使用警語：中文譯文來源為 Google 翻譯，僅供參考，實際內容請以英文原文為主
Masahiro Kihara - Executive President, Group Chief Executive Officer, Representative Executive Officer, Director
Masahiro Kihara - Executive President, Group Chief Executive Officer, Representative Executive Officer, Director
Today's agenda, the summary of financial results.
今天的議程是財務業績摘要。
I'm sure you've already seen them, so I'll be quick.
我相信你已經看過它們了，所以我會盡快。
And the initiatives increasing corporate value will be the main focus of my explanation.
而提高企業價值的舉措將是我解釋的重點。
Please turn to page 4.
請翻到第4頁。
As you all know, the results are as follows.
眾所周知，結果如下。
And so the consolidated net base profit was JPY1 trillion.
因此，合併淨利潤為 1 兆日圓。
And also, the net gains related to stocks of JPY54.7 million.
此外，與股票相關的淨收益為 5,470 萬日圓。
And also, the ROE was 7.6%, and expense ratio came up to be 62.9%.
此外，淨資產收益率為7.6%，費用率為62.9%。
Forecast on a consolidated basis, it's going to go up by JPY54.2 billion year on year for the net business profit and also the net income is going to be JPY750 billion, up by 71.1%.
預計合併淨利將年增542億日元，淨利將達到7,500億日元，成長71.1%。
So we raised JPY5 for the dividend in the midyear.
因此我們籌集了 5 日圓用於年中股息。
And at the end, we are going to go up by JPY5, and so it's going to be JPY105.
最後，我們將上漲 5 日元，因此將達到 105 日元。
For the '24, we plan to go to JPY115 by JPY10 increase.
24 年，我們計劃增加 10 日元至 115 日元。
So for three-year midterm from starting '22 to -- '23 to '25.
因此，從 22 年開始到 23 年到 25 年，為期三年的期中考。
So we are actually achieving the targets here for the final year in '24.
因此，我們實際上正在實現 24 年最後一年的目標。
On page 7, there are many different factors.
在第 7 頁，有許多不同的因素。
The price-to-book ratio is coming up to some level.
市淨率已達到一定水準。
We don't -- we're not satisfied with this current level, but 0.75 -- 0.8 level that we are at right now, the capital cost has come down as well.
我們對目前的水平並不滿意，但我們現在處於 0.75 - 0.8 的水平，資本成本也下降了。
And return has been increasing and EPS has been on the rise as well.
回報率一直在增加，每股收益也在上升。
So the main topic focus on initiatives, increasing corporate value, so please turn on page 9.
所以主要議題集中在措施、提高企業價值上，所以請翻到第9頁。
The price to book is up now.
現在預訂價格已經上漲。
So we want to go above 1x.
所以我們想要超過 1 倍。
That is the top priority for management.
這是管理的首要任務。
So in focus areas, we need to make sure to grow the profits and also implement the financial discipline.
因此，在重點領域，我們需要確保利潤成長並落實財務紀律。
So we can reduce the capital cost as well by increasing return on equity.
因此，我們也可以透過提高股本回報率來降低資本成本。
So we are focused on that.
所以我們專注於此。
In disposal view, these are the requirements.
從處置的角度來看，這些都是要求。
What we need to do, explain and summarize.
我們需要做什麼，解釋和總結。
I'm sure you've seen this before.
我相信你以前見過這個。
So nothing really new information on this chart, but I want to go deeper in each item to talk about progress and the challenges we are facing at this point.
因此，這張圖表上沒有什麼真正的新訊息，但我想更深入地討論每個專案的進展和我們目前面臨的挑戰。
Please turn to page 10.
請翻到第10頁。
The steady profit growth to be accomplished.
實現利潤穩定成長。
In '22, JPY810 billion level, and so we're going to -- we went to JPY101 trillion in '23, and we are going to JPY1.70 trillion in '24.
22 年，8100 億日元的水平，所以我們將在 23 年達到 101 兆日元，24 年我們將達到 1.70 兆日元。
So making steady progress.
從而穩步前進。
And we already shared the three major area.
我們已經共享了三個主要領域。
So we want to grow JPY170 billion for the focus areas during those three years in '23, it was JPY46 billion and '24, we want to do more.
因此，我們希望在 23 年的這三年裡，為重點領域增加 1,700 億日元，這是 460 億日元，而 24 年，我們希望做得更多。
We started a new HR system called CANADE from this April.
從今年四月開始，我們啟動了一個名為 CANADE 的新人力資源系統。
So the cost is increasing for this new system.
因此，這個新系統的成本正在增加。
So that is actually putting some pressure.
所以這實際上是施加了一些壓力。
However, hopefully, if we want to accomplish JPY50 billion or so and by establishing the foundation, we want to have -- make a big jump in the final year.
然而，如果我們想要實現 500 億日元左右，並透過建立基礎，我們希望在最後一年實現一個大的飛躍。
This JPY170 billion target will be maintained.
1700億日圓的目標將維持不變。
Page 11, please.
請看第 11 頁。
Improving asset profitability, we are tackling this in a solid fashion.
提高資產獲利能力，我們正在紮實解決這個問題。
In fiscal 2023, JPY2 trillion decrease was made to nonprofitable assets.
2023財年，非營利資產減少了2兆日圓。
We want to go further but the overseas business was somewhat weaker, but also, we were rather disciplined.
我們想走得更遠，但海外業務有點弱，但我們也相當自律。
So JPY2 trillion decrease in non-profitable assets was done, and we somehow broke even in that endeavor, crossholding, lending and overseas lending was the main ones that we decreased.
因此，我們減少了 2 兆日圓的非營利資產，並且在某種程度上實現了收支平衡，交叉持股、借貸和海外借貸是我們減少的主要資產。
M&A with domestic corporate businesses and SI and global CIB business shall grow further.
國內企業業務及SI及全球CIB業務的併購將進一步成長。
We will shift toward high profit assets from low profit assets continuously in fiscal '24 as well.
我們也將在24財年繼續從低利潤資產轉向高利潤資產。
Highly profitable assets are the ones we would like to accumulate in larger than we expect a formal, but that is to do with the ForEx.
高利潤資產是我們希望累積的資產比我們預期的正式資產要多的資產，但這與外匯有關。
If the Japanese yen is too weak, the CET1 ratio will be negatively impacted.
如果日圓太弱，CET1比率將受到負面影響。
So we would have to restrain from lending too much, which has to do with the exchange rate.
所以我們必須限制放款過多，這與匯率有關。
Page 12, crossholding.
第 12 頁，交叉持有。
JPY300 billion was something that we decided to sell, and we will sell and JPY111.7 billion will be something we will sell.
3000億日元是我們決定出售的東西，我們將出售，1117億日元將是我們將出售的東西。
And you can see the counterpart situation, and we are gradually decreasing the crossholding shares.
而且你可以看到對應的情況，我們正在逐步減少交叉持股。
In principle, we will continue to shift from low profit assets to high-profit assets, and we would like to cast a wide net that we would like to be rather stringent.
原則上我們會繼續從低利潤資產轉向高利潤資產，網要廣，要嚴。
Moving on to page 13, expenses.
轉到第 13 頁，費用。
There are various push-up effects from various ways to push up our expenses, inflation for one not only abroad, but gradually, we are seeing inflation in Japan.
各種方式都有各種推高效應，推高我們的開支，不僅是國外的通貨膨脹，我們也逐漸看到日本的通貨膨脹。
And also, responses to regulations.
還有對法規的回應。
AML that is applicable to any of the countries and IT platform and vendor cost is rising as well as the hardware cost.
適用於任何國家的反洗錢，IT平台和供應商成本以及硬體成本都在上升。
Therefore, cost increase factors are all over the place.
因此，成本增加的因素無所不在。
For us, we cannot help but to live with these factors, but we would have to lower the cost base somehow, and we are continually tackling the cost front.
對我們來說，我們必須忍受這些因素，但我們必須以某種方式降低成本基礎，而我們不斷解決成本問題。
In fiscal '23, there are external environmental issues, including inflation, and governance and the other factors resulted in the JPY34 billion increase and human resources cost JPY6 billion wage increase studies and also various discretionary expenses resulted in altogether this expense increase, you can see.
在23財年，外部環境問題，包括通貨膨脹，治理和其他因素導致了340億日元的增加，人力資源成本60億日元的工資增加研究以及各種可自由支配的費用導致了這一費用的增加，你可以看到。
Expense ratio is being lowered. 62.9% was the percentage for fiscal '24, exchange rate, inflation, JPY30 billion in net and governance and infrastructure, such as inflation and regulation would result in JPY40 billion of cost.
費用率正在降低。 62.9%是24財年的百分比，匯率、通貨膨脹、淨成本為300億日元，治理和基礎設施（例如通貨膨脹和監管）將導致400億日元的成本。
We are trying to lower this governance and infrastructure level, so we would have JPY40 billion increase there.
我們正在努力降低治理和基礎設施水平，因此我們將在那裡增加 400 億日元。
Labor cost will increase.
勞動成本將會增加。
That is the combination of CANADE cost and the base wage increase.
這是 CANADE 成本和基本工資成長的結合。
And also, Greenhill cost would continue to have some cost increase and also discretionary cost, some bonuses tied to the performance, and we are tackling the front end, and we are starting to increase the head count in growth areas gradually.
而且，格林希爾成本將繼續增加一些成本，還有可自由支配的成本，一些與績效掛鉤的獎金，我們正在解決前端問題，我們開始逐漸增加成長領域的員工數量。
In rate, there are cost increase factors, but we are controlling the governance and infrastructure cost tightly so that we can have a lower end of 60% to 70% range expense ratio.
在費率方面，存在成本增加因素，但我們正在嚴格控制治理和基礎設施成本，以便我們可以將費用率控制在 60% 至 70% 的較低範圍內。
Page 14.
第 14 頁。
Stabilizing profits from core business, you can see the table on the top since the introduction of the negative interest rate, our revenue has been diversified.
核心業務利潤穩定，你可以看到上面的表格自從負利率推出以來，我們的收入已經多元化。
As you can see at the bottom left-hand side, expense control was tightly exercised and centering around customer dividend, we were generating profits, and we could exceed JPY1 trillion.
正如左下角所見，費用控制嚴格，圍繞客戶分紅，我們正在創造利潤，我們可以超過1兆日圓。
So we diversified business profits and that is a major endeavor.
因此，我們實現了業務利潤多元化，這是一項重大努力。
And also stabilizing profits from core business, we are growing the growing businesses, and we are controlling against any predicted cost.
為了穩定核心業務的利潤，我們正在發展不斷成長的業務，我們正在控制任何預期的成本。
And also, as you can see, the structure of mitigating credit-related costs, we are controlling against any predicted events.
而且，正如您所看到的，在減輕信用相關成本的結構中，我們正在控制任何預測事件。
Forward-looking provisioning is another key.
前瞻性供應是另一個關鍵。
Nowadays, we are providing support for turnaround of the companies in Japan.
現在，我們正在為日本企業的扭虧為盈提供支持。
Overseas, Global 300 strategy would be the main strategy to lend center -- centering around IG grade entities.
在海外，全球300強戰略將是貸款中心的主要策略－以IG級實體為中心。
Next page, page 16, please.
請下一頁，第 16 頁。
Effective capital use.
有效的資本使用。
As you can see, Mizuho was rather weak in capital adequacy.
正如你所看到的，瑞穗銀行的資本充足率相當薄弱。
Capital adequacy must be bolstered and somehow, we are strengthening shareholder returns as well.
資本充足率必須加強，而且我們也在加強股東回報。
To some extent, we would have to invest in growth to some extent, and we could steadily grow so far.
從某種程度上來說，我們必須對成長進行一定程度的投資，到目前為止我們才能穩定成長。
On the top left-hand side, allocation track record can be seen.
在左上角，可以看到分配追蹤記錄。
Allocation of net income attributed to financial group, JPY5.2 trillion in the past 5 -- 10 years, 0.5% growth investment, JPY2.7 billion for capital adequacy, 2.0% shareholder return and 0.5% to growth investment, JPY75 in fiscal 2019 being raised to JPY115 billion is the shareholder return per share.
歸屬於金融集團的淨利分配，過去5-10年5.2兆日圓，成長投資0.5%，資本充足率27億日元，股東回報2.0%，成長投資0.5%，2019財年75日圓每股股東回報提高至1150億日圓。
And CAGR, 27% was the growth of the investments made.
CAGR 27% 是投資的成長。
And that kind of a high rate of growth has been enjoyed within the limited investment that we could invest in the growth, and we could generate high level of growth.
在我們可以投資成長的有限投資範圍內，我們已經享受了這種高成長率，並且我們可以產生高水準的成長。
On page 17, you can see some specific examples.
在第 17 頁，您可以看到一些具體範例。
In up to year 2021, we could accumulate concentrated on accumulating capital.
到2021年，我們可以集中精力累積資本。
We were selective in making investments.
我們在進行投資時是有選擇性的。
Royal Bank of Scotland is one example that we invested in.
蘇格蘭皇家銀行就是我們投資的例子之一。
In fiscal 2023, since the beginning of the year, investment was strengthened and returns were bolstered as well, and we were starting to be able to strike balance between the two.
2023財年，年初以來，投資力道加大，回報也提升，我們開始能夠在兩者之間取得平衡。
The dividend was increased in substantially then.
當時股息大幅增加。
And Greenhill was invested in, in fiscal '23.
Greenhill 在 23 財年獲得了投資。
And digital net and retail and asset focusing businesses, including investment introduct and securities were done since then.
此後又開展了數位網路、零售和資產業務，包括投資介紹和證券業務。
Core business.
核心業務。
You can see the definition of core businesses.
您可以看到核心業務的定義。
But the core businesses are [doomed] to the obsolete.
但核心業務注定會被淘汰。
So we constantly would have to explore new businesses.
所以我們必須不斷探索新業務。
Credit sales on India is one of the new businesses we decided to invest in.
印度的信貸銷售是我們決定投資的新業務之一。
We have to remember to exercise discipline, as you can see in the middle of the page, even when we make investments, if we cannot achieve the expected effectiveness from the investment, then we decided to close down the entity.
我們必須記住遵守紀律，正如您在頁面中間看到的那樣，即使我們進行投資，如果我們無法從投資中達到預期的效果，那麼我們決定關閉該實體。
Page 18, please.
請看第 18 頁。
Capital policy.
資本政策。
In an ongoing manner, we continue to have the same policy, pursuing the optimal balance between capital adequacy, growth, investment and enhancement of shareholder return.
我們將繼續堅持同樣的政策，追求資本充足、成長、投資和提高股東回報之間的最佳平衡。
But many of the people say that we have to show a specific range we target.
但許多人說我們必須展示我們的目標具體範圍。
So we decided to disclose that this time around.
所以我們決定這次公開這一點。
The range would be 9% -- mid 9% to mid-10% to 11% range.
範圍為 9%——中間 9% 到中間 10% 到 11%。
Mid-9% or lower level would have to require capital adequacy bolstering and if we exceed 10% to 11%, then we have to strengthen shareholder return, 9.8% is the current number.
9%左右或更低的水準就需要加強資本充足率，如果超過10%到11%，那麼我們就必須加強股東回報，目前是9.8%。
Given that investment into growth would have to be done, but it is about time and maybe not necessarily this fiscal year, but we would have to start considering buyback of our own shares.
鑑於必須對成長進行投資，但現在是時候了，也許不一定是本財年，但我們必須開始考慮回購自己的股票。
That's what we consider.
這就是我們所考慮的。
Page 19, please.
請看第 19 頁。
This is the summary.
這是總結。
PBR. 0.75, 0.8, substantial improvement, as already made, we would like to achieve 1x at least of PE price-to-book value.
策略BR。 0.75、0.8，實質改善，正如已經取得的那樣，我們希望至少實現市淨率市盈率的 1 倍。
We would have to lower the capital cost, ROE would have to be enhanced.
我們必須降低資本成本，必須提高淨值收益率。
And these are various challenges we have to tackle.
這些是我們必須應對的各種挑戰。
Please read through that at your leisure later on.
請稍後在閒暇時閱讀該內容。
Item number two.
第二項。
Effective use of resources and the third bullet point, reallocation of resources to focus business areas, that will be necessary to strengthen our fault, we would have to strike balance between growth investment and return to shareholders.
有效利用資源和第三個要點，將資源重新分配到重點業務領域，這將是必要的，以加強我們的過錯，我們必須在成長投資和股東回報之間取得平衡。
Next, I would like to give you a progress update on business focus areas.
接下來，我想向您介紹業務重點領域的最新進展。
So in our midterm plan, we have set up the focus areas for the business.
所以在我們的中期計畫中，我們設定了業務的重點領域。
So once again, we wanted to recap on that, where they came from and how we came out with this team.
因此，我們想再次回顧一下，他們來自哪裡以及我們如何組建這個團隊。
So I want to go through that once again.
所以我想再講一次。
So we have set a purpose in the product to be innovate together with clients for prosperous and sustainable future, kind of vision that we are trying to accomplish to our own visual.
因此，我們在產品中設定了一個目標，即與客戶一起創新，創造一個繁榮和永續的未來，這是我們正在努力實現的願景。
And also, we have a strength.
而且，我們有實力。
So we want to multiply these two to create focus areas.
因此，我們希望將這兩者相乘來創建重點領域。
On the left showing, strength.
左邊顯示的是力量。
Some of the strengths are the ones the -- we may not be the best at the current level.
我們的一些優勢可能不是目前水準上最好的。
But if you could reinforce, we can be better than others, excelling the others, and that's also part of that.
但如果你能夠強化，我們就能比別人更好，超越別人，這也是其中的一部分。
Like strengths that we already possess to be the corporate banking and global CIB capability, also relationship with start-ups.
我們已經擁有的優勢包括企業銀行業務和全球 CIB 能力，以及與新創公司的關係。
Areas functions to enhance our strengths, mass retail business and solutions to mid caps and SMEs, asset management, other areas so we have the vision and also our strengths and they multiple it together to focus on five business focus areas at the right time.
這些領域的功能是增強我們的優勢、大眾零售業務以及中型股和中小企業的解決方案、資產管理和其他領域，因此我們有願景，也有我們的優勢，他們將其結合在一起，在適當的時間專注於五個業務重點領域。
In '23, in the mid- and long-term perspective, what we want to be, what type of initiatives to be implemented, we discussed a lot over them and to identify what the target business model that we should pursue and then in order to grow and generate profit from this business model, what the base function -- the base foundation for the business.
23年，從中長期來看，我們想要成為什麼，要實施什麼類型的舉措，我們對此進行了很多討論，並確定了我們應該追求的目標商業模式，然後以便為了從這種商業模式中發展並產生利潤，基本功能是什麼－業務的基礎。
That's what we discuss a lot.
這就是我們經常討論的內容。
Please turn to page 22.
請翻到第22頁。
As we started the customer experience improvement, auto global business, we have those four quadrants, and we thought of the vision ideal stay in each area regarding improving customer experience.
當我們開始改善客戶體驗、汽車全球業務時，我們有這四個像限，我們想到了每個領域關於改善客戶體驗的理想願景。
We want to be most user-friendly trusted partner for mass retail customers.
我們希望成為大眾零售客戶最用戶友善、值得信賴的合作夥伴。
Face-to-face, online, remote should be provided in a seamless manner.
面對面、線上、遠端應以無縫方式提供。
And asset and wealth management in Japan at the right top, this most reliable brand in asset and wealth management.
而日本的資產和財富管理位於右上方，這是資產和財富管理中最值得信賴的品牌。
That's what we want to accomplish, then we need to have unified group will pursue to be unified as a group and will reinforce our alliances, open alliance, enhancing the competitiveness of Japanese companies that bottom, professional institution that delivers value-added solutions for business creation and growth.
這就是我們想要實現的目標，然後我們需要一個統一的集團，我們將追求作為一個集團的統一，並加強我們的聯盟，開放聯盟，提高日本企業的競爭力，為企業提供增值解決方案的專業機構創造和成長。
Global CIB business model at the right bottom, a top 10 global CIB and strategic partner to our clients, of which we are thinking about in-house or by integrated capability within ourselves to reinforce a North American CIB model.
右下角的全球 CIB 商業模式，是全球十大 CIB 和我們客戶的策略合作夥伴，我們正在考慮透過內部或自身的綜合能力來強化北美 CIB 模式。
That's what we want to accomplish.
這就是我們想要實現的目標。
And in each focus area, we will brush up our capabilities thoroughly, then we will connect them together so we can exercise our strength.
而且在每一個重點領域，我們都會把我們的能力好好的提升一下，然後把它們串聯起來，發揮我們的實力。
So there are many arrows to be pointing out to the other areas.
所以有很多箭頭指向其他區域。
Those will be the key points was, that's how we want to connect them together.
這些將是關鍵點，這就是我們希望將它們連接在一起的方式。
And especially important one will be the trust business, the investment trust business and to reinforce the competitiveness also the asset wealth management in Japan business, this will be important in terms of trust business.
其中特別重要的是信託業務、投資信託業務，以及為了增強競爭力而進行的日本資產理財業務，這對信託業務而言將是重要的。
So we want to reinforce our presence in this area.
因此，我們希望加強我們在這一領域的存在。
Please turn to page 23.
請翻到第23頁。
Let me go deeper for each area where we are at right now.
讓我更深入地了解我們目前所處的每個領域。
For the retail business, so creating the new accounts.
對於零售業務，因此建立新帳戶。
So now, we turn to
所以現在我們轉向
(inaudible).
（聽不清楚）。
Now we see the net adds.
現在我們看到了淨增加。
It used to be the net decline in the past, but now we turn to see net increases.
以前是淨下降，現在轉向淨成長。
So we brush up each channel and connect those channels together to offer the convenient -- the consultation is going to be quite important.
所以我們把各個管道都刷起來，把這些管道連結起來，提供方便——諮詢會非常重要。
And we'll establish branches, which is applicable to the consultation.
我們將設立分支機構，適用於諮詢。
The online area, UI/UX to be further brushed up.
線上區域，UI/UX有待進一步完善。
Mizuho Direct UI/UX to be improved furthermore, but MAU has improved up to 75% already at this point.
Mizuho Direct UI/UX 仍有待進一步改進，但 MAU 目前已提高至 75%。
And recently, May, improved the Mizuho Wallet, all the settlement functions were offered in Mizuho Wallet but there's still a lot more that we can handle the remote area.
最近，5月，改進了Mizuho錢包，所有的結算功能都在Mizuho錢包中提供，但還有很多我們可以處理偏遠地區的功能。
This is about call center and contact center.
這是關於呼叫中心和聯絡中心的。
This is connecting the face-to-face and online.
這是將面對面和線上連接起來。
In August, we are starting a next generation contact center utilizing AI.
八月，我們將啟動利用人力智慧的下一代聯絡中心。
So we are brushing up each area and connecting them together, then the connection is going to be the digital marketing.
因此，我們正在完善每個領域並將它們連接在一起，然後連接將是數位行銷。
January of '24, we started to offer such a service, but the data is coming up from each different channel.
24 年 1 月，我們開始提供這樣的服務，但數據來自各個不同的管道。
And those data are going to get together to offer the best proposal to customers.
這些數據將匯集在一起，為客戶提供最佳建議。
On page 24, then cost investment.
第24頁，然後是成本投資。
How do we get returns for the investment?
我們如何獲得投資回報？
Yes, we do need to invest but we are planning to get return through this.
是的，我們確實需要投資，但我們計劃透過此獲得回報。
Of course, maybe everything will not be covered by this, but this is one of them.
當然，也許這並不能涵蓋所有內容，但這就是其中之一。
First, operation, cost reduction, trying to simplify the process, revising our product because pretty much there are many products where we don't have -- we have little customers, so we want to take them out.
首先，運營，降低成本，試圖簡化流程，修改我們的產品，因為幾乎有很多產品我們沒有——我們的客戶很少，所以我們想把它們拿出來。
And we want to centralize back-office operations and also reducing the cost of branches currently full-line branches are there.
我們希望集中後台運營，並降低目前全線分公司的分公司成本。
So we want to downsize them from this year onward.
所以我們想從今年開始縮小規模。
So we can reduce the cost of branches, then that will create some available people so we will reskill them, then we can use them for the front office NPA,
因此，我們可以降低分支機構的成本，然後這將創造一些可用的人員，以便我們對他們進行重新培訓，然後我們可以將他們用於前台 NPA，
Next, so this is about doubling assets and wealth management in Japan.
接下來，這是關於日本資產和財富管理翻倍的問題。
This is not making good progress as we -- I hope to see at this point, still behind what we hope to see.
這並沒有我們希望看到的良好進展，仍然落後於我們希望看到的情況。
The revenue-wise is growing year on year, but AUM is behind compared to the budget.
收入逐年增長，但資產管理規模（AUM）落後於預算。
And since last year, we changed our sales approach.
自去年以來，我們改變了銷售方式。
We used to be product out, but we try to capture the needs of customers to provide consultation now.
以前我們是產品出來的，但現在我們努力捕捉客戶的需求來提供諮詢。
So the shift isn't completed yet.
所以轉變還沒完成。
I think that's not -- that's why we're not seeing the results as expected.
我認為這不是——這就是為什麼我們沒有看到預期的結果。
And there are many different alliance we have started, as you see on the left-hand side.
正如您在左側看到的那樣，我們已經建立了許多不同的聯盟。
I won't go into one by one in details, but we have a lot more coming up actually.
我不會一一詳細介紹，但實際上我們還有更多內容。
The right bottom, we are talking about challenges, face-to-face consulting.
右下角，我們講的是挑戰，面對面的諮詢。
It is a must improved here.
這裡必須改進。
And Asset Management One would need to be improved.
資產管理一號也需要改進。
So -- this is number four actually within the investment trust area.
所以——這其實是投資信託領域的第四名。
So we need to improve furthermore.
所以我們還需要進一步改進。
Sato-san who's leading this business is aware of the issues to be addressed.
領導這項業務的佐藤先生知道要解決的問題。
On next page 26, talking about improving competitiveness of Japanese corporations, large corporations, enterprises, where we have strength basically in the business, the left bottom -- so we need to be involved in the corporate actions, M&A, the real estate business and all these have grown so far.
在下26頁，談到提高日本企業的競爭力，大企業，企業，我們基本上在業務上有優勢，左下 - 所以我們需要參與企業行動，併購，房地產業務和到目前為止，所有這些都已增長。
In the lead table in that area, we have been continuing to stay number one player but the challenges in M&A.
在該領域的領先表中，我們繼續保持第一名，但在併購方面面臨挑戰。
Last year, we were number seven.
去年，我們排名第七。
The number of projects, we are number three, but we weren't able to be involved too much in a large project.
在專案數量上，我們是第三名，但是我們無法參與太多大型專案。
That's why we want to do something about the Greenhill.
這就是為什麼我們想對格林希爾做點什麼。
I will touch more on the Greenhill later, but we want to utilize the Greenhill function furthermore to reinforce our MA business.
稍後我將詳細介紹 Greenhill，但我們希望進一步利用 Greenhill 功能來加強我們的 MA 業務。
Page 27.
第 27 頁。
This is about the SMEs.
這是關於中小企業的。
As you see in the header for the support -- role support and business success, will be the key will take a strategic approach to them.
正如您在支援標題中看到的那樣——角色支援和業務成功，將是採取策略方法的關鍵。
For SMEs, for these businesses, the solution pipelines are listed on that here.
對於中小企業，對於這些企業，解決方案管道列在此。
So we increased the 18% last year for the loans, average balance.
因此，我們去年的貸款平均餘額增加了 18%。
And the end of month balance is also growing.
而且月末餘額也在增加。
And the business succession is another key point we need to utilize the Mizuho Trust banking capability.
業務繼承是我們需要利用瑞穗信託銀行業務能力的另一個關鍵點。
The pipeline has grown by 20%.
管道增長了 20%。
So we need to monetize them this year.
所以我們今年需要將它們貨幣化。
On the start-ups, we are -- we have started various initiatives over here on the right-hand side, the space business.
在新創公司方面，我們已經在右側啟動了各種舉措，即太空業務。
In such a deep tech area, we've been reinforcing the supply, the risk money in there.
在如此深入的科技領域，我們一直在加強供應，即那裡的風險資金。
And last year, we had a collaboration with UPSIDER.
去年，我們與 UPSIDER 進行了合作。
So we created debt fund with them.
所以我們和他們一起創建了債務基金。
It's been about six months only, but we've already used up half that facility, the investment balance both equity and debt, they basically balance increased by 25% so we will be monetizing this in many different ways.
雖然只過去了大約六個月，但我們已經用掉了一半的融資，股權和債務的投資餘額，它們的餘額基本上增加了 25%，所以我們將以多種不同的方式將其貨幣化。
Next page 28, sustainability.
下一頁 28，永續性。
We will have the engagement to increase the transition finance.
我們將參與增加過渡資金。
For the individual project investment into them.
對於個別項目的投資進入其中。
And this is investing in next-generation technologies and building platforms with the customer to provide a co-created values.
這是投資下一代技術並與客戶建立平台以提供共同創造的價值。
So we've done all these initiatives where we saw progress in sustainable finance, we had a target of JPY100 trillion.
因此，我們已經完成了所有這些舉措，我們看到了永續金融的進展，我們的目標是 100 兆日圓。
We have come to JPY30 trillion at this point.
目前我們已經達到 30 兆日圓。
Transition investment facility in value creation gas management on the right-hand side, also hydrogen area, so we had declared about JPY2 trillion, as mentioned in Nikkei newspaper.
右邊是價值創造氣體管理領域的過渡投資設施，也是氫氣領域，因此我們宣布了約 2 兆日元，正如《日經新聞》所提到的。
So we will be investing into JPY2 trillion in hydrogen carbon credit.
因此，我們將投資 2 兆日圓的氫碳信用額。
And we're also investing in climate impact, which is in Singapore, global CIB.
我們也在新加坡、全球 CIB 投資氣候影響。
The top 10 strategic partners.
前10名戰略合作夥伴。
So CIB is quite volatile business.
所以 CIB 是一個相當不穩定的行業。
That's what people said.
人們就是這麼說的。
I want to explain what we are trying to do in the CIB business.
我想解釋一下我們在 CIB 業務中正在努力做的事情。
So this is the banking primary business, sales and trading secondary business to be sought to completion growth, especially in the secondary business to support the banking business.
所以這是銀行主業、銷售和交易輔業要力求完成成長，特別是輔業要支持銀行業務。
So for the (inaudible), we offer hedging functions such solutions are provided.
因此，對於（聽不清楚），我們提供了對沖功能，並提供了此類解決方案。
The institutional investors who are joining in the primary market, we will offer secondary transaction flows and financing.
對於加入一級市場的機構投資者，我們將提供二級交易流程和融資。
So banking, sales and trading, to be supplementing each other to generate revenue.
所以銀行業務、銷售和貿易，要相輔相成才能產生收入。
That's the kind of model we are talking about.
這就是我們正在討論的模型。
On the right-hand side, the situation in the Americas is shown.
右側顯示了美洲的情況。
In the Americas, product coverage has been expanded so we are actually taking every step to confirm that they are in-house, so they are completely covered by us.
在美洲，產品覆蓋範圍已經擴大，因此我們實際上正在採取一切措施來確認它們是內部的，因此它們完全由我們覆蓋。
So through '18 -- 2018, so the overall total product available in primary and secondary, we -- our product coverage was about only 48%, but making gradual actions, we have grown that up to 78%, and we are hoping to get to 85% of the market.
因此，從 18 年到 2018 年，小學和中學的總產品覆蓋率大約只有 48%，但透過逐步採取行動，我們已將其提高到 78%，我們希望獲得85%的市場份額。
And on page 30 on Greenhill.
以及 Greenhill 的第 30 頁。
Lastly, Greenhill is going to be a key point.
最後，格林希爾將成為一個關鍵點。
Integration, PMI is going quite well so far.
到目前為止，整合、PMI 進展順利。
So we only consolidated four months last year, but we had several interesting projects that we saw U.S. cross-border projects, we saw that as well.
所以我們去年只整合了四個月，但我們有幾個有趣的項目，我們看到了美國的跨境項目，我們也看到了這一點。
And Greenhill was also leveraged.
格林希爾也受到了槓桿作用。
So we want to be a global top 10 player like you see.
所以我們希望成為像你看到的那樣的全球前十名玩家。
And in 2023, we increased our positioning from 17th to 14th player.
2023 年，我們的排名從第 17 名提高到第 14 名。
And also in the US League table, we have been raising our position as well.
在美國聯賽積分榜上，我們的排名也一直在提高。
So please go to page 31.
所以請翻到第 31 頁。
Now in APAC, transaction banking, trade finance is the main endeavor.
現在在亞太地區，交易銀行、貿易融資是主要業務。
We have captured trade and capital flow and derivatives will be more interesting from now on.
我們已經捕捉到了貿易和資本流動，從現在起衍生性商品將變得更加有趣。
A combining bank and securities platform, we can have sales and trading platform that is already available.
銀行與證券結合的平台，我們可以擁有現成的銷售與交易平台。
So we would like to operate that in full scale to generate profits.
因此，我們希望全面運作它以產生利潤。
On the right-hand side, you can see the progress in EMEA.
在右側，您可以看到 EMEA 的進展。
Universal banking will be reinforced and that would remain unchanged.
全能銀行業務將得到加強，這一點將保持不變。
Sustainability wise, EMEA is extremely important.
在永續發展方面，歐洲、中東和非洲地區極為重要。
They are going ahead of the rest of the globe.
他們正在走在全球其他地區的前面。
So we would like to have a solid position there, and we are starting to establish that without fail.
因此，我們希望在那裡擁有穩固的地位，並且我們正在開始建立這一點，一定會成功。
Sustainability related expertise shall be rolled out globally.
永續發展相關專業知識應在全球推廣。
That is what we would like to do.
這就是我們想做的事。
The details, please take a look at the -- at your leisure later on.
詳細內容，請稍後有空時看一下。
Those are the business focus areas.
這些是業務重點領域。
And I would like to talk about enhancing our corporate foundation.
我想談談加強我們的企業基礎。
Page 33, please.
請看第 33 頁。
Medium-term measure plan, IT policies, implementation promotion, and DX promotion and corporate culture transformed.
中期措施計畫、IT政策、實施推進、DX推進和企業文化轉型。
These are some of the emphasize targets that we shared.
這些是我們分享的一些重點目標。
And these are ideal state for each of these endeavors.
這些都是每一項努力的理想狀態。
Among them, corporate culture transformation, human capital enhancement will be particularly important.
其中，企業文化轉型、人力資本提升將特別重要。
So I would like to further elaborate on those.
所以我想進一步詳細闡述這些內容。
Page 34, please.
請看第 34 頁。
In order to strengthen the -- our people, this is what we would like to do after formulating the strategy, people are the ones to implement the strategy.
為了加強我們的人民，這是我們制定策略後要做的事情，人民是策略的實施者。
First of all, creating a sense of unity by establishing our purpose that was done from fiscal '21.
首先，透過確立我們從 21 財年開始實現的目標來營造團結感。
And we are communicating closely with the employees, the top management has been in close dialogue with employees.
而且我們正在與員工密切溝通，高階主管一直在與員工密切對話。
And CANADE, the new well, HR framework is being introduced this particular fiscal year to have a better human capital management and incentivize employees.
CANADE，即新的人力資源框架，將在本財年推出，以實現更好的人力資本管理並激勵員工。
And we would like to create the culture to motivate employees to take actions at their own initiatives.
我們希望創造一種文化來激勵員工主動採取行動。
We would like to create an environment conducive to the workers by utilizing industrial means and so on.
我們希望利用產業手段等創造有利於勞工的環境。
And DEI is the last portion, we would like to leverage diverse talent.
DEI是最後一部分，我們希望利用多元化的人才。
Page 35, please.
請看第 35 頁。
Purpose and culture transformation is shown here.
這裡顯示了目的和文化轉型。
The top management will communicate continuously with employees.
高階管理人員將與員工持續溝通。
I, myself, I would have liked to visit 70 offices, but we covered 60 locations, and we were engaged in 50 town halls.
我自己本來想參觀 70 個辦公室，但我們涵蓋了 60 個地點，並參與了 50 個市政廳。
And Kato, Hamamoto, Umeda and Yoshihara, those precedent were continually included participated in those communication events.
而加藤、濱本、梅田、吉原這些先例也不斷地參與了那些交流活動。
We cannot hear everything, but to some extent, we provide feedback from management down to employees in response and employee is more or less quite positive about new endeavors.
我們無法聽到一切，但在某種程度上，我們會提供從管理階層到員工的回饋作為回應，員工或多或少對新的努力相當積極。
Page 36.
第 36 頁。
Human capital management system.
人力資本管理系統。
This is the ideal state.
這是理想的狀態。
From the viewpoint of employees, our employees would like to work in a place where they feel supported and can feel for self-fulfillment and we need to have a solid retention of talented workforce aligned to our strategies.
從員工的角度來看，我們的員工希望在一個能夠感到被支持和自我實現的地方工作，我們需要牢固地保留符合我們策略的優秀員工。
As a result, we can have a win-win situation and grow together.
這樣，我們就能實現雙贏，共同成長。
You can have more details about the platform.
您可以了解有關該平台的更多詳細資訊。
We would like to unify group-wide framework.
我們希望統一整個集團的框架。
Within this broad field throughout the Mizuho Group companies, employees have the opportunities for their work.
在整個瑞穗集團各公司的這個廣闊領域內，員工都有工作的機會。
And we would like to promote their growth and challenges, eliminating seniority system or Japanese traditional HR framework, we would like to induce some wage tied to certain positions.
我們希望促進他們的成長和挑戰，消除資歷制度或日本傳統的人力資源框架，我們希望誘導一些與某些職位掛鉤的薪資。
Our tenured employees can pursue their own carrier path.
我們的終身員工可以追求自己的營運之路。
On the right-hand side, you can see development of human resources tied to the special characteristics and needs of different businesses.
在右側，您可以看到與不同業務的特殊特徵和需求相關的人力資源發展。
Altogether, JPY20 billion will be spend on this particular endeavor in addition.
另外，這項特別工作還將花費 200 億日元。
So we would like to make sure that employees would respond extensively in a positive manner so that they can grow as well.
因此，我們希望確保員工能夠以積極的方式做出廣泛的回應，以便他們也能成長。
Page 37, culture transformation driven by employees.
第 37 頁，員工驅動的文化轉型。
There are various initiatives driven by employees.
員工推動了各種措施。
Mizuho Pochette is one of them with Sega, we created an idea working with Sega ultimately.
Mizuho Pochette 是世嘉的其中之一，我們最終與世嘉合作創造了一個想法。
Financial education will be done with this particular platform Mizuho Pochette.
金融教育將透過 Mizuho Pochette 這個特殊平台進行。
And NISA Café.
還有 NISA 咖啡館。
NISA Café will be rolled out through various branches across the country, and it has been reported by various media.
NISA Café將在全國各地分店推出，並已被多家媒體報導。
Solid workers can come to Mizuho NISA Café, for example, in Yaesu and Nihonbashi area to begin with, but we would like to roll this out throughout the country.
紮實的員工可以先來到八重洲和日本橋地區的瑞穗 NISA Café，但我們希望將其推廣到全國各地。
Page 38, diversity. 860 employees were employee -- employed mid-career.
第38頁，多樣性。 860 名員工是在職涯中期受僱的員工。
And we are employing new graduates in the same order.
我們也以同樣的順序聘用新畢業生。
We were ranked second as a popular employer among university students.
我們在大學生中最受歡迎的雇主中排名第二。
And we also had [15%] that was employed overseas and 40% was the mid-carrier higher and 30% being women and engagement score was enhanced to 59%.
我們還有 [15%] 在海外工作，40% 是中等水平，30% 是女性，敬業度得分提高到 59%。
And then we would like to go for 65%.
然後我們想要達到 65%。
Inclusion score is already 60%.
納入分數已經是 60%。
And we would like to further enhance both of these scores and we are improving and transforming our mindset.
我們希望進一步提高這兩個分數，我們正在改善和轉變我們的心態。
And many of the employees resonate with corporate philosophy, but we have still have a long way to go, so we would like to go further maintenance of stable business operations.
而且很多員工對企業理念產生了共鳴，但我們還有很長的路要走，所以我們要進一步維護穩定的業務運作。
Page 40.
第 40 頁。
I would like to briefly touch on this.
我想簡單談談這一點。
Various KPIs were measured and were only -- there was only no case and we measure the system failure and no incidents took place.
測量了各種關鍵績效指標（KPI），並且只是——沒有任何案例，我們測量了系統故障，並且沒有發生任何事件。
And we've enhanced the governance overseas.
我們加強了海外治理。
There was another progress last year.
去年還有另一個進展。
IT transformation is to improve metabolism, so to speak. (inaudible) bank cost should be lowered so that we can transform ourselves in the non-bank operations.
IT轉型可以說是提高新陳代謝。 （聽不清楚）銀行成本應該降低，這樣我們才能在非銀行業務中轉型。
We would have to change the bank operation, having more investment available for that.
我們必須改變銀行的運作方式，為此提供更多的投資。
And this particular cycle is starting to rotate in a positive manner, though we do have a long way to go.
儘管我們還有很長的路要走，但這個特定的周期正開始以積極的方式旋轉。
Last page, page 42.
最後一頁，第 42 頁。
We are showing this slide once again, as usual.
像往常一樣，我們再次展示這張投影片。
Continuously, we would like to achieve results and fully commit to further growth.
我們希望不斷取得成果並全力致力於進一步發展。
As was mentioned earlier, we would like to further hone our core business strength.
如同前面所提到的，我們希望進一步磨練我們的核心業務實力。
We would like to link them so that we can exercise added value.
我們希望將它們聯繫起來，以便我們能夠發揮附加價值。
And cultural transformation is being pushed forward steadily, and we would like to further make progress on this.
文化轉型正在穩步推進，我們願進一步取得進展。
Mizuho, finally, is starting to see some positive changes and we would like to turn these signs of positive change to strong momentum.
最後，瑞穗開始看到一些積極的變化，我們希望將這些積極變化的跡象轉化為強勁的勢頭。
That is what we would like to do in the new fiscal year.
這就是我們希望在新財政年度做的事情。
We look forward to having your support and guidance and input from various angles.
我們期待您從各個角度的支持、指導和意見。
Thank you for your kind attention.
感謝您的關注。
Editor
Editor
Statements in English on this transcript were spoken by an interpreter present on the live call.
本筆錄中的英語陳述是由現場通話中的口譯員說出的。
The interpreter was provided by the company sponsoring this event.
口譯員由贊助本次活動的公司提供。