Therefore, we felt it was inevitable that we go global. And for that purpose, we acquired Lehman Brothers businesses in Europe and Asia and integrated it with our business, and we overcame the shortages that we had in our business. But, what happened in FY March 2012 is headwind that hits the overall investment banking business or industry, which was very severe. So we are responding swiftly to these changes in the market, as I mentioned earlier.

And we are focused on client-centered business, and we are progressing in expanding our client base. And while the overall market shrinks, we are expanding our revenue share in the shrinking market. And as of today and going forward, as Asia’s global investment bank, we want to further make clear our position as Asia’s global investment bank. And while there are regional champions in Europe and the U.S., we feel there could be some regional champions from Asia and as one of these Asian regional champions, we want to become a global financial services institution based in Asia.

In Japan, we have a very strong business base. But globally, we are not able to offer everything to all clients. So we have to be more selective in our strategy. We have to sharpen our wholesale strategy. And right now, we are focused on our strength in Asia, as well as being relevant to our client. We do not want to be just like any other player who can do or try to do everything. We want to be more selective and choose which areas we can offer value to our clients and we want to deepen that strength.

And thirdly, as for the clients that we chose to deepen our relations with, we want to deliver everything that Nomura can offer to these clients. I will explain in more detail later, but our solution business, this is going to be the foundation of our solution business and fourthly, innovation and intellectual capital will be important. For the domestic business, we have the retail business, and the asset management businesses which generate stable revenues. So, we want to improve our profitability for the overall firm and fulfill our responsibility to our stakeholders.

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