Nomura Holdings Inc (NMR) 2024 Q4 法說會逐字稿

Good day, everyone, and welcome to today's Nomura Holdings Fourth Quarter and Full Year Operating Results for Fiscal Year Ending March 2024 Conference Call.

大家好，歡迎參加今天的野村控股 (Nomura Holdings) 截至 2024 年 3 月的財年第四季度和全年經營業績電話會議。

Please be reminded that today's conference call is being recorded at the request of the hosting company. Should you have any objections, you may disconnect at this point in time. (Operator Instructions)

請注意，今天的電話會議是應主辦公司的要求錄製的。如果您有任何異議，您可以此時斷開連接。 （操作員說明）

Please note that this telephone conference contains certain forward-looking statements and other projected results, which involve known and unknown risks, delays, uncertainties and other factors not under the company's control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations implied by those projections. Such factors include economic and market conditions, political events and investor sentiment, liquidity of secondary market level and the volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, number and timing of transactions.

請注意，本次電話會議包含某些前瞻性陳述和其他預測結果，其中涉及已知和未知的風險、延遲、不確定性和其他不受公司控制的因素，可能導致公司的實際結果、績效或成就受到影響。這些因素包括經濟和市場狀況、政治事件和投資者情緒、二級市場流動性和利率波動、貨幣匯率、證券估值、競爭條件和交易規模、數量和時間。

With that, we would like to begin the conference. Mr. Takumi Kitamura, Chief Financial Officer, please go ahead.

至此，我們想開始會議。請首席財務官北村匠海先生發言。

Good evening. This is Takumi Kitamura, CFO of Nomura Holdings. I will now give you an overview of our financial results for the fourth quarter and full year of the fiscal year ended March '24.

晚安.我是野村控股財務長北村匠美。現在，我將向您概述截至 2024 年 3 月的財年第四季和全年的財務表現。

Please turn to Page 2. First, our full year results. As you can see on the bottom left, group net revenue increased 17% year-on-year, JPY 1,562 billion. Pretax income grew 83% to JPY 273.9 billion. EPS was JPY 52.69 and ROE for the year was 5.1%. The first half of the year kicked off with the failure of regional banks in the U.S. and issues around the U.S. debt ceiling. This, coupled with monetary tightening of central banks around the world and spiking oil prices led to continued uncertainty in fixed income markets. Equities markets were generally solid, but concerns around the higher rates for longer resulted in a correction centered on hi-tech stocks towards the end of the half year period.

請翻到第2頁。如左下角所示，集團淨收入年增 17%，達到 15,620 億日圓。稅前收入成長 83%，達到 2,739 億日圓。當年 EPS 為 52.69 日元，ROE 為 5.1%。上半年，美國地區性銀行倒閉以及美國債務上限問題拉開了序幕。再加上世界各國央行的貨幣緊縮和油價飆升，導致固定收益市場持續存在不確定性。股票市場整體穩健，但對較長時間利率上升的擔憂導致半年末以高科技股為中心的調整。

As we moved into the second half of the year, inflation in the U.S. eased and we started to see an exit from the sharp rate hikes in the past 2 years. In 2024, the Fed hinted at 3 rate cuts leading to robust trading among market participants. In spite of some market jitters since mid-March, the business environment has generally been favorable.

進入下半年，美國通膨有所緩解，過去兩年的大幅升息開始放緩。 2024年，聯準會暗示將進行3次降息，導致市場參與者交易活躍。儘管自3月中旬以來市場出現一些波動，但營商環境整體良好。

Interest in the Japanese market surged over the past year due to deflation ending, speculation of a shift on BOJ policy and structural reforms to boost profitability of Japanese companies. The Nikkei hit a record high and introduction of the new NISA scheme in 2024 looks to have finally prompted a full-fledged shift from savings to asset building.

過去一年，由於通貨緊縮的結束、日本央行政策轉變的猜測以及提高日本企業獲利能力的結構性改革，人們對日本市場的興趣激增。日經指數創下歷史新高，而 2024 年新 NISA 計畫的推出似乎最終推動了從儲蓄到資產建設的全面轉變。

Against this backdrop, 3 segment income before income taxes increased 123% to JPY 236.8 billion underpinned by gains across all business divisions. Retail income before income taxes grew 3.7x to JPY 122.7 billion, representing the highest level in 8 years since fiscal year '15/'16. Sales were higher across all products and services, thanks partly to the market rally, but also to the major realignment of our people in spring last year delivering results quicker than expected. Our shift to an asset management recurring business model is progressing smoothly. Stable recurring revenue has roughly doubled in the past 8 years, while divisional costs have declined by nearly 10%, resulting in an increase in our recurring revenue cost coverage ratio from 28% to 55%.

在此背景下，在所有業務部門的收益支持下，三大業務部門的稅前收入增加了 123%，達到 2,368 億日圓。所得稅前零售收入成長 3.7 倍，達到 1,227 億日圓，創下自 15/16 財年以來 8 年來的最高水準。所有產品和服務的銷售額均有所成長，部分原因是市場反彈，但也歸功於我們去年春季對員工進行的重大調整，取得的成果比預期更快。我們向資產管理經常性業務模式的轉變進展順利。過去8年中，穩定的經常性收入大約翻了一番，而部門成本下降了近10%，導致我們的經常性收入成本覆蓋率從28%增加到55%。

Investment Management has seen steady growth in its asset management business. Annual net inflows were JPY 3.8 trillion, taking assets under management to JPY 89 trillion. Both numbers are trending above our fiscal year '24/'25 KPI target. Business revenue, which represents stable revenues, increased 14% year-on-year. Investment gains doubled over the past year. As a result, pretax income increased 38% year-on-year to JPY 60.2 billion.

投資管理資產管理業務穩定成長。年度淨流入為 3.8 兆日圓，管理資產達 89 兆日圓。這兩個數字都高於我們「24/」25 財年 KPI 目標。代表穩定收入的業務收入年增14%。過去一年投資收益翻了一番。稅前收入年增38%至602億日圓。

Wholesale income before income taxes increased 84% to JPY 53.9 billion. Our international business faced challenges during the first half of the year, but momentum picked up in the second half. Global markets net revenue increased 8% year-on-year on improved performance in spread products, such as securitized products and credit as well as in equity products. Investment banking was up against a difficult environment as global fee pools remain depressed, having dropped by over 40% since the peak in fiscal '21 and '22. That said, we leveraged our robust client base in Japan and our global franchise to support many transactions throughout the year. As a result, investment banking net revenue was at the highest level since the year ended March '17, when comparisons are possible.

所得稅前批發收入成長 84%，達到 539 億日圓。國際業務上半年面臨挑戰，下半年呈現回升動能。由於證券化產品和信貸等利差產品以及股票產品的績效改善，全球市場淨收入較去年同期成長 8%。由於全球費用池持續低迷，自 21 財年和 22 財年的高峰以來已下降了 40% 以上，投資銀行業務面臨困難的環境。也就是說，我們利用我們在日本的強大客戶群和全球特許經營權來支援全年的許多交易。因此，投資銀行淨收入達到截至 2017 年 3 月止年度以來的最高水準（可以進行比較）。

Today, we also announced a dividend of JPY 15 per share for shareholders on record as of the end of March. This translates to an annual dividend of JPY 23 per share.

今天，我們也宣布向截至 3 月底有記錄的股東派發每股 15 日圓的股利。這意味著每年股息為每股 23 日圓。

Next, please turn to Page 3 for an overview of our fourth quarter results. All the percentage figures I mention from now on refer to quarter-on-quarter comparisons. Group net revenue increased 11% to JPY 445.1 billion and pretax income grew 17% to JPY 92.1 billion. Net income was up 12% to JPY 56.8 billion. EPS was JPY 18.02 and ROE 6.8%.

接下來，請翻至第 3 頁，了解我們第四季業績的概述。我從現在起提到的所有百分比數字均指季度環比比較。集團淨收入成長 11%，達到 4,451 億日元，稅前收入成長 17%，達到 921 億日圓。淨利潤成長 12%，達到 568 億日圓。 EPS 為 18.02 日元，ROE 為 6.8%。

As you can see on the bottom right, 3 segment income before income taxes was JPY 77.1 billion as retail revenue growth momentum continued since bottoming out in the April to June quarter of '22 and the asset management business in Investment Management performed well.

如右下角所示，由於零售收入自2022年4月至6月季度觸底以來持續成長勢頭，以及投資管理中的資產管理業務表現良好，所得稅前3個部門的收入為771億日元。

Please turn to Page 6 for an overview of results in each business, starting with Retail. Net revenue in Retail grew 6% to JPY 108.8 billion and income before income taxes increased 21% to JPY 38.8 billion. Stable recurring revenue reached a record high of JPY 41.8 billion, partly driven by advisory fees booked every 6 months. Our recurring revenue cost coverage ratio for the quarter was 60%. Flow revenue reached JPY 67 billion. We saw strong growth in sales of equities and investment trends, thanks to the successful realignment of our sales partners, combined with Japan stock market rally and uptick in investor sentiment on the back of introduction of the new NISA scheme.

請翻至第 6 頁，了解從零售業開始的每項業務的業績概覽。零售淨收入成長 6%，達到 1,088 億日元，所得稅前收入成長 21%，達到 388 億日圓。穩定的經常性收入達到 418 億日圓的歷史新高，部分原因是每 6 個月收取一次諮詢費。本季我們的經常性收入成本覆蓋率為 60%。流量收入達670億日圓。由於我們銷售合作夥伴的成功重組，加上日本股市反彈以及新 NISA 計劃推出後投資者情緒的回升，我們看到股票銷售和投資趨勢強勁增長。

Please turn to Page 7 for an outline of sales by product. Total sales jumped 33% to JPY 6.2 trillion. Sales of equities surged 43% to JPY 4.5 trillion and sales of secondary stocks grew strongly. Investment trust sales were up 26% to JPY [760] billion. As shown on the bottom right, we booked inflows into publicly offered funds that invest in private equity and global equity funds.

依產品分類的銷售摘要請參閱第 7 頁。總銷售額躍升 33%，達到 6.2 兆日圓。股票銷售額猛增 43% 至 4.5 兆日圓，二級股票銷售額強勁成長。投資信託銷售額成長 26%，達到 [760] 億日圓。如右下圖所示，我們記錄了投資於私募股權和全球股票基金的公募基金的資金流入。

Please turn to Page 8 for an update on progress against KPI targets. Net inflows of recurring revenue assets were JPY 103.5 billion, as shown on the top left. Although the corporate client section reported a slowdown in inflows as clients sold to lock in gains, net inflows, excluding this were JPY 235.3 billion, demonstrating continued strong momentum. Recurring revenue assets reached a record high of JPY 23 trillion as you can see here on the top right. This led to an uplift in stable recurring revenues. Flow business line numbers shown on the bottom left stood at approximately JPY 1.69 billion, which is above our KPI target for the year ending March '25. In addition to the positive impact of realigning our sales partners, the market rally and introduction of new NISA scheme led to more investment opportunities and uptick in trading line clients. Our workplace business is trending well. We now provide around 3.63 million services.

請參閱第 8 頁，以了解 KPI 目標進展的最新資訊。經常性收入資產淨流入為 1,035 億日元，如左上方所示。儘管企業客戶部分報告稱，由於客戶出售以鎖定收益，資金流入有所放緩，但排除此因素後，淨流入額為 2,353 億日元，顯示出持續強勁的勢頭。經常性收入資產達到 23 兆日圓的歷史新高，如右上角所示。這導致穩定的經常性收入的增加。左下角顯示的流程業務線數字約為 16.9 億日元，高於我們截至 25 年 3 月的年度 KPI 目標。除了重新調整我們的銷售合作夥伴的正面影響外，市場反彈和新 NISA 計畫的推出帶來了更多的投資機會和交易線路客戶的增加。我們的工作場所業務趨勢良好。我們現在提供約363萬項服務。

Next, please turn to Page 9 for Investment Management. Net revenue increased 12% to JPY 43.6 billion, and income before income taxes grew 14% to JPY 17.8 billion. As you can see on the bottom left, stable business revenue was JPY 38 billion, the highest quarterly revenue since the division was established in April '21. The asset management business had a strong quarter, and Nomura Babcock & Brown continued the revenue growth with higher sales of aircraft leases. Investment gains was JPY 5.6 billion, roughly unchanged from last quarter.

接下來請翻至第9頁《投資管理》。淨收入成長 12%，達到 436 億日元，所得稅前收入成長 14%，達到 178 億日圓。如左下角所示，穩定的業務收入為 380 億日元，是該部門自 21 年 4 月成立以來的最高季度收入。資產管理業務季度表現強勁，野村巴布科克布朗公司憑藉飛機租賃銷售額的增加繼續實現收入成長。投資收益為 56 億日元，與上季基本持平。

Please turn to Page 10 for an update on the asset management business, which generates the division's business revenue. The top left shows assets under management at the end of March at JPY 89 trillion, marking the fifth straight quarter of record highs and trending well above our March 2025 KPI target of JPY 75.8 trillion. On the bottom left, you see net inflows for the quarter of JPY 1.1 trillion, of which the investment trust business booked JPY 780 billion of inflows and the investment advisory and international businesses booked JPY 350 billion of inflows. Investment trust business booked JPY 300 billion of inflows into Japan bond and stock ETFs and inflows of JPY 260 billion into MRFs and other money market funds, underscoring a gradual buildup of individuals' idle funds. Excluding ETFs and MRFs, we booked JPY 230 billion of inflows, mostly into publicly offered funds that invest in private equity and global equity funds.

請參閱第 10 頁以了解資產管理業務的最新情況，該業務為該部門帶來了業務收入。左上方顯示，截至 3 月底，管理資產規模為 89 兆日元，連續第五個季度創下歷史新高，並且遠高於我們 2025 年 3 月 KPI 目標 75.8 兆日圓。在左下角，您可以看到本季淨流入1.1兆日元，其中投資信託業務錄得7800億日元流入，投資諮詢和國際業務錄得3500億日元流入。投資信託業務錄得3,000億日圓流入日本公債及股票ETF，2,600億日圓流入MRF及其他貨幣市場基金，凸顯個人閒置資金逐漸累積。不包括 ETF 和 MRF，我們錄得 2,300 億日圓資金流入，大部分流入投資於私募股權和全球股票基金的公募基金。

The investment advisory and international businesses reported outflows from Japan equity funds amid the market rally, while internationally, we continued to book inflows into U.S. high-yield bond funds and India equity funds. On the bottom right, alternative assets under management grew steadily to JPY 1.9 trillion, driven by private equity funds I just mentioned.

投資諮詢和國際業務報告稱，在市場上漲期間，日本股票基金出現資金流出，而在國際上，我們繼續記錄流入美國高收益債券基金和印度股票基金的資金。右下角，在我剛才提到的私募股權基金的推動下，管理的另類資產穩定成長至1.9兆日圓。

Please turn to Page 11 for an update on our Wholesale business. Wholesale net revenue grew 17% to JPY 254.2 billion. The first half of the quarter started off with an optimistic mood among market participants over expectations of rate cuts. But towards the end of the quarter, inflation reemerged and there were growing concerns over geopolitical risks. Amid this, we were able to support our clients in both global markets and investment banking booked stronger revenues. As you can see on the bottom right, all regions posted higher revenues.

請參閱第 11 頁以了解我們批發業務的最新資訊。批發淨收入成長 17%，達到 2,542 億日圓。本季上半季開始，市場參與者對降息預期抱持樂觀情緒。但到了季度末，通膨再次出現，人們對地緣政治風險的擔憂日益加劇。在此期間，我們能夠為全球市場的客戶提供支持，投資銀行業務的收入也有所增加。正如您在右下角所看到的，所有地區的收入都較高。

Expenses rose 20% to JPY 233.6 billion. In addition to higher variable costs in line with the performance, a number of special factors and the year-end factors also had an impact. Specifically, we booked a loss provision of around JPY 14 billion arising from transaction failures with a broker counterparty, costs for equity compensation linked to our share price increase due to a rise in our share price. And for year-end factors, cost for decommissioning, IT and other intangible fixed assets increased. These factors resulted in a total cost increase of just over JPY 20 billion. As a result, Wholesale income before income taxes declined 10% to JPY 20.6 billion. Our fourth quarter cost income ratio was 92%, but excluding the special factors and the year-end factors I just mentioned, it was between 80% and 85%, which shows we have been able to keep costs under control.

費用增加 20% 至 2,336 億日圓。除了與業績相符的較高的變動成本外，一些特殊因素和年末因素也產生了影響。具體來說，我們計入了約140億日圓的損失準備金，這些損失準備金是由於與經紀商對手方的交易失敗而產生的，以及與股價上漲導致的股價上漲相關的股權補償成本。就年末因素而言，退役成本、IT 和其他無形固定資產成本增加。這些因素導致總成本增加略高於 200 億日圓。結果，所得稅前批發收入下降了 10%，至 206 億日圓。我們第四季的成本收入比是92%，但是除去特殊因素和我剛才提到的年末因素，成本收入比在80%到85%之間，這說明我們能夠控製成本。

Please turn to Page 12 for an update on each business line. Global markets revenue -- net revenue increased 19% to JPY 204.4 billion. Fixed income net revenue was up 18% at JPY 122.6 billion driven by an uptick in market activity in EMEA and the Americas. By product, macro products delivered stronger revenue. The rates business revenue increased in EMEA and the Americas. On the improved performance of agency mortgage and loan contributions from SSA bonds in spread products, securitized products revenue grew for the fifth straight quarter. Credit revenue slowed in Japan due to a drop in foreign bond investments due to the sharp yen depreciation and the AEJ revenues were also down due to the muted performance in the China market. Equities net revenue increased 20% to JPY 81.9 billion. Equity products had a good quarter with Japan revenues increasing strongly on contributions from sales of shareholdings in [euro-yen] CB transactions. EMEA and AEJ also posted higher revenues.

請參閱第 12 頁以了解各業務線的最新資訊。全球市場收入－淨收入成長 19%，達到 2,044 億日圓。受歐洲、中東和非洲和美洲市場活動增加的推動，固定淨收益收入成長 18%，達到 1,226 億日圓。從產品來看，宏觀產品帶來了更強勁的收入。歐洲、中東和非洲和美洲的費率業務收入增加。由於利差產品中SSA債券的機構抵押貸款和貸款貢獻有所改善，證券化產品收入連續第五個季度增長。由於日圓大幅貶值導致外國債券投資下降，日本信貸收入放緩，而由於中國市場表現不佳，AEJ 收入也下降。股票淨收入成長 20%，達到 819 億日圓。股票產品季度表現良好，日本收入在[歐元-日圓]可轉換債券交易中出售股權的貢獻下強勁成長。歐洲、中東和非洲 (EMEA) 和亞洲日本地區 (AEJ) 的收入也有所增加。

Please turn to Page 13 for investment banking. Net revenue grew 10% to JPY 49.8 billion, which is the best quarterly revenue performance since the year ended March 2017 when comparisons are possible. All these international regions booked stronger revenues. Although Japan slowed from a particularly strong prior quarter, revenues remained elevated. Advisory also slowed from a strong previous quarter, but as you see on the top right, we collaborated globally, and were involved in many cross-border deals. Financing and solutions revenues were up as ALF performance improved and international solutions transactions and sales of shareholdings in Japan contributed to revenues.

有關投資銀行業務，請參閱第13頁。淨收入成長 10%，達到 498 億日元，這是自截至 2017 年 3 月的年度（可進行比較）以來最好的季度收入表現。所有這些國際地區的收入均有所增長。儘管日本的成長較上一季的強勁表現有所放緩，但營收仍維持在高水準。諮詢業務也較上一季的強勁勢頭有所放緩，但正如您在右上角看到的那樣，我們在全球範圍內進行合作，並參與了許多跨境交易。由於 ALF 業績改善以及國際解決方案交易和日本股權出售對收入的貢獻，融資和解決方案收入有所增長。

Please turn to Page 14 for an overview of noninterest expenses. Group-wide noninterest expenses increased 10% to JPY 353 billion. Compensation and benefits edged up 4% to JPY 177.1 billion. Although bonus provisions were down, the increase was due to the higher deferred compensation I mentioned earlier. Other expenses totaled JPY 57.9 billion. This includes higher business-related third-party fees and the JPY 14 billion loss provision I mentioned.

請參閱第 14 頁以了解非利息支出的概述。集團範圍內的非利息支出成長 10%，達到 3,530 億日圓。薪資和福利小幅增加 4%，達到 1,771 億日圓。儘管獎金準備金減少了，但增加的原因是我之前提到的遞延薪酬較高。其他費用總計579億日圓。這包括更高的業務相關第三方費用和我提到的 140 億日圓損失準備金。

Please turn to Page 15 for an update on financial position. The table on the bottom left shows Tier 1 capital of JPY 3.5 trillion and risk-weighted assets of JPY 19 trillion, giving a Tier 1 capital ratio of 18.2% and a common equity Tier 1 ratio of 16.2%. As such, our financial position remains robust.

請參閱第 15 頁以了解財務狀況的最新資訊。左下角的表格顯示一級資本為 3.5 兆日元，風險加權資產為 19 兆日圓，一級資本比率為 18.2%，普通股一級資本比率為 16.2%。因此，我們的財務狀況依然強勁。

That concludes the overview of our fourth quarter results.

我們第四季業績的概述到此結束。

To conclude, over the past year, each business was able to deliver steady results as we tapped into our strength in our home market with structural changes as a tailwind and we leveraged revenue opportunities in our international business. In 2024, we have seen a full-fledged shift in individuals' money from savings to asset building as Nikkei reached a record high, the new NISA scheme launched and inflation appeared.

總而言之，過去一年，我們充分發揮國內市場優勢，以結構性變化為順風，並利用國際業務的收入機會，各項業務都取得了穩定的業績。 2024年，隨著日經指數創歷史新高、新的NISA計畫推出以及通貨膨脹出現，個人資金從儲蓄全面轉向資產建設。

In just 3 months, the amount of sales of NISA through us is nearly the same as last full year. In February, there were days when our contact centers fielded over 50,000 inquiries. This shows the increasing incredibly large interest there is in investing now. From April, we have changed the name of our Retail division to Wealth Management to better reflect the reality of the business. Although the market is going through a correction in April, it is in times of uncertainty like this that information and advice takes on greater added value and the role we have to play becomes more important. By providing comprehensive asset management services while operating in the markets, we have been able to maintain revenues at the level of the strong fourth quarter.

短短3個月內，NISA幾乎與去年全年都透過我們的銷售額持平。 2 月份，我們的聯絡中心有時會收到超過 50,000 個諮詢。這顯示現在人們對投資的興趣與日俱增。從四月起，我們將零售部門的名稱更改為財富管理，以更好地反映業務的實際情況。儘管4月份市場正在經歷調整，但正是在這樣的不確定時期，資訊和建議才具有更大的附加價值，我們所扮演的角色也變得更加重要。透過在市場運營的同時提供全面的資產管理服務，我們能夠將收入維持在強勁的第四季水準。

In Wholesale, we have confirmed that our franchise can capture revenue upside as the markets recover. Revenues are growing in securitized products, equity products and risk-light businesses, such as investment banking and international wealth management. We have also made progress in diversifying our revenue mix. Fourth quarter revenues of approximately JPY 250 billion was, to some extent, inflated by yen depreciation. But on a dollar basis, excluding currency translation, revenues have recovered to the level they were at 2 years ago when Central Bank's started tightening. Business has been strong in April, driven by rates, credit and Americas security products with revenues maintaining at fourth quarter level and the performance momentum continuing.

在批發方面，我們已經確認，隨著市場復甦，我們的特許經營權可以實現收入成長。證券化產品、股權產品和投資銀行、國際財富管理等輕風險業務的收入正在成長。我們在收入結構多元化方面也取得了進展。第四季營收約2,500億日元，某程度上因日圓貶值而膨脹。但以美元計算，不包括貨幣換算，收入已恢復至兩年前央行開始緊縮時的水平。受利率、信貸和美洲證券產品的推動，四月份業務表現強勁，收入維持在第四季度水平，業績勢頭持續。

We continue to stringently manage our cost base. The JPY 20 billion cost reduction target in Retail is likely to be fully completed by March 2025. And in Wholesale, we are implementing various cost reduction programs across front to back and have been able to mostly offset increased costs from strategic hiring and higher fixed cost due to inflation. We will continue to tightly control costs through structural reform initiatives.

我們繼續嚴格管理我們的成本基礎。零售業200 億日圓的成本削減目標可能會在2025 年3 月之前完全完成。成本帶來的成本增加由於通貨膨脹。我們將繼續透過結構性改革嚴格控製成本。

So that's our fourth quarter and full year performance.

這就是我們第四季和全年的業績。

(Operator Instructions) The first question is by SMBC Nikko Securities, Muraki-san.

（操作員指示） 第一個問題是由SMBC Nikko Securities Muraki-san 提出的。

SMBC Nikko Securities, Muraki. I have 2 questions. First, Europe, JPY 14 billion loss due to counterparty failure of settlement. Can you elaborate on the situation? How did this situation emerge? Three years ago in the United States, due to credit to a certain client, loss was booked and you improved risk management. So in the context of counterparty failure, is that something that is impossible to avoid? That's my first question. And second question, investment banking. This time, on Page 13, UKG, Applied Systems, since January, leverage loan markets resumed and leverage loan arrangement transactions were booked, which contributed to revenues. Since April, what has been the situation? Can we expect more of these transactions to come and continue? And what about the revenues from proceeds of selling your holdings in Q3 [Denso] with sales to retail that contributed to group revenues? But are these mainly broad transactions in terms of contributions? Can we expect that proceeds from sales of your holdings will increase? What is the expected opportunities since April?

SMBC日興證券、村木。我有 2 個問題。首先是歐洲，因交易對手未能結算而損失140億日圓。可否介紹一下具體情況？這種情況是怎麼出現的呢？三年前在美國，由於對某位客戶的信貸，損失被記入帳目，你改善了風險管理。那麼在交易對手失敗的情況下，這是無法避免的事情嗎？這是我的第一個問題。第二個問題，投資銀行業務。這次，UKG，Applied Systems第13頁，自1月份以來，槓桿貸款市場恢復，槓桿貸款安排交易入賬，這對收入做出了貢獻。自4月以來，情況如何？我們能否期待更多此類交易的到來並繼續進行？那麼，第三季 [Denso] 出售所持股份的收入以及零售銷售對集團收入的貢獻又如何呢？但就捐款而言，這些主要是廣泛的交易嗎？我們可以預期出售您所持股份的收益會增加嗎？ 4月以來的預期機會是什麼？

Thank you very much. To answer your first question first, in February of this year, U.K. subsidiary, Instinet Europe encountered this transaction. U.K. broker mandated us for sales of equity, but there was failure of settlement payment in our transactions with this broker. We have settled all of the transactions with this broker and all of the losses have been booked in Q4 emerging from this transaction, and we are currently studying how we can recover the losses --- the credit. Overseas, there are some incidents of failure of settlement. And it's not so rare that this kind of situation occurs ordinarily between brokers with whom we do various transactions. This could happen from time to time, and it's not so extraordinary. But failure by broker breaking the transaction through lack of performance of payment is a rare case. And it's not a fact that we are responding to all of these incidents. But as far as this broker is concerned, we've booked all of the losses in the Q4. Muraki-san, you said the previous case, but the nature of this incident is completely different. And the broker is a broker registered to the authorities of the government, and so it was a very rare case.

非常感謝。首先回答你的第一個問題，今年2月，英國子公司Instinet Europe就遇到了這筆交易。英國經紀商委託我們出售股權，但我們與該經紀商的交易未能結算付款。我們已經解決了與該經紀人的所有交易，並且所有因該交易而產生的損失已記入第四季度，我們目前正在研究如何彌補損失——信用。在國外，也存在一些結算失敗的事件。這種情況通常發生在與我們進行各種交易的經紀人之間，這種情況並不罕見。這種情況可能時常發生，而且並不是那麼特別。但經紀人因未履行付款義務而破壞交易的情況很少見。事實上我們並沒有對所有這些事件做出反應。但就該經紀商而言，我們已經記入了第四季度的所有損失。村木先生，你說的是之前的案例，但這次事件的性質完​​全不同。而且該經紀人是在政府部門註冊的經紀人，所以這種情況非常罕見。

Responding to your second question, leverage finance. As a market, finally, we are beginning to see signs of revival. In March, many potential transactions popped up. Financial sponsors began to become more active. Most of these transactions were for refinancing purposes, which is the character of the deals, best effort-based deals. So refinancing [our] proportion. So in terms of the deals, they were quite attractive. So is this going to become a big trend? And are we seeing many similar transactions in the pipeline? We wouldn't go as far as to say there are many in the pipeline, but we are beginning to see signs of recovery. So we are beginning to have optimistic views and prospects.

回答你的第二個問題，槓桿金融。作為一個市場，我們終於開始看到復甦的跡象。 3月份，出現了許多潛在的交易。金融贊助商開始變得更加活躍。這些交易大部分是出於再融資目的，這是交易的特點，即基於盡力而為的交易。所以再融資[我們的]比例。所以就交易而言，它們非常有吸引力。那麼這會成為一個大趨勢嗎？我們是否看到許多類似的交易正在進行中？我們不會說有很多正在醞釀中，但我們開始看到復甦的跡象。所以我們開始抱持樂觀的看法和前景。

Regarding the sales of our policy holdings, we have high expectations. Corporate governance code has been made robust and each companies in Japan's corporate sector are proceeding with selling their policy holdings, as you are well aware. Nomura's strong franchise in Japan means that there is high likelihood that we will be engaging in such business opportunities. So in that sense, we have bright prospects for such business opportunities. Thank you.

對於我們保單的出售，我們抱持著很高的期望。如您所知，公司治理準則已經變得健全，日本企業部門的每家公司都在出售其保單資產。野村證券在日本擁有強大的特許經營權，這意味著我們很有可能參與這類商機。所以從這個意義上來說，我們對這樣的商機有著光明的前景。謝謝。

The next question comes from SBI Securities, Otsuka-san.

下一個問題來自 SBI 證券大塚先生。

I'm Otsuka from SBI Securities. I have 2 questions on 2 different things. First question, Page 11, Wholesale. Earlier, you explained about JPY 14 billion of cost, but excluding that cost, 80% is cost-income ratio or 86% based on simple math. So for a couple of quarters, this cost-income ratio is relatively low or favorable in the fourth quarter. But I'd like you to elaborate on the factors. That's my first question. So simply put, the revenue level was high. As a result, cost-income ratio came down. Is it what happened or product mix improved? What were the factors behind? That's my first question.

我是 SBI 證券的大塚。我對 2 件不同的事情有 2 個問題。第一個問題，第 11 頁，批發。早些時候，您解釋了大約 140 億日元的成本，但排除該成本，80% 是成本收入比，或基於簡單數學的 86%。因此，在幾個季度中，第四季度的成本收入比相對較低或有利。但我希望你詳細說明一下這些因素。這是我的第一個問題。簡而言之，收入水平很高。結果，成本收入比下降。是發生了什麼事情還是產品組合得到了改善？背後的因素是什麼？這是我的第一個問題。

Thank you very much. Firstly, the JPY 14 billion, which I mentioned and the deferred compensation impact actually existed. And for the officers, we are granting the deferred compensation. And it's a deferral of compensation. So under accounting treatment, the recognition of expense is deferred. And as you are familiar, in the fourth quarter, our stock price increased. So the -- in order to recognize the expense --- so as we recognize the expense, due to stock price increase, the cost increased in a sizable scale. In addition, due to review of various systems, the IT systems and intangible assets were disposed off, and that kind of costs are included. So when those costs are accumulated, combined together, it's going to be a sizable number. So that compared to 86%, which you mentioned, so the number would have been lower than that, so the lower part of the 80s, the cost-income ratio. And of course, revenue was good. So low level of cost-income ratio.

非常感謝。首先，我剛才提到的140億日圓以及遞延補償的影響是真實存在的。對於官員，我們將給予延期補償。這是延期賠償。因此，在會計處理下，費用的確認是遞延的。正如你所熟悉的，在第四季度，我們的股價上漲了。因此，為了確認費用，當我們確認費用時，由於股價上漲，成本大幅增加。另外，由於對各種系統進行審查，IT系統和無形資產被處置，併計入此類成本。因此，當這些成本累積起來時，這將是一個相當大的數字。與你提到的 86% 相比，這個數字會低於這個數字，所以 80 年代的較低部分，成本收入比。當然，收入也不錯。成本收入比水平如此之低。

The major factor is revenue because the cost-income ratio cannot be reduced just by cost savings. So indeed, it is a factor. The cost -- revenue increase was a factor. But at the same time, we are taking company-wide efforts to reduce cost and wholesale is covered by the cost saving initiative. And as a result of cost control, excluding special factors, the cost--income ratio came down to a bit above 80%.

主要因素是收入，因為成本收入比不能只節省成本來降低。所以確實，這是一個因素。成本－收入增加是一個因素。但同時，我們正在全公司範圍內努力降低成本，而批發也包含在成本節約計畫中。經過成本控制，排除特殊因素，成本收入比下降到80%以上。

My second question is about Page 27. Retail division stayed -- so according to your explanation, the interest in investment has heightened. So could you elaborate on that remark? So firstly, for new accounts for January through March, what was the situation of the opening of new accounts, 19,000 accounts? So this level of new accounts, so what is the view of the management? So in the third quarter, it was 87,000. So the number of new accounts is up. So it's a 14% increase. So, given the market environment, the growth could have been bigger in a way. So 99,000, is it considered as high from the management perspective?

我的第二個問題是關於第27頁的。您能否詳細解釋一下這番言論？那麼首先，從1月到3月的新開戶情況來看，新開戶1.9萬戶的情況如何？那麼這個等級的新帳戶，那麼管理階層是怎麼看的呢？所以第三季是87,000。所以新帳戶的數量增加了。所以增加了 14%。因此，考慮到市場環境，成長在某種程度上可能會更大。那麼99,000，從管理角度來說算高嗎？

New clients are coming to contact Nomura, and we are thankful. But we are not placing focus on the absolute numbers, even though new accounts are important, but we would like clients with potential to conduct transactions using us. So the opening of new accounts at the Retail division to be renamed Wealth Management from April, so to a certain extent, a certain size of customers are who we focus on. In this situation, 99,000 is the number. So for me, this is a satisfactory number.

新客戶前來聯繫野村證券，我們對此表示感謝。但我們並沒有把重點放在絕對數字上，儘管新帳戶很重要，但我們希望有潛力的客戶使用我們進行交易。所以從4月開始，零售部門開設新帳戶，更名為財富管理，所以從某種程度上來說，一定規模的客戶才是我們重點關注的對象。在這種情況下，99,000就是這個數字。所以對我來說，這是一個令人滿意的數字。

Understood. And I'd like you to expand on the NISA scheme. So in January through March quarter, the NISA account opening based on the simple deduction -- as a result of simple deduction, so from 1.78 to minus 1.75 then it's 22,000. Is it the increase of new NISA scheme-based accounts increase? Yes, the buying starts in January. So some people have NISA account elsewhere. So the simple deduction calculation does not come to the new accounts opened under this scheme. But what my question is, so the simple deduction calculation, so 22,000 for the March quarter and the end of March, end of September, at the end of December, so it's 59,000. So NISA started in January. But in December, the accounts -- number of accounts seem to have increased. So the growth of accounts and the start of new NISA, what is the correlation between the two? I wanted to understand that relation.

明白了。我希望您能詳細介紹一下 NISA 計劃。因此，在 1 月至 3 月的季度中，NISA 開戶基於簡單扣除 - 作為簡單扣除的結果，因此從 1.78 到負 1.75，則為 22,000。是基於 NISA 計劃的新帳戶增加嗎？是的，購買從一月開始。所以有些人在其他地方有 NISA 帳戶。因此，根據該計劃開設的新帳戶不進行簡單的扣除計算。但我的問題是，簡單的扣除計算，所以3月季度是22,000，3月底、9月底、12月底是59,000。因此 NISA 從一月開始。但在 12 月份，帳戶數量似乎有所增加。那麼帳戶的成長和新NISA的啟動，兩者之間有什麼相關性呢？我想了解這種關係。

So you are asking about that delta, so from September to December and December to March. So the September to December delta seems larger, you mentioned. But of course, there are cases where clients opened up accounts. So for them to start buying in January, they are requested to open accounts before January. So the delta is bigger for September to December. Okay? So then -- so from December to March, close to 1.8 million, so under new NISA. So you saw the buying activities that you described. Yes, so the new accounts opened this fiscal year. So it is not that they finished their activities in the fourth quarter, they will continue their buying activities. But what you mentioned is the main portion.

所以你問的是那個三角洲，所以從九月到十二月以及十二月到三月。因此，您提到，9 月至 12 月的三角洲似乎更大。但當然，也有客戶開設帳戶的情況。因此，為了讓他們在一月開始購買，他們被要求在一月之前開設帳戶。因此 9 月至 12 月的三角洲更大。好的？那麼，從 12 月到 3 月，根據新的 NISA，接近 180 萬。所以您看到了您所描述的購買活動。是的，所以本財年開設了新帳戶。所以他們並不是說第四季的活動就結束了，他們還會繼續他們的購買活動。但你說的是主要部分。

The next question is by Watanabe-san of Daiwa Securities.

下一個問題是大和證券的渡邊先生提出的。

Daiwa Securities, Watanabe. I have 2 questions. First of all, Page 12, fixed income revenue. Mortgage-related products had led to this growth. But U.S. rates is not coming down. Do you think that income level can be sustained? And Q4 fixed income others, there was a spike. What is the backdrop? What are the reasons? Second question, JPY 6.9 billion of noncontrolled equity losses, what's the backdrop? And do you think that this could become a factor of volatility going forward?

大和證券，渡邊。我有 2 個問題。首先，第12頁，固定收益收入。抵押貸款相關產品帶動了這一增長。但美國的利率並沒有下降。您認為這樣的收入水準能夠持續嗎？第四季固定收益其他產品出現高峰。背景是什麼？原因是什麼？第二個問題，69億日圓的非控制股權損失，背景是什麼？您認為這會成為未來波動的因素嗎？

Thank you very much. Let me take up your first question first. Securitized products, clearly, the market is coming back. For example, if you look at issuance in comparison to the previous quarter, there has been growth. So the market environment is improving. But is this true recovery? I think we need to monitor the situation more closely. For example, the market price recovery is one of the factors behind the improvement of performance. So we need to watch closely. But we will enter into a rate declining mode eventually. So we don't think that the environment is unfavorable.

非常感謝。讓我先回答你的第一個問題。顯然，證券化產品市場正在回歸。例如，如果你看一下與上一季相比的發行量，你會發現有所成長。所以市場環境正在改善。但這是真正的康復嗎？我認為我們需要更密切地監測局勢。例如，市場價格回升是業績改善背後的因素之一。所以我們需要密切注意。但我們最終將進入利率下降模式。所以我們不認為環境是不利的。

In terms of inventory, we are constantly checking. And towards the end of March, there has been a slight increase. But partly because of market activity, we are seeing a rapid reduction of inventory. So if our clients become active, I think we will be able to capture those opportunities promptly. The reason why others booked quite a large number, global markets, they are co-working with IB in client financing business. And the revenues from that business is included. And in GM, international wealth management booked for Asia, we are seeing steady expansion of this business. So from these businesses, we are seeing increase in others. And this is a technical point, but treasury function under my position, CFO, is constantly charging [UF] as internal interest rate. And it used to be relatively high. And towards the end of the quarter, treasury PM -- part of the PM was reimbursed. That is included. And -- I hope I answered your first question.

在庫存方面，我們不斷地檢查。到三月底，略有增加。但部分由於市場活動，我們看到庫存迅速減少。因此，如果我們的客戶變得活躍，我認為我們將能夠迅速抓住這些機會。其他人之所以預訂了相當多的全球市場，是與IB合作開展客戶融資業務。該業務的收入也包括在內。在通用汽車為亞洲預訂的國際財富管理業務中，我們看到該業務的穩定擴張。因此，從這些業務中，我們看到其他業務的成長。這是一個技術問題，但我的財務長職位下的財務職能不斷收取[UF]作為內部利率。而且曾經是比較高的。到本季末，財政部 PM——部分 PM 得到了報銷。那是包括在內的。而且——我希望我回答了你的第一個問題。

And your second question, noncontrolled equity. We as a minority shareholder, why was this big? This is a technical issue. I'm not so confident that I'll be able to persuade you. NAM is investing in a fund, variable VIE, and it's a consolidated fund subject to consolidation. VIE is subject to consolidation. So 100% of income is booked and then the noncontrolled equity is deducted. And in the subject quarter, the profit of this fund was relatively high, and therefore, the gap was bigger than a normal quarter. It's complicated, and some of the jargons might have been difficult to understand, but I hope you got my point.

你的第二個問題，非受控股權。我們身為小股東，為什麼這麼大？這是一個技術問題。我不太有信心能夠說服你。 NAM 投資的是可變 VIE 基金，它是一個需要合併的合併基金。 VIE 需要進行合併。所以100%的收入入賬，然後扣除非控制股權。而本季該基金的獲利較高，因此差距較正常季度較大。它很複雜，有些行話可能很難理解，但我希望你明白我的意思。

On your second point, mark-to-market, it's mark-to-market and the fluctuation was big. Is that what you're saying? Or there was contribution from your mainstream business, and that had led to this big number? Well, to answer your question, the fund value -- the fund performance improved. So as an outcome, the noncontrolling equity portion also rose.

關於你的第二點，以市價計算，這是以市價計算，波動很大。你是這麼說的嗎？還是你們的主流業務做出了貢獻，才導致了這麼大的數字？好吧，回答你的問題，基金價值——基金績效有所改善。因此，非控股股權比例也隨之上升。

(Operator Instructions) The next question is asked by Yaginuma-san from BoA Securities. Mr. Yaginuma, I cannot hear you.

（操作員指示） 下一個問題是由 BoA 證券的八木沼先生提出的。八木沼先生，我聽不到你說話。

Hello?

你好？

Yes. Now, I can hear you.

是的。現在，我能聽到你的聲音了。

This is Niwa from Citi. May I ask a question?

我是花旗銀行的丹羽。我可以問個問題嗎？

Yes.

是的。

Regarding Wholesale and EMEA business, I have a question each. For my question regarding Wholesale is that the medium-term target is from [JPY 160 billion to JPY 180 billion]. So fourth quarter result seems to go above that level. My interest is, is it a one-off in nature? Or is it sustainable? But for you to be able to aim higher, what needs to happen? So is the profit sustainable? And what is your view on the upside? That's my first question. My second question is about EMEA. Excluding the loan provision, still situation seems challenging. You are going to retain global franchise. But once again, could you comment on the positioning of the EMEA business?

關於批發和 EMEA 業務，我各有一個問題。我關於批發的問題是，中期目標是[1600億日元到1800億日元]。因此，第四季的業績似乎高於該水準。我的興趣是，它本質上是一次性的嗎？或者說它是可持續的嗎？但為了讓你能夠設定更高的目標，需要做些什麼呢？那麼獲利是否可持續？您對好的方面有何看法？這是我的第一個問題。我的第二個問題是關於歐洲、中東和非洲地區的。排除貸款準備金，情況似乎仍充滿挑戰。您將保留全球特許經營權。但您能否再次評論一下 EMEA 業務的定位？

Thank you very much for that question. In the fourth quarter, as you mentioned, Niwa-san, as top line was robust, the biggest factor was --well, for a quite a while macro-related businesses, especially rates that were challenged, but they came back. The business came back. As a result, revenue recovered. In addition, the last couple of years, we have placed focus on equity product and securitized products and credit, and they have constantly grown. So in that sense, this momentum is expected to continue. Also, IWM, international wealth business is -- it's growing steadily. So revenue contribution is expected there. The last couple -- or last few years, over the last 2 years or so, so including the first half of this year, the situation has been challenging, as you know. And this time, in the fourth quarter, the numbers in U.S. dollar basis, so it's slightly above the fourth quarter number 2 years ago. So finally, through the -- after going through that tough situation, we have come back to where we stand now.

非常感謝你提出這個問題。正如您所提到的，丹羽先生，在第四季度，由於收入強勁，最大的因素是——嗯，在相當長一段時間內，宏觀相關業務，尤其是受到挑戰的利率，但它們又回來了。生意回來了。結果，收入恢復了。另外，這幾年我們將重點放在權益類產品、證券化產品和信貸，它們也不斷成長。因此從這個意義上說，這種勢頭預計將持續下去。此外，IWM（國際財富業務）正在穩步成長。因此預計會有收入貢獻。過去幾年，或過去幾年，過去兩年左右，所以包括今年上半年，情況一直充滿挑戰，如你所知。這次是第四季的數字，以美元為基礎，因此略高於兩年前第四季的數字。因此，最終，在經歷了那個艱難的局面之後，我們又回到了現在的處境。

But as we look at our peers' situation, the wholesale revenue level, our level does not seem inferior compared to our peers. So the capability of generating revenue is held by us. However, since breakeven point is relatively high, so when revenue comes down, then we lose bottom line profit, that's the situation. So cost control is continued. And as mentioned, product line is being enriched and we are focusing on the recovery of rates business. And through such measures, we can expect continuity or sustainability of the performance.

但從我們同行的情況來看，批發收入水平，我們的水平與同行相比似乎並不遜色。所以創造收入的能力是我們自己掌握的。然而，由於損益平衡點相對較高，所以當收入下降時，我們就會失去底線利潤，就是這樣的情況。因此，成本控制仍在繼續。正如前面提到的，產品線正在豐富，我們正在專注於費率業務的復甦。透過這些措施，我們可以期望業績的連續性或可持續性。

And regarding EMEA, as you mentioned JPY 18.8 billion of negative number, so minus JPY 14 billion, then the number is negative. So our -- so it's a hub of our global business. So certain size of footprint will be retained in EMEA. And all along, in EMEA, we had limited revenue drivers. So we were overly dependent on rates business. And for a while, the rates business was not so spectacular. That was the reason for that stagnation. And the rates bond team now has the new leader who has got on board, and the team is being rebuilt. So we are starting to see the benefit and effect in the fourth quarter. So we have expectations for that part of the business. And we have depended on rates business, but we need to take countermeasures through that situation. So we would like to increase revenue drivers, especially in Americas. Equity business is successful.

至於歐洲、中東和非洲地區，正如您所提到的 188 億日元負數，因此減去 140 億日元，那麼該數字就是負數。所以我們的——所以它是我們全球業務的中心。因此，歐洲、中東和非洲地區將保留一定規模的足跡。一直以來，在歐洲、中東和非洲地區，我們的收入驅動因素都很有限。所以我們過度依賴費率業務。有一段時間，利率業務並不那麼引人注目。這就是停滯的原因。利率債券團隊現在有了新的領導者，團隊正在重建。因此，我們在第四季開始看到效益和效果。所以我們對這部分業務抱持著期望。我們一直依賴利率業務，但我們需要針對這種情況採取對策。因此，我們希望增加收入驅動因素，尤其是在美洲。股權業務取得成功。

So it is not that we are taking excessive risk but such businesses are what we are considering for expansion and also securitized products. In a globally consistent manner, we could conduct business. And from Americas, securitized products business in Europe could be monitored and overseen, and we are taking measures for that. So top line revenue drivers are going to be increased moving forward. So that the numbers will look better than the most recent numbers. That's all.

因此，並不是我們承擔了過多的風險，而是我們正在考慮擴展此類業務，並考慮將其作為證券化產品。我們可以以全球一致的方式開展業務。從美洲來看，歐洲的證券化產品業務可以受到監控，我們正在為此採取措施。因此，未來收入驅動因素將會增加。這樣數字看起來會比最近的數字好。就這樣。

Regarding Wholesale risk asset control, could you elaborate on that? So 7.9% is the profitability. So value at risk is not used much. Then you have sufficient capital, then more capital could be allocated to go after more revenue from my view as an amateur, but from the viewpoint of accumulating revenue, what is your view on the usage of the risk assets? Could you give some more colors?

關於批發風險資產控制，能否詳細介紹一下？所以7.9%就是獲利能力。所以風險價值用得不多。那麼你有足夠的資金，那麼可以配置更多的資金來追求更多的收入，從我作為一個業餘愛好者的角度來看，但是從積累收入的角度來看，你對風險資產的使用有何看法？可以再給一些顏色嗎？

So thank you very much for your comment. So return or profitability on resource needs to be monitored all the time. And in the material, what we've shown is return on risk-weighted assets. Other than that, there are various resources such as leverage exposure and unsecured funding. And also, there are such resources though not necessarily regulated, so we are looking at various resources as we think about resource allocation. So if in the short term, if we find business opportunities, then temporarily, some funding will be allocated. The most important thing is to manage resources with discipline.

非常感謝您的評論。因此，需要始終監控資源的回報或獲利能力。在材料中，我們展示的是風險加權資產的回報。除此之外，還有槓桿風險和無擔保融資等各種資源。而且，這些資源雖然不一定受到監管，但還是有的，所以我們在考慮資源分配時會考慮各種資源。所以如果短期內，如果我們發現了商機，那麼暫時就會分配一些資金。最重要的是有紀律地管理資源。

So that question was asked by Niwa-san from Citigroup Securities. (Operator Instructions) The next question is by SMBC Nikko Securities, Muraki-san.

這個問題是花旗證券的丹羽先生問的。 （操作員指示） 下一個問題是由SMBC Nikko Securities Muraki-san 提出的。

If possible, I have one additional question I wish to ask. Today, BOJ Governor's press conference was done, and he said that the rates will be hiked up to neutral level, money market fund. At what rate will there be revival? And then if it's revived, you can expect significant amounts of funds. But as a trigger of cross-selling in wealth management, what are the hopes?

如果可以的話，我還有一個問題想問。今天，日本央行行長記者會結束，他表示貨幣市場基金利率將上調至中性水準。復興的速度會是多少？如果它恢復了，你可以期待大量的資金。但作為財富管理交叉銷售的觸發點，希望是什麼？

Thank you for the question. At the moment, money market fund, we don't have that at the moment, frankly speaking. On this point, unless rates come higher, it would be difficult. But then at what level, frankly speaking, it's very difficult to respond. I don't know. Is it money fund or Nomura Trust Bank, which is a separate subsidiary? We are studying the possibility of accepting deposits. So in terms of idle funds, will they go to MMF or deposits for tentative parking of idle funds? If rates come higher, we are hopeful that idle funds begin to move around. Then within Nomura Group, for example, they could be used to purchase variable products or sell those products to purchase something else, there could be more flexibility and more action. So there are such hopes. I'm not sure whether I've been able to respond to your question, but that's where we are.

感謝你的提問。目前，貨幣市場基金，坦白說，我們目前還沒有。在這一點上，除非利率上升，否則很難。但具體到什麼程度，坦白說，就很難回答了。我不知道。是貨幣基金還是野村信託銀行（野村信託銀行）（獨立子公司）？我們正在研究接受存款的可能性。那麼閒置資金方面，是去MMF還是暫存閒置資金暫存呢？如果利率上升，我們希望閒置資金開始流動。例如，在野村集團內部，它們可以用來購買可變產品或出售這些產品來購買其他東西，可能會有更大的靈活性和更多的行動。所以才會有這樣的希望。我不確定我是否能夠回答你的問題，但這就是我們的處境。

(Operator Instructions) As there is no more question, we would like to finish question-and-answer session. Now we would like to make the closing address by Nomura Holdings.

（操作員說明） 由於沒有更多問題，我們想結束問答環節。現在我們請野村控股公司致閉幕詞。

Thank you very much for your participation today.

非常感謝您今天的參與。

So regarding the performance, what we have done over the last several years, our efforts seem to have gradually delivered results, especially in Retail division. Revenue grew greatly, and the cost control has been effective. So compared to last year, cost is -- has increased only by 5% and bottom line profit increased by 3.7x. So we see the result. As for Wholesale, which has been challenged in macro business, but we see recovery and the product lines that have underpinned the Wholesale have become solid. So -- and the revenue is becoming more diversified. So moving forward, of course, market environments and especially geopolitical risks have to be monitored closely. But if anything, our view is optimistic.

所以從業績來看，我們過去幾年所做的事情，我們的努力似乎逐漸取得成果，特別是在零售部門。收入大幅成長，成本控制有效。因此，與去年相比，成本僅增加了 5%，底線利潤增加了 3.7 倍。所以我們看到了結果。至於批發業務，雖然在宏觀業務方面受到了挑戰，但我們看到了復甦，支撐批發業務的產品線已經變得穩固。因此，收入正變得更加多元化。因此，當然，展望未來，必須密切監控市場環境，尤其是地緣政治風險。但如果有的話，我們的觀點是樂觀的。

Here at Nomura Group, in December ['25], next year, we are celebrating our centennial anniversary. And as we do so, the founding principle and corporate philosophy will be cherished. So that -- and we -- in this situation, we created a purpose, we aspire to create a better world by harnessing the power of financial markets, that is the newly created purpose of Nomura. So compared to our peers, our purpose is longer, but it's a specific purpose. And to achieve this, we will focus on our areas of competitiveness, pursue our -- this time, we've been talking about situation by business, but we have -- the collaboration across the business divisions will be the key for us. So we'd like to pursue added value by -- through collaboration, and we'd like to proactively invest in growth areas and control costs stringently in order to raise our corporate value and achieve sustainable growth.

在野村集團，明年 12 月['25]，我們將慶祝我們的百年紀念日。當我們這樣做時，我們就會珍惜我們的創立原則和企業理念。因此，在這種情況下，我們創造了一個目標，我們渴望透過利用金融市場的力量創造一個更美好的世界，這就是野村證券新創建的目標。所以與我們的同行相比，我們的目標更長，但它是一個特定的目標。為了實現這一目標，我們將專注於我們的競爭力領域，追求我們的——這一次，我們一直在談論業務的情況，但我們——跨業務部門的合作將是我們的關鍵。因此，我們希望透過合作來追求附加價值，我們希望積極投資於成長領域並嚴格控製成本，以提高我們的企業價值並實現永續成長。

Thank you very much for your continued support. Thank you very much once again for your participation.

非常感謝您一直以來的支持。再次非常感謝您的參與。

Thank you for taking your time, and that concludes today's conference call. You may now disconnect your lines.

感謝您抽出寶貴的時間，今天的電話會議到此結束。現在您可以斷開線路。

[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。