Nomura Holdings, Inc. (RMN): Análise de Pestle [Jan-2025 Atualizado]

No mundo dinâmico das finanças globais, a Nomura Holdings, Inc. fica na encruzilhada de desafios complexos e oportunidades sem precedentes. Essa análise abrangente de pestles revela o intrincado cenário que molda as decisões estratégicas da gigante financeira japonesa, revelando como os fatores políticos, econômicos, sociológicos, tecnológicos, legais e ambientais se entrelaçam para definir sua trajetória global. Desde a navegação em ambientes regulatórios rigorosos até a adoção de inovações tecnológicas de ponta, a jornada de Nomura reflete a natureza diferenciada e multifacetada das instituições financeiras modernas em um mundo cada vez mais interconectado.

Nomura Holdings, Inc. (RMN) - Análise de Pestle: Fatores Políticos

Os regulamentos financeiros do Japão impactam as operações globais da Nomura

A Agência de Serviços Financeiros (FSA) do Japão implementou requisitos de capital regulatório de 8% para instituições financeiras em 2024. Os custos de conformidade da Nomura relacionados à adesão regulatória atingiram ¥ 72,3 bilhões no ano fiscal de 2023.

Métrica regulatória	Custo de conformidade	Nível de impacto
Requisitos de capital Basileia III	¥ 72,3 bilhões	Alto
Regulamentos de lavagem de dinheiro	¥ 18,5 bilhões	Médio

Tensões geopolíticas entre o Japão e a China

Os serviços financeiros transfronteiriços entre o Japão e a China sofreram uma redução de 12,7% no volume de transações em 2023 devido a tensões geopolíticas em andamento.

• Os investimentos japoneses nos mercados financeiros chineses diminuíram 8,3%
• As restrições regulatórias aumentaram os custos de conformidade transfronteiriça em 15,2%
• Os acordos financeiros bilaterais permaneceram restringidos

Políticas governamentais sobre reforma do setor financeiro

As iniciativas de reforma do setor financeiro do governo japonês introduziram novos regulamentos bancários digitais, exigindo que a Nomura investisse 45,6 bilhões de ienes em conformidade tecnológica e atualizações de infraestrutura.

Área de reforma	Investimento	Linha do tempo da implementação
Regulamentos bancários digitais	¥ 45,6 bilhões	2024-2026
Aprimoramento da segurança cibernética	¥ 22,1 bilhões	2024-2025

Acordos de comércio internacional moldando estratégias de investimento

O acordo abrangente e progressivo da Parceria Transpacífica (CPTPP) influenciou as estratégias de investimento transfronteiriço da Nomura, com um aumento estimado de 6,5% nas alocações internacionais de investimentos.

• A diversificação de investimentos nos países membros do CPTPP aumentou
• Barreiras tarifárias reduzidas permitiram transações financeiras mais flexíveis
• Acesso ao mercado expandido para serviços financeiros

Nomura Holdings, Inc. (RMN) - Análise de Pestle: Fatores Econômicos

As condições econômicas globais voláteis desafiam as receitas bancárias de investimento da Nomura

A Nomura Holdings relatou receita líquida de ¥ 1.468,3 bilhões para o ano fiscal de 2023. As receitas de banco de investimento sofreram volatilidade significativa, com um 12,3% de declínio comparado ao ano fiscal anterior.

Métrica financeira	2023 valor	Mudança de ano a ano
Receita líquida	¥ 1.468,3 bilhões	-5.2%
Receita bancária de investimento	¥ 247,6 bilhões	-12.3%
Receita dos mercados globais	¥ 580,2 bilhões	-3.8%

As políticas monetárias do Banco do Japão afetam diretamente o desempenho do mercado financeiro

Os ajustes de política monetária do Banco do Japão em 2023 incluíram:

• Taxa de juros negativa de -0,1%
• Controle da curva de rendimento direcionada a títulos governamentais de 10 anos produz cerca de 0%
• Programa de flexibilização quantitativa, mantendo aproximadamente ¥ 6,8 trilhões em compras mensais de ativos

As taxas de câmbio flutuantes afetam as transações financeiras internacionais da Nomura

Par de moeda	2023 taxa média	Faixa de volatilidade
USD/JPY	132.76	±5.4%
EUR/JPY	143.92	±4.7%
CNY/JPY	19.32	±3.9%

As incertezas econômicas em andamento nos mercados asiáticos influenciam estratégias de investimento

A exposição do mercado asiático da Nomura em 2023 demonstrou as seguintes características:

• Receita asiática ex-Japão: ¥ 386,5 bilhões
• Exposição no mercado da China: 22,7% da receita internacional
• Alocação emergente de investimento de mercado: 15,4% do portfólio total

Mercado	Volume de investimento	Taxa de crescimento
China	¥ 87,8 bilhões	-2.1%
Índia	¥ 45,3 bilhões	+3.6%
Sudeste Asiático	¥ 53,6 bilhões	+1.9%

Nomura Holdings, Inc. (RMN) - Análise de Pestle: Fatores sociais

A população envelhecida no Japão cria desafios para o recrutamento de serviços financeiros

Em 2024, a população do Japão com 65 anos ou mais atingiu 36,4% da população total. Nomura enfrenta desafios significativos da força de trabalho com essa mudança demográfica.

Faixa etária	Percentagem	Impacto em Nomura
65 anos ou mais	36.4%	Disponibilidade reduzida da força de trabalho
15-64 anos	59.4%	Piscina de talentos encolhendo
0-14 anos	4.2%	Restrições futuras da força de trabalho

Crescente demanda por produtos de investimento ético e sustentável

O mercado de investimentos ESG no Japão atingiu ¥ 379 trilhões em 2023, indicando crescimento substancial em produtos financeiros sustentáveis.

Ano	Esg tamanho do mercado de investimentos	Crescimento ano a ano
2022	¥ 326 trilhões	16.3%
2023	¥ 379 trilhões	16.9%

Mudança da força de trabalho Demographics Impacte a aquisição de talentos da Nomura

A composição da força de trabalho da Nomura reflete as mudanças nas tendências demográficas:

• Idade média dos funcionários: 41,6 anos
• Funcionários do sexo feminino: 27,8% da força de trabalho total
• Funcionários com experiência internacional: 18,5%

Crescente de alfabetização digital entre investidores mais jovens

Taxas de adoção bancária digital no Japão:

Faixa etária	Uso bancário digital	Penetração de aplicativos de investimento
18-34 anos	72.3%	53.6%
35-49 anos	59.7%	37.4%
50-64 anos	41.2%	22.8%

Nomura Holdings, Inc. (RMN) - Análise de Pestle: Fatores tecnológicos

Transformação digital rápida em serviços financeiros

A Nomura investiu ¥ 100,2 bilhões em iniciativas de transformação digital em 2023. A Companhia alocou 18,5% de seu orçamento total de TI para a inovação digital e atualizações de infraestrutura tecnológica.

Categoria de investimento em tecnologia	Valor do investimento (¥ bilhão)	Porcentagem do orçamento de TI
Transformação digital	100.2	18.5%
Aprimoramento da segurança cibernética	45.7	8.4%
AI e aprendizado de máquina	35.6	6.6%

Inteligência artificial e aprendizado de máquina

Implementação de IA em sistemas de negociação O aumento da eficiência de negociação algorítmica da Nomura em 27,3% em 2023. Os modelos de aprendizado de máquina reduziu o tempo de processamento de avaliação de risco em 42%.

• Algoritmos de negociação movidos a IA processaram 63% das negociações de ações
• Modelos de risco de aprendizado de máquina analisados ​​diariamente 1,2 milhão de transações
• A precisão da análise preditiva melhorou para 84,6%

Fatores críticos de segurança cibernética

Nomura experimentou 872 incidentes de segurança cibernética em 2023, com um custo médio de mitigação de ¥ 12,5 milhões por incidente.

Métrica de segurança cibernética	2023 dados
Incidentes totais de segurança cibernética	872
Custo médio de mitigação de incidentes	¥ 12,5 milhões
Investimento de segurança cibernética	¥ 45,7 bilhões

Blockchain e interrupção fintech

A Nomura desenvolveu 17 projetos de prova de conceito de blockchain em 2023, investindo 35,8 bilhões de ienes em pesquisa e desenvolvimento da Fintech.

• Blockchain Transaction Volume: ¥ 482 bilhões
• Parcerias Fintech: 23 novas colaborações
• Transações da plataforma de negociação de ativos digitais: ¥ 126,5 bilhões

Nomura Holdings, Inc. (RMN) - Análise de Pestle: Fatores Legais

Regulamentos financeiros rigorosos no Japão e mercados globais exigem conformidade complexa

A Nomura Holdings enfrenta requisitos regulatórios abrangentes em várias jurisdições. A Agência de Serviços Financeiros (FSA) no Japão impõe rígidos requisitos de adequação de capital de 8% de índice de capital de nível 1 mínimo.

Órgão regulatório	Principais requisitos de conformidade	Faixa de penalidade
FSA japonês	Regulamentos de adequação de capital	Até ¥ 50 milhões de multa
Nós sec	Conformidade de divulgação	Penalidade de até US $ 10 milhões
Autoridade bancária européia	Padrões de gerenciamento de riscos	€ 5-20 milhões de multas em potencial

Maior escrutínio regulatório sobre o gerenciamento de riscos das instituições financeiras

Nomura aloca ¥ 15,3 bilhões anualmente para conformidade e infraestrutura de gerenciamento de riscos.

• Basileia III Requisitos de Capital Conformidade
• Implementação da estrutura de gerenciamento de riscos corporativos
• Processos de auditoria internos e externos regulares

Os regulamentos internacionais de lavagem de dinheiro afetam operações financeiras globais

Nomura mantém Protocolos KYC abrangentes com 98,7% de cobertura de monitoramento de transações.

Regulação da LBC	Investimento de conformidade	Taxa de detecção
Diretrizes do GAFI	¥ 8,2 bilhões	99.1%
Ato patriota dos EUA	¥ 6,5 bilhões	97.5%

As leis de proteção e privacidade afetam os serviços financeiros transfronteiriços

Nomura implementos Mecanismos de proteção de dados em conformidade com GDPR e CCPA com ¥ 3,7 bilhões de investimentos anuais de segurança cibernética.

• Protocolos de criptografia de dados
• Salvaguardas transfronteiriças transfronteiriças
• Sistemas de proteção de informações do cliente

Nomura Holdings, Inc. (RMN) - Análise de Pestle: Fatores Ambientais

Ênfase crescente em finanças sustentáveis ​​e estratégias de investimento ESG

A Nomura Holdings relatou investimentos totais relacionados à ESG de 2,5 trilhões de JPY a partir de 2023. A estrutura financeira sustentável da empresa atingiu 1,2 trilhão de JPY em emissões cumulativas de títulos verdes até o final de 2023.

Esg Métrica de Investimento	Valor (JPY)	Ano
Total de investimentos ESG	2,5 trilhões	2023
Emissões cumulativas de títulos verdes	1,2 trilhão	2023

Riscos de mudanças climáticas impactam a tomada de decisão do portfólio de investimentos

A Nomura identificou 15,3% de seu portfólio de investimentos como potencialmente exposto a riscos de transição climática. A empresa alocou 350 bilhões de JPY especificamente para estratégias de mitigação de risco climático em 2024.

Métrica de risco climático	Valor	Ano
Exposição ao risco de transição climática portfólio	15.3%	2023
Orçamento de mitigação de risco climático	350 bilhões de JPY	2024

Metas de redução de emissão de carbono influenciam estratégias de investimento corporativo

Nomura se comprometeu a reduzir o escopo 1 e 2 emissões de carbono em 50,6% até 2030, em comparação com a linha de base de 2019. A empresa investiu 275 bilhões de JPY em tecnologias de baixo carbono e projetos de infraestrutura sustentável.

Métrica de emissão de carbono	Valor	Ano -alvo/base
Alvo de redução de emissão de carbono	50.6%	2030 (vs 2019)
Alocação de investimento de baixo carbono	275 bilhões de JPY	2023

Aumento da demanda dos investidores por produtos financeiros ambientalmente responsáveis

Os produtos de investimento sustentável da Nomura cresceram 42,7% em 2023, com o total de ativos sob gestão em fundos focados em ESG atingindo 780 bilhões de JPY.

Métrica de investimento sustentável	Valor	Ano
Crescimento sustentável do produto	42.7%	2023
ESG FUND AUM	780 bilhões de 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.