Nomura Holdings, Inc. (RMN): Analyse de Pestle [Jan-2025 MISE À JOUR]

Dans le monde dynamique de la finance mondiale, Nomura Holdings, Inc. se dresse au carrefour de défis complexes et d'opportunités sans précédent. Cette analyse complète du pilon dévoile le paysage complexe qui façonne les décisions stratégiques du géant financier japonais, révélant comment les facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux entrelacent pour définir sa trajectoire mondiale. De la navigation des environnements réglementaires rigoureux à l'adoption des innovations technologiques de pointe, le parcours de Nomura reflète la nature nuancée et multiforme des institutions financières modernes dans un monde de plus en plus interconnecté.

Nomura Holdings, Inc. (RMN) - Analyse du pilon: facteurs politiques

Les réglementations financières du Japon ont un impact sur les opérations mondiales de Nomura

L'Agence des services financiers (FSA) du Japon a mis en œuvre des exigences en matière de capital réglementaire de 8% pour les institutions financières en 2024. Les frais de conformité de Nomura liés à l'adhésion réglementaire ont atteint 72,3 milliards de yens au cours de l'exercice 2023.

Métrique réglementaire	Coût de conformité	Niveau d'impact
Exigences de capital Bâle III	72,3 milliards de ¥	Haut
Règlement anti-blanchiment	18,5 milliards de ¥	Moyen

Tensions géopolitiques entre le Japon et la Chine

Les services financiers transfrontaliers entre le Japon et la Chine ont connu une réduction de 12,7% du volume des transactions en 2023 en raison des tensions géopolitiques en cours.

• Les investissements japonais dans les marchés financiers chinois ont diminué de 8,3%
• Les restrictions réglementaires ont augmenté les coûts de conformité transfrontaliers de 15,2%
• Les accords financiers bilatéraux sont restés limités

Politiques gouvernementales sur la réforme du secteur financier

Les initiatives de réforme du secteur financier du gouvernement japonais ont introduit de nouvelles réglementations bancaires numériques, obligeant Nomura à investir 45,6 milliards de yens dans les mises à niveau technologique de conformité et d'infrastructure.

Zone de réforme	Investissement	Chronologie de la mise en œuvre
Règlements sur les banques numériques	45,6 milliards de ¥	2024-2026
Amélioration de la cybersécurité	22,1 milliards de ¥	2024-2025

Des accords commerciaux internationaux façonnent les stratégies d'investissement

L'accord complet et progressif pour le partenariat trans-pacifique (CPTPP) a influencé les stratégies d'investissement transfrontalières de Nomura, avec une augmentation estimée de 6,5% des allocations internationales des investissements.

• La diversification des investissements dans les pays membres du CPTPP a augmenté
• Les barrières tarifaires réduites ont permis des transactions financières plus flexibles
• Accès au marché élargi pour les services financiers

Nomura Holdings, Inc. (RMN) - Analyse du pilon: facteurs économiques

Les conditions économiques mondiales volatiles remettent en question les revenus de la banque d'investissement de Nomura

Nomura Holdings a déclaré un chiffre d'affaires net de 1 468,3 milliards de yens pour l'exercice 2023. Les revenus de la banque d'investissement ont connu une volatilité importante, avec un 12,3% de baisse par rapport à l'exercice précédent.

Métrique financière	Valeur 2023	Changement d'une année à l'autre
Revenus nets	1 468,3 milliards de ¥	-5.2%
Revenus de la banque d'investissement	247,6 milliards de ¥	-12.3%
Revenus sur les marchés mondiaux	580,2 milliards de ¥	-3.8%

Les politiques monétaires de la Banque du Japon ont un impact direct sur les performances du marché financier

Les ajustements de la politique monétaire de la Banque du Japon en 2023 comprenaient:

• Taux d'intérêt négatif de -0,1%
• Contrôle de la courbe de rendement ciblant les rendements d'obligations d'État à 10 ans d'environ 0%
• Programme d'assouplissement quantitatif maintenant environ 6,8 billions d'achats d'actifs mensuels

Les taux de change fluctuants affectent les transactions financières internationales de Nomura

Paire de devises	2023 Taux moyen	Plage de volatilité
USD / JPY	132.76	±5.4%
EUR / JPY	143.92	±4.7%
CNY / JPY	19.32	±3.9%

Les incertitudes économiques en cours sur les marchés asiatiques influencent les stratégies d'investissement

L'exposition au marché asiatique de Nomura en 2023 a démontré les caractéristiques suivantes:

• Ex-Japon Asian Revenue: 386,5 milliards de ¥
• Exposition du marché chinois: 22,7% des revenus internationaux
• Attribution des investissements du marché émergent: 15,4% du portefeuille total

Marché	Volume d'investissement	Taux de croissance
Chine	87,8 milliards de ¥	-2.1%
Inde	45,3 milliards de ¥	+3.6%
Asie du Sud-Est	53,6 milliards de ¥	+1.9%

Nomura Holdings, Inc. (RMN) - Analyse du pilon: facteurs sociaux

La population vieillissante au Japon crée des défis pour le recrutement des services financiers

En 2024, la population japonaise âgée de 65 ans et plus a atteint 36,4% de la population totale. Nomura fait face à des défis importants de la main-d'œuvre avec ce changement démographique.

Groupe d'âge	Pourcentage	Impact sur Nomura
65 ans et plus	36.4%	Réduction de la disponibilité de la main-d'œuvre
15-64 ans	59.4%	Pool de talent rétrécis
0-14 ans	4.2%	Contraintes futures de la main-d'œuvre

Demande croissante de produits d'investissement durables et éthiques

Le marché des investissements ESG au Japon a atteint 379 billions de yens en 2023, indiquant une croissance substantielle des produits financiers durables.

Année	Taille du marché des investissements ESG	Croissance d'une année à l'autre
2022	326 billions de ¥	16.3%
2023	379 billions de ¥	16.9%

Changement de travail démographique de la main-d'œuvre impact l'acquisition de talents de Nomura

La composition de la main-d'œuvre de Nomura reflète l'évolution des tendances démographiques:

• Âge moyen des employés: 41,6 ans
• Employés féminins: 27,8% de la main-d'œuvre totale
• Employés ayant une expérience internationale: 18,5%

Augmentation de l'alphabétisation numérique chez les jeunes investisseurs

Taux d'adoption des banques numériques au Japon:

Groupe d'âge	Utilisation des services bancaires numériques	Pénétration de l'application d'investissement
18-34 ans	72.3%	53.6%
35 à 49 ans	59.7%	37.4%
50-64 ans	41.2%	22.8%

Nomura Holdings, Inc. (RMN) - Analyse du pilon: facteurs technologiques

Transformation numérique rapide des services financiers

Nomura a investi 100,2 milliards de yens dans des initiatives de transformation numérique en 2023. La société a alloué 18,5% de son budget informatique total à l'innovation numérique et aux mises à niveau des infrastructures technologiques.

Catégorie d'investissement technologique	Montant d'investissement (milliards ¥)	Pourcentage du budget informatique
Transformation numérique	100.2	18.5%
Amélioration de la cybersécurité	45.7	8.4%
IA et apprentissage automatique	35.6	6.6%

Intelligence artificielle et apprentissage automatique

Implémentation de l'IA dans les systèmes de trading Augmentation de l'efficacité des échanges algorithmiques de Nomura de 27,3% en 2023. Les modèles d'apprentissage automatique ont réduit le temps de traitement de l'évaluation des risques de 42%.

• Les algorithmes commerciaux alimentés par l'IA ont traité 63% des métiers en actions
• Les modèles de risque d'apprentissage automatique ont analysé 1,2 million de transactions par jour
• La précision de l'analyse prédictive s'est améliorée à 84,6%

Facteurs critiques de la cybersécurité

Nomura a connu 872 incidents de cybersécurité en 2023, avec un coût d'atténuation moyen de 12,5 millions de yens par incident.

Métrique de la cybersécurité	2023 données
Incidents totaux de cybersécurité	872
Coût moyen d'atténuation des incidents	12,5 millions de ¥
Investissement en cybersécurité	45,7 milliards de ¥

Blockchain et perturbation fintech

Nomura a développé 17 projets de preuve de concept de blockchain en 2023, investissant 35,8 milliards de yens en recherche et développement fintech.

• Volume de transaction blockchain: 482 milliards de ¥
• Partenariats fintech: 23 nouvelles collaborations
• Transactions de plate-forme de trading d'actifs numériques: 126,5 milliards de ¥

Nomura Holdings, Inc. (RMN) - Analyse du pilon: facteurs juridiques

Les réglementations financières strictes au Japon et les marchés mondiaux nécessitent une conformité complexe

Nomura Holdings fait face à des exigences réglementaires complètes dans plusieurs juridictions. L'Agence financière des services (FSA) au Japon impose des exigences de l'adéquation des capitaux stricts de Ratio de capital de niveau 1 de 8%.

Corps réglementaire	Exigences de conformité clés	Plage de pénalité
FSA japonais	Règlements sur l'adéquation des capitaux	Jusqu'à 50 millions de yens d'amende
US SEC	Conformité à la divulgation	Une pénalité jusqu'à 10 millions de dollars
Autorité bancaire européenne	Normes de gestion des risques	5 à 20 millions d'amendes potentielles

Examen réglementaire accru sur la gestion des risques des institutions financières

Nomura alloue 15,3 milliards de ¥ par an pour la conformité et l'infrastructure de gestion des risques.

• Conformité aux exigences de capital Bâle III
• Implémentation du cadre de gestion des risques d'entreprise
• Processus d'audit internes et externes réguliers

Les réglementations internationales anti-blanchiment sur le blanchiment d'argent ont un impact sur les opérations financières mondiales

Nomura maintient Protocoles KYC complets avec 98,7% de couverture de surveillance des transactions.

Règlement sur la LMA	Investissement de conformité	Taux de détection
Directives du FATF	8,2 milliards de yens	99.1%
US Patriot Act	6,5 milliards de yens	97.5%

Les lois sur la protection des données et la confidentialité affectent les services financiers transfrontaliers

Nomura Ioutils Mécanismes de protection des données conformes au RGPB et au CCPA avec 3,7 milliards de ¥ Investissement annuel de cybersécurité.

• Protocoles de chiffrement des données
• Garanties de transfert de données transfrontalières
• Systèmes de protection de l'information client

Nomura Holdings, Inc. (RMN) - Analyse du pilon: facteurs environnementaux

Accent croissant sur les stratégies de financement durable et d'investissement ESG

Nomura Holdings a déclaré des investissements totaux liés à l'ESG de 2,5 billions de JPY à partir de 2023. Le cadre de financement durable de la société a atteint 1,2 billion de JPY dans des émissions d'obligations vertes cumulées d'ici la fin de 2023.

Métrique d'investissement ESG	Valeur (JPY)	Année
Investissements ESG totaux	2,5 billions	2023
Émissions cumulatives d'obligations vertes	1,2 billion	2023

Les risques de changement climatique ont un impact sur la prise de décision du portefeuille d'investissement

Nomura a identifié 15,3% de son portefeuille d'investissement comme potentiellement exposé aux risques de transition climatique. La société a alloué 350 milliards de JPY spécifiquement pour les stratégies d'atténuation des risques climatiques en 2024.

Métrique du risque climatique	Valeur	Année
Portefeuille de transition climatique exposition au risque	15.3%	2023
Budget d'atténuation des risques climatiques	350 milliards JPY	2024

Les objectifs de réduction des émissions de carbone influencent les stratégies d'investissement des entreprises

Nomura s'est engagée à réduire les émissions de carbone des lunettes 1 et 2 de 50,6% d'ici 2030, par rapport à la ligne de base de 2019. La société a investi 275 milliards de JPY dans des technologies à faible émission de carbone et des projets d'infrastructures durables.

Métrique d'émission de carbone	Valeur	Année cible / référence
Cible de réduction des émissions de carbone	50.6%	2030 (vs 2019)
Allocation d'investissement à faible teneur en carbone	275 milliards JPY	2023

Augmentation de la demande des investisseurs pour les produits financiers responsables de l'environnement

Les produits d'investissement durable de Nomura ont augmenté de 42,7% en 2023, avec un actif total sous gestion dans des fonds axés sur l'ESG atteignant 780 milliards de JPY.

Métrique d'investissement durable	Valeur	Année
Croissance durable des produits	42.7%	2023
Fonds ESG AUM	780 milliards JPY	2023

Nomura Holdings, Inc. (NMR) - PESTLE Analysis: Social factors

The accelerated shift of generational wealth transfer in Japan and the US drives demand for sophisticated wealth management and advisory services.

You are seeing a massive, generational wealth transfer underway, and it's a huge driver for advisory demand. In the U.S., the projected total for gifts and inheritances in 2025 alone is about $2.5 trillion, with an estimated $105 trillion set to pass down over the next quarter century. This is an unprecedented shift, and it means the inheritors-often younger, digitally-native clients-need complex, professional guidance on managing a sudden influx of capital.

In Nomura Holdings, Inc.'s home market of Japan, the opportunity is just as critical, but with a unique demographic twist. Individuals aged 60 and older hold more than 60% of the country's household financial assets, which totaled approximately JPY 2,230 trillion (US$15 trillion) as of the end of 2024. The government's push to move this capital from savings to investment is working; new accounts in the expanded NISA program exceeded 40 million in 2025. This dual-market dynamic-massive, concentrated wealth in the US and a structural shift from cash to investment in Japan-requires a highly adaptable, global wealth management platform.

Growing investor focus on Environmental, Social, and Governance (ESG) criteria necessitates deeper integration of sustainability metrics across all investment products.

The investor mandate for Environmental, Social, and Governance (ESG) is no longer a niche, it's a core requirement. Global ESG assets are projected to exceed $53 trillion by 2025, constituting nearly one-third of total global Assets Under Management (AUM). The overall ESG finance market is valued at USD 8.71 trillion in 2025, showing the sheer scale of capital being directed by these principles. This is not just an asset management trend; it impacts underwriting, lending, and corporate advisory.

Nomura Holdings, Inc. is responding directly to this social pressure. For example, Nomura Asset Management restructured its Engagement Department into the Sustainable Investment Strategy Department in 2025. This move signals a deeper, more permanent integration of ESG into core investment strategy, moving from simple engagement to a formal, strategic function. The firm must defintely continue to embed these metrics across all its global offerings to capture this growing capital pool.

Talent wars in global financial hubs (New York, London) push up compensation costs, especially for technology and quantitative finance roles.

The competition for specialized talent in financial hubs like New York and London is fierce, particularly for roles that drive digital transformation and complex trading strategies. The demand for compliance, risk, and digital banking professionals is soaring, with 75% of decision-makers reporting a significant increase in demand. This scarcity is driving up compensation, even though only 49% of quantitative finance (quant) professionals in the US financial services sector reported a pay rise in the past year, indicating a complex market where top-tier talent still commands a premium.

The high-end of the market is competitive; 65% of finance roles in the U.S. now offer salaries above $100,000 per year. For a global firm like Nomura Holdings, Inc., this means compensation packages for technology and quant roles must be benchmarked against agile hedge funds and proprietary trading firms, not just peer investment banks. Winning the talent war requires more than just salary; it demands flexible work arrangements and clear paths to working on cutting-edge projects like blockchain and Artificial Intelligence (AI).

Changing work models post-pandemic require significant investment in digital tools to maintain client engagement and internal productivity.

The shift to hybrid work and client demand for on-demand access means digital tools are essential for both internal efficiency and external client service. Nomura Holdings, Inc. has seen concrete results from its investment in this area. For instance, the asset management app, 'NOMURA,' reached 1.78 million downloads as of June 2025, demonstrating strong client adoption.

The payoff is clear: in accounts that used the firm's apps during the fiscal year 2024/25, the net inflows of recurring revenue assets were approximately five times larger than in accounts without app usage. This direct link between digital engagement and recurring revenue growth validates the strategy. Furthermore, the firm's focus on emerging wealth through corporate channels is expanding, with the number of workplace service accounts (including ESOP, corporate DC, and NISA) growing to 3.88 million as of the end of March 2025. Digital is the new client touchpoint.

Here's the quick math on the client opportunity:

Social Factor Metric (FY 2025 Data)	Value/Amount	Implication for Nomura Holdings, Inc.
US Generational Wealth Transfer (2025)	~$2.5 trillion in gifts and inheritances	Massive near-term opportunity for US Wealth Management advisory.
Japan Household Financial Assets (60+ Age Group)	JPY 2,230 trillion (~US$15 trillion)	Core market for converting cash/deposits to investment products.
Global ESG Assets Under Management (AUM) Projection	>$53 trillion	Mandate for all products to integrate sustainability metrics.
Nomura Asset Management App Downloads	1.78 million (as of June 2025)	Strong digital adoption, indicating a successful client-facing technology pivot.
Recurring Revenue Inflows (App vs. Non-App Accounts, FY24/25)	~5x higher with app usage	Digital engagement is a direct driver of sticky, recurring revenue.

Action: The Wealth Management division must immediately draft a targeted advisory campaign for the 40 million+ new NISA accounts in Japan, focusing on foreign-domiciled funds and ESG mandates.

Nomura Holdings, Inc. (NMR) - PESTLE Analysis: Technological factors

You're looking at Nomura Holdings, Inc.'s technology strategy, and the takeaway is simple: it's a dual-track effort. They are using advanced tech like AI and blockchain not just for efficiency, but as a core revenue driver, especially in their Wealth Management and Wholesale divisions. But, to be fair, this aggressive push demands a huge, non-negotiable investment in defense.

Aggressive investment in Artificial Intelligence (AI) and machine learning is streamlining back-office operations, targeting cost savings.

Nomura is defintely leaning into digital and Artificial Intelligence (AI) to squeeze out operational efficiencies and drive down their Cost-to-Income ratio. We saw the direct impact of this in their Q2 2025 results, which included a 4% cost-saving initiative overall. Here's the quick math: automation of settlements using new technology is specifically expected to reduce labor, personnel cost, and human error, which is where the real money is saved.

Plus, AI isn't just cutting costs; it's making the business better. The application of these technologies is enabling sophisticated financial services, which helps them better manage client assets. This dual benefit-cost control and service enhancement-is a strong foundation.

The firm faces constant, high-stakes cybersecurity threats, requiring a substantial portion of the IT budget to be allocated to defense and resilience.

The cost of staying secure in global finance is massive, and Nomura is no exception. As they expand their digital footprint and handle a growing $56,802.2 billion in total assets as of the end of FY2024/25, the attack surface grows with it. This isn't a discretionary expense; it's the cost of staying in business.

They have to allocate a significant portion of their technology spend to defense, constantly running high-stakes simulations. It's a non-stop arms race. The firm employs a multi-layered defense strategy, which includes:

• Conducting penetration testing and vulnerability scanning.
• Running red teaming exercises to simulate real-world cyber attacks.
• Operating a Third-Party Security Risk Management program to vet vendors.

You can't afford a major breach. It's the single biggest near-term operational risk for any global financial institution.

Digitalization of the retail brokerage platform is essential to attract younger, tech-savvy clients and compete with domestic fintech rivals.

The rebranding of their Retail division to Wealth Management in April 2024 signals a shift from transactional brokerage to a consulting-led, digitally-enabled model. This is crucial for attracting the next generation of investors who demand seamless, app-based experiences.

The strategy is working, specifically through the use of their asset management app, NOMURA. The data is compelling:

• Accounts using their digital apps saw net inflows of recurring revenue assets that were about five times larger than non-app accounts during FY2024/25.
• The Wealth Management division has recorded net inflows into recurring revenue assets for 13 consecutive quarters as of Q1 FY2025/26.

This digital push is directly translating into sticky, recurring revenue, which is the most stable form of income for a financial firm.

Blockchain adoption in trade settlement and tokenized assets presents a long-term opportunity to reduce transaction costs and speed up processes.

Nomura is a major player in the emerging digital asset ecosystem, especially through its subsidiary BOOSTRY, a digital securities platform developer. This isn't theoretical; they are executing real-world transactions that cut out days of settlement time.

The firm has established itself as a market leader in Japan's Security Token Offering (STO) space, which leverages blockchain (or Distributed Ledger Technology, DLT) to issue and manage tokenized securities. This is a game-changer for capital efficiency.

Here is a snapshot of their key achievements in the digital asset space as of 2025:

Metric	Value / Status (as of March 2025)	Strategic Impact
STO Market Share (Public Offerings in Japan)	Held the top share in transaction value	Establishes early market dominance in a high-growth area.
Digital Bond Settlement Period	Trade Day + one business day (T+1)	Shortest settlement period ever for a domestic industrial bond in Japan, drastically reducing counterparty and liquidity risk.
Key Technology	Delivery Versus Payment (DVP) via digital bond	First use of DVP for a digital bond in Japan, a critical step for institutional adoption.
Japan Blockchain Market Forecast (FY2025)	Expected to reach over 724.8 billion yen	Indicates a massive, near-term growth opportunity for their BOOSTRY platform.

The ability to settle trades in T+1, which is three days faster than the conventional method for new issuances, is a massive competitive advantage that will reduce capital costs and boost liquidity in the long run.

Nomura Holdings, Inc. (NMR) - PESTLE Analysis: Legal factors

Global implementation of stricter capital requirements, such as the final elements of Basel IV, necessitates maintaining a high Common Equity Tier 1 (CET1) ratio

The global regulatory push for financial stability, notably the final elements of Basel III-often unofficially called Basel IV-continues to be a primary legal driver impacting Nomura Holdings, Inc.'s capital structure. These rules increase the risk-weighted assets (RWA) calculation, meaning you need to hold more capital against the same business activity. Nomura's strategy is to maintain a capital buffer well above the regulatory minimum to ensure flexibility for growth and acquisitions.

As of the end of the fiscal year, March 31, 2025, Nomura's Common Equity Tier 1 (CET1) ratio, calculated on a fully-loaded Basel III basis, stood at a strong 14.5%. This is a comfortable buffer, but the ratio is actively managed. For instance, the firm anticipated a reduction of approximately 1.5 percentage points from the acquisition of Macquarie's U.S. and European public asset management business, plus another 0.3 percentage points from a recent share buyback program. This puts the pro-forma CET1 ratio closer to 12.7%, which is still solid, but shows how strategic actions are tightly constrained by capital rules. It's a constant capital optimization game.

Here's the quick math on recent capital management actions:

• CET1 Ratio (March 31, 2025): 14.5%
• Estimated Impact of Macquarie Acquisition: Approximately -1.5 ppt
• Estimated Impact of Share Buyback (up to ¥60 billion): Approximately -0.3 ppt
• Pro-forma CET1 Ratio: Approximately 12.7%

Ongoing enforcement of Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations globally increases compliance staffing and technology spend

AML and KYC remain non-negotiable legal mandates, and the enforcement bar is only getting higher. For a global firm like Nomura Holdings, operating across nearly 30 countries, the cost of maintaining a best-in-class financial crime compliance framework is massive. The industry as a whole is grappling with this; globally, financial institutions are estimated to spend around $206 billion per year on financial crime compliance. That's a huge operating expense.

Nomura is directly addressing this by enhancing its internal controls, especially with the April 2025 establishment of its new Banking Division. This new division requires deploying the right staff to build a robust framework for enhanced compliance and KYC requirements, a clear signal of increased operational spend to meet regulatory expectations. The challenge isn't just the direct cost, but the operational drag from manual reviews and false positives-a hidden cost that slows down client onboarding.

New data privacy laws (like the EU's GDPR or US state-level acts) complicate cross-border data management and client information handling

The patchwork of global data privacy laws is a major legal headache for any financial firm with international operations. The European Union's General Data Protection Regulation (GDPR) and the evolving U.S. state-level acts, like the California Consumer Privacy Act (CCPA) and its amendments (CPRA), create complex, multi-jurisdictional rules for handling client data. This complicates everything from marketing to cloud storage.

Nomura Holdings must maintain distinct privacy policies for regions like the Americas and EMEA to manage this compliance maze, which requires significant investment in data governance and IT infrastructure. The risk of non-compliance is concrete: under the CCPA/CPRA structure, penalties can reach up to $7,988 per intentional violation. That kind of fine structure makes a single data breach a defintely material legal risk.

Regulatory penalties for past conduct, while decreasing, still pose a contingent risk to earnings and reputation

While Nomura Holdings is focused on forward-looking compliance, the legal risk from past conduct still surfaces in the form of regulatory penalties. These fines, even if small in the context of total revenue, damage reputation and signal weaknesses in the internal control environment, which regulators watch closely. The firm has faced several recent actions in late 2024 and mid-2025, demonstrating this ongoing contingent risk.

The penalties show that even a single employee's action can trigger a costly, public regulatory response, requiring a formal apology and enhanced internal controls.

Regulatory Action (2024-2025)	Regulator / Authority	Penalty Amount	Violation Summary
Administrative Monetary Penalty (Oct 2024)	Japan's Financial Services Agency (FSA)	¥21.76 million	Manipulation of Japanese government bond futures (2021 conduct)
Fine (Dec 2024)	Japan Securities Dealers Association (JSDA)	¥30 million	Related to Japanese government bond futures transactions (2021 conduct)
Censure and Fine (June 2025)	Nasdaq Phlx LLC	$275,000	Failure to maintain and enforce supervisory systems for accurate recordkeeping of approximately 11,328 manual options orders.

Nomura Holdings, Inc. (NMR) - PESTLE Analysis: Environmental factors

Increasing Pressure on Climate-Related Financial Disclosures

You are seeing a clear, urgent shift: investors and regulators are demanding full transparency on climate-related financial risks. This isn't a soft request; it's a hard compliance requirement, especially in major markets like the UK, where the Financial Conduct Authority (FCA) introduced an anti-greenwashing rule applicable to Nomura Holdings, Inc. entities starting in May 2024. This means your disclosures must be verifiable, not just aspirational.

Nomura Holdings is already aligned with the Task Force on Climate-Related Financial Disclosures (TCFD), providing structured information across Governance, Strategy, Risk Management, and Metrics and Targets. This TCFD framework is now a baseline for credibility. To be fair, the pressure is a double-edged sword: it creates compliance costs, but it also forces the kind of rigorous risk analysis that makes the firm more resilient.

Commitment to Sustainable Finance as a Competitive Edge

Financing the global transition to a low-carbon economy is a massive business opportunity, and Nomura is using its commitment here as a clear competitive advantage. ESG-focused institutional clients-the ones with the deepest pockets-actively seek partners who can deliver on sustainable mandates.

The firm has set an aggressive, concrete target: deploying US$125 billion in sustainable finance over the five-year period ending in March 2026. This goal covers public and private equity, bonds, and infrastructure project financing. It's a huge number, and hitting it defintely secures high-profile, long-term mandates. The firm's acquisition of Nomura Greentech, a specialized investment bank, helps it connect sustainable technology companies with the capital they need.

Here's the quick math on Nomura's near-term environmental targets:

Metric	Target / Status (FY2025/26)	Baseline / Context
Sustainable Finance Deployment	US$125 billion (Accumulated total by March 2026)	Five-year target (FY2021/22 - FY2025/26)
Renewable Energy Adoption (Own Operations)	Exceed 70%	FY2023/24 was 74% (Target is 100% by FY2030/31)
Own Operations GHG Emissions (Scope 1 & 2)	Target: Net Zero by FY2030/31	FY2023/24 emissions were 21,927 t-CO2e

Quantifying Physical and Transition Risks in Portfolios

The core of climate risk management is quantifying what you hold. Nomura is actively working to assess both physical risk (like the impact of severe weather on assets) and transition risk (the financial impact of policy changes and technology shifts) across its lending and underwriting portfolios.

As a financial services group, the company's biggest risk is not in its own buildings, but in the companies it finances. They must identify and manage exposure to carbon-intensive sectors, which they define broadly to capture the full scope of risk.

• Energy
• Transportation
• Materials and Buildings
• Agriculture, Food and Forest Product

Nomura Asset Management uses external models, like those from ISS, for transition and physical risk analysis, integrating these results into the overall risk management process. They have already set interim targets for emissions reduction in key high-carbon sectors, including Power Generation, Automotive, and Commercial Real Estate. This is how you turn a massive macro-risk into an actionable portfolio decision.

Combating Greenwashing Demands Verifiable Proof

The reputational risk from 'greenwashing'-making misleading claims about the environmental benefits of a product-is a major threat right now. Nomura Holdings explicitly identifies greenwashing as a key sustainability-related reputational risk in its reporting.

The regulatory focus is intense. The UK's new anti-greenwashing rule is a prime example, requiring asset managers to adopt standardized 'sustainable' product labels and make both product-level and entity-level ESG disclosures. You can't just use a green label; you need the data to back it up. Nomura has established a management system to review new products for ESG appropriateness, which is a necessary step to mitigate the legal and compliance risks associated with potential mis-selling of ESG-related products. Transparency is the only way to win this one.