v3.26.1
Non-trading investments
12 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Non-trading investments
6.
Non-trading
investments:
Available-for-sale
(“AFS”) debt securities
 
Amortized cost and fair value amounts of AFS debt securities
The following table presents the amortized cost and fair value of major types of AFS debt securities as well as cumulative unrealized gains and unrealized losses recognized through
Accumulated other comprehensive income (loss)
since acquisition as of March 31, 2025 and 2026.
 
    
Millions of yen
 
    
March 31, 2025
 
    
Amortized cost
 (1)
    
Unrealized gains
    
Unrealized losses
   
Fair value
 
Japanese government securities
   ¥ 25,001      ¥
— 
     ¥ (187   ¥ 24,814  
Japanese agency and municipal securities
     81,913        19        (1,495     80,437  
Bank and corporate debt securities
     1,790       
— 
       (11     1,779  
  
 
 
    
 
 
    
 
 
   
 
 
 
Total
   ¥ 108,704      ¥ 19      ¥ (1,693   ¥ 107,030  
  
 
 
    
 
 
    
 
 
   
 
 
 
 
 
  
Millions of yen
 
 
  
March 31, 2026
 
 
  
Amortized cost
 (1)
 
  
Unrealized gains
 
  
Unrealized losses
 
 
Fair value
 
Japanese government securities
   ¥ 99,977      ¥
— 
     ¥ (493 )   ¥ 99,484  
Japanese agency and municipal securities
     160,639       
       (4,129 )     156,510  
Bank and corporate debt securities
     15,636       
— 
       (286 )
 
    15,350  
  
 
 
    
 
 
    
 
 
   
 
 
 
Total
   ¥ 276,252      ¥
     ¥ (4,908 )   ¥ 271,344  
  
 
 
    
 
 
    
 
 
   
 
 
 
 
(1)
No allowances for credit losses have been recognized as of March 31, 2025 and 2026.
 
The following table presents the amortized cost and fair value of major types of AFS debt securities, categorized by contractual maturity as of March 31, 2025 and 2026.
 
 
  
Millions of yen
 
 
  
March 31, 2025
 
  
March 31, 2026
 
 
  
Amortized cost
 (1)
 
  
Fair value
 
  
Amortized cost
 (1)
 
  
Fair value
 
Japanese government securities
  
  
  
  
less than 1 year
   ¥
— 
     ¥
— 
     ¥ 19,997      ¥ 19,961  
1 year to 5 years
     25,001        24,814        79,980        79,523  
  
 
 
    
 
 
    
 
 
    
 
 
 
Subtotal
   ¥ 25,001      ¥ 24,814      ¥ 99,977      ¥ 99,484  
  
 
 
    
 
 
    
 
 
    
 
 
 
Japanese agency and municipal securities
           
less than 1 year
 
¥
— 
 
 
¥
— 
 
 
¥ 1,395
 
 
¥ 1,387
 
1 year to 5 years
   81,913      80,437      159,244      155,123  
  
 
 
    
 
 
    
 
 
    
 
 
 
Subtotal
   ¥ 81,913      ¥ 80,437      ¥ 160,639      ¥ 156,510  
  
 
 
    
 
 
    
 
 
    
 
 
 
Bank and corporate debt securities
           
1 year to 5 years
   ¥ 1,790      ¥ 1,779      ¥ 15,636      ¥ 15,350  
  
 
 
    
 
 
    
 
 
    
 
 
 
Subtotal
   ¥ 1,790      ¥ 1,779      ¥ 15,636      ¥ 15,350  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total
   ¥ 108,704      ¥ 107,030      ¥ 276,252      ¥ 271,344  
  
 
 
    
 
 
    
 
 
    
 
 
 
 
(1)
No allowances for credit losses have been recognized as of March 31, 2025 and 2026
.
AFS debt securities in an unrealized loss position
The
following table presents the fair value of major types of AFS debt securities that are in an unrealized loss position as of March 31, 2025 and 2026, and the
duration of the unrealized loss status. An unrealized loss exists where the fair value of an individual AFS debt securities is less than its amortized cost basis.
 

 
 
Millions of yen
 
 
 
March 31, 2025
 
 
March 31, 2026
 
 
 
Fair value
 
 
Unrealized losses
 
 
Number of debt
securities
 
 
Fair value
 
 
Unrealized losses
 
 
Number of debt
securities
 
Japanese government securities
 
 
 
 
 
 
Less than 12 months
  ¥  24,814     ¥ (187     4     ¥   74,665     ¥ (311 )     8  
12 months or longer
    —        —        —        24,819       (182     4  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Subtotal
  ¥ 24,814     ¥ (187     4     ¥ 99,484     ¥ (493 )     12  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Japanese agency and municipal securities
           
Less than 12 months
  ¥ 68,063     ¥ (1,495     72     ¥ 89,242     ¥ (1,828 )     80  
12 months or longer
    —        —        —        67,268       (2,301     72  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Subtotal
  ¥ 68,063     ¥ (1,495     72     ¥ 156,510     ¥ (4,129 )     152  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Bank and corporate debt securities
           
Less than 12 months
  ¥ 1,779     ¥ (11     3     ¥ 13,485     ¥ (260 )     28  
12 months or longer
 
 
— 
 
 
 
— 
 
 
 
— 
 
 
 
1,865
 
 
 
(26
 
 
3
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Subtotal
  ¥ 1,779     ¥ (11     3     ¥ 15,350     ¥ (286 )     31  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total
  ¥  94,656     ¥  (1,693      79     ¥  271,344     ¥ (4,908 )      195  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 

Nomura does not intend to sell, nor is it likely to be required to sell, any AFS debt securities which were in an unrealized loss position as of March 31, 2025 and 2026, prior to when the fair value of each of these AFS debt securities is expected to recover above each individual amortized cost basis. No allowances for credit losses have been recognized against AFS debt securities as of March 31, 2025 and 2026.
The amount of accrued interest receivable from AFS debt securities was not significant as of March 31, 2025 and 2026. There was no
write-off
of accrued interest receivable during the years ended March 31, 2025 and 2026, respectively.
Sales and transfers of AFS debt securities
The amount of sales of AFS debt securities was not significant during the years ended March 31, 2025 and 2026. There were no transfers or reclassification of AFS debt securities into trading assets during the years ended March 31, 2025 and 2026.
Held-to-maturity
(“HTM”) debt securities
As of March 31, 2025 and 2026, there were no debt securities classified as HTM debt securities.
Non-trading
equity investments
Unrealized gains and losses of
non-trading
equity investments
The unrealized gain and losses on equity investments owned by
non-BD
entities that are not investment companies during the years ended March 31, 2025
 and 2026 were ¥
2,630
 
million loss and ¥
12,452
million
gain, respectively. These equity securities do not include equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the FVO. Please see Note 2 “
Fair Value Measurements
” for the unrealized gains and losses on equity securities for which the FVO has been elected.
Non-trading
equity investments elected for the fair value measurement alternative 
The carrying value of
non-trading
equity investments without readily determinable fair values held by
non-BD
entities carried at fair value where fair value is determined using the fair value measurement alternative as of March 31, 2025 and 2026, were ¥
95,529
 
million and ¥
102,546
 
million, respectively. The amounts of cumulative impairment losses, and upward and downward fair value adjustments as a result of observable price changes from orderly transactions in identical or sufficiently similar equity investments were not significant as of March 31, 2025 and 2026.
During the years ended March 31, 2025 and 2026 the amounts of impairment losses, and upward and downward fair value adjustments recognized for these
non-trading
equity investments were not significant.