Nomura Holdings Inc (NMR) 2025 Q4 法說會逐字稿

Welcome to today's Nomura Holdings fourth quarter and the full year operating result for fiscal year ending March 2025 conference call. 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.

歡迎參加今日的野村控股第四季及截至 2025 年 3 月的財政年度全年經營業績電話會議。請注意，今天的電話會議是應主辦公司的要求進行錄音的。如果您有任何異議，您可以立即斷開連接。

During the presentation, all the telephone lines are placed for listen-only mode. The question-and-answer session will be held after the presentation. Please note that this telephone conference contains certain forward-looking statement 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 result, performance, or achievement of the company to be materially different from the result, performance, or other expectations implied by those productions.

演示期間，所有電話線路均設定為只聽模式。演講結束後將舉行問答環節。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、業績或成就與這些產品暗示的結果、業績或其他預期存在重大差異。

Such factors include economic and market conditions, political events, and investor sentiment, liquidity of secondary market, labor and the volatility of interest rates, currency exchange rates, security valuations, competitive conditions, and size number and timing of transactions.

這些因素包括經濟和市場狀況、政治事件和投資者情緒、二級市場的流動性、勞動力和利率波動、貨幣匯率、證券估值、競爭條件以及交易的規模、數量和時間。

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

我們希望以此開始會議。財務長北村拓海先生。請繼續。

Good evening. This is Kitamura, CFO of Nomura Holdings. I will now give you an overview of our financial results for the fourth quarter and full year of fiscal year ended March 2025. Please turn to page 2. First of all, our full year results. As you can see on the bottom left, group net revenue increased 21% year on year to JPY1,892.5 billion, while income before income taxes grew 72% to JPY472 billion. Net income increased to two times the year earlier level to a record high JPY340.7 billion. Earnings per share came to JPY11.03 and return on equity was 10%, making a strong performance.

晚安.我是野村控股的財務長北村。現在，我將向您概述我們截至 2025 年 3 月的財年第四季和全年的財務表現。請翻到第 2 頁。首先，我們的全年業績。如左下角所示，集團淨收入年增21%至1,8925億日圓，稅前收入成長72%至4,720億日圓。淨收入較上年同期成長兩倍，達到創紀錄的3,407億日圓。每股盈餘達11.03日圓，股本報酬率為10%，表現強勁。

As shown on the bottom right, all three main segments performed solidly and three segment income before income taxes grew by 80% to JPY426.6 billion. I think it is important to highlight that earnings clearly show the fruits of our medium to long-term initiatives.

如右下角所示，三大主要分部均表現穩健，三個分部的稅前收入成長了 80%，達到 4,266 億日圓。我認為必須強調的是，收益清楚地顯示了我們中長期舉措的成果。

With management recurring revenue grew by 30% on a continued net inflow into recurring revenue assets via the provision of comprehensive asset management services coupled with growth in client assets thanks to an upturn in market conditions. Investment management saw a 20% increase in business revenue thanks to a high level of assets under management, which reflected an eight consecutive quarter of net inflows. Both divisions saw steady growth in stable revenues.

透過提供全面的資產管理服務，加上市場好轉帶動客戶資產成長，管理經常性收入資產持續淨流入，導致管理經常性收入成長了 30%。投資管理業務收入成長20%，得益於資產管理規模較大，連續8個季度實現淨流入。兩個部門的收入均穩定成長。

Meanwhile, wholesale revenues grew in all business lines and all regions thanks to the diversification of revenues, particularly overseas. Income before income taxes rose sharply on the back of revenue growth across all divisions, as well as thoroughgoing cost controls.

同時，由於收入多元化，尤其是海外收入，所有業務線和所有地區的批發收入均有所成長。由於所有部門的收入成長以及徹底的成本控制，稅前收入大幅成長。

As a result, income before income taxes reached an 11-year high in wealth management, a 15-year high in wholesale, and the highest level at the investment management division since it was established in April 2021.

結果，財富管理業務的稅前收入達到了11年來的最高水平，批發業務的稅前收入達到了15年來的最高水平，投資管理部門的稅前收入也達到了自2021年4月成立以來的最高水平。

Turning to page 3. As you can see on the left-hand side, all divisions achieved income before income taxes targets for the fiscal year ended March 25, presented at May 23, Investor Day.

翻到第 3 頁。正如您在左側看到的，所有部門都實現了截至 3 月 25 日的財政年度的稅前收入目標，並在 5 月 23 日的投資者日進行了展示。

Profitability also improved sharply in the three international regions as you can see on the right hand side. Their combined income before income taxes came to JPY137 billion, marking the highest level since we first disclosed geographic information in the year ended March 2003. Our group-wide effective tax rate also fell to 26% as some international entities made use of tax losses carried forward.

正如您在右側看到的，三個國際地區的獲利能力也大幅提高。他們的稅前總收入達到 1,370 億日元，創下自 2003 年 3 月起我們首次揭露地理資訊以來的最高水準。由於一些國際實體利用了結轉的稅務損失，我們集團範圍內的有效稅率也下降至 26%。

Please turn back to page 2 again. In view of our strong performance for the period ended March 2025, we expect to pay an ordinary dividend of JPY24 per share in addition to the 100th anniversary commemorative dividend of JPY10 per share we previously announced making a total year-end dividend of JPY34. This works out as an annual dividend of JPY57 per share and a payout ratio of 49%.

請再翻回第 2 頁。鑑於我們截至 2025 年 3 月的強勁業績，我們預計除了先前宣布的每股 10 日圓的 100 週年紀念股息外，還將支付每股 24 日圓的普通股息，使年終股息總額達到 34。這相當於每股年度股利 57 日圓，股利發放率為 49%。

Today, we resolved to set up a share buyback program in order to raise capital efficiently. And ensure a flexible capital management policy and to deliver shares on exercise of stock-based compensation. The program will run from May 15 to December 30 and have an upper limit of 100 million shares, with the upper limit of the aggregate amount of repurchased price being JPY60 billion.

今天，我們決定設立股票回購計劃，以便有效地籌集資金。並確保靈活的資本管理政策和在行使股票薪酬時交付股份。該計畫將從5月15日起持續至12月30日，回購股票上限為1億股，回購價格總額上限為600億日圓。

Next, let me give you an overview of our fourth quarter results. Please turn to page 4. All the percentage figures I mentioned from now on our quarter-on-quarter comparisons. First of all, group net revenue fell 10% to JPY452.7 billion income before income taxes fell 29% to JPY97.7 billion, and net income was down 29% as JPY72 billion earnings per share came to JPY23.39 compared with the previous quarter when performance was robust, conditions were more difficult amid rising yen rates and a decline in the stock market. However, we achieved annual rise ROE of 8.2%, exceeding the fourth consecutive quarter. The lower bond of our ROE target of 8% to 10% or more by 2030.

接下來，讓我向您概述一下我們第四季的業績。請翻到第 4 頁。從現在起，我提到的所有百分比數字都是我們季度與季度之間的比較。首先，集團淨營收年減10%至4527億日元，稅前利潤年減29%至977億日圓，淨利年減10%至每股收益720億日圓至23.39日圓，與上一季相比，雖然業績表現強勁，但在艱難日圓匯率上升、股市下跌等大勢的影響然而，我們的ROE卻實現了8.2%的年增長，連續第四個季度超過預期。我們的 ROE 目標較低債券到 2030 年將達到 8% 至 10% 甚至更高。

As you can see on the bottom right, three segment income before income taxes totaled 90.1 billion amid uncertain market conditions, the quarter saw a decline in flow revenue in web management and lower fixed income revenues in wholesale, but stable revenues, specifically recurring revenue and business revenue, increased further, and equities and investment banking both achieved some results.

從右下角可以看到，三個部門的稅前利潤總計901億，在市場環境不確定的情況下，本季網管的流量收入有所下降，批發的固定收益收入也有所下降，但穩定收入，特別是經常性收入和業務收入則進一步增加，股票和投行業務都取得了一些成績。

Next, please turn to page 7, and I will present an overview of each business in the fourth quarter. In wealth management, net revenue fell 10% to JPY104.5 billion, and income before income taxes fell 20% to JPY37 billion. We generated record high stable recurring revenue of JPY51.6 billion on a boost from investment advisory fees booked half yearly and also achieved cost savings of 4% as a result of which our recurring revenue cost coverage ratio for the quarter rose sharply to 76%. Flow revenue, etc., 20% to JPY52.9 billion owing to a 45% decline in primary stock subscriptions and a slowdown in secondary stock transition, transactions and investment trust purchases amid an uncertain market outlook.

接下來請翻到第7頁，我要來跟大家介紹一下第四季各項業務的概況。財富管理業務淨收入下降10%至1045億日元，稅前收入下降20%至370億日元。由於每半年預訂的投資諮詢費，我們創造了創紀錄的 516 億日圓的穩定經常性收入，同時也實現了 4% 的成本節約，因此本季我們的經常性收入成本覆蓋率大幅上升至 76%。流動收入等下降 20% 至 529 億日元，原因是在市場前景不明朗的情況下，一級股票認購量下降 45%，二級股票轉換、交易和投資信託購買量放緩。

Quarterly earnings tend to fluctuate owing to prevailing market conditions at a given time, but on a full year basis, you can see that the division achieved revenue growth of 12% or around JPY49 billion in value terms while keeping cost increases down to a modest JPY1 billion. This can be seen as the fruits of our ongoing effort to reduce costs. As a result, leverage enabled us to achieve growth of 39% in income before income taxes.

季度收益往往會因特定時期的市場狀況而波動，但從全年來看，您可以看到該部門的收入增長了 12%，價值約為 490 億日元，同時成本增幅保持在 10 億日元左右。這可以看作是我們不斷努力降低成本的成果。結果，槓桿使我們實現了稅前收入39％的成長。

Please turn to page 8 for an update on total sales by product. Total sales rose 3% quarter on quarter to JPY5.4 trillion sales of stock rose 6% to JPY3.9 trillion in part owing to a large lot purchase. Sales of bonds increased 16% with a contribution from Toyota Motor Credit Corporation's primary deal. Secondary sales of stocks, excluding the large lots of purchase and sales of investment trusts fell as investors stayed on the sidelines amid range bound trading in equity markets and an uncertain outlook.

請翻到第 8 頁查看按產品劃分的總銷售額的最新情況。總銷售額較上季成長 3%，達到 5.4 兆日圓；庫存銷售額成長 6%，達到 3.9 兆日元，部分原因是大量採購。受豐田汽車信貸公司主要交易的推動，債券銷售額成長了 16%。由於股市區間波動且前景不明朗，投資人保持觀望態度，不包括大宗買賣和投資信託的股票二級市場銷售有所下降。

Next on page 9, we look at progress in KPIs. In wealth management, priority was given to four KPIs in the fiscal year net inflows of recurring revenue assets, flow business clients, and workplace services. As you can see, targets were attained in all four KPIs.

接下來在第 9 頁，我們來看看 KPI 的進展。在財富管理方面，本財年重點在於經常性收入資產淨流入、流量業務客戶、職場服務四項KPI。如您所見，所有四個 KPI 均已實現目標。

In particular, net inflows of recurring revenue assets seen on the top left came to JPY1,374 billion, sharply exceeding the target of JPY800 billion and contributing to growth in recurring revenue. On the bottom right, we see that 3.88 million units of workplace services were provided and efforts to broaden the client base centered on ESAP-related services have begun have been going well. Please change to page 10 for investment management. Net revenue was down 6% to JPY43 billion while income before income taxes fell 18% to JPY15.5 billion.

其中，左上角經常性收入資產淨流入達到1.374兆日圓，大幅超過8,000億日圓的目標，促進了經常性收入的成長。右下角顯示，已提供388萬個職場服務，以ESAP相關服務為中心的客戶拓展工作已開始，進展順利。請前往第 10 頁進行投資管理。淨收入下降 6% 至 430 億日元，稅前收入下降 18% 至 155 億日圓。

Net revenue fell owing to investment gain loss. Private equity investment firm Nomura Capital Partners recognized and realized valuation gains as the value of portfolio companies appreciated, but investment valuation gains and losses related to American Century investments turned slightly downwards. Business revenue, which is a stable type of revenue, came to JPY43.3 billion, a record high for the fifth straight quarter.

由於投資收益損失，淨收入下降。私募股權投資公司野村資本合夥公司 (Nomura Capital Partners) 隨著投資組合公司價值的升值而確認並實現了估值收益，但與美國世紀投資相關的投資估值損益略有下降。營業收入屬於穩定收入，達到433億日圓，連續第五個季度創歷史新高。

Assets under management were down at in March owing to market factors, while asset management fees were little changed from the strong previous quarter, revenue rose in the aircraft leasing business. Please turn to page 11 for an update on the asset management business, which is a key source of business revenue.

受市場因素影響，3月資產管理規模下降，資產管理費與上一季相比變化不大，飛機租賃業務收入增加。請翻到第 11 頁了解資產管理業務的最新情況，該業務是業務收入的主要來源。

As seen on the top left, assets under management at the end of March were JPY89.3 trillion exceeding the KPI target of JPY89 trillion for the fiscal year ended March 2025. On the bottom left, net inflows came to JPY314 billion. Marking the eighth straight quarter of net inflows, investment business investment trust business accounted for about JPY270 billion of inflows. There were outflows of JPY420 billion from MRFs, hinting at prominent shifts of funds to new investments, while ETFs saw inflows of around JPY670 billion into Japanese stocks, mainly at the time of the market downturn in March, and there were inflows into investment trusts.

如左上角所示，3 月底的管理資產為 89.3 兆日元，超過了截至 2025 年 3 月的財年 89 兆日圓的 KPI 目標。左下角，淨流入金額達3,140億日圓。投資業務投資信託業務連續第八個季度實現淨流入，流入資金約 2,700 億日圓。總共有 4,200 億日圓的資金從 MRF 流出，暗示資金明顯轉向新投資，而 ETF 則有約 6,700 億日圓的資金流入日本股市，主要是在 3 月份市場低迷期間，此外還有資金流入投資信託。

Including Japan's first publicly placed investment trust investing in private infrastructure companies' stocks as well as balanced funds on the lower right, we see that alternative assets under management came to a record high JPY2.6 trillion. Yen appreciation had an adverse effect, but there were about JPY170 billion in net inflows owing to inflows to the investment trusts we mentioned earlier that invest in private infrastructure companies' stocks and additional investments by institutional investors in response to capital costs.

如果算上日本首只投資民間基礎設施企業股票的公募投資信託以及右下角的平衡基金，另類資產管理規模達到創紀錄的2.6兆日圓。日圓升值產生了不利影響，但由於流入我們先前提到的投資私人基礎設施公司股票的投資信託的資金以及機構投資者為應對資本成本而進行的額外投資，淨流入資金約為 1,700 億日圓。

Next, we look at page 12 for wholesale performance. Wholesale net revenue fell 11% to JPY259.2 billion, and income before income taxes declined 40% to JPY37.5 billion. Equities revenues rose to for the fifth straight quarter, and investment banking revenues increased on contributions from EA. Fixed income revenues slowed. Relative to the previous quarter when they were strong on the top left, the cost to income ratio was 84%, and the ratio of revenue to modified RWA was 7.6% for the full year, beating the fiscal year KPA targets of 86% and at least 6% respectively.

接下來我們來看第12頁的批發表現。批發淨收入下降11%至2592億日元，稅前收入下降40%至375億日元。股票收入連續第五個季度上漲，投資銀行收入因 EA 的貢獻而增加。固定收益收入放緩。相對於上一季左上角表現強勁的情況，全年成本收入比為 84%，收入與修改後的風險加權資產之比為 7.6%，分別超過了財年 KPA 目標 86% 和至少 6%。

Net revenue rose 22% and growth in expenses was held to 10%, producing income before income taxes of 3.1 times the previous year's level. Please turn to page 13 for an update on each business line. First, global markets' net revenue declined 13% to JPY206.9 billion. Fixed income net revenue fell 24% to JPY105.8 billion, partly in response to a strong performance through the previous quarter. Rates revenue fell as client activity slowed in the latter half of the quarter. Credit revenues were unfavorable owing to spread widening.

淨收入成長 22%，支出增幅控制在 10%，稅前收入為前一年的 3.1 倍。請翻到第 13 頁以了解每個業務線的最新情況。首先，全球市場的淨收入下降13%至2069億日圓。固定淨收益收入下降 24% 至 1,058 億日元，部分原因是上一季的強勁表現。由於本季後半段客戶活動放緩，利率收入有所下降。由於利差擴大，信貸收入不利。

On the other hand, FX/EM and securitized products revenues were down from the previous quarter when revenues were strong but remained firm. Equity's net revenue rose for the fifth straight quarter to JPY101.1 billion.

另一方面，外匯/新興市場和證券化產品收入較上一季下降，儘管上一季收入強勁但仍保持穩定。Equity 的淨收入連續第五個季度成長，達到 1,011 億日圓。

Revenues were particularly strong in the Americas, and the derivatives revenues rose sharply on the backdrop of high volatility and increased client activity. Execution services revenues were up thanks to increased volume.

美洲地區的收入尤其強勁，在高波動性和客戶活動增加的背景下，衍生性商品收入急劇上升。由於交易量增加，執行服務收入上升。

Next page 14 for investment banking. Net revenue was JPY52.3 billion, the highest quarterly net revenue on record going back to the fiscal year ending March 2017, which is the span over which comparisons are possible. Advisor revenues were strong in the fourth quarter with several large scale cross-border and tender offer deals executed in Japan as shown on the top right. Overseas deals related to renewables and beverages mainly in India contributed to revenues. Advisory revenues accounted for 50% of investment banking net revenue.

下一頁為投資銀行業務。淨收入為 523 億日元，這是自 2017 年 3 月結束的財年以來最高的季度淨收入，這是可以進行比較的跨度。第四季顧問收入強勁，在日本執行了幾筆大規模跨國和要約收購交易，如右上角所示。主要在印度的可再生能源和飲料相關的海外交易為收入做出了貢獻。諮詢收入佔投資銀行淨收入的50%。

Revenues in financing and solutions fell from the previous quarter when the ECM deals were strong in Japan, but we executed several deals in the fourth quarter, including a global for Japan Post Bank and SSA bonds, including Spanish government bonds. Next page for 15, for non-interest expenses, groupwide expenses amounted to JPY355 billion, down 2%. Compensation and benefits declined 10% to JPY172.3 billion, mainly owing to a decline in bonus provisions linked to the top line. Please turn to page 16 for an update on our financial position.

融資和解決方案的收入較上一季度有所下降，當時日本的 ECM 交易表現強勁，但我們在第四季度執行了幾筆交易，包括日本郵政銀行的全球交易和 SSA 債券（包括西班牙政府債券）。下一頁為15，非利息支出方面，集團整體支出達3,550億日元，下降2%。薪資和福利下降 10% 至 1,723 億日元，主要原因是與營業收入相關的獎金撥備減少。請翻到第 16 頁了解我們財務狀況的最新情況。

As shown on the bottom left, the tier one capital ratio was 16.2%. And the common equity 1 ratio was 14.5% at the end of March, both down about 2% points from the end of December. This reflects the start of the implementation of new capital requirements from the end of March as part of the three finalization. We aim to maintain the common equity 1 ratio at 11% or higher over the medium term and thus should be able to comfortably meet capital requirements even after the new rules are implemented. This concludes overview of our first fourth quarter results.

如左下角所示，一級資本適足率為16.2%。而3月底普通股1比率為14.5%，較12月底均下降約2個百分點。這反映了作為三項最終確定措施的一部分，從 3 月底開始實施新的資本要求。我們的目標是在中期內將普通股1比率維持在11％或更高，這樣即使在新規則實施後也能夠輕鬆滿足資本要求。這就是我們第一季第四季業績的概述。

To sum up, in May last year, we issued our Management Vision 2030 titled Reaching for Sustainable Growth. The numerical targets set forth in that vision included include consistently achieving a of 8% to 10% or more and generating more than JPY500 billion in income before income taxes. In the year since we presented that management vision, we have made tremendous progress in building up a franchise capable of delivering sustainable growth for the group.

總而言之，去年五月，我們發布了題為「實現永續成長」的2030年管理願景。在該願景中提出的數字目標包括持續實現8%至10%或更高的成長率，以及創造超過5,000億日圓的稅前收入。自從我們提出這個管理願景以來的一年裡，我們在建立能夠為集團帶來永續成長的特許經營權方面取得了巨大進展。

It highlighting the steps we have taken to achieve sustainable growth of sustainable revenue as we discussed earlier, recurring revenue in wealth management and business revenue in investment management have risen to record levels, and just this week we reached an agreement to acquire the Macquarie Group's US and Europe European public asset management business. This acquisition makes investment management larger in size and also more global, setting up a major step change in the division's growth.

它凸顯了我們為實現可持續收入的可持續增長所採取的措施，正如我們之前所討論的，財富管理的經常性收入和投資管理的業務收入都已升至創紀錄的水平，就在本週，我們達成了收購麥格理集團美國和歐洲公共資產管理業務的協議。此次收購使投資管理規模更大、更加全球化，為該部門的成長邁出了重大一步。

Also just this month, we established a new banking division that will leverage the strength of our banking and the trust banking functions so that we can provide our clients with more diverse, high quality services in taking on these initiatives in Japan and globally, our aim is to put no group more solidly on the path to steady growth. Our management team attaches great importance to capital efficiency, re-finalization took effect at the end of March and our common equity capital ratio is comfortably higher than the target we have set for ourselves of 11% over the medium term.

就在本月，我們成立了一個新的銀行部門，該部門將利用我們銀行和信託銀行功能的優勢，以便我們能夠為客戶提供更加多樣化、高品質的服務，在日本和全球採取這些舉措時，我們的目標是讓集團更加穩固地走上穩定增長的道路。我們的管理團隊非常重視資本效率，重新確定於 3 月底生效，我們的普通股資本比率遠高於我們為自己設定的中期 11% 的目標。

The decision regarding today's share buyback was made after considering both the current capital levels and the prevailing stock price levels going forward. We intend to use our surplus capital to invest in strategically selected growth areas while also rewarding our shareholders. The market environment has been turbulent and uncertain ever since the Trump administration revealed its reciprocal tariff policy, but it is precisely at times like this that Nomura Group has an especially vital role to play.

今天的股票回購決定是在考慮了當前資本水準和未來的股價水準之後做出的。我們打算利用剩餘資本投資於策略性選擇的成長領域，同時回報我們的股東。自從川普政府公佈其對等關稅政策以來，市場環境一直動盪不定，但正是在這種時候，野村集團可以發揮尤為重要的作用。

In April thus far, wealth management has seen a slowdown in net revenue as clients have retreated to the sidelines. But during the three-day period of consecutive steep declines in the stock market, the division as a whole saw more buying than selling, with some investors choosing to buy on the correction. Our sales partners provided our clients with timely and appropriate information that helped limit the extent of overdone selling among our client base, and recurring revenue assets in private wealth management and wealth management domains have continued seeing the inflows in wholesale.

4 月至今，由於客戶紛紛退場，財富管理淨收入放緩。但在股市連續三天大幅下跌期間，該板塊整體買盤大於賣盤，部分投資人選擇逢低買入。我們的銷售合作夥伴為客戶提供了及時和適當的信息，幫助限制了客戶群中過度銷售的程度，私人財富管理和財富管理領域的經常性收入資產繼續看到批發資金的流入。

The upsurge in market volatility has been accompanied by robust trading activity, inequities and affects the emerging markets. The revenue in division is currently on track to be higher than in the fourth quarter of the fiscal year just ended. I believe no groups, talented and abundant human resources, robustly healthy financial position and powerful global reach will manifest our strengths, especially in times of uncertainty like now. As we celebrate our 100th anniversary, we will continue to strive for further growth, and we appreciate your continued support.

市場波動性的加劇伴隨著強勁的交易活動和不公平現象，並影響新興市場。該部門的收入目前預計將高於剛結束的財年第四季的收入。我相信，沒有任何一個團體、才華橫溢且豐富的人力資源、穩健的財務狀況和強大的全球影響力能夠體現我們的優勢，尤其是在像現在這樣的不確定時期。值此百年華誕之際，我們將繼續努力，不斷成長，感謝您一直以來的支持。

We have a question-and-answer session now. (Operator Instructions)

我們現在進入問答環節。（操作員指示）

SMBC Nikko Securities, Masao Muraki. I have two questions. First of all, global markets. Page 13. Fixed income year on year in comparison to US peers, it seems weak. Equities seems to be at the right level, but I think that there's some weakness in fixed income. January, February, March, how was your business and what's the latest situation this month in April? Can you elaborate, especially focusing on comparison with your peers?

SMBC 日興證券，村木正夫。我有兩個問題。首先，全球市場。第 13 頁。與美國同業相比，固定收益年比似乎較弱。股票似乎處於正確的水平，但我認為固定收益存在一些弱點。一月，二月，三月，你的生意怎麼樣，四月這個月的最新狀況如何？您能詳細說明一下嗎，特別是重點與同行進行比較？

My second question, pay 16. Capital policy. Ball 3 finalization 14.5% and from here onwards, acquisition of asset management, about 1.5% drop and share buyback, 0.3% or slightly lower according to your plan. So 12.8% would probably be your target. Is my guess correct? And you will probably be showing your target next month in Investor Day, but target range was probably in your mind as you thought about CET 1, 13% in deciding the share buyback program. Is that the correct assumption?

我的第二個問題，支付16。資本政策。第三球最終確定為 14.5%，從現在開始，資產管理的收購，下降約 1.5%，股票回購，根據您的計劃，下降 0.3% 或略低。因此 12.8% 可能是您的目標。我的猜測正確嗎？您可能會在下個月的投資者日展示您的目標，但在決定股票回購計劃時，當您考慮 CET 1、13% 時，目標範圍可能就在您的腦海中。這是正確的假設嗎？

This is Kitamura speaking. Thank you, Muraki, for your question. Fixed income. It appears to be weak, and that's of you as well. First of all, product mix. It is a bit different when we look at the scripts of competitors, we see comments saying that they were healthy in commodity, but as we have been saying, we don't have that business at all, so that's a factor that makes a difference, but we have no intention whatsoever to launch commodities business. So this is an area where we don't have any option, and macro seems to be a bit weak and in rates, structural rates, agency mortgage, the percentage of these products are high. Flow rates, it was good, but other rates mortgage didn't do so well.

我是北村。謝謝 Muraki 的提問。固定收益。它看起來很弱，這也是你的弱點。首先，產品結構。當我們查看競爭對手的腳本時，情況有點不同，我們看到評論說他們在商品方面很健康，但正如我們一直所說的那樣，我們根本沒有那項業務，所以這是一個有區別的因素，但我們根本沒有打算推出商品業務。所以這是我們別無選擇的領域，宏觀經濟似乎有點弱，在利率、結構性利率、機構抵押貸款方面，這些產品的比例很高。流動利​​率表現良好，但其他利率抵押貸款表現不佳。

And region mix wise Japan, in comparison to our competitors, the share of proportion is high, and as you are well aware, JCB was rising in Japan and therefore challenging environment continued. So against this backdrop unfortunately, in comparison to our peers, our performance may seem to have been weak regarding monthly performance. January 40%, February slightly less than 40%, and March slightly over 20%.

就日本地區組合而言，與我們的競爭對手相比，我們的份額很高，而且正如您所知，JCB 在日本正在崛起，因此充滿挑戰的環境仍在持續。因此，不幸的是，在這種背景下，與我們的同行相比，我們的月度業績表現似乎較弱。1月份40%，2月略低於40%，3月略高於20%。

Especially we saw the drop of revenues in March as I have introduced, but there's mixed views regarding a possible rate hike, and the domestic investors were on the sidelines and thus less liquidity. So those are some of the reasons behind.

特別是3月收入有所下降，我剛才已經介紹過了，但是對於升息的可能性，大家的看法不一，國內投資者持觀望態度，流動性比較弱。這些就是背後的一些原因。

And as far as April is concerned, generally speaking, the average of Q4 is above the level we are observing for this month. And on your second question, CET 1 target, this time, we made a decision on share buyback program.

就 4 月而言，總體而言，第四季度的平均值高於我們本月觀察到的水平。關於您的第二個問題，CET 1 目標，這次，我們對股票回購計畫做出了決定。

We of course took a look at various indicators and when we do analyst meetings, we usually talk about CET 1, but you're the expert. I don't intend to preach, but Basel regulation is not just about CET 1. There's tier 1. There is capital adequacy and equity ratio. So we take a look at each these indicators in order to decide the amount of share buyback and if you look at the capital structure of Nomura, much of it is CET 1. So we took that into consideration and decided on the figure of JPY60 billion.

我們當然會考慮各種指標，當我們召開分析師會議時，我們通常會討論 CET 1，但您是專家。我無意說教，但巴塞爾協議的監管不僅涉及大學英語一級考試。這是第 1 層。有資本適足率、股東權益比率。因此，我們查看每個指標來確定股票回購的數量，如果你查看野村的資本結構，你會發現其中大部分是 CET 1。因此我們考慮到了這一點並決定採用 600 億日元這個數字。

It's not necessarily the case that we've set the target at slightly lower than 13%. On the Investor Day we will announce the target range. So if you could wait for some time to come.

我們設定的目標不一定是略低於 13%。在投資者日我們將公佈目標範圍。所以如果你能等待一段時間的話。

Thank you very much. On the first point, I will deviate from this performance announcement, but capital that used to be concentrated in the US is transferring to Europe. You are doing well in the US, but you are facing difficulty in Europe. But trading included, are you beginning to see changes in that trend, or it's premature to probably decide on change of resource allocation, but what do you think about trading resource allocation, regional divide? Have you begun debate on this issue?

非常感謝。關於第一點，我將偏離本次業績公告，但過去集中在美國的資本正在轉移到歐洲。你們在美國做得很好，但在歐洲卻面臨困難。但包括貿易在內，您是否開始看到這種趨勢的變化，或者現在決定改變資源分配可能還為時過早，但您對貿易資源分配、區域劃分有何看法？你們已經開始討論這個問題了嗎？

This is Kitamura speaking. ECB rate reduction is, so there was tailwind for Europe. But in principle, so far it's not as significant as to change our resource allocation, but if this trend continues for longer than expected, maybe we will not be able to avoid having to make that to make such a decision.

我是北村。歐洲央行正在降息，因此對歐洲而言是有利的。但原則上，到目前為止，它還沒有改變我們的資源配置那麼重要，但如果這種趨勢持續的時間比預期的要長，也許我們將無法避免不得不做出這樣的決定。

Well understood. Thank you very much.

很好理解。非常感謝。

Kazuki Watanbae, Daiwa Securities.

Kazuki Watanbae，大和證券。

I am Watanbae from Daiwa. I have two questions. First question is about capital policy buyback of JPY60 billion. What's the rationale for that amount? And as part of that RSCU portion is how much? And three months ago commemorative dividend separate from usual dividend was talked about, but 10% of or more than JPY330 billion is it pure buyback and regarding the reshuffling of the business portfolio sale of Takawa and also Macquarie asset management acquisition. So you are reshuffling the portfolio, but the NRL stock and group stock, is there plan to make a revision to the holdings?

我是 Daiwa 的 Watanbae。我有兩個問題。第一個問題是關於600億日圓資本政策回購。這個數額的理由是什麼？那麼 RSCU 部分佔比是多少呢？三個月前曾討論過與通常股息分開的紀念股息，但其中 10% 或超過 3,300 億日元是純粹的回購，並涉及重組 Takawa 的業務組合出售以及麥格理資產管理收購。所以您正在重新調整投資組合，但是對於 NRL 股票和集團股票，是否有計劃對持股進行修改？

Thank you very much.

非常感謝。

Why JPY60 billion, the rationale behind the number is your question. The rationale is, as I mentioned in my answer to Mr. Muraki, we looked at the various ratios and we came to JPY60 billion.

為什麼是600億日元，這個數字背後的理由就是你的問題。其理由是，正如我在回答村木先生的問題時提到的那樣，我們研究了各種比率，得出的結果是 600 億日元。

And in the JPY60 billion, naturally RSCU portion is included. So even if we deduct that portion more than 50%, our committed total return ratio is satisfied. Does that answer your question? And your second question, various changes to portfolio includes a sale of Takanawa Training Center and as we announced this week, acquisition of Macquarie business. So dynamically there have been changes to our portfolio.

而這600億日圓中自然也包含了RSCU部分。所以即使我們扣除超過50%的部分，我們的承諾總回報率也是滿足的。這回答了你的問題嗎？您的第二個問題，投資組合的各種變化包括出售高輪培訓中心，以及我們本週宣布的收購麥格理業務。因此我們的投資組合發生了動態變化。

Regarding NRI at this point, we do not have a plan of making changes to our holding of stake in MRI, and there are other assets that we have to pay attention to.

關於NRI，目前我們還沒有改變所持有MRI股份的計劃，還有其他資產需要我們關注。

Thank you very much.

非常感謝。

Regarding the first question, just to confirm, RSCU portion JPY60 billion, that's included in the JPY60 billion, then total return ratio of 50%. Then JPY34 billion needs to be paid out for the buyback. Then that means that JPY26 billion or less, that's the portion for RSCU the right understanding.

關於第一個問題，只是為了確認，RSCU 部分 600 億日元，包含在 600 億日元中，那麼總回報率為 50%。那麼就需要支付340億日圓進行回購。那麼這意味著 260 億日元或更少，這是 RSCU 的正確理解。

I leave you to speculate, but you are not far off from the mark. There are JPY49 billion or so, but there is a tax and other factors, then maybe that would be the size of contribution.

我讓你去猜測，但你的猜測也差不多。大約有490億日元，但還有稅收和其他因素，那麼貢獻的規模可能就是這麼多。

As said repeatedly excluding commemorative dividends, so there's regular dividend and also the buyback So, we are exceeding 50% with those.

正如反覆提到的，不包括紀念性股息，所以還有定期股息和回購，因此，我們的股息超過了 50%。

Okay, thank you very much. I understood.

好的，非常感謝。我明白了。

(inaudible) BFA Securities.

（聽不清楚）BFA 證券。

Thank you for taking my question. I have three granular questions. First of all, IT in the three months of Q4, IT expenditure went up. Is this one time off phenomenon or will this be the general level going forward? Second, [MSAC] in Q4, it was rather high again increased and rather high. Last year there was a big transaction, but recently it had been calm. So can we expect that this number will begin to come down?

感謝您回答我的問題。我有三個具體的問題。首先，第四季三個月的IT支出有所增加。這是一次性現象還是會成為未來的普遍現象？第二，第四季的[MSAC]又增加了，而且相當高。去年有一筆大交易，但最近比較平靜。那我們可以預期這個數字會開始下降嗎？

And thirdly, March investment trust sales was weak. What was the reason for this lack of performance and one more point of confirmation, you said, are you talking of April or is equity included for April? You said April has been at the average of 4Q. Is that the total for the global market? That's all from me.

第三，三月投資信託銷售疲軟。造成這種表現不佳的原因是什麼？還有一點要確認，您說的是四月的數據，還是包含四月的股權數據？您說 4 月的數據與 4 季的平均值一致。這是全球市場的總量嗎？我要說的就這些。

This is the CFO speaking. Three questions. First of all, IT expenses. Many combinations have been included and there were some fiscal year and factors included and Half of the third quarter had been injected into four bookings, so will this level continue? No, we don't think so. I hope I answered the first question and your second question in a day as corporate governance, we're trying to strengthen corporate governance and Japanese companies continue to be quite aggressive in their M&A strategies. That is our recognition, but partly due to the trump tariff policies, most recently, I think we need to be cautious and we will be monitoring the situation closely.

我是財務長。三個問題。首先，IT費用。已經包含了許多組合，並且包含了一些財政年度和因素，並且第三季度的一半已經注入了四個預訂，那麼這種水平會持續下去嗎？不，我們不這麼認為。我希望我能在一天內回答第一個問題和您的第二個問題，因為關於公司治理，我們正在努力加強公司治理，而日本公司在併購策略方面繼續採取相當積極的行動。這是我們的認識，但部分原因是由於最近川普的關稅政策，我認為我們需要謹慎，我們將密切關注局勢。

And as I said in my presentation, the FX rate JPY143 to the dollar is probably the current level. It went down to JPY160 to the dollar. So for Japanese businesses there could be positive factors from such perspective and also shifting production to the US, invest more in the US market. Those are some of the things that the businesses are talking about. So corporate governance strengthening is irreversible.

正如我在演講中所說，143日圓兌1美元的匯率可能就是目前的水平。美元兌日圓匯率跌至160日圓。因此，對於日本企業來說，從這個角度來看可能存在積極因素，並將生產轉移到美國，並在美國市場進行更多投資。這些是企業正在談論的一些事情。因此，加強公司治理是不可逆的。

Will there be some deals in the pipeline immediately? We have to stay calm and observe, and the pipeline overseas is not so bad, but again, stock price and market trend seems to be uncertain. So how will the tariff policy end? What will be the end point?

是否會立即達成一些交易？我們必須保持冷靜觀察，海外的管道狀況還不錯，但股價和市場趨勢似乎不確定。那麼關稅政策最終會如何收場？最終的結局會是怎樣？

We've heard that investors are taking a wait and see attitude, and March investment trust sales was poor. First of all, in February, major private infrastructure fund, the deal took place. So new investment trusts have not been launched and there's very little visibility in the market. So amidst such a situation, investors are remaining on the sidelines, but all the more so because we're in difficult times, I think the partnership should be leveraged and also because of this environment rather than trying to sell something to our clients, I think it's time to listen to the challenges that our clients are facing. So you may feel that the numbers are rather poor, but we are not pessimistic at all. And on your final point, April, yeah, well, basically, Q4 April has been following the pattern of Q4 slightly weak in fixed income while equity did well, and that trend remained unchanged, and I think that's the general trend in the GM as a whole.

我們聽到投資人持觀望態度，三月投資信託銷售不佳。首先，2月份，大型私人基礎設施基金發生了交易。因此，新的投資信託尚未推出，而且市場上的知名度很低。因此，在這種情況下，投資者仍然保持觀望態度，但更重要的是，因為我們正處於困難時期，我認為應該利用合作夥伴關係，而且由於這種環境，而不是試圖向客戶推銷某些東西，我認為現在是時候傾聽我們的客戶所面臨的挑戰了。所以你可能會覺得這些數字相當糟糕，但我們一點也不悲觀。關於你的最後一點，四月份，是的，基本上，四月份第四季度一直遵循第四季度的模式，固定收益略微疲軟，而股票表現良好，而且這種趨勢保持不變，我認為這是整個通用汽車的總體趨勢。

Thank you very much.

非常感謝。

(inaudible) JPMorgan Securities.

（聽不清楚）摩根大通證券。

Thank you. (inaudible) JPMorgan Securities. I have two questions. First question. In April, the market had a high volatility. And Impact on flow was explained in many ways, but for example, what about the risk of certain loss counterparty alone position related loss? What about the risk of such loss and what is the impact on risk assets? What is your view on those matters?

謝謝。（聽不清楚）摩根大通證券。我有兩個問題。第一個問題。4月份，市場波動較大。對流量的影響有很多解釋，但例如，單獨交易對手的某些損失頭寸相關損失的風險又如何呢？這種損失的風險有多大？對風險資產有何影響？您對這些事情有何看法？

Not my hope is that you would com that you are not expecting anything significant in impact. Second point is regarding cost to income ratio of wholesale, how do you evaluate that throughout the year? You explained your evaluation, but looking back on the movement over the last several quarters in a good way or that the top line progress has had an impact on the cost-income ratio?

我不希望您認為不會有任何重大影響。第二點是關於批發的成本收入比，您如何評估全年的批發成本收入比？您解釋了您的評估，但回顧過去幾季的走勢，是否以一種好的方式，或者營收成長對成本收入比產生了影響？

Moving forward at a level if the top line is at the level of the fourth quarter, then would it be possible to achieve 80% of cost to income ratio? So especially in the second, third, and fourth quarters looking at the progress of Course.com ratios and what is your evaluation and also could you comment on your future outlook?

如果營收水準與第四季持平，那麼成本收入比有可能達到 80% 嗎？那麼，特別是在第二、第三和第四季度，看看 Course.com 比率的進展，您的評價是什麼？您能否對未來展望發表評論？

Thank you.

謝謝。

Thank you for your questions. In since March or so, market, we've been looking at the market trend and we have been taking quite risk off positions. We have been tightly managing risks. From here C spread is widening, so that calls for our caution. Recently we do not feel impact that have major impact on our positions, but we will be -- we will have to pay close attention to the progress from here.

感謝您的提問。自三月左右以來，我們一直在關注市場趨勢，並且一直持有相當多的風險部位。我們一直在嚴格管理風險。從現在起，C 價差正在擴大，因此需要我們保持謹慎。最近我們並沒有感受到對我們的立場產生重大影響的影響，但我們將——我們必須密切關注這裡的進展。

It's not just us that this entire finance industry will have to pay close attention, but as mentioned earlier, we are being quite cautious, so we do not have cause for concern at this point in time. Regarding the cost to income ratio in the third quarter it was down to 79%. Then it went to 86%. So as you pointed out, there's still room for us to control cost to income ratio. Especially, well this time Course.com ratio looks high. That's because equities execution made a progress. Revenue grew but this business involves a high cost.

不只是我們，整個金融業都必須密切關注，但正如前面提到的，我們非常謹慎，所以目前我們沒有理由擔心。第三季的成本收入比下降至79%。然後上升到 86%。正如您所指出的，我們仍然有控製成本收入比的空間。尤其是，這次的 Course.com 比例看起來很高。這是因為股票執行取得了進展。收入成長了，但這項業務的成本很高。

So cost ratio went up, but other than that, looking at the market data and other areas, we believe there is room for lowering the cost ratio and now various initiatives are underway and it will take some more time for such initiatives to start. Effect on financial statements in wealth management, we took some measures and we see the effects in the P&L, but regarding the initiatives in the wholesale division, we are working on various transformation initiatives and it will take some time before we start to see the effects.

因此成本率上升了，但除此之外，從市場數據和其他領域來看，我們認為還有降低成本率的空間，現在各種措施正在進行中，這些措施的啟動還需要一些時間。對於財富管理財務報表的影響，我們採取了一些措施，並在損益表中看到了效果，但就批發部門的舉措而言，我們正在開展各種轉型舉措，需要一段時間才能看到效果。

Thank you. I understood.

謝謝。我明白了。

Thank you.

謝謝。

Citigroup Securities, Koichi Niwa.

花旗證券，Koichi Niwa。

This is Niwa of Citi speaking. I have two questions. Value at risk and risk assets and the use. First, this was already replied to, there's overlap at page 19. March numbers were quite low. So you said you were already in risk of mood, but was this as a result of intentional control or was it due to the market?

我是花旗銀行的 Niwa。我有兩個問題。風險價值與風險資產及其使用。首先，這個問題已經得到答复，第 19 頁有重疊。三月份的數字相當低。所以你說你已經有情緒風險了，但這是故意控制的結果還是市場的原因？

What was the judgment that led to this operation? The direction seems to be rather different from your competitors, so if there's something that we need to keep in mind, please let us know. That's my first point. Secondly, this fiscal year and the future accounting years and the use of risk assets is the subject of my question. Already you've announced the acquisition of asset management business and brokerage strengthening was in some press reports.

是什麼判斷導致了這次行動？該方向似乎與您的競爭對手有很大不同，因此如果我們需要注意一些事情，請告訴我們。這是我的第一點。第二，我的問題是關於本財年以及未來會計年度的風險資產的使用情況。一些新聞報導稱，你們已經宣布收購資產管理業務並加強經紀業務。

I thought that you used to do business within each division, but are you more aggressive in using risk assets and including the pipeline, can you give us more color and detail?

我以為您以前是在每個部門內做生意，但您是否更積極地使用風險資產並包括管道，您能給我們更多細節嗎？

This is Kitamura speaking. Thank you, Niwa. The first point bar, we announced a full year result and we looked at the market. We had to announce a full year result and we were rather subdued. What about the situation at our competitors? We haven't been.

我是北村。謝謝你，丹羽。第一點，我們公佈了全年業績，並關注了市場。我們必須宣布全年業績，但我們卻相當低調。我們的競爭對手的情況怎麼樣？我們還沒去過。

So monitoring so closely for them it was 1, so they must have been more aggressive, but that's only my imagination. But we took into consideration the recent market situation and controlled quite stringently our business activities.

因此，對他們來說，監視如此密切，這是 1，所以他們一定會更加積極，但這只是我的想像。但我們考慮到最近的市場形勢，對我們的業務活動進行了相當嚴格的控制。

The second question is use of risk weighted assets and Cash PV was touched upon, but that's only in the press reports. There's nothing that has been decided within our company and it's not just Cash PV but we're always debating on various options.

第二個問題是風險加權資產的使用，其中涉及現金現值，但這只是在新聞報導中。我們公司內部還沒有做出任何決定，不只是 Cash PV，我們還一直在討論各種選擇。

And nothing has been decided, and that's a true fact. And the recent news was acquisition, which we announced earlier this week, and most recently, we have been spending much time debating on that deal. Business wise, in wholesale, we've already introduced a self-funding concept and within wholesale, if they are to do new business, they would do that by switching the portfolio.

一切都還沒決定，這是事實。最近的新聞是收購，我們本週早些時候宣布了這一消息，最近我們花了很多時間討論這筆交易。從業務角度來看，在批發領域，我們已經引入了自籌資金的概念，在批發領域，如果他們要開展新業務，他們會透過轉換投資組合來實現。

On the other hand, the most recent announcement regarding the acquisition of the asset management business. It's about public. It's a public company and some of the people gave us comments saying that I thought you'd be acquiring private business, but by having a strong franchise, we could do both on M&A to lay over some private business on top of this platform. That could be a possibility. So we're not saying we won't be using risk assets to a certain extent we will be using risk assets.

另一方面，最近又發布了有關收購資產管理業務的公告。這是關於公眾的。這是一家上市公司，有些人對我們說，我以為你們會收購私人企業，但透過擁有強大的特許經營權，我們可以在併購上同時進行，以便在這個平台上覆蓋一些私營企業。這是有可能的。因此，我們並不是說我們不會使用風險資產，而是在某種程度上我們會使用風險資產。

So if we discover such opportunity in the future, we will be using risk assets.

因此，如果我們將來發現這樣的機會，我們將會使用風險資產。

Thank you very much. Well understood.

非常感謝。很好理解。

Wataru Otsuka, SBI Securities.

大塚涉，SBI 證券。

Thank you. Can you hear me? I am Otsuka from SBI Securities. Yes. I have two questions. Page 7. First question is about wealth management. The flow revenue. I have a question about flow revenue and so on.

謝謝。你聽得到我嗎？我是 SBI 證券的大塚。是的。我有兩個問題。第 7 頁。第一個問題是關於財富管理的。流動收入。我對流量收入等有疑問。

Look at the most recent numbers based upon the situation in April, what is the level of flow revenue? Is it at the same level as the fourth quarter when you look at April? Or is there going to be some slowdown, even a qualitative explanation helps. That's my first question.

看看最近的數字，以四月的情況來看，流量收入的水平是怎麼樣的？從四月來看，是否與第四季處於同一水平？或者是否會出現一些放緩，即使是定性的解釋也有幫助。這是我的第一個問題。

Thank you very much regarding wealth management. No, I do not have numbers here, but looking at the quarter in the third quarter was the toughest quarter for us. And in April, the situation is not as severe as in March. That's it's similar to the fourth quarter. Where there is a decline in market, customers, our clients are buying, but after that there is some swing or fluctuation. So overall, activities have slowed down somewhat, but we are increasing the time.

非常感謝您關於財富管理的問題。不，我這裡沒有數字，但從第三季來看，這是我們最艱難的季度。而進入4月份，情況就沒有3月那麼嚴峻了。這與第四季類似。當市場下滑時，顧客，我們的客戶就會購買，但之後就會出現一些波動。因此總體而言，活動有所放緩，但我們正在增加時間。

To have dialogue with clients and in a market condition like this, it is a good opportunity for us to listen to what customers have to say about their concerns and customers have more and more concerns. So regarding their portfolio by supporting customers with their portfolio, and even though we see slowness right now by spending enough time with customers, eventually our efforts will pay off later.

與客戶進行對話，在這樣的市場條件下，這對我們來說是一個很好的機會，可以傾聽客戶對他們所關心的問題的看法，而且客戶的擔憂越來越多。因此，就他們的投資組合而言，他們透過為客戶提供投資組合支持，儘管我們現在看到透過花足夠的時間與客戶相處而進展緩慢，但最終我們的努力將得到回報。

Thank you. Next question, page 2, is about page 10. Investment management division. The other day you made announcement about Macquarie acquisition, but after the acquisition, as new initiative, not investment, but are you going to focus on business revenue?

謝謝。下一個問題，第 2 頁，是關於第 10 頁的。投資管理部。前幾天你們宣布了收購麥格理的消息，但收購之後，作為新舉措，而不是投資，你們會專注於業務收入嗎？

Yes.

是的。

And another question. Okay, thank you very much. Another question regarding American century. In the fourth quarter there was weakness and recently investment gain loss. American Century, can we assume American Century continues to struggle.

還有另一個問題。好的，非常感謝。關於美國世紀的另一個問題。第四季表現疲軟，近期投資收益出現損失。美國世紀，我們能否假設美國世紀繼續掙扎。

So your question, so the ACI. Indeed, there's the impact of markets and there is volatility for us in order to mitigate volatility, we have hedge in place. So in the fourth quarter, our heads took effect. So even if ACI performance goes up or down, we have hedge to mitigate the impact either way. So ACI evaluation, what is going to be the trend or end result in the first quarter, we cannot tell at this point, but what we aim to achieve is to hold down or suppress volatility.

所以你的問題是，所以是 ACI。確實，市場存在影響，而且對我們來說存在波動，為了減輕波動，我們採取了對沖措施。因此在第四季度，我們的頭腦發揮了作用。因此，即使 ACI 性能上升或下降，我們也有對沖措施來減輕影響。因此，對於 ACI 評估，我們目前無法判斷第一季的趨勢或最終結果如何，但我們的目標是抑制波動性。

Understood.

明白了。

Then it's a rough question, but compared to before, your hedge position, you have more hedge position than before. So investment gain loss impact which used to be big in some quarters, but you won't be able to, you will not be able to recognize such outsized loss as in the past regarding the ACI evaluation, some market factors are suppressed with hedging. So in that sense, volatility will be less than before. On the other hand, within ACI there is some parameter that could move that. Cannot be hedgeable. For example, last year, so there were some fluctuations regarding ACI. That's because of the internal factors. So volatility, we cannot guarantee that volatility comes to zero completely. Okay, my understanding has been clarified.

那麼這是一個粗略的問題，但與以前相比，您的對沖頭寸比以前更多了。因此，投資收益損失的影響在某些季度曾經很大，但你將無法識別出像過去那樣巨大的損失，就 ACI 評估而言，一些市場因素受到對沖的抑制。因此從這個意義上來說，波動性將比以前更小。另一方面，ACI 內部有一些參數可以移動它。不可對沖。例如，去年，ACI 出現了一些波動。這是因為內部因素。因此波動性，我們不能保證波動性會完全降至零。好的，我的理解已經清楚了。

Hideyasu Ban, Bloomberg Intelligence.

彭博產業研究的 Hideyasu Ban。

I have two simple questions. Work management. According to your presentation, net increase of against the JPY80 billion KPI. In comparison to the first half of the quarter in the second half there was market movement that you said that 4Q was difficult, but Q3 was the bottom in terms of acquired assets. So my point is in the second half of the year that ended, versus the recent trend in market chaos, stock asset trend JPY80 billion KPI.

我有兩個簡單的問題。工作管理。按照您介紹，相對於800億日圓的KPI，淨增加了。與上半季相比，下半季的市場波動較大，您說第四季比較困難，但從收購資產的角度來看，第三季是最低的。所以我的觀點是，在剛過去的下半年，相對於近期市場混亂的趨勢，股票資產趨勢800億日圓的KPI。

Have you entered into a stage that you are able to elevate the KPI further from the run rate, was last year's performance rather strong? It's rather abstract, but that's my question. And the second question is regarding details, JPY60 billion buyback. CET 1 ratio, you said that that was in your mind, equity ratio, you Already announced the Takanawa Training Center sales proceeds from that asset sales.

你們是否已經進入了可以從運行率進一步提升KPI的階段，去年的表現是否相當強勁？這很抽象，但這就是我的問題。第二個問題是關於細節，600億日圓回購。CET 1 比率，您說那是您心裡想的，股權比率，您已經宣布了 Takanawa 培訓中心的資產銷售收益。

If that's not included in shareholder return, then for next fiscal year that would be included in shareholder return. So that will be a repetition, but if you have some comments regarding that point as well, I'd appreciate.

如果這不包括在股東回報中，那麼下一財年這將包括在股東回報中。所以這將是一次重複，但如果您就這一點也有一些評論，我將不勝感激。

Thank you. This is Kitamura speaking. Regarding the increase in stock assets first quarter and second quarter of last year, it was strong and in a way it was more than expected.

謝謝。我是北村。至於去年第一季和第二季的存量資產成長，表現強勁，某種程度上超出了預期。

But what we want you to focus is the red portion, which includes corporates. And there's quite big volatility and the gray zone is the asset net gain and loss, and you see that the level has been high and true that Q3 was low, but Q4 was at a high level.

但我們希望您關注的是紅色部分，其中包括企業。而且波動性相當大，灰色地帶是資產淨損益，你會看到水平一直很高，確實第三季較低，但第四季處於高水準。

Was Q3 at the bottom? It's difficult to say, but if we look at the plunge in the market most recently, wealth management, which is our core, and PWM. In these areas, by outperform sales and recurring assets increased on net basis, so we see robustness.

Q3 處於底部嗎？很難說，但如果我們看看最近市場的暴跌，財富管理，也就是我們的核心，以及PWM。在這些領域，由於銷售額和經常性淨值增加，我們看到了穩健性。

And I think we've been doing well in terms of our conversation with our customers and outside of WM and PWM affluent class through digital means we are providing services. So we are trying to achieve net gain and the wealth management division is making all our efforts to do that this fiscal year as well.

我認為我們在與客戶以及 WM 和 PWM 富裕階層之外的對話方面做得很好，我們透過數位方式提供服務。因此，我們正在努力實現淨收益，財富管理部門也正在盡一切努力在本財年實現這一目標。

JPY60 billion, Takanoa proceeds. Takanoa proceeds is recognized in 1 and when we decided the shareholder return for last fiscal year, which was announced today, this was not included. Takanoa was not included.

600億日元，Takanoa收益。Takanoa 收益在 1 中得到確認，當我們決定今天宣布的上一財年的股東回報時，這並沒有被包括在內。Takanoa 並未被納入。

Thank you very much for answering my questions.

非常感謝您回答我的問題。

We'd like to conclude question and answer session. If you have some more questions, please ask our Nomura Holdings IR department. In the end, we'd like to make a closing address by Nomura Holdings.

我們想結束問答環節。如果您還有其他問題，請諮詢我們的野村控股 IR 部門。最後，我們請野村控股致閉幕詞。

Thank you for attending. As I said at the beginning, our initiatives are finally materializing as numbers and on a full it was a strong performance. Profit was at a record high and for four quarters in a row, 8% target was exceeded.

謝謝您的出席。正如我在一開始所說的，我們的舉措最終以數字的形式體現出來，總體而言，這是一個強勁的表現。利潤創歷史新高，連續四個季度超額完成8%的目標。

That shows the stability of our performance. Since April we have established a banking division and we have announced the acquisition of Macquarie assets and we are implementing various initiatives. So in order to stabilize business we are doing what we can do everything we can do. On the other hand, market environment is quite severe and challenging. So I received a question about wholesale but cost control and the business process transformation still is only halfway at its halfway point. So just because the performance are strong this time we would continue working on our initiatives.

這顯示我們的業績很穩定。自四月以來，我們成立了銀行部門，並宣布收購麥格理資產，並且正在實施各種措施。因此，為了穩定業務，我們正在盡我們所能。另一方面，市場環境也相當嚴峻，充滿挑戰。因此，我收到了一個關於批發的問題，但成本控制和業務流程轉型仍處於中途階段。因此，僅僅因為這次表現強勁，我們就會繼續努力推進我們的舉措。

And by delivering the strong results continuously, hopefully your view toward us will improve and market evaluation of us will improve. So continuously we will make company-wide efforts and thank you very much for your continued support. Thank you.

透過不斷取得強勁的業績，希望您對我們的看法會有所改善，市場對我們的評價也會有所提升。因此，我們將全公司上下不斷努力，非常感謝您一直以來的支持。謝謝。

Thank you for taking your time, and that concludes today's conference call. You may now disconnect your lines. The host has placed this conference on hold.

感謝您抽出時間，今天的電話會議到此結束。現在您可以斷開線路了。主持人已暫停本次會議。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中的英文陳述是由現場翻譯人員宣讀的。翻譯由贊助此活動的公司提供。