have applied the Consolidated Taxation System from the beginning of the interim period ended September 30, 2021.

Changes in Accounting Policies

(Accounting Standard for Revenue Recognition and Others)

MHFG has applied “Accounting Standard for Revenue Recognition” (ASBJ Statement No.29, March 31, 2020) and others from the beginning of the interim period ended September 30, 2021.

In accordance with “Accounting Standard for Revenue Recognition”, MHFG recognizes revenue at the time of the transfer of promised goods or services to the customer in an amount that reflects the consideration to which MHFG expects to be entitled in exchange for those goods or services.

In accordance with transitional treatment set out in the proviso of Article 84 of “Accounting Standard for Revenue Recognition”, the cumulative effects arising from the retroactive application of these new accounting policies to all the previous fiscal years were reflected in Retained Earnings as of April 1, 2021, and the new accounting policies are applied from the beginning of the fiscal year.

As a result of the cumulative effects arising from the retroactive application of these new accounting policies, Retained Earnings of the interim consolidated statement of changes in net assets decreased by ¥724 million as of April 1, 2021. The impact on the interim consolidated balance sheet, the interim consolidated statement of income, interim consolidated statement of cash flows and per share information for the interim period ended September 30, 2021 is immaterial.

And in accordance with the transitional treatment set forth in Article 89-3 of “Accounting Standard for Revenue Recognition”, comparative period is not noted in “Revenue recognition”.

- 17 -

Additional Information

The Board Benefit Trust (“BBT”) Program

Since MHFG operates its business to contribute to the creation of value for diverse stakeholders and realize improved corporate value through the continuous and stable growth of MHFG group pursuant to MHFG’s basic management policy defined under the Mizuho Financial Group’s Corporate Identity, MHFG has introduced a stock compensation program using a trust (the “Program”) that functions as an incentive for each Director, Group Executive Officer, and Operating officers to exert maximum effort in performing his or her duties, and also as consideration for such exertion of effort.

(1) Outline of the Program

The Program has adopted the Board Benefit Trust (“BBT”) framework. MHFG’s shares on the stock market will be acquired through a trust established based on the underlying funds contributed by MHFG, and MHFG’s shares will be distributed to Directors, Executive Officers, and Operating officers of MHFG, Mizuho Bank, Ltd., Mizuho Trust & Banking Co., Ltd., and Mizuho Securities Co., Ltd. (the “Company Group”) and other entities in accordance with the Rules on Distribution of Shares to be prescribed in advance. The framework consists of the stock compensation program based on the Company Group Officer’s responsibilities and others in their respective company (“Stock Compensation I”), the stock compensation program based on the performance evaluation of the Company Group (“Stock Compensation II”) and the stock compensation program based on Company Group Officer’s responsibilities in their respective company and the performance evaluation of the Company Group, which distributes MHFG’s shares to Operating officers of MHFG and certain consolidated subsidiaries (“Stock Benefit”).

Stock Compensation I will be paid at the time of retirement in the form of shares of MHFG calculated based on their responsibilities and others. A system is adopted which enables a decrease or forfeiture of the amount depending on the performance of the company or the individual.

Stock Compensation II will be paid in the form of shares of MHFG and will be deferred over three years, which is calculated based on the status of achieving our Five-Year Business Plan. A system is adopted which enables a decrease or forfeiture of the amount depending on the performance of the company or the individual.

Stock Benefit will be paid in the collective form of MHFG’s share which is based on responsibilities in their respective company and the performance evaluation of the Company Group. Reduction and forfeit of the benefit can be occurred in the program.

Upon the payment of stock compensation under the Program, MHFG may, for a certain portion, pay a monetary amount equivalent to the market value of its stock in lieu of stock compensation in accordance with the Rules on Distribution of Shares.

Voting rights related to MHFG’s shares belonging to the trust assets under the trust shall not be exercised.

(2) MHFG’s Shares Outstanding in the Trust

MHFG’s shares outstanding in the trust are recognized as Treasury Stock under Net Assets at the carrying amount (excluding the amount of incidental expenses) in the trust. The carrying amount of such Treasury Stock as of September 30, 2021 was ¥4,950 million for 3,080 thousand shares (the carrying amount as of March 31, 2021 was ¥4,144 million for 2,554 thousand shares).

Application of tax-effect accounting to the Transition from the Consolidated Taxation System to the Group Aggregation System

MHFG and some domestic consolidated subsidiaries of the Group record amounts of deferred tax assets and deferred tax liabilities based on the provisions of tax laws prior to amendment under the treatment in Paragraph 3 of “Treatment of the application of the tax-effect accounting in relation to the transition from the consolidated tax system to the aggregate group system” (Practical Solutions No.39 March 31, 2020), without applying the provisions of Paragraph 44 of “Guidance on Accounting Standard for tax-effect accounting” (Implementation Guidance No.28 February 16, 2018), regarding the tax items for which review of the non-consolidated Tax Payment System was implemented in accordance with the transition to the aggregated group system established under the “Act for Partial Revision of the Income Tax Act, etc.” (Act No. 8 of 2020) and the transition to the aggregated group system.

- 18 -

Notes to Interim Consolidated Balance Sheet

*1. The total amount of shares and investments in affiliates

	(Millions of yen)
	As of March 31, 2021		As of September 30, 2021
Shares		348,355		369,717
Investments		537		539

  2. MHFG does not have unsecured loaned securities which the borrowers have the right to sell or repledge.

In certain transactions, MHFG has the right to sell or repledge the following unsecured borrowed securities, securities purchased under resale agreements and securities borrowed with cash collateral.

	(Millions of yen)
	As of March 31, 2021		As of September 30, 2021
Securities repledged		13,417,819		14,413,874
Securities neither repledged nor re-loaned at the end of the period/the fiscal year		1,520,936		3,366,439

*3. Loans to Bankrupt Obligors and Non-Accrual Delinquent Loans, which are included in Loans and Bills Discounted, are as follows:

	(Millions of yen)
	As of March 31, 2021		As of September 30, 2021
Loans to Bankrupt Obligors		19,554		23,211
Non-Accrual Delinquent Loans		415,318		329,493

Loans to Bankrupt Obligors are loans, excluding loans written-off, on which delinquencies in payment of principal and/or interest have continued for a significant period of time or for some other reason there is no prospect of collecting principal and/or interest (“Non-Accrual Loans”), as per Article 96, Paragraph 1, Item 3, Subsections 1 to 5 or Item 4 of the Corporate Tax Law Enforcement Ordinance (Government Ordinance No. 97, 1965).

Non-Accrual Delinquent Loans represent Non-Accrual Loans other than (i) Loans to Bankrupt Obligors and (ii) loans on which interest payments have been deferred in order to assist or facilitate the restructuring of the obligors.

*4. Balance of Loans Past Due for Three Months or More, which is included in Loans and Bills Discounted, is as follows:

	(Millions of yen)
	As of March 31, 2021		As of September 30, 2021
Loans Past Due for Three Months or More		534		1,126

Loans Past Due for Three Months or More are loans on which payments of principal and/or interest have not been made for a period of three months or more since the next day following the first due date without such payments, and which are not included in Loans to Bankrupt Obligors, or Non-Accrual Delinquent Loans.

- 19 -

*5. Balance of Restructured Loans, which is included in Loans and Bills Discounted, is as follows:

	(Millions of yen)
	As of March 31, 2021		As of September 30, 2021
Restructured Loans		377,049		457,085

Restructured Loans represent loans whose contracts were amended in favor of obligors (e.g., reduction of, or exemption from, stated interest, deferral of interest payments, extension of maturity dates and renunciation of claims) in order to assist or facilitate the restructuring of the obligors. Loans to Bankrupt Obligors, Non-Accrual Delinquent Loans and Loans Past Due for Three Months or More are not included.

*6. Total balance of Loans to Bankrupt Obligors, Non-Accrual Delinquent Loans, Loans Past Due for Three Months or More, and Restructured Loans is as follows:

	(Millions of yen)
	As of March 31, 2021		As of September 30, 2021
Total		812,457		810,916

The amounts given in *3 through *6 above are gross amounts before deduction of amounts for the Reserves for Possible Losses on Loans.

*7. In accordance with Committee Practical Guideline No. 24, bills discounted are accounted for as financing transactions. The banking subsidiaries have rights to sell or pledge these commercial bills, foreign exchange bills purchased and others. The face values of these bills are as follows:

(Millions of yen)
As of March 31, 2021		As of September 30, 2021
	1,614,811		1,677,322

- 20 -

*8. Breakdown of assets pledged as collateral is as follows:

	(Millions of yen)
	As of March 31, 2021		As of September 30, 2021
The following assets are pledged as collateral:
Trading Assets		2,217,478		3,327,058
Securities		6,913,993		9,726,415
Loans and Bills Discounted		10,142,050		9,720,854
Total		19,273,522		22,774,328
The following liabilities are collateralized by the above assets:
Deposits		764,255		810,945
Payables under Repurchase Agreements		6,333,580		9,366,306
Guarantee Deposits Received under Securities Lending Transactions		935,121		1,931,774
Borrowed Money		6,282,906		6,379,874

In addition to the above, the following items are pledged as collateral in connection with the settlement accounts of foreign and domestic exchange transactions or derivatives transactions and others or as a substitute for margins for futures transactions and others:

	(Millions of yen)
	As of March 31, 2021		As of September 30, 2021
Cash and Due from Banks		63,463		59,280
Trading Assets		179,925		334,445
Securities		3,353,832		3,514,555
Loans and Bills Discounted		99,964		82,181

Other Assets includes margins for futures transactions, guarantee deposits, and collateral pledged for financial instruments and others as follows:

	(Millions of yen)
	As of March 31, 2021		As of September 30, 2021
Margins for Futures Transactions		185,323		300,897
Guarantee Deposits		110,674		109,487
Collateral Pledged for Financial Instruments and Others		1,886,061		1,663,523

- 21 -

*9. Overdraft protection on current accounts and contracts of the commitment line for loans are contracts by which banking subsidiaries are bound to extend loans up to a prearranged amount, at the request of customers, unless the customer is in breach of contract conditions. The unutilized balance of these contracts amounts is as follows:

	(Millions of yen)
	As of March 31, 2021		As of September 30, 2021
Unutilized balance		107,724,379		101,924,846
Amount relating to contracts of which the original contractual maturity is one year or less, or which are unconditionally cancelable at any time		80,332,843		73,933,105

Since many of these contracts expire without being exercised, the unutilized balance itself does not necessarily affect future cash flows. A provision is included in many of these contracts that entitles the banking subsidiaries to refuse the execution of loans, or reduce the maximum amount under contracts when there is a change in the financial situation, necessity to preserve a claim or other similar reasons. The banking subsidiaries require collateral such as real estate and securities when deemed necessary at the time the contract is entered into. In addition, they periodically monitor customers’ business conditions in accordance with internally established standards and take necessary measures to manage credit risks such as amendments to contracts.

*10. In accordance with the Land Revaluation Law (Proclamation No. 34 dated March 31, 1998), land used for business operations of domestic consolidated banking subsidiaries was revalued. The applicable income taxes on the entire excess of revaluation are included in Deferred Tax Liabilities for Revaluation Reserve for Land under Liabilities, and the remainder, net of applicable income taxes, is stated as Revaluation Reserve for Land included in Net Assets.

Revaluation date: March 31, 1998

Revaluation method as stated in Article 3, Paragraph 3 of the above law: Land used for business operations was revalued by calculating the value on the basis of the valuation by road rating stipulated in Article 2, Paragraph 4 of the Enforcement Ordinance relating to the Land Revaluation Law (Government Ordinance No. 119 promulgated on March 31, 1998) with reasonable adjustments to compensate for sites with long depth and other factors, and also on the basis of the appraisal valuation stipulated in Paragraph 5.

*11. Accumulated Depreciation of Tangible Fixed Assets

	(Millions of yen)
	As of March 31, 2021		As of September 30, 2021
Accumulated Depreciation		875,674		894,876

*12. Borrowed Money includes subordinated borrowed money with a covenant that performance of the obligation is subordinated to that of other obligations.

	(Millions of yen)
	As of March 31, 2021		As of September 30, 2021
Subordinated Borrowed Money		213,000		209,000

- 22 -

*13. Bonds and Notes includes subordinated bonds.

	(Millions of yen)
	As of March 31, 2021		As of September 30, 2021
Subordinated Bonds		3,796,982		3,907,591

  14. The principal amounts of money trusts with contracts indemnifying the principal amounts, which are entrusted to domestic consolidated trust banking subsidiaries, are as follows:

	(Millions of yen)
	As of March 31, 2021		As of September 30, 2021
Money trusts		842,669		832,615

*15. Liabilities for guarantees on corporate bonds included in “Securities,” which are issued by private placement (Article 2, Paragraph 3 of the Financial Instruments and Exchange Act)

(Millions of yen)
As of March 31, 2021		As of September 30, 2021
	1,407,731		1,269,509

- 23 -

Notes to Interim Consolidated Statement of Income

*1. Other Ordinary Income includes the following:

	(Millions of yen)
	For the six months ended September 30, 2020		For the six months ended September 30, 2021
Gains on Sales of Stocks		44,129		116,459
Share of profit of entities accounted for using equity method		11,559		16,519

*2. Other Ordinary Expenses includes the following:

	(Millions of yen)
	For the six months ended September 30, 2020		For the six months ended September 30, 2021
Losses on Sales of Stocks		24,008		80,931
Provision for Reserves for Possible Losses on Loans		76,704		52,686

*3. Extraordinary Gains includes the following:

	(Millions of yen)
	For the six months ended September 30, 2020		For the six months ended September 30, 2021
Gains on Cancellation of Employee Retirement Benefit Trust		7,895		51,093
Accumulation (Amortization) of Unrecognized Prior Service Cost		62,004		—

“Accumulation (Amortization) of Unrecognized Prior Service Cost” resulted from prior service cost incurred in connection with the revision of the retirement benefit plan.

*4. Extraordinary Losses is as follows:

	(Millions of yen)
	For the six months ended September 30, 2020		For the six months ended September 30, 2021
Losses on Impairment of Fixed Assets		1,391		2,577
Losses on Disposition of Fixed Assets		2,243		1,693
Losses on Transfer to Defined Contribution Pension Plan		3,320		—

“Losses on Transfer to Defined Contribution Pension Plan” resulted from the transfer of part of the defined benefit pension plan to the defined contribution pension plan.

- 24 -

Notes to Interim Consolidated Statement of Changes in Net Assets

For the six months ended September 30, 2020

1. Types and number of issued shares and of treasury stock are as follows:

	(Thousands of shares)
	As of April 1, 2020		Increase during the period		Decrease during the period		As of September 30, 2020		Remarks
Issued Shares
Common Stock		25,392,498		—		—		25,392,498
Total		25,392,498		—		—		25,392,498
Treasury Stock
Common Stock		32,106		14,344		7,768		38,683		(Note	)
Total		32,106		14,344		7,768		38,683

(Note) Increases are due to acquisition of treasury stock by BBT trust account (10,958 thousand shares), and repurchase of shares constituting less than one unit and other factors (3,386 thousand shares). Decreases are due to distribution and sale of treasury stock through BBT trust account (5,030 thousand shares), exercise of stock acquisition rights (stock options) (420 thousand shares) and other factors. The number of shares as of September 30, 2020 includes the number of treasury stock held by BBT trust account (25,564 thousand shares).

2. Stock acquisition rights and treasury stock acquisition rights are as follows:

Category	Breakdown of stock acquisition rights	Class of shares to be issued or transferred upon exercise of stock acquisition rights		Number of shares to be issued or transferred upon exercise of stock acquisition rights (Shares)												Balance as of September 30, 2020 (Millions of yen)			Remarks
				As of April 1, 2020			Increase during the period			Decrease during the period			As of September 30, 2020
MHFG	Stock acquisition rights (Treasury stock acquisition rights)		—		—   (—	)		—   (—	)		—   (—	)		—   (—	)		—   (—	)
	Stock acquisition rights as stock option							—									134
Consolidated subsidiaries (Treasury stock acquisition rights)								—									—   (—	)
Total								—									134 (—	)

- 25 -

3. Cash dividends distributed by MHFG are as follows:

(1) Cash dividends paid during the six months ended September 30, 2020

Resolution	Type	Cash Dividends (Millions of yen)	Cash Dividends per Share (Yen)	Record Date	Effective Date
May 15, 2020 The Board of Directors	Common Stock	95,208	3.75	March 31, 2020	June 8, 2020

(Notes)	1.	Cash dividends based on the resolution of the Board of Directors held on May 15, 2020 include ¥73 million of cash dividends on treasury stock held by BBT trust account.
	2.	MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. Cash Dividends per Share is recorded at the amount before the share consolidation.

(2) Cash dividends with record dates falling in the six months ended September 30, 2020 and effective dates coming after the end of the period

Resolution	Type	Cash Dividends (Millions of yen)	Resource of Dividends	Cash Dividends per Share (Yen)	Record Date	Effective Date
November 12, 2020 The Board of Directors	Common Stock	95,209	Retained Earnings	3.75	September 30, 2020	December 7, 2020

(Notes)	1.	Cash dividends based on the resolution of the Board of Directors held on November 12, 2020 include ¥95 million of cash dividends on treasury stock held by BBT trust account.
	2.	MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. Cash Dividends per Share is recorded at the amount before the share consolidation.

- 26 -

For the six months ended September 30, 2021

1. Types and number of issued shares and of treasury stock are as follows:

	(Thousands of shares)
	As of April 1, 2021		Increase during the period		Decrease during the period		As of September 30, 2021		Remarks
Issued Shares
Common Stock		2,539,249		—		—		2,539,249
Total		2,539,249		—		—		2,539,249
Treasury Stock
Common Stock		3,889		1,604		894		4,599		(Note	)
Total		3,889		1,604		894		4,599

(Note) Increases are due to acquisition of treasury stock by BBT trust account (1,062 thousand shares), and repurchase of shares constituting less than one unit and other factors (542 thousand shares). Decreases are due to distribution and sale of treasury stock through BBT trust account (536 thousand shares), exercise of stock acquisition rights (stock options) (23 thousand shares) and other factors. The number of shares as of September 30, 2021 includes the number of treasury stock held by BBT trust account (3,080 thousand shares).

2. Stock acquisition rights and treasury stock acquisition rights are as follows:

Category	Breakdown of stock acquisition rights	Class of shares to be issued or transferred upon exercise of stock acquisition rights		Number of shares to be issued or transferred upon exercise of stock acquisition rights (Shares)												Balance as of September 30, 2021 (Millions of yen)			Remarks
				As of April 1, 2021			Increase during the period			Decrease during the period			As of September 30, 2021
MHFG	Stock acquisition rights (Treasury stock acquisition rights)		—		—   (—	)		—   (—	)		—   (—	)		—       (—	)		—   (—	)
	Stock acquisition rights as stock option							—									95
Consolidated subsidiaries (Treasury stock acquisition rights)								—									—   (—	)
Total								—									95 (—	)

- 27 -

3. Cash dividends distributed by MHFG are as follows:

(1) Cash dividends paid during the six months ended September 30, 2021

Resolution	Type	Cash Dividends (Millions of yen)	Cash Dividends per Share (Yen)	Record Date	Effective Date
May 14, 2021 The Board of Directors	Common Stock	95,201	37.50	March 31, 2021	June 8, 2021

(Note)	Cash dividends based on the resolution of the Board of Directors held on May 15, 2021 include ¥95 million of cash
	dividends on treasury stock held by BBT trust account.

(2) Cash dividends with record dates falling in the six months ended September 30, 2021 and effective dates coming after the end of the period

Resolution	Type	Cash Dividends (Millions of yen)	Resource of Dividends	Cash Dividends per Share (Yen)	Record Date	Effective Date
November 12, 2021 The Board of Directors	Common Stock	101,545	Retained Earnings	40.00	September 30, 2021	December 7, 2021

(Note)	Cash dividends based on the resolution of the Board of Directors held on November 12, 2021 include ¥123 million of cash
	dividends on treasury stock held by BBT trust account.

Notes to Interim Consolidated Statement of Cash Flows

*1. Cash and Cash Equivalents at the end of the period on the Interim Consolidated Statement of Cash Flows reconciles to Cash and Due from Banks on the Interim Consolidated Balance Sheet as follows:

	(Millions of yen)
	For the six months ended September 30, 2020			For the six months ended September 30, 2021
Cash and Due from Banks		42,498,278			47,075,429
Due from Banks excluding central banks		(1,125,902	)		(1,280,173	)
Cash and Cash Equivalents		41,372,376			45,795,255

- 28 -

Lease Transactions

1. Finance Leases (Lessees)

Finance lease transactions that do not transfer ownership:

1) Lease Assets:

(a) Tangible fixed assets: mainly equipment

(b) Intangible fixed assets: software

2) The method for computing the amount of depreciation is described in “4. Standards of Accounting Method (5) Depreciation of Fixed Assets.”

2. Operating Leases

The future lease payments subsequent to the end of the fiscal year for non-cancelable operating lease transactions are summarized as follows:

(1) Lessees:

	(Millions of yen)
	As of March 31, 2021		As of September 30, 2021
Due in One Year or Less		52,280		48,596
Due after One Year		275,241		266,258
Total		327,521		314,854

(2) Lessors:

	(Millions of yen)
	As of March 31, 2021		As of September 30, 2021
Due in One Year or Less		7,191		7,479
Due after One Year		1,591		3,369
Total		8,782		10,848

- 29 -

Financial Instruments

1. Matters relating to fair value of financial instruments and others

The following are the interim consolidated balance sheet amounts (the consolidated balance sheet amounts), fair values and differences between them. Stocks and others without a quoted market price and Investments in Partnerships and others are excluded from the table below (see (Note 1)). In addition, notes concerning Cash and Due from Banks, Call Loans and Bills Purchased, Receivables under Resale Agreements, Guarantee Deposits Paid under Securities Borrowing Transactions, Call Money and Bills Sold, Payables under Repurchase Agreements, Guarantee Deposits Received under Securities Lending Transactions, and Due to Trust Accounts are omitted since these instruments are mainly settled in the short term and the fair values approximate the book values.

As of March 31, 2021

	(Millions of yen)
	Consolidated Balance  Sheet Amount			Fair Value		Difference
(1)   Other Debt Purchased		3,208,004			3,208,136		132
(2)   Trading Assets
Trading Securities		6,421,348			6,421,348		—
(3)   Money Held in Trust		579,764			579,764		—
(4)   Securities
Bonds Held to Maturity		885,529			903,599		18,069
Other Securities		41,681,945			41,681,945		—
(5)   Loans and Bills Discounted		83,704,675
Reserves for Possible Losses on Loans (*1)		(513,832	)
		83,190,843			84,213,843		1,023,000
Total Assets		135,967,435			137,008,638		1,041,203
(1)   Deposits		133,312,406			133,303,018		(9,387	)
(2)   Negotiable Certificates of Deposit		17,192,572			17,191,241		(1,331	)
(3)   Trading Liabilities
Securities Sold, Not yet Purchased		2,402,420			2,402,420		—
(4)   Borrowed Money		7,441,822			7,435,289		(6,533	)
(5)   Bonds and Notes		10,321,672			10,529,372		207,700
Total Liabilities		170,670,893			170,861,341		190,447

- 30 -

	(Millions of yen)
	Consolidated Balance  Sheet Amount		Fair Value		Difference
Derivative Transactions (*2)
Derivative Transactions not Qualifying for Hedge Accounting		272,522
Derivative Transactions Qualifying for Hedge Accounting (*3)		124,703
Total Derivative Transactions		397,225		397,225		—

(*1) General and specific reserves for possible losses on loans relevant to Loans and Bills Discounted are excluded.

Items other than Loans and Bills Discounted are recorded at the consolidated balance sheet amounts due to immateriality of their reserves.

(*2) Derivative Transactions recorded in Trading Assets, Trading Liabilities, Derivatives other than for Trading Assets, Derivatives other than for Trading Liabilities, and others are presented as a lump sum.

Net claims and debts that arose from derivative transactions are presented on a net basis, and the item that is net debts in total is presented in brackets.

(*3) The deferred method is mainly applied. “Treatment of Hedge Accounting for Financial Instruments that Reference LIBOR” (ASBJ Practical Solutions No.40, September 29, 2020) is applied to these hedge transactions.

- 31 -

As of September 30, 2021

	(Millions of yen)
	Interim Consolidated Balance Sheet Amount			Fair Value		Difference
(1)   Other Debt Purchased		3,137,520			3,137,661		140
(2)   Trading Assets
Trading Securities		8,028,212			8,028,212		—
(3)   Money Held in Trust		635,086			635,086		—
(4)   Securities
Bonds Held to Maturity		1,394,142			1,403,581		9,439
Other Securities		41,101,360			41,101,360		—
(5)   Loans and Bills Discounted		82,198,528
Reserves for Possible Losses on Loans (*1)		(529,605	)
		81,668,922			82,829,668		1,160,745
Total Assets		135,965,246			137,135,571		1,170,325
(1)   Deposits		129,291,662			129,279,700		(11,962	)
(2)   Negotiable Certificates of Deposit		19,215,068			19,213,867		(1,201	)
(3)   Trading Liabilities
Securities Sold, Not yet Purchased		2,477,688			2,477,688		—
(4)   Borrowed Money		7,495,869			7,490,947		(4,922	)
(5)   Bonds and Notes		10,513,503			10,725,226		211,723
Total Liabilities		168,993,791			169,187,428		193,636
Derivative Transactions (*2)
Derivative Transactions not Qualifying for Hedge Accounting		390,989
Derivative Transactions Qualifying for Hedge Accounting (*3)		102,903
Total Derivative Transactions		493,892			493,892		—

(*1) General and specific reserves for possible losses on loans relevant to Loans and Bills Discounted are excluded. Items other than Loans and Bills Discounted are recorded at the interim consolidated balance sheet amounts due to immateriality of their reserves.

(*2) Derivative Transactions recorded in Trading Assets, Trading Liabilities, Derivatives other than for Trading Assets, Derivatives other than for Trading Liabilities, and others are presented as a lump sum.

Net claims and debts that arose from derivative transactions are presented on a net basis, and the item that is net debts in total is presented in brackets.

(*3) The deferred method is mainly applied. “Treatment of Hedge Accounting for Financial Instruments that Reference LIBOR” (ASBJ Practical Solutions No.40, September 29, 2020) is applied to these hedge transactions.

- 32 -

(Note 1) The following are the interim consolidated balance sheet amounts (the consolidated balance sheet amounts) of Stocks and others without a quoted market price, and Investments in Partnerships and others. These amounts are not included in Money Held in Trust and Other Securities in fair value information of financial instruments.

(Millions of yen)
Category	As of March 31, 2021		As of September 30, 2021
Stocks and others without a quoted market price (*1)		479,094		496,342
Investments in Partnerships and others (*2)		304,404		365,706

*1 Stocks and others without a quoted market price include unlisted stocks and others and in accordance with Article 5 of “Implementation Guidance on Disclosures about Fair Value of Financial Instruments” (ASBJ Guidance No.19, July 4, 2019), these items are not subject to disclosure of the fair value.

*2 Investments in Partnerships and others are mainly silent partnership, investment partnership, and money held in trust with the investment in a silent partnership as the component of the trust property. In accordance with Article 27 of “Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ Guidance No.31, July 4, 2019), these items are not subject to disclosure of the fair value.

  3 During the fiscal year ended March 31, 2021, the amount of impairment (devaluation) was ¥4,490 million on a consolidated basis. During the six months ended September 30, 2021, the amount of impairment (devaluation) was ¥1,402 million on a consolidated basis.

2. Matters relating to breakdown of fair value of financial instruments by level

Fair values of financial instruments are categorized into three levels as below on the basis of the observability and the materiality of the valuation inputs used in fair value measurements.

Fair values of Level 1: Fair values measured by quoted prices of the assets or liabilities being measured which are given in active markets among observable valuation inputs

Fair values of Level 2: Fair values measured by inputs other than inputs included within Level 1 among observable valuation inputs

Fair values of Level 3: Fair values measured by unobservable valuation inputs

When several inputs that have significant impact on fair value measurement are used and those inputs are categorized into different levels, the fair value is categorized into the lowest priority level for fair value measurement among the levels in which each of the inputs belongs.

- 33 -

(1) Financial instruments recorded at fair value in the interim consolidated balance sheet (the consolidated balance sheet)

As of March 31, 2021

	(Millions of yen)
Category	Fair Value
	Level 1		Level 2		Level 3		Total
Other Debt Purchased		—		46,102		636,815		682,918
Trading Assets
Trading Securities
Japanese Government Bonds		1,797,490		11,106		—		1,808,597
Japanese Local Government Bonds		—		108,835		—		108,835
Japanese Corporate Bonds		—		1,518,933		1,897		1,520,830
Stocks		98,183		0		223		98,407
Other		770,911		1,879,783		130,532		2,781,227
Money Held in Trust		—		551,395		3		551,399
Securities
Other Securities
Stocks		2,857,921		—		8,063		2,865,985
Japanese Government Bonds		20,597,775		322,807		—		20,920,582
Japanese Local Government Bonds		—		463,559		—		463,559
Japanese Corporate Bonds		—		653,764		2,107,142		2,760,906
Foreign Bonds		5,157,651		6,502,601		773,659		12,433,912
Other		40,067		—		13,920		53,988
Derivative Transactions
Interest Rate and Bond-Related Transactions		57,102		4,601,052		28,902		4,687,057
Currency-Related Transactions		—		3,305,074		25,583		3,330,657
Stocks-Related Transactions		168,398		338,917		48,563		555,879
Commodity-Related Transactions		3,538		8,339		17,472		29,350
Credit Derivative Transactions		—		91,452		3,002		94,454
Total Assets		31,549,042		20,403,726		3,795,782		55,748,550
Trading Liabilities
Securities Sold, Not yet Purchased		2,082,161		264,577		132		2,346,872
Derivative Transactions
Interest Rate and Bond-Related Transactions		57,232		4,412,401		3,960		4,473,594
Currency-Related Transactions		—		3,323,191		725		3,323,916
Stocks-Related Transactions		200,835		116,626		45,119		362,581
Commodity-Related Transactions		—		9,443		16,631		26,075
Credit Derivative Transactions		—		112,257		1,750		114,007
Total Liabilities		2,340,229		8,238,497		68,319		10,647,046

(*) Investment trust and others applying the transitional measures set forth in Article 26 of “Implementation Guidance on Accouting Standard for Fair Value Measurements” (ASBJ Guidance No. 31 July 4, 2019) are not included in above table. The financial assets and liabilities of the relevant investment trust and others in the consolidated balance sheet is ¥2,307,126 million and ¥55,548 million.

- 34 -

As of September 30, 2021

	(Millions of yen)
Category	Fair Value
	Level 1		Level 2		Level 3		Total
Other Debt Purchased		—		42,927		556,800		599,727
Trading Assets
Trading Securities
Japanese Government Bonds		2,499,462		8,736		—		2,508,198
Japanese Local Government Bonds		—		63,252		—		63,252
Japanese Corporate Bonds		—		1,384,621		0		1,384,621
Stocks		467,036		—		200		467,236
Other		1,034,328		2,237,159		130,926		3,402,413
Money Held in Trust		—		591,634		3		591,638
Securities
Other Securities
Stocks		2,923,256		—		9,870		2,933,126
Japanese Government Bonds		18,806,856		196,186		—		19,003,042
Japanese Local Government Bonds		—		494,943		—		494,943
Japanese Corporate Bonds		—		968,884		1,967,085		2,935,970
Foreign Bonds		6,496,970		6,428,679		563,733		13,489,382
Other		42,620		—		13,787		56,408
Derivative Transactions
Interest Rate and Bond-Related Transactions		31,684		3,391,044		27,748		3,450,476
Currency-Related Transactions		—		2,465,259		23,276		2,488,536
Stocks-Related Transactions		183,129		282,484		57,116		522,730
Commodity-Related Transactions		8,503		9,158		32,934		50,596
Credit Derivative Transactions		—		113,153		3,850		117,003
Total Assets		32,493,848		18,678,124		3,387,335		54,559,308
Trading Liabilities
Securities Sold, Not yet Purchased		2,123,521		304,958		201		2,428,681
Derivative Transactions
Interest Rate and Bond-Related Transactions		25,958		3,208,897		5,866		3,240,722
Currency-Related Transactions		—		2,381,684		1,294		2,382,978
Stocks-Related Transactions		165,963		98,639		63,451		328,055
Commodity-Related Transactions		—		15,179		32,101		47,281
Credit Derivative Transactions		—		134,242		2,170		136,413
Total Liabilities		2,315,444		6,143,602		105,086		8,564,133

(*) Investment trust and others applying the transitional measures set forth in Article 26 of “Implementation Guidance on Accounting Standard for Fair Value Measurements” (ASBJ Guidance No. 31 July 4, 2019) are not included in above table. The financial assets and liabilities of the relevant investment trust and others in the interim consolidated balance sheet is ¥2,410,996 million and ¥49,006 million.

- 35 -

(2) Financial instruments other than financial instruments recorded at fair value in the interim consolidated balance sheet (the consolidated balance sheet)

As of March 31, 2021

	(Millions of yen)
Category	Fair Value
	Level 1		Level 2		Level 3		Total
Other Debt Purchased		—		11,397		2,513,688		2,525,086
Money Held in Trust		—		—		7,700		7,700
Securities
Bonds Held to Maturity
Japanese Government Bonds		489,514		—		—		489,514
Foreign Bonds		—		414,085		—		414,085
Loans and Bills Discounted		—		—		84,213,843		84,213,843
Total Assets		489,514		425,482		86,735,232		87,650,229
Deposits		—		133,303,018		—		133,303,018
Negotiable Certificates of Deposit		—		17,191,241		—		17,191,241
Borrowed Money		—		7,349,171		86,117		7,435,289
Bonds and Notes		—		9,712,019		817,353		10,529,372
Total Liabilities		—		167,555,450		903,470		168,458,921

As of September 30, 2021

	(Millions of yen)
Category	Fair Value
	Level 1		Level 2		Level 3		Total
Other Debt Purchased		—		10,743		2,527,189		2,537,933
Money Held in Trust		—		—		23,426		23,426
Securities
Bonds Held to Maturity
Japanese Government Bonds		487,406		—		—		487,406
Foreign Bonds		—		916,175		—		916,175
Loans and Bills Discounted		—		—		82,829,668		82,829,668
Total Assets		487,406		926,919		85,380,284		86,794,610
Deposits		—		129,279,700		—		129,279,700
Negotiable Certificates of Deposit		—		19,213,867		—		19,213,867
Borrowed Money		—		7,404,184		86,762		7,490,947
Bonds and Notes		—		9,749,115		976,110		10,725,226
Total Liabilities		—		165,646,868		1,062,872		166,709,740

- 36 -

(Note 1) Explanation of valuation techniques and valuation inputs used in fair value measurements

Assets

Other Debt Purchased

Fair values of securitized products of other debt purchased are based on the values deemed as market prices obtained by the reasonable estimate such as those obtained from brokers and financial information vendors and are categorized as Level 3 when significant unobservable valuation inputs are used for the obtained price and as Level 2 when other inputs are used.

With respect to other debt purchased other than those described above, when the present values of the expected future cash flows are considered to be fair values, those other debt purchased are mainly categorized as Level 3 since the discount rate and other significant valuation inputs are unobservable. When those are short term in nature and the book values are considered to be fair values, those other debt purchased are categorized as Level 3.

Trading Assets

Fair values of trading assets for which unadjusted quoted market prices in active markets are available are categorized as Level 1, which includes mainly government bonds.

In the case the market is inactive even if the quoted market price is available, those trading assets are categorized as Level 2, which includes mainly local government bonds and corporate bonds.

When fair vales are measured at the present value of the expected future cash flows and others using significant unobservable inputs, those trading assets are categorized as Level 3, which includes mainly bonds with warrants and trust beneficiary rights.

Money Held in Trust

With respect to securities managed as trust assets in a directed money trust for separate investment with the management of securities as its primary purpose, fair values of stocks are measured at the price in stock exchanges and bonds are measured at market price or valuation price obtained from brokers or financial information vendors and are categorized as Level 2 or Level 3 based on the level of components.

The notes to Money Held in Trust based on holding purpose are stated in “Money Held in Trust.”

Securities

Fair values of securities for which unadjusted quoted market prices in active markets are available are categorized as Level 1 which includes mainly stocks and government bonds. In the case the market is inactive even if the quoted market price is available, those securities are categorized as Level 2, which includes mainly local government bonds and corporate bonds.

Fair values of investment trusts are measured at the disclosed net asset value and others. Those are not categorized into Levels by applying the transitional measures set forth in Article 26 of “Implementation Guidance on Accounting Standard for Fair Value Measurements.”

Fair values of private placement bonds are measured by discounting the total amount of principal and interest and others at interest rates based on the discount rate reflecting expected loss and various risk factors by categories based on the internal ratings and terms and are mainly categorized as Level 3 since the discount rate is unobservable.

Fair values of securitized products are based on valuations obtained from brokers and others, and reasonably measured prices based on the reasonable estimates of our management and are categorized as Level 3 when significant unobservable valuation inputs are used and as Level 2 when other inputs are used. In deriving reasonably measured prices based on the reasonable estimates of our management mentioned above, we used the discounted cash flow method. The price decision variables include default rates, recovery rates, prepayment rates, and discount rates.

The notes to Securities based on holding purpose are stated in “Securities.”

Loans and Bills Discounted

Fair values of loans and bills discounted are measured by discounting the total amount of principal and interest and others at interest rates based on the discount rate reflecting expected loss and various risk factors by categories according to the types, internal ratings and terms of the loans and bills discounted and are categorized as Level 3 since the discount rate is unobservable.

In addition, fair values of claims against bankrupt obligors, substantially bankrupt obligors, and intensive control obligors whose bad debts are measured at the present value of the expected future cash flows or the estimated amounts calculated based on the recoverability from collateral and guarantees approximate the amount of claims and others minus the amount of reserves for possible losses on loans in the interim consolidated balance sheet (the consolidated balance sheet) as of the interim consolidated balance sheet date (the consolidated balance sheet date) and those amount are considered to be fair values which are categorized as Level 3.

- 37 -

Among the loans and bills discounted, for those without a fixed maturity due to loan characteristics such as limiting loans to within the value of pledged assets, book values are considered to be fair values since fair values are expected to approximate book values based on the estimated loan periods, interest rates and other conditions. Fair values of those loans and bills discounted are categorized as Level 3.

Liabilities

Deposits and Negotiable Certificates of Deposit

For demand deposits, the payment amounts required on the interim consolidated balance sheet date (the consolidated balance sheet date) (i.e., book values) are considered to be fair values.

In addition, fair values of time deposits and negotiable certificates of deposits are calculated by classifying them based on their terms and by discounting the future cash flows. The discount rates used in such calculations are the market interest rates. Since fair values of those whose deposit terms are short (i.e., within six months) approximate book values, the book values are considered to be fair values and those fair values are categorized as Level 2.

Trading Liabilities

Fair values of trading liabilities for which unadjusted quoted market prices in active markets are available are categorized as Level 1, which includes mainly listed stocks and government bonds.

In the case the market is inactive even if the quoted market price is available, those trading liabilities are categorized as Level 2, which includes mainly corporate bonds.

When significant unobservable inputs are used, those trading liabilities are categorized as Level 3.

Borrowed Money

Fair values of borrowed money are measured mainly by discounting the total amount of the principal and interest of such borrowed money classified by period lengths at the interest rates considered to be applicable to similar loans and are categorized as Level 3 when the impact from unobservable valuation inputs is significant and as Level 2 when it is not significant.

Bonds and Notes

With respect to bonds and notes issued by MHFG and its consolidated subsidiaries, fair values of bonds and notes with market prices are measured at the market prices and fair values of those without market prices are calculated by discounting the total amount of the principal and interest at the interest rates considered to be applicable to similar bonds and notes. Bonds and notes with market prices are categorized as Level 2. Those without market prices are categorized as Level 3 when the impact from unobservable valuation inputs is significant and as Level 2 when it is not significant.

Derivative Transactions

Derivative transactions that can be measured at unadjusted quoted prices in active markets are categorized as Level 1, which includes such transactions as bonds futures and interest rate futures.

However, since most derivative transactions are over-the-counter transactions and there are no quoted market prices, market values are measured using valuation techniques such as the discounted cash flow method and the Black-Scholes model, depending on the type of transaction and the maturity period. The main inputs which are used in those valuation techniques are interest rate, currency rate, volatility and others. In addition, price adjustments based on counterparty’s credit risk and consolidated subsidiary’s own credit risk and price adjustments for unsecured funding are made. When unobservable inputs are not used or impact of unobservable inputs are not material, transactions are categorized as Level 2, which includes such transactions as plain vanilla interest rate swaps and foreign exchange forwards. When significant unobservable inputs are used, transactions are categorized as Level 3, which includes transactions such as commodity related transactions.

- 38 -

(Note 2) Information relating to fair values of Level 3 among the financial instruments recorded at fair value in the interim consolidated balance sheet (the consolidated balance sheet)

(1) Quantitative information of significant unobservable valuation inputs

As of March 31, 2021

Category	Principal valuation technique	Significant unobservable valuation input	Range of valuation input		Weighted average
Other Debt Purchased
Securitized products	Discounted cash flow method	Prepayment rate		1.7% — 16.5%		6.7%
		Default rate		0.0% —1.0%		0.0%
		Discount rate		0.2% — 1.7%		0.5%
Trading Assets
Trading Securities	Discounted cash flow method	Discount rate		0.4% — 4.3%		1.0%
Securities
Japanese Corporate Bonds
Private placement bonds	Discounted cash flow method	Discount rate		0.0% — 6.6%		0.7%
Foreign Bonds
Securitized products	Discounted cash flow method	Prepayment rate		10.1% — 18.2%		18.1%
		Default rate		1.0% — 24.2%		1.7%
		Recovery rate		10.0% — 67.7%		65.6%
		Discount rate		0.4% — 1.4%		1.1%
Other	Discounted cash flow method	Discount rate		0.0% — 5.0%		0.4%
Trading Liabilities
Securities Sold, Not yet Purchased	Discounted cash flow method	Discount rate		1.4%		1.4%
Derivative Transactions
Interest Rate and Bond-Related Transactions	Option valuation model	IR — IR correlation		35.0% — 100.0%		—
Currency-Related Transactions	Option valuation model	FX — IR correlation		22.9% — 49.6%		—
		FX — FX correlation		42.5% — 64.7%		—
Stocks-Related Transactions	Option valuation model	Equity — IR correlation		25.0%		—
		Equity — FX correlation		(32.5)% — 50.0%		—
		Equity correlation		0.0% — 100.0%		—
		Equity volatility		8.4% — 70.7%		—
Commodity-Related Transactions	Option valuation model	Commodity volatility		0.0% — 63.1%		—
Credit Derivative Transactions	Discounted cash flow method	Default rate		0.0% — 4.8%		—
		Credit correlation		17.2% — 100.0%		—

- 39 -

As of September 30, 2021

Category	Principal valuation technique	Significant unobservable valuation input	Range of valuation input		Weighted average
Other Debt Purchased
Securitized products	Discounted cash flow method	Prepayment rate		1.0% — 16.9%		6.3%
		Default rate		0.0% — 0.9%		0.0%
		Discount rate		0.2% — 1.7%		0.5%
Trading Assets
Trading Securities	Discounted cash flow method	Discount rate		0.6% — 1.9%		0.7%
Securities
Japanese Corporate Bonds
Private placement bonds	Discounted cash flow method	Discount rate		0.0% — 7.2%		0.7%
Foreign Bonds
Securitized products	Discounted cash flow method	Prepayment rate		22.1% — 24.0%		23.8%
		Default rate		0.4% — 30.4%		1.6%
		Recovery rate		10.0% — 67.7%		64.5%
		Discount rate		0.2% — 1.4%		1.0%
Other	Discounted cash flow method	Discount rate		0.0% — 5.0%		0.6%
Derivative Transactions
Interest Rate and Bond-Related Transactions	Option valuation model	IR — IR correlation		23.1% — 100.0%		—
Currency-Related Transactions	Option valuation model	FX — IR correlation		23.9% — 51.3%		—
		FX — FX correlation		41.3% — 64.8%		—
Stocks-Related Transactions	Option valuation model	Equity — IR correlation		25.0%		—
		Equity — FX correlation		(17.8)% — 93.2%		—
		Equity correlation		7.1% — 100.0%		—
		Equity volatility		7.1% — 100.7%		—
Commodity-Related Transactions	Option valuation model	Commodity volatility		0.0% — 41.0%		—
Credit Derivative Transactions	Discounted cash flow method	Default rate		0.0% — 5.9%		—
		Credit correlation		16.8% — 100.0%		—

- 40 -

(2) Adjustment sheet from beginning balance to ending balance as of interim period (ending balance as of period) and unrealized gains (losses) recognized as gains (losses) for the period

As of March 31, 2021

	(Millions of yen)
	Beginning balance		Gains(losses) for the period/ other comprehensive income						Net amount of purchase, sale, issue, and settlement			Transfer to fair values of Level 3 (*3)		Transfer from fair values of Level 3 (*4)			Ending balance as of period		Unrealized gains (losses) on financial assets and liabilities held as of the consolidated balance sheet date among the amount recorded to gains (losses) for the period (*1)
			Recorded to gains(losses) for the period (*1)			Recorded to other comprehensive income (*2)
Other Debt Purchased		151,219		(3	)		(125	)		485,724			—		—			636,815		—
Trading Assets
Trading Securities
Japanese Corporate Bonds		797		(6	)		—			1,106			—		—			1,897		(2	)
Stocks		206		—			—			17			—		—			223		—
Other		156,666		6,344			—			(31,596	)		116		(999	)		130,532		4,968
Money Held in Trust		3		0			—			0			—		—			3		—
Securities
Other Securities
Stocks		6,317		—			296			1,450			—		—			8,063		—
Japanese Corporate Bonds		2,201,133		533			(633	)		(70,069	)		—		(23,821	)		2,107,142		—
Foreign Bonds		847,601		39,316			40,442			(166,932	)		13,230		—			773,659		—
Other		18,663		548			(897	)		(4,393	)		—		—			13,920		—
Trading Liabilities
Securities Sold, Not yet Purchased		232		0			—			(100	)		—		—			132		(0	)
Derivative Transactions
Interest Rate and Bond-Related Transactions		7,696		4,387			—			12,858			—		—			24,942		13,343
Currency-Related Transactions		16,277		10,141			—			(1,561	)		—		—			24,857		10,526
Stocks-Related Transactions		69,571		(67,728	)		—			1,601			—		—			3,444		(33,744	)
Commodity-Related Transactions		1,240		525			—			(924	)		—		—			841		49
Credit Derivative Transactions		3,516		(2,522	)		—			(246	)		1,252		(748	)		1,251		(3,471	)

- 41 -

(*1) Those amounts are mainly included in Trading Income, Trading Expenses, Other Operating Income and Other Operating Expenses in the consolidated statement of income.

(*2) Those amounts are included in Net Unrealized Gains (Losses) on Other Securities of Other Comprehensive Income in the consolidated statement of comprehensive income.

(*3) Those are the transfers from Level 2 to Level 3, due to changes in observability of valuation inputs which are used in fair value measurements based on market liquidity. The transfer was made on the beginning of the accounting period.

(*4) Those are the transfers from Level 3 to Level 2, mainly due to increase of the observability of the discount rate which is used in fair value measurements for private placement bonds. The transfer was made on the beginning of the accounting period.

- 42 -

As of September 30, 2021

	(Millions of yen)
	Beginning balance		Gains(losses) for the period/other comprehensive income						Net amount of purchase, sale, issue, and settlement			Transfer to fair values of Level 3			Transfer from fair values of Level 3			Ending balance as of interim period			Unrealized gains (losses) on financial assets and liabilities held as of the interim consolidated balance sheet date among the amount recorded to gains (losses) for the period (*1)
			Recorded to gains(losses) for the period (*1)			Recorded to other comprehensive income (*2)
Other Debt Purchased		636,815		(1	)		(15	)		(79,997	)		—			—			556,800			—
Trading Assets
Trading Securities
Japanese Corporate Bonds		1,897		(0	)		—			(1,897	)		—			—			0			—
Stocks		223		—			—			(23	)		—			—			200			(354	)
Other		130,532		967			—			(24	)		—			(547	)		130,926			(200	)
Money Held in Trust		3		0			—			—			—			—			3			—
Securities
Other Securities
Stocks		8,063		—			6			1,800			—			—			9,870			—
Japanese Corporate Bonds		2,107,142		(217	)		2,622			(142,460	)		—			—			1,967,085			—
Foreign Bonds		773,659		3,704			(578	)		(213,052	)		—			—			563,733			—
Other		13,920		(768	)		953			(317	)		—			—			13,787			—
Trading Liabilities
Securities Sold, Not yet Purchased		132		1			—			200			—			(132	)		201			(2	)
Derivative Transactions
Interest Rate and Bond-Related Transactions		24,942		(11,970	)		—			8,910			—			—			21,881			(7,101	)
Currency-Related Transactions		24,857		(3,159	)		—			284			—			—			21,982			(3,081	)
Stocks-Related Transactions		3,444		(13,672	)		—			3,892			—			—			(6,335	)		3,240
Commodity-Related Transactions		841		284			—			(293	)		—			—			833			123
Credit Derivative Transactions		1,251		(789	)		—			1,719			(597	)		96			1,680			1,055

- 43 -

(*1) Those amounts are mainly included in Trading Income, Trading Expenses, Other Operating Income and Other Operating Expenses in the interim consolidated statement of income.

(*2) Those amounts are included in Net Unrealized Gains (Losses) on Other Securities of Other Comprehensive Income in the interim consolidated statement of comprehensive income.

- 44 -

(3) Explanation of the process of fair value measurement

In MHFG, middle-offices and back-offices have established policies and procedures related to the measurement of fair values and procedures related to usage of the valuation model. For the fair values and the level categories, the validity of the valuation techniques and valuation inputs used in fair value measurement are verified.

In fair value measurement, valuation models in which the nature, characteristics and risks of individual assets are most appropriately reflected are used. In addition, when quoted prices obtained from third parties are used, the validity of the prices is verified by appropriate methods such as confirmation of valuation techniques and used valuation inputs and comparison with the fair values of similar financial instruments.

(4) Explanation of the impact on fair values in the case where significant unobservable inputs are varied

Prepayment rate

The prepayment rate is the estimated rate at which voluntary unscheduled repayments of the principal of the underlying assets are expected to occur. The movement of the prepayment rate is generally negatively correlated with borrower delinquency. A significant change in the prepayment rate would significantly impact the valuation of the fair values of financial instruments either positively or negatively, depending on the structure of financial instruments.

Default rate

The default rate is an estimate of the likelihood of not collecting contractual payments. A significant increase (decrease) in the default rate would generally be accompanied by a decrease (increase) in the recovery rate and an increase (decrease) in the discount rate. It would also generally significantly impact the valuation of the fair values of financial instruments negatively (positively).

Recovery rate

The recovery rate is an estimate of the percentage of contractual payments that would be collected in the event of a default. A significant increase (decrease) in recovery rate would generally be accompanied by a decrease (increase) in the default rate. It would also generally significantly impact the valuation of the fair values of financial instruments positively (negatively).

Discount rate

The discount rate is an adjustment rate to a benchmark market interest rate such as TIBOR or swap rates. It primarily consists of a risk premium component which is the amount of compensation that market participants require due to the uncertainty inherent in the financial instruments’ cash flows resulting from credit risk. A significant increase (decrease) in discount rate would generally significantly impact the valuation of the fair values of financial instruments negatively (positively).

Correlation

Correlation is the likelihood of the movement of one input relative to another based on an established relationship. A significant change in correlation would significantly impact the valuation of derivatives either positively or negatively, depending on the nature of the underlying assets.

Volatility

Volatility is a measure of the expected change in variables over a fixed period of time. Some financial instruments benefit from an increase in volatility and others benefit from a decrease in volatility. Generally, a significant increase (decrease) in volatility would result in a significant increase (decrease) in option values and, for a long position in an option, it would result in a significant increase (decrease) in the fair values of financial instruments.

- 45 -

Securities

In addition to “Securities” on the interim consolidated balance sheet (the consolidated balance sheet), Negotiable Certificates of Deposit in “Cash and Due from Banks,” certain items in “Other Debt Purchased” and certain items in “Other Assets” are also included.

1. Bonds Held to Maturity

As of March 31, 2021

(Millions of yen)
	Type	Consolidated Balance Sheet Amount	Fair Value	Difference
Bonds Whose Fair Values Exceed the Consolidated Balance Sheet Amount	Japanese Government Bonds	479,958	489,514	9,555
	Foreign Bonds	274,173	285,842	11,669
	Sub-total	754,131	775,356	21,225
Bonds Whose Fair Values Do Not Exceed the Consolidated Balance Sheet Amount	Japanese Government Bonds	—	—	—
	Foreign Bonds	131,397	128,242	(3,155)
	Sub-total	131,397	128,242	(3,155)
Total		885,529	903,599	18,069
As of September 30, 2021
(Millions of yen)
	Type	Interim Consolidated Balance Sheet Amount	Fair Value	Difference
Bonds Whose Fair Values Exceed the Interim Consolidated Balance Sheet Amount	Japanese Government Bonds	479,969	487,406	7,436
	Foreign Bonds	249,613	258,047	8,434
	Sub-total	729,582	745,453	15,871
Bonds Whose Fair Values Do Not Exceed the Interim Consolidated Balance Sheet Amount	Japanese Government Bonds	—	—	—
	Foreign Bonds	664,560	658,128	(6,431)
	Sub-total	664,560	658,128	(6,431)
Total		1,394,142	1,403,581	9,439

- 46 -

2. Other Securities

As of March 31, 2021

(Millions of yen)
	Type	Consolidated Balance       Sheet Amount		Acquisition Cost		Difference
Other Securities Whose Consolidated Balance Sheet Amount Exceeds Acquisition Cost	Stocks		2,726,040		981,426		1,744,614
	Bonds		14,440,198		14,415,433		24,765
	Japanese Government Bonds		12,716,957		12,713,374		3,583
	Japanese Local Government Bonds		196,757		196,213		544
	Japanese Corporate Bonds		1,526,483		1,505,845		20,637
	Other		7,865,959		7,645,538		220,421
	Foreign Bonds		6,246,882		6,180,203		66,678
	Other Debt Purchased		44,418		43,662		755
	Other		1,574,659		1,421,672		152,986
	Sub-total		25,032,198		23,042,398		1,989,800
Other Securities Whose Consolidated Balance Sheet Amount Does Not Exceed Acquisition Cost	Stocks		139,945		186,294		(46,348	)
	Bonds		9,704,849		9,774,593		(69,743	)
	Japanese Government Bonds		8,203,625		8,238,926		(35,301	)
	Japanese Local Government Bonds		266,801		267,459		(657	)
	Japanese Corporate Bonds		1,234,423		1,268,208		(33,785	)
	Other		7,657,854		7,928,309		(270,454	)
	Foreign Bonds		6,187,029		6,286,717		(99,687	)
	Other Debt Purchased		638,500		638,687		(187	)
	Other		832,325		1,002,904		(170,579	)
	Sub-total		17,502,649		17,889,197		(386,547	)
Total			42,534,848		40,931,595		1,603,253

(Note) Unrealized Gains (Losses) includes ¥32,481 million which was recognized in the statement of income by applying the fair-value hedge method.

- 47 -

As of September 30, 2021

(Millions of yen)
	Type	Interim Consolidated Balance Sheet Amount		Acquisition Cost		Difference
Other Securities Whose Interim Consolidated Balance Sheet Amount Exceeds Acquisition Cost	Stocks		2,772,975		992,007		1,780,968
	Bonds		9,128,315		9,106,305		22,009
	Japanese Government Bonds		7,335,374		7,334,260		1,113
	Japanese Local Government Bonds		244,606		243,893		713
	Japanese Corporate Bonds		1,548,334		1,528,151		20,182
	Other		7,132,850		6,949,323		183,526
	Foreign Bonds		5,767,481		5,709,351		58,129
	Other Debt Purchased		40,343		39,640		703
	Other		1,325,025		1,200,332		124,693
	Sub-total		19,034,141		17,047,636		1,986,505
Other Securities Whose Interim Consolidated Balance Sheet Amount Does Not Exceed Acquisition Cost	Stocks		160,150		206,591		(46,441	)
	Bonds		13,305,641		13,362,767		(57,125	)
	Japanese Government Bonds		11,667,668		11,693,083		(25,415	)
	Japanese Local Government Bonds		250,336		250,822		(485	)
	Japanese Corporate Bonds		1,387,636		1,418,861		(31,224	)
	Other		9,430,457		9,686,257		(255,800	)
	Foreign Bonds		7,721,901		7,827,757		(105,855	)
	Other Debt Purchased		559,384		559,521		(136	)
	Other		1,149,170		1,298,979		(149,808	)
	Sub-total		22,896,249		23,255,616		(359,367	)
Total			41,930,391		40,303,253		1,627,137

(Note) Unrealized Gains (Losses) includes ¥38,068 million which was recognized in the statement of income by applying the fair-value hedge method.

- 48 -

3. Impairment (“Devaluation”) of Securities

Certain Securities other than Trading Securities (excluding Stocks and others without a quoted market price and Investments in Partnerships and others) are devalued to the fair value, and the difference between the acquisition cost and the fair value is treated as a loss for the six months ended September 30, 2021 (the fiscal year ended March 31, 2021) (impairment (devaluation)), if the fair value has significantly deteriorated compared with the acquisition cost (including amortized cost), and unless it is deemed that there is a possibility of a recovery in the fair value.

The amount of impairment (devaluation) for the fiscal year ended March 31, 2021 was ¥4,657 million.

The amount of impairment (devaluation) for the six months ended September 30, 2021 was ¥1,800 million.

The criteria for determining whether a security’s fair value has “significantly deteriorated” are outlined as follows:

• Securities whose fair value is 50% or less of the acquisition cost

• Securities whose fair value exceeds 50% but is 70% or less of the acquisition cost and the quoted market price maintains a certain level or lower

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Money Held in Trust

1. Money Held in Trust Held to Maturity

There was no Money Held in Trust held to maturity.

2. Other in Money Held in Trust (other than for investment purposes and held to maturity purposes)

As of March 31, 2021

	(Millions of yen)
	Consolidated Balance Sheet Amount		Acquisition Cost		Difference		Other in Money Held in Trust Whose Consolidated Balance Sheet Amount Exceeds Acquisition Cost		Other in Money Held in Trust Whose Consolidated Balance Sheet Amount Does Not Exceed Acquisition Cost
Other in Money Held in Trust		9,804		9,804		—		—		—

(Note) “Other in Money Held in Trust Whose Consolidated Balance Sheet Amount Exceeds Acquisition Cost” and “Other in Money Held in Trust Whose Consolidated Balance Sheet Amount Does Not Exceed Acquisition Cost” are components of “Difference.”

As of September 30, 2021

	(Millions of yen)
	Interim Consolidated Balance Sheet   Amount		Acquisition Cost		Difference		Other in Money Held in Trust Whose Interim Consolidated Balance Sheet Amount Exceeds Acquisition Cost		Other in Money Held in Trust Whose Interim Consolidated Balance Sheet Amount Does Not Exceed Acquisition Cost
Other in Money Held in Trust		25,702		25,702		—		—		—

(Note) “Other in Money Held in Trust Whose Interim Consolidated Balance Sheet Amount Exceeds Acquisition Cost” and “Other in Money Held in Trust Whose Interim Consolidated Balance Sheet Amount Does Not Exceed Acquisition Cost” are components of “Difference.”

- 50 -

Unrealized Gains (Losses) on Other Securities

Details of Unrealized Gains (Losses) on Other Securities on the interim consolidated balance sheet (consolidated balance sheet) are as follows:

As of March 31, 2021

	(Millions of yen)
	Amount
Difference between Acquisition Cost and Fair Value		1,585,324
Other Securities		1,585,324
(–) Deferred Tax Liabilities		439,907
Difference between Acquisition Cost and Fair Value, net of Taxes (Before adjusting for amount corresponding to Non-controlling Interests)		1,145,417
(–) Amount Corresponding to Non-controlling Interests		16,783
(+) Amount Corresponding to Net Unrealized Gains (Losses) on Other Securities Owned by Affiliated Companies, which is attributable to MHFG		3,826
Net Unrealized Gains (Losses) on Other Securities		1,132,460

(Notes)	1.	The difference between acquisition cost and fair value excludes ¥32,481 million in gains which were recognized in the statement of income for the fiscal year ended March 31, 2021 by applying the fair-value hedge method.
	2.	“Other Securities” includes translation differences regarding Stocks and others without a quoted market price and Investments in Partnerships and others.

As of September 30, 2021

	(Millions of yen)
	Amount
Difference between Acquisition Cost and Fair Value		1,617,495
Other Securities		1,617,495
(–) Deferred Tax Liabilities		448,400
Difference between Acquisition Cost and Fair Value, net of Taxes (Before adjusting for amount corresponding to Non-controlling Interests)		1,169,095
(–) Amount Corresponding to Non-controlling Interests		19,229
(+) Amount Corresponding to Net Unrealized Gains (Losses) on Other Securities Owned by Affiliated Companies, which is attributable to MHFG		4,889
Net Unrealized Gains (Losses) on Other Securities		1,154,756

(Notes)	1.	The difference between acquisition cost and fair value excludes ¥38,068 million in gains which were recognized in the statement of income for six months ended September 30, 2021 by applying the fair-value hedge method.
	2.	“Other Securities” includes translation differences regarding Stocks and others without a quoted market price and Investments in Partnerships and others.

- 51 -

Derivatives Information

Derivative Transactions not Qualifying for Hedge Accounting

With regard to derivative transactions not qualifying for hedge accounting, contract value or contractual principal equivalents, fair values and unrealized gains (losses) by type of transaction as of the interim consolidated balance sheet date (consolidated balance sheet date) are as follows. Contract value amounts do not indicate the market risk related to derivative transactions.

(1) Interest Rate and Bond-Related Transactions

As of March 31, 2021

(Millions of yen)
Classification	Type	Contract Value				Fair Value			Unrealized Gains (Losses)
		Total		Over One Year
Listed	Interest Rate Futures
	Sold		5,352,260		3,517,173		(1,120	)		(1,120	)
	Bought		11,939,410		5,980,115		2,199			2,199
	Interest Rate Options
	Sold		239,583		6,863		(111	)		(3	)
	Bought		425,653		—		268			(315	)
	Bond Futures
	Sold		165,894		—		556			556
	Bought		175,412		—		(455	)		(455	)
	Bond Futures Options
	Sold		18,048		—		(46	)		(46	)
	Bought		77,541		—		169			119
Over-the-Counter	FRAs
	Sold		42,665,863		—		45,060			45,060
	Bought		42,609,545		—		(46,135	)		(46,135	)
	Interest Rate Swaps
	Receive Fixed / Pay Float		449,922,359		341,882,271		3,014,574			3,014,574
	Receive Float / Pay Fixed		442,383,440		332,409,368		(2,817,850	)		(2,817,850	)
	Receive Float / Pay Float		147,723,342		121,666,164		5,791			5,791
	Receive Fixed / Pay Fixed		291,810		235,502		(1,088	)		(1,088	)
	Interest Rate Options
	Sold		13,900,704		9,346,439		(53,039	)		(53,039	)
	Bought		14,152,261		9,516,824		49,285			49,285
	Bond Options
	Sold		385,389		109,950		(8,336	)		(7,564	)
	Bought		385,457		109,950		8,610			7,707
	Bond Other
	Sold		8,120		—		(37	)		(37	)
	Bought		21,342		—		188			188
Inter-Company or Internal Transactions	Interest Rate Swaps
	Receive Fixed / Pay Float		5,083,479		4,451,482		983			983
	Receive Float / Pay Fixed		13,498,632		11,151,452		(106,637	)		(106,637	)
Total			—		—		92,832			92,174

(Note) The above transactions are marked to market, and changes in unrealized gains (losses) are included in the consolidated statement of income.

- 52 -

As of September 30, 2021

(Millions of yen)
Classification	Type	Contract Value				Fair Value			Unrealized Gains (Losses)
		Total		Over One Year
Listed	Interest Rate Futures
	Sold		6,431,909		4,887,354		5,103			5,103
	Bought		15,943,916		8,021,160		(1,075	)		(1,075	)
	Interest Rate Options
	Sold		660,001		30,498		(931	)		(299	)
	Bought		702,160		5,576		1,054			228
	Bond Futures
	Sold		390,559		—		2,363			2,363
	Bought		283,272		—		(1,153	)		(1,153	)
	Bond Futures Options
	Sold		738		—		(0	)		(0	)
	Bought		17,879		—		36			26
Over-the-Counter	FRAs
	Sold		20,591,045		241,612		20,950			20,950
	Bought		21,196,006		594,665		(20,451	)		(20,451	)
	Interest Rate Swaps
	Receive Fixed / Pay Float		405,897,033		302,580,016		2,312,133			2,312,133
	Receive Float / Pay Fixed		402,604,215		297,805,006		(2,081,105	)		(2,081,105	)
	Receive Float / Pay Float		145,843,833		118,143,138		(14,329	)		(14,329	)
	Receive Fixed / Pay Fixed		258,984		209,601		2,666			2,666
	Interest Rate Options
	Sold		15,401,966		10,322,098		(32,289	)		(32,289	)
	Bought		15,439,839		10,238,440		15,437			15,437
	Bond Options
	Sold		269,487		—		(499	)		461
	Bought		304,930		—		1,305			(61	)
	Bond Other
	Sold		26,206		—		(258	)		(258	)
	Bought		40,117		—		261			261
Inter-Company or Internal Transactions	Interest Rate Swaps
	Receive Fixed / Pay Float		5,158,986		4,685,658		14,489			14,489
	Receive Float / Pay Fixed		6,860,822		6,109,489		(89,568	)		(89,568	)
Total			—		—		134,138			133,528

(Note) The above transactions are marked to market, and changes in unrealized gains (losses) are included in the interim consolidated statement of income.

- 53 -

(2) Currency-Related Transactions

As of March 31, 2021

(Millions of yen)
Classification	Type	Contract Value				Fair Value			Unrealized Gains (Losses)
		Total		Over One Year
Listed	Futures
	Sold		15,615		3,540		—			—
	Bought		78,356		32,799		—			—
Over-the-Counter	Swaps		69,875,350		52,691,198		44,712			44,670
	Forwards
	Sold		63,766,682		3,575,704		(735,730	)		(735,730	)
	Bought		37,077,896		1,863,936		715,575			715,575
	Options
	Sold		4,513,631		1,676,580		(81,683	)		(38,378	)
	Bought		4,015,482		1,645,075		60,985			5,365
Inter-Company or Internal Transactions	Swaps		2,214,554		1,773,095		(10,879	)		14,122
	Forwards
	Sold		15		—		(0	)		(0	)
	Bought		1,099		—		28			28
Total			—		—		(6,992	)		5,653

(Note) The above transactions are marked to market, and changes in unrealized gains (losses) are included in the consolidated statement of income.

As of September 30, 2021

(Millions of yen)