Mizuho Financial Group

Integrated
reportAnnual Review

April 2021 - March 2022

2022

CONTENTS
Message from the Group CEO
P. 3
Message from the Group CEO

Corporate Identity

P. 11
P. 13
P. 15
P. 17

Corporate
Philosophy

VisionThe Mizuho Values

Mizuho’s fundamental
approach to businessactivities, based on the raisond’être of Mizuho

Mizuho’s vision for the
future, realized through thepractice of the Corporate
Philosophy

The shared values and principles
of Mizuho’s people, uniting all
executives and employees
together to pursue our
VisionMizuho, the leading Japanese financial services group with a global presence and a broad customer base, iscommitted to:Providing customers worldwide with the highest quality financial services with honesty and integrity;
Anticipating new trends on the world stage;
Expanding our knowledge in order to help customers shape their future;
Growing together with our customers in a stable and sustainable manner; andBringing together our group–wide expertise to contribute to the prosperity of economies and societies
throughout the world.
These fundamental commitments support our primary role in bringing fruitfulness for each customer and theeconomies and the societies in which we operate. Mizuho creates lasting value. It is what makes us invaluable.

The most trusted financial services group with a global presence and a broad customer
base, contributing to the prosperity of the world, Asia, and Japan.

The most trusted
financial services
group

The best financial
services provider

Customer First

Innovative Spirit

Team Spirit

The most trusted partner
lighting the future

Progressive andflexible thinking

Diversity andcollective strength

Speed

PassionAcuity andpromptness

Communication andchallenge for the future

Editorial policy

We hope this report will further improve understanding of Mizuho and its goal of being “the most trusted financial services group with a global
presence and a broad customer base, contributing to the prosperity of the world, Asia, and Japan.”All figures contained in this report are calculated using accounting principles generally accepted in Japan (“Japanese GAAP”).
Forward-Looking Statements

Integrated ReportNon-financial

Financial
On our website: Sustainability

We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: incurrence of significant credit-related costs; declines in thevalue of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; theeffect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our
5-Year Business Plan, realize the synergy effects of “One Mizuho,” and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes ingeneral economic conditions in Japan and elsewhere; and changes to applicable laws and regulations. Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. Key
Information—Risk Factors,” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) and our report on Form 6-K furnished to the SEC on July 29,
2022, both of which are available in the Financial Information section of our website at www.mizuhogroup.com and also at the SEC’s website at www.sec.gov.
The content of this Integrated Report was prepared prior to the announcement of our financial results for the first quarter of fiscal 2022.
We do not intend to update our forward-looking statements. We are under no obligation, and disclaim any obligation, to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except
as may be required by the rules of the Tokyo Stock Exchange.

1

Mizuho Financial Group

www.mizuhogroup.com/investors/materials• Customers• Environment• Social Contributions• Governance• Communication• Company briefing
materials• Financial documents• IR event documents• Briefings for individual
investors• Financial Statements• Securities Reports(Japanese only)• SEC Filings• Financial Statements(under US GAAP)

CompletenessThis Integrated Report contains statements that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, including estimates, forecasts, targets and plans. Such forwardlooking statements do not represent any guarantee by management of future performance.
In many cases, but not all, we use such words as “aim,” “anticipate,” “believe,” “endeavor,” “estimate,” “expect,” “intend,” “may,” “plan,” “probability,” “project,” “risk,” “seek,” “should,” “strive,” “target” and similar expressions in relation to
us or our management to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements reflect our current views with respect to future events and are
subject to risks, uncertainties and assumptions.

On our website: Financials and Presentations

www.mizuhogroup.com/sustainability• Overview• Business Activities• Finance and Economic
Education• Employees• Human Rights

Guidelines referred to●The IFRS Foundation’s “International Integrated Reporting Framework” (revised in
January 2021)●Ministry of Economy, Trade and Industry’s “Guidance for Collaborative Value
Creation” (published in May 2017)

Scope of the report

Period covered: From April 1, 2021 to March 31, 2022
Also includes some information after April 2022
Scope covered: In principle, Mizuho Financial Group and its subsidiaries and affiliates

Publication information

Date of issue: September 2022

▪ Governance▪ Multilayered system failure response
capabilities▪ Personnel and organization (corporate
culture)About Mizuho
P. 29
Mizuho’s journey
P. 31
Value creation process
P. 33
Materiality (key sustainability areas) /Risks and opportunities
P. 37
Financial data
P. 38
Non-financial data
Message from the Group CFO
P. 39
Message from the Group CFO
Our strategies for creating value
P. 47
Progress on the 5-Year Business Plan
P. 49
Business domain
P. 51
Business strategies by company/unit

P. 65
P. 77
P. 79

▪ Retail & Business Banking Company▪ Corporate & Institutional Company▪ Global Corporate Company▪ Global Markets Company▪ Asset Management Company▪ Global Products Unit
▪ Research & Consulting Unit

Sustainability
Digital transformation
Our people and organization

Foundations for our corporate value
P. 89
Corporate governanceP. 97
Risk governanceP. 102ComplianceP. 105
Fiduciary duties
P. 106Cybersecurity
P. 107
Stakeholder communication

Importance/simplicity

This Integrated Report includes financial information as well as non-financial information on such subjects as ESG. The report presents information
on Mizuho’s efforts related to strategies, governance, and other subjects along with information on how those activities are leading to the creationof value for our customers, society, and Mizuho over the short, medium, and long terms. It was edited with the intention of providing stakeholders
with concise and clear explanations in a story-like form.
The content of this Integrated Report was reported to Mizuho Financial Group’s Board of Directors and Audit Committee, which are also attended byoutside directors, and verified for appropriateness by the Disclosure Committee, before being given final approval by the President & Group CEO.

The most cohesive
financial services
group

P. 23

Messages from the entity heads
Message from the Chairman of theBoard of Directors
Board of Directors
Round table discussion between theoutside directors
Progress of the business improvement plan

Data section
P. 111Eleven-year major financial data (FY2011 – 2021)
P. 113
Review and analysis for fiscal 2021
P. 117
Consolidated financial statements
P. 121
Non-financial data
P. 122
Mizuho’s global network
P. 123
Corporate profile
Appendix
P. 124
Group companies
P. 126
Compliance contacts
P. 127
Support for SMEs and regional revitalization
P. 128Internal audit structure
P. 129Risk management structure
P. 142Compliance with international financial regulations
P. 143Business continuity management
P. 144
Senior executives
P. 145
Location of offices outside Japan
P. 148Investor information
P. 150Financial Analysis [Under Japanese GAAP]
P. 157
Financial Data of Mizuho Financial Group, Inc.
[Under Japanese GAAP]
P. 272
Non-Consolidated Financial Statements ofMizuho Financial Group, Inc. andThree Subsidiaries [Under Japanese GAAP]
P. 286
Basel Regulatory Disclosures
P. 372Disclosure Policy

Integrated Report 2022

2

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Message from the Group CEO

Growing alongside ourcustomers and society
through wide-ranging
changes
Since my appointment as President & Group CEO in
February 2022, I have been working to steadily move
forward our business improvement plan, accounting
for the lessons from our series of IT system failuresand setting stable operations as our highest priority.
The business environment is extremely uncertain,
and the obstacles confronting our customer base,and society as a whole, are becoming increasingly
varied. We will continue to leverage our group’s
strengths to assist our customers and society inaddressing such obstacles. To that end, we arelistening to stakeholder feedback and engaging with
our employees to foster a corporate culture wherecolleagues can take on new challenges without
being held back by fears of failure. We will undertakewide-ranging changes and grow alongside ourcustomers and society.

Masahiro Kihara
Member of the Board of Directors
President & Group CEO
Mizuho Financial Group3

Mizuho Financial Group

Introduction: Ensuring stable operations
My name is Masahiro Kihara, and I became the President & Group CEO in February 2022. First, I sincerely apologize again
for the significant inconvenience and concern we caused our customers, shareholders, and society as a result of theseries of IT system failures at our subsidiary, Mizuho Bank.
January 17, 2022, the day I was named as the next Group CEO, was also the day we released our business improvement
plan. The plan puts forward measures for preventing further IT system failure incidents, such as more thoroughly
implementing preventative hardware maintenance and inspecting redundant IT systems to check that they are operating
according to specifications. Aiming to minimize the impact on customers in the event of a failure, it also sets out plans for
effective and complete system restoration and business continuity across 30 key operations, including settlements. As
another component of the plan, we are reinforcing our personnel structure to better ascertain actual on-site IT conditions
and ensure stable operations, and we are transforming our corporate culture to better facilitate efficient communication
between Head Office and the frontlines.
In the six months since my appointment, our efforts to stabilize and improve operations so that customers can use ourservices with peace of mind have already yielded results. Even so, I will remain vigilant, and we will continue to steadily
move forward our business improvement plan.

The world is facing a time of unprecedented changeWith the prolonged COVID-19 pandemic and Russia-Ukraine conflict, the global economic and social environment is in
flux.
The COVID-19 pandemic brought about great progress in digitalization, as well as an expansion of flexible working styles
unbound by location. In the wake of these shifts, career mobility has been gaining further momentum. People are also
becoming more concerned about their own health and asset management, given their need to plan for longer postretirement lifespans and to pass down assets to the next generation.
In addition, awareness of the Sustainable Development Goals (SDGs) has spread rapidly, and calls to limit the rise intemperature accompanying climate change to 1.5°C have been growing worldwide. The shift in public perceptions has
made it of the utmost urgency to design effective, public-private transition plans to achieve both sustainable economic
growth and decarbonization. Further, the Russia-Ukraine conflict has focused attention on economic security and selfsufficiency in energy and food. Such shifts are qualitatively different from those in the past and have been bringing to thefore a number of issues.

Integrated Report 2022

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Message from theGroup CEO

Message from theGroup CFO

About Mizuho

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Message from the Group CEO

Assisting our customers and society
Social issues in need of solutions are appearing one after another. We see the next 10 to 20 years as a period that will
necessitate unprecedented change. Those of us at Mizuho must proactively contribute to this unprecedented change by
evolving our own business model. This will entail leveraging not only the financial functions we have cultivated thus far
but also the non-financial functions held by Mizuho Research & Technologies and Mizuho-DL Financial Technology,
which develop and maintain varied technologies. Such change will also require us to bring together the expertise of arange of stakeholders across industry, government, and academia and dedicate ourselves to embarking on a long journey,
one step at a time.
Mizuho came into being in 2000 through the merger of three long-standing financial groups. In the course of theirextended histories, the three financial groups had formed relationships with an array of economic actors. The role ofMizuho is to work with these and other economic actors, supplying risk capital and consolidating wide-ranging expertisefrom our relationships in order to co-create a sustainable future for our customers and society.
Keeping this in mind, the Board of Directors and other members of management have held a number of discussions on theway Mizuho should be involved in the SDGs. As a result, in March 2022, we redefined our approach to sustainability at
Mizuho as one in which Mizuho and society develop in parallel, and we reorganized the model of our materiality, which isone of our strategic priorities.

Listening to our stakeholders
Listening to our customers and public opinion, understanding the changes that arise, and communicating those changes
effectively and freely within our organization under a flatter organizational structure are key to Mizuho fulfilling our role.
In this new era, hierarchical and centralized decision-making leads to mistakes. Our employees worldwide are of different
generations and have different experiences and values. Their diverse views are a significant part of our efforts to makepositive contributions by uniting our group-wide functions and to uncover the value we can create by collaborating withother industries.
I myself have been speaking directly with employees from a range of departments and age groups, and have learned
much from doing so. Our stakeholders also include our entity heads, who are responsible for the frontlines; our outside
directors, whose supervision enables us to maintain our focus on the core parts of our business; and, of course, ourshareholders. By taking feedback from these stakeholders on board, we are integrating our approach of developing inparallel with our customers and society into our strategy and initiatives.

Towards future growth
Securing our strengths from the results of the 5-Year Business Plan
Fiscal 2021 was the third year of the 5-Year Business Plan we launched in fiscal 2019. The business environment remained
challenging throughout. The first half was characterized by the COVID-19 pandemic and consequent mobility restrictions,
supply limitations, and inflation, while the second half was characterized by lockdowns in China, the Russia-Ukraine conflict,and rising interest rates in the US. Despite these challenges, we were able to make progress on resolving the mismatch inour corporate resources through reforms to our business and finance structures, and we also achieved consistent results in
our focus areas.
In Japan, we have been providing our retail customers with asset management consulting and asset succession services
and our corporate clients with business portfolio strategy support and business succession consulting. We have also beenshifting from a model of relationships based on cross-shareholding to a model of sharing business risk. Outside Japan, we
have given particular attention to areas such as our trade-related settlement business in Asia and our capital market
business centered on the US.
As a result, our Consolidated Net Business Profits came to ¥853.1 billion, a further increase over fiscal 2020, when weachieved our fiscal 2021 target of ¥700 billion one year ahead of schedule. Although our market divisions struggled in thesecond half, our customer divisions recorded their highest profits across all four in-house companies since the introductionof the in-house company system in fiscal 2016. Our Profit Attributable to Owners of Parent also increased in comparison to
the previous fiscal year, even as we incurred credit costs from recording reserves for large-credit clients and for the Russia
situation from a forward-looking perspective.

Consolidated Net Business Profits at customer-facing in-house companies (Group consolidated, ¥ billion)■ Global Corporate Company■ Asset Management Company■ Corporate & Institutional Company■ Retail & Business Banking Company

Outside Japan
Japan

16.7

678.0

Approx. +320
Approx. +160

354.1

+3.6

97.3

+85

263.9
20.3
297.3

212.3
27.8

Approx. +68

FY201696.4
FY2021

Note: Past fiscal year results have been recalculated based on fiscal 2021 management accounting rules.

5

Mizuho Financial Group

Integrated Report 2022

6

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Message from the Group CEO

Currently, rising inflation is driving a continued upward trend ininterest rates, mainly in the US. Energy supplies have also
been cut off from certain regions and food exports constrainedin various countries in connection with levels of geopoliticalrisk. There is a need to be attentive to the possibility of theeconomy deteriorating.
At the same time, there is also a need to push forward
initiatives for further growth. On the business side, we will
invest additional resources in areas that produced promising
results during the first half of our 5-Year Business Plan in order
to secure these areas as our strengths. For example, because
our US capital markets business achieved outsized growthduring the first half of the plan, we will aim to further expand
our market share in this business area. Beyond this, we will
also continue to advance sustainability transformation and digital transformation as a foundation for the coming era and thefarther future, and we will create a virtuous cycle through which Mizuho will grow alongside our customers and society.

Achieving the SDGs together with our customers
It is extremely important to address issues impacting society’s sustainable development, such as climate change, humanrights, and aging populations and declining birthrates, and create a brighter future for the next generation. In light of this,we have positioned sustainability transformation as not just one part of our strategy, but as our strategy itself. Responding
to climate change, in particular, is a crucial facet of our business strategy. This has led us to clarify our goal of reaching
net zero by 2050 and our actions for this goal. Looking towards the medium to long term, we will pursue efforts to limit
temperature increase to 1.5°C. For our Scope 1 and Scope 2 emissions, we have brought forward our existing targets by
20 years, committing to becoming carbon neutral by fiscal 2030. For our Scope 3 emissions, we are setting fiscal 2030
targets on a sector-by-sector basis. Towards achieving a sustainable society through an orderly, just transition, we areundertaking engagement (constructive dialogue) with our clients and offering them both financial and non-financial
support. In fiscal 2021, we engaged with a total of approximately 2,300 companies and supported them in designing andimplementing sustainability strategies and initiatives, primarily ones aimed at realizing a low-carbon society and achieving
the SDGs.
It is essential that we elevate our insight into individual business areas and the relationships between them, and mobilize
all the functions across the Mizuho group—including banking, trust banking, securities, asset management, research,
consulting, and leasing—to make ourselves our customers’ top choice.
Among these functions, Mizuho Research & Technologies encompasses departments that have been supporting
decarbonization in Japan since the time of the Kyoto Protocol, and it employs approximately 130 consultants who arefamiliar with technology and other aspects of the environmental energy field. Mizuho-DL Financial Technology has been
applying its expertise in data science to ventures such as proof-of-concept trials for smart agriculture. Mizuho Leasing
has been exercising its functions in business and asset holding.
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Mizuho Financial Group

Bringing together such group functions and leveraging them to their fullest will enable us to maximize our strengths.
For example, in May 2022, we reached a basic agreement with Aeon Mall under which Aeon Mall will procure renewableenergy with financing arranged by Mizuho Bank, Mizuho Securities, and Mizuho Leasing. This agreement is expected to
be one of the largest self-consignment1 offsite corporate power purchase agreements2 in Japan. We are also directing
Mizuho Trust & Banking, Asset Management One, and Mizuho Research & Technologies’ insights towards thedevelopment of new solutions. One outcome of this has been our Mizuho Positive Impact Finance product, which utilizes
an impact analysis framework independently developed by Mizuho Research & Technologies to assess clients’ societal
impacts, and then supports initiatives that produce positive impacts. Another outcome has been our ESG investment
products. In these ways, we have been distilling our diverse knowledge into our offerings.
Further, we are changing our risk-taking practices to share risk with our clients or share risk among a range ofstakeholders and thus create new value in concert. In April 2022, we set a transition investment budget that could
potentially grow to ¥50 billion as part of our efforts for the transition to low carbon. We will keep going beyond simple
financial support and continue to design initiatives for creating environmental value together with our clients and society.
1. Self-consignment: When a company transmits power generated by a remote solar power facility to its own or its group’s facilities through the power transmission anddistribution system of a separate power transmission and distribution system operator.
2. Offsite corporate power purchase agreement: An agreement between a power company and client in which the power company provides the client with renewable energy
generated offsite through the power transmission and distribution system of a separate power transmission and distribution system operator, at a price and for a term
mutually agreed upon in advance.

Providing services tailored to individual customers
Progress in digital technology has led to demand for financial services that are suited to individual life plans, conveniently
available at any time or location, and without the pain points customers and society currently experience. As a foundation
for growth, we are investing in IT and digital areas more proactively than before in order to make continual improvements
to the convenience of our digital channels, and we are expanding marketing tailored to individual customer needs,
integrating the partnership with Google we announced in March 2022.
At the same time as we are improving the convenience of our digital channels, we are also shifting the focus of ourbranches from administrative operations to consulting. Branch employees’ use of tools such as tablets has allowed themto spend less time on processing and more time serving customers.
While enhancing our own digital channels, we are coordinating with tech companies that have a presence in people’s
everyday lives in order to extend our financial services to customers we would otherwise not be able to reach. An
example of this is our partnership with PayPay, a Japanese company that provides electronic payment services. Over six
million PayPay account holders use their PayPay points to make investments, and our partnership is allowing us toprovide this customer segment with investment opportunities on the PayPay Securities platform. Other currently active
initiatives in this area include preparing for the launch of a new bank, subject to approval by relevant authorities, incooperation with Line, a social media platform that boasts 92 million monthly users in Japan.
We are also looking to expand into markets outside Japan, taking into consideration synergies with Mizuho’s business
Integrated Report 2022

8

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Message from the Group CEO

and significance for society at large. The investments we made in fiscal 2021 in Vietnamese payment app Momo andPhilippine digital bank Tonik are allowing us to not only capture growth in Asia but also facilitate financial inclusion. Thesewide-ranging collaborations are one way in which we are improving our skills and knowledge in digital transformation.

Enhancing foundations to create value
Essential to every sort of change is our employees’ ability to give constructive feedback and take on new challenges. I see
corporate culture, human resources approaches and frameworks, and productivity improvements as interconnected partsof a single whole, and I am endeavoring to transform them at Mizuho.

Changing our corporate culture, the foundation of everything
To strengthen our business for further growth and promote and improve our sustainability and digital transformation, it iscritical that our employees have a strong sense of direct involvement and responsibility, put forth new ideas, and embrace
new opportunities under an open corporate culture.
I am practicing an “open and accountable” management style focused on employee feedback, discussion, andcommunication. This is integral to building a decentralized organization that welcomes and utilizes constructive criticism
from individuals rather than relying on entrenched hierarchies; a Mizuho where employees can feel change happening andpursue new innovations without fear of failure.
Since my appointment, I have talked with employees in over ten small meetings, and I have also been responding toapproximately 620 proposals for ways to improve work styles, making progress step by step. We have also launchedemployee-driven working groups. Alongside our communication initiatives, work style reforms, and support for independentaction, all of us across the organization will consider what sort of values and principles we should share at Mizuho.

Further reinforcing our strengths as a united group
An extremely important component of transforming our corporate culture is to ensure employees can find meaning in theireveryday work at Mizuho, and feel fulfilled, supported, healthy, and secure.

augment the strengths we have in our connections as a unified group. The future group-wide framework will expand thefields of employee participation and extend the group’s strengths.
To put in place a more supportive working environment, we will eliminate excessive workloads, unnecessary processes,
and wasteful perfectionism, and apply digital transformation to the streamlining of daily operations. These efforts willrealize thorough productivity improvements. To create a workplace where diverse professionals can fully exercise theirindividual skills and colleagues can maximize their synergies, we will improve our diversity and inclusion, and our
corporate wellbeing. In this way, Mizuho and our employees will grow alongside each other, creating value for customers,
improving lives, and resolving social issues.

In conclusion: Commitment to continuous growth
The main focus for fiscal 2022 will be ensuring stable operations and implementing our business improvement plan. We will
not allow memories of the IT system failures to fade into the past. Rather, we will firmly entrench the many improvements weare currently undertaking; strengthen our operations, personnel, and organization; transform our corporate culture; andestablish a foundation for growth and new ventures.
We will control risk appropriately in view of changes in the economy and finance under an uncertain business environment.
Lastly, we will listen to our stakeholders, consider ways to offer value to society over the next 10 to 20 years, and strive forcontinuous growth.

July 2022

Member of the Board of Directors
President & Group CEO
Mizuho Financial Group

Improving the sense of fulfillment will require supporting employees’ growth by understanding the way different skills andwork styles shape individual careers. It will also require enabling employees to take on stimulating work in a wide array offields. We will become an organization of highly self-driven, expert professionals who communicate openly with one
another.
Up until now, we have supported career development while placing emphasis on areas of expertise, transferring
employees to experience related divisions, such as the IT systems and customer divisions or the products and industry
research and customer divisions, in a cross-divisional fashion. Going forward, we will build on what we have done thus
far to create a human resources framework covering Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities, andMizuho Research & Technologies together with the holding company Mizuho Financial Group. Doing so will further

9

Mizuho Financial Group10

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Messages from the entity heads
Mizuho Bank

Mizuho Trust & Banking

Mizuho Research & Technologies

Placing a strong focus on our customers

Joining minds and creating a prosperous

Putting our clients first and growing

Combining expertise and technical skills and working

to meet their changing needs

futuretogether with themwith customers and society to create a better future

My name is Masahiko Kato, and I was appointed as President &CEO of Mizuho Bank in April 2022. For my first year in this post, inlight of our recent IT system failures and the dramatic changes inthe external business environment, I will focus on the following
three initiatives.

The COVID-19 outbreak, geopolitical risks, and other factors havebeen driving a shift in global conditions, leading to dramaticchanges in the prevailing business environment. These changes
have also brought with them remarkably rapid changes in the areas
where trusts can be utilized, as indicated by the rising need for
asset and business succession and the progress in corporate
governance reforms.

Mizuho Securities will always endeavor to transform itself andco-create value together with our clients. We will listen closely to
our clients’ needs and contribute to resolving the increasingly
diverse issues faced by our clients and society. For this era of
longevity, we will be a partner helping our individual clients reach
their goals at each stage of their lives, aiming to create a brighter
future by supporting asset formation and looking ahead to the next
generation. We will also deepen our engagement with corporateclients, who are facing multiple issues in relation to sustainability,
digital transformation, and governance reforms. We will work
closely with these clients to design and provide them with highquality solutions, leveraging our wide-ranging client base andinvestor network across the group and worldwide.

Mizuho Research & Technologies combines research, consulting,and IT / digital functions and was launched as an organization ofaround 4,600 specialists in 2021. While supporting the stable
operation of Mizuho IT systems, we provide value beyond thescope of the world's conventional think tank and systemdevelopment companies.

The first is the stable provision of financial services. By
implementing measures to prevent system failures and improving
our ability to respond to such failures when they occur, we will
establish robust business operations that our customers can rely
on. We will also strengthen our corporate governance in order tosecure this stability.
The second is ensuring we do not overlook changes in customer
needs. Mizuho Bank, which is the cornerstone of the Mizuho groupand has the largest customer base in the group, will not only meetcustomers’ needs for financing but also facilitate solutions to theincreasingly complex and advanced needs they have in otherareas.
The third is daily communication. Promoting communication will
enable frontline staff to better understand the needs of customers
and will enable Head Office, in turn, to better understand the needsof frontline staff. Along with this, we will eliminate excessive
workloads, unnecessary processes, and wasteful perfectionism.
Such streamlining will increase productivity and free up time for us
to better connect with our customers.
Recently, we have been seeing favorable signs of change,
including steady progress in the implementation of our business
improvement plan, growth in our ability to provide solutions insustainability and digital transformation areas, and improvements
to our communication. I will take the lead in maintaining a strong
customer-oriented focus and in reducing the psychologicaldistance between executive officers and employees from different
group entities and in-house companies. These efforts will achievechange across the Mizuho group.

11

Mizuho Securities

Against this backdrop, we will emphasize the three areas below tofacilitate solutions to Mizuho clients’ issues.
The first is creation of a highly competitive trust business. We will
adopt a flexible mindset to provide trust solutions that will assist
clients reviewing their business portfolios and financial strategies.
The second is maintaining stable business operations andenhancing our provision of services. While ensuring sound day-today operations, we will boost productivity by eliminating
unnecessary operations and will build a strong businessfoundation.
The last is fostering a corporate culture of being self-driven anddeveloping our personnel to think and act accordingly. We began
initiatives on these themes in fiscal 2021, and put forward our vision
for joining minds and creating a prosperous future at the start offiscal 2022. The vision expressed our goal of being an organizationthat creates a safe, secure, and sustainable future for ourcustomers and society. We will link client needs and social issues
with trust solutions in order to create such a prosperous future.

Recently, the outlook for global markets has become increasingly
uncertain due to geopolitical risks, inflation, and monetary policy.
While remaining alert to signs of change and risks, we will expand
as a client-oriented professional organization by overcoming thesechanging times together with our clients.
For fiscal 2022, we will drive our business growth by focusing on
three areas: a thorough commitment to client-focusedmanagement; cross-organizational collaboration between banking,trust banking, and securities group-wide and worldwide; and adifferentiation and growth strategy that brings out Mizuho’s
strengths.
We will also make solid efforts to respect the perspective offrontline employees and other staff, conduct operations reliably
and accurately, ensure stable operation of new IT systems, andreinforce our organizational foundations using digitaltransformation.

We aim to combine our expertise and technical skills and work in
partnership with customers and society to create a better future.
For example, we are working to create new financial services thatcombine our expertise and technical skills with Mizuho’s financial
functions, such as sustainable finance using our many years ofenvironmental consulting experience and online lending using our
Big Data analysis capabilities and AI insights. We are also actively
participating in creating the framework for a renewed society,including by developing next-generation mobility services andguidelines for an urban metaverse through cooperation withpartner companies and local governments.
To continue generating new value, we are endeavoring to further
cultivate our expertise and technical skills every day. Among ourefforts in this regard are our participation in quantum computingrelated research and our development of new business integrating
cutting-edge technology from around the world.
With social issues being intertwined in complex ways and changing
at an accelerating pace, we will strive to create new value beyond
finance through the fusion of our expertise and the respectivefunctions of other companies in the Mizuho group.

By bringing together the collective strength of the entire group andoffering new added value as a financial firm, we will strive to be themost-trusted partner for our clients as well as the markets andcommunities we serve.

Masahiko KatoKei Umeda

Yoshiro Hamamoto

Masatoshi Yoshihara

President & CEO

President & CEO

President & CEO

President & CEO

Mizuho Bank

Mizuho Trust & Banking

Mizuho Securities

Mizuho Research &Technologies

12Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Message from the Chairman of the Board of Directors
standard and enhance coordination with one another. We have already begun many initiatives in this regard. One example was the appointmentof Mr. Masatsugu Shimono, Honorary Advisor to IBM Japan, and Mr. Kyoichiro Uenishi, Executive Advisor to Oriental Land, to the Board of
Directors at Mizuho Bank in April 2022. Their appointments will serve to reinforce our supervisory functions for IT systems, the frontlines, andcustomers. Initiatives have also been moving forward at the Board of Directors of Mizuho Financial Group. These have included interviews with

Restoring our reputation

the heads of core group companies, most notably the President & CEO of Mizuho Bank, and with the executive officers who lead each businessas an indispensable presence fordiscussions with outside directors at each entity. Through such initiatives, we are elevating our awareness of the state of management at each

our customers, society, and the economyof our supervisory functions.

so that we can grow alongsideline. They have also included dialogues with the employees responsible for key operations on the frontlines, such as IT and sales, andgroup company in relation to actual frontline conditions, as well as our awareness of latent risks. In this way, we are furthering the performance

Expectations for Mizuho under President & Group CEO Kihara

all of our stakeholders

In February 2022, Masahiro Kihara was appointed as the new President & Group CEO. The Nominating Committee was made up of outside

Izumi Kobayashi

through its current challenges. Indeed, since his appointment he has been vigorously leading the group forward. Notably, he has been engaging

Outside director (Chairman of the Board of Directors)
Mizuho Financial Group

directors, including myself. We selected Mr. Kihara because we expected he would be able to motivate employees and guide the organization
employees in direct dialogue and back-and-forth discussion, both by visiting frontline offices in person and by holding online meetings. I feel heis going above and beyond to gain an understanding of stakeholders’ views, and his approach is already gaining traction across management
as a whole. In these rapidly changing, uncertain times, it is critical for Mizuho to become a company that makes the most of employees’
individuality and diversity. We had already recognized the importance of ensuring such values, and under the new leadership we have been
pursuing their adoption at an even greater pace. For example, over the last two years we have been hiring talent from outside Mizuho for

Introduction

executive officer and management positions in the digital marketing side of our retail business and in our IT & Systems Group. In fiscal 2022, wehave built on this further by hiring highly specialized and experienced talent from outside Mizuho for positions in human resources and

Beginning from February 2021, Mizuho Bank suffered a series of IT system failures in Japan. I sincerely apologize for the significant

compliance. Drawing out and bringing together the capabilities of long-time Mizuho employees is certainly necessary. At the same time,

inconvenience this caused our customers and society. As a financial institution responsible for payment infrastructure, Mizuho must ensure

integrating diverse experience and insight is essential to making an organization stronger. The Board of Directors has been taking this up as asuch an incident does not ever occur again. It is important that both the business execution line and supervisory line maintain efforts to steadily

topic of discussion. HR should enable employees to contribute to the overall organization by being their full selves, and we have embarked on

implement and entrench the business improvement plan formulated in January 2022. Even beyond the completion of the plan, it is important thatmultiple initiatives aiming to institute such an approach. Among these have been revisions to the HR framework so that it covers all five core

the lines fulfill every aspect of their respective roles.

group companies.

Towards stronger performance of supervisory functions

In the course of our discussions, I have been impressed by the determination of Group CEO Kihara and the other members of management.

Following the series of system failures, we received a variety of feedback from our shareholders and other stakeholders concerning matters

They are proactively bringing in outside insight and striving to turn Mizuho into a company where employees can have a real feeling of their

including the Board of Directors’ performance of its functions. At the Board of Directors, we have been giving serious consideration to how we

own growth and reach their full potential, regardless of career stage or nationality. Of course, these changes will not take root in thecan perform our supervisory functions at a higher level and account for the assorted risks inherent in the Mizuho group’s wide-ranging

organization right away. However, I am confident that, one by one, each of our initiatives will come together to form a better direction for ourbusiness activities. Our outside directors, in particular, have been leading discussions on future initiatives. We recognize that the system

corporate culture.

failures exposed weaknesses in Mizuho’s capacity for mounting a coordinated organizational response to a crisis situation, implementing IT
system controls, and being attentive to customers’ situations. Even with a number of rules and frameworks fully in place, the frontline personnel

Looking ahead

responsible for applying them may not adequately grasp the aims of management, the circumstances behind the rules being implemented, andSocietal values and outlooks will continue to change rapidly, and Mizuho must overcome a number of obstacles to move forward into the future.

other underlying principles. Similarly, frontline offices may not have adequate personnel to meet the requirements of the rules and frameworks,

We have received a range of related feedback from investors and analysts. While there has naturally been a focus on stable operations, theand employees may be unable to engage in the organization-wide communication necessary for coordinating a unified response. In these

feedback has also covered the design of our future growth strategy, initiatives to responsibly address social issues such as sustainability,

areas, there is a need for us to make improvements to our response capabilities, to our management’s tracking and understanding of actual

acceleration of digital transformation in response to rising digitalization, and efforts to transform our corporate culture as a foundation for thefrontline conditions, and to our management’s depth of monitoring. The business improvement plan consolidates measures to improve bothrest of our business. Confronting these issues is one of the core duties of the Board of Directors. The outside directors, including myself, arebusiness execution and supervision based on such a perspective.

well aware of the gravity of the situation, and have been continually holding discussions with reference to the series of incidents from fiscal
2021. We believe we have a very significant role in, and responsibility for, the future of Mizuho. We will steadily advance the business13

By itself, the Board of Directors at Mizuho Financial Group, the holding company, cannot realistically stay apprised of everything happening

improvement plan and carefully supervise its progress. Beyond that, we will regularly reflect on Mizuho’s purpose and hold constructive

across such an enormous financial group. Complete performance of supervisory functions group wide will require the Board of Directors anddiscussions with management on forward-looking strategy. In doing so, we will endeavor to restore the Mizuho group’s reputation as an

Audit & Supervisory Committee at not just Mizuho Financial Group but also at each subsidiary—each entity—to carry out their roles to a higher

indispensable presence for our customers, society, and the economy so that we can grow alongside all of our stakeholders.

Mizuho Financial Group

Integrated Report 2022

14

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Board of Directors
Outside Directors

Member of the Board of Directors

Tatsuo Kainaka
Chairman of theOutside Director Nominating
Committee

Member of theCompensation Committee

Member of the
Audit Committee

Yoshimitsu Kobayashi

Ryoji Sato

Member of theOutside Director Nominating
Committee

Outside Director

Member of the
Audit Committee

Seiji Imai

Hisaaki Hirama

Chairman (Kaicho)*, Member of the Board of Directors

Member of the Board of Directors

Masahiro Kihara
Member of the
Audit Committee

Chairman of the
Risk Committee

Member of the Board of Directors
President & Group CEO (Representative Executive Officer)

Brief personal record

Brief personal record

Brief personal record

Brief personal record

Brief personal record

Brief personal record

1966 Appointed as Public Prosecutor
2002 Superintending Prosecutor of the Tokyo High Public
Prosecutors Office
2002 Justice of the Supreme Court2010 Admitted to the Tokyo Bar Association2010 Joined Takusyou Sogo Law Office (current)
2011 President of the Life Insurance Policyholders Protection
Corporation of Japan
2013 Member of the Board of Directors (Outside Director) of BK(until Jun 2014)2014 Member of the Board of Directors (Outside Director) of FG(current)

1974 Joined Mitsubishi Chemical Industries (current Mitsubishi
Chemical)2005 Managing Executive Officer of Mitsubishi Chemical
President and CEO of Mitsubishi Chemical Group Science andTechnology Research Center
2006 Member of the Board of Mitsubishi Chemical Holdings
Chairman of Mitsubishi Kagaku Institute of Life Sciences
2007 Member of the Board, Managing Executive Officer of
Mitsubishi Chemical
2007 Representative Director, Member of the Board, President of
Mitsubishi Chemical Holdings
Representative Director, Member of the Board, President andChief Executive Officer, of Mitsubishi Chemical
2009 Member of the Board, President of The KAITEKI Institute2012 Outside Director of Japan Display (until Mar 2015)
Outside Director of Tokyo Electric Power (until Mar 2015)
2015 Member of the Board, Chairman, The KAITEKI Institute (2021
Member of the Board (until Jun 2022))2015 Chairman, Japan Association of Corporate Executives (until
Apr 2019)
2015 Member of the Board, Chairperson of Mitsubishi Chemical
Holdings (2021 Member of the Board (until Jun 2022))2015 Outside Director of Toshiba (until Jul 2020) (2018 Chairman ofBoard of Directors, Outside Director of Toshiba)
2020 Member of the Board of Directors (Outside Director) of FG(current)
2021 Chairman of the Board of Directors of Tokyo Electric Power
Company Holdings (current)

1969 Joined Nikko Securities (current SMBC Nikko Securities)
1971 Joined Tohmatsu Awoki & Co. (current Deloitte Touche
Tohmatsu)
1975 Registered as Certified Public Accountant
1978 New York Office, Touche Ross
1979 London Office, Touche Ross
1983 Partner of Tohmatsu Awoki & Co.
2001 Managing Partner of Deloitte Touche Tohmatsu, Tokyo Office
2004 Representative Partner and Managing Partner of Deloitte
Touche Tohmatsu, Tokyo Office2007 Chief Executive Officer of Deloitte Touche Tohmatsu2010 Senior Advisor of Deloitte Touche Tohmatsu (until May 2011)
2011 Audit & Supervisory Board Member of Kubota (until Jun 2015)
2015 Outside Director of Toshiba (until Jun 2019)2016 Audit & Supervisory Board Member of Nippon Life Insurance
Company (current)
2020 Member of the Board of Directors (Outside Director) of FG(current)

2014 Executive Officer, General Manager of Seoul Branch of BK
2016 Managing Executive Officer, Head of Asia & Oceania excl.
East Asia of FG and BK2018 Senior Managing Executive Officer, Head of Global Corporate
Company of FG (until Apr 2020)2019 Deputy President & Executive Officer of BK
2020 Senior Managing Executive Officer, Head of Corporate &Institutional Company and Head of Global Products Unit of FG
2021 Deputy President & Senior Executive Officer, Head ofCorporate & Institutional Company and Head of Global
Corporate Company of FG (Member of the Board of Directors
and Deputy President & Senior Executive Officer from Jun 2021)
2022 Chairman (Kaicho), Member of the Board of Directors (current)

2014 Executive Officer, General Manager of Marunouchi-Chuo
Branch Division No. 1 of BK
2015 Executive Officer, General Manager of Nagoya Corporate
Branch of BK
2017 Managing Executive Officer, Head of Internal Audit Group of BK
2019 Advisor to Audit Committee of FG
2019 Member of the Board of Directors of FG (current)

2017 Executive Officer, General Manager of Risk Management
Department of SC
2018 Executive Officer, General Manager of Financial Planning
Department of SC
2019 Executive Officer, Joint Head of Financial Control &Accounting Group, and Joint Head of Global Finance of SC
2020 Managing Executive Officer, Deputy Head of Strategic
Planning Group, and Deputy Head of Financial Control &Accounting Group of FG
Managing Executive Officer, Head of Strategic PlanningGroup, Head of Financial Control & Accounting Group, In
charge of Markets Strategic Intelligence Dept. until Oct 2020and Head of Global Finance of SC
2021 Managing Executive Officer*, Head of Global Products Unit,
Deputy Head of Corporate & Institutional Company, and
Deputy Head of Global Corporate Company of FG
Managing Executive Officer, Head of Global Corporate
Division and Head of Global Products Unit of BK
2022 President & Group CEO of FG (concurrently, Head of Global
Products Unit of FG until Apr 2022)
Member of the Board of Directors of BK, TB, and SC (current)
2022 Member of the Board of Directors
President & Group CEO (Representative Executive Officer) ofFG (current)

Masami Yamamoto

Izumi Kobayashi

Makoto Umemiya

Motonori Wakabayashi

Nobuhiro Kaminoyama

Member of the Board of Directors
Deputy President & Senior Executive Officer(Representative Executive Officer)
Group Chief Digital Innovation Officer (Group CDIO)
Group Chief Financial Officer (Group CFO)

Member of the Board of Directors
Senior Executive Officer
Group Chief Risk Officer (Group CRO)

Member of the Board of Directors
Senior Executive Officer
Group Chief Human Resources Officer (Group CHRO)

Takashi Tsukioka
Member of theOutside Director Nominating
Committee

Member of theCompensation Committee

Chairman of the
Audit Committee

Member of theOutside Director Nominating
Committee

Chairman of theCompensation Committee

Outside Director

Chairman of theBoard of Directors

Member of theNominating Committee

Member of the
Risk Committee

Brief personal record

Brief personal record

Brief personal record

1975 Joined Idemitsu Kosan
2002 General Manager of Kobe Branch of Idemitsu Kosan
2005 General Manager of Chubu Branch of Idemitsu Kosan
2007 Executive Officer and General Manager of Supply & Logistics
Department of Idemitsu Kosan
2008 Managing Executive Officer and General Manager of Supply& Logistics Department of Idemitsu Kosan
2009 Director and General Manager of Supply & Logistics
Department of Idemitsu Kosan
2010 Managing Director and Managing Executive Officer andGeneral Manager of Corporate Planning Department ofIdemitsu Kosan
2011 Managing Director of Idemitsu Kosan
2012 Executive Vice President and Representative Director of
Idemitsu Kosan2013 Representative Director and Chief Executive Officer ofIdemitsu Kosan
2018 Chairman and Representative Director of Idemitsu Kosan
2020 Special Advisor of Idemitsu Kosan
2021 Member of the Board of Directors (Outside Director) of FG(current)
2022 Honorary Advisor of Idemitsu Kosan (current)

1976 Joined Fujitsu
2004 Executive Vice President, Personal Systems Business Group of
Fujitsu2005 Corporate Vice President* of Fujitsu
2007 Corporate Senior Vice President* of Fujitsu
2010 Corporate Senior Executive Vice President of Fujitsu
2010 President of Fujitsu
2010 Representative Director, President of Fujitsu
2015 Representative Director, Chairman of Fujitsu
2017 Director, Chairman of Fujitsu
Outside Director of JFE Holdings (current)
2019 Member of the Board of Directors (Outside Director) of FG(current)
Director, Senior Advisor of Fujitsu (current)

1981 Joined Mitsubishi Chemical Industries (currently Mitsubishi
Chemical)1985 Joined Merrill Lynch Futures Japan
2001 President and Representative Director of Merrill Lynch Japan
Securities (until Nov 2008)
2002 Outside Director, Osaka Securities Exchange
2008 Executive Vice President, the Multilateral Investment
Guarantee Agency of the World Bank Group2013 Outside Director of ANA Holdings (current)
2013 Outside Director of Suntory Holdings (until Mar 2017)2014 Outside Director of Mitsui & Co. (current)
2014 Member of the Risk Committee of FG (as an outside expert
who is not a director) (until Jun 2017)2015 Vice Chairperson of Japan Association of Corporate
Executives (until Apr 2019)2016 Member of the Board of Governors of Japan Broadcasting
Corporation (until Jun 2019)2017 Member of the Board of Directors (Outside Director) of FG(current)
2020 Outside Director of Omron (current)* In Jun 2009 the official titles were changed from “Corporate Vice President” and“Corporate Senior Vice President” to “Corporate Executive Officer” and “Corporate
Managing Executive Officer,” respectively.

* Chairman (Kaicho) Imai engages in the company's external activities, but does notchair the Board meetings. The Board meetings are chaired by the independent director
chair, Ms. Izumi Kobayashi.

Brief personal record
2015 Executive Officer, General Manager of Financial Planning
Department of FG
2017 Managing Executive Officer, Head of Financial Control &Accounting Group of FG (Member of the Board of Directors,
Managing Executive Officer from Jun 2017)
Executive Managing Director, Head of Financial Control &Accounting Group of BK (Managing Executive Officer from Apr 2019)2020 Member of the Board of Directors, Senior Managing Executive
Officer*, Head of Financial Control & Accounting Group of FG
Deputy President & Executive Officer, Head of Financial
Control & Accounting Group of BK
Deputy President & Executive Officer, Head of Financial
Control & Accounting Group of TB (current)
2022 Member of the Board of Directors, Deputy President & Senior
Executive Officer, Group CDIO, Group CFO of FG (current)
Deputy President & Executive Officer, Chief Digital Innovation
Officer, Head of Financial Control & Accounting Group of BK (current)

Brief personal record

Brief personal record

2015 Executive Officer, General Manager of Industry Research Division of BK
2016 Managing Executive Officer, Head of Research & Consulting
Unit and In charge of Banking of BK
2018 Managing Executive Officer, Head of Research & Consulting
Unit of FG (Head of Risk Management Group of FG from Apr 2019)(Member of the Board of Directors, Managing Executive
Officer from Jun 2019)2019 President & CEO of RI
2020 Member of the Board of Directors, Senior Managing Executive
Officer*, Head of Risk Management Group of FG
Deputy President & Executive Officer, Head of Risk
Management Group of BK and TB(Head of Compliance Group of FG, BK, and TB from Nov 2021)
2021 Member of the Board of Directors of RT (until Apr 2022)
2022 Member of the Board of Directors, Senior Executive Officer,
Group CRO of FG (current)
Deputy President, Assistant to the Head of Business Execution
and Head of Risk Management Group of BK (current)Managing Executive Officer, Head of Risk Management Group of TB (current)

2015 Joint General Manager of Group Human Resources Division of FG
2017 General Manager of Corporate Banking Department No. 9 of BK
2018 General Manager of Corporate Secretariat of FG
2019 Executive Officer, General Manager of Corporate Secretariat of FG
2021 Managing Executive Officer, Head of Human Resources Groupand General Manager of Corporate Secretariat of FG, BK, and TB
Managing Executive Officer and General Manager ofCorporate Secretariat of SC
2021 Member of the Board of Directors, Managing Executive
Officer* and Group CHRO of FG (current)Managing Executive Officer and Head of Human ResourcesGroup of BK (current)Managing Executive Officer and Head of Human ResourcesGroup of TB (current)*Senior Executive Officer from Jul 2021 due to the integration of executive titles
Definitions: FG: Mizuho Financial Group BK: Mizuho Bank TB: Mizuho Trust & Banking RI: Mizuho Research Institute RT: Mizuho Research & Technologies

15

Mizuho Financial Group

Integrated Report 2022

16

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

AppendixRound table discussion between the outside directors
Our six outside directors exchanged ideas on the challenges Mizuho must address as we move forward under the leadership ofthe new President & Group CEO Masahiro Kihara, taking into account the series of IT system failures and other issues.

Yoshimitsu Kobayashi

Kainaka

The Board of Directors must also monitor these business execution line initiatives on a regular basis.

Although earlier I said the new leadership is off to a good start, there are still issues to be addressed, as you pointed out. For example,

when I visited a branch the other day, a long-time employee asked, “Why are we reforming our frontline offices? What are the benefits for ourcustomers and for us employees?” Reforms can only be successful when they are properly explained to employees and accepted by
employees. The current reforms have not yet gained traction throughout the organization, and I believe that both the Group CEO and the officers
and employees around him should undertake greater efforts in this regard.
Tsukioka

On the question of why Mizuho is carrying out these reforms, I think it is necessary to convey to employees the ways that Mizuho

serves customers and society, and that they are at the forefront of delivering those services. This message must go hand in hand with thereforms, and cannot be effective if everyone is too busy with their daily tasks.
Yoshimitsu Kobayashi

Mizuho has an opportunity to restart under the leadership of a younger Group CEO, and it should certainly also use thischance to communicate the message of a fresh, new Mizuho. The message should include a clear corporate identity, as well as the ways

Masami
Yamamoto

Takashi
Tsukioka

Yoshimitsu
Kobayashi

Izumi
Kobayashi

TatsuoKainaka

Ryoji
Sato

Outside Director

Outside Director

Outside Director

Outside Director(& Chairman of theBoard of Directors)

Outside Director

Outside Director

Expectations for Mizuho under Group CEO Kihara
Izumi Kobayashi

Mizuho’s recent changes will foster a greater sense of unity within the group.
Yamamoto

was dedicated to reflecting on the IT system failures. I believe now is a good time for everyone to lay out the key points of the next phase of
growth under the new leadership.

Towards more stable business operations and stronger governance functions responding
to the IT system failures and other issues

Mizuho is now moving forward under the leadership of Group CEO Kihara. How do you view the developments so far?
Yamamoto

Kainaka

I believe that we are off to a good start. Group CEO Kihara is picking up on feedback from the frontlines and working to institutecorresponding measures, but he cannot take care of everything by himself. I think the crux of the matter is how the management team, which
supports the Group CEO, can work together to put his ideas into action.
Izumi Kobayashi

Sato

Has anyone else made any discoveries—for example, when visiting frontline offices?

I recently visited an integrated branch offering banking, trust banking, and securities services, and I could see there is a growing

awareness of the need to emphasize communication, among general managers and supervisors as well as other employees. Group CEO Kihara
has an open personality, so some of his character may be coming through to the rest of the organization bit by bit.
Yamamoto

Having observed the General Managers’ Meeting and other meetings, I have the impression that participants’ questions andfeedback are becoming more positive and forward-looking. If Mizuho can set a firm direction as a company, I expect it will achieve strong
forward momentum.
Tsukioka

I also feel that communication is becoming more active and that Mizuho is heading in a good direction. On the other hand, we stillneed to make sure that communication leads to actual change. It is important to cultivate two-way communication with employees so thatThat sort of message also requires specific information on what new challenges Mizuho will take on. Unfortunately, the past year

The recent IT system failures and other issues were a goodreason to revisit and clarify the division of roles between Mizuho Financial
Group, which is the holding company, and each entity. The business
improvement plan is based on Mizuho Financial Group allocating
appropriate corporate resources and performing supervision for the rest of
the group, while each entity strengthens its own frontline capabilities. I
expect that in the future Mizuho will apply the lessons learned from the IT
system failures to make it easier for the frontlines to act, and that thefrontlines will come up with various proposals for improvements to speed
up the preparedness for and response to such system failures.
Izumi Kobayashi

I think there is also something that we should reflect on inregard to our perspective on the issues faced by frontline offices. Perhaps
we should have given more attention to the strain carrying out the reforms was placing on the frontlines.
Yamamoto

More thorough management and supervision are indispensable going forward. There must be more stringent visual control onmatters such as frontline offices being overburdened and frontline capabilities growing stronger.

every level at Mizuho can be fully engaged in finding ways to carry out Mizuho’s promises and in working on issues together.

17

Mizuho Financial Group

Integrated Report 2022

18

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

AppendixRound table discussion between the outside directors

KainakaThat is an important point. As outside directors, we should conduct

thorough monitoring and continue providing supervision, for example via

and each entity have been reorganized. Is there anything else about thecorporate governance structure that has come to your attention?

the System Failure Response Evaluation Committee.
Yoshimitsu Kobayashi
Tsukioka

Conversely, past experience shows that reinforcing corporate

In the typical holding structure, the role of the holding

company revolves around how to promote the brand itself, as well as how

governance sometimes leads only to the creation of new rules. We need toto handle business strategy, medium-term business plans, the businessavoid creating a situation in which employees might think everything is fine

portfolio, and risk control. Daily operations are left to the operating

as long as they are abiding by the rules.

companies. In contrast, I feel that Mizuho’s holding company has too muchof a role. The division of roles between the holding company and the entities

Kainaka

You are absolutely correct. There is a culture of just doing what

is a crucial point for the proper execution of duties.

one is supposed to do once the strategy and rules have been established,

Tsukioka

I agree unequivocally with Director Kobayashi. That said, the holding

and we need to break away from that now. Of course we outside directors

Satopoint out anything that comes to our attention, but all of Mizuho’s

company should be responsible for group-wide reforms to corporate

employees, not just the Group CEO, are responsible for thinking on theirculture. Will the holding company be able to implement reforms if it has noown and furthering the execution of specific initiatives and strategy.

understanding of the frontlines?

I agree. The capacity of the organization and the people within it will not improve if people just go along with the tasks that others give

Yoshimitsu Kobayashi

Certainly, the Mizuho Financial Group CEO must be responsible for matters such as culture, in addition to the corporate

them. I would certainly like to help encourage the Group CEO and employees to take on challenges and be in charge of their own

brand, business strategy, and future direction. Within that same structure, the in-house company heads, who work under the Group CEO, aretransformation.

concerned with profitability. The entity heads act as the opposite of the in-house company heads, and the entity heads should engage in active
debates with the in-house company heads about matters such as the stability of IT systems and employee morale.

Izumi Kobayashi

Although Mizuho has perfected the creation of rules and frameworks, its employees are being overwhelmed by trying to
The in-house company system itself is a well thought out system, but it cannot be effective if the in-house companies provide

implement them. Mizuho could have done better on ascertaining the causes of the problems on the spot and identifying the actions to take in

Kainaka

response.

directions for everything and the entities just do as they are told. I think this aspect will improve now that various outside directors have been
selected for the entities.

Sato

Risk-related matters such as compliance tend to be like addition: one problem increases the number of tasks. On the other hand, Group
Under the system, the entities implement the strategy formulated by the in-house companies. For the system to be more than

CEO Kihara’s initiative to eliminate excessive workloads and unnecessary processes is more like subtraction. That entails taking responsibility

Izumi Kobayashi

for the risks that come with such subtraction, which cannot be done without each individual thinking independently.

mere theory, the entities must also provide feedback to the in-house companies on frontline issues and, in doing so, be part of the foundation
for sound management. In that sense, it is important for the Board of Directors to understand not only the views of the in-house companies but

Izumi Kobayashi

So we need to change the culture of addition to one of subtraction, and furthermore enhance the capacity to manage risk.

also the issues at the entities and to look at the overall picture through this lens. The entities alone may be responsible for each individual issue,
but the Board of Directors is responsible for supervising Mizuho Financial Group’s overall business execution, constantly examining the

Kainaka

I think that these issues became apparent with the IT system failures. Anytime there is trouble it is essential to have a person who can

allocation of corporate resources and strategies to see if there is any overreach.

look at the whole picture and provide direction as a kind of commander. At
I think it is very clear. After all, the group is only as good as the frontlines. It is important to operate in a way that maximizes thethe same time, the person who acts as the commander must take on the

Yamamoto

associated risk. Mizuho’s response was delayed because it was unclear

capabilities of the entities.

who the commander was, and the confusion resulted in a continuing backand-forth between the people involved.

Yoshimitsu Kobayashi

It is actually similar for manufacturing facilities. In the Meiji period (1868 to 1912), the power held by business offices andfactories was overwhelmingly strong, but as time went on this changed to a system where only the upper echelons of the hierarchy were taking
Yoshimitsu Kobayashi

To avoid reducing matters to simple armchairaction, rather than the frontlines. What we have come to realize at this juncture is just how important the balance between the two sides is.

discussions, Mizuho needs to create more opportunities for specialized
training and make setting priorities a common practice. Real-world trainingis also important for fire drills, for example.
Izumi Kobayashi

The structure of the specialized training is critical. As

Director Yamamoto remarked earlier, the roles of Mizuho Financial Group19

Mizuho Financial Group

Corporate culture reform
Izumi Kobayashi

While that balance—the relationship between the holding company and entities—is important, I believe it is equally important toIntegrated Report 2022

20

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

AppendixRound table discussion between the outside directors

be united as one Mizuho. I think what binds the organization together isbetween Mizuho’s advancement of the sustainability-related initiatives it has been pursuing, Mizuho’s leveraging of digital transformation to

Mizuho’s purpose, which Director Tsukioka has repeatedly expoundedmove forward a hybrid model of “real” and digital finance, and Mizuho’s globalization, which includes Mizuho’s employees.

upon. What are your thoughts on this?
Yamamoto

Regarding digital transformation, the fact that Mizuho has talented personnel who went through the experience of developing

I think it is necessary to return to the starting point when a large

MINORI, the new core banking system, is a significant asset. Further, Mizuho has the experience of working on new endeavors such as J-Coin

incident like this occurs. The Group CEO should convey a clear message ofPay, and expertise such as the consulting capabilities at Mizuho Research & Technologies. I believe Mizuho has plenty of advantages, and is

why the company is where it is, and where it is headed. If everyone takes

now in the phase of turning these advantages into something tangible to put out into the world. The business environment is becoming moreanother look at Mizuho’s purpose, it will generate energy and drive at the

conducive to taking on new challenges, so I would certainly like to see a shift toward execution.

Tsukioka

frontlines and become an engine for the Kihara administration.
Sato
Kainaka

I believe a corporate philosophy should be easy to understand andresonate with each employee’s outlook and way of life. When I served as

Mizuho is still keeping up with its competitors in the fields of banking, trust banking, and securities. However, digital transformation is truly

the new battlefield. At present, Mizuho is exploring and trying various new ventures, but there needs to be conversation about which of those
ventures Mizuho will focus on going forward.

an outside director at another company in the past, we first rewrote thecorporate philosophy to be easy to understand and something that would
convince each employee. A philosophy that is abstract and difficult cannot take root. All employees must have a shared awareness of what

TsukiokaMizuho has been sowing some seeds in the form of J-Coin Pay and partnerships with PayPay Securities, Line, and Google. Even so,

we need further clarification on how these will be developed, what their aims are, and what they will contribute to customer satisfaction.

kind of company it is and what kind of traditions it has.
Kainaka
Tsukioka

On several occasions in the past I have also gone back to the company’s starting point to create a clear corporate philosophy. The

philosophies we ended up with as the result of employee-driven thinking were very simple. I have found that holding repeated dialogue

For the many ventures Mizuho has worked on, the capacity to shape them into products will be a crucial aspect. Mizuho has anabundance of talented personnel, so the question is how to strategically determine directionality and see these efforts to completion. I havehigh hopes for Group CEO Kihara on this.

sessions attended by the CEO and continuing such initiatives for three or four years leads to a single philosophy coming together. In this sense,words that are easy to understand are ideal for a corporate purpose or philosophy.

Izumi Kobayashi

Mizuho’s employees are talented and take their work seriously, but I can see that they tend to all face the same direction.

Although employee talent is key, it is also key for the company to have diversity through the active participation of employees with a variety of
Yoshimitsu Kobayashi

When appointed as CEO many people assert their differences from their predecessor, and I think that level of determination

viewpoints.

and spirit is necessary. I am sure that Group CEO Kihara is thinking a lot about this right now.
Yoshimitsu Kobayashi
Yamamoto

From the employees’ perspective, even if they are told that corporate culture is the issue, in certain aspects they will not know what

they should do about that. It is important for Mizuho to set forth, under the leadership of Group CEO Kihara, what its purpose and aims are.
Izumi Kobayashi

Group CEO Kihara also recognizes this as part of his role. I understand he has begun bringing together a range of employees,

including those on the frontlines and younger employees, to exchange views with executive management. We at the Board of Directors should

From that perspective, a certain degree of independence and self-reliance is required. I find that people who create new

innovations are often what I might call rebellious. Cultivating innovation requires carefully balanced management which maintains cooperationand cohesion while also developing personnel who want to step away and try new ventures outside that.
Izumi Kobayashi

We at the Board of Directors also come into contact with various employees on the business execution line, so what you aresaying is that it is also important for us to find such people and encourage them.

closely follow the progress on this.

Results of the 5-Year Business Plan and future growth strategy
Izumi Kobayashi

Next, regarding business performance, while we are seeing results from the 5-Year Business Plan, issues such as low ROE still

remain. Growth strategy, including capital utilization, is key in the current phase. What are your thoughts on this?

In closing (from the Chairman of the Board of
Directors)
Izumi Kobayashi

At the recent General Meeting of Shareholders,shareholders expressed criticism regarding the reappointment of directors,
including us outside directors. It is necessary for us to show shareholders

Yoshimitsu Kobayashi

21

Under the 5-Year Business Plan so far, we have reached a level at which we can aim for a Common Equity Tier 1 capitalthat we are headed in a better direction in terms of Mizuho’s corporate

ratio in the middle of the 9 – 10% range and Consolidated Net Business Profits of ¥900 billion for fiscal 2023. There are still issues with capital

governance and the performance of our supervisory functions. I believe thisefficiency, but I believe it is necessary to firmly stay on course while considering what steps Mizuho should take in the next 5, 10, or even 20

point to be especially important in fiscal 2022. I will keep the views we haveyears. In these drastically changing times, the era of finance being the lifeblood of economic activity has come to an end, and over the next 10

exchanged here today in mind for future Board of Directors meetings, and I

years we must pioneer new approaches while integrating the idea of “beyond finance”. There is a need to carefully consider the balancelook forward to continuing to work with you.

Mizuho Financial Group

Integrated Report 2022

22

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Progress of the business improvement plan
Beginning from February 28, 2021, Mizuho Bank suffered a series of IT system failures in Japan. All of us at Mizuho deeply apologize forthe inconvenience and concern we have caused to our customers and society by allowing these system failures to repeatedly occur.
On November 26, 2021, we received a business improvement order from the Financial Services Agency of Japan and a corrective action
order from the Ministry of Finance of Japan. In response, we formulated a business improvement plan, which we have been steadily
implementing.

Timeline of the IT system failures
2021
Feb

Mar

Apr

May

Jun

Jul

(1) Feb 28

Systemfailure(2) Mar 3(3) Mar 7(4) Mar 12

Independent
committees

Aug

Sep

Oct

Nov

(5) Aug 20(6) Aug 23

Dec

2022
Jan

(9) Dec 30

Feb

Mar

Apr

May

Jun

(10) Jan 11■ Jun 15:
Report of the System Failure
Special Investigative Committee received■ Mar 17:
System Failure
Response Evaluation
Committee established

Follow-up on progress of measures to prevent further incidents

Monitoring of formulation of measures to prevent
further incidents (measures released June 15)

Administrative
actions,
reports,
improvement
plan■ Sep 22:
Business
improvement
order in regard toscheduledupgradesand updates of
the IT system■ Nov 26:
Implement measures to improve operations
Corrective
and prevent further incidents, regularly reportaction orderfrom the Ministry of
Finance■ Dec 17:of Japan
Submission of report complying withthe corrective action order issued by
the Ministry of Finance of Japan■ Nov 26:
Implement business improvement plan,
Businessregularly report
improvement
order fromthe Financial Services Agency of Japan■ Oct 6:
Submission ofplan for upgrades
and updates tothe IT system■ Jan 17:
Submission of Business Improvement Plan

On April 15 and July 15, 2022, Mizuho Financial Group and Mizuho Bank released updates on the progress of the business improvement plan. We plan toissue further updates on a regular basis going forward.

Overview of the business improvement plan (released January 17, 2022)
Enhancement of multilayered system failure response capabilities: Preventing system failures and minimizing impacts on customers in the event a system failure occurs
IT system
Preventing system failures

Minimizing impacts
on customers in the eventa system failure occurs

Response to customers / Crisis management■Reviewing customer service based on
feedback from customers and frontline
offices■Capturing total process responding to failures, and enhancing capability and framework
for responding to failures■Ongoing enhancement of responses during business-as-usual and in emergencies throughregular drills with IT and user departments and other means• Customers' perspective /
feedback fromfrontline offices• External knowledge(expertise)• Establishing proper
processes (continuity)

Enhanced business management response:

Reforming corporate culture:

Strengthening governance functions, compliance framework, and IT system risk management structureContinuous enhancement of our personnel and organization

Balance between strategy
and execution and internal
control to support strategy

23■Enhancing frameworks suited to themaintenance and operation phase■Deep inspection with wide scope for both
application and infrastructure platform

Mizuho Financial Group■Enhancing governance functions toensure stable systems and business
operations supporting strategy• Understanding actual frontline conditions
through multifaceted information channels• Sophistication of business strategy proposals
and resource allocation processes• Multilayered and specialized examinations
by both supervision and execution side

Collaboration and unity
across the organization
based on common values
Work environment andatmosphere to promote open
discussion and initiatives
Continuing and solidifying
initiatives to reform
our corporate culture

We are endeavoring to enhance our governance functions in order to ensure the stability of our IT systems and business operations, which underpin our
strategy. Our initiatives include reinforcing legal compliance, ascertaining actual frontline conditions from multiple angles, optimizing processes forstrategy and corporate resource allocation, and developing a framework for multilayered, specialized checks by both the supervisory and businessexecution lines.

Legal compliance
Given international demand for financial institutions to maintain the highest level of legal compliance, we have been working to develop a robust legal
compliance framework. We are steadily implementing measures to improve operations and prevent further incidents, fortifying our complianceframework, and strengthening our operations for anti-money laundering (AML) and combating the financing of terrorism (CFT).

(11) Feb 11(7) Sep 8(8) Sep 30■ Mar 17:
System Failure
Special Investigative
Committee established

Governance■Management commitment■Specific initiatives• Management policy to commit to customers
and society• Open communication• Framework that encourages proactive action• Working group based on employee participation■Ongoing initiatives(1) Holding training to improve executive officers and other employees’ knowledge and awareness of foreignexchange laws and regulations, in line with their duties(2) Enhancing operational processes and other mechanisms ensuring appropriate consideration and decisionmaking for compliance with laws and regulations, even during times of crisis(3) Reviewing IT systems, expanding business contingency plans, and organizing frameworks to secure stable
operations for AML/CFT, including in regard to the Foreign Exchange and Foreign Trade Act of Japan(4) Developing a structure and implementing measures for appropriately recognizing and assessing risk in regard to
departmental operations in order to ensure compliance with laws and regulations(5) Improving control and check functions that can respond appropriately to revisions in laws and regulations byreviewing the process for performing confirmation obligations in accordance with the Foreign Exchange andForeign Trade Act of Japan and by enhancing various monitoring systems(6) Strengthening our organization and talent and the involvement of our executive management, all of which
support the robust and continuous implementation of measures to improve operations and prevent further
incidents, by establishing a specialist team for compliance with foreign exchange laws and regulations, bydeveloping personnel, and by further involving executive management in ensuring the effectiveness ofmeasures to improve operations and prevent further incidents

Operational management reflecting feedback from the frontlines
From the standpoint of maximizing governance functions group-wide and in order to accurately identify current and latent risks and opportunities,
through our entities we are enhancing our tracking of changes in the external business environment and of actual frontline conditions. We have
improved our mechanisms for flexibly reviewing business strategy and corporate resource allocations based on assessment of frontline conditions, aswell as our monitoring process. We have also established administrative guidelines to ensure continuity in these areas.
Further, we are deepening our communication with the frontlines about the underlying purpose of our strategies and policies, through messages fromexecutive management on these strategies and policies, informational sessions on them at each department, and other means.
Regarding IT governance, we have developed a framework for multifaceted evaluation of on-the-ground issues faced by the IT frontlines of each groupcompany, and we have established functions to coordinate policy design and implementation at Mizuho Bank and Mizuho Research & Technologies.
Entities regularly share on-the-ground issues and discuss countermeasures, and we are reflecting these discussions in policy design and corporate
resource allocation for IT systems.

Stronger management of IT system risk
Aiming to apply effective checks and balances appropriate to the unique characteristics of the MINORI system, we have expanded the scope andcontent of system risk management. Regular reports are made to executive management, and we are advancing discussion on the status of system risk
early warning indicator management, which utilizes hardware failure management and maintenance schedules; the status of SCP revisions and training;
the appropriateness of the allocation of IT personnel; the periodic evaluation of outsourcing, including to Mizuho Research & Technologies, by Mizuho
Bank; and overall IT system risk based on execution of strategy and allocation of corporate resources.
In regard to potential risks related to individual processes in IT system development and operational management, we are conducting multifaceted
monitoring by utilizing management methods and insights from risk categories other than system risk, most notably human capital risk and legal risk.
Reports on the risks are also made to various committees.

Further enhancement of supervisory functions
In light of the series of system failures and other issues, the Board of Directors of Mizuho Financial Group established the System Failure Response
Evaluation Committee, which is composed exclusively of outside directors, to verify the progress of measures to improve operations.
We are also working to strengthen structural and operational aspects at Mizuho Bank and other subsidiaries, with a view towards enhancing
supervisory functions across the group. Specifically, we are ramping up our activities aimed at more multifaceted tracking of the state of businessexecution, engaging in discussions with outside directors at subsidiaries, and expanding the role of external talent at the group’s supervisory bodies.
Integrated Report 2022

24

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Progress of the business improvement plan

Multilayered system failure response capabilities

Enhancement of multilayered system failure response capabilities: IT systems

Enhancement of multilayered system failure response capabilities: Customer support

To prevent system failures, we are implementing two types of inspection: inspection of important infrastructure platforms, which ensures there
is no risk of material failure in important systems, and inspection of applications, which ensures stable operation of important systems.
The inspection of important infrastructure platforms targets 109 systems supporting operations that need to be in continuous service, even in an
emergency such as a natural disaster or system failure. It covers maintenance deadlines, expansion of inspection standards to facilitate
replacement of components before a system failure occurs or maintenance support expires (preventative maintenance), and operation when asystem failure occurs. This enables clarification of policies to address risks, issues, and points in need of improvement.
The inspection of applications targets 27 systems supporting 30 settlement operations that would require prompt activation of the contingency
plan in the event of a system failure, due to the potential impact on customers, market transactions, etc. The inspection covers re-examinationof MINORI services that have not yet been put into use, control of the threshold, and control of the risk of system processing time exceeding
operation deadlines, the latter two in relation to the operation volume and system resource use rate. It serves as a regular inspection based onchanges in operations.

Prevention of system failures

Jul – Sep 2022

Oct – Dec 2022 Jan – Mar 2023

Maintenancedeadline

Inspection
completedWill continue checking as regular inspection

Preventative
maintenance

MINORI
Foreign exchange
settlement
Bank of Japansettlement(Considering
Other shared
whether
platforms andto addtransaction channels inspection
targets)

Operation whena system
failure occurs

MINORI(Main HUB)
Foreign exchange
settlement
Bank of Japansettlement

Inspection ofimportantinfrastructure
platforms

Inspection of
applications

Current status(Apr – Jun 2022)

Re-examination ofInspection
services that have notcompletedyet been put into use
Limit management/
operation volume & Foreign exchange
settlement
processing deadlines
Regular inspection
based on changes
in operations

Shared platform(private cloud)

MINORI (deposits/foreign exchange, etc.)
and transaction channels (ATMs)

Will continue checking as
regular inspection

Modification

Will continue
checking as
regularinspection

Overseas and others

Deposits, domestic exchange, ATMs,
and market/external settlement

Will continue checking as regular inspection based on changes in operations
Deposits, domestic/foreign exchange, ATMs,
and market/external settlement

With the changes to ATM specifications and enhancement of customer support capability, we changed specifications at all Mizuho Bank ATMs
across Japan to prevent cards and bankbooks from being retained, ensuring customers will not be kept waiting. We are also installing cameras
with speakers by ATMs so as to promptly provide customer support in case of trouble.

From
Apr 2023

Modification

Transaction channels andmarket/external settlement

Customer support in which system and business contingency plans are linked covers the 27 systems supporting 30 settlement operations
targeted in the inspection of applications. Visualization of the system configuration and operation flows, reconfirmation of the impact of system
failures, confirmation of the contingency plans, and training to ensure prompt customer support in the event of a failure were all completed asplanned by the end of June with collaboration between the IT and user departments. We will continue to make further improvements going
forward.

Taxes/publicfunds, and others

Main measures for improvement

Enhancement of system failure response capabilities

Through end of
Mar 2022

Main measures for improvement

In order to minimize impacts on customers in the event of a system failure, we are undertaking two initiatives. The first is customer support inwhich system and business contingency plans are linked together and IT and user departments work in collaboration to ensure prompt
customer support. The second is changes to ATM specifications and enhancement of customer support capability, which enable us to promptly
provide information and support to customers without keeping them waiting at ATMs.

Customer support in which systemand business contingency plans
are linked together

Senior Executive Officer
Group Chief Information Officer(Group CIO)

25

Mizuho Financial GroupUp until now, we have employed a range of technologies and developed cutting-edge
financial systems, most prominently MINORI, in order to provide quick and convenientservices to customers and maintain our reliability. Going forward, we will continue to respondto our customers’ changing needs and endeavor to ensure stable IT system operations aspart of providing highly convenient services.

Current status(Apr – Jun 2022)

Foreign exchange
settlement
Market(foreign
currencies)

Deposits, domestic exchange,
ATMs, and market/external
settlement (JPY),
taxes/public funds, and others

Introduction of
specifications
that do not keep
customers
waitingReleasecompleted

Installation ofcameras withspeakers

Preparation for
installation
completed

Jul – Sep 2022

Oct – Dec 2022 Jan – Mar 2023

From
Apr 2023

Will continue to take actions

Will continue to work on improving specifications

ATM

Currently, we are forging ahead with initiatives to prevent system failures, including early
warning indicator management for failures, preventative maintenance of hardware, andoperations checks of automatic switching. Understanding that we cannot completely
eliminate system failures such as unexpected hardware failures, we are also pursuing
initiatives to minimize impacts on customers by bolstering our frameworks for responding to
failures and implementing relevant training. We have already addressed the direct causes ofthe previous system failures and completed upgrades to functions, among them changes tothe specifications that led to ATMs retaining bankbooks and cards when system errors
occurred. Our improvements aimed at stable IT system operations are steadily moving
forward.

Koji Yonei

Through end of
Mar 2022

Completed at 632 offices(about 30%)

Expanding incrementally

Completedat all
1,809 offices

As a division made up of user departments, we are implementing company-wide training
aimed at entrenching our business contingency plans, with an understanding that systemerrors can happen. In this way, we are endeavoring to reinforce our structure for minimizing
inconvenience and concern to customers and providing prompt customer support in the eventof a system failure.

Toshiro Egawa
Managing Executive Officer
Head of the Retail & BusinessBanking Division
Mizuho Bank

Further, in order to fully meet the rapidly changing needs of our customers and society, we
are aggregating and analyzing feedback from the general public, customers, and frontlines
across multiple channels, and we are undertaking initiatives to integrate the lessons from thisfeedback into our customer support. Our focus on such inputs extends to customer views
that may not be immediately apparent at the surface level, which we supplement by actively
tracking the actual status and experience of customer interactions among employees atfrontline offices.
Through such initiatives, we are ensuring that all of our employees will recommit themselves
to serving our customers, that the quality of service at Mizuho will improve, and that these
efforts will become ongoing rather than superficial or temporary. With this as our role, we will
work alongside our customers to improve Mizuho’s corporate value and achieve continuous
growth.

Integrated Report 2022

26

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Progress of the business improvement plan

Personnel and organization (corporate culture)
Under Mizuho’s dedication to serving customers and society, we are
putting in place a work environment that encourages employees to
speak and act freely, continuing our initiatives to reform ourcorporate culture and become an organization where everyone cantake initiative on their own and engage in constructive
communication.

Dialogue between the Group CEO and employees
As part of creating opportunities for the Group CEO and employees
to exchange their discoveries and views, we created a separate
page on the Mizuho group’s employee intranet, called the GCEO’s
Room.
The page collects all of the Group CEO’s regular messages to
employees.

On an ongoing basis, we will create frameworks that enable
employees to feel secure in giving feedback and to share theirdiscoveries.
To provide employees with an easily accessible platform forsubmitting their feedback, we have set up a corporate culture reform
page on the Mizuho group’s employee intranet, and we are using it
as a central location to publicize related initiatives and progress.

Corporate culture reform page on Mizuho group’s employee intranet

Business operations for serving customers and society: Eliminating internal operations
To free up more time for serving customers and society, in February 2022 we began asking employees to submit proposals for eliminating
unnecessary or inefficient internal operations, under the direction of management and with the aim of moving forward quickly.
Employees submitted about 620 proposals in the first three months. These have already led to elimination of some regular internal reports andrecords and to reductions of meeting materials. In addition, for less common ideas, we call for comments from the rest of the organization as away of setting priorities when exploring what to eliminate. The initiative is serving as a means to make the most of everyone’s individual
discoveries and feedback.

Employee-led working groups
One of the means we have been using to gather discoveries and feedback from employees and the frontlines is employee-led working groups,
which we established in April 2022. There are four working groups—“Values / Action principles”, “Communication transformation”, “Businessstyle transformation”, and “Support in proactive actions”—and each is made up of about 30 to 50 members.
The working groups hold discussions with executive management every month. Attendees have included the Group CEO, the heads of Mizuho
Bank, Mizuho Trust & Banking, Mizuho Securities, and Mizuho Research & Technologies, and the heads of the Strategic Planning Group andHuman Resources Group. Between May and June, the discussions tackled Mizuho’s current situation and issues, covering topics such as the
purpose of Mizuho’s corporate identity, factors needed to enable proactive action, methods for promoting communication, and approaches toreviewing operations. Throughout the six-month operational period for the groups, executive management and employees will regularly work
together to identify issues, based on real feedback from employees, and to develop better solutions and improvements.

Becoming an even more inclusive organization
Towards continuously strengthening our personnel and organization, we are enhancing not only our personnel development approach, which
supports employee’s individual growth, but also our organizational development approach, which improves cooperation between employees.

27

Also on the page are functions that allow employees to apply toparticipate in a dialogue session with the Group CEO, with thesesessions being held with about 10 employees per session on an ad
hoc basis, and that allow employees to send messages to the GroupCEO directly.

GCEO’s Room page on the Mizuho group’s employee intranet

From his appointment in February through the end of June, the Group CEO has held 13 dialogue sessions with employees, with over 100
employees participating on their own initiative. Every session has featured a range of topics, from employees’ views on everyday business
operations, proposals for business models, and concerns about career development to questions about whether or not being CEO is an
enjoyable job. The feedback and proposals from the dialogue sessions have also contributed to elimination of internal processes andoperational improvements.

Strengthening communication between frontlines and Head OfficeSince July 2021, we have been aiming to encourage employees at Mizuho Bank to think through and take on everyday challenges on their own
initiative and to apply the lessons learned from failures to future opportunities. One component of this has been “communicator and facilitator”
activities promoting dialogue between the operational frontlines and Head Office. In these activities, frontline communicators who provide
operational services and Head Office facilitators who determine operational processes repeatedly and freely exchange information and viewsin a space where such sharing is welcomed and respected—a space where psychological safety is assured. In doing so, they further elevatetheir commitment to developing better services together. This has allowed for effectively reflecting issues and needs that can only be identified
through direct interaction with customers into operational processes and has led to improvements integrating feedback from the frontlines,
such as easier-to-understand materials for customers. Aside from this, we are endeavoring to strengthen communication between thefrontlines and Head Office across multifaceted channels. Some examples are an employee public comment system enabling frontline
employees to participate in the process of developing new policies and a survey by frontline offices evaluating Head Office communication.

Ongoing initiatives: Designating a month for reexamining the system failures

For select entities and offices, we have been analyzing issues in relationships between supervisors and other employees and in the officeculture. To address these issues, we have been listening to employees’ candid feedback and implementing initiatives to provide employees withthe assurance that their views are welcomed, as a step towards developing relationships in which employees can speak their minds (alsoreferred to as "psychological safety").

The series of system failures that began on February 28, 2021 were preceded by large-scale
system failures in April 2002 and March 2011. To maintain our commitment to preventing
further incidents, we will use the month of February to reexamine the system failures every
year.

To further accelerate these initiatives and raise motivation and performance across the organization as a whole, in April 2022 we established a
dedicated office for organizational development. The office focuses on relationships between colleagues and proactively supports workplacecentric efforts while improving collaborative processes within the organization. Specific initiatives have included round table discussions
between multiple offices, aimed at promoting mutual understanding among colleagues; training utilizing the results of an engagement survey
targeted at general managers; and support for improving teamwork across workplaces, based on direct feedback from employees and bringing
in external coaches. Through these initiatives, we are becoming an even more inclusive organization that enables every employee to reach
their full potential and that makes the most of employees’ capabilities as a united group.

In February 2022, we compiled the actions every employee can take for customers in light ofthe system failures and publicized them throughout the group. Employees in each officereflected on and discussed the system failures and Mizuho’s response to them as a meansof maintaining awareness of what had happened and of what we can do.

Mizuho Financial Group

システム障害を考える

お 客 さまの た め に
私 たち 一 人 ひとりが できること

Integrated Report 2022

28

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

AppendixMizuho’s journey
History

Capital for value creation

Over Mizuho’s long history, we have continued to transform our organization in response to societal changes.

We are working to strengthen and utilize the different types of capital that constitute the source of value creation, based on the current situation and characteristics of each type.

We will leverage the strong foundations we have built to date to continue contributing to the development of our customers, the economy,

Importanceand society.

2022

Mizuho Securities becomeswholly-owned subsidiary ofMizuho Financial Groupof the Russia-Ukraine
2021 Deterioration
situation

2021

Establishment of Mizuho Research &Technologies

2020 COVID-19 pandemic

2020

Social and economic developments

2016

Establishment of Asset Management One
Establishment of Mizuho Americas

United Nations adopts the2015 The
Sustainable Development Goals

2014

of Japan introduces quantitative2013 Bankand qualitative monetary easing

2013
2011

2010 European debt crisis

Establishment of MI Digital Services

Introduction of in-house company system

of Japan introduces negative
2016 Bank
interest rates

2011 Great East Japan Earthquake

Establishment of Custody Bank of Japan

Transition to a Company with Three
Committees model of corporate governance
Merger of Mizuho Bank and Mizuho
Corporate Bank
Merger of Mizuho Securities and Mizuho
Investors Securities
Mizuho Trust & Banking becomeswholly-owned subsidiary of Mizuho
Financial Group

2008 Global financial crisis
2007 Sub-prime mortgage crisisof Japan ends zero interest rate
2006 Bank
policy

2006
2003
2002

Human capital

Medium-term business plans

2019

5-Year Business Plan
Transitioning to the next generation of financial
services by building new forms of partnerships withour customers so that we can respond to their needs
as the times change, with the objective of building astronger and more resilient financial group which
our customers can depend on in the coming era

Medium-term business plan:
Progressive Development of “One Mizuho”
Further development of the One Mizuho strategy bycreating a new business model as a financial services
consulting group based on the foundations of operational
excellence and a customer-focused perspective

2013

Medium-term business plan:
One Mizuho New Frontier Plan

1873 Establishment of the First National Bank
1896 Name changed to Dai-Ichi Bank
1971 Establishment of Dai-Ichi Kangyo Bank
through a merger with Nihon Kangyo
BankMerger of Mizuho Trust & Banking and Mizuho
Asset Trust & Banking

Aiming to be the most trusted financial institution
by its customers in and outside Japan by focusing
on the core function of contributing to social andeconomic development

Establishment of Mizuho Bank and Mizuho
Corporate Bank

2005

29

Mizuho Financial Group2000

Establishment of Mizuho Holdings

1999

Merger of our three predecessor banks

1880 Establishment of Yasuda Bank
1948 Name changed to Fuji Bank

Financial
capitalMedium-term policy:
Mizuho’s Transformation Program

Establishment of Mizuho Financial Group

1880 Fuji Bank

Social &relationshipcapitalIn response to structural and regulatory changes inthe economy and society in both Japan andoverseas, aiming for the new frontier of finance forthe coming era

Business strategy:
Channel to Discovery Plan

1873 Dai-Ichi Kangyo BankIntellectual
capital

2016

2010

Listed on NYSE

1902 The Industrial Bank of Japan
1902 Establishment of the Industrial Bank ofJapan

Self-driven employees withspecialized expertise, reaching
their full potential through theirown work style in an inclusive
organization, are at the core of
all value creation.

Aiming to be a financial partner that helps customers
shape their future and achieve their dreams

Natural capitalIn addition to the financial
expertise we have built up as afinancial services group, ournon-financial expertise in areas
such as industry, real estate andconsulting is, together with ourhuman capital, at the core of allvalue creation. Also, as a part offinancial infrastructure, we havea social responsibility to ensurestable IT system and business
operations.
Tangible and quantitatively
measured capital such as thecustomer base, businessnetworks in and outside Japanand in and outside Mizuho, andmarket presence, together withintangible capital such astrustworthiness anddependability, form the basis forvalue creation.

Current situation and characteristics
Number of employees: 52,420
Average age: 39 years and 7 months• Personnel with expertise in financial andnon-financial fields• Cross-entity personnel transfers and careerdevelopment supporting a unified group culture andbusiness model• In addition to proficiency in providing a wide rangeof financial services to corporate and individual
customers, we possess unique expertise in areas
such as industry, sustainability, and financial
engineering.
• We provide services effectively through our
combined expertise and knowledge in financial andnon-financial services and through an in-housecompany system based on customer segments.
• We are making steady progress on our business
improvement plan responding to the series of IT
system failures, based on a group-wide effort toensure stable IT system and business operations.
Individual customers: Approx. 23 million people
Corporate clients in Japan: Approx. 70% of listed companies
Corporate clients outside Japan: Approx. 80% of major
global companies*• Presence in financial fields such as financial markets,
investment banking, and transactions, and in
non-financial fields such as real estate and consulting• Partnerships with tech companies in different
industries

Major policies and initiatives• Fostering a corporate culture of being self-driven anddeepening specialized expertise: Personnel development andallocation, appropriate compensation based on job role andperformance, strengthening talent portfolio• Becoming an even more inclusive workplace for employees
from diverse backgrounds: Global business expansion,
promoting women’s participation in the workplace, networking• Providing an environment where employees can reach their fullpotential: Health and wellness, flexible work styles, supporting
employees who have childcare or nursing care responsibilities• Through our new operational structure, we areenhancing our expertise for corporate and individual
customers, as well as our knowledge of individual
industries and cross-industry activity.
• We are utilizing our expertise and knowledge in financial
and non-financial fields to create new value insustainability transformation, digital transformation,and other fields.
• We are conducting inspections aimed at preventing
further system failures, changing ATM specifications toenhance our ability to respond to system failures, andimplementing training for addressing any future system
failures.
• We are taking measures to strengthen cybersecurity.
• Developing highly convenient branch, ATM, andonline channel networks• Expanding our partnerships in different industries
and our networks with industry, the government,
and academia through co-creation of value• Initiatives to increase our market presence byraising our ability to develop and offer advanced
products

A robust financial base is at thecore of societal and economic
value creation, as it enables theprovision of stable and adequate
financial intermediary functions.

• CET1 capital ratio (Basel III finalization fully effective
basis; excluding Net Unrealized Gains (Losses) on
Other Securities): 9.3%
• Balance of deposits (including negotiable certificatesof deposit): ¥155 trillion• NPL ratio: 1.15%• Fulfilling financial intermediary functions by utilizing
our robust financial base• Further strengthening our revenue base balancing
stability and growth• Optimizing our business portfolio throughreallocation of corporate resources

The global environment and natural
capital are the basis for the existence ofMizuho and our customers. Our various
initiatives to preserve and recover them,including responsible financing andinvestment and sustainable businessbased on our Environmental Policy, areat the core of our simultaneous
realization of environmental, social, andeconomic value.

• Strengthening our sustainability action based on ourEnvironmental Policy• Sustainable finance
FY2019 – 2021 overall result: ¥13.1 trillion• Accelerating engagement-based responses to bothrisk and opportunity- Responsible financing and investment: Approx.
1,000 firms- Support for clients’ sustainability transformation:
Approx. 1,300 firms• Sustainable finance targets
FY2019 – 2030: ¥25 trillion• Credit balance for coal-fired power generation
facilities Reduce the FY2019 amount by 50% by FY2030, andachieve an outstanding credit balance of zero by
FY2040• Scope 3 targets
Electric power sector: FY2030
138 – 232 kgCO2/MWh*Top 200 companies out of the Forbes Global 2000 (excluding financial institutions).

Strengths as a unified group• Since the 2000s, we have been strengthening collaboration among Mizuho group companies and expanding cross-entity personnel exchanges.
• Following the two medium-term business plans for which the “One Mizuho” slogan was used, Mizuho’s 5-Year Business Plan is continuing to strengthen
development of products and services and provision of solutions through mobilization of group-wide capabilities.
• Going forward, we will further strengthen collaboration among group companies, including Mizuho Leasing, by instituting a group-wide HR framework and othermeasures.
Integrated Report 2022

30

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Value creation process
External
environment

At Mizuho, we will collectively leverage our group strengths in order to
respond to increasingly diverse economic and societal issues. In doing so,

Uncertainty inglobal affairs

Declining birthrate
Population decline

Age oflongevity

Expansion of
SDGs-focused
initiatives

Advances indigital technology

Changes under
COVID-19

we will create a sustainable future together with our customers and society.

Corporate Identity

Create lasting value for our customers and the economies and communities in which we operate

Basic Policy on Sustainability Initiatives: Achieving sustainable development for both Mizuho and society

Input

Business strategy and business activities

Human capital

Materiality• Self-driven personnel withspecialized expertise• Inclusive workplace(key sustainability areas)

Intellectual capital• Capabilities to seamlessly
provide both financial andnon-financial functions• Stable IT system and business
operations

Declining birthrate and aging population,plus good health and lengthening lifespans
Industry development & innovation
Sound economic growth

Financial capital• Stable capital raising structure• Sound loan assets• Sufficient equity capital

Environment & society
Personnel
Corporate governanceMedium-term business plan (5-Year Business Plan) and fiscal year plan

RetailbankingFunctionality as a
unified groupMarkets⇒ p. 36

Open partnerships andcollaboration

Corporations
andinstitutions• Global environment and natural
resources• Mizuho’s Environmental Policy

Corporate governance

Strengths as a unified group
Our history and accumulated experienceof group-wide collaboration underpin our
implementation frameworks and expertise.

31

Mizuho Financial Group

EconomyCreating new value,sustainability transformationand digital transformation
Business strategies
by in-housecompany/unit

Our people and organization

Contribute to the sustainable
development and prosperity ofsociety by providing safe, stable,
and convenient infrastructure

Contribute by addressing
environmental concerns andclimate change and driving
sustainable business

Natural capital

Corporate foundations

Society

Environment

GlobalcorporatebusinessAssetmanagement

Outcomes
As a unified group, exercise
capabilities beyond finance toshape a brighter future together
with our customers and society

Materiality:
main initiatives

In-house company system based on customer segments

Social & relationship capital• Customer base and network• T rustworthiness and dependability• Market presence

OutputCorporate culture: Enabling everyone to take initiative and engage in constructive communication⇒ pp. 51 to 64

Improve corporate value andindividuals’ lives both at Mizuho
and among our customers andother stakeholders

Personnel
Ensure employees can reach
their full potential, growing
alongside our customers,society, and Mizuho itself
Please refer to the “2.1 Impact Analysis” section of the below URL forthe results of our impact analysis.
https://www.mizuhogroup.com/binaries/content/assets/pdf/
mizuhoglobal/sustainability/overview/management/international-agreements/responsible_banking.pdf

Integrated Report 2022

32

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Materiality (key sustainability areas) / Risks and opportunities
At Mizuho, we take an integrated view on sustainability and business strategy. We aim to contribute to achieving the Sustainable
Development Goals (SDGs), and in line with this we are expanding our positive impacts and reducing our negative impacts.
The trend of social sustainability is having an increasing influence on companies. As such, we are looking to strengthen Mizuho andsociety’s sustainability and further clarify Mizuho’s medium- to long-term value creation approach. From this perspective, we haverevised our basic approach to sustainability initiatives, clarified our definition of materiality (key sustainability areas), and updated what
is included in our materiality areas.

Sustainability at
MizuhoHow we definemateriality areas

Environmental conservation, the sustainable development and prosperity of the economy, industry, and society bothin Japan and around the world, and the Mizuho group's sustainable and steady growth

Revising what is included in our materiality areas
When designating materiality areas at Mizuho, we consider (i) expectations of society,1 and (ii) importance for Mizuho.2
We reorganized the materiality areas designated in our 5-Year Business Plan based on a new assessment of the expectations of society and importancefor Mizuho.
We are setting opportunities to revise materiality areas on a yearly basis.
1. Expectations and requirements various stakeholders maintain towards financial institutions in general, and towards Mizuho specifically, in regard to the sustainable development of the economy, industry, and society.
2. Medium- to long-term impact on our corporate value and compatibility with Mizuho’s strategies and business areas.

Expectations of society / Importance for Mizuho

Step 1
Areas that include medium- to long-term priority issues for the sustainable growth and development of Mizuho, ourclients, our employees, the economy, society, and other stakeholders

Identifying
elements forconsideration

Considering risks and opportunities associated with the identified elements and reorganizing materiality areas

Step 2Significance of materiality areas

Discussions at thesupervisory line
and businessexecution line

Corporate Identity

Based on the elements identified in Step 1, multiple discussions were held at the Board of Directors and at the business execution
line. After exploring risks and opportunities, we considered what our role should be in light of our Corporate Identity, the externalbusiness environment, and Mizuho’s strengths and weaknesses. After reorganizing our materiality areas into six categories, weplanned specific initiatives and set targets and KPIs.
Organizational approval at the Board of Directors following discussion at the Executive Management Committee

Step 3

Basic Policy on Management

We identified expectations held by society towards financial services groups based on financial institution disclosures, regulatory
trends, government fiscal policy, media coverage, posts on social media, and similar. Further, we identified expectations regarding
Mizuho in particular through external evaluations and customer surveys, and we identified keywords important for Mizuho based on
our business strategy and plans. The above methods led us to identify 49 elements.

Organizational
approval

The reorganized materiality areas, identified risks and opportunities, specific initiative plans, and targets and KPIs were deliberated
by the Executive Management Committee. The materiality areas and targets and KPIs were then approved by the Board of Directors.

Basic Policy on Sustainability Initiatives

Reference: Step 2 Reorganized materiality areas
Expectations of society / Importance

Mizuho’s role / ImportanceMateriality areas(see following page)

RetailPursuit of improved health anddiversification of lifestyles, accelerated
under COVID-19

Provide face-to-face consulting that leverages ourgroup-wide strengths and services to meet theindividual needs of our wide range of customers,
utilizing digital technology

Declining birthrate and aging
population, plus good healthand lengthening lifespans

Corporate

Acceleration of game-changing sustainability
transformation and digital transformation
initiatives, and collaboration and innovationthat crosses industries and borders

Support clients in building global value chains, using
our knowledge of individual industries andcross-industry activity and our non-financial functions

Industry development& innovation

Markets

Increase in market uncertainty and theimportance of economic security due toshifting international circumstances

Contribute to the development of markets by
exercising our financial and non-financial functions
in response to changes in the business environment

Sound economic
growthEnvironment

Acceleration of global initiatives for a
low-carbon society, and materializationof human rights issues

Undertake engagement and other efforts that will
enable both clients and the Mizuho group toachieve net zero by 2050, establish frameworks
that focus on the diversification of related issues

Environment & society

Pursuit of diversity and wellbeing, which
are demanded by society as well as
being sources of corporate value

Create a comfortable, broad-minded work
environment with a sense of purpose, fostering a
corporate culture where our diverse workforce canact on their own initiative

Personnel

Sound corporate management that forms
the foundation of trust and responsibility

Establish governance frameworks and strengthen
the effectiveness of governance management for
stable business operations, and ensuretransparency of disclosures

Governance

Stakeholders

Mizuho's business strategy

Materiality (key sustainability areas)
Business

Corporate foundations

Medium-term business plans and fiscal year plans

We will contribute to environmental conservation and thesustainable development and prosperity of the economy,
industry, and society both in Japan and around the world.
Also, we will engage in management practices that take into
consideration value creation for various stakeholders andwill work to improve our corporate value through thesustainable and steady growth of the Mizuho group.
33

Mizuho Financial Group

Customers

Economy &society

Employees

Contribution toachieving the SDGs

Foundations forcontribution

Integrated Report 2022

34

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Materiality (key sustainability areas) / Risks and opportunities
Note: Please refer to the non-financial data on p. 38 for materiality targets and KPIs

35

Implement strong corporate
governance and stable
operational management tobenefit customers and society

Mizuho Financial Group

Risks

Governance

Opportunities

Corporate foundations

Based on a corporate culture
where employees can act
independently, develop adiverse workforce that grows
together with customers andsociety

Risks

Personnel

Opportunities

Cooperate with customers torealize sustainable social
development, including
environmental conservation

Risks

Environment& society⃝Lost opportunities resulting from a lack of solutions that adapt to changes in regulations and financial market conditions⃝Business restrictions and increased compliance costs arising from regulatory changes⃝Deterioration in Mizuho’s competitiveness due to an insufficient response to the advancing shift toward cashless payments

Opportunities

Contribute to economic
development by utilizing
financial infrastructure
functions to respond to changes
in the Japanese and global
business environment⃝Increased financial and non-financial needs arising from various changes mid- and post-pandemic, such as business succession
and industry transformation⃝Speedy development and expansion of solutions that also leverage specialized knowledge and utilize external resources andtechnologies⃝Capturing revenue opportunities that result from supporting sustainable economic growth with the sound provision of risk
capital⃝Providing services aligned with cashless trends⃝Expanding solutions and leveraging intermediary functions that include non-financial areas, capturing changes in the businessenvironment such as regulations and financial markets

Risks

Sound
economic
growth⃝Increase in credit costs caused by the deteriorated business performance of companies resulting from a delayed response tosuch factors as industry transformation⃝Lost opportunities resulting from an insufficient ability to respond to changes in client needs⃝Deterioration in competitiveness due to stagnation of digital strategies⃝Lost opportunities due to insufficient solutions⃝Increased credit costs resulting from deteriorated business performance in companies with delayed responses to technologicalinnovations aimed at transitioning to a low-carbon society, as well as to changes in stakeholder behavior⃝Increased credit costs resulting from a lack of progress in clients’ business structure transformations due to insufficient dialogue⃝Public criticism of issues such as insufficient consideration to climate change and human rights in financing, investment, andprocurement

Opportunities

Support industry and businessdevelopment, and create newvalue on a global basis⃝Providing diverse services and responsive customer care in line with changing needs, including for asset formation⃝Expanded opportunities to provide solutions through dialogue⃝Retaining expertise and expanding and providing solutions in line with increasing interest in the environment and society, and inline with climate change response and transition support needs⃝Building and strengthening relationships with stakeholders through the formulation and implementation of appropriate
financing, investment, and procurement policies, as well as through social contribution activities

Risks

Industrydevelopment &innovation

Full utilization of group-wide functions, and open partnerships and collaboration

In an age of longer lifespans,provide safe, stable, andconvenient services tailored toeach individual’s needs⃝Lost opportunities due to a lack of appropriate channels and services⃝Customer attrition due to insufficient consideration of aspects such as diversity, resulting from not fully adapting to changes insociety including the declining birthrate and aging population⃝Stagnation of strategy execution and deterioration in capacity for providing services due to high turnover linked to diversifying
career aspirations and to insufficient employee training caused by increased operational burdens⃝Issues such as overwork resulting in required payment of government fines or compensation, as well as public criticism andweakened employee morale⃝Slowdown in growth due to insufficient response to changes in the business environment, which originates in the lack ofdiversity among our talent

Opportunities

Declining birthrate
and aging population,plus good healthand lengthening
lifespans⃝Realizing a positive cycle of increased investment in human resources and higher employee motivation by fully engaging adiverse workforce in Mizuho’s development⃝Train and retain a diverse workforce that has the passion and knowledge to engage with clients and society, and strengthen
overall business through fostering a corporate culture that encourages employees to act on their own initiative

Risks

Risks and opportunities for Mizuho⃝Damage to social credibility or business activity suspensions due to inadequate corporate governance, IT system failures, andan insufficient response to cyberattacks, money laundering, or the financing of terrorism⃝Increased costs related to government fines or penalties resulting from issues such as IT system failures or violations of laws
and regulations⃝Stagnation in strategy implementation due to failure to make appropriate decisions, resulting from insufficient understanding ofcustomer viewpoints and the situation at frontline offices, and from a lack of communication

Opportunities

Business

Materiality⃝Strengthening our capacity to execute strategies, as well as our entire management and business base, through the expansion
and enhancement of corporate governance and management frameworks that reflect our customers’ best interests and focus on
the situation at the frontlines⃝Improving stakeholder communication

Main initiatives / Major related Sustainable Development Goals (SDGs)⃝Promote comprehensive asset management consulting that contributes to improved household economic wellbeing— Support initiatives aimed at asset formation by establishing a comprehensive asset consulting framework⃝Expand services to reduce concerns about an aging society— Provide financial products that facilitate asset formation, and provide non-financial solutions utilizing our specialist expertise⃝Provide convenient services in line with diversifying lifestyles— Undertake initiatives aimed at improving our understanding of customer needs, based on the everyday points of connection between ourcustomers and Mizuho that digital technology affords us, and provide solutions, such as a wallet app consolidating non-financial functions, inorder to meet the needs of each and every customer⃝Support measures responding to changes in industry structure, using knowledge of individual industries and cross-industry activity— Strategy proposals and financing support for business structure transformation based on our knowledge of individual industries and crossindustry activity— Provide information and solutions leveraging existing cross-sector industrial and technological advantages⃝On a group-wide basis, support innovation and industry revitalization in Japan and globally— Expand value creation model solutions through ecosystem collaboration with start-ups and other organizations and through risk capital provision— Promote the digitalization of financial infrastructure, providing solutions with our expertise in digital technology— Expand client base to accelerate economic growth in Asia (digital retail banking business outside of Japan, start-ups)⃝Provide financial and non-financial solutions that facilitate smooth business succession⃝Support creation of resilient social infrastructure in Japan and globally— Project finance for infrastructure development, design of financial products towards investor development⃝Maintain and develop sound capital markets functions— Diversification of ESG-related products to meet the needs of market players, and initiatives for carbon credit market development— Improvement of engagement activities from financing and investment / asset management, making use of ESG information⃝Expand and utilize financial functions in light of COVID-19 and the trend in digital transformation— Continuation of appropriate COVID-19-related support— Proactive support for our clients, aiming for transformation of business structure and financial strategy based on post-COVID-19 changes in thesocietal environment— Providing emerging economies with financial infrastructure by developing the digitalization-centered retail banking market outside Japan⃝Address changes in the Japanese and global business environment / regulations, and the need to ensure economic security— Making environmental, social, and technological policy recommendations, and supporting the drafting and promotion of policy through appeals
to government and economic organizations— Proposing business and financial strategy related to changes in supply chain structures, from a macro and semi-macro perspective⃝Promote measures to address climate change and support the transition to a low-carbon society through dialogue; in doing so, advance our group-wide
response to climate change and support our clients’ transitions towards achieving net zero by 2050
— Initiatives aimed at becoming carbon neutral in Scope 1 and Scope 2 emissions by fiscal 2030, improved measurement of Scope 3 emissions,
expanded coverage of our targets— Achieving a reduction in Scope 3 emissions through supporting clients’ transitions, based on client engagement— Construction of a risk management framework and carbon-related exposure control that reflects global financial regulations and principles⃝Give consideration to the environment and human rights in the areas of financing and investment and procurement— Enhanced implementation of responsible financing and investment and procurement, and formation of a human rights due diligence framework— Promotion of sustainable business through identifying and leveraging eligible ESG assets⃝Utilize the Mizuho group’s strengths to improve financial and economic literacy, and enhance activities that contribute to society based on regional andsocietal needs⃝Create a comfortable, broad-minded work environment with a sense of purpose— Enhanced talent and organizational development and improved wellbeing, aimed at increasing a sense of belonging among employees— Expanding digital foundational infrastructure and improving application based on an understanding of the needs at frontline offices⃝Maintain a firm understanding of how to meet the needs of customers and society, implement personnel and career development that centers on
specialized expertise, and support employees’ independent efforts for self-development— Embarking on specialist training that instills a “big picture” outlook— Providing opportunities to learn about reskilling, digital transformation, and other topics— Promoting a development-focused evaluation system⃝Employ diverse talent and develop a corporate culture where our workforce can act on their own initiative— Setting targets and strengthening initiatives that enable our diverse personnel to actively participate and achieve promotion— Multifaceted initiatives for transforming our corporate culture, led by executive officers and employees in a unified effort⃝Enhance group-wide corporate governance— Create a framework allowing for in-depth discussions on the rationale behind the business execution line’s decision-making— Revise organization, authorization, and regulation that contributes to the enhancement of internal management frameworks, including
improvements to group company management— Improve our risk management framework and compliance by considering the external business environment, society’s point of view, anddiversification of risks— Enhance engagement in relation to cross-shareholdings, and revise standards pertaining to the voting rights of shareholdings tied to ESG matters⃝Strengthen IT governance and cybersecurity and ensure stable IT system operation— Create a framework for system development, maintenance, and operation that reflects the situation at the frontlines and actual risk conditions,strengthen the system risk management framework, and undertake business reforms aimed at continued stable operation of IT systems⃝Reinforce customer-focused perspective and improve ability to assess actual frontline conditions— Enhance open communication between the frontlines and Head Office, and utilize the information we gain about the actual situation at frontline
offices to allocate resources and develop frameworks⃝Disclose information in a fair, timely, and appropriate manner, and hold dialogue with stakeholders— Enhance disclosures in line with trends in the establishment of international standards for ESG disclosures, improve engagement, and enhancethe organization of the General Meeting of Shareholders
Integrated Report 2022

36

Message from theGroup CEOFinancial data

Message from theGroup CFO

About Mizuho

Our strategies forcreating value

Foundations for our
corporate value

Data section

AppendixNon-financial data

Historical data

FY2021 performance on sustainability performance targets and KPIs
We have set targets and KPIs regarding materiality (key sustainability areas) as shown on pp. 35 – 36.

Consolidated Net Business Profits1 (¥ billion)

Profit Attributable to Owners of Parent (¥ billion)
Industry development & innovation, Sound economic growth, Environment & society

Prior to recording
one-time losses²

603.1

538.0

672.5

799.7

Sustainable finance
Environmental finance (¥ trillion)

Prior to recording
one-time losses*

853.1

581.8

576.5

471.0

448.5

530.4

Target:

FY2019FY2020

FY2021

1. Consolidated Gross Profits (including Net Gains (Losses) related to ETFs and others) – G&A
Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates
and certain other consolidation adjustments
2. Prior to reflecting one-time losses recorded in light of structural reforms

FY2017FY2018FY2019FY202012

Progress on the 5-Year Business Plan (FY2019 – FY2023)

FY2019 – FY2021

FY2019FY2021

FY2030FY2040Target ofapprox.

Target ofapprox.

7 – 8%
5.8%

Net increase in investment products(individual investors)
Number of individual customers who use
investment products
Net increase in publicly offered equity
investment trust assets under management

5.9%

6.4%

Prior to recording
one-time losses²

603.1

672.5

799.7

853.1

FY2021 performance¥1.6 trillion

Industry development & innovation¥479.1 billion
1.736 million
customers¥416.8 billion

Enhancement of our comprehensive asset consulting capability led to increases in theinvestment products balance and the number of individual customers using such products. Thebalance of publicly offered equity investment trust assets under management also increased.

¥900 billion

TargetReduce over the medium to long term
* See pp. 70, 72 for details

FY2019 – FY2030

FY2021 performance

Prior to recording
one-time losses²

7.4%

Exposure to high-risk areas withintransition risk sectors*

Declining birthrate and aging population, plus good health and lengthening lifespans

Consolidated Net Business Profits¹ (¥ billion)

388 kgCO2 /MWhZeroTotal forFinancial targets
Consolidated ROE¹

FY2020 performance

Target:4.6
Total forTarget

FY2030:138 to 232 kgCO2 /MWh50%

FY2021*Prior to reflecting one-time losses recorded in light of structural reforms

Business

FY2018

248.6

13.1

96.5

Scope 3 (emissions from financing and investment)- Electric power sector

Target:Reducethe FY2019
amount by

299.5

25

Of which,environmental
finance

408.3
FY2017

Outstanding credit balance for coal-fired power generation facilities
based on our Environmental and Social Management Policy for
Financing and Investment Activity (¥ billion)

FY2021 performance

Number of clientsprovided with
consulting forbusiness succession

2,534 clients

Establishment of a new operational structure strengthened
our ability to help solve issues faced by customers, and thenumber of clients who received consulting for businesssuccession increased by 15% year-on-year.

FY2021 performance

Rank in the number of
IPOs as lead underwriter
Rank in terms of
IPO underwriting amount#1#3

Providing integrated bank-securities support for
accelerated growth to innovation companies resulted
in improved rankings in both the number of IPOs as
lead underwriter and amount underwritten.

Personnel
1.2%
FY2019FY2020

FY2021

FY2023

1. Excluding Net Unrealized Gains on Other Securities
2. Prior to reflecting one-time losses in light of structural reforms

FY2018FY2019FY2020

FY2021

FY2023

1. Consolidated Gross Profits (including Net Gains (Losses) related to ETFs and others) – G&A
Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates
and certain other consolidation adjustments
2. Prior to reflecting one-time losses recorded in light of structural reforms

Other key indicators
Common Equity Tier 1 (CET1) Capital Ratio*

9.3%

Percentage of management positions filled by women¹
Target: 20%
19% General manager and manager equivalent
18%
16%Target level:
Lower end of
the 9 – 10%
range by
March 31, 2024

9.1%

Reduction of cross-shareholdings1 (¥ billion)
Target reduction: ¥450 billion
Actual result: -¥342.5 billion2
Exceeded target reduction of ¥300 billion

8.8%

1,419.8

1,272.0

1,167.7

1,077.3

March 31,2020

March 31,2021

March 31,2022

Corporate foundations

FY2018

408.3

6%

7%

July 2020

July 2021

Target: 10%

8%

General manager equivalent

July 2022

July 2024

1. Japan (Total of Mizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, and Mizuho Securities)
2. Except Japan (Total of Mizuho Bank, Mizuho Trust & Banking, and Mizuho Securities)
3. For new employees hired with plans to start in April of the following year

Level to be achieved
FY2021
continuously
performance
Percentage of management positions
filled by employees hired outside Japan2
Percentage of management positions
filled by mid-career hires1
Percentage of women in new graduates
hired1, 3
Percentage of paid annual leave taken by
employees¹
Percentage of eligible male employees
who take childcare leave¹

March 31,2020

March 31,2021

March 31,2022

*Calculated on a Basel III fully effective basis (includes the effect of partially fixing unrealized
gains on stocks through hedge transactions, excluding Net Unrealized Gains (Losses) on Other
Securities)

37

Mizuho Financial Group

March 31,2019

1. Acquisition cost basis
2. Of which, -¥315.8 billion from sales

March 31,
2024

66%

15%

16%

30%

35%

70%

76%

100%

97%

Environment & society
Number of participants in Mizuho’s financial and economic education programs

Greenhouse gas emissions (Scope1, 2)¹ (1,000t CO²)
183

169

FY2019FY2020(provisional)

CarbonneutralFY2021

FY2030153

8.2%
March 31,
2019

65%

1. Data is for 7 group companies (Mizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, Mizuho
Securities, Mizuho Research & Technologies2, Asset Management One, Mizuho Americas. Data up until FY2021
was for 8 group companies, including the former Mizuho Private Wealth Management3).
2. Data up to FY2020 combines figures for the former Mizuho Information & Research Institute and former Mizuho
Research Institute.
3. Entity liquidated on March 23, 2022; functions taken over by Mizuho Bank.

Target: More than

39,335
participants

Total for

FY2019 – FY2021

60,000 participants

Total for

FY2019 – FY2023

Integrated Report 2022

38

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Message from the Group CFO
Regarding Credit-related Costs, we recorded reserves of ¥116.1 billion in relation to the Russia-Ukraine situation, including those from aforward-looking perspective. Aside from credit extended to companies located in Russia, this figure also takes into account the indirect
ripple effect from factors including deteriorated business performance among companies in Japan, caused by surging resource prices.
By preparing for such ripple effects through these reserves, we have taken the most extensive preventative action possible for a
scenario in which the future credit environment worsens further. We have also made efforts to improve the hedging price of bear funds
held for the purpose of mitigating stock price fluctuation risk in cross-shareholdings. At one point, unrealized losses grew to as much as¥150 billion, but at present they have fallen back down to around ¥30 billion.

Towards achieving our 5-Year Business Plan,
we will accelerate our initiatives for

As a result of the above, Profit Attributable to Owners of Parent increased by ¥59.4 billion year-on-year to ¥530.4 billion, surpassing our
fiscal year earnings estimates, which were revised upwards in November 2021. Our Common Equity Tier 1 (CET1) Capital Ratio2—whichindicates financial soundness—was 9.3% as of March 31, 2022, remaining at the CET1 Capital Ratio target stipulated in our 5-YearBusiness Plan, which was set at the lower end of the 9 – 10% range. Regarding dividends, taking into account the performance of Profit
Attributable to Owners of Parent, we have decided to increase annual cash dividends by ¥5 to ¥80 per share of common stock fromfiscal 2020, marking our first raise in dividends in seven fiscal years.

continuous growth while fully preparing forchanges in the business environment.

1. Includes Net Gains (Losses) related to ETFs (Mizuho Bank and Mizuho Trust & Banking) and Net Gains on Operating Investment Securities (Mizuho Securities consolidated)
2. Basel III finalization fully effective basis, excluding Net Unrealized Gains (Losses) on Other Securities

Makoto Umemiya

Progress on the 5-Year Business Plan
The following four KPIs are included in our 5-Year Business Plan: CET1 Capital Ratio target (as mentioned above as a financial target),Consolidated Net Business Profits, Consolidated ROE, and cross-shareholdings reductions. Looking back over the first three years of
the plan, I will describe the achievements and issues concerning each of these items.

Member of the Board of Directors
Deputy President & Senior Executive Officer
Group Chief Financial Officer (Group CFO)

Overview of fiscal 2021
Fiscal 2021 performance
Fiscal 2021 was a year of substantial changes in the businessenvironment. In addition to the prolonged impact of the
COVID-19 pandemic, there were also global supply constraints,a shift in US monetary policy responding to escalating inflation,and the worsening Russia-Ukraine situation. Even so, we have
performed well in making full use of the strengths we havecultivated and in preparing for future risk.
Consolidated Net Business Profits,1 which indicate the profits ofour core business operations, increased year-on-year by ¥53.4
billion to ¥853.1 billion. The harsh market environment—with its
rising interest rates, falling bond prices, and stock price slump—led to a decline in year-on-year profits for markets divisions.
For customer divisions, the business and finance structurereforms we have pursued as part of our 5-Year Business Plan
yielded results in our asset management business, loan-deposit
spreads outside Japan, solutions business, and others. For thesecond year in a row, we recorded our highest profits since
the introduction of the in-house company system.

39

Mizuho Financial Group▎Historical data (¥ billion)

853.1
799.7

Consolidated
Net BusinessProfits

For our finance structure reforms, we evaluated each business area based on four metrics. The first two were (1) risk & return and (2)cost & return, which measure the efficiency of returns on invested corporate resources. The other two were (3) revenue stability and (4)revenue growth. Based on our evaluation, we are reviewing our allocation of corporate resources and moving forward with initiatives
for restructuring our business portfolio. One outcome of this is that Consolidated Net Business Profits, which were just over ¥600 billion
at the start of the 5-Year Business Plan, are steadily approaching our fiscal 2023 target of ¥900 billion. Further, we have substantially
improved our revenue stability, as stable revenue increased by ¥150 billion in the three-year period to the end of fiscal 2021, exceeding
our initial expectations. On the other hand, our progress in areas such as frontier business fields and digital transformation has beenless than ideal. We recognize these areas, as well as the▎Reduction of cross-shareholdings1 (¥ billion)
allocation of corporate resources to ensure stable operations,Target period extended by two years
as being key challenges going forward.
Reduction of ¥450 billion

As for Consolidated ROE, our fiscal 2021 performance was 6.4%,
a 0.5% year-on-year increase. In order to reach our fiscal 2023
target of 7 – 8%, in addition to aiming for a further increase inConsolidated Net Business Profits, we are continuing toenhance our credit management capabilities, after reflecting on
lessons learned from the fiscal 2021 Credit-related Costs forsome of our large clients.

672.5
603.11538.0-342.5 (Progress rate: 114%)2
1,419.8
1,272.0
1,167.7

1,077.3

678.0
550.1
Of which,customerdivisions2

466.3

447.6

FY2018FY2019340.5

FY2017

FY2020

FY2021

1. Prior to reflecting one-time losses of ¥194.7 billion recorded in light of structural reform initiatives.
2. Total for the Retail & Business Banking Company, Corporate & Institutional Company, Global Corporate
Company, and Asset Management Company. Past results have been recalculated based on fiscal 2021
management accounting rules.

Regarding the reduction in cross-shareholdings, for which weestablished a target to reduce cross-shareholdings by ¥300
billion over three years through the end of fiscal 2021, we
achieved our target by selling ¥315.8 billion over the three-year
period. In our shift from business relationships and structures
dependent on cross-shareholdings, we are continuing our
initiatives to reform our business structure while simultaneously
improving risk & return through such means as investing theresources secured from reducing cross-shareholdings into

March 31,2019

March 31,2020

March 31,2021

March 31,2022

March 31,2024

1. Acquisition cost basis
2. Of which, - ¥315.8 billion from sales (Progress rate: 105%)

Integrated Report 2022

40

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Message from the Group CFO

quasi-equity loans or preferred stock that facilitate the business structure transformation of clients.
Lastly, having achieved our CET1 Capital ratio target range at the end of March 2021, we have shifted from a capital accumulation phasetoward a capital utilization phase. Accordingly, we will carry out a capital management policy that balances growth investment withshareholder returns. We will focus our efforts on improving capital efficiency while avoiding excessive capital accumulation.

9.3%

Mizuho’s continuous growth initiatives

March 31, 2022

▪Stable business operations

Shifting to a capitalutilization phase▪‌Enhance and expand personnel and IT /digital areas, both of which underpin
Mizuho’s competitiveness▪Business portfolio

Regulatory
required level

8.2%

March 31, 2019

8.0%

Fiscal 2022 earnings plans
Our target for Consolidated Net Business Profits in fiscal 2022 is ¥860 billion, which is slightly higher than the figure we achieved infiscal 2021.

▎Common Equity Tier 1 (CET1) Capital Ratio1

Target level:
Lower end of
the 9 – 10% range

earnings base, such as the setting of a transition investment budget that will provide access to growth areas as well as the support ofclients in transforming their business structures towards decarbonization.

- Further strengthen business development in existing
business areas that leverage Mizuho’s strengths- Seek out new business areas including sustainability
and digital transformation

For customer divisions, we will make efforts to continue increasing Gross Profits, mainly from the growth of our divisions outside ofJapan. However, since we will invest corporate resources in measures aimed at stable business operations and growth, as noted
above, we anticipate a year-on-year drop in Consolidated Net Business Profits of ¥19 billion. Fiscal 2022 is positioned as a year oflevelling off aimed at continuous growth post-fiscal 2023, and we will use this year to accelerate our initiatives.
For markets divisions, as the challenging market environment is expected to continue for the foreseeable future, we must continue
exercising a careful approach. That said, considering the preventative reduction in foreign bond portfolio positions that we implemented
in fiscal 2021, we expect to firmly capture revenue opportunities in fiscal 2022, and to achieve a year-on-year increase in profits.
Overall expenses are expected to increase, but we will move forward with making further progress on our structural reforms, such as
consolidating our main offices in Japan and realigning our branches as part of the structural reforms to our offices. We will also
maintain disciplined cost control when managing capital for▎Fiscal 2022 earnings targets
growth investment.

1. Basel III finalization fully effective basis, excluding Net Unrealized Gains (Losses) on Other Securities

Financial management for Mizuho’s growth
As the fourth year of the 5-Year Business Plan, fiscal 2022 will be an important year for making further progress towards achieving
continuous growth, even as we enjoy the successes of our initiatives to date. While preparing ourselves thoroughly for rapid changes
in the business environment, in addition to achieving stable business operations following the recent IT system failures, we will
accelerate growth investment into personnel, IT / digital areas, and new business areas, reach our fiscal 2023 targets, and lay thefoundations for the years to come.
In order to achieve stable business operations, we will allocate sufficient corporate resources to further enhancing fundamental
operations such as system maintenance, improvements to—and comprehensive inspections on—existing equipment, and addressing
cybersecurity risks. Our top priority is restoring customer trust and establishing a framework that ensures customers can rely on ourservices with the utmost confidence.
Regarding our approach to growth investment, it is extremely important to invest corporate resources from a medium- to long-term
perspective. First, we will treat personnel and IT / digital areas—the corporate foundations that support Mizuho’s continuous growth—
as areas of focus for investing resources. While this will negatively impact our profit in the short term, we will move forward withdetermination and certainty, since this investment is essential for producing a competitive advantage in the future. More specifically,
we will improve employee compensation and other benefits, and enhance education and training for personnel development, which
form the basis of our talent pool. As well as striving for improved employee engagement, we will strengthen and expand the capacity of
personnel for digital transformation. We will also press forward on firmly establishing collaborations with external partners, such as ourpartnership with Google, announced in fiscal 2021.
For our business areas, in order to also establish the areas where our structural reform initiatives have produced steady results as
Mizuho's strengths, we will make the necessary investments in these areas without any hesitation. The investment in strengthening our
North American capital markets functions that was decided in fiscal 2021 is one example of this. In fiscal 2021, we also madeinvestments in initiatives aimed at expanding into digital financial markets in Asia, which are experiencing remarkable growth. Goingforward, we will continue to explore investments that introduce new growth areas to Mizuho’s business portfolio. Moreover, not limited
to this kind of inorganic investment, we will continue to work on various approaches that contribute to the expansion of our future
41

Mizuho Financial GroupWe expect Credit-related Costs to come to ¥100 billion,
representing a sharp year-on-year decrease. As factors like theRussia-Ukraine situation and surging resource prices havemade for an increasingly uncertain business environment, we
will continue to practice thorough credit management.
Including Net Gains (Losses) Related to Stocks centered on the
reduction of cross-shareholdings, we expect Profit Attributableto Owners of Parent to reach ¥540 billion, a year-on-yearincrease of ¥9.6 billion.
The dividend estimates of common stock for fiscal 2022 remain
at the same level as in fiscal 2021, due to the uncertain nature of
the current business environment. We will review our dividend
estimates as necessary in light of developments in the businessenvironment and the progress of our business performance.

FY2021(¥ billion)

Performance

FY2022
Targets

Year-on-year

Consolidated Net
Business Profits(+ Net Gains/Losses
related to ETFs)

853.1

860.0

＋6.9

Credit-related Costs-235.1-100.0＋135.1Net Gains (Losses)
related to Stocks(- Net Gains/Losses
related to ETFs)

-45.7

20.0

＋65.7

Ordinary Profits

559.8

770.0

＋210.2

Profit Attributable to
Owners of Parent

530.4

540.0

＋9.6

Tax initiatives
The fulfillment of tax duties is one of the most important social responsibilities for companies. In addition to fulfilling tax duties andcomplying rigorously with tax laws of applicable countries and international tax rules such as the Action Plan on Base Erosion andProfit Shifting,3 we strive to sustainably increase corporate value.
Specifically, we encourage our employees to become more familiar with tax through education and training sessions, and we continue
working to improve the fulfillment of our tax duties. Further, through our implementation of a consolidated tax return filing system(changing to a group tax relief system from fiscal 2022) and application of tax incentives, we are endeavoring to conduct appropriate
management of tax costs.
3. Base Erosion and Profit Shifting (BEPS): Tax planning strategies utilized by multinational companies to leverage gaps in national and international tax rules and artificially shift their profits to avoid
taxation.

Integrated Report 2022

42

Message from theGroup CEO

Message from theGroup CFO

About Mizuho

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Message from the Group CFO

Our engagement with shareholders and investors
Sustainability has been gaining greater attention in recent years. In our engagement (dialogue) withshareholders and investors, the key topics for sustainable improvement of corporate value have
expanded beyond business strategy and capital management policy to sustainability initiatives,
including addressing climate change. Also, following the series of IT system failures and thebusiness improvement order, in fiscal 2021 we received a variety of feedback on approaches togovernance.
Considering these circumstances, we believe that deepening bilateral communication between
Mizuho and our shareholders and investors is integral to the improvement of our corporate value. For
this reason, we have worked hard to further improve our disclosures and enhance our engagement.
In addition to releasing new presentation materials prepared for ESG investors, at our IR Select
event we spoke about the sustainable business initiatives of each in-house company. By continuing
to proactively share information about Mizuho’s initiatives, we are making sustainability a stronger
part of Mizuho’s brand, and we are advancing our efforts towards achieving a sustainable society.
Acknowledging our accountability for the series of IT system failures, we have held briefings on the
progress of our business improvement plan, and we have provided shareholders and investors withthe opportunity to engage in direct dialogue with outside directors about topics including ourcorporate governance system at our IR Day event. Having recognized the need to build a more
effective governance system, we will reflect the wide-ranging perspectives shared through this
dialogue and make efforts to prevent further incidents in the future.
We will continue to listen closely to the views of our shareholders and investors and reflect these in
our initiatives. We ask for your continued cooperation in sharing your honest comments andfeedback with us.

Financial results presentation / IR Day
In May 2022, we held the first financial
results presentation since theappointment of President & Group CEO
Masahiro Kihara. This covered ourstrategy going forward and oursustainability and digital transformation
initiatives based on the results of thefirst half of our 5-Year Business Plan.
In June, the Group CEO gave opening
remarks at the IR Day event.

Group CEO

Schedule for the year

Jun

This is an online event that we have been regularly holding since 2015.

GeneralMeeting of
Shareholders

As the Group CFO, I spoke on topics including Mizuho’s business strategy.

By IR Dept.

190 (includes 40 investors outside of Japan)
280 (includes 140 investors outside of Japan)

Group CFO

Currently, around 20,000 investors have viewed the presentation, including

May

Fiscal year results
Financialresultspresentation

Apr

Briefing on
business
improvement
plan progress

IR DayThe head of each in-house company gave presentations covering
their business strategies.
Three outside directors (Chairman of the Board of
Directors Izumi Kobayashi, Chairman of the Nominating
Committee Tatsuo Kainaka, and Chairman ofFeb

IR Select

the Audit Committee Takashi Tsukioka) took the podium,2022

providing an opportunity for direct dialogue

Nov

investors and analysts.

Interim results

Outside Directors

between outside directors andFinancialresultspresentation

Heads of In-house companies

Briefing on IT
system failures

Sep

Presentation
for individual
investors‌
Engagementon theIT system failures

In November 2021, we held a briefing on the series of IT system failures, and in April 2022 weheld a briefing on the status of progress concerning our business improvement plan. The Group
Chief Information Officer explained these initiatives directly to institutional investors.

IR Select

As this was the first event after he was appointed as the new Group CEO, President & Group
CEO Masahiro Kihara gave the opening remarks.
At the IR Select event held in February 2022, there was an explanation on the sustainablebusiness initiatives from each in-house company.

Other initiatives•M eetings and IR events were carried out through online channels in consideration of the COVID-19
pandemic• Online conferences were held for institutional investors every quarter following the
publication of our financial results• Online tools, which are free from constraints such as time and region, were used whenholding meetings with investors outside Japan

IR DayBy executive officers(includes 180 investors outside of Japan)

IR Daythose who viewed the recording of the event.

FY2021 Meetings with institutional investors

470

Presentation for individual investors

Jun

GeneralMeeting of
Shareholders

May

Fiscal year results(Total number, rounded, of meetings with stock, fixed income securities, and ESG investors.)

Initiatives pertaining to the General Meeting of Shareholders
Improving operations and increasing convenience• Bringing the event date forward to avoid overlapping withother general meetings• Publishing the convocation notice online in English
approximately four weeks before the General Meeting

43

Mizuho Financial Group• Bringing forward the date of disclosing shareholding
composition via the annual securities report• Broadcasting the meeting live online, with the recording
also available for viewing at a later time
• Allowing for use of smartphones in exercising voting rights

Financialresultspresentation

2021

Integrated Report 2022

44

Our strategies for creating value

Progress on the 5-Year Business Plan ……… P. 47
Business domain ……………………………………… P. 49
Business strategies by company/unit■ Retail & Business Banking Company …… P. 51■ Corporate & Institutional Company ……… P. 53■ Global Corporate Company ………………… P. 55■ Global Markets Company …………………… P. 57■ Asset Management Company ……………… P. 59■ Global Products Unit …………………………… P. 61■ Research & Consulting Unit ………………… P. 63

Sustainability …………………………………………… P. 65
Digital transformation ……………………………… P. 77
Our people and organization …………………… P. 79
45

Mizuho Financial Group

Integrated Report 2022

46

Message from theGroup CEO

Message from theGroup CFO

About Mizuho

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Progress on the 5-Year Business Plan
5-Year Business PlanThree areas of structural reform

The Mizuho group’s 5-Year Business Plan for fiscal 2019 through 2023 is focused on transitioning to the next generation of financial services—building new forms of partnerships with our customers so that we can respond to their needs as the times change. This business plan aims tobuild a stronger and more resilient financial group which our customers can depend on in the coming era.
The global spread of COVID-19 has triggered major, rapid changes in people’s lifestyles and the state of the economy and society. Beyond this,the surge in resource prices brought about by the Russia-Ukraine situation, the acceleration of global inflation, the rise in market interest rates,and other recent changes are qualitatively different from those in the past and are contributing to ongoing and significant uncertainty in thebusiness environment. In order to be a company that provides new value that goes beyond the conventional boundaries of finance in the
coming era, we will steadily implement forward-looking structural reforms in three interconnected areas as we transition to the next generationof financial services.

Summary of initiatives over the first three years of the business plan (fiscal 2019 to fiscal 2021)
The 5-Year Business Plan is composed of two phases: a three-year period from fiscal 2019 to fiscal 2021 and a two-year period from fiscal 2022 to fiscal
2023. In the three-year period of the first phase, we focused on the full implementation of the structural reforms, building the foundations for the next
generation of financial services. This entailed accelerating and implementing the reforms, investing in future growth, establishing a stable revenue base,and securing reserves for investment.
During this period, we achieved results above our targets, mainly in business and finance structure, and greatly improved our earnings power groupwide. We became able to more adeptly respond to changing customer needs, and our level of capital also surpassed our initial target, allowing us tomore proactively implement our strategy. Net Business Profits in customer divisions reached their highest level since the introduction of the in-housecompany system in fiscal 2016 and have been making remarkable progress, nearly doubling in the span of five years. On the other hand, we also had toreflect on the series of IT system failures that occurred in Japan and recognize the need to redevelop our governance framework, beginning withgovernance of IT systems.
Fiscal 2022 to fiscal 2023 will be the second phase of the 5-Year Business Plan, in which we will achieve the effects of our structural reforms andaccelerate further growth. The highest priority will be to establish a solid foundation for governance of business operations and ensure stable operations
overall. With this as a base, we will leverage the solid results of the previous three years and utilize our accumulated capital to expand our new growthinvestments. In doing so, we will lay the groundwork for continued growth over the next five years and beyond.

Business structure reforms
In fiscal 2021, we made significant changes to the operational structure of our frontline offices in Japan in an effort to further our capabilities for making
proposals to customers. One aspect of this was to divide frontline offices into those for retail customers and those for corporate clients, a structure
which allows for greater specialization and deeper understanding of customer needs. Another was to sort offices serving large corporate clients into
broadly drawn groups for different industries and regions. Working in these groups, such offices have been able to more easily share their industry
insights among one another and engage in horizontal collaboration. By strengthening this sort of group-wide coordination between Mizuho Bank, Mizuho
Trust & Banking, Mizuho Securities, Mizuho Research & Technologies, Mizuho Leasing, and other subsidiaries, we will continue to provide sophisticatedsolutions and expand our revenue.
In the Americas, we have been shifting to a unified banking and securities model, and we have achieved increased revenue as a result of capturing thedepth of capital markets. Going forward, we will not only further expand our revenue base in the Americas, but also bring the unified banking andsecurities model that has been successful in the Americas to Asia in order to strengthen our earnings power.
In terms of new business areas, we have been setting our sights on global retail banking. As part of this, we have invested in Online Mobile Services
Joint Stock Company, which operates Vietnam’s leading mobile payments super-app, and Tonik Financial, which operates the Philippines’ first digitalbank. With digital finance, we will positively contribute to financial inclusion in developing countries, where a smaller percentage of the population holdbank accounts, and capture growth in Asia.
Reference

For details on the specific business structure reforms, refer to the in-house company sections in this report (starting from P51)

Finance structure reforms
By reallocating corporate resources and strengthening our stable revenue base, we are working to transition to a more effective business portfolio
well-suited to capture stable revenue. In fiscal 2021, due to steady progress in our accumulation of capital, we revised our capital management policy
and our shareholder return policy and increased our dividends for the first time in seven fiscal years. We also set a new direction for growth investment,
based on having transitioned from the capital accumulation phase to the capital utilization phase.
Reference

For the finance structure reforms refer to the Message from the Group CFO beginning on P39

Corporate foundations reforms
Mizuho Research & Technologies was formed in April 2021 to consolidate research, consulting, and IT functions. As a group of specialists combining
knowledge with technical skills, it aims to provide value beyond the boundaries of a thinktank or IT system development company.
For Mizuho, our people are our most critical corporate resource for co-creating value with customers and society and our most valuable asset. In Japan,
we are making steady progress on various initiatives for our new HR strategy, which aims to create a virtuous cycle in which Mizuho and our employees
continue to grow together. As one of these initiatives, in the second half of fiscal 2021 we eliminated the barrier of job track classifications, providing all
employees with wide-ranging opportunities for participation and development.
Reference

For details on our HR strategy, refer to the Our people and organization section starting on P79

5-Year Business Plan: Transitioning to the Next Generation of Financial Services

Go beyond the conventional boundaries of finance and create
new value incorporating both financial and non-financial products
and services in order to forge new forms of partnerships with our customers
Passionate & Professional

Open & Connected

Key strategy

Draw on the strengths that Mizuho has cultivated thus far

1

Customer base, network,
trustworthiness & dependability

2

Financial functions, market
presence, ability to respond tonon-financial needs

3

Approach business asa unified group

Reference: Quantitative overview of our fundamental structural reforms

Our objective

Expenses

Accelerate our digitalization initiatives and proactive collaboration with external partners

Build a stronger and more resilient financial groupwhich our customers can depend on in the coming era

FY2021(estimates)

Workforce

Resolve the mismatch that has arisen in the allocation of corporate resources and respondto new customer needs in order to transition to the next generation of financial services

Japanesebranchnetwork

Implement forward-looking structural reforms focused on three interconnected areas:business structure, finance structure, and corporate foundations

Basic policy

FY2023

TargetResults-8,000 people-12,000 people

FY2024……

FY2026

Figures from FY2023 onward are the estimates announced in the 5-Year Business Plan

Reduction of approx.

19,000 people

Approx. 80,000 people(compared to March 31, 2017)-14,000 people-19,000 people-4,000 people

Reduction of approx.

130 branches

Approx. 500 branches(compared to March 31, 2017)-100 branches-109 branches-130 branches-9 branches

Reduction of approx.

¥140 billion1¥1.48 trillion2(compared to FY20173)- ¥120 billion4- ¥133.6 billion4- ¥140 billion- ¥13.6 billion

1. Reduction excl. amortization expenses related to the new core banking system. 2. Group aggregate. New management accounting rules were applied from FY2019. Amount prior to change: ¥1.45 trillion.
3. Compared to estimate for FY2017 at the announcement of the fundamental structural reforms (Nov. 2017). 4. Excluding the effect of foreign exchange.

47

Mizuho Financial Group

Integrated Report 2022

48

Message from theGroup CEO

Message from theGroup CFO

About Mizuho

Our strategies forcreating value

Foundations for our
corporate value

Data section

AppendixBusiness domain
The Mizuho group’s business domains include banking, trust banking, securities, asset management, research and consulting, and otherservices.

About the in-house companies
Retail & Business Banking Company

Our group-wide business is centrally managed under a holding company, and in order to leverage Mizuho’s unique characteristics, in April
2016 we established five in-house companies covering each customer segment and two units with the aim of better providing services thatmeet customer needs in a timely manner.

Stable revenue

ROE

Business overview
The Retail & Business Banking Company, as the in-housecompany in charge of the customer segments of individual
customers, SMEs, and middle-market firms, engages in
consulting services that integrate banking, trust banking,securities and other functions within the group, as well as
provides the next generation of financial services
incorporating both financial and non-financial products andservices by leveraging advanced technologies throughalliances with other companies. By working together with ourcustomers, we aim to facilitate their continuous growth.

ROE

Business overview
The Corporate & Institutional Company, as the in-housecompany in charge of the client segments of large
corporations, financial institutions, and public-sector entities
in Japan, provides custom-designed solutions for each client
on a group-wide basis to meet clients’ diverse needs forfinancial and non-financial products and services. In
designing these solutions, we bring together the capabilities
of Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities,
Mizuho Research & Technologies, Mizuho Leasing, and othercompanies across the group.

Upside

91.7%

87.0%

4.7%

¥96.4 billion

In-house companies:
Determine and promote strategies group-wide according to the attributes of customers.

Year-on-year+¥35.1 billion

Units:
Mizuho has a Global Products Unit, which covers investment banking and transaction banking, and a Research & Consulting Unit, which
consolidates insights into industry, business, the economy, and financial markets along with expertise in business strategy, sustainability, digitaltransformation, mathematics and data science, and other areas. Both units leverage their expertise to support all of the in-house companies.

-0.3%
FY2020

FY2021 Net Business Profits

FY2020

FY2021

Corporate & Institutional Company
Stable revenue

Upside¥297.3 billion

Mizuho Financial
Group

FY2021

Expense ratio

43.7%

40.3%

5.8%

FY2020

FY2021

FY20205.2%

Year-on-year+¥27.2 billion

Banking

Trust banking

Securities

Asset
management

Research &consulting

Other core groupcompanies

Customers
FY2021 Net Business Profits

Individual
customers /SMEs / middle-market
corporations

Retail & BusinessBanking Company

Corporate &Institutional
Company

MizuhoLeasing

Large corporations /financial institutions /public-sector entities

Expense ratio

FY2021

Global Corporate Company
Stable revenue

Upside56.8%¥263.9 billion

51.6%

5.2%

4.5%

Asset
Management
Company

Mizuho Securities (MHSC)

Global Markets
Company

Mizuho Bank (MHBK)Global Corporate
Company

Mizuho Trust & Banking (MHTB)

Year-on-year+¥56.5 billion

Americas / EMEA /East Asia /Asia & Oceania

FY2020
FY2021 Net Business Profits

FY2021

FY2020

Expense ratio

FY2021Business overview
The Global Corporate Company, as the in-house company incharge of the client segments of both Japanese companies
operating outside Japan and non-Japanese companies,
provides clients with advanced financial services byleveraging a deep understanding of our clients’ businesses
and our strengths in corporate finance and transaction
banking, such as lending and corporate bond underwriting.

ROE

Global Markets Company
Investors

AssetManagement
One

Investors

Stable revenue
Banking

Upside¥150.5 billion

11.0%

44.4%

60.1%

5.7%

Year-on-year-¥121.2 billion

Custody Bankof JapanGlobal Products
Unit

FY2020
FY2021 Net Business Profits

FY2021

FY2020

Expense ratio

FY2021ROE

Business overview
The Global Markets Company engages in sales and trading
services to offer market products to meet our clients’ risk
hedging and asset management needs and also conducts
ALM and investment business, including capital raising andportfolio management. We will aim to maintain our status asone of Asia’s major players in global markets throughcollaboration between the group’s banking, trust banking, andsecurities functions.

Asset Management Company
Mizuho Research& Technologies(MHRT)

Research &Consulting Unit
Other core groupcompanies

Stable revenue

64.9%
MI Digital
Services

1. US bank holding company, which is one of Mizuho Financial Group’s core group companies and Mizuho Bank’s subsidiaries

Mizuho Financial Group

7.9%

56.2%

¥20.3 billion

4.2%

Year-on-year+¥9.0 billion

FY2020MizuhoAmericas149

UpsideFY2021 Net Business Profits

FY2021

Expense ratio

FY2020

FY2021Business overview
The Asset Management Company, as the in-house company
in charge of business related to asset management, provides
products and services that match the asset management
needs of our wide range of customers, from individuals to
institutional investors, through the collaboration between thegroup’s banking, trust banking and securities functions andAsset Management One.

ROE

Integrated Report 2022

50

Message from theGroup CEO

Retail & Business Banking Company

Individual customers

SMEs

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Retail & Business Banking Company

Middle-market firms

Key strategies

To realize the wishes, hopes, andgrowth of our customers, we will
aim to be a partner that helps retailcustomers design their lives, and astrategic partner for corporateclients’ business structuretransformation, growth strategy,

Masahiro Otsuka

Naofumi Fuke

Senior Executive Officer
Head of Retail & Business Banking Company

Senior Executive Officer
Co-Head of Retail & Business Banking Company

Basic policy

and business succession needs.

Consulting and solutions leveraging organic, group-wide collaboration between Mizuho Bank, Mizuho Trust &Banking, Mizuho Securities, Mizuho Research & Technologies, and other group companies
High-level expertise in retail and corporate banking business under a new operational structure in which
frontline offices exclusively serve either retail customers or corporate clients▪Loss of competitiveness due to stagnation ofdigital strategy

Opportunities

Risks

Risks andopportunities▪Loss of opportunities due to being unable to keep
pace with changing customer needs

Fiscal 2021 presented us with an extremely challenging
business environment, which was influenced in part by theseries of IT system failures in Japan. Even so, we were able
to transition to the new operational structure at Mizuho
Bank’s frontline offices in Japan, and we furthered ourhigh-level expertise and our ability to respond to customer
needs as a unified group. As a result, Net Business Profits
reached their highest level since the introduction of the
in-house company system. Overall, it was a year when we
began to see outcomes from the strategy under which wehave advanced the 5-Year Business Plan.

▪‌Provision of a range of services tailored tochanging needs▪Provision of timely solutions utilizing expert
insights and internal and external resources

51

Mizuho Financial Group

744.6

3.8
3.8

Balance of equity investment trust assets (¥ trillion)
March 31, 2020
March 31, 2020
3.8

6.3
March 31, 2021
March 31, 2021

6.6

March 31, 2022
March 31, 2022

(Related materiality areas*)

Corporate business transaction pipeline
Corporate business transaction pipeline

We are responding to the progress of digitalization and changes in customers’ lifestyles by
renewing our services. For example, in Japan we are shifting from a model dependent on
in-person customer service at branches to a model in which customers can complete
transactions with only a smartphone. This shift allows us to further close the distance
between us and our customers. We are also moving forward with substantial improvements
to our other services, such as by enhancing our digital marketing, with the aim of providing ahigh level of convenience and service quality. In tandem with this, we are engaging in open,
cross-industry partnerships with tech companies that have a presence in customers’
everyday lives, endeavoring to create new value beyond the conventional boundaries offinance. Through such initiatives, we will become a more attractive provider across multiple
customer segments—both existing Mizuho customers and potential customers whom wehave not yet been able to reach—and strengthen our relationships.

March 31, 2020

March 31, 2021

+27%
+27%

March 31, 2022

Corporate business transaction pipeline
April 2021
April 2021

+27% April 2022

April 2022

Sustainability-related transaction pipeline
Sustainability-related transaction pipeline
April 2021

April 2022

9×
9×

Sustainability-related transaction pipeline

Prioritization of sustainabiltity has become an irreversible trend worldwide and is being
adopted by our middle-market and small- and medium-sized enterprise clients as well.
Accordingly, we are facilitating our clients’ initiatives, both “offensive” and “defensive”.
Given the rise in various needs, such as to transform business structures for decarbonization,
we have established a framework for providing a range of solutions as a unified group, with
one of its strengths being the expertise and insights Mizuho Research & Technologies hasdeveloped through many years of business relationships. As a result, we have seen a
considerable increase in the number of sustainability-related transactions in our pipeline.

April 2021
April 2021

April 2022
April 2022

9×

April 2021

April 2022

Net Business Profits(Group aggregate, management accounting, rounded figures, ¥ billion)

733.8

6.6
6.6

6.3
6.3

Sustainability initiatives

Review of fiscal 2021■■ Gross Profits

The new operational structure for Mizuho Bank’s frontline offices in Japan tailors our sales
channels to specifically serve either retail customers or corporate clients. Through thisstructure, we are accelerating unified group management utilizing our high levels of expertise,
and we are further enhancing our ability to respond to customer needs. For retail customers, wewill advance our overall asset consulting, bringing together the unique strengths and features ofbanking, trust banking, and securities from across the group, to be a partner helping them design
their lives in an era of longer lifespans. For our corporate clients, we will advance our provisionof planning services, based in their needs and attentive to their medium- to long-term businesschallenges, and our provision of group-wide solutions to facilitate their continuous growth.

(Related materiality areas*)

Cross-industry relationships through partnerships with influential tech companies
External businessenvironment

Balance of equity investment trust assets (¥ trillion)
Balance of equity investment trust assets (¥ trillion)

Accelerating growth through digital transformation

Our basic policy is to work with our retail customers to realize their hopes and wishes and with our corporate clientsto realize their continued growth, striving to build a sustainable retail business which is responsive to the needs of ourcustomers in this new era. By improving our multilayered IT system failure response capabilities and gathering
feedback from our customers, society, and the frontlines, we will ensure stable business operations and further evolve
our retail and corporate banking business. At the same time, we will reallocate corporate resources towards
expanding new business areas through alliances with other companies and towards enhancement of digital marketing.
This will enable us to offer new value in both financial and non-financial fields and achieve our associated growthstrategy. With these initiatives, we will further strengthen and broaden our stable revenue base for continuous growth.

Strengths

Evolution of face-to-face business

725.5

693.9

697.7

27.8

30.1

25.0

32.6

61.3

FY2016FY2017FY2018FY2019FY2020

713.6

725.5

96.4

91.6

FY2021

FY2022targets

1. Gross Profits and Net Business Profits include Net Gains related to ETFs.
2. Results are based on FY2021 management accounting rules, targets are estimates based on FY2022 management
accounting rules.

Highlights

Strategic collaboration with Google in the digital transformation field

In March 2022, Mizuho entered into a strategic collaboration with Google Cloud Japan in
the digital transformation field. Based on this collaboration, we will work together toimplement communication and marketing personalized to each individual customer,
develop a new platform providing innovative financial services, and accelerate digitaltransformation. While providing new products and services combining business withtechnology and a new customer experience through these initiatives, we will also
integrate lessons from Google’s organizational culture, which is the foundation for its
employment of diverse talent, into the reform of our own corporate culture.

*Materiality areas:

Declining birthrate and aging population,plus good health and lengthening lifespans

Industry development& innovation

Sound economic growth

Environment& society

Personnel

GovernanceIntegrated Report 2022

52

Message from theGroup CEOCorporate & Institutional Company

Large corporations

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Corporate & Institutional Company

Financial institutions Public-sector entities

Key strategies

By supporting our clients’ continuous

Further advancement of sector strategy

growth, we will establish a reputation as themost trusted bank in the corporate andinstitutional sector and keep evolving inorder to demonstrate our true worth as a

Hidekatsu Take
Senior Executive Officer
Head of Corporate & Institutional Company

Provision of risk capital for co-creation of value

Our solutions combine banking, trust banking, and securities services with those of Mizuho Research & Technologies
and Mizuho Leasing. We are exercising our ability to provide such solutions to support our corporate and institutional
clients in improving their value and to share their risk. In these ways, we will contribute to the continuous growth andprosperity of industry, the economy, and society in Japan, in the rest of Asia, and across the world as a whole.
Industry insights accumulated through a sector-specific business structure covering banking, trust banking, and securities
Ability to provide comprehensive solutions leveraging strengths in both financial and non-financial services

Risks andopportunities

Risks

External businessenvironment▪Uncertainty in global affairs due to risinggeopolitical risk and other factors▪Changes in the social environment due tosustainability and digital transformation trends

Opportunities

Ability to provide sound risk capital for co-creating value with clients▪Prolonged effects of the COVID-19 pandemic

In fiscal 2021, we fully captured business opportunities
by supporting our clients’ corporate action, such as theirbusiness structure transformation, and undertaking joint
investment aimed at co-creation of value. As a result,Gross Profits and Net Business Profits reached theirhighest level since the introduction of the in-housecompany system. For fiscal 2022, we plan to achieve thesame strong performance in Gross Profits and Net
Business Profits that we did in fiscal 2021.

▪Increased corporate action due to businessstructure transformation and other factors▪Continuous growth and additional revenue
opportunities due to co-creation of value▪Intensifying need for climate change responses
and transition support(Group aggregate, management accounting, rounded figures, ¥ billion)

414.4

409.0

212.3

204.0

FY2016FY2017

440.5

248.9

227.6

FY2018FY2019

472.8

270.1

FY2020

491.7

482.6

297.3

285.4

FY2021

FY2022targets

1. Gross Profits and Net Business Profits include Net Gains related to ETFs.
2. Results are based on FY2021 management accounting rules, targets are estimates based on FY2022 management
accounting rules.

53

Mizuho Financial Group

#4

#4

#4

#4

DCM3

#1

#1

#1

#1

M&A4

#6

#3

#15

#5

1. FY2021 management accounting rules. Past figures recalculated.
2. Equity underwriting amount worldwide, bookrunner basis. Source: Refinitiv.
3. ‌Including straight bonds, investment corporation bonds, zaito institution bonds,
municipal bonds (lead manager method only), samurai bonds, and preferred securities
and excluding bonds issued by Mizuho. Source: Refinitiv.
4. Deals in which Japanese companies were publicly involved. Excluding real estate. Source: Refinitiv.

Strategic investment balance

As transformation of the industrial structure accelerates, clients are more actively seeking
to reinforce their capital bases and redevelop their business portfolios. We are providing
funding through equity investment and sharing a certain degree of business risk with theseclients as a means of addressing their business issues and co-creating value.
(Related materiality areas*)

100 5

110

FY2018FY2019150

146

FY2020

FY2021

5. With FY2018 results as 100.

Initiatives to co-create value in the digital field
The trend towards digitalization, accelerated by the COVID-19 pandemic, has createdgreater opportunities to assist our clients with their digital strategies in a range of fields,
including healthcare, blockchain, regional development, and settlement and transfer
functions. In areas close to Mizuho’s existing business, we have been integrating financial
services into our clients’ online services and supporting payments infrastructure for thedevelopment of smart cities. Through facilitating our clients’ digital strategies, we will
endeavor to resolve social issues and co-create new social value.

Sustainability initiatives
Our coverage for sustainability rests on both our strengths in finance, including our
experience designing sustainable finance frameworks and our investor networks developed
through our syndication business, and our insights outside of finance, including in industry,the environment and technology, management, and finance and capital. We are utilizingthese strengths and insights to engage with our clients.

SDG bond league tables
FY2018 FY2019 FY2020 FY2021
SDG bonds6

#2

#1

#1

#1

6. Source: Refinitiv.

In April 2022, we established a transition investment budget. In sharing business risk withour clients on early-stage decarbonization projects, which we were not previously able to be
involved in, we are proactively striving to co-create value and address social issues.

Net Business Profits

451.4

ECM

(Related materiality areas*)

Review of fiscal 2021■■ Gross Profits

FY2018 FY2019 FY2020 FY2021
2(Related materiality areas*)

Recent changes in the business environment have given rise to irreversible structural shifts, and these are presenting
our clients with a variety of business challenges. In response, we are leveraging our innovative insights into sectors
and products and our optimum risk-taking capabilities to provide customized solutions as a unified group.

Strengths

In May 2021, we revised our business structure to be oriented around sectors. Reorganizing
the structure to align banking, trust banking, and securities with one another as much as
possible and position sectors as the axis has enabled us to create a group-wide frameworkfor designing strategy in a way that utilizes sector insights and for developing talent with ahigh degree of expertise in products.
In addition to our longstanding strengths in coordinating between banking, trust banking,and securities, we are also moving forward coordination between group companies such as
Mizuho Research & Technologies and Mizuho Leasing. With such coordination, we willfurther our ability to provide solutions and support our clients.

value co-creation partner.

Basic policy

League tables1

Highlights

Supporting procurement of renewable energy

Mizuho advised on and arranged funding for Aeon Mall’s development of a low-pressure, distributed
solar power generation network with a self-consignment system; one of the largest in Japan. The
project allowed us to exercise both financial and non-financial strengths: the former being our expertisein arranging bridge financing and our knowledge of lease accounting, and the latter being our insights
into the environment and technology, which led us to predict that the leading edge of solar power would
move from “mega solar” systems to low-pressure, distributed ones. Our contribution has received
praise not only for supporting a client’s decarbonization but also for helping to utilize abandoned
farmland as a site for power generation, simultaneously addressing two of Japan’s social issues.
*Materiality areas:

Declining birthrate and aging population,plus good health and lengthening lifespans

Industry development& innovation

Sound economic growth

Environment& society

Personnel

GovernanceIntegrated Report 2022

54

Message from theGroup CEOGlobal Corporate Company

Americas

EMEA

East Asia

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

AppendixGlobal Corporate Company

Asia & Oceania

Key strategies

As a strategic partner supporting our clients’ global
businesses, we will leverage our extensive
international network and our group-wide
capabilities to provide financial solutions andachieve continuous growth.

Expanding into new business domains

Senior Executive Officer
Head of Global Corporate Company

We will leverage our extensive network in Asian economic zones and our presence in the US capital markets to provide
comprehensive financial solutions to clients in each region. As the business environment grows ever more complex
due to factors such as volatile markets, shifting supply chains, and greater attention to the Sustainable Development
Goals (SDGs) and environmental, social, and governance (ESG) issues, we will be a strategic partner supporting ourclients’ global business development and business structure transformation.
We will build a stable and profitable business portfolio to enable continuous growth while maintaining an awareness ofongoing constraining factors, including the international regulatory environment and non-JPY currency funding, and wewill provide clients with sophisticated financial services based in stable business operations.
Extensive international network centered on Asia

Strengths▪Changes in the market environment due to shifts
in monetary policy such as central bank interest
rate hikes

Opportunities

Risks andopportunities

Risks▪Prolonged effects of the COVID-19 pandemic▪Uncertainty in global affairs due to risinggeopolitical risk and other factors▪Varied capital raising needs responding to risinginterest rates▪Diversifying settlement and foreign exchange
needs responding to supply chain shifts▪Business structure transformation needs looking
to the SDGs, ESG issues, and a post-pandemic
world

Review of fiscal 2021■■ Gross Profits

In fiscal 2021, the economy began to recover from thestagnation caused by the impact of the COVID-19 pandemic.
Amidst the recovery, we steadily captured the diverse
financial needs of clients in each region, and we grew ourinterest income as a result of attaining a higher loanbalance and improved spread. We also expanded ourbusiness in US capital markets and recorded our highest
Gross Profits and Net Business Profits for the fourth fiscal
year running, exceeding the target in the 5-Year Business
Plan. We are planning to achieve Gross Profits and Net
Business Profits above the 5-Year Business Plan target in
fiscal 2022 as well.
55

Mizuho Financial GroupAs outlined in the 5-Year Business Plan, we are continuing to focus on transaction banking in
Asia and business in the US capital markets. Looking ahead to future interest rate hikes, as we
make ourselves more attractive to clients, we will also capture capital flows through investment
in and development of different types of products, ultimately expanding our revenue. In US
capital markets, we will bolster our hedging functions for market trends and assorted risks,
broaden our client base and product line-up, and deepen our business relationships.

Net Business Profits(Group aggregate, management accounting, rounded figures, ¥ billion)

Up 12% compared
FY2019FY2020
FY2021to FY2020
Impact of falling#9#9#8interest rates

Americas DCM1

excluding US banks

#3

#3

#2

Share

3.3%

3.4%

3.5%
#21

Americas Non-IG
LCM/DCM2#25#17excluding US banks

#11

#8

#10

Share

1.0%

1.4%

1.4%

Transaction
banking
FY2019FY2020Addressing structural issues

FY2019FY2020Transaction banking

FY2021Up 12% comparedto FY2020
Impact of fallinginterest rates
Gross Profits ROE

22.5%
FY201919.2%

In light of constraints including the international regulatory environment and non-JPY currency
funding, by shifting corporate resources from areas with little potential for profit to highprofitability businesses and growth fields, we will increase the quality of our business portfolio.

FY2021

1. Bonds issued by investment-grade companies, fee basis.Up 12% compared
Source: Dealogic.
to FY2020
Impact of falling
2. Loans issued by investment-grade companies, fee basis.
interest rates
Source: Refinitiv.

(Related materiality areas*)

Further, we will apply digital technology to go beyond simply consolidating and instead
streamline operations across geographical boundaries. With this and other efforts, we will
improve productivity throughout the countries and regions in which we operate.

Firm presence in US capital markets
Robust client base and strong lending portfolio

External businessenvironment

We are leveraging our global network and focusing our corporate resources on about 300
blue-chip corporate groups worldwide, which have stable credit and potential for ancillarytransactions, via our Global 300 strategy. In doing so, we are endeavoring to bolster stablerevenue and diversify our revenue sources. We are also working to strengthen risk management
in light of changes to industry structures brought about by the impact of the COVID-19 pandemic
and geopolitical risk, and we are building a portfolio with strong stability and profitability.
(Related materiality areas*)

Hidekatsu Take

Basic policy

Transaction banking
League tables

Enhancing current business areas

FY202019.9%

Gross Profits ROE
FY2019FY2020

FY2021

FY2021

22.5%
19.2%

19.9%

(Related materiality areas*)

Sustainability initiatives

Gross
Profits ROE FY2020
FY2019In fiscal 2021, we greatly increased the volume of sustainable finance we arranged, reaching
an amount 8.1 times higher than that of fiscal 2018. In the US and European capital markets,
we also served as the structuring agent on a number of deals. These results came aboutfrom our development of a global information network centered on “ESG champions”
appointed to advance ESG initiatives in each region and our improved ability to makeproposals thanks to the hiring of ESG experts.
We will continue to not only provide funding but also implement engagement (dialogue)
utilizing our industry insights, one of the Mizuho group’s strengths. In this way, we willaddress the business challenges of our clients and provide them with optimal solutions.

FY2021

22.5%
19.9%

19.2%of arranged sustainable financeAmount8.1 x FY2018
amount
FY2019FY2020

FY2021

Amount of arranged sustainable finance
FY2019FY20208.1 x FY2018
FY2021amount

606.8

327.2

412.7

417.1

176.0

173.7

FY2018FY2019

456.0

330.2

97.3

88.3

FY2016FY2017207.4

FY2020

518.8

263.9

FY2021Highlights
305.1

FY2022targets

1. Gross Profits and Net Business Profits include Net Gains related to ETFs.
2. Results are based on FY2021 management accounting rules, targets are estimates based on FY2022 management
accounting rules.

Initiatives for further growth of the US capital markets business

In January 2022, we announced our acquisition of Capstone Partners. The acquisition will enable us to
Amount of arranged sustainable financefurther leverage our strengths in industry insights and corporate bonds and expand our clients frommainly investment-grade companies to non-investment grade companies and sponsors in the North
8.1FY2021
x FY2018
FY2019FY2020amountAmerican capital markets, the largest financial markets in the world. With Capstone Partners’ investor
base and the insight of their placement agents, we will provide strategic solutions with high added
value and bring our US capital markets business to an even more advanced stage.
*Materiality areas:

Declining birthrate and aging population,plus good health and lengthening lifespans

Industry development& innovation

Sound economic growth

Environment& societyFY2019Personnel

FY2020Governance

FY2021
Integrated
Report 2022

56

*Internal management accounting basis. Net increase amounts are accumulated
from FY2019 onward.

Message from theGroup CEOGlobal Markets Company

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

AppendixGlobal Markets Company

Investors

Foreign currency funding amounts utilizing
FY2019FY2020
FY2021
FY2022
yen-denominated asset collateral* targets*Internal management accounting basis. Net increase amounts are accumulated
from FY2019 onward.

Key strategies

As a partner with expert knowledgeof market mechanisms and theability to draw on a range ofintermediary functions, we willfurther integrate our banking, trust
banking, and securities capabilities to

Yasuhiro Shibata

Kenya Koshimizu

Senior Executive Officer
Co-Head of Global Markets Company

Senior Executive Officer
Co-Head of Global Markets Company

The Global Markets Company engages in sales and trading (S&T) in order to provide clients with market productbased solutions, and we also conduct banking operations, including fund raising and portfolio management.
We have set out a basic strategy to develop a framework for offering optimal products and services, as well as tostrengthen our market presence.
In our S&T operations, by optimizing our global network and products framework, we will provide a broad range ofintermediary functions. In our banking operations, we will enhance the sophistication of our flexible ALM andintegrated portfolio management while maintaining a focus on achieving a balance between realized gains andunrealized gains/losses.

Risks andopportunities(Related materiality areas*)

Enhancement of profitability through promoting the effective integration of S&T operations at
Mizuho Bank and Mizuho Securities
We will strengthen our solutions-based approach to meet wide-ranging market-related customer
needs through advancing the effective integration of our banking and securities functions ineach region. Further, in addition to strengthening our core global foundations by aggregating ourforeign exchange risk books and by implementing Japan-US collaboration on equities, we will
work to increase our global market presence and improve our profitability. We will do this bydiversifying and stabilizing our business portfolio, expanding our product line, and giving
attention to areas with abundant revenue opportunities, such as our US business.

Equity Gross Profits
EquityGrossProfits
Internal management
accounting
basis

EquityEquity+80%

Internal management accounting basis

FY2018FY2019FY2018FY2018FY2020FY2019FY2019FY2021 FY2022+80%
targets

FY2020
FY2020

FY2021 FY2022
targets
FY2021 FY2022
targets(Related materiality areas*)

US Gross Profits

Banking operations: Capacity for risk management, especially global ALM management and flexible portfolio
management incorporating predictive management and advanced methods of analysis

We will diversify our ESG-related product range and proactively provide our clients with information while meeting businesses’ hedging needs
and investors’ investment management needs and demonstrating our market intermediary functions. We will also take proactive steps towards
the development of the carbon credit market in Japan.

▪‌Financial market turmoil and changes in the foreign
currency liquidity business environment due tosudden monetary tightening at central banks invarious countries▪‌Prolonged supply constraints, geopolitical risk, andsurging resource prices leading to continued highglobal inflation

We integrated management of S&T banking and securities
entities in Japan, Europe, and the US, and strengthened oursolutions-based approach for responding to diverse customer
needs. In our banking business, we conducted flexible risk
control of our portfolio and supported our clients’ global
business through stable and effective Japanese yen and foreign
currency capital raising and investment. However, the flow(S&T) side of our stock and flow business was relatively slow,
and the second half of the fiscal year saw US interest rate hikesof a historic pace and breadth due to sudden US monetary
policy changes made in response to accelerating inflation.
These factors contributed to our fiscal 2021 Gross Profits and
Net Business Profits falling short of fiscal 2020 results.
Mizuho Financial Group

Amid extensive shifts in financial markets, we will positively contribute to group-wide businessfrom FY2019 onward.
*Internal management accounting basis. Net increase amounts are accumulated
from FY2019 onward.
FY2019FY2020
FY2021
FY2022strategy by carrying out ALM management that is both stable and effective. Our efforts in thistargets
regard include conducting globally unified operations under the direct control of the treasury
functions in various regions and promoting unified management of the Japanese yen and foreign
currencies through actions such as utilizing abundant yen assets for stable foreign currency
fund raising. For our portfolio management, we will focus on achieving a balance between
Equity Gross Profits
FY2018 FY2019 FY2020 FY2021 FY2022
Internal management accounting basis
FY2019FY2020
FY2021 Equity
FY2022targets
realized gains and unrealized gains/losses. Also, while further enhancing our predictive
targets
FY2019FY2020
FY2021
FY2022
management, we will utilize precise market analysis and ample risk reduction methods to flexibly+80targets%
control risk. In doing so, we will aim to defend our performance and maximize revenue.

Sustainability initiatives▪‌Expanded opportunities to provide customers
with solutions due to easing of Japan’s
firewall regulations▪‌Risk-taking in response to changes in themarket environment

Review of fiscal 2021

57

Equity Gross Profits
Foreigncurrency
Internal
management accounting
basis funding amounts utilizing
EquityForeigncurrency funding
amounts
utilizing
yen-denominatedasset collateral**Internal management accounting basis.
Net increaseamounts are+80
accumulated
yen-denominatedasset
collateral*%

S&T operations: Unified management framework across Mizuho Bank and Mizuho Securities, adapted to thecharacteristics of each region, our diverse customer base, and our capacity for providing solutions

Risks

Strengths

External businessenvironment

for our clients’ varied needs.

Opportunities

Basic policy

offer the best products and services

ALM management and flexible risk control responding to changes in the market environment■■ Gross Profits(Group aggregate, management accounting, rounded figures, ¥ billion)

552.2
358.8

FY2016

Net Business Profits
490.3
414.5

389.5
190.6

194.8

FY2017-6.7
FY2018210.5

FY2019

378.9

433.6

150.5

FY2020

FY2021Highlights

US Gross Profits
FY2018178.8

FY2022targets

1. Gross Profits and Net Business Profits include Net Gains related to ETFs.
2. Results are based on FY2021 management accounting rules, targets are estimates based on FY2022 management
accounting rules.

FY2019FY2020+130%

FY2021 FY2022

UStargets

Internal management accounting basis. Net increase amounts
are accumulated from FY2019 onward.

+130%

Expanding our US businessIn the US, we deepened integration of our banking and securities business and CIB*
framework management, and we made progress on diversifying our earnings base by
expanding products such as equity derivatives and municipal bonds. As a result, in fiscal
2021, the scale of revenue in the US surpassed that of Japan for the first time. Goingforward, while further growing the business we have established to date, we aim tocontinue seizing opportunities for growth, such as corporate derivatives and financing
business opportunities.

US Gross Profits
USInternalGrossmanagementProfits
accounting basis. Net increase amounts
are accumulated from FY2019 onward.
Internal management accounting basis. Net increase amounts
are accumulated from FY2019 onward.

FY2018FY2019FY2020

US

US %
+130
+130%
FY2021 FY2022
targets

Foreign currency banking interest rate risk
US 10-year treasury bond yield*CIB: Business model that integrates Mizuho Bank and Mizuho Securities operations, and primary and secondary business.

(Second half of FY2021: Approx. 85 bps increase)

Foreign currency banking operations under the sudden rise in US interest rates

271.7

US

Internal management accounting basis. Net increase amounts
are accumulated from FY2019 onward.

In the second half of fiscal 2021, amid US interest rate hikes, we significantly reduced ouramount of risk by selling bonds and hedging with derivatives. The first three months of 2022
saw the largest recorded increase in US 2-year/5-year interest rates in the last 30 years,
representing a historic shift in the market environment. Even so, we were able to restrain the
expansion of unrealized losses.

*Materiality areas:

Declining birthrate and aging population,plus good health and lengthening lifespans

Industry development& innovation

Sound economic growth

FY2018FY2018FY2019FY2019FY2020
FY2020

FY2021 FY2022
targets
FY2021 FY2022
targets

September
30, December
31,
31,
Foreigncurrency
banking
interestMarch
rate
risk
2021
2021
2022
10-yeartreasury
Reduced toUSabout
oneeighth,bond yield(Secondhalf ofof
FY2021:85 bpscompared to highest
amountrisk Approx.
reachedin increase)
FY2021

Environment& society

Personnel

September 30,
2021

December
31,
March 31,
(Second half of FY2021: Approx. 85 bps increase)
2021
2022

GovernanceForeign currency banking interest rate risk
Foreign currency banking
interest rate risk
US 10-year treasury bond yield

Integrated Report 2022

(Secondof FY2021:
Approx.bond
85 bpsincrease)
UShalf10-yeartreasuryyield

58

Message from theGroup CEO

Asset Management Company

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

AssetPublicly
Management
offered investment Company
trust assets

Investors

under management balance* (¥ trillion)*Balance of publicly offered equity investment trusts excluding ETFs.

9.0
Publicly offered investment
trust assets
8.5
under management balance* (¥ trillion)

Key strategies

Becoming our customers’ best partner

5.9*Balance of publicly offered equity investment trusts excluding ETFs.

for medium- to long-term asset formation

To respond to the asset formation needs of retail investors, we are offering a broad range of
products. These include investment trusts reflecting the growth of the global economy,
balanced investment trusts avoiding large drops amidst uncertain markets and aiming forstable performance, and yield-based investment trusts capturing the rise in interest rates
outside of Japan. We are also optimizing investment in fund wraps and providing products
tailored to defined contribution corporate pensions, individual-type defined contribution
pension plans (iDeCo), and installment-type NISA. Additionally, we are positively contributing
to proactive investment of financial assets in Japan by improving our provision of
educational materials on investing and information on products and markets as well as byworking together with distributors to provide after-sale services for retail investors.

while positively contributing to therealization of a sustainable society andeconomy through asset management.

Masamichi Ishikawa
Senior Executive Officer
Head of Asset Management Company(Related materiality areas*)

Strengthening our ability to provide products and consulting to institutional investors

Basic policy

By strengthening our investment capabilities and ability to provide solutions in order to enhance the added value
provided by our asset management business, we act as part of a unified group to provide products and consulting
services which meet customers’ ever-changing needs. We are providing retail investors with support for medium- tolong-term asset formation and providing institutional investors, such as pension funds and financial institutions, withsolutions in order to positively contribute to the realization of a sustainable society and economy and achieve mediumto long-term growth in our asset management business. In addition, we are transforming our business processes using
digital innovation to build an effective and advanced business base.

9.0

8.5
Publicly offered investment
trust assets
under management balance* (¥ trillion)

Focusing on asset management services for retail investors

To respond to institutional investors’ diverse needs, we are focusing on an expanded line of
ESG investment and alternative asset products. For our pension fund clients, we are offering
investment solutions which are based on multifaceted analysis and which account forclients’ investment and financial situations, as well as consulting proposals which coverpension plan configuration. For our financial institution clients, we are offering solutions forboth assets and liabilities, addressing needs for outsourcing investment of securities andbusiness issues related to deposits in excess of loans.

5.9*Balance of publicly offered equity investment trusts excluding ETFs.

9.0

8.5
FY2020

FY2021FY2019FY2020

FY2021FY2019FY2020

FY2021FY20195.9

DB/DC pension assets under management balance* (¥ trillion)*Total balance of assets in defined benefit (DB) and defined contribution (DC) pensions(corporate and individual-type DC pensions)

9.4 (¥ trillion)
9.0management balance*
DB/DC pension assets under
7.7*Total balance of assets in defined benefit (DB) and defined contribution (DC) pensions(corporate and individual-type DC pensions)

9.0

9.4

DB/DC7.7
pension assets under management balance* (¥ trillion)*Total balance of assets in defined benefit (DB) and defined contribution (DC) pensions(corporate and individual-type DC pensions)

FY2019FY20209.0

FY2021FY2019FY2020

FY2021FY2019FY2020

FY2021

7.7

9.4(Related materiality areas*)

Asset Management One’s investment capabilities and sustainability initiatives

Strengths

Sustainability initiatives

Relationships with distributors in and outside the Mizuho group and robust support systems

Risks andopportunities

Risks

Business environment▪Unstable market environment due to risinginterest rates outside Japan and intensifying
geopolitical risk
▪Change in retail investor preferences and needs

Opportunities

Providing solutions to institutional investors as a unified group▪Increased asset formation needs due to the aging
population, declining birthrate, and longer lifespans▪Policy revisions for medium- to long-term asset
formation, expanding investor base▪Greater interest in ESG investment

Review of fiscal 2021■■ Gross Profits

There was a return to tighter monetary policy following
the loosening that took place under the COVID-19
pandemic. This together with intensifying geopoliticalrisk caused the market environment to remain uncertain.
Even so, we were able to achieve our highest level ofGross Profits since the introduction of the in-housecompany system, mainly through steady accumulation
centered on publicly offered investment trusts. Goingforward, we will continue honing our competitivenessand aiming to achieve growth at the Asset Management
Company over the medium to long term by strengthening
our investment capabilities, solutions, and efficiency.
59

Mizuho Financial GroupNet Business Profits(Group aggregate, management accounting, rounded figures, ¥ billion)

59.5

53.7

54.9

54.5

53.3

50.8

16.7

18.1

16.4

13.7

11.3

FY2016FY2017FY2018FY2019FY2020Through our asset management business, we will facilitate the transition to a sustainable
society and economy and the more proactive investment of financial assets in Japan. To thisend, we are participating in dialogue with our asset owner clients, providing thorough andproactive information and disclosures in investment reports and seminars, and expanding
our ESG products as part of contributing to our clients’ sustainable asset management.
Further, we are also practicing ESG integration (which entails making companies’ ESG
performance a component of investment decisions), engaging with companies in ourinvestment portfolio, and exercising voting rights in order to encourage transition, mostnotably climate transition, among the companies in our invesment portfolio and to assist
them in improving their corporate value.

Highlights

62.7

20.3

19.8

FY2021

FY2022targets

1. Gross Profits and Net Business Profits include Net Gains related to ETFs.
2. Results are based on FY2021 management accounting rules, targets are estimates based on FY2022 management
accounting rules.

ESG investment product assets undermanagement balance* (¥ trillion)*Balance of products that clearly incorporate ESG factors in their investment philosophy
and process

2.2
2.2 assets under
ESG investment productmanagement balance* (¥ trillion)*Balance of products that clearly incorporate ESG factors in their investment philosophy
and process

2.2*Balance of products that clearly incorporate ESG factors in their investment philosophy
and process

2.2

2.2
FY2020

FY2021FY20190.6

FY2020

FY2021FY2019FY2020

FY2021FY20190.6

Set interim target for achieving net zero in assets under management

Asset Management One was one of the 30 founding signatories, and only Japanese signatory, of the
Net Zero Asset Managers Initiative, which aims to achieve net-zero greenhouse gas emissions by
2050 or earlier (as of December 31, 2021, the number of signatories stands at 236 companies). As asignatory of the initiative, and on the path to achieving net zero greenhouse gas emissions, AssetManagement One has set an interim target for 2030 of ¥30 trillion in assets under management,
equivalent to 53% of assets under management (as of March 2021). Going forward, we will continue towork closely with our clients and relevant institutions, promote the transition to net zero emissions as
a Japanese asset management firm, and fulfill our fiduciary duties.

*Materiality areas:

2.2

ESG investment product assets under
0.6
managementbalance* (¥ trillion)

Declining birthrate and aging population,plus good health and lengthening lifespans

Industry development& innovation

Sound economic growth

Environment& society

Personnel

GovernanceIntegrated Report 2022

60

Message from theGroup CEOGlobal Products Unit

Investment banking

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

AppendixGlobal Products Unit

Transaction banking

Providing stable, highly convenient settlement infrastructure

We aim to be a team of professionals offering
optimal solutions by closely tracking changes inindustry and society, demonstrating
sophisticated expertise in each product area, andintegrating global intragroup functions.

Senior Executive Officer
Head of Global Products Unit

(Related materiality areas*)

At the Global Products Unit, our activities are primarily divided into two areas: investment banking and transaction
banking. In both areas, we offer a wide range of solutions.
We will continue fulfilling our corporate social responsibilities as a financial institution while supporting the strategies
of in-house companies and the Mizuho group as a whole to overcome challenges faced by our clients and society. To
this end, exercising optimal functions as a unified group, we will provide solutions founded on our sophisticatedfinancial product expertise, and utilize our diverse insights to take measured risks when providing financing.
At the same time, we will continue devoting ourselves to maintaining and managing stable settlement infrastructure
and to developing our personnel as part of forming a sustainable business base.

Risks andopportunities

Risks

External businessenvironment▪‌Deterioration of credit due to intensifying
geopolitical risk▪‌Impacts on economic activity from the COVID-19
pandemic and global inflation▪Threat of other industries expanding into finance

Opportunities

Broad coverage, from investment banking to transaction banking, and sophisticated financial product expertise
Ability to provide solutions meeting the varied needs of a wide range of customers, including retail customers,
corporate clients, and financial investors

Strengths

We are engaged in ongoing initiatives to transition to ISO20022 for settlements with otherbanks and to upgrade our core IT system. In addition, to prevent further system failures, we areundertaking efforts to resolve system vulnerabilities, minimize impacts in the event of a failure,and enhance our business contingency plan. Beyond these, we are also moving forward on
securing a stable talent pool and developing personnel who will lead us into the next era.
With a view towards the progress of digital transformation, changes in client needs, andimprovements to operational productivity, we are strengthening our business foundations forthe future through system development and ongoing refinement of our solutions for clients.

Mitsuhiro Morishita

Basic policy

To continue supporting our clients’ businesses well into the future, we are pursuing stable
maintenance and operation of settlements infrastructure for transaction banking and looking to
improve convenience.

▪‌Acceleration of changes in societal trends, inconnection to sustainability and digitaltransformation▪‌Movement towards industry reorganization
linked to strengthening of economic security
and other factors▪‌Greater demand for reviews of businessportfolios and supply chains

Sustainability initiatives
With our product arrangement capabilities founded in a strong track record of underwriting of SDG bonds and arrangement of sustainability loans,
we are keeping ahead of societal trends and proactively providing financing, consulting, and solutions in line with clients’ sustainability strategies.
Initiatives for carbon neutrality are accelerating, and the push towards a low-carbon society is also expected to bring about more rapid businessstructure transformation and supply chain shifts among clients. Against this backdrop, the Global Products Unit is working as a cohesive team andcoordinating with in-house companies to design and advance products contributing to social development, in the fields of transition and newtechnology in particular.

Highlights
Launch of Sustainable Supply Chain Finance (SSCF), first for a Japanese bankMizuho Bank became the first bank in Japan to offer SSCF, which includes a framework linking thefinancing rate to supplier sustainability performance.
SSCF offers funding incentives to middle-market and small- and medium-sized enterprises toaddress environmental and social issues, with the goal of encouraging achievement of CO2 emission
reduction targets and promoting environmental and social initiatives across the entire supply chain.
This product enables us to support all of our clients’ sustainability initiatives over the medium to longterm and positively contribute to building a stronger, more stable, and more sustainable supply
chain.

Sustainable Supply Chain Finance
Buyer

Supplier(1) Sales contract(2) Shipment of goods /issuing of invoice(3) Invoice
data upload(3)' Application forearly payment(6) Maturity payment(4) Application forearly payment(5) Early payment(7) Initiatives forsustainability

Evaluation from third-party evaluation organization

Key strategies

Arrangement of project finance for a floating offshore wind farm project in France

Providing effective solutions across banking, trust banking, securities, and other group companies
Together as a united group, we aim to provide optimal solutions tailored to our clients’ needs, offering them the best support for initiatives based on
their corporate and growth strategies. In addition to providing expertise leveraging the strengths of our banking, trust banking, securities, and othergroup companies, we are also expanding and improving coordination between the group companies in order to enhance our solutions for clients.
(Related materiality areas*)

Expanding our provision of services on a global basis through our expertise in products
Amidst growing uncertainty in the global economy, we are endeavoring to offer solutions that fully capture societal trends in order to continue
providing support tailored to our clients’ business environment. In investment banking, we are assisting clients with investing in various global
assets, including infrastructure, real estate, and other businesses, and we are reinforcing our capabilities for meeting investor needs. In transaction
banking, we are enhancing our provision of functions such as cash and foreign currency management on a global basis, in light of supply chain
shifts and related factors. Further, we are continuing to develop professional personnel and advance expertise as a foundation for our solutions.
(Related materiality areas*)

61

Mizuho Financial Group

Leveraging our extensive insights and track record accumulated over many years, Mizuho Bank
has supported development of renewable energy and technological innovation around the world.
In May 2022, we signed financing agreements as one of the mandated lead arrangers andlenders on a project finance deal for the construction, maintenance, and operation of a floating
offshore wind farm project, the Eoliennes Flottantes du Golfe du Lion Project, in France.
The deal features an innovative finance structure in that it involves a non-recourse loan for a
first-of-its-kind floating offshore wind farm. This may become a precedent for non-recourse
finance to similar projects in the future.
Going forward, we will continue promoting action to address climate change and supporting thetransition to a low-carbon society.

*Materiality areas:

Declining birthrate and aging population,plus good health and lengthening lifespans

Industry development& innovation

Sound economic growth

Environment& society

Personnel

GovernanceIntegrated Report 2022

62

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Research & Consulting Unit

Data section

AppendixResearch & Consulting Unit

With our deep knowledge of industry, corporations,
economics, and financial markets and our high-level
expertise in business strategy, sustainability, digitaltransformation, mathematics and data science, andsimilar fields, we provide new value responding torapid changes in client needs and social issues.

Yasuhiko Ushikubo
Senior Executive Officer
Head of Research & Consulting Unit

Combining the consulting functions of different fields to enable high-quality,
innovative value creation
Business strategy

In order to respond to rapid changes in client needs beyond existing frameworks, we are
combining our expert insights in areas of consulting ranging from business strategy tosustainability and digital transformation. We are also further deepening our coordination offinancial functions within the group and striving to maximize the value we provide to clientsas a unified group.
With a focus on sustainability and digital transformation, we will move forward with
developing personnel to have expertise in fields we expect to feature in clients’ needs,
bolstering our resources in these fields, and strengthening collaborations outside of theMizuho group.

Combining
specialist
expertise
Digitaltransformation

Sustainability(Related materiality areas*)

Basic policy

Sustainability and digital transformation are irreversible trends; social, economic, and industrial uncertainty are rising
rapidly; and our clients’ needs are undergoing structural changes. In response, we are demonstrating our expertiseand pushing forward proactively on coordinating with the most suitable partners, whether internal or external. We will
advance the co-creation of a sustainable future through high-quality, innovative value creation that contributes toresolving the issues faced by our clients and society.
We will also continue advancing the optimization of business operations and resources in swift response to signs ofchange in society, the economy, and industry, and collaborate more closely with partners both inside and outside thegroup. As well as promoting unified management within the unit to draw out greater synergistic effects and improve
operational efficiency, we are endeavoring to enhance training and resources for personnel with expertise in certain
areas, aiming for further development of our non-financial services, one of Mizuho’s strengths.

▪‌Loss of competitiveness due to insufficient
response to rapid changes in client needs
beyond existing frameworks

Risks andopportunities▪‌Impact of demand exceeding supply of
specialists in the field of research and consulting

Opportunities

External businessenvironment

Risks

Strengths

High-quality research functions backed by deep knowledge of industry, corporations, economics, and financial
markets
Consulting functions exercising high levels of expertise in business strategy, sustainability, digital transformation,mathematics and data science, and similar
Combining various areas of expertise and coordinating financial functions within the group to enable high-quality,
innovative value creation▪‌Expanding research and consulting needs that
accompany greater uncertainty in society, theeconomy, and industry and the acceleration ofsustainability and digital transformation trends

Key strategies

By conducting thorough research with a clear sense of purpose and with the aim of resolving
clients’ business strategy issues and strengthening Mizuho’s corporate strategy, we contributeto increasing Mizuho’s competitiveness as well as to enhancing our brand and reputation.
We will strengthen our origination capabilities linking research to solving issues for clientswith a focus on areas such as cross-sector business, carbon neutrality, and economic
security. We can accomplish this by strengthening our research capabilities via further
collaboration within the unit and by deepening the integration between macro and semi-macro
areas.
(Related materiality areas*)

Mizuho Financial GroupWe will fully demonstrate the strengths of the unit by improving management of the unit’s
personnel, and we will acquire and develop talent with high levels of specialist knowledge.
As an incubator for highly specialized talent, we will also work towards enhancing overall
personnel management for Mizuho, which is the source of our strength. To do this, we will
expand the development of personnel by providing opportunities outside of the unit,
facilitating cross-entity employee interaction and mobility, and further promoting diversity.

Strengthening research functions
Macro

Semi-macro

Decarbonization
Sustainability

Providing clientswith solutions

Brand enhancement

Industry Research
Department, Mizuho Bank

Mizuho Research& Technologies

Specialist
talentMizuho Securities
Research & Consulting Unit

Mizuho-DL
Financial Technology(Related materiality areas*)

Sustainability initiatives
We bring together research and consulting expertise, providing solutions to a wide range of issues concerning our clients’ sustainabilityrelated management and business strategies, and in doing so contribute to resolving social issues.
Specifically, we have worked on the following initiatives: (1) Sustainability-related consulting for a wide range of public and private clients(approx. 700 cases in fiscal 2021), (2) Development of Mizuho’s own sustainability-related financial products, and (3) Robust reports that
consolidate the expertise of the unit.
We will continue to use the expertise of our unit to meet the needs of our diverse clients and promote the co-creation of a sustainable future forsociety and our clients.

Highlights

Enhancing research and origination capabilities

63

Strengthen personnel capabilities

Research report on structural transformation in Japanese industry, looking ahead to 2050

We issued a report that looks at the huge structural changes to society and industry beingbrought about by changing trends—such as a decreasing and aging population, sustainability,
economic security, and technological developments—on a long-term timeframe that stretches
to 2050. The report considers initiatives that will be needed among industry and corporations inJapan.
In the report, after stating what kind of impacts these changing trends will have on society,consumers, and industrial structure, we look at what will happen if current practices continue
amidst the trends. We then present a vision of what industry and corporations in Japan should
strive to become, as well as the initiatives they will need to undertake to achieve this vision.

*Materiality areas:

Declining birthrate and aging population,plus good health and lengthening lifespans

Industry development& innovation

Sound economic growth

Environment& society

Personnel

GovernanceIntegrated Report 2022

64

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Sustainability
At Mizuho, we define sustainability as environmental conservation, the sustainable development and prosperity of the economy, industry, andsociety both in Japan and around the world, and Mizuho’s sustainable and steady growth. We identified our materiality areas (key sustainability
areas) as being priority issues in our business strategy, and are proactively moving forward group-wide sustainability initiatives so that Mizuho,
together with our clients and society, can achieve sustainability transformation and create new value.
In fiscal 2021, we aimed to strengthen our framework by establishing the Sustainability Promotion Committee, and by forming and expanding
specialist departments for promoting sustainable business. Moreover, based on thorough discussions by our business execution and supervisorylines and with attention to both opportunity and risk, we strengthened initiatives related to climate change responses, respect for human rights,
environmentally and socially responsible financing and investment activity, and sustainable business. In addition, in September 2022, weestablished the new position of Group Chief Sustainability Officer (Group CSuO) to promote sustainability initiatives throughout the Mizuho group.
The Group CSuO will not be affiliated with any specific in-house company, unit, or group, but rather report directly to the Group CEO, and will planand promote sustainability initiatives for the entire Mizuho group.

Status of discussions regarding sustainability initiatives at the supervisory line (Board of Directors / Risk Committee)
Main points of deliberation

Sustainability strategy⃝We are satisfied with the approach to revising the Basic Policy on Sustainability Initiatives, which is to achievesustainable development for both Mizuho and society. In formulating required actions, it is important toconsider not only climate change, but a whole range of other social issues.
⃝It is critical for us to acquire and train experts in the field of sustainability.

Addressing climate change⃝At present, there are many unresolved technological and fiscal issues that make it extremely difficult to achieve
net zero by 2050. We must pool the collective strength of the Mizuho group and increase the added value of oursolutions to these challenges.
⃝In order to decarbonize the entire financing and investment portfolio, it is important that we continue to support
not only the efforts of large corporate clients, but also those of middle-market firms and small- and mediumsized enterprises.
⃝For achieving a low-carbon society, it is essential to engage not only with corporate clients but also withgovernmental agencies and other stakeholders, while taking global trends into account.

Efforts to ensure respect ofhuman rights⃝We must prevent and mitigate adverse human rights impacts from our financing and investment and expand
our positive impacts for society. Indispensable to this will be expanding training to further enhance employees’
awareness about human rights.

Sustainability promotion structure
For important sustainability-related matters, our system consists of discussions at the business execution line, e.g., the Sustainability Promotion Committee
and Executive Management Committee, and supervision by the Board of Directors and Risk Committee. Constructive discussions are held with outside
directors who have experience and expertise in sustainability, as well as with external experts in attendance at Risk Committee and Sustainability Promotion

Comments from outside directors and Risk Committee members

Committee meetings. The resulting feedback is used in establishing policy and promoting our initiatives.

■ Mizuho's sustainability promotion structure (From Sep 1, 2022)

First-time participation in initiatives during fiscal 2021
Mizuho Financial Group

Supervision

Execution

Board of Directors

President & Group CEO

Oversees sustainability initiatives

Executive Management Committee

Risk Committee

Sustainability Promotion Committee (chaired by the Group CEO)
Deliberates on and coordinates sustainability matters

Group CSuO

In charge of planning and promotion of sustainability initiatives

Sustainability-related departments

・Sustainable Business Promotion Dept.
・Sustainability Planning Dept.

Focuses on sustainable business planning
Focuses on policy establishment for entire Mizuho group

Directions and support for sustainability initiatives
Mizuho group companies
Overview of the Sustainability Promotion Committee (business execution line) (established in Jan 2022)
Reason forestablishment

Composition

Meetings(topics
discussed)◦‌Discuss and coordinate sustainability-related matters based on external experts’ advice towards further promoting sustainability across the group
ChairmanPresident & Group CEO

Members

Group CSO, Group CRO, Group CFO, other executive officers (including those from Mizuho group companies), depending on content

External experts◦External experts are invited in line with the topics of discussion- Meeting no. 1: Masako Konishi (Expert Director (Conservation and Energy), WWF Japan)- Meeting no. 4: Ashleigh Owens (Deputy Director for Financial Institutions, Shift)

Meeting no. 1◦Mizuho’s Approach to Achieving Net Zero by 2050
◦Approach to setting targets for greenhouse gas emissions from our finance portfolio (Scope 3 targets)◦Setting of electric power sector targets and work towards achieving those targets

Meeting no. 2
Meeting no. 3
Meeting no. 4

65◦Climate-related risk management system◦Environmental and Social Management Policy for Financing and Investment Activity◦Risk control policy for carbon-related sectors

Net-Zero Banking Alliance (NZBA)
Joined to promote setting of medium- and long-term targets, formulation of action plans, andadvancement of disclosures on progress among banks towards aligning lending and investment
portfolios with net-zero greenhouse gas emissions by 2050.
Partnership for Carbon Accounting Financials (PCAF)
Global initiative that enables financial institutions to measure the greenhouse gas emissions of
their loans and investments. In July 2021, we became the first Japanese financial institution to join
PCAF. In November 2021, the PCAF Japan coalition was launched, and we were appointed as chair.
Taskforce on Nature-related Financial Disclosures Forum
Joined in order to contribute to constructing a framework for nature-related financial information
disclosure, and promote environmental initiatives.
30% Club Japan
As part of further accelerating initiatives aimed at promoting women’s participation andadvancement in the workplace, we joined a global campaign aimed at increasing the percentage ofwomen involved in important decision-making bodies within corporations.

ESG indices which include Mizuho (as of June 2022)
ESG indices selected by the GPIF
General index

Themed indices◦Enhancing climate change response promotion structure◦Publication of TCFD Report 2022

◦Evaluations and issues concerning initiatives for respecting human rights◦Publication of Human Rights Report 2022

Note: The Group CSuO became a regular member of the Sustainability Promotion Committee in Sep 2022.

Mizuho Financial Group

Integrated Report 2022

66

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Sustainability

Overview of policies on forced labor, child labor, human trafficking, transition risk sectors, and specific industrial sectors

Responsible financing and investment
Mizuho has established the Environmental and Social Management Policy for Financing and Investment Activity to mitigate and avoid adverse
impacts of financing and investment on the environment and society.
In March 2022, we revised the policy to strengthen our initiatives on respect for human rights, responses to climate change, and theconservation of biodiversity in line with the expectations and perspectives of our stakeholders.

An overview of responsible financing and investment
Investment (asset management)

Environmental and Social Management Policy for Financing and Investment Activity

Mizuho Trust & Banking⃝Establish and implement policies on responsible investment in ourasset management business⃝Establish and implement policies on Japan’s Stewardship Code

Adoption and application of the Equator Principles
Mizuho Bank
Applies to financing of large-scale development projects

Forced labor, childlabor, and humantrafficking

New

Provide financing or support for raising capital

Established by Mizuho Financial Group
Implemented at Mizuho Bank, Mizuho Trust & Banking, Mizuho
Securities, and Mizuho Americas1

Policies

Transition risk
sectors

Asset Management One⃝Establish and implement policies on ESG investment⃝Establish and implement policies on Japan’s Stewardship Code

1. Also applies to each company’s subsidiaries, including those outside of Japan.

Overview of our Environmental and Social Management Policy for Financing and Investment Activity Underlines indicate revisions made in March 2022

Regardless ofsectorAdditionalduediligence■ Projects with an adverse impact on wetlands designated as Wetlands of International Importance under the Ramsar Convention■ Projects violating the Convention on International Trade in Endangered Species of Wild Fauna and Flora (Washington Convention)■ Projects with an adverse impact on UNESCO World Heritage sites■ Projects which cause forced labor, child labor, or human trafficking■ Projects with adverse impacts on indigenous peoples’ local communities■ Projects involving land expropriation that causes forced relocation of residents■ Projects which cause, contribute to, or directly link with violation of human rights in conflict areas

Forced labor, child labor,human trafficking■ Companies exposed to risks of forced labor, child labor, or human trafficking

Transition risk sectors■ Companies whose primary businesses are in power generation (coal-fired, oil-fired, gas-fired), coal mining, oil and gas, steel, or
cementSpecific industrial sectors

Weapons

Coal-fired power generation

Thermal coal mining

Oil and gas

Large-scale hydropower

Large-scale agriculture

Palm oil

Lumber and pulp

Implementation of Environmental and Social Management Policy for Financing and Investment Activity
Verification process
when screening a
potential transaction⃝When determining whether to engage in a transaction, we account for the degree to which the client has taken steps to avoid or mitigate risk andother due diligence as appropriate, based on the characteristics of the services we are providing.

Verification processduring the transaction
term⃝We engage (hold constructive dialogue) with clients in transition risk sectors and specific industrial sectors at least once yearly. (Engaged withapprox. 1,000 clients in FY2021)- Verify the degree to which clients have taken steps to avoid or mitigate environmental and social risks.
- With clients in transition risk sectors, discuss medium- to long-term issues and confirm the status of the client’s response in regard to climatechange risks and opportunities.
⃝In the event that we identify any acts in violation of the policy during the term of a transaction, we determine whether or not to continue thetransaction after responding to the discovery, such as by urging the client to take immediate remedial measures, based on the characteristics of theservices we are providing.

Governance
Education and training
Stakeholder
communication

67

Mizuho Financial Group⃝Our business execution and supervisory lines regularly review whether or not our measures related to risks, sectors, and other factors are appropriate
and sufficient, with consideration to changes in the external business environment and the results of implementation. Following these reviews, we
may revise or otherwise make changes to our policies to enhance their implementation.

Specific industrial sectors

Prohibited

Underlines indicate revisions made in March 2022

⃝Mizuho will strengthen our human rights due diligence with the aim to eliminate forced labor, child labor, and human trafficking from our businessand value chain.
⃝For a company with which we do not currently have credit transactions, if there is evidence of forced labor, child labor, or human trafficking causedby the company, then we do not provide financing and investment.
⃝If we confirm that a client with which we already have credit transactions is causing forced labor, child labor, or human trafficking, we will urge themto provide remedy and prevent recurrence. If a client does not make progress on addressing our requests even after a certain period of time, we
carefully consider whether or not to continue our business with them.
⃝If a client is contributing to or is directly linked with forced labor, child labor, or human trafficking, we will request a report on their responses to therelevant issue, and that they take additional steps if needed.
⃝We proactively undertake engagement to support transition to a low-carbon society.
⃝We check at least once per year on the status of transition risk response, based on the following- Willingness to take measures against transition risks, development of the strategy, setting of quantitative targets, target levels, specificity of meansof achievement and status of efforts, performance and objectivity, etc.
⃝We make decisions on whether or not to continue our business with a client in the event that the client is not willing to address transition risk andhas not formulated a transition strategy even one year after the initial engagement based on careful consideration.

Weapons⃝We avoid providing financing or investment which will be used for the manufacture of weapons designed to kill or inflict structural damage during
wars or armed conflicts.
⃝We avoid providing financing or investment to any manufacturer of cluster munitions, antipersonnel landmines, or biochemical weapons.

Coal-fired
power
generation⃝We do not provide financing or investment to companies with which we have no current credit transactions if the primary business of thesecompanies is coal-fired power generation.
⃝We do not provide financing or investment which will be used for new construction of coal-fired power plants or the expansion of existing plants (thesame applies to replacement of existing power plants).
⃝We will continue to support development of innovative, clean, and efficient next-generation technology that will contribute to the energy transition,
as well as other initiatives for the transition to a low-carbon society.

Thermal coalmining⃝Our decisions involve a thorough examination of the impacts on the environment, industrial safety and health, and other areas.
⃝We do not provide financing or investment to companies with which we have no current credit transactions if the primary business of thesecompanies is the mining of thermal coal.
⃝We do not provide financing or investment which will be used for new thermal coal mining projects or for expansion of existing mining projects.
⃝For cases where financing or investment will be used to obtain the rights to an existing thermal coal mining project, we may provide said financing orinvestment, based on careful consideration, only when it is vital to the stable energy supply of a country which has announced a target of net-zerogreenhouse gas emissions by 2050.

Oil and gas⃝Our decisions involve a thorough examination of the impacts on the environment and of the potential for conflicts with indigenous peoples or local
communities.
⃝When providing financing or investment for oil or gas extraction projects in the Arctic Circle, oil sands, shale oil or shale gas mining projects, or
pipeline projects, we conduct appropriate assessments of environmental and social risks.

Large-scalehydropower⃝Our decisions involve a thorough examination of the impacts on the environment and of the potential for conflicts with indigenous peoples or local
communities.
⃝We recommend the client perform an environmental and social impact assessment based on the Hydropower Sustainability Assessment Protocol.

Large-scale
agriculture

Palm oil

Lumber andpulp⃝Our business decisions involve a thorough examination of whether there are any potential conflicts involving indigenous peoples or local
communities, and we take into consideration whether the client/project is addressing environmental and social issues and has received international
certification.
⃝We urge clients to formulate policies to respect Free, Prior, and Informed Consent (FPIC) and practice No Deforestation, No Peat, and No Exploitation(NDPE), and to strengthen supply chain management and improve traceability to ensure the same applies to their entire supply chain.
⃝For our clients in the palm oil sector, we require that all plantations be certified by the Roundtable on Sustainable Palm Oil (RSPO). When the client
does not have any plans to be certified by the RSPO, we ask that they take measures equivalent to those required for the certification andperiodically report the status of said measures.
⃝For our clients in the lumber and pulp sector, when financing and investing in lumbering businesses in countries that are not among the OECDhigh-income member states, we request them to obtain certification from the Forest Stewardship Council (FSC) or Programme for the Endorsement ofForest Certification (PEFC). When the client needs more time to obtain certification, we ask that they formulate a plan with a set deadline to do so.

Target to reduce the outstanding credit balance for coal-fired power generation facilities based on our Environmental and Social
Management Policy for Financing and Investment Activity
Reduce the FY2019 amount by 50% by FY2030, and achieve an outstanding credit balance of zero by FY2040⃝To ensure effective risk management, employees and executive officers participate in education and training.
⃝We place a strong emphasis on engagement with stakeholders to ensure that our initiatives are aligned with society’s standards and expectations.

Integrated Report 2022

68

Message from theGroup CEO

Message from theGroup CFO

About Mizuho

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Sustainability

Initiatives for ensuring respect of human rights

Addressing climate change (Overview)

Strengthening our initiatives for ensuring respect of human rights
At Mizuho, as well as committing to act with respect for human rights throughout our own business activities, we have established the Human
Rights Policy in order to fulfil our responsibility to respect human rights throughout our global operations and value chain in accordance with
the UN Guiding Principles on Business and Human Rights.
In view of increasing recognition of the importance of ensuring respect for human rights and the changes in human rights issues for financial
institutions and global corporations, we have reviewed which human rights issues are of the highest concern, and are strengthening our
initiatives.

FY2021 – FY2022 points for strengthening initiatives‌
Reviewed
human rights issues of the highest concern to Mizuho and revised our Human Rights Policy in May 2022.
‌Clarified our approach to human rights due diligence, based on guidelines such as the UN Guiding Principles on Business and Human Rights.
‌Strengthened our human rights due diligence with regard to forced labor, child labor, human trafficking, and business activities in conflict-affectedareas due to the severity of these issues.
- Enhanced the policies and operations behind our responsible financing and investment and our responsible procurement.

At Mizuho, we have supported the intent and aims of the Task Force on Climate-related Financial Disclosures (TCFD) Recommendations since 2017.
Based on our awareness that climate change is one of the most crucial global issues having the potential to impact the stability of financial markets,
we have positioned addressing climate change as a key part of our corporate strategy, and we are endeavoring to strengthen our initiatives.
An overview of our main progress in fiscal 2021 is as below.

Approach to climate change and plans
In taking concrete steps forward with our response to climate change as outlined in our Environmental Policy, we are pursuing efforts to limit
the rise in global temperature to 1.5°C. To this end, we formulated Mizuho’s Approach to Achieving Net Zero by 2050, which demonstrates ouraims and actions towards realizing a low-carbon society, and the Net Zero Transition Plan, which indicates the direction of our initiatives.

Initiatives for achieving net zero by 2050
Regarding our targets for reducing greenhouse gas emissions, we have brought forward our target for reducing Scope 1 and 2 emissions by 20
years, committing to becoming carbon neutral by fiscal 2030. In addition, we have set an electric power sector mid-term target for our Scope 3
emissions (emissions from financing and investment). We will continue to move forward with setting mid-term targets, starting with targets forpriority sectors.
Roadmap for achieving net zero by 2050
FY2019Identify and assess
adverse impacts.
Communicate withstakeholders.

1

4

2

3

Prevent or mitigate
adverse impacts.
Monitor the execution
and results of 1 and 2.

*Handle through actions such as preventing over-borrowing, providing financial facilitation,
improving financial and economic literacy, and supplying consumers with appropriate information.

New

Scope 3In order to improve transparency, we became the first financial institution in Japan to publish a Human Rights Report. We
based the report on the UN Guiding Principles Reporting Framework, and it summarizes details about our human rightsrelated initiatives.

https://www.mizuhogroup.com/binaries/content/assets/pdf/mizuhoglobal/sustainability/human-rights/
solution/human_rights_report.pdf
Mizuho Financial GroupElectric power sector
mid-term target set

By Sep 2024
Setting targets for other sectors

Enhanced measurement and disclosure of financed emissions

Sustainable finance

Cumulative total up to
the end of FY2021

Outstanding credit balance forcoal-fired power generation facilities

March 31, 2022 Total of ¥248.6 billion¥13.1 trillion¹

2050

Deadline forreaching
mid-term targets

Net zero

Total of ¥25 trillion¹−50%²

Enhancing risk management

Promoting responsible procurement- Through our Procurement Policy, we set out theguiding principles for our suppliers, andrequest the understanding and cooperation of
our main suppliers.

Providing a safe and supportive work environment
Promoting diversity and inclusion
Preventing discrimination and harassment
Ensuring employee wellbeing, etc.

2040
Target year
brought forward

Carbon neutral

Our suppliers

Our employees

2030

5-Year Business Plan

Carbon-related High-risk
areas
sectors

Key :Corporate credit
Low

Transition risk responseHigh

Projectfinance

Main: Coal-fired power
Main: Oil- / gas-fired power

Main: Renewable energy /nuclear power
Power transmission
Thermal coal
Metallurgical coal
Oil and gas

Zero

Direction of support through engagement(Vertical axis)

Support for transforming business composition
to lower-risk fields

Strengthening our promotion
structure
In fiscal 2022, we have established a
Climate Change Response Taskforce
and five working groups, and have beenenhancing our promotion structure.

Improved scenario analysis
Transition risk analysis: Conductedanalysis using the 1.5°C scenario andadded steel as a target sector. (Overview
of results in the following pages.)

Initiatives for measuring Scope 3
emissions

Steel
CementOther

Publication of first Human Rights Report (August 2022)

69

FY2024For our carbon-related sectors,3 we have established a structure to control risks in high-riskareas. These high-risk areas are identified through a risk assessment operating on two axes: (1)our clients' sectors and (2) our clients’ measures to address transition risk.

SectorWe are using feedback from various stakeholders to enhance
our initiatives for respecting human rights.
We are working to enhance our disclosures to ensuretransparency.

FY2023

1. Cumulative total from FY2019 2. Compared to the end of FY2019

Continually improve various policies and operations.

Stakeholder communication and disclosures

FY2022

Achieving a low-carbon society

Promoting responsible financing and investment
Information management
Financial crime risk management (prevention of money
laundering)
Ensuring safety and soundness for financial service clients*

FY2021

Coal

Having determined and assessed the human rights risks within
Mizuho’s business activities, we are working to prevent andmitigate adverse impacts on human rights from human rights
issues of the highest concern.

Our clients…

Scope 1 & 2Electric power(utilities)
Powergeneration

Human rights due diligence

We are incorporating respect for human rights into each policy andoperational process and are working to prevent and mitigate adverse
human rights impacts.
While placing emphasis on engagement and cooperation with ourclients and suppliers, we are also working on human rights
awareness training for employees.

Resource

We regularly report to the Board of Directors on the status ofhuman rights initiatives following discussion at the businessexecution line.
In June 2022, the Sustainability Promotion Committee held
discussions aimed at strengthening our initiatives, withreference to the advice of an external expert. This again
confirmed the importance of effective operations based on therevised policy and of promoting respect for human rights
through engagement (constructive dialogue) with clients andsuppliers.

Main initiatives

Promoting client
decarbonization

Corporate governance

Mizuhogroup
reductions

Structure for promoting respect of human rights(Horizontal axis)

Regarding the measurement of greenhousegas emissions from financing andinvestment (“financed emissions”) based on
the PCAF method, we disclosed ourfinanced emissions from corporate financeand project finance across 19 sectors.

Support for promoting clients’ responses
to transition risks

3. Sectors recognized through Mizuho’s qualitative evaluation as facing high transition risk: Electric utilities, oil, gas, coal, steel, and cement (As of
Jul 2022)

Integrated Report 2022

70

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Sustainability

Risk management

Status of Mizuho’s response to TCFD Recommendations (Summary)Underlines indicate initiatives strengthened after being disclosed in the Integrated Report 2021 (published in September 2021)

GovernanceClarified Mizuho’s stance on climate change, our aims and actions, and our medium- to long-term strategy and initiatives through ourEnvironmental Policy, Mizuho’s Approach to Achieving Net Zero by 2050, and Net Zero Transition Plan, which were approved by the
Board of Directors.
We built a supervision and business execution governance framework that centers on the Board of Directors.
Supervision: The Board of Directors and Risk Committee conduct oversight regarding information that is reported to them anddeliberated following discussions at the business execution line.
Business execution: The Sustainability Promotion Committee (established in FY2021), Risk Management Committee, and Executive
Management Committee regularly deliberate and discuss, then report to the Board of Directors. The Group CSO and Group CRO move
forward initiatives in each field under the management of the Group CEO.*We have established a Climate Change Response Taskforce and five working groups (new in FY2022) to enhance our promotion
structure.
Compensation for corporate officers reflects the status of sustainability initiatives (including initiatives addressing climate change). In
FY2022, we began utilizing external evaluations from ESG evaluation agencies.
*Due to the establishment of the Group CSuO role, in September 2022 a system was put in place where the Group CSuO and Group CRO move forward initiatives in each field under the managementof the Group CEO.

Strategy
We have formulated the Net Zero Transition Plan, which clarifies our medium- to long-term strategy and initiatives (April 2022).
1. Net-zero greenhouse gas emissions: Become carbon neutral for Scope 1 and 2 by FY2030, achieve net zero by 2050 for Scope 3(emissions from financing and investment), and begin setting mid-term targets for Scope 3.
2. Strengthening low-carbon business: Strengthen our support for the transition to a low-carbon society by engaging with clients andproviding financial and non-financial solutions.
3. Improving climate-related risk management: Continually enhance risk management frameworks and policies that aim to create abusiness base resilient to climate change impacts.
4. Strengthening our stance: Strengthen our stance on achieving net zero group-wide, focus on participating in international initiatives
and coordinating with stakeholders.
Risks and opportunities / responses
We see client investment in technological and business model development that leads to decarbonization as an opportunity for Mizuho.
Using engagement (constructive dialogue) with our clients as a starting point, we are supporting our clients’ transition to a low-carbon
society and their climate change countermeasures.
Engagement: Engaged with approx. 1,000 companies from the perspective of responsible financing and investment and with approx.
1,300 companies to promote clients’ sustainability initiatives.
Provision of sustainable finance: FY2019 to FY2021 total of ¥13.1 trillion (of which ¥4.6 trillion in environmental finance).
Development and provision of new solutions meeting clients’ diversifying needs.
Risks:
Transition risks include credit risk related to companies in the financing and investment portfolio that are impacted by more stringent
carbon taxes, fuel efficiency regulations, or other policies, or by delays in shifting to low-carbon and other environmental technologies.
Transition risks also include operational risk related to reputational damage from financing fossil fuel projects.
Physical risks include acute risk in the form of damage to our group assets and to customer assets caused by extreme weather
increasing the incidence of wind- and water-related damages. Physical risks also include chronic risk in the form of credit risk arisingfrom deterioration in the macro economy due to increased instances of infectious disease, heatstroke, and similar.
Scenario analysis:
Transition risk
Scenario

Net Zero 2050 (1.5°C) / Below 2°C / Delayed Transition / Current Policies scenarios developed by the Network of Central Banks and Supervisors for Greening the Financial
System (NGFS)

Analysis method

We specify a parameter for evaluating the impact of risks and opportunities faced by clients in the sector subject to analysis. We then analyze changes in Mizuho’s credit
costs by formulating an outlook for the impact on clients’ financial results, based on changes to the parameter under the scenario.

Targeted sectors / Time frame

Electric utilities, oil, gas, coal, steel, and automobile sectors (worldwide) / by 2050

Credit costs

Cumulative increase through 2050 (difference with Current Policies scenario)
Net Zero 2050: Approx. ¥1.2 trillion / Below 2°C: Approx. ¥60 billion / Delayed Transition: Approx. ¥1.1 trillion

Implications and necessary
actions

The increase in credit costs is the total through 2050, and the impact on the Mizuho group’s finances is limited.
We confirmed the importance of moving forward a rapid and smooth transition (orderly transition) towards a low-carbon society.
We will further enhance our engagement with clients to support their progress on responding to climate change in an orderly fashion.
We will conduct scenario analysis accounting for clients’ transition plans and apply it to more in-depth engagement.

Physical risk
Types of risk

71

Acute risks

Metrics and targets
Relation totransition plan

Main monitoring indicators

Targets
Target year brought forward

Scope 1 and 2 emissions
Net-zerogreenhouse gas
emissions

Scope 3 (emissions from financing andinvestment)- Electric power sector

Strengthen
decarbonization
business

Enhanceclimate-related
risk management

Recent results

Carbon neutral by FY2030 (Carbon neutrality to be
maintained thereafter)

FY2021 (provisional figure):
- Scope 1 emissions:
- Scope 2 emissions:

Net zero by 2050

N/A

Newly established
FY2030: 138 to 232 kgCO2/MWh

153,262 tCO2
11,341 tCO2
141,921 tCO2

FY2020: 388 kgCO2/MWh

Sustainable finance and environmental financeTotal for FY2019 to FY2030: ¥25 trillion (of which
the target for environmental finance is ¥12 trillion)

Total for FY2019 to FY2021: ¥13.1 trillion (of which
the result for environmental finance is ¥4.6 trillion)

Target to reduce the outstanding credit
balance for coal-fired power generation
facilities based on our Environmental andSocial Management Policy for Financing andInvestment Activity

Reduce the FY2019 amount by 50% by FY2030, andachieve an outstanding credit balance of zero by
FY2040March 31, 2022: ¥248.6 billion (-17.0% compared tothe end of FY2019)

Exposure to high-risk areas within transition
risk sectors

Reduce over the medium to long term

March 31, 2022: ¥1.6 trillion

Items for disclosure aside from monitoring indicators:- Sector-by-sector credit exposure in line with the TCFD Recommendations- Greenhouse gas emissions from financing and investment (“financed emissions”) based on PCAF methodology

Chronic risks

Scenario

NGFS Current Policies and Net Zero 2050 (1.5°C) scenarios

Intergovernmental Panel on Climate Change (IPCC) Representative Concentration
Pathway (RCP) 8.5 scenario (4°C scenario) / RCP 2.6 scenario (2°C scenario)

Analysis method

We calculated the impacts of wind- and water-related damages from typhoons and other storms.
For direct impacts (impacts on asset value), we analyzed damage to Mizuho group assets (buildings,
equipment) and credit costs from loss or damage of mortgaged real estate.
For indirect impacts (impacts of business stagnation), we analyzed credit costs from businessstagnation among our clients due to wind- and water-related damage.

We analyzed the impacts on credit costs from changes in the macroeconomic
environment brought about by increases in infectious disease and heatstroke as well
as by heatstroke prevention practices causing concomitant decreases in working
hours among outdoor laborers.

Targets ofanalysis

Japan only, indirect impact is based on the location of the company’s headquarters (this analysis
targeted middle-market firms and SMEs).

Japan only

Damage costs /credit costs

Current Policies: Asset value impact of ¥70 billion, business stagnation impact of ¥130 billion, both
total figures through 2100.

RCP 8.5: Up to a total of ¥4 billion through 2100.

Implications

The analysis confirmed that there will not be a significant impact compared to our income during the period.

Mizuho Financial GroupWe are identifying transition and physical risks resulting from climate change and integrating them into our risk appetite framework andour comprehensive risk management framework for credit, operational, and other types of risk. (Please refer to p. 99)
Under our management of “top risks”, which are risks recognized by management as having major potential impact on Mizuho, we havepositioned the increasing severity of climate change impacts as a top risk.
We consider additional risk control measures for top risks and report on the status of our response to the Board of Directors and othercommittees. (Please refer to p. 97)
Risk control in carbon-related sectors
For carbon-related sectors (electric utilities, oil, gas, coal, steel, and cement sectors), we are establishing a structure to control risks inhigh-risk areas. These high-risk areas are identified through a risk assessment operating on two axes: (1) our clients’ sectors and (2) ourclients’ measures to address transition risk.
We control risk in high-risk areas under the following exposure control policy.
We are more thoroughly engaging with clients to support them in formulating effective strategies for transition risks, in disclosing theirprogress, and in embarking on business structure transformation towards a lower risk sector at an early stage.
With the aim of facilitating business structure transformation, we provide any necessary support when we have been able to confirm
that the client has set valid targets and planned an appropriate transition strategy in line with international standards.
We make decisions on whether or not to continue our business with a client in the event that the client is not willing to addresstransition risk and has not formulated a transition strategy even one year after the initial engagement based on careful consideration.
In this way, we are reducing our exposure over the medium to long term.
Environmental and Social Management Policy for Financing and Investment Activity (Please refer to p. 67)
We have established and implemented a management policy for financing and investment that specifies projects and sectors with aparticularly high likelihood of leading to adverse impacts on the environment and society (transition risk sectors, coal-fired power
generation, thermal coal mining, oil and gas, etc.).
The business execution and supervisory lines periodically review changes in the external business environment and the outcomes of
the implementation of the policy. Following this review, they revise the policy and improve its implementation.

Please see our TCFD Report for more details on our initiatives responding to the TCFD
Recommendations.
https://www.mizuhogroup.com/binaries/content/assets/pdf/mizuhoglobal/sustainability/
overview/report/tcfd_report_browsing_2022.pdf

Integrated Report 2022

72

Message from theGroup CEO

Message from theGroup CFO

About Mizuho

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Sustainability

Responding to both risks and opportunities via engagement

Supporting our clients’ sustainability transformation through sustainable business
Creating environmental and social value by supporting our clients’ sustainability initiatives

We are strengthening our responses to both risks and opportunities through engagement, or constructive,
purposeful dialogue, such as encouraging our clients’ sustainability initiatives

Mizuho’s clients are increasingly positioning sustainability initiatives, which address climate change and the environment, human rights, andmore, as important management issues. Our engagement with clients integrates consideration for their medium- to long-term sustainablegrowth, improved corporate value, and strengthened industrial competitiveness, and based on this engagement we are actively developing andEngagement from the perspective of responsible investment

Engagement aimed at promoting client initiatives for sustainability

Approx. 1,000 companies4

Approx. 1,300 companies (of which, 600 are responding to climate change)4

providing various solutions, utilizing our financial and non-financial functions, in order to support clients' sustainability transformation, including
the transition to a low-carbon society. We will pursue growth for both Mizuho and our clients by expanding mutual opportunities andstrengthening risk management.
In September 2022, we newly established the position of Group CSuO as the person responsible for promoting sustainability at Mizuho, as part

•Check status of responses to environmental and social risks•‌Dialogue with transition risk sector clients on responses to climatechange response risksof our efforts to further enhance our group-wide sustainability initiatives. Also, while making use of our existing customer segment-specific(Approx. 600 middle-market and SME clients, approx. 700 large corporate clients)•‌Discussions and proposals towards support5 for clients in planningand carrying out appropriate risk management and strategies
related to sustainability

business strategies, we established new departments directly under the Group CSuO—the Sustainable Business Promotion Department and4. April 2021 – March 2022
5. Support by providing both financial and non-financial solutions

Sustainability Planning Department—and strengthened group strategy relating to sustainable business promotion. Having done so, going
forward we will bolster our ability to promote individual initiatives to our clients, and we will advance our forward-thinking initiatives forDevelopment and provision of solutions from both financial andproviding solutions.

non-financial sides to suit the characteristics and needs of client segments.

Clients
Supporting sustainability transformation by providing both financial and non-financial solutions
Customer segment-specificin-house company system

Group strategy

Retail & Business Banking Corporate & Institutional
Global Corporate Global Markets
Asset Management

Group CSuO

Units providing functions

Sustainable Business Promotion Department
Sustainability Planning Department

Global Products Research & Consulting

Functioning as a unified group

Middle-market and SME clients

Large corporate clients•‌Develop sustainable finance products that meet international
principles through our own in-house assessment scheme•‌Provide a variety of consulting services by utilizing external partners•‌Enhance our frontline business capabilities through personnel
development (Approx. 2,000 people holding internal certification,
approx. 1,000 sustainability management experts)•‌Consulting support utilizing our industrial knowledge, environmental
and technological expertise, etc.
•‌Support for initiatives to improve non-financial value with a broad
range of themes based around environmental and social issues•‌Specific support for transition strategies towards decarbonization

Sustainable finance and environmental finance initiatives

Mizuho’s strength: Ability to provide all the necessary services, from non-financial to financial,
to support our clients in bringing their sustainability transformations to life

In order to direct capital toward environmental conservation and achievement of the SDGs, we have set long-term sustainable finance and environmental
finance targets, and we are proactively providing financing.

Non-financial

Identifying issues /Proposing potential solutions

Industrial knowledge /industry expertise

Strategy planningsupportManagement /financial and capital expertise

Strategy realization /commercialization support

Environmental / technological /policy expertise

Financing
M&A and other areas

Strategy proposals
Implementation support

Financial
Long-term target

Arrangement offinancing

FY2019 –FY2030

FY2021

Approx. 500 consultations

Environmental /energy sector consultants Approx.

1

130 consultants

1. New private sector consultations by Mizuho Research & Technologies in FY2021.
2. Mizuho Research & Technologies: No. of people in Sustainability Consulting Divisions 1 and 2.

73

Mizuho Financial Group

Our definition of sustainable finance and environmental financeLeague tables3 / Awards

We are supporting clients in planning and implementing
strategy for resolving SDG- and ESG-related challenges,
with a focus on environmental and social aspects.

2¥25 trillion(of which, ¥12 trillion inenvironmental finance)

Specialists

SDG/ESG consulting

Total:

Publicly offered SDG bonds in Japan
Arranged amount of sustainablefinance (loans) worldwide#1 (third year in a row)
#1 Japanese bank3

3

Primary key
sustainability areas
referenced• Environment & society• Sound economic growth• Industry development & innovation

Applicable financeareas• ‌Finance for clients where the intended use of funds isenvironmental and/or social projects• ‌Financing to support and facilitate ESG/SDG-related areas,
including financing requiring clients to meet certain related
conditions, and consideration and assessment of clients’
responses to ESG/SDG-related areas

Ministry of the Environment’s 3rd
ESG Finance Awards Japan: Awarded Bronze
Mizuho Securities (Financial Services (Securities) Category)
Asset Management One (Investor Category)
3. ‌April 2021 to March 2022 league table results.
Created by Mizuho Financial Group, based on source data from Refinitiv.

Applicable businessareas• Loans, underwriting, investments, asset management

FY2019 – FY2021 results

Total:¥13.1 trillion(of which, ¥4.6 trillion inenvironmental finance)

Outside Japan
43%
16%

Japan
57%

18%

Environmental finance

Breakdown of FY2019 – FY2021 results
Type of finance¥ trillion

Project finance for renewable energy (loans)

1.0Green bonds (underwriting)

1.7

Mizuho Eco Finance (loans)

1.0

Other environmental finance (loans / investment)

0.8

Environmental finance (total)

4.6

Project finance for infrastructure (loans)

0.9Social/sustainability bonds (underwriting)

1.6

Sustainability-linked loans

2.5

Other sustainable finance (investment / loans / asset management)

3.5

Sustainable finance (total)

13.1

Integrated Report 2022

74

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Sustainability

Supporting our clients’ decarbonization through sustainable business
Further improving our ability to provide clients with solutions that support their decarbonization
Clients’ initiatives in the area of decarbonization are steadily progressing into a concrete stage of transition strategy formulation andimplementation. At Mizuho, we are expanding solutions for each stage of corporate conduct towards decarbonization and strengthening
initiatives across entire value chains and supply chains. We are doing this by monitoring greenhouse gas emission levels, formulating andimplementing emission reduction plans, and utilizing carbon credits. Going forward, we will actively provide financial support to clients
implementing transition strategies, while also leveraging our industrial and technological expertise and other strengths to further expand ourability to provide both financial and non-financial solutions.

Our solutions
1

RT

Individual companies’ Scope1 – 3 measurements

BK
TB

Making emissions visible
throughout the supply chain

Consulting

Planning business structuretransformation and reduction
strategies based on ourdecarbonization-related knowledge
Reduction strategy planningat the supply chain level1
Set investment
budget intransition fields

Direct reduction/absorption
Residualemissions offsets

Strategy
implementation

Provision of risk capital /Co-creation of social value

2

Decarbonization solutions x Financing (May 2022)
BK
SC
Lease

4

Diversity of financing
methods supportingtransition5
Support for offsets withcarbon credits andother means

Supportfor offsetsusing credits

Management anddisclosure of amounts
reduced / Dialogue withstakeholders

RT

Reporting/PR

Reports

BK

Consulting●Support for carrying out specific decarbonization
solutions (offsite corporate PPA) for clients throughproviding risk capital and giving advice related tofinancial arrangements, scheme construction, and soon in conjunction with group companies.

Development of financing products matched to the diversification of needs
BK●Transition-linked loans(Sep 2021, first in Japan)

SC●Transition bonds

BK●Mizuho Sustainability-Linked Loan Pro / Private
Placement Bond Pro (Oct 2021 / Feb 2022)

strengthening our solution development so that we can assist even more clients in their initiatives.
Drawing inspiration from employee ideas 2

4

The investment budget for transition areas was
originally drafted by our relationship managers(RMs)—who have an understanding of clientneeds from their day-to-day interactions—when
they were working on identifying issues andcoming up with plans for solutions.
The Mizuho Sustainability-Linked Loan Pro wasdeveloped by members of the Corporate
Business Coordination Department’s SDGs
Business Desk who proactively applied for
concurrent assignments.

Sustainable supply chain financeLooking towards achieving
decarbonization across our entire
supply chain, we focused on the
responses and financial burdens of our
middle-market and SME clients, anddeveloped a framework for supporting
initiatives through providing capitalraising incentives.
We are contributing to thedevelopment of an even stronger,
more stable sustainable supply chain.

Buyer

2

Supplier(1) Sales contract(2) Shipment of goods /issuing of invoice(3) Invoice
data upload(3)' Application forearly payment(6) Maturity payment(4) Application forearly payment(5) Early payment(7) Initiatives forsustainability

Evaluation from third-party evaluation organization

Fusion of decarbonized solutions and finance
Mizuho is supporting specific initiatives conducted as part of our clients’ transitions to a low-carbon society by leveraging our financial andnon-financial expertise and providing decarbonized solutions and financing in collaboration with external partners.
Client feedback (Aeon Mall)3

The concept behind this initiative is for Aeon Mall to use locally generated electricity, and to ensure that customers understandthe initiative.
Aeon Mall plans for all facilities under direct company management to be powered by local renewable energy by 2040. With solar energy
procurement as the first step, going forward, Aeon Mall intends to make full use of wind, biomass, and other power generation methods, storage
batteries, and more. Further, it will quantify its customers’ pro-environment efforts, such as making use of renewably sourced electric power for
their EVs (V2AEON MALL), planting trees, and recovering discarded plastic. This quantification makes it possible to connect increased awarenessof environmental efforts with systems for awarding points, thus encouraging a change in customer behavior and allowing Aeon Mall to build adecarbonized society together with its customers.
Mizuho’s involvement in discussions and dialogue on this initiative
Through this project, which involves Mizuho, Aeon Mall, and a power generation O&M company,* Mizuho has carried out project managementthat leverages our expertise in both financial and non-financial services. Our efforts led to an agreement being reached smoothly and quickly, a firststep towards achieving a transition to a decarbonized society.
* O&M: Operation & Maintenance5

Support for offsets using credits (Aug 2021 on)
FG

TB●Support for promoting environmental and social
initiatives such as decarbonization of the overall
supply chain through promoting sustainability for
middle-market firms and small- and medium-sizedenterprises (SMEs) who are the suppliers of large
corporations (first in Japan).

In order to expand our initiatives for a low-carbon society across the whole of society, we are proactively making use of employee ideas andBackground and outlook
3

Fusion of emission
reduction measuresand financing

4●With a target of over ¥50 billion, set an investment
budget for business model development andtechnological development towards carbon neutrality
by 2050.
●Invest strategically, utilizing our knowledge of theindustry and environmental technology from thetransition field. Support funding even at theimplementation stage.

Sustainable supply chain finance (May 2022)
BK

3
Decarbonized solutions(Energy efficiency /renewable energy)

Funding for businessstructure transformation

Investment budget in transition fields (Apr 2022)
BK

2 Responses for the supply chain

MakingemissionsvisibleReduction strategy
planning

Strategyplanning

Awarenessof issues

Clients’ climate change responses

Development of a wide range of decarbonized solutions

BK
SC
RT

●Signed memorandum of understanding with IFC toprovide opportunities for Japanese companies toobtain voluntary carbon credits.
●Contribute to Japanese companies achieving theirdecarbonization targets and encourage the flow offunds to decarbonization.

Expectations for Mizuho going forward
There are hopes for this initiative between Mizuho and a large-scale consumer to pave the way for the adoption of renewable energy throughout
the country. This initiative is the first step towards achieving the local renewable energy system desired by Aeon Mall. With regards to future
initiatives for increasing the energy supply and diversifying the forms of power generation, support is expected from a collaboration between
Mizuho and a partner company from Mizuho’s network.

FG: Mizuho Financial Group BK: Mizuho Bank TB: Mizuho Trust & Banking SC: Mizuho Securities RT: Mizuho Research & Technologies Lease: Mizuho Leasing

75

Mizuho Financial Group

Integrated Report 2022

76

Message from theGroup CEO

Message from theGroup CFO

About Mizuho

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Digital transformation
By applying Mizuho's expertise to real world
problems faced by society and customers,
we will provide solutions that only Mizuho

Mizuho's expertise
IT implementation
capabilities

Partners
Marketing capabilities

Ability to solve
social issues

Data analysis andAI technology

can, and create new value.

Cutting-edge
technologies andexpert insights

Incubation

Corporate cultureGroup CDIO

Customer
infrastructure

Startup companies/
large corporations

gatekeeping
Frontier

Open & Connected

Makoto Umemiya

Frontier

New business development

Member of the Board of Directors
Deputy President & Senior Executive Officer
Chief Digital Innovation Officer (Group CDIO)

Advancement of existing business
Improving the productivityof clients / Mizuho

Line Bank Preparatory
Company

Create new value by solving pain points

Anticipating the world 10 years from now
Imagine the world a decade from today. Space travel is more routine, and drone deliveries and self-driving taxis are commonplace. A digital
version of yourself participates in the economy of the metaverse, which becomes a central part of daily life. People can move around instantlywith virtual travel. With the advent of NFTs, the value of "things" and the line between the real and the virtual becomes increasingly unclear...
In this way, the concepts of "time" and "space" may have changed dramatically 10 years from now, and we may be living in a dream-likeworld. At the same time, as we detailed in the section on Mizuho's materiality, in the real world there are a number of challenges to beaddressed in order to realize sustainability. What does Mizuho need to do today to solve the various social issues and customer pain
points, and to closely align with each person’s hopes for the future? I believe that one of the answers is to take full advantage ofMizuho’s strengths and promote a form of digital transformation (DX) unique to Mizuho.

What are Mizuho's strengths?

Mizuho's DX initiative fields
This section provides examples of our innovative DX initiatives in the fields of payments, local government DX, and healthcare.

[Payments] [Local government DX] New payments infrastructure which can be incorporated into other services, and local currency
Mizuho has begun initiatives to build a new payment infrastructure that can be directly incorporated into services provided by companies andlocal governments in Japan, in order to provide comprehensive support for the digital transformation of payments and transfer services.
One of these initiatives, House Coin, is a reloadable coin service that enables payments only in a specific economic zone, such as acompany's own stores, or in specific regions under a local government. In the shift to a cashless society, tech companies will provide
services that form the foundation of the society, and there will be many “house coins” that can be used only within closed economic
zones; in other words, we will move toward a two-layered structure. For companies and local governments, it is becoming increasingly
important to conduct analysis of their customers and residents, respectively, in terms of how each of these groups think and what theirconsumption behaviors are, based on behavioral data. Companies and local governments can then use this analysis to improvesatisfaction levels. We believe that “House Coin” has great potential in this area.

The following three points are Mizuho strengths, which will enable us to establish a competitive advantage in DX going forward.
(1) The cutting-edge technologies and expert insights—including AI—and IT implementation capabilities of group companies Mizuho Research& Technologies and Mizuho-DL Financial Technology.

[Healthcare] Healstep, a next-generation health business service utilizing AI(3) Our strategic partnership with Google in the DX field and our other partnerships with tech companies for the development of new business.

Healstep, a joint venture with the Dai-ichi Life Group, is a service that helps Japanese healthinsurance associations improve the efficiency of their health services and curb medical costsby analyzing future medical expenditure projections using AI. This service leverages Mizuho
Research & Technologies' strong expertise in the social security field and its healthcare data
analysis and consulting capabilities. The service was awarded the highest prize at the Data
Health Grand Prix of the Data Health / Preventive Service Expo 2021 sponsored by Japan’s
Ministry of Health, Labour and Welfare.

Currently, the areas in which we have demonstrated these strengths and are pursuing innovative initiatives, in addition to partnerships, arepayments, local government DX, and healthcare. You can find more information about our initiatives on the next page. By applying Mizuho’s
strengths to issues faced by society and customers, we intend to set off a positive chain reaction that no one could have imagined.

Corporate culture reform through DX(2) Our robust business base with startup companies that have strong technological capabilities and with major companies that are advancing
leading initiatives in various fields.

The most important aspect of moving DX forward is to accurately understand pain points such as the issues and needs of all stakeholders,
including society, customers, and employees, and to take the first step toward resolving these issues. This is exactly what is required of Mizuho
today. The promotion of DX is one and the same with the reform of Mizuho’s corporate culture, and we will continue our active endeavors inthis area going forward.
77

Mizuho Financial Group

Integrated Report 2022

78

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Our people and organization
Our people are Mizuho’s largest and most robust
corporate resource. By becoming an even more
inclusive organization where every employee cangrow in their own way and where employees
from a variety of backgrounds can actively
participate, we are endeavoring to expand ourhuman capital so that we can provide value
sustainably to our customers and society.

Encouraging self-driven action and strengthening expertise to support the co-creation of value with clients and society
Our people are the greatest driving force behind Mizuho’s continued provision of value. In order for each employee to play an activerole to the fullest extent possible, they must have the autonomy to continue to challenge themselves and grow, and the expertise to
create new value together with clients and society.

Nobuhiro Kaminoyama

How do Mizuho employees become self-driven?

Member of the Board of Directors
Senior Executive Officer
Group Chief Human Resources Officer (Group CHRO)

Employees aim to develop careers that enable them to utilize their own values, ways of thinking, strengths, and individuality. The company is
responsible for valuing the narrative of each individual, supporting employees’ career development, and raising their motivation for growth.

Considering the environment surrounding our people and the organization
Mizuho has caused considerable inconvenience to our customers due to the occurrence of multiple IT system failures in Japan. On the internal side ofthis, Mizuho’s employees were let down, and with Mizuho losing the trust of customers many employees lost their own confidence. We are now at thestage of reviewing our HR management so that employees can once again look forward and stride confidently toward the sustainable growth of ourpeople and the organization.

Two approaches to value
To achieve the above, there are two approaches that I hold as important.
The first is for each employee to think of themselves as the protagonist of their own story and consider what kind of person they want to become—inother words, valuing the narratives of employees. HR management cannot be achieved only through the company’s efforts. HR management only
becomes effective when employees take the initiative as a responsible party and connect this to their own daily activities. The aim is for employees andthe company to both face the same direction and to achieve growth together.
The second approach is ensuring thorough implementation of strategic HR. We will look ahead to the future of society, the environment, and theeconomy, and develop personnel who will support Mizuho's business from a long-term perspective. In addition, we will pursue both the strength ofindividuals and the strength of teams that bring individuals’ capabilities together.

Three key initiatives for the sustainable growth of our people and the organization

Joint pursuit of individuality by employees and the company
Employees can demonstrate their maximum potential
when they take pridein their work andジョブ公募応募者数（人）
contribute in their own way. However, it can sometimes be difficult for people to see what
their potential is. At Mizuho, each employee forms a career that is uniquely their own by
1,199
ascertaining their own qualities and values through the three steps of955“knowing oneself”,
820“thinking about one’s career together with the company”, and “creating one’s career
together with the company”.
Specifically, employees and the company (managers and HR) engage in dialogue to sharegoals to aim for and areas of expertise that should be enhanced. The company then provides
2019年度
2021年度
appropriate feedback. This kind of communication happensat least2020
once年度every threemonths.
Managers provide employees with the information they need to develop their careers andopportunities for growth according to their career stage.
In addition, the Human Resources
デジタル・金融プロダクツ領域のGroup has specialized career advisors who provide中途採用人数
advice according
to each employee's（人）
situation and career orientation. We call this series ■デジタル領域
of initiatives of getting to know oneself
2120
and building a career together “career development■金融プロダクツ領域
management”.
14

HR management that expands one's growthジョブ公募応募者数
and active areas （人）In doing so, we will focus on the following three points: (1) Becoming a group of professionals in which each employee has a high level of expertise andproactively takes action; (2) Providing an even more inclusive workplace where the ideas and values of employees from diverse backgrounds aremutually accepted and respected in order to maximize the overall capacity of Mizuho as an organization; and (3) Ensuring Mizuho employees feel
supported in the workplace.

In Japan, for many years we conducted HR management basedon job tracks, under which
7
4 and "operations specialist"generalist track" employees engaged in all kinds of work
track"
1,199
955
employees mainly engaged in work in specific fields. This
was abolished in fiscal 2021.
820

We have comprehensively reviewed our existing HR management and have already launched a number of new measures. We are thoroughly integrating
feedback from employees to improve and reform HR management and systems without being bound by precedents.

By eliminating the barrier of job track classifications, all employees can enhance theirexpertise and gain opportunities to play an active role based on their own abilities and paceof growth. As a result, employees are working more passionately than ever before to
improve their own value through their work; for example,
employees
who were formerly
2019年度
2020年度
2021年度classified under the operations specialist track have transferred to offices outside Japan attheir own request and are expanding their areas of activity.

Through this series of continuous initiatives, we will endeavor to further expand our human capital in a sustainable manner.

Initiatives and approaches for the sustainable growth of our people and the organization
For Mizuho, personnel are
our largest and most robust
corporate resource

Three
key
initiatives(1) Encouraging self-driven action and strengthening expertise(2) Becoming an even more inclusive organization(3) Ensuring supportive working environments

Sustainable growth of our people
and the organization
Each employee contributes in their own
way and grows together with thecompany

Two approaches
Valuing the narratives of employees

Thorough implementation of strategic HR

2021年度Various mechanisms to support employees who take on challenges

Mizuho actively supports employees who learn andデジタル・金融プロダクツ領域のtake on challenges on their own.

65
31

28

FY2019FY2020■デジタル領域
2120
The internal job posting system broadly recruits personnel
within the group who havecertain■金融プロダクツ領域
skills and experience, as well as personnel who are more passionate than anyone else about
14 job duties inacquiring skills and experience. In order to enable employees to learn about
10 new possibilities,
areas with which they may not have contact on a daily basis and pursue
7
we are providing introductions about the duties of each department and holding round-table4
discussions with employees who have utilized internal job postings. In fiscal 2021,
approximately 1.5 times as many employees as in fiscal 2019 utilized internal job postings.

2020年度FY2021

Approx. 1.5x

100

820
FY201931

2021年度

955

FY2020Pe

FY2021

65

Not

28

Numbereach system (cases)
FY2019of uses ofFY2020
FY2021■Internal/external concurrent assignments■Part-time work
■Self-improvement leave

122

St

Number of applicants for internal job postings

115

86
119
3

Approx. 1.5x
298

417

7

14
1,199
FY2021FY2019FY2020955

FY2019FY2020820

100

FY2021

Total expenses for training held by the
Human Resources Group (¥100 million)
Mizuho Financial Group

St

Number of applicants for internal job postings

中途採用人数（人）2019年度

79

2020年度Pe

Number of career design training1,199
sessions10

2019年度Number of career design training sessions

Integrated Report 2022

Number¥41,276 ofperuses of each system (cases)

Not

80

2120

■金融プロダクツ領域

中途採用人数（人）14
4

Our people and organization7

2019年度

10

2020年度

820
2021年度FY2019955

FY2020

1,199

Message from theGroup CEO100

About Mizuho

Message ■デジタル領域
from theOur strategies forGroup■金融プロダクツ領域
CFO
creating value

Approx. 1.5x

for our
21Foundations
20
corporate value

Data section

Appendix

14

FY2021FY2019FY20204

FY2021

Note: 100 represents the figures from FY20197

2019年度

10

2020年度

820
FY20192021年度

955

100

1,199

FY2020

FY2021No

We also have a system in place to support employees who are taking on challenges in different
areas while continuing their current work.
Under the internal/external concurrent assignment system, about 20% of employees’ working hours
are in positions at other departments within the group and, in some cases, at other companies. For
employees, it is an opportunity to develop skills and abilities that cannot be acquired only through（人）
their primary duties, and to gain new awareness about ジョブ公募応募者数
their work duties.
The part-time work system, which allows employees to start their own businesses or run their own
1,199
955 more compared tobusinesses outside of working hours, has been utilized approximately four times
820
fiscal 2019. Also, employees who want to devote themselves to learning outside of work, e.g.,
attending schools such as graduate schools or external programs, have been taking advantage ofthe self-improvement leave system.

As part of this development, we are transferring employees to areas other than those inwhich they have mainly gained experience. This has led to employees discovering new
possibilities for themselves and refining their expertise by taking a look at themselves from adifferent perspective. Additionally, the intermingling of expertise in different domains sparks“chemical reactions” and creates synergies that transcend business domains.

122

115
Number of career design training 417
sessions

86
119
3

298
7

14

FY2019FY2020

FY2021

18

Internal Audit Department
Mizuho Financial Group

728

I used to work as an operations manager at a Mizuho Bank branch, and I now work in internal auditing, where I¥41,276 per
conduct ongoing monitoring and on-site audits of branch operations. The experienceI gained during my time at
Numberof applicants for internal job postings
employee
the branch office has デジタル・金融プロダクツ領域のbeen very useful in my current job. I was worried about taking on the challenge of a new job
26（人）
in a new department, 中途採用人数
so it took a lot of
courage, but there was a system in place to supportApprox.
me. After
being
1.5x
1.5x
■デジタル領域
selected for the job posting,I had opportunities to receive
training
andlectures.
Since
I
have
knowledge
of
the
17
2120
■金融プロダクツ領域
frontlines, I think about the reactions of frontline offices and customers as I conduct my daily work, looking tobecome a bridge connecting the frontlines and
14 management.
4

7

10

Dialogue-oriented evaluation cycle to further increase motivation for growth

FY2021

820

955

FY2022
1,199

July 2021

10■Internal/external concurrent assignments■Part-time work
■Self-improvement
leave FY2020
FY20194

The role of managers is key for increasing the effectiveness of the evaluation cycle. We hold human resource management training aimed atFY2021
122
improving the listening ability of managers, increasing the quality and quantity of dialogue, and cultivating the skills necessary to become a good115
coach.

298
How are Mizuho's employees enhancing expertise needed to drive business?
86

2,441

FY2019FY2020
FY2021
Essential to advancing these businesses is to have personnel with a combination of expertise. Mizuho conducts
strategic
HR in line withthebusiness strategies of each domain, such as securing, developing, and appointing personnel from a medium- to long-term perspective.

Developing employees to form a highly specialized group of professionals
Total expenses for training held by the
Human Resources Group (¥100 million)¥41,276 per
employee17
FY2021

1.5x

417

7

14

FY2020

FY2021

Number of employees participating in
IT- and digital-related training (FY2021)

July 2024(target)Staff survey
Job satisfaction
Pride in working for Mizuho
Personal relationships
Executive management’s understanding of on-site situation

Total expenses for training held by theThrough the Mizuho IT Program (a program for developing early career IT employees),
experiencing
IT system
Humanafter
Resources
Group (¥100
million)development work in the IT division, I transferred to the Digital Marketing Department, where I am involved in theimplementation and systematization of the latest digital technologies for identifying the true needs of customers.
¥41,276 per
Because I have experience in both customer divisions and the IT division, I am able
to conduct IT system development
employeein an efficient and safe manner without losing sight of the customer's point of view. I would like to make use of the26
expertise I have cultivated through my experience in both of these divisions to contribute to Mizuho’s digital strategy.

17

Kaede Sano100

Digital Marketing Department
Mizuho Bank

1.5x

FY2021

FY2022(planned)

FY2019FY2020

FY2021Mid-career hiring to expand expertise and diversity
Note: 100 represents the figures from FY2019

Number of mid-career hires in the digital domain

We are actively recruiting mid-career candidates, including talent from other industries, ineach business domain, beginning with the digital domain. Such people, by becoming newmembers of Mizuho, not only spread new knowledge and insight to the employees aroundthem, but also have many positive effects on the diversification of values and perspectives,
the fostering of a new corporate culture, and the development of new business.

5x
21
4FY201910
FY2020

FY2021

417

119
The development of digital technologies and the growing awareness of sustainability in society are creating3 new business7 domains for 14
Mizuho.

Mizuho Financial Group

July 2022

FY2019298

Number of mid-career hires in the digital domain

goals, achievements, strengths, and challenges. As part of effectively going through the evaluation cycle from setting goals to5x
performance review,
feedback, and setting new goals, Mizuho places an emphasis on dialogue between managers and employees. Rather than focusing only on what
employees were able to do, through periodic reviews managers and employees confirm the growth of employees’ abilities and expertise, including
21
Number of uses of each system (cases)
what employees were unable to do. Mizuho then reflects this fairly in compensation, transfers, and promotions.

81

86
119
3

Strengthening expertise through exchange of IT and business personnel(planned)

FY2019FY2020
FY20212019年度
2020年度
2021年度between managers and employees about employees’
We are ceaselessly developing employees’ motivation to
grow
by instituting
periodic reviews

Each business domain requires different types of expertise, and the development methods
are not the same. We make visible the skills and experience that individuals should acquire
and, through planned placement and training, develop personnel with expert knowledge ineach domain. For example, in the digital domain, Mizuho Research & Technologies andMizuho-DL Financial Technology are at the core of our efforts to strengthen our personnel.
Furthermore, we are implementing personnel exchanges with leading companies in thedigital field and have introduced an incentive program to enhance the digital literacy of all
employees. Under our policy of aggressively allocating corporate resources to personnel
development, we will increase the amount of funds dedicated to training by 1.5 times
compared to fiscal 2021.

115

quality and the20ability to respond to business needs. Synergies between customer divisions
19

and consulting divisions additionally provide opportunities to create new financial products
8and services.10

122

Resources Group (FY2021)
Per employee: 12.6 hours

Specifically,
personnel exchanges between IT system user departments and development
General manager and manager
equivalent
General manager equivalentdepartments are the cornerstone to realizing IT system development that balances system

Total
expenses
forFY2020
training heldbythe2019system
年度
2020
年度
年度
FY2019FY2021
The internal job postingandutilizing
the2021
opportunities
it presents,from anemployee
who
Human Resources Group (¥100 million)
used the system to expand their own possibilities

Mayumi Kabasawa

Number of uses of each system (cases)■Internal/external concurrent assignments■Part-time work
Total
hours ofleave
training held by the Human■Self-improvement

Percentage of management positions filled by women (%)

65
31

506,486 hours

Creating synergy between different domains

Number of uses of each system (cases)■Internal/external concurrent assignments■Part-time work
■Self-improvement leave

Developing management leaders who will drive business and bring growth for the future
Securely retaining management leaders who bring together each business domain, anticipate the times, and realize growth for the future is a
key topic for Mizuho.
In the development of management leaders, we select candidates for each business domain. Operating officers—which were newly
established in fiscal 2021 and are positioned at one level below executive officers—assume greater responsibilities in their respective businessdomains and are working on challenging missions that they have set for themselves. In fiscal 2022, 37 new operating officers were appointed(including four women and five with non-Japanese nationality). These operating officers are gaining experience in business domains that are
new to them and participating in management study sessions hosted by the Group CEO and an external management leadership development
program in order to broaden their insights and enhance their perspectives. The target of these programs has been broadened to also include
candidates for operating officer positions.

26

FY2022(planned)

Number of mid-career hires in the digital domain

Integrated Report 2022

82

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Our people and organization

Becoming an even more inclusive organization where employees from diverse backgrounds can play an active role
The driving force for creating new value together with customers and society is to become an inclusive organization in which all
Mizuho employees, who have diverse backgrounds, experiences, and values, can utilize their individuality as strengths anddemonstrate their identity and abilities to the fullest. With the aim of enabling employees to contribute in their own way, we have set
forth Mizuho’s Commitment to Diversity & Inclusion.

How do we promote the active participation of diverse personnel?
We are developing an organization in which all executive officers and employees accept diverse viewpoints and values and respect one
another. This will contribute to a virtuous cycle in which healthy and open discussions are held and then reflected in daily operations anddecision-making, leading us to take on more proactive challenges.

Expanding business through the active participation of international personnel
Bringing together people who have grown up in different countries and cultures allows us tomake new discoveries and gain new perspectives. As global business development moves
forward, diversity in terms of different nationalities and races is becoming increasingly
important, and we are focusing on the development of employees hired locally outside
Japan. Specifically, we are implementing training through transfers between offices outside
Japan and through trainee programs in Japan for future local management candidates. In
response to travel restrictions due to the COVID-19 pandemic, we have also started a remote
program. In addition, as an initiative to foster a global mindset, we held an event for
employees featuring a dialogue between the Head of Banking Americas of Mizuho Americas
and the Group Chief People Officer of Mizuho Financial Group.
ジョブ公募応募者数（人）The active participationof1,199
women, who account for about half of all employees, is955
820
indispensable for the sustainable development of the organization, and we are promoting
organization-wide initiatives for this under the leadership of the Group CEO. In 65
fiscal 2021,
we set a new target for the percentage of women in general manager or equivalent positions
31
28 In order to respond to
who are candidates for the next generation of management
leaders.
various issues according to women's career stages, we are also implementing initiatives to
2019年度
2020年度
2021年度FY2019FY2020
FY2021
support each woman of a certain job level or higher. These initiatives include mentoring andother means in line with their career views and issues, and they form a unified effort
between the employee’s affiliated division and department and the Human Resources Group.
Furthermore, in June 2021, we joined the 30%Number
Club Japan.
of applicants for internal job postings

デジタル・金融プロダクツ領域の中途採用人数（人）2120■デジタル領域■金融プロダクツ領域

14
4

10

7

2019年度

2020年度Minako Nakamoto
General Manager,
Corporate Planning Dept.
Mizuho Securities

Mizuho Financial Group

Employees with disabilities have taken the stage at special needs schools and seminars foruniversity students, and actively communicate their thoughts and experiences both insideand outside the company, deepening mutual understanding among employees and building
their own self-confidence. Through such initiatives, we aim to move forward as anorganization that co-creates value, in which each and every employee, regardless ofwhether or not they have a disability, can sustainably play an active role while fully
demonstrating their abilities and individuality.

2.62%
930

June 2022

on self-directed and self-driven initiatives by employees. By actively engaging in effective communication that transcends the organization androles, we can reaffirm the value of one another's existence, and the chance encounters that arise as a result become the impetus for innovation.

Dialogue between the Head of Banking Americas and the Group
Chief People Officer on the topic of team building

Percentage of management positions filled by women (%)
General manager and manager equivalent
General manager equivalent

18

19

20

7

8

10

July 2021

July 2022

July 2024(target)

Vertical, horizontal, and diagonal networking
Employee Resource Groups (ERG), which are voluntary activity groups comprised of
employees from different areas of the organization and of varying ages, aim to contribute to
the growth of members and the organization by creating connections around specific topics.
Mizuho Diversity & Inclusion Month, which is held every November, is a project that
employees proactively plan, operate, and participate in. By enabling employees to holddiscussions and disseminate information while learning, it has become a platform forbroadening connections with others and experiencing a diverse range of ideas and values.
We have established an “alumni network” to connect former employees of Mizuho who are
active in various fields. We also hold events where these alumni and current employees caninteract and engage in dialogue regarding their perspectives on careers and working styles.
In addition to building open, flat connections that transcend company boundaries, it is an
opportunity to reaffirm Mizuho's strengths with views from the outside.

Examples of Mizuho ERGs

Shinmai

M-WIN

Aiming to revitalize theorganization, provide
value to society,empower early career
employees, and createbottom-up initiatives.

Aiming for the further
active participation of
women working at
Mizuho in the workplaceand in society throughmutual development
and support.

160
Number of registered alumni (FY2021)

Staff survey
Job satisfaction
Pride in working for Mizuho
Personal relationships
Executive management’s understanding of on-site situation

Enjoying her work as herself, rather than "as a woman"

Early career employees want to be heard, too. What each person is passionate
about will change the organization.

100

1,199
Under my own motto of “enjoying my 955
job”, I work with a particular attention to my personal brand and focus on theextra value that only I 820
can provide. There have been many difficult times at work, but looking back, all of theexperiences that have fueled my growth are the ones when I worked my hardest and gave it my all to see something
through. Even when things don’t go well, as long as I gave it my all I won’t have any regrets, and it will be sure to help
FY2019FY2020
FY2021FY2019FY20202021
me年度
grow into my future self. Since being appointed to a management position, I havebeen conscious
not only of FY2021
100 theirs
represents
figures
fromI FY2019
enjoying my own work, but also ensuring that the employees working under meNote:enjoyasthewell,andam using thisas something that contributes to value creation. I believe that everyone finding and demonstrating the added value that
only they can provide will lead to the expression of their individuality and the active participation of all people.
Number of uses of each system (cases)

115

Percentage of employees
who are individuals withdisabilities and number employed

An inclusive workplace is a driving force that exerts power beyond the sum of each employee’s individual potential, and has a significant effectApprox. 1.5x

■Internal/external concurrent assignments■Part-time work
■Self-improvement leave

83

The entire group aims to have workplaces where everyone can work in a supportive
environment, and is promoting appropriate considerations and the further development ofsuch workplaces. In fiscal 2021, we worked to improve the structure of business processes
that leverage the talents of people with disabilities and implemented initiatives to ensurestable business continuity even during the COVID-19 outbreak.

The driving force to make Mizuho more than the sum of its parts

Number of career design training sessions

Encouraging the further active participation of women through career support

Workplaces where all employees can play an active role in their own way,
regardless of whether or not they have a disability

Shugo Arai
Industry Research
Department
Mizuho Bank

If it becomes commonplace for employees to take on challenges in areas they are passionate about, not only in ERG
activities but also in everyday work, I think that employees’ everyday tasks will then generate new value anddiscoveries. Because of this, I believe we should aim to provide value to customers and society as a product of ourwork, and embody the idea that external evaluations are more important than internal evaluations. The size of theMizuho organization is one of our strengths. It would be great if everyone would utilize Mizuho’s resources to thefullest extent possible and endeavor to build an even better company themselves.

122
Integrated Report 2022

84

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Our people and organization

ジョブ公募応募者数（人）

Number of career design training sessions

Initiatives to create together with employees

Percentage of management positions filled by women (%)

With the aim of reforming the corporate culture, we have established employee-led working groups. These
groupsas aequivalentmeans for the
Generalmanagerserveand manager
1,199
equivalent holding discussions
955 with employees on identifying issues related to the corporate culture. The groups haveGeneralcompany to work
beenmanager
continuously
820
between employees—and occasionally executive officers as well—regarding specific responses to such issues and how to effect reforms that
20
19
18
65
are more evident to employees.

8

7

10

31designed by 28
Going forward, HR management will also be jointly
employees and the company. We have been conducting a lively exchange of
opinions with employees (co-creators), who participated voluntarily, about the state of HR management Julyand 2021
how to communicate
information
July 2022
July 2024
2019throughout
年度
2020
年度
2021年度FY2019FY2020
FY2021the company.
(target)Flat connections between executive management and employees

Mizuho is working to improve the environments in which employees work. This includes
allowing employees to work from home according to their individual work circumstances, andsetting up satellite offices where employees can work without commuting to the office in anenvironment that is essentially equivalent to that of the office. With regard to working hours,
we have introduced flextime work, staggered working hours, and 3- or 4-day work weeks thatenable more flexible working styles. We are also promoting the use of paid leave, andemployees are able to use paid leave in half-day increments up to 32 times per fiscal year.

76%

Percentage of paid leave taken by
employees (FY2021)
Level to continuously maintain 70%

Support for balancing life events and career

Since February 2022, we have been holding round-table discussions in which the Group CEO
Number of applicants for internal job postings
and about 10 employees exchange their views through “flat” dialogue, without specifying a
デジタル・金融プロダクツ領域の中途採用人数
topic. （人）Approx. 1.5x

Staff survey
Job satisfaction
Pride in working for Mizuho
Personal relationships
Executive management’s understanding of on-site situation

2120■デジタル領域■金融プロダクツ領域

Flexible working styles that suit each individual's lifestyleNote: For details of the initiatives, please refer to "Progress of the Business Improvement Plan" on p. 28.
14

1,199
In addition, 10
we are working to strengthen communication by holding
955 town hall meetings
7
betweenexecutive officers and employees, small820
group sessions where participants have
4 “flat” conversations, and dialogues between Head Office and the frontlines in various forms.
For example, we held an off-site meeting for general managers based on the staff survey,
FY2019FY2020
FY20212019and
年度panel2020
年度
年度
discussions
on2021
HR management.
We will become an open organization by
deepening dialogue between executive management and employees and between Head
Office and the frontlines, and by understanding each other's perspectives and ideas.

100

FY2019FY2020

FY2021

Note: 100 represents the figures from FY2019

Due to the IT system failures, scores for the company
executive
management
Number ofanduses
of each system(cases) fell in thestaff survey. With strong conviction based on■Internal/externala deep reflection
on these events, going
concurrent assignments■Part-timework of unity in which all executive
forward we will aim to be an organization witha sense■Self-improvement leave
officers and employees can act on their initiative and engage in constructive 122
discussions.

115

Providing an environment where employees can reach
their full potential
417

298
86
119
For employees to demonstrate their maximum value as personnel and enthusiastically play an active role, it is essential to have a14
7
3
supportive working environment. To that end,FY2019
in addition toFY2020
supporting thephysical, mental, and social health of employees, we are
FY2021further expanding our system enabling flexible working styles according to the circumstances of each employee regardless of time orplace, and we are making various efforts to facilitate balancing of work, childcare, and nursing care.

Employee health and wellness in an age of longer lifespans

Total expenses for training held by the

In order to promote operational efficiency and eliminate overwork, Mizuho is focusing on
Human Resources Group (¥100 million)
making materials paperless and has designated days where all employees are encouraged
to leave the office on time. Also, from October 2022 we will stop the discretionary laborpersystem for employees involved in operational¥41,276
planning
and change to a working style that is
employeemore conscious of efficiency, thereby promoting
a more supportive working environment.

26

With regard to initiatives related to improving mental
provide training for all
17 health, we1.5x
employees to deepen their understanding of stress and encourage self-care, and holdtraining for managers to promote an awareness and understanding of the mental health of
FY2021
FY2022themselves and their employees.
(planned)
In collaboration with the Dai-ichi Life Group, we have developed “Healstep”, a nextNumberof mid-careerin thegeneration health business promotion service.
”QOLism”,
an apphires
whichis adigitalpart domainof thisservice, is capable of automatically linking with wearable devices, recording meals, andsending exercise videos, and also enables users to participate in walking events. The app is
5x
used by many employees as a support tool for adopting healthy lifestyle habits in a fun way.

47,059Number of participants in mental healthtraining (FY2021)

Mizuho has established systems exceeding legal requirements so that employees balancing
childcare or aging family member care with their work can continue working, and we aredeveloping measures for those who balance childcare and work with a focus on careerdevelopment. For example, we hold periodic interviews between employees and managers
before the employee returns to work, during their childcare leave, and after the return towork, and hold seminars by external lecturers on the topic of long-term career development
for employees who have returned to work. Because an employee survey identified that there
was high demand for a network of people who are balancing work with such life events,from fiscal 2021 we also launched “Work-Life Balance Radio”, a 30-minute show during thelunch break that features talks with role models and answers to listener questions.

Percentage of eligible
male employees
who take childcare leave

97%
FY2021

Promoting planned childcare leave for men is also improving productivity and working
environments in the workplace as a whole, as well as contributing to the promotion of
women's active participation in the workplace and to talent acquisition. In addition to
conducting e-learning for all employees and "New Dad Seminars" for men, we are ensuring
an environment in which it is easy for both men and women to take childcare leave bypromoting understanding among not only applicable employees, but also their managers andemployees around them.

Toward a Mizuho where employees and the company grow together
As the importance of human capital management increases year by year, the nature of
the relationship between employees and the company is changing significantly to one of"choosing and being chosen". Accordingly, I feel that a people-centric marketing
approach of listening to the voices of customers, and providing better experiences inorder to continue being chosen by customers, is becoming important in the field of HR
management as well. Anticipating this trend, Mizuho is focusing on valuing thenarratives of its employees and is driving initiatives for employee-oriented HR
management.
Employees and executive management are coming together on their own initiative andincorporating external knowledge to actively discuss on a daily basis how to create thefuture of Mizuho together. We are steadily fostering an inclusive corporate culture that
respects all forms of diversity and connects employees with each other and thecompany with trust and respect. We will endeavor to continue to create and provide
new value for customers and society by enabling all employees at offices around theworld to be proud members of Mizuho and contribute in their own way.

Natsumi Akita
Group Executive Officer
Group Chief People Officer (Group CPO)

I hope you will look forward to Mizuho’s developments in the future.

21
85

Mizuho Financial Group4
FY201910
FY2020Integrated Report 2022

FY202186

Foundations for our corporate value

Corporate governance ·········································· P. 89
Risk governance ······················································ P. 97
Compliance ······························································ P. 102
Fiduciary duties ····················································· P. 105
Cybersecurity ························································· P. 106
Stakeholder communication ························· P. 107
87

Mizuho Financial Group

Integrated Report 2022

88

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Corporate governance
Mizuho Financial Group aims to contribute to environmental conservation, the sustainable development and prosperity of the economy,
industry, and society both in Japan and around the world, and conduct management that contributes to the creation of value for our
diverse stakeholders, while simultaneously maintaining the sound corporate management that forms the foundation of trust andresponsibility. To this end, we have established a corporate governance system with our Board of Directors at its center. In light of theseries of system failures, we are moving forward initiatives that enhance our supervisory functions, and we are working to further
enhance our corporate governance.

DiagramMizuho Financial Group

General Meeting of Shareholders
Supervision

Appointment of directors

Board of Directors

Corporate governance system

Nominating
Committee

Outside directors:

Basic policy

Chairman

Ensuring the separation ofsupervision and management

Secure the effectiveness of corporate governance by ensuring the separation of supervision andmanagement and making supervision of the management, such as the execution of duties by executive
officers, the primary focus of the Board of Directors

Internal non-executive directors:

Delegating decisions on businessexecution to the executive officers

Make it possible for the management to make swift and flexible decisions and realize expeditious corporate
management by enabling the Board of Directors to delegate decisions regarding business execution to the
executive officers

Internal directors who concurrently
serve as executive officers:

Securing independence ofmanagement supervision

Utilize committees and other forms of oversight, comprised mainly of outside directors who are not membersof the management of Mizuho, and secure transparency and fairness in decision-making processes regarding
the appointment and dismissal of, and compensation for, the management as well as ensure effective
supervision of the management

Adopting global standards

At the holding company level, actively adopting operations and global best practices regarding corporate
governance

Adopted a Company with Three Committees model of corporate
governanceThis structure consists of a Board of Directors, Nominating Committee,
Compensation Committee, and Audit Committee, and enables executive
officers to perform their duties most effectively.
The Chairman of the Board of Directors shall be an outside director.
As a general rule, the President & CEO of a subsidiary cannot
concurrently serve on the Mizuho Financial Group Board of Directors
while holding their post as President & CEO.

Fairness and transparency

Appropriate disclosure in line with Japan’s Corporate Governance
Code.

Audits theexecution of duties

In addition, the Corporate Governance Report, which sets out the status of the corporate governance system of the group, is submitted to theTokyo Stock Exchange (TSE) and posted on the websites of the TSE and Mizuho Financial Group.
Corporate Governance Guidelines
https://www.mizuhogroup.com/binaries/content/assets/pdf/mizuhoglobal/who-we-are/governance/governance/g_report/g_guideline-202104.pdf

Corporate Governance Reporthttps://www.mizuhogroup.com/binaries/content/assets/pdf/mizuhoglobal/who-we-are/governance/governance/g_report/g_report.pdf

89Mizuho Financial Group

Human Resources Review Meeting

Compensation
Committee
Audit
Committee

Chairman* In principle, all members
to be outside directors.

Chairman* Majority of members
to be outside directors.

Risk Committee

Outside Director Session● Appoints and dismisses executive officers● Delegates decisions on business execution● Supervises the execution of duties

Audits the execution of duties
by executive officers

Management

Executive officers

Determines the compensationfor executive officers

President & Group CEO

Makes decisions on business execution, based on delegation from the Board of Directors, and implements business execution

Mizuho Bank
Mizuho Trust & Banking
Mizuho Securities

General Meeting of Shareholders
Board of Directors

Audit and Supervisory Committee

Collaborate

Composition of the Board of Directors
Mizuho Financial Group believes that, in addition to conducting strategic direction within the group, it is important for our Board of
Directors to appropriately fulfill the role of supervising the implementation of governance functions across the group and acrosssubsidiaries under group management. As such, our Board of Directors is composed of an appropriate balance of internal directors who
have insight into the group’s business model, and outside directors who possess complex and diverse perspectives that we may not havewithin the group.
■Composition of the Board of Directors

Compliance with Japan’s Corporate Governance Code
Our Corporate Governance Guidelines set out the fundamental perspectives regarding corporate governance at Mizuho, and the framework of
the corporate governance system, including the roles, composition, and governing policies regarding the Board of Directors, executive officers,
Nominating Committee, Compensation Committee, and Audit Committee for Mizuho Financial Group.

* In principle, all members
to be outside directors.

Chairman

System Failure Response Evaluation Committee

The members of the Nominating Committee and the Compensation
Committee shall all be outside directors.
The Chairmen of the Nominating, Compensation, and Audit Committees
shall be outside directors.
Decision-making regarding the appointment and dismissal of, andcompensation for, the management is primarily conducted by outside
directors.

Determines
compensation* The Chairman shall, in principle, be an outside director.
* Non-executive directors shall comprise a majority of the directors.

Principal features
Organizational structure

Determines the content of proposals regarding
the appointment and dismissal of directors

4 directors
2 directors

Percentage ofdirectors who are
non-executive oroutside directors:

67%

6 directors
Percentage ofdirectors who are
outside directors:

50%■Outside directors■Internal non-executive directors■Directors who concurrently serve as executive officers■Tenure of directors
Over 4 years:
25%

Average tenure:

2.8 years

Over 2 years
but under 4 years:
25%■Age of directors

Under 2 years:

50%

70 – 89:33%

60 – 69:

Average age:

64.7

Under 60:
50%

17%

Overview of Independence Standards
For Mizuho Financial Group’s Overview of Independence Standards of Outside Directors, please refer to our website:
https://www.mizuhogroup.com/binaries/content/assets/pdf/mizuhoglobal/who-we-are/governance/governance/g_report/o_director.pdf

Integrated Report 2022

90

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Corporate governanceOperation of the Directors, Board of Directors, and each committee

Operation of the Board of Directors and each committee
Board/
Committee
Chairmen

Approach to appointment and dismissal of directors
Mizuho Financial Group’s Nominating Committee selects director candidates. The criteria for appointing a director is established in the
Corporate Governance Guidelines. In consideration of the supervisory role Mizuho Financial Group fulfills in its capacity as the holding
company, the committee gives particular attention to the points stated below in “Skills of each director (experience, expertise, etc.)” when
considering candidates for both outside and internal director positions.
The Nominating Committee also may submit as an agenda item for deliberation at the General Meeting of Shareholders a proposal to dismiss
directors if there are objective and reasonable grounds for determining that they have become unqualified in respect of the requirements and it
is deemed that they are no longer capable of being entrusted with the performance of director duties.

Izumi
Kobayashi
Chairman

Board ofDirectors

TatsuoKainaka

Skills of each director (experience, expertise, etc.)
For outside director candidates, the Nominating Committee primarily considers those in senior management roles who have expertise in areas
including finance, financial control, accounting, law, and technology, and who can be expected to successfully carry out supervisory functions
from both a global and sustainable perspective.

Chairman

Nominating
Committee* Note: Each director’s specific areas of experience and expertise are as in the table.

Main roles

Making decisions on businessexecution matters such as thebasic management policy, andsupervising each director andexecutive officer (as defined in the
Companies Act).

Deciding on the content ofproposals regarding theappointment and dismissal of
directors that are submitted to theGeneral Meeting of Shareholders.

Number ofmeetings in
FY2021 (averageattendance)

Operation in FY2021

24 (98%)Discussion topics included monitoring of the responses to the system
failures, approval of the business improvement plan, talent guidelines foruse in the selection of personnel and development of candidates for theestablishment of our executive system, initiatives for cybersecurity,
capital management and shareholder returns policy, sustainability
initiatives such as addressing climate change, promotion of diversity andinclusion, and future HR strategies.

19 (100%)

Discussion topics included the appointment of a new Group CEO, thestatus of succession plan formulation and implementation, the role of theBoard of Directors in light of the differences between the functions of theholding company and the operating entities, and the handling of director
nomination and appointment for fiscal 2022 at Mizuho Financial Group andthe three core companies.

10 (100%)

From the perspective of providing appropriate incentives to officers,
discussion topics included the appropriateness of the levels andcomposition of compensation, based on factors such as external trends
that affect corporate officer compensation and the internal and externalbusiness environment; and the further improved transparency of the basis
for determining variable compensation, including the specification ofcomponents for determining remuneration regarding sustainability.

21 (100%)

Audited the execution of duties by directors and executive officers (asdefined in the Companies Act), monitored and inspected the establishment
and management of the group’s internal control systems and the corporate
management of the group’s subsidiaries, and determined the content ofproposals for the appointment, dismissal, or non-reappointment of accounting
auditors. Monitored, on a priority basis, progress towards achieving the
5-Year Business Plan and efforts to enhance corporate governance.

Experience and expertise
Name

Tatsuo Kainaka
Male

Current title and assignment
at Mizuho Financial Group

Corporate
management

FinanceFinancial
control andaccounting

Law

ChairmanMember of the Board of Directors

2014

Chairman of the Nominating Committee

Compensation
Committee●

Member of the Compensation Committee

Yoshimitsu Kobayashi

2020

Ryoji Sato

2020

Male

Takashi Tsukioka
Male

Member of the Board of Directors
Member of the Nominating Committee

Member of the Board of Directors
Member of the Audit Committee

●

●

●

Takashi
Tsukioka●

ChairmanMember of the Board of Directors

2021

Member of the Nominating Committee
Member of the Compensation Committee

Audit
Committee●

Chairman of the Audit Committee

Masami Yamamoto
Male

Member of the Board of Directors

2019

Member of the Nominating Committee
Chairman of the Compensation Committee

Izumi Kobayashi
Female●●Chairman of the Board of Directors
Member of the Nominating Committee

●

Name

Experience and expertise

Non-executive
directors
Directors who concurrently
serve as executive officers

Year ofappointment

Seiji Imai

2021

Hisaaki Hirama

2019

Male
Male

Makoto Umemiya

2017

Motonori Wakabayashi

2019

Male

Nobuhiro Kaminoyama

Member of the Board of Directors, Chairman(Kaicho)1●

Member of the Audit Committee
Chairman of the Risk Committee

2022

Male

Current title and assignment
at Mizuho Financial Group

Business
Human
Financialstrategy /Risk
Resources /control andBusinessmanagement
Organizationaccounting
management

Member of the Board of Directors

Masahiro Kihara
Male

Auditing the execution of duties bydirectors and executive officers (asdefined in the Companies Act) toensure that their actions are legal
and appropriate.

Outside directors and reason for their appointment●

Member of the Risk Committee

Name

Determining the basic policy forexecutive compensation and thecompensation for each director
and executive officer (as definedin the Companies Act).

Member of the Board of Directors

2017

Candidates for internal director positions must be capable of the appropriate execution of group business management, and must have insight
into financial operations, financial regulations, and Mizuho’s business model.

Male

Masami
Yamamoto

Technology

Member of the Audit Committee

Male
Outside directors

Year ofappointment

2021

Member of the Board of Directors
President & Group CEO (Representative Executive
Officer)Member of the Board of Directors
Deputy President & Senior Executive Officer(Representative Executive Officer)
Group Chief Digital Innovation Officer (Group CDIO)
Group Chief Financial Officer (Group CFO)
Member of the Board of Directors
Senior Executive Officer
Group Chief Risk Officer (Group CRO)
Member of the Board of Directors
Senior Executive Officer
Group Chief Human Resources Officer (Group CHRO)

●

●
●

●

●

●

●

●

●

Globalbusiness

Reason for appointment as an outside director

TatsuoKainaka

Expected to contribute to (i) strengthening the effectiveness of both the decision-making and supervisory functions of Mizuho Financial Group’s
Board of Directors and (ii) the further enhancement of the corporate governance, compliance, and risk management system of Mizuho Financial
Group, leveraging his extensive experience, deep insight, and high level of expertise in the legal industry.

Yoshimitsu
Kobayashi

Expected to contribute to strengthening the effectiveness of both the decision-making and supervisory functions of Mizuho Financial Group’s
Board of Directors, leveraging his extensive experience as the CEO of a global company and his deep insight into corporate governance.

Ryoji
Sato

Expected to contribute to strengthening the effectiveness of both the decision-making and supervisory functions of Mizuho Financial Group’s
Board of Directors, leveraging his extensive experience, deep insight, and high level of expertise as a certified public accountant.

Takashi
Tsukioka

Expected to contribute to strengthening the effectiveness of both the decision-making and supervisory functions of Mizuho Financial Group’s
Board of Directors, leveraging his deep insight that he has cultivated in Japan and overseas as a CEO in the energy field and his extensive
knowledge and expertise pertaining to sustainability from his work on aspects such as renewable energy.

Masami
Yamamoto

Expected to contribute to strengthening the effectiveness of both the decision-making and supervisory functions of Mizuho Financial Group’s
Board of Directors, leveraging his extensive experience as the CEO of a global company and his deep insight and expertise in technology fields.

Izumi
Kobayashi

Expected to contribute to strengthening the effectiveness of both the decision-making and supervisory functions of Mizuho Financial Group’s
Board of Directors, leveraging her extensive experience and deep insight as the head of the Japanese arm of a global financial institution as well
as a representative director of an international institution.

Reason for appointment as Group CEO (Details about the appointment process are disclosed in our Corporate Governance Report)
●
●

Name

Reason for appointment

Masahiro
KiharaMr. Kihara is a professional who can accurately assess the current situation, coordinate the Mizuho group, elevate the discipline and capacity of
our organization, understand the direction of overall group strategies and reforms, and apply these skills to formulating and executing group
strategy going forward. He also has a broad outlook, rational judgment, outstanding decisiveness, and excellent management skills. Above all, heis a leader who can motivate his colleagues and guide Mizuho into the future.

1. Chairman (Kaicho) Imai engages in our external activities, but does not chair the Board meetings. The Board meetings are chaired by the independent director Chairman Izumi Kobayashi.

91

Mizuho Financial Group

Integrated Report 2022

92

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Corporate governancePrimary initiatives for enhancing the effectiveness of the Board of Directors

Director training
We provide our directors with opportunities to acquire and improve knowledge that is necessary to fulfill their expected roles and duties, at the

Evaluating the effectiveness of the Board of Directors
The Board of Directors conducts annual evaluations regarding the operation of the Board of Directors, the content of deliberations, and otheritems in order to continuously enhance the effectiveness of the Board of Directors.
The most recent evaluation was conducted for the period of June 2020 to June 2021 (director tenure period) and the results were deliberated onat the September 2021 meeting of the Board of Directors.
1. Evaluation Method
The fiscal 2020 evaluation conformed to the Corporate Governance Guidelines of Mizuho Financial Group and employed a third-party evaluation
organization. It consisted of a questionnaire given to directors who were on the Board during the period subject to evaluation, followed byfurther fact-finding through interviews covering issues identified from the questionnaire responses.
2. Evaluation results
Overall evaluation• Both the Board of Directors and legally required committees have secured overall effectiveness with respect to their
purpose and expected functions.
• Three issues were identified that should be addressed in order to enhance the effectiveness of the Board of Directors.
(1) Further enhancement of supervisory functions in regard to important agenda items (discussions on medium- tolong-term strategy and others)

Issues to address in order toenhance Board effectiveness(2) Reinforcement of group governance- Measures for key areas (including designated top risk areas) that could lead to vulnerabilities and inadequate risk
response across the overall group’s business execution line(3) Operational improvements to further raise the effectiveness of the Board of Directors

Evaluation of initiatives to address
issues identified in the FY2019
evaluation

Further expansion of agenda items related to medium- to long-term business challenges• Deliberation on business plan formulation has led to progress in discussions of essential strategy.
• Discussions on sustainability have become more specific than in the past.
Establishment of foundation for deeper discussions• Simplification and rationalization of materials is improving.
• Thorough provision of information in advance has contributed to the establishment of a framework that enables theBoard of Directors to fully concentrate on discussing the relevant matters during meetings.

time of appointment and continuously thereafter.

1

Offering all directors opportunities
for acquiring knowledge andself-improvement• Training is provided for newly appointed
directors, mainly regarding the duties andresponsibilities of directors, and isconducted by an outside instructor(lawyer).
• Directors gain an overall perspective of
the management of the group by
discussing various proposals, reports,
and other activities in the Board of
Directors’ meetings.
• Training is also held and conducted by anoutside instructor regarding complianceand customer protection and awarenessof human rights related issues.
• In light of the recent IT system failures, aseminar regarding risk management led
by an external instructor was held.
• When necessary for the performance of
duties, directors in charge of various
areas make individual presentations;advice and instruction is provided byexternal specialists, and training isprovided (at the company’s expense).

2

Opportunities to acquire and improve knowledge for outside directors
At the time of appointment

Improving understanding of the group’s
financial and other businesses• Intensive explanation at the time of
appointment will be conducted individuallyfor newly appointed outside directors.
-Explanations from executive officers incharge of different business areas and theGeneral Manager of the Corporate
Secretariat regarding Mizuho’s Corporate
Identity, business domain, businessstrategy, business plan, finances,
corporate governance system, etc.

▶ Post-appointment (the examples below were conducted for fiscal 2021)
Deepening understanding concerning Board of
Directors’ proposals• Providing thorough explanations of Board of Directors’
proposals in advance and conducting follow-up(before and after each Board meeting)
Improving communication outside of Board of
Directors’ meetings• Outside Director Session-Outside directors exchange information and engage
in consensus building while sharing opinions on
management matters, the shape that corporate
governance should take, and other items (held eighttimes)• Offsite meetings on business operations-Details are provided on the previous page
Other opportunities to acquire/enhance knowledge• Watching the Group-wide General Managers’ Meeting
Each meeting is held on an as-needed basis via theonline meeting system.

Towards further enhancing our supervisory functions (Measures in light of the series of IT system failures at Mizuho Bank)
1. The System Failure Response Evaluation Committee’s role in verifying business improvement plan progress
The System Failure Response Evaluation Committee was established In light of the series of system failures and other issues, and is composed

3. Initiatives going forward in light of the fiscal 2020 evaluation results
Identify issues
Further strengthen supervisionfunctions in regard to important
agenda items

exclusively of outside directors. The committee verifies the progress of measures to improve operations as specified in the businessInitiatives going forward addressing feedback from a third-party evaluation organization

improvement plan, which was published on January 17, 2022.
• Enhance discussion on medium- to long-term strategy, growth strategy, etc.

2. Enhance multifaceted information-gathering capabilities

Reinforcement of group governance• To fulfill role as the holding company’s Board of Directors, enhance discussion on critical risks.
• As the holding company, strengthen information-gathering on the status of execution within the group.

Operation improvements to further
raise the effectiveness of the Boardof Directors• Improve operation of aspects such as time allowed for deliberation, including by making refinements to materials.
• Improve opportunities for communication feasible even under the COVID-19 pandemic.
• Further improve frameworks for following up on issues.

Regular reporting from the business execution line to the Board of Directors is continuing. In addition, we have newly implemented regularNote: Some of the initiatives listed above are already underway as measures taken in light of the series of system failures. This is explained on the next page in “Towards further enhancing our
supervisory functions”.

Off-site meetings on business operations

93

reporting from the CEOs of Mizuho Bank and our other primary subsidiaries on the status of execution, and established opportunities fordiscussion between outside directors on a group basis. Further, by visiting branches, IT divisions, and other frontline locations, and by listening
to a variety of employees, the outside directors are working hard to gather the information needed to successfully perform supervisory
functions.
3. Enhance internal expertise based on the role of the relevant entity

Off-site meetings on business operations serve an important function that complements the Board of Directors. These meetings are designed toenable outside directors to enhance their communications with executives, to fully understand the status of business execution, and to lead tohigh-quality discussions at Board of Directors’ meetings. They cover themes such as topics of concern to senior management.

In order to further secure expertise and diversity among our Board of Directors, and in the interest of strengthening the governance functions of

Fiscal 2021 initiatives and number of times held

advance further initiatives such as utilizing external knowledge.
Details

Number of times
held

Topics included (1) revisions to the capital management policy, (2) possibilities for enhancing shareholder returns, and (3) the current
status and future initiatives at each entity.

8

Mizuho Financial Group

operating entities, on April 1, 2022, we invited external talent with outstanding knowledge of customers’ viewpoints and IT areas to serve on the
Mizuho Bank Board of Directors. Further, from the standpoint of strengthening the expertise of the Risk Committee, Mizuho Financial Group will

Integrated Report 2022

94

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Corporate governanceCompensation for executive officers

Compensation system

Outline of the basic policy for executive compensation

Improved corporate value through continuous

value creation for various stakeholders

and stable corporate growthCompensation
type

Executive compensation which leads to the above
Functions as an incentive for officers toCompensation aligned to the responsibilities

exercise their designated function to the fullest

and performance of each officer

Example of composition of compensation Example of composition of compensation for executives responsible for business execution
for non-executive officers responsible
Executive officers
Group CEOfor management supervision

Description

Fixed compensation only

Fixed compensation

Management that contributes toBase Salary(cash compensation)

Based on each officer´s role and responsibilities, paid monthly in cash.

42.5%
57.5%

Stock
Compensation I(non-cash compensation)

Based on each officer´s role and responsibilities, paid upon retirement in the form ofMizuho Financial Group stock.

50.0%
62.5%

85.0%

7.5%
100.0%

Compensation Committee
The Chairman of the Compensation The members of the Compensation Committee
Committee shall be an outside director are all outside directors (as of March 2022)
Determination of compensation

Directors and executive officers as defined in the Companies Act
President & Group CEO

Directors

Determination of compensation
Approval ofcompensation

Compensation
application

Approval ofcompensation

Compensation
application

CEO of each entity

CEO of each entity

Determination ofcompensation

Determination ofcompensation

Directors

Executive officers

Executive officers

Three core companies

95

Mizuho Financial Group

Executive officers as
defined in the Companies Act(non-cash compensation)

Consolidated Net Business Profits +Net Gains (Losses) related to ETFs and Others
Quantitative Profit 2
data 70%
Consolidated ROE
Expense ratio

Qualitative
data 30%

Performance
Payments(cash compensation)

Evaluation from the perspective of increasing
corporate value through sustainable andstable growth of the group
Based on Gross Profits RORA, Common Equity Tier 1(CET1) capital ratio, reduction of cross-shareholdings,
TSR, quality of profits, customer satisfaction,
employee's engagement, and sustainability initiatives

40%
10%
10%

15.0%

10%

30%

The results for the officer´s organization are reflected in the amount.
(Does not apply to the Group CEO.)
1. The Compensation Committee determines the amounts of compensation for each fiscal year.
2. Profit Attributable to Owners of Parent.

5.0%

Deferred
payment
over three
years forcompensation
over acertainamount.

Stock
Compensation
ratio
20.0%
Stock Compensation

Stock
Compensation II

Deferred
payments ofMizuhoFinancial
Group stockover three
years.

25.0%

37.5%

15.0%

Stock Compensation

Governance to ensure fair and objective executive compensation

Performance-based compensation

Performance-based compensation (0 – 150%)1
base amount x performance-based attribution factor

22.5%

Low

Stock
Compensation
ratio
32.5%
Stock Compensation

At Mizuho Financial Group, the Compensation Committee resolves on the basic policy for executive compensation which determines mattersregarding the components of compensation for each individual director, executive officer as defined in the Companies Act, and executive
officer as defined in our internal regulations (collectively, “Officers”).

Compensation for officers responsible for business execution shall, in principle, consist of Base Salary, Stock Compensation, andPerformance Payments. Additionally, the composition ratio of fixed compensation and performance-based compensation (variable
compensation) shall be determined based on factors including the role and responsibilities of each officer. The ratio of fixed compensation
for the Group CEO is set at a minimum.
From the perspective of ensuring the effectiveness of the supervisory function, compensation for non-executive officers responsible formanagement supervision shall, in principle, be in the form of fixed compensation, consisting of Base Salary and Stock Compensation I. Suchcomposition shall, in principle, be 85% and 15% for Base Salary and Stock Compensation I, respectively.

50.0%
25.0%

Variable compensation ratio and Stock Compensation composition ratioHigh

Subject to malus/clawback
1. Depending on factors including the performance of the company and the individual, a portion of the deferred payment may be reduced or forfeited (via malus/clawback) upon the resolution of the Compensation
Committee.
2. For officers hired outside Japan, the base amount and the composition and content of executive compensation may be determined individually based on the local compensation regulations and practices as well as
industry compensation benchmarks.
Performance-based compensation is determined by multiplying the base amount (decided based on the role and responsibilities of each corporate officer) by the performance-based attribution factor (calculated
from both quantitative and qualitative data).
Quantitative evaluation
The quantitative items are evaluated based on the target achievement rates for the Consolidated Net Business Profits + Net Gains (Losses) Related to ETFs and Others (which indicates the profitability of the core
operations), the Profit Attributable to Owners of Parent (which is the final result of management's performance), the Consolidated ROE, and the Expense Ratio (which indicate the management's efficiency). The
target achievement rate for each indicator will be capped at 150% and set at 0% if it falls below the target by a certain degree.
Qualitative evaluation
The qualitative items are evaluated comprehensively, ranging from 0 to 150%, from the perspective of increasing corporate value through the group's sustainable and stable growth based on items that, forexample, cannot be recognized only by the target achievement rates, such as the quality of profits (which takes into account comparisons with previous years and other companies) and sustainability initiatives(which utilize the comparisons with previous years and other companies that are evaluated by the four major ESG evaluation agencies (S&P Dow Jones, Sustainalytics, MSCI, and FTSE)).

Compensation determination process
The Compensation Committee shall determine the executive compensation system including the compensation system taking into account the
Basic Policy for Executive Compensation. In addition, in order to ensure fairness and objectivity concerning the compensation for each officer,
the Compensation Committee shall determine the compensation for each individual director and executive officer of Mizuho Financial Group as
defined in the Companies Act and approve the compensation of each individual director of the Three Core Companies.

Integrated Report 2022

96

Message from theGroup CEO

Message from theGroup CFO

About Mizuho

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Risk governanceRisk governance is a part of Mizuho’s corporate governance framework, and our risk appetite framework (RAF) is positioned at thecenter of the group’s risk governance.

▎Process for designating top risks
Fiscal 2022 top risks

At Mizuho, we are promoting disciplined risk-taking and risk communication by fostering a sound risk culture, which has its foundationsin the RAF and other risk governance efforts.

Risks with the potential tomaterialize withinapproximately five years andthat would have a major impact
on the Mizuho group.

To ensure strong risk governance, we employ a check-and-balance system (second line) that operates in accordance with theprinciples of the “three lines of defense”.
Stage III

Reflecting on fiscal 2021
In fiscal 2021, with the spread of variants prolonging the impacts of the COVID-19 pandemic and placing downward pressure on theeconomy, Mizuho focused on exercising our financial intermediary functions and providing multifaceted support for our customers. The
ongoing challenges of the current business environment required us to anticipate materialization of risk, including credit risk. Further,
the Russia-Ukraine situation, which escalated at the end of the fiscal year, demonstrated the extent to which the materialization ofgeopolitical risk can impact the management of financial groups.

Risks with a high level ofprobability and impact, andaggregate risks with a highlevel of similarity/relevance.

Step 3Top risks
Stage IITop risk candidates

Step 2

Stage I

Looked at from a global perspective, the COVID-19 pandemic is slowing down, but we are still seeing localized increases in infections incertain countries and regions. It is too early to let our guard down, and we must prepare for the impact strict disease control measures
will have on supply chains. In addition, intensified US-China friction and the Russia-Ukraine situation have created an overlap in thematerialization of geopolitical risks. In each case, the respective nations are making deliberate efforts to reduce or eliminate theirreliance on the other side, and the global divisions developing as a result demand vigilance. On top of this, soaring energy and foodprices have brought about an accelerated rise in global inflation. We must give careful attention to the faster pace of monetary
tightening, which is centered on the US and Europe and has the potential to lead to an extreme hike in interest rates and a global
economic downturn that could even affect emerging economies.
Societal expectations regarding sustainability initiatives have been growing, and national governments are moving forward with climatechange countermeasures. One example of this is the UN Climate Change Conference in Glasgow (COP26), where the Glasgow Climate
Pact was adopted, reaffirming the goal of “pursuing efforts to limit the temperature increase to 1.5°C above pre-industrial levels”. It is
increasingly important for us to provide our clients with financial and non-financial support for their climate change countermeasures
based on constructive dialogue, and for us to implement our own risk management framework.
Other risk considerations include the prevention of further system failures, the strengthening of anti-money laundering measures andmeasures combating the financing of terrorism, preparation for potential cyberattacks, and securing of the personnel necessary forexecuting our business strategy. It is essential that we take into account the expectations and requirements of stakeholders and carryout operations with due consideration to multiple dimensions of risk.

Top risk management
In light of the internal and external business environment, we designate risks that we recognize as potentially having a major impact on
the Mizuho group as “top risks”. Through our management of top risks, we are deepening our risk communication across the Mizuho
group, integrating our perspectives on risk awareness, and ensuring consistency across related risk management operations.
Regarding the designation of top risks, the Risk Committee, Board of Directors, and other bodies receive reports, and multifaceted
discussions are held, which include participation from external experts and outside directors.

IT system failures

Continuation of highglobal inflation

Cyberattacks

Growing US-China friction andaccelerating global division

Money laundering/
Financing of terrorism

Increasing severity ofclimate change impacts

Stagnation of growth due tofactors such as labor shortages

Rapid development ofdigital society

Inappropriate behavior
or nonfeasanceby executive officers/employees

Comprehensive potential risks

Following the series of IT system failures, we have been working on a group-wide basis to find effective ways of controlling nonfinancial risk such as system risk.

Current business environment and risk considerations

A wide range of internaland external potential
risks identified as having
the potential to harm ourcorporate value.

Prolonged impact of COVID-19

Step 1
External businessenvironment

Internal businessenvironment

Towards further enhancement of risk governance
Going forward, we expect to see a further increase in risk factors with the potential to impact the management of financial institutions,and a rise in the number of cases characterized by a combination of risk factors. It is key for us to constantly be improving our risk
management systems in order to serve our diverse stakeholders during this time of complex world affairs.
In recognition of this, at Mizuho we are not only strengthening existing risk management frameworks but also expanding the risk areasthat we cover, and we are striving to minimize the impact of any risk that does materialize. Specifically, we are working to manage
third-party risk (group risk brought about by our business partners, external providers, and suppliers), which has become increasingly
important in recent years, and to strengthen our operational resilience so that critical operations can continue even amid unforeseen
circumstances brought about by terrorism and cyberattacks, natural disasters, and other factors.
Also, we are further expanding our attention to geopolitical risk, avoiding foregone conclusions based on the probability of risk
occurrence, and making appropriate provisions.
Regarding climate-related risk, due to the long time frame and the lack of established methods for quantifying risk, there are many
hurdles to overcome in order to construct a risk management system. That being the case, we will strive to strengthen our risk control
through a trial-and-error approach to scenario analyses and stress tests in each of the risk categories, and through efforts to improverisk analysis methods.
The above is an example. We will do our utmost to further strengthen our risk governance while keeping apprised of the ever-changing
internal and external business environment.

In addition, we are looking into risk control measures, such as measures for preventing the designated top risks, and follow-up
responses. By incorporating these into our business plans, we are strengthening our risk governance.

97

Mizuho Financial Group

Integrated Report 2022

98

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Risk governanceRisk culture

Three lines of defense

We have established Behavioral Guidelines for a Sound Risk Culture, and work to ensure that executive officers and employees understandthese guidelines using messages from senior management, training sessions, and other measures. For Mizuho to put the “customer firstprinciple” into practice and enhance our corporate value, it is essential that we all maintain an attitude of not simply avoiding risk, but rather
taking appropriate risk. These guidelines are a foundation that provides Mizuho’s executive officers and employees with the appropriate values
and courses of action to take when approaching risks. The guidelines are aligned with the five Mizuho Values that form a part of Mizuho’s
Corporate Philosophy, and executive officers and employees can refer to them when they are unsure of a risk-related judgment that needs tobe made in their daily work. Putting these guidelines into practice improves our ability to address and counter risks, and fosters a sound risk
culture.

In accordance with the “three lines of defense” approach in the Corporate Governance Principles for Banks released by the Basel Committeeon Banking Supervision and the definitions and roles outlined below, we ensure appropriate and effective risk governance through autonomous
controls (first line) and a check-and-balance system (second line), along with an independent third line of internal auditing. In addition, Mizuho
Financial Group sets group strategies and allocates resources, monitoring the autonomous controls in the first line at core group companies inorder to strengthen the system providing appropriate responses.

Internal audit

To implement the RAF in the course of business operations, the Group CRO, Group CFO, and Group CSO provide assistance overseen by theGroup CEO, and implement business strategy, financial strategy, and risk management from an overall perspective. Also, heads of in-housecompanies, units, and groups are responsible for planning and implementing strategies based on risk appetite, and as the individuals in chargeof risk-taking, conduct operations. The Internal Audit Group provides objective and comprehensive assessments of the effectiveness of the RAF
from an independent perspective and offers advice and recommendations for addressing any issues that arise.
Risk appetite is determined through management discussions on the outlook for external factors such as the macroeconomic, regulatory, andcompetitive environment, along with top risks and other potential risk events. These are then incorporated into baseline scenarios and risk
scenarios that are shared internally.
Based on our awareness of these external environments, we then formulate a risk appetite policy that acts as our group-wide policy on risktaking. We create specific strategies and measures according to this policy, and determine corporate resource allocation and earnings plans.
Our risk appetite levels are quantified in terms of capital strength, profitability, and liquidity, which are the foundations of our corporate value.

2nd lineautonomous control activities, and is responsible for establishing and implementing
basic policies for risk management and compliance.

Internal audit function
The third line-of-defense is independent of the first and second lines and involves
assessment and examination of the operations of the first and second lines, and is
responsible for providing advice and guidance to settle issues.

Department(s)in charge of risk Internal
audit
management/compliance

Basic policies
Submit/report

2

Monitoring

1st line

Third line

The second line-of-defense oversees (monitors), measures, and assesses the first line´s2In-house companies/unitsFirst line-of-defense
autonomous control

Internal Audit GroupInternal audit

線

In implementing the RAF, the Board of Directors determines basic matters concerning the RAF and also decides on a risk appetite statement(RAS), which documents the RAF’s management system and Mizuho’s risk appetite. Operations are supervised based on the Board’s decisions.
In addition, the Risk Committee, which advises the Board of Directors, provides advice regarding risk governance.

Risk management and compliance function線

We have positioned the RAF as the corporate management framework for meeting our risk appetite. Risk appetite refers to the types and levelsof risk that we will accept in order to implement our business and financial strategies. We will further concretely define our risk appetite in our
medium-term and fiscal year business plans. The risk appetite forms the basis for establishing our business strategy, resource allocation, andearnings plans as well as monitoring the operating status, thus integrating risk management, business strategy, and profits in order to achieve
disciplined risk-taking that achieves an optimal balance of risk and return.

Second line

control activities (to identify, assess, and manage/control risks and compliance matters).

The purpose of our RAF is to help us maximize our corporate value by securing sustainable and stable profits, and fulfill our social
responsibilities. Based on such a purpose, our core risk appetite is to take appropriate risk and provide solutions based on our customers’
actual needs, establishing our competitive advantage against our peers.

Basic policies
Submit/report

3rd lineaccompanying the conduct of business as a risk owner, and for performing autonomous

Internal Audit Group

Core group companies*

2nd linerisk appetite, and has a primary responsibility for risks and compliance matters

Mizuho Financial Group
3rd line

The first line-of-defense involves daily operations based on the rules, procedures, andOur risk management and compliance framework

Department(s)in charge of risk Internal
audit
management/compliance
Monitoring

Report regarding
the first
line-of-defense
autonomous control
Formulate strategies,
allocate businessresources, etc.

1st line

Risk appetite framework (RAF)

Autonomous control function

First line

These initiatives are also important from the standpoint of internal control, ultimately helping to prevent inappropriate behavior by executive
officers and employees.

Our definition of the three lines of defense and their roles

Divisions/unitsFirst line-of-defense
autonomous control*Of the core group companies, Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities, Mizuho Americas,
and Mizuho Research & Technologies conduct risk management and compliance based on the “three linesof defense” concept.

Comprehensive risk management
At Mizuho, the appropriate management and control of risk is a key issue relating to overall management and is necessary for ensuring soundand stable corporate management and for enhancing our corporate value. Therefore, we are working to put in place risk management systems.
Mizuho has established basic policies for risk management that are applicable to the group as a whole by resolution of the Board of Directors.
In our basic policies for risk management, we stipulate risk areas, and the requisite organizational structure and employee training for ensuring
appropriate levels of risk management. The policies also provide for audits to measure the effectiveness and suitability of the management
structure.
In line with these basic policies, Mizuho analyzes risk comprehensively from multiple perspectives and adopts a variety of measures tostrengthen and enhance the sophistication of our risk management system.
We have positioned our RAF as the corporate management framework for realizing our risk appetite as well as positioning our comprehensive
risk management as a framework for managing risk from every angle.

Mizuho’s RAF Control Structure

Operational resilience
Supervision
Board of Directors

Management
President & Group CEO• Determines basic matters regarding RAF and RAS• Supervises business execution by the management
based on the above determinations
Audit Committee• Audits the execution of duties by the executive officers
and the management regarding RAF
Risk Committee• Advises the Board of Directors on risk governance99

Mizuho Financial Group

Executive Management Committee• Formulates risk appetite policy• Establishes risk appetite metrics/level• Conducts business operations consistent with the risk
appetite• Formulates RAS• Embeds a sound risk culture in each line of business
Risk Management Committee (Chairman: Group CRO1)• Monitors the operation of RAF
Balance Sheet Management Committee (Chairman: Group CFO2)• Formulates and promotes balance sheet management-centered strategies related to risk control andrisk-taking
1. Group Chief Risk Officer 2. Group Chief Financial Officer

In recent years, with the pandemic, large-scale natural disasters, cyberattacks, and numerous other events, the threats that could impact the operations of financial institutions andhave an outsize impact on stakeholders have continued to become both more diverse and severe.
Regulatory authorities in each country, especially in the UK, have been developing policies aimed at avoiding the significant impact of stakeholders being unable to take on risk in thecase of unprecedented circumstances. The Principles for Operational Resilience were published by the Basel Committee on Banking Supervision in March 2021, and werestandardized internationally as the appropriate response for financial institutions.
In light of the system failures, Mizuho recognizes that enhancing our ability to respond to crises is an important business challenge. Understanding that interruptions in operations
can occur, we are currently implementing our approach to operational resilience: a framework to ensure that the impacts of such an interruption are limited to a certain level. This ispart of the initiatives we are pursuing in our business improvement plan and takes into account the potential impacts on our customers and on markets.
Also, under the commitment of executive management, we will endeavor to further strengthen our operational resilience by instituting the step-by-step process below in ourbusiness continuity management.
1) Specify operations that have the potential to have a large impact on customers and markets; 2) Increase transparency regarding resources needed for critical operations; 3) Establish
what constitutes an impact so significant that risk cannot be tolerated (impact tolerances); 4) Confirm the appropriateness of impact tolerances via stress testing.

Integrated Report 2022

100

Message from theGroup CEO■ Mizuho’s comprehensive risk management system
Management

Business policy committees

Credit risk
Market risk
Liquidity risk

Risk Management Department

Operational risk

Officers responsible
for risk management

Credit Risk Management Department

Information technology risk(e.g. Group CRO)

Operations risk

Operations Planning Department

Legal risk

Legal Department

Human capital risk

Talent Planning and Management Department

Tangible asset risk

Facility Management Department

Regulatory risk

Strategic Planning Department

Reputational risk

Corporate Communications Department

Set risk management policies
Give instructions and approval concerning risk management

Mizuho Trust & Banking

IT & Systems Planning Department
Security & Data Management Department

Risk Committee

Mizuho Securities

Report the risk management situation
Submit applications concerning risk management

Mizuho Americas

Other core group companies

https://www.mizuhogroup.com/who-we-are/internal/r_management

Stress testing
At Mizuho, we assess the suitability of our risk appetite and the validity of our business plans through stress testing, calculating and assessing thefinancial effect on our capital adequacy ratio and on our business.
We carry out stress testing based on scenarios formulated taking into account current economic conditions and future outlooks, vulnerabilities in the
Mizuho group’s business and finance structures, and other factors. We can confirm whether our capital adequacy ratio, performance, and other indicators
are sufficient in the case that stress events actually materialize. If such indicators fall below the necessary level, we reconsider and revise our risk
appetite and business plans. In addition, we confirm the balance between owned capital and risk capital, including interest rate risk in the banking book, atthe post-stress stage to assess the adequacy of the capital level.
Looking at liquidity risk, through our stress testing we have verified that by taking certain measures for the future balance sheet with consideration to thebusiness plan, we will be able to maintain adequate funds even in the case of stress inherent to Mizuho or stress across the market as a whole.
Furthermore, to structure robust risk management systems, stress testing is also used to manage risk in various risk categories, such as market risk.
This process also serves as a foundation for understanding the characteristics of our business portfolio and enables planning in advance regarding thecourse of action which should be taken if a stress event occurs, and is conducted regularly to enhance our risk management capabilities.
Mizuho’s capital adequacy stress testing
1. Preparing scenarios

2. Calculation of risk impact

3. Analysis and use of results●Current economic conditions and●Calculation of the impact on the group●Assessment of the suitability of our●Vulnerabilities of the Mizuho group’s●Main items to calculate: Capital●Assessment of capital adequacy

future outlook

business and financial structure

Preparation of scenarios
common across the group
Mizuho Financial Group

Data section

Appendix

As a leading Japanese financial services group with a global presence and a broad customer base, we remain conscious at all times of theimportance of our social responsibilities and duty to the public. We define compliance as the strict observance of all laws and regulations andthe pursuit of fair and honest business operations that conform to socially-accepted norms, and we view ongoing compliance as one of thebasic principles of sound business management. Each of our group companies maintains their own compliance structure in line with the basic
policies established by Mizuho Financial Group.

upon the risk scenario materializing
adequacy ratio, losses, VAR, etc.

The President & CEO of Mizuho Financial Group, Mizuho Bank,
Mizuho Trust & Banking, and Mizuho Securities each generally
oversee compliance matters for their respective company, andimportant matters concerning compliance are discussed at theCompliance Committees chaired by the head of the relevantCompliance Group.
The four core group companies also have individual compliancedepartments overseen by the Head of the Compliance Group. These
departments are responsible for compliance planning andimplementation and control overall compliance management at
each company. At each organizational unit (such as branches anddepartments) within the four core group companies, the head of theorganizational unit is responsible for guidance and implementation
related to compliance matters, and the compliance officer orcompliance administrator at each organizational unit reviews thestatus of compliance.
Mizuho Financial Group monitors the status of compliance of thegroup through reports submitted by our core group companies andadopts appropriate responses as necessary. Compliance at
subsidiaries of our core group companies is monitored andmanaged by their respective parent company.

■ For more information on our risk management, please visit our website.

101

Foundations for our
corporate value

Compliance structure

Credit risk

Operational risk

President & Group CEO(e.g. Risk Management Committee)

Comprehensive risks

Departments responsible for risk management

Executive Management
Committee

Mizuho Bank

Our strategies forcreating value

Compliance

Mizuho Financial Group

Board of Directors

Message from theGroup CFO

Compliance

Risk governanceSupervision/Audit

About Mizuho

risk appetite and our business plans

Compliance structure
Mizuho Financial Group
Supervision/
audit

Board of Directors

Audit Committee

President & Group CEO

Executive Management Committee
Compliance Committee(Chairman: Head of theCompliance Group)Management

Group Chief Compliance Officer(Department in charge: Compliance Department)
Every organizational unit
Compliance officer/
compliance administrator

Head of each organizational unit

Core group companies (e.g. MHBK, MHTB, and MHSC)

Subsidiaries of the above group companies

Compliance practices
We have established the Mizuho Code of Conduct which sets forth clear and concrete standards of ethical behavior. Furthermore, each of ourgroup companies has also prepared a compliance manual, which serves as a practical guidebook for rigorous compliance enforcement andclarifies the laws and regulations that we must observe in our business operations and the compliance practices we are required to follow.
Mizuho ensures that all executive officers and employees are fully acquainted with both the Code of Conduct and the compliance manual’scontent through, for example, training upon joining the company.
We monitor the status of compliance levels through self-assessments by each department and monitoring conducted by the compliancedepartment of each company. In addition, every fiscal year, each of our group companies establishes a compliance program which contains
concrete measures for compliance enforcement such as compliance framework management, training, and assessments. Progress on thecompliance program is monitored every six months.

Financial crime risk management
Financial crimes are becoming more diverse and sophisticated, and acts of terrorism continue to occur around the world. In light of these trends,
anti-money laundering (AML) and combating the financing of terrorism (CFT) are extremely important. Against this backdrop, the key challenge
for financial institutions is the strengthening of their AML/CFT measures. As a financial services provider operating globally, Mizuho Financial
Group is subject to the laws and regulations of both Japan and the other jurisdictions where it operates, as well as to supervision from financial
regulators based on those laws and regulations. Accordingly, we have devised AML/CFT policies and procedures that conform to the laws andregulations in each jurisdiction and we are also continually enhancing our AML/CFT measures.
On November 26, 2021, Mizuho Bank received a corrective action order from the Ministry of Finance of Japan in regard to the performance ofconfirmation obligations required of banks under Article 17 of the Foreign Exchange and Foreign Trade Act of Japan. Subsequently, on December
Integrated Report 2022

102

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

AppendixCompliance

17, 2021, we submitted a report to the Ministry of Finance on our measures to improve operations and prevent further incidents. For more
information on the Ministry of Finance’s corrective action order, please see our press release “Regarding administrative actions by the Financial
Services Agency and Ministry of Finance of Japan”, dated November 26, 2021. For more information on the issues identified and our progress on
formulating measures to address those issues and prevent further incidents, please see our press release “Submission of report complying withthe corrective action order issued by the Ministry of Finance of Japan to Mizuho Bank, Ltd.”, dated December 17, 2021. The Mizuho group will
steadily implement measures to improve our operations and prevent further incidents. We will also reinforce our structure for compliance withlaws and regulations, and we will enhance our AML/CFT measures.

Our stance towards organized crime
In order to prevent organized crime from influencing the management of our clients and to avoid any association with the harm caused byorganized crime, the Mizuho Code of Conduct includes a policy covering our zero-tolerance stance on business relationships with individuals ororganizations that are in any way associated with organized crime and therefore threaten the rule of law, public order, and safety.
We have also formed an Anti-Organized Crime Committee which includes external experts in industry-specific, in-depth discussions on thissubject, in addition to other initiatives we are implementing on a group-wide basis to ensure that we have no direct or indirect associations withorganized crime. Moreover, drawing on the discussions in this committee, these matters are also discussed and reported on at meetings of thecompliance committees of Mizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, and Mizuho Securities.
Furthermore, core group companies maintain centralized departments or appoint an officer to manage anti-organized crime efforts and tomaintain effective frameworks, for example, by establishing a manual on how to manage such issues and conducting training sessions. If
required, we consult with third-party experts and authorities on the handling of specific cases.

Measures for ensuring compliance
At Mizuho, compliance-related education and training are key measures for ensuring appropriate compliance.
During fiscal 2021, Mizuho continued to provide effective training tailored to a broad range of roles within the organization, from employees to senior
management. We conducted 16 training sessions in total, including mandatory compliance training sessions for all employees; role-specific training
for executive officers, general managers, compliance officers, and other senior management members; and e-learning training sessions on specificcompliance topics.
To respond to the administrative actions of 2021, we are endeavoring to improve our training and further enhance our legal and regulatorycompliance in fiscal 2022.
As part of performing their duties, every executive officer and employee must be knowledgeable in compliance and understand underlying risks inregard to all laws and regulations. Such preparedness is essential to a sound legal and regulatory compliance structure. We are conducting an
overall revision of our training based on this perspective, examining laws and regulations, business fields, and positions to determine whatknowledge is required and what the content and scope of roles and responsibilities in each area are. We will address these factors through our
implementation of training.
In addition to training sessions and other programs designed to promote compliance, we are also dedicated to detecting potential complianceissues at the earliest stage possible and taking appropriate action. When we become aware of potential compliance issues, such matters must bereported immediately to department and branch managers in accordance with our compliance manual. Furthermore, each group company has
established a hotline which employees can call in order to speak with someone within the Compliance Division or an external law office orcompliance professional. For matters related to inappropriate accounting, internal control on financial reporting, and auditing, an internal control
and auditing hotline, which connects to an external law office, is available to receive reports from both in and outside the company.

Internal reporting systems (Compliance hotline)
We have a robust internal reporting system in place, and are working to further increase its effectiveness by establishing group-widereporting channels outside the workplace that are available 24 hours a day, every day of the year. These channels also offer service
in multiple languages and accept anonymous reports. To ensure that employees at each group company are fully acquainted withthese systems, hotline numbers and other relevant information is included on posters within each workplace and distributed to all
employees on wallet-sized cards. In fiscal 2021, the Mizuho group received a total of 216 reports through our hotlines from both insideand outside the group, with the response status reported to members of our Audit Committee. Following inspection by an authorized
registration institute under the Consumer Affairs Agency, our internal reporting system was recognized as operating properly andregistered to the Whistleblowing Compliance Management System (a Self-declaration System).

Internal control and audit hotline
Our audit hotline, which connects to an external law office, is available to receive reports from both in and outside the company in connection withconcerns regarding accounting and financial reports.

Customer protection management
We give first priority to our customers, and we believe that earning their trust is the basis for ensuring sound management and therefore earning
the trust of other stakeholders as well. With this in mind, a core part of our compliance is to continuously seek to monitor and improve theoperations of the group from the perspective of what is in the best interests of our customers in order to ensure that our operations are appropriate
and to improve customer convenience. We manage customer protection uniformly throughout the group in order to achieve this objective.

Customer protection management structure
At Mizuho, customer protection management refers to the efforts
we make to improve the protection of our customers and improvecustomer convenience from the following perspectives:
1. Ensuring the appropriateness and sufficiency of explanations
provided to customers prior to conducting transactions,purchasing products, etc. as well as the provision of information(e.g. product explanations) to customers.

Mizuho Financial Group
Supervision/
audit

Board of Directors

Audit Committee

President & Group CEO

Executive Management Committee
Compliance Committee(Chairman: Head of theCompliance Group)

2. Ensuring the appropriateness and sufficiency of the handling ofcustomer inquiries, complaints, and other communications(customer service).
3. Ensuring the appropriateness of the management of customer
information (customer information management).

Management

Officers responsible for the general management of customer protection(Department in charge: Compliance Department)

4. Ensuring the appropriateness of customer interaction and thehandling of customer information in cases where group
operations are outsourced (outsourcing management).
5. Ensuring the appropriateness of the management of measures tobe taken in order to address conflicts of interest arising fromtransactions with customers (conflict of interest management).
Our President & Group CEO generally oversees the management ofcustomer protection, and important matters are discussed atCompliance Committee meetings (chaired by the Head of theCompliance Group). Further, the Mizuho Financial Group divisions
responsible for each area of management described above also
provide centralized monitoring and implementation of our coregroup companies’ customer protection management. Core groupcompanies oversee customer protection management at their own
subsidiaries.

Divisions in charge

Customer information management

Explanation of products

Outsourcing management

Customer service management

Conflict of interest management

Core group companies (e.g. MHBK, MHTB, and MHSC)

Subsidiaries of the above group companies

Information management
Advances in information technology have enabled greater utilization of data. At the same time, many countries have tightened legislation
protecting personal information. There has also been closer public scrutiny of the methods companies use to protect personal information.
Mizuho is aware of the vital importance of managing information in a way that ensures appropriate protection and use of information assets.
We are constantly working to strengthen our information management practices. For example, we aim to ensure that our security management
measures and information administration methods for information assets are clear and straightforward. Also, we implement training andawareness-building exercises to ensure that all members of our organization have a firm understanding regarding the proper protection of
information assets.

Customer service management
At Mizuho, we engage in business with a wide range of customers, and we put a strong emphasis on responding appropriately to feedback,complaints, or other communication from customers in addition to our efforts to offer customers stronger protections and higher convenience.
In the case of receiving a complaint or other critical feedback, we not only emphasize the importance of responding quickly and politely, butalso require reports to be drawn up in order to monitor these situations.
Furthermore, we regard all customer feedback as an important asset and work continuously to improve our operations and prevent therecurrence of issues with the aim of increasing customer satisfaction.
For more information on Mizuho’s customer protection measures, please see our website:

103

Mizuho Financial Grouphttps://www.mizuhogroup.com/who-we-are/internal/customer

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104

Message from theGroup CEO

Fiduciary duties** Fiduciary duties is a general term for the broad range of roles and responsibilities that fiduciaries are expected to fulfill
when engaging in certain business activities in order to live up to the trust that is placed in them by their customers.

Mizuho’s Corporate Identity includes our central values—the Mizuho Values—starting with putting our customers first, and these values areshared by everyone at Mizuho. As a team of financial professionals providing a broad range of financial services, we are committed to providing
the best, most appropriate solutions in response to our customers’ diverse needs.
We have released Policies Regarding Mizuho’s Fiduciary Duties as group-wide policies which ensure that through our asset managementrelated businesses we offer products and services that are in the best interest of our customers and that we continue to be our customers’
most trusted financial services partner and long-term partner. In addition, at the holding company and relevant group companies, we haveestablished and made public specific action plans for ensuring we are always aligned with customers’ best interests.
For more information on Policies Regarding Mizuho’s Fiduciary Duties, please see our website:

Through fulfilling our fiduciary duties, Mizuho aims to ensure a highlevel of customer satisfaction and to earn the trust of customers byincreasing their financial assets in the medium to long term.

Key Performance Indicators (KPIs)
With the objective of creating shared value with our customers, wehave established KPIs to confirm our level of performance of our
fiduciary duties, and we announce them periodically along with thestatus of initiatives under our Action Plan.

At the same time, by expanding our customer base and establishinga brand built on customer satisfaction and trust, we aim to createshared value with our customers that will also lead to medium- tolong-term growth for Mizuho, which will allow us to further enhance
the level of customer service we provide.

Positive and trustworthy public image

Results

MizuhoCustomers

MizuhoPursuing our customers’ best interests

Creating
sharedvalue

Enhancing customer satisfaction and trust

Medium- to long-term growth
Expanding customer baseand strengthening our brand

Key Performance Indicators (KPIs)●Number of personnel with professional qualifications●Number of funds with a rating of 4 stars or higher●Number of companies involved in our engagement activities●Number of publicly offered investment trusts in different
balance ranges●Average balance per publicly offered investment trust●Number of website views●Number of participants enrolled in financial education
courses●Customer satisfaction surveys●Number of funds which have received fund awards●Survey of satisfaction among investment trust companies

Foundations for our
corporate value

Data section

Appendix

Cybersecurity
Cyberattacks are on the rise with the advancement of digitalization throughout society
As digitalization continues to advance, communication and economic activities that take place over the Internet have become a part of daily life
in many regions around the world. The Internet is becoming a public space where large volumes of private information circulate andaccumulate. There has been an increase in cyberattacks with suspected state involvement, and the number of cyberattacks that target not only
the private information of individuals but also confidential information held by companies is also growing. Means of carrying out cyberattacks
are increasingly being offered as services and are becoming more specialized, allowing cyberattacks to be executed by collaborating parties
regardless of whether each party possesses all the necessary skills for an attack. Such developments lay behind the increase in cyberattacks.

At Mizuho as well, we are advancing financial services and data business that leverage digital technologies. In order to provide safe andreliable services to our customers, it is important that we address the risks that accompany the use of digital technologies, particularly withregard to cybersecurity.
We consider cyberattacks to be one of the top risks for our business, and we are continuously pressing forward with cybersecurity measures
as per our Declaration of Cybersecurity Management. Specifically, with Mizuho-CIRT 1 taking the lead, we have assigned high-levelprofessionals and are drawing on intelligence and cutting-edge technology developed in collaboration with external specialized organizations,while also establishing a monitoring framework via integrated SOC.2 We are conducting cybersecurity drills multiple times a year to prepare for
emergency situations, and are focusing on personnel development in the medium to long term together with our initiatives to strengthen ourresilience frameworks, including the analysis of malware and the development of defense-in-depth measures.

https://www.mizuhogroup.com/who-we-are/strategy/it/cybersecurity

Fulfilling our fiduciary duties

Increase in financial assets
over the medium to long term

Our strategies forcreating value

Declaration of Cybersecurity Management

Creating shared value between customers and Mizuho

Providing optimal financial products
and services to customers

Message from theGroup CFO

Mizuho’s cybersecurity initiatives

https://www.mizuhogroup.com/binaries/content/assets/pdf/mizuhoglobal/news/2017/03/20170330_2release_jp_1-1.pdf

Our commitment to fulfilling our fiduciary duties to createshared value between customers and Mizuho

About Mizuho●Balance of assets under management from investment
products●Number of customers using our investment products●Customer ratio by investment profit/loss from investment
trust funds●Average holding period for publicly offered investment trusts●Balance of funds in publicly offered and privately placed
investment trusts●Balance of asset formation-focused products●Balance of pension trust assets●Balance of publicly offered investment trusts underadministration*In addition to the Key Performance Indicators listed above, the following common KPIs have also been released.

1. Cyber Incident Response Team
2. Security Operation Center

Mizuho’s cybersecurity management framework
At Mizuho, under the supervision of the Board of Directors, we have established the position of Group Chief Information Security Officer (Group
CISO), who administers overall group-wide / global cybersecurity management, and we have also established CISOs at our main subsidiaries. In
the interest of clarifying how the check-and-balance system applies to the Group Chief Information Officer (Group CIO) as part of our secondline of defense, the Group CISO reports to both the Group CIO and Group Chief Risk Officer (Group CRO). We are striving to enhance ourcybersecurity posture on a group-wide, global basis by implementing this system of double reporting.
Board of Directors

Executive Management Committee

President & Group CEO
Internal Audit
GroupGroup Chief Information Officer (Group CIO)

Group Chief Risk Officer (Group CRO)

Common KPIs (1) Customer ratio by investment profit/loss from investment trust funds/fund wraps, (2) Cost vs. return of the best-selling investment products in terms of the balance of investment trust assets under management, (3)Risk vs. return of the best-selling investment products in terms of the balance of investment trust assets under management, (4) Customer ratio by investment performance of the foreign currency-denominated insurance
products (5) Cost vs. return of the foreign currency-denominated insurance products.

Group Chief Information Security Officer (Group CISO)

Audit

Earned S+ score in R&I Customer-Oriented Investment Trust Sales Company Evaluation
Mizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, andMizuho Securities, as part of our efforts to obtain third-party objective
evaluations of our initiatives for our fiduciary duties, obtainassessments from Rating & Investment Information (R&I) under their
Customer-Oriented Investment Trust Sales Company Evaluation.
We received the latest results in January 2022. All four companies
earned an S+ score for the second consecutive year, placing them inthe top tier of companies in the industry.
105

Mizuho Financial GroupThe R&I Customer-Oriented Investment Trust Sales Company
Evaluation ("this evaluation") represents R&I’s opinion on the"customer-oriented business operations" initiatives of sales
companies engaged in the investment trust sales business, and is
not a statement of fact. The information used by R&I in conducting
this evaluation is deemed to be reliable by R&I at its discretion, but
R&I does not independently verify the accuracy of such information.
In addition, R&I and others do not guarantee the accuracy andcompleteness of the information, and do not recommend thepurchase, sale or holding of specific products or guarantee future
performance. All intellectual property rights such as copyrights
related to this evaluation and all other rights belong to R&I and areprohibited from reproduction or reprinting without permission. The
evaluation of Mizuho Financial Group combines the evaluations ofMizuho Bank, Mizuho Trust & Banking, and Mizuho Securities.

FG Security & Data Management Department

Group companies
FG: Mizuho Financial Group

Integrated Report 2022

106

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Stakeholder communication
In addition to articulating our commitment to maintain an ethical stance towards our stakeholders within the Mizuho Code of Conduct,
we aim to communicate with our stakeholders proactively and we strive to ensure that our corporate activities are aligned with social
expectations as well as fair and transparent.

Our stakeholders
We communicate with our broad base of stakeholders using a wide range ofcommunication tools and channels and aim to reflect their opinions and ideas into our
corporate activities.
Stakeholders

Initiatives to increase the quality and quantity of communication
Government
authorities

Shareholders

To raise the qualityof communication, we are endeavoring to transform the corporate
Customers
Customer
culture and promote communication
by setting up working groups made up of
feedback systems
Providing attractive
participantsfromacrosstheMizuhogroup,
which provide direct feedback fromproducts and services
Identification ofeach customer’s needs
employees.andInexpectations
addition, executive management and employees have the opportunity toengage in direct dialogue with each other in town hall meetings and discussion
meetings.
• Customer feedback
cards• Call centers• Providing recommendations andinformation promptly

Shareholders

General Meeting of Shareholders, investor briefings▶ P. 43

Employees

Various briefings, town hall meetings, employee opinion surveys▶ P. 79, 108

Regional/local communities Social contribution activities, support for financial education

We are endeavoring to raise the quality and quantity of the internal communications within our group as part of our efforts to build
reciprocal, horizontal relationships between our executive management and employees, Head Office and frontlines, supervisors and theirdirect reports, and the employees themselves, and foster a corporate culture in which each employee acts independently and proactively.

Customers

Principal communication channels
Customer feedback cards, customer satisfaction surveys, call centers,▶ P. 107
website customer feedback forms, and a dedicated toll-free number

Customers

A closer look at our internal communications• Customer satisfaction
survey• Consulting services which draw
on our advanced expertise• Enhancement of our solutions
capabilities▶ P. 108

Suppliers/
competitors

Employees

Suppliers/competitors Purchasing activities and outsourcing contracts
Policy recommendations, participation in industry groups, appropriate
Government authorities responses to supervisory authorities

Regional/local
communities

Discussion meetings between executive management and employees

Group companies

Further, to increase
the quantity of communication, our executive management, led by
Mizuho Financial Groupthe Group CEO, communicates with employees through a range of channels including
messages, briefings, videos, and emails. Employee surveys on this outreach are also
conducted and a number of opportunities for mutual communication provided.

Increase customer satisfaction (CS) awareness throughout the group

Customer feedback

A closer look at our communication with customers
In our Vision, we at Mizuho have adopted a goal of being our customers’ best financial services provider and we have put a number of
initiatives in place in order to achieve this objective. Using a range of communication channels, we actively stay abreast of theconstantly changing needs of our customers and strive to improve the level of services that we can offer.

Customers
Providing attractive
products and services
Customers• Providing recommendations
andinformation promptly• Consulting services which draw
on our advanced expertise

Identification ofeach customer’s needs
and expectations

Systems to capture customer feedback
Customer feedback cards

Customerfeedback systems

Mizuho Bank, Mizuho Trust & Banking, and Mizuho Securities havemade customer feedback cards available in the lobby areas ofretail branches in order to gather customer opinions and requests.

• Customer feedback
cards• Call centers

Customer satisfaction surveys• Customer satisfaction
surveyMizuho Bank, Mizuho Trust & Banking, and Mizuho Securities
regularly conduct customer satisfaction surveys, reflecting the
feedback inCustomers
improved group products andservices.
Customer

Government
authorities

Shareholders• Enhancement of our solutions
capabilities

Providing attractive Call centersproducts and services
Identification of

Our call centers are available for responding
to customer• Call centerseach customer’s needs• Customer satisfaction
opinions andrequests
anddatacollected
fromthese centers is asurveyand expectations• Consulting services which draw
valuable resource.
on our advanced expertise• Providing recommendations andinformation promptlyGroup companies• Enhancement of our solutions
capabilities

Suppliers/
MizuhoFinancial Group

Employees

competitors

Increase customer satisfaction (CS) awareness throughout the group
Regional/local
communities

Mizuho Financial Group

Briefing for employees

Branches
Head Office: Executive Management Committee and other venues

A closer look at our communication with local communities
In our aim to be a good corporate citizen that aligns our organization’s interests with those of society, supports society, and advances instep with society, the Mizuho group is actively engaged in social contribution initiatives addressing local community issues and needs.

Community and social contribution activities
At our offices worldwide, employees and their families
undertake volunteer activities in local communities.
We are also involved in various social contribution initiatives,
including delivering yellow safety badges to first graders acrossJapan to help ensure their traffic safety and holding Coming-ofAge Day concerts in Japan to expose the next generation to art
and culture.

Financial and economic education initiatives
Using their practical knowledge and insights, each of our groupcompanies assigns executive officers and employees to teachfinancial and economic education. We serve the needs ofvarious age groups, from first graders to members of thegeneral public, through providing financial literacy seminars,
workplace experience, and endowed lectures.

Website feedback forms and dedicated toll-free number
Mizuho Bank, Mizuho Trust & Banking, and Mizuho Securities
Group companies
have made feedback forms available on their websites, as wellas established a dedicated toll-free line, to gather customer
Mizuho Financial Group
opinions and requests.

Customer feedback

At Mizuho Bank, Mizuho Trust & Banking, and Mizuho
For matters that cannot be
addressed immediately,
Securities, we draw on the opinions expressed by customers in
we devise and implement
For matters that cannot be
We respond
Customer opinions, requests,
improvement plans on a
discussions
and managementlevel meetings,
basis.
addressed
immediately,held at branches
immediately
forcomplaints, and othergroup-wide
feedbackareincludingthose of the Executive
Management
Committee
at at our branches or via other
we devise
and implement
matters thatcan bereceived
improvement
on ahandled at the branchchannels such as our call centers andHeadplans
Office.
107

We respond
immediately formatters that can behandled at the branchlevel.

Increase customer satisfaction (CS) awareness throughout the group

Reflecting customer feedback into our corporate activities
Customer feedback

group-wide basis.

feedback systems• Customer feedback
cards

opinions, requests,
Our other communicationCustomer
initiatives
include providing information on the Mizuho
complaints, and other feedback arereceived at our branches or via othergroup's employee intranet
Mizuho Web, the annual staff survey of group employees,
channels such as our call centers andour website.
and ad hoc quick pulse surveys.

For matters that cannot be
addressed immediately,
we devise and implement
improvement plans on agroup-wide basis.

level.

our website.

Branches

We respond
immediately formatters that can behandled at the branchlevel.

Customer opinions, requests,
complaints, and other feedback arereceived at our branches or via otherchannels such as our call centers andour website.

Branches

Volunteering at a food bank for a local community outside
Japan
Poster promoting the traffic safety
yellow badges presented to first graders
throughout Japan

Live online lesson at Children’s Summer School

Head Office: Executive Management Committee and other venues
Integrated Report 2022

108

Data section

Eleven-year major financial data (FY2011 – 2021) ··· P. 111
Review and analysis for fiscal 2021 ··········· P. 113
Consolidated financial statements ············ P. 117
Non-financial data ··············································· P. 121
Mizuho’s global network ································ P. 122
Corporate profile ················································· P. 123
109

Mizuho Financial Group

Integrated Report 2022

110

Message from theGroup CEO

Message from theGroup CFO

About Mizuho

Our strategies forcreating value

Foundations for our
corporate value

FY2019FY2020

Data section

Appendix

Eleven-year major financial data (FY2011 – 2021)


Summary of consolidated performance(¥ billion)
FY2011FY2012FY2013

FY2014FY2015FY2016FY2017FY2018FY2021

Consolidated gross profits

2,003.0

2,171.7

2,035.2

2,247.7

2,221.6

2,092.7

1,915.3

1,812.7

2,062.2

2,198.6

2,252.4

Net interest income

1,088.3

1,075.8

1,108.3

1,129.4

1,003.6

867.8

807.3

762.4

733.5

905.6

993.4

Fiduciary income

49.0

48.5

52.0

52.6

53.4

50.6

55.4

55.1

58.5

55.1

60.4

Credit costs for trust accounts

—

—

—

—

—

—

—

—

—

—

—

Net fee and commission income

458.9

507.3

560.7

593.3

607.5

603.5

614.3

610.4

619.2

687.1

740.9

Net trading income

150.3

215.0

187.4

262.9

310.5

325.3

275.7

297.3

391.2

388.1

287.6

Net other operating income

256.4

324.8

126.7

209.3

246.4

245.4

162.4

87.3

259.5

162.5

169.8

General and administrative expenses(1,283.8)(1,244.6)(1,258.2)(1,351.6)(1,349.5)(1,467.2)(1,488.9)(1,430.8)(1,378.3)(1,414.6)(1,392.8)

Consolidated net business profits*

719.1

912.1

744.2

876.9

852.8

663.4

457.8

393.3

661.9

797.7

851.2

Credit-related costs

27.7(111.8)

112.8

(4.6)

(30.4)(47.5)

156.3(19.5)(171.7)(204.9)(235.1)Aggregate figures for the 2 banks

24.7(114.1)

116.6

(7.8)

(26.7)(49.3)

153.2(22.7)(173.7)(201.5)(303.7)

Net gains (losses) related to stocks(38.1)(82.9)

77.0

131.9

205.6

242.1

272.0

274.8

137.1

12.1

(43.8)Net gains (losses) on sales of stocks

15.6

46.6

81.5

143.7

225.3

261.1

288.3

305.2

153.7

56.8

29.5

Losses on impairment (devaluation) of stocks(49.3)(125.8)

(5.3)

(5.3)

(10.3)

(4.8)

(5.1)

(5.7)

(41.6)(5.8)(41.6)

Equity in income from investment in affiliates

2.6(11.1)

15.4

15.0

24.2

18.8

21.4

51.2

30.3

19.9

25.4

Other

(62.9)

29.2

5.1(27.5)(74.0)(101.5)(93.7)(74.2)(41.7)(74.8)(46.1)

Ordinary profits

648.5

750.3

987.5

1,010.8

997.5

737.5

782.4

614.1

637.8

536.3

559.8

Net extraordinary gains (losses)

67.8(32.5)(2.2)(20.2)

10.7

46.6

17.5

(497.8)(19.1)

115.8

44.0

Income taxes – current(55.3)(50.4)(137.0)(260.2)(213.2)(196.5)(190.1)(161.3)(150.0)(165.6)(117.3)– deferred
Profit(97.4)(7.4)(77.9)(44.7)(69.2)

58.8

(1.4)

163.8

(11.4)

(9.0)

56.6

563.6

659.9

770.3

685.6

725.7

646.4

608.3

118.7

457.2

477.3

543.1

Profit attributable to non-controlling interests(79.1)(99.4)(81.9)(73.7)(54.7)(42.9)(31.7)(22.1)

(8.6)

(6.3)

(12.7)

Profit attributable to owners of parent

484.5

560.5

688.4

611.9

670.9

603.5

576.5

96.5

448.5

471.0

530.4

* Consolidated gross profits – G&A expenses (excluding non-recurring losses) + Equity in income from investments in affiliates and certain other consolidation adjustments

Summary of consolidated balance sheet(¥ billion)
FY2011

Assets

FY2012FY2013

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

165,360.5

177,411.0

175,822.8

189,684.7

193,458.5

200,508.6

205,028.3

200,792.2

214,659.0

225,586.2

237,066.1

Loans and bills discounted

63,800.5

67,536.8

69,301.4

73,415.1

73,708.8

78,337.7

79,421.4

78,456.9

83,468.1

83,704.6

84,736.2

Securities

51,392.8

53,472.3

43,997.5

43,278.7

39,505.9

32,353.1

34,183.0

29,774.4

34,907.2

43,697.2

44,641.0

Liabilities

158,491.2

169,674.8

167,518.3

179,884.2

184,105.3

191,235.2

195,207.0

191,598.1

205,995.2

216,224.0

227,865.1

Deposits

78,811.9

84,241.9

89,055.5

97,757.5

105,629.0

120,045.2

125,081.2

124,311.0

131,189.6

133,312.4

138,830.8

Negotiable certificates of deposit

11,824.7

15,326.7

12,755.7

15,694.9

11,827.5

10,631.2

11,382.5

13,338.5

13,282.5

17,192.5

16,868.9

6,869.2

7,736.2

8,304.5

9,800.5

9,353.2

9,273.3

9,821.2

9,194.0

8,663.8

9,362.2

9,201.0

Total shareholders’ equity

4,762.7

5,174.6

5,676.2

6,131.1

6,559.9

7,001.2

7,388.3

7,303.0

7,561.0

7,807.2

8,130.1

Retained earnings

1,405.0

1,814.7

2,315.6

2,769.3

3,197.6

3,615.4

4,002.8

3,915.5

4,174.1

4,421.6

4,756.4

Total accumulated other comprehensive income

146.6

752.5

781.0

2,029.9

1,607.8

1,520.9

1,677.5

1,445.7

992.9

1,449.0

947.1

Non-controlling interests

1,957.6

1,806.4

1,844.0

1,635.5

1,182.6

749.3

754.2

444.5

109.6

105.7

123.5

Net assets

Financial indicators(%)
FY2011FY2012FY2013

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

Common Equity Tier 1 capital ratio (consolidated)

/

8.16

8.80

9.43

10.50

11.34

12.49

12.76

11.65

11.63

12.46

Tier 1 capital ratio (consolidated)

/

11.03

11.35

11.50

12.64

13.30

15.44

15.94

14.52

14.37

15.00

Capital adequacy ratio (BIS standard) (consolidated)

15.50

/

/

/

/

/

/

/

/

/

/

/

14.19

14.36

14.58

15.41

16.28

18.24

18.85

17.25

16.87

17.53

Net assets per share (Yen)*

187.19229.70253.25322.86322.46335.96357.41345.003,372.96

3,650.87

3,581.39

Profit attributable to owners of parent per share (Yen)*

20.62

22.96

28.18

24.91

26.94

23.86

22.72

3.80

176.87185.75209.27

Net return on equity (consolidated)

11.36

10.99

11.65

8.60

8.37

7.27

6.55

1.08

5.18

5.29

5.78

Total capital ratio (consolidated)* Mizuho Financial Group adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020.
Net assets per share (Yen) and Profit attributable to owners of parent per share (Yen) have been calculated under a backdated scenario in which the share consolidation was adopted at the beginning of fiscal 2019.

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Message from theGroup CFO

About Mizuho

Our strategies forcreating value

Foundations for our
corporate value

Data section

AppendixReview and analysis for fiscal 2021
Summary of consolidated performance

Summary of consolidated balance sheet

Historical data(¥ billion)
FY2010FY2011FY2012FY2013

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

Consolidated gross profits

2,025.3

2,003.0

2,171.7

2,035.2

2,247.7

2,221.6

2,092.7

1,915.3

1,812.7

2,062.2

2,198.6

2,252.4

Consolidated net business profits1

741.7

719.1

912.1

744.2

876.9

852.8

663.4

457.8

393.3

661.9

797.7

851.2

Consolidated(¥ billion)

AssetsSecurities
Japanese government bonds

Net income (losses)2

484.5

413.2

560.5

688.4

611.9

670.9

603.5

576.5

448.5

471.0

530.4

96.5

2. Profit attributable to owners of parent from FY2015 onward

Consolidated

FY2021

Change fromFY2020

FY2020Consolidated gross profits

2,252.4

2,198.6

53.7

General and administrative expenses(1,392.8)(1,414.6)

21.7

Expenses related to portfolio problems1(255.9)(209.9)(46.0)

Gains on reversal of reserves forpossible losses on loans and others

20.7

4.9

15.8

Net gains (losses) related to stocks(43.8)

12.1(55.9)

Equity in income from investments inaffiliates

25.4

19.9

5.5

Other

(46.1)(74.8)

28.7

Ordinary profits

559.8

536.3

23.5

Net extraordinary gains (losses)

44.0

115.8

(71.8)

Income before income taxes

603.8

652.1

(48.2)

Income taxes(60.6)(174.7)

114.0

Profit

543.1

477.3

65.8

Profit attributable to non-controllinginterests(12.7)

(6.3)

(6.3)

Profit attributable to owners of parent

530.4

471.0

59.4

Credit-related costs(235.1)(204.9)(30.2)

Consolidated net business profits2

851.2

797.7

53.5

1 Including reversal of [provision for] general reserve for losses on loans
2 Consolidated gross profits − G&A expenses (excluding non-recurring losses) + Equity in income

Consolidated net business profits
We recorded consolidated gross profits of ¥2,252.4 billion for fiscal
2021, an increase of ¥53.7 billion from the previous fiscal year due
to factors including steady performance in the customer division.
General and administrative expenses decreased by ¥21.7 billion ona year-on-year basis to ¥1,392.8 billion, mainly due to an increase inamortization expenses of actuarial differences (favorable gains andlosses) and steady progress in cost reductions through structuralreforms.
As a result, consolidated net business profits increased by ¥53.5
billion on a year-on-year basis to ¥851.2 billion.

Credit-related costs increased by ¥30.2 billion on a year-on-yearbasis to ¥235.1 billion, mainly due to recording large reserves forcertain clients, as well as recording reserves for Russia-relatedclients.
Net gains (losses) related to stocks decreased by ¥55.9 billion on a
year-on-year basis, resulting in a loss of ¥43.8 billion, mainly due towriting off stocks such as the cancellation of bear funds introduced
to stabilize a portion of unrealized gains on equity securities,
despite continuing to sell stocks held for policy purposes.

from investments in affiliates and certain other consolidation adjustments

As a result, ordinary profits increased by ¥23.5 billion on a year-onyear basis to ¥559.8 billion.

MHBK + MHTB (Aggregate figures on a non-consolidated basis)(¥ billion)
FY2021Gross profits

1,468.6

FY20201,477.3

Change fromFY2020(8.6)

G&A expenses (excluding non-recurring
losses)(857.9)(897.0)Net business profits

610.7

580.2

30.5

Credit-related costs(303.7)(201.5)(102.1)

Net gains (losses) related to stocks(47.4)(12.3)(35.1)

39.1

Ordinary profits

261.4

321.9

(60.5)Net income (losses)

219.2

311.7

(92.5)

As for net extraordinary gains (losses), gains decreased by ¥71.8
billion on a year-on-year basis to ¥44.0 billion, mainly due to theabsence of extraordinary gains from the revision of the pension
plan recorded in the previous fiscal year, despite gains from thereturn of employee retirement benefit trust assets implemented aspart of financial structural reforms since the previous fiscal year.

11,479.9

44,641.0

43,697.2

943.7

21,400.5

4,238.1

419.6

463.5

(43.9)

Japanese corporate bonds andshort-term bonds

3,042.0

2,760.9

281.1

Securities
Securities were ¥44,641.0 billion, increasing by ¥943.7 billion fromthe end of the previous fiscal year due to an increase in short-term
Japanese government bonds and other factors.
JGB balance (MHBK + MHTB)1
Medium- and long-term bonds2(Acquisition cost basis)

Floating-rate notes

Treasury discount bills

Japanese stocks

3,239.4

3,570.1(330.7)

Other

12,301.2

15,502.1(3,200.8)

84,736.2

83,704.6

1,031.6

86,651.9

85,984.5

667.4

60,188.1

62,044.2(1,856.1)

Loans to SMEs and individual
customers

34,897.9

35,601.0(703.1)

5.4
0.6(Housing loans for owner’s
residential housing)

7,896.3

8,125.6(229.2)

5.8

7.6

7.6

7.6

Mar. 31, 2019

Mar. 31, 2020

Mar. 31, 2021

Mar. 31, 2022

2.4 years

1.1 years

1.2 years

Loans (MHBK + MHTB, banking
account + trust account)

Overseas total

20.9

4.6
0.3

26,463.8

23,940.2

2,523.6

216,224.0

11,641.1

Deposits

138,830.8

133,312.4

5,518.4

Average remaining period3

112,531.4

111,043.3

1,488.1

2.1 years

Individual deposits

47,667.5

47,321.6

345.8

Corporate deposits

55,596.1

54,592.7

1,003.4

2. Including bonds with remaining period of one year or less

Financial/government
institutions

9,267.7

9,128.8

138.8

3. Excluding floating-rate notes

Negotiable certificates of deposit

16,868.9

17,192.5(323.6)9,201.0

9,362.2(161.1)
322.9

Total shareholders’ equity

8,130.1

7,807.2

Common stock

2,256.7

2,256.7–

Capital surplus

1,125.3

1,135.9(10.6)

Retained earnings

4,756.4

4,421.6

334.7

Treasury stock

(8.3)

(7.1)

(1.2)

947.1

1,449.0(501.8)Net unrealized gains (losses) onother securities

719.8

1,132.4(412.6)

Deferred gains or losses on hedges(76.7)

31.6(108.3)

Revaluation reserve for land

132.1

136.3

(4.2)

Foreign currency translation
adjustments

2.3(139.5)

141.8

Remeasurements of defined benefit
plans

169.6

288.0

(118.4)

Debt valuation adjustments inforeign affiliates

(0.0)

–

(0.0)

Total accumulated othercomprehensive income

Stock acquisition rights

0.0

0.1

(0.0)

Non-controlling interests

123.5

105.7

17.7

17.4

13.3

12.6

11.8

227,865.1

Domestic deposits (MHBK +MHTB)(¥ trillion)

25.1

Liabilities

Net assets

Profit attributable to owners of parent

225,586.2

25,638.7

Domestic total(¥ billion)

March 31, 2020

237,066.1

Japanese local government bonds

Loans and bills discounted
1. Consolidated gross profits – G&A expenses (excluding non-recurring losses) + Equity in income from investments in affiliates and certain other consolidation adjustments

March 31, 2021

Change fromMarch 31, 2021

1. Other securities which have readily determinable fair values

Japanese stocks (consolidated)* (¥ billion)

1,419.8

Mar. 31, 2019

1,272.0

Mar. 31, 2020

(Acquisition cost basis)

1,167.7

Mar. 31, 2021

1,077.3

Mar. 31, 2022

*Other securities which have readily determinable fair values

Income taxes decreased by ¥114.0 billion on a year-on-year basis
to ¥60.6 billion, partly due to the tax effect of capital optimization
implemented by Mizuho Securities as part of financial structurereforms.
As a result, profit attributable to owners of parent increased by¥59.4 billion on a year-on-year basis to ¥530.4 billion.

113

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114

Message from theGroup CEO

Message from theGroup CFO

About Mizuho

Our strategies forcreating value

Foundations for our
corporate value

Data section

AppendixReview and analysis for fiscal 2021

Loans

BIS capital

Total net assets

The total of loans was ¥84,736.2 billion, an increase of ¥1,031.6
billion compared to the end of the previous fiscal year, caused
primarily by the increases in loans originating outside Japan,
primarily in the Americas and Europe.
The combined total of loans for MHBK and MHTB was ¥86,651.9
billion, an increase of ¥667.4 billion compared to the end of theprevious fiscal year. For our loan balance in Japan, the balance forlarge businesses decreased, as did the balances of personal loans
and Japanese government loans, resulting in an overall decreaseof ¥1,856.1 billion (including a decrease of ¥387.0 billion in loans to
the Japanese government and other such obligors). Our loanbalance outside Japan (including loans booked offshore) increasedby ¥2,523.6 billion, mainly due to an increase in loans in theAmericas and Europe.
Loan balance (MHBK + MHTB, banking book + trust banking book)
Loan balance in Japan

Loan balance outside Japan

25.9

22.6

58.9

57.4

compared to the end of the previous fiscal year, due to a decrease

pursue the optimum balance between capital adequacy, growth

factors.

¥217.3 billion compared to the end of the previous fiscal year.

investment and enhancement of shareholder returns, and set forth
our shareholder returns policy of progressive dividends being our

Non-performing loans (NPLs)

Risk-weighted assets were ¥64,730.4 billion, a decrease of ¥2,751.5

buybacks. In addition, as for the dividends, we will decide based on

billion, an increase of ¥292.9 billion compared to the end of thebillion compared to the end of the previous fiscal year, due to athe steady growth of our stable earnings base, taking 40% of theprevious fiscal year, and the NPL ratio was 1.09%. Both the NPL

decrease in credit risk-related assets and other factors.

dividend payout ratio as a guide into consideration. As for sharebalance and ratio increased.

buybacks, we will consider our business results and capital

Non-performing loans based on the Banking Act and Financial Reconstruction
Act of Japan (MHBK + MHTB, banking book + trust banking book)
Claims for special attention (restructured claims) (¥ trillion)
Claims for special attention (claims delinquent for over three months) (¥ trillion)
Claims with collection risk (¥ trillion)
Claims against bankrupt and substantially bankrupt obligors (¥ trillion)
NPL ratio (%)

0.69
0.6

0.62
0.5

Mar. 31, 2019

60.1

Mar. 31, 2020

The consolidated total capital ratio, consolidated Tier 1 capital ratio,

Tier 1 capital ratio (Basel III finalization fully effective basis,

BIS capital ratio (consolidated)

Mar. 31, 2022

Mar. 31, 2021

Mar. 31, 2022

March 31, 2021

Change fromMarch 31, 2021

Common Equity Tier 1 capital (CET1)

8,067.2

7,849.9

217.3

Capital stock, surplus, and retained
earnings

8,130.0

7,807.0

323.0

1,646.0

1,851.9(205.9)1,643.0

1,873.0(230.0)1,638.3

1,683.4(45.0)

1,444.4

1,505.8(61.4)–

168.7(168.7)

Total capital

11,351.6

11,385.3(33.7)

Risk-weighted assets

64,730.4

67,481.9(2,751.5)

Credit risk assets

59,128.1

61,960.7(2,832.5)

Market risk equivalent assets

2,357.9

2,328.6

29.2

Operational risk equivalent assets

3,244.3

3,192.5

51.8

Total capital ratio (consolidated)

17.53%

16.87%

0.66%

Tier 1 Capital ratio (consolidated)

15.00%

14.37%

0.63%

Common Equity Tier 1 capital ratio(consolidated)

12.46%

11.63%

0.83%

Additional Tier 1 capital

Non-performing loans based on the Banking Act and Financial Reconstruction
Act of Japan (MHBK + MHTB, banking book + trust banking book)(¥ billion)

Deposits

March 31, 2022

March 31, 2021

Change fromMarch 31, 2021

The total deposits were ¥138,830.8 billion, an increase of ¥5,518.4

Claims against bankrupt andsubstantially bankrupt obligors

41.1

48.7

(7.6)

billion compared to the end of the previous fiscal year, mainly

Claims with collection risk

726.0

411.0

314.9

attributable to an increase in deposits outside Japan.

Claims for special attention

318.5

333.0

(14.4)

2.4

0.5

1.9

316.0

332.4

(16.4)

Claims delinquent for over threemonths

The combined deposits in Japan of MHBK and MHTB increased by¥1,488.1 billion compared to the end of the previous fiscal year, due
to factors such as an increase in deposits by corporations.
Deposits in Japan (MHBK + MHTB)
Individuals

Corporations
106.8

101.6
8.1

Financial/government institutions(¥ trillion)
111.0
112.5
9.2
9.1
8.5

49.5

53.3

54.5

55.5

43.9

45.0

47.3

47.6

Mar. 31, 2019

Mar. 31, 2020

Mar. 31, 2021

Mar. 31, 2022

Restructured claims
Subtotal

1,085.6

792.7

292.9

Normal claims

97,933.5

95,144.3

2,789.1

Total

99,019.2

95,937.1

3,082.0

NPL ratio

1.09%

0.82%

0.27%

(¥ billion)

March 31, 2022

Tier 2 capitalMar. 31, 2020

Profit attributable to owners of parent for fiscal 2021 was ¥530.4
billion, achieving our earnings estimate, and the Common Equity

1.0

Mar. 31, 2021

investment in determining the execution.

and consolidated Common Equity Tier 1 capital ratio as of the end of
March 2022 were 17.53%, 15.00%, and 12.46%, respectively.

1.09
0.82
0.7

adequacy, our stock price and the opportunities for growth

BIS capital ratio

Additional Tier 1 capital instruments
Mar. 31, 2019principal approach while executing flexible and intermittent share

Risk assets

The combined NPL balance of MHBK and MHTB was ¥1,085.6

26.4

62.0

In fiscal 2021, we revised our capital management policy in order toCommon Equity Tier 1 capital was ¥8,067.2 billion, an increase of(¥ trillion)

23.9

BIS capitalin net unrealized gains (losses) on other securities, and other

86.6

85.9

84.8

80.0

Shareholder returns

Net assets amounted to ¥9,201.0 billion, decreasing by ¥161.1 billion

Tier 2 capital instruments
Eligible Tier 2 capital instruments
subject to phase-out arrangements

excluding net unrealized gains (losses) on other securities) was
9.3%, remaining at our target level as set out in our 5-Year Business
Plan, which was set at the lower end of the 9 – 10% range.
Based on the above, the Board of Directors approved payment ofan annual cash dividend of ¥80 per share of common stock forfiscal 2021 (interim dividend of ¥40 and year-end dividend of ¥40),an increase of ¥5 from fiscal 2020.
Annual cash dividend per share of common stock (¥)
80

75

75

75

FY2018FY2019FY2020

FY2021

42%

40%

38%

Dividend payout ratio
197%

We implemented the share consolidation of the shares of common stock on the basis of one
post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020.
The amounts for annual cash dividends per share of common stock from FY2018 through FY2020
reflect the effects of the share consolidation.

Note: Some of the domestic deposit balances that were previously classified as “Corporate deposits”
have been reclassified as “Financial/government institutions”.

115

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116

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Consolidated financial statements
Consolidated balance sheets

Consolidated statements of income(¥ million)
As of March 31, 2022

AssetsCash and due from banks
Call loans and bills purchased
Receivables under resale agreements
Guarantee deposits paid under securities
borrowing transactions

(¥ million)

As of March 31, 2021

As of March 31, 2022

47,981,981

Liabilities

940,008

589,776

Deposits

12,750,363

11,623,654

2,340,089

2,707,711

Income155,699,803

150,504,978

Call money and bills sold1,278,050

1,312,790

Payables under repurchase agreements

20,068,779

18,607,255

1,172,248

958,148

Other debt purchased

3,476,021

3,208,004

Guarantee deposits received under securities
lending transactions

Trading assets

13,221,415

12,589,294

Commercial paper

1,775,859

2,105,067

591,183

582,368

Trading liabilities

9,608,976

8,115,377

Money held in trust(¥ million)

Interest income

1,309,009

1,333,509

Fiduciary income

60,49055,160Fee and commission income

905,575

843,953

Trading income

1,017,889

388,441

Other operating income

393,956

358,254

Other income

354,366

380,978

Total income

4,041,287

3,360,298

315,550

427,826

Expenses

Securities

44,641,060

43,697,262

Borrowed money

6,590,527

7,441,822

Interest expenses

Loans and bills discounted

84,736,280

83,704,675

Foreign exchange liabilities

1,508,453

532,042

Fee and commission expenses

164,579

156,805

Foreign exchange assets

2,627,492

2,084,756

Short-term bonds

537,167

456,045

Trading expenses

730,204311

Derivatives other than for trading assets

2,277,160

1,719,349

Bonds and notes

10,714,004

10,321,672

Other assets

7,797,796

6,174,020

Due to trust accounts

1,167,284

1,160,608

Tangible fixed assets

1,095,977

1,135,449

Derivatives other than for trading liabilities

2,770,852

1,739,671

Intangible fixed assets

601,292620,224

Other liabilities

6,301,484

5,862,013

Net defined benefit asset

863,217

1,109,107

Reserve for bonus payments

120,052

104,131

Deferred tax assets

184,594

31,402Customers’ liabilities for acceptances andguarantees

8,346,878

6,602,744

Reserves for possible losses on loans(783,886)(575,572)

(107)

(0)

237,066,142

225,586,211

Reserve for possible losses on investments
Total assets

Reserve for variable compensation

2,278

2,935

Net defined benefit liability

71,774

71,049Reserve for director and corporate auditor
retirement benefits

557

683

Reserve for possible losses on sales of loans

1,309

1,074

Reserve for contingencies

6,622

6,762

Reserve for reimbursement of deposits

17,62022,099Reserve for reimbursement of debentures

10,504

14,419Reserves under special laws

3,132

3,135

Deferred tax liabilities

30,923

215,557

Deferred tax liabilities for revaluation reserve forland

59,962

61,915

Acceptances and guarantees

8,346,878

6,602,744

227,865,110

216,224,003

Common stock

2,256,767

2,256,767

Capital surplus

1,125,324

1,135,940

Retained earnings

4,756,435

4,421,655

Total liabilities(¥ million)

For the fiscal year ended For the fiscal year ended
March 31, 2022
March 31, 2021

As of March 31, 2021

Liabilities and net assets
51,359,301

Consolidated statements of comprehensive income

Other operating expenses

224,116

195,683

General and administrative expenses

1,392,896

1,414,608

Other expenses

610,067

512,900

Total expenses

3,437,415

2,708,135

603,872

652,163

Income before income taxes

For the fiscal year ended For the fiscal year ended
March 31, 2022
March 31, 2021
Profit543,183

477,375

Other comprehensive income(496,061)

454,513

Net unrealized gains (losses) on other securities(411,077)

305,969

Deferred gains or losses on hedges(108,186)(40,294)

Foreign currency translation adjustments

130,612(1,874)Remeasurements of defined benefit plans(115,038)

187,744

(23)

–

7,650

2,968

Own credit risk adjustments, net of tax
Share of other comprehensive income ofassociates accounted for using equity method
Comprehensive income

47,121

931,888

Comprehensive income attributable to owners ofparent33,676927,366

Comprehensive income attributable to noncontrolling interests

13,444

4,522

Income taxes:
Current

130,079

172,785

Refund of income taxes(12,738)(7,097)

Deferred(56,652)

9,099

Total income taxes

60,688

174,788
477,375

Profit543,183

Profit attributable to non-controlling interests

12,703

6,355

Profit attributable to owners of parent

530,479

471,020

Net assets

Treasury stock(8,342)(7,124)

Total shareholders’ equity

8,130,185

7,807,239

Net unrealized gains (losses) on other securities

719,822

1,132,460

Deferred gains or losses on hedges(76,757)

31,618

Revaluation reserve for land

132,156

136,384

Foreign currency translation adjustments

2,346(139,514)

Remeasurements of defined benefit plans

169,652

288,088

Own credit risk adjustments, net of tax
Total accumulated other comprehensive income

1,449,035

94

134

Non-controlling interests

123,555

105,797

Total net assets

Mizuho Financial Group–

947,197

Stock acquisition rights

Total liabilities and net assets

117

(23)

9,201,031

9,362,207

237,066,142

225,586,211

Integrated Report 2022

118

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Consolidated financial statements

Consolidated statements of changes in net assets

Consolidated statements of cash flows(¥ million)
Shareholders’ equity
For the fiscal year ended
March 31, 2022

Balance as of the
beginning of theperiodCumulative effects ofchanges in accounting
policies
Balance as of the
beginning of the period
reflecting changes inaccounting policies
Changes during the period
Cash dividends
Profit attributable toowners of parent
Repurchase of treasury
stock
Disposition of treasury
stock
Transfer fromrevaluation reserve forland
Change in treasury
shares of parent arisingfrom transactions with
non-controllingshareholders
Decrease in retained
earnings by increasing ofequity method affiliates
Transfer from retained
earnings to capitalsurplus
Net changes in items
other thanshareholders’ equity
Total changes during theperiodBalance as of the end of
the period

Commonstock

Capitalsurplus2,256,767

Net
unrealized
Total
gains
Treasury shareholders’(losses)stock
equityon othersecurities

Retainedearnings

1,135,940

4,421,655(7,124)

7,807,239(724)

2,256,767

1,135,940

4,420,931(7,124)2,256,767

1,125,324

136,384(139,514)

288,088–

1,449,035

134

105,797–

1,132,460

31,618136,384(139,514)

288,088–

1,449,035

134

105,797

106

0

Payments for purchase of intangible fixed assets(96,964)(108,812)(196,746)

Increase (decrease) in reserve for possible losses
on sales of loans

234

437

Proceeds from sale of tangible fixed assets

18,23913,618530,479

Increase (decrease) in reserve for contingencies

(202)

1,564

Proceeds from sale of intangible fixed assets

480

44

Increase (decrease) in reserve for bonus payments

11,95427,295(656)

375

Proceeds from sales of stocks of subsidiaries(affecting the scope of consolidation)

Decrease (increase) in net defined benefit asset

56,39286,807

Increase (decrease) in net defined benefit liability

6,169

(869)

Increase (decrease) in reserve for director andcorporate auditor retirement benefits

(126)

(260)

Increase (decrease) in reserve for reimbursementof deposits(4,479)(5,751)

Increase (decrease) in reserve for reimbursementof debentures(3,915)(4,253)

Interest income - accrual basis(1,309,009)(1,333,509)

Proceeds from investments by non-controllingshareholders

Interest expenses - accrual basis

315,550

427,826

Repayments to non-controlling shareholders

Losses (gains) on securities

62,305(49,071)(4,227)

141,861(118,435)(23)(501,838)(40)

17,757(484,121)(412,638)(108,375)(4,227)

141,861(118,435)(23)(501,838)(40)

17,757(160,451)
9,201,031(¥ million)
Shareholders’ equity
For the fiscal year ended
March 31, 2021

Balance as of the
beginning of theperiodCumulative effects ofchanges in accounting
policies
Balance as of the
beginning of the period
reflecting changes inaccounting policies
Changes during the period
Cash dividends
Profit attributable toowners of parent
Repurchase of treasury
stock
Disposition of treasury
stock
Transfer fromrevaluation reserve forland
Change in treasury
shares of parent arisingfrom transactions with
non-controllingshareholders
Decrease in retained
earnings by increasing ofequity method affiliates
Transfer from retained
earnings to capitalsurplus
Net changes in items
other thanshareholders’ equity
Total changes during theperiodBalance as of the end of
the period

Mizuho Financial Group

Commonstock

2,256,767

Capitalsurplus1,136,467

Retainedearnings

4,174,190

Accumulated other comprehensive income

Treasurystock(6,414)(32,639)2,256,767

1,136,467

4,141,550

Net
unrealized
Total
gains
shareholders’ (losses)
equityon othersecurities
7,561,010

823,085

Deferred
gains orlosses onhedges72,081

Total
Stock
Foreign Remeasurements accumulated
Revaluation currency
acquisition Noncontrollinginterests
reserve for translation of defined benefit
otherrightslandcomprehensiveplans
adjustments
income136,655(133,178)

94,317(32,639)(6,414)

7,528,370

992,960

213

109,662–823,085

72,081

136,655(133,178)

94,317

992,960

Total net
assets8,663,847(32,639)

213

109,6628,631,208

Increase (decrease) in reserve for variable
compensation

Decrease (increase) in trading assets(201,023)

1,188,511

Increase (decrease) in trading liabilities

1,234,368(2,021,852)

Decrease (increase) in derivatives other than fortrading assets(528,425)

308,891

Increase (decrease) in derivatives other than fortrading liabilities

996,91436,977

Net increase (decrease) in cash and cash
equivalents(526)

280,105(709)

278,869

309,374(40,463)(271)(6,336)

193,770456,074(79)(3,865)730,999

2,256,767

1,135,940

4,421,655(7,124)

7,807,239

1,132,460

31,618136,384(139,514)

288,088

1,449,035

134

105,797

9,362,207

7,117,795

46,981,399

39,863,604

50,136,299

46,981,399(928,392)

6,873,070

Decrease (increase) in guarantee deposits paid
under securities borrowing transactions

367,621(464,549)

Increase (decrease) in call money, etc.

(133,057)(812,714)

Increase (decrease) in commercial paper(551,464)

1,686,839

82,387–

3,154,900

Decrease (increase) in call loans, etc.

1,187,520

452,130

227,487

Cash and cash equivalents at the end of the fiscal
year607,064(3,865)620,261

239,094

Increase (decrease) in bonds and notes(79)

40,819(125,565)

18,923456,074(522,056)

Decrease (increase) in due from banks (excluding duefrom central banks)

81,121
6,676

105,097

Interest and dividend income - cash basis

1,424,865

1,444,014

Interest expenses - cash basis(273,855)(496,241)

Other - net

147,257(27,154)

Subtotal

5,081,594

16,830,231

Cash refunded (paid) in income taxes(164,408)(216,995)

Net cash provided by (used in) operating activities

4,917,186

16,613,235(1,848)Net cash provided by (used in) financing activities

2,191,633

Increase (decrease) in short-term bonds (liabilities)(1,927)

Effect of foreign exchange rate changes on cash andcash equivalents(869,766)

43,75440

854

Increase (decrease) in borrowed money (excluding
subordinated borrowed money)

973,697–(5,414)

Cash and cash equivalents at the beginning of the
fiscal year

Increase (decrease) in foreign exchange liabilities(4,676)(0)

4,239,233(150,107)(7,693)

Payments for repurchase of treasury stock ofsubsidiaries

1,355,723

214,099(627)(190,497)

873

2,594,805(398,661)(502)(196,783)

Proceeds from sale of treasury stock

1,343,307

Decrease (increase) in foreign exchange assets

193,770

Proceeds from sale of stocks of subsidiaries (notaffecting the scope of consolidation)

Increase (decrease) in deposits

271(6,336)

Cash dividends paid to non-controllingshareholders

Decrease (increase) in loans and bills discounted

271

(271)

Cash dividends paid

Payments for repurchase of treasury stock

Increase (decrease) in guarantee deposits
received under securities lending transactions(40,463)

2,988(76,996)

1,736

309,374

565(74,254)1,736–(360,000)

Losses (gains) on cancellation of employee
retirement benefit trust

1,835

–

(494,000)(58,855)(2,545)(99)

Payments for redemption of subordinated bonds–

Losses (gains) on revision of retirement benefit
plan

Increase (decrease) in due to trust accounts

99

555,000

6,576(2,545)(668)

171,4102,647

Losses (gains) on disposition of fixed assets(2,545)(668)–

Proceeds from issuance of subordinated bonds(1,647)

471,020(668)

45,000(4,000)(173,635)(190,418)(526)

10,000

Repayments of subordinated borrowed money

85471,020(526)

Proceeds from subordinated borrowed money

Cash flow from financing activities(928,800)(190,418)

(526)

1,799
(9,763,746)

Foreign exchange losses (gains) - net

471,020271–(1,860,490)

Net cash provided by (used in) investing activities

Losses (gains) on money held in trust(190,418)(99)(183,852)

Increase (decrease) in reserve for possible losses
on investments(108,375)

123,555

36,114,600

14,515(412,638)

94

43,586,621(107,392)–

Amortization of goodwill

51,925,747

Proceeds from redemption of securities(42,297)–

947,197

12,793(97,434,015)

57,161,461

Payments for purchase of tangible fixed assets

9,361,483

(54)

(23)

27,585(102,478,445)

Proceeds from sale of securities

22,312(2,402)

169,652

Losses on impairment of fixed assets

Payments for purchase of securities

Proceeds from decrease in money held in trust(2,402)

2,346

163,231

143,127(10,616)

132,156

161,897

194,340

4,227(76,757)

Depreciation

Increase (decrease) in reserves for possible losses
on loans

4,227

719,822652,163(31,898)

1,597

8,130,185

603,872

Payments for increase in money held in trust(2,869)(8,342)

Cash flow from investing activities

Income before income taxes

3,743(2,402)

4,756,435

Cash flow from operating activities(19,912)

1,597

323,669(¥ million)
For the fiscal year ended For the fiscal year ended
March 31, 2022
March 31, 2021

3,741

(2,869)(1,217)



(25,434)

1,651(10,616)

335,503(¥ million)
For the fiscal year ended For the fiscal year ended
March 31, 2022
March 31, 2021

Equity in loss (gain) from investments in affiliates(2,869)

119

9,362,207(724)

530,479(10,616)(10,616)

31,618(196,746)

4,227

–

1,132,460

7,806,515

530,479

54

Total
Stock
Deferred Revaluation Foreign Remeasurements Own credit accumulated
Total netacquisition Noncontrolling
gains orcurrency of defined benefit
riskinterests
assetsfor translationotherrightslosses on reserve
adjustments,
landcomprehensiveplans
hedgesadjustments
net of tax
income(724)(196,746)(54)Accumulated other comprehensive income

Integrated Report 2022

120

Message from theGroup CEO

Message from theGroup CFO

About Mizuho

Our strategies forcreating value

Foundations for our
corporate value

Data section

AppendixMizuho’s global network (As of June 30, 2022)

Non-financial data
Corporate governance
June 2018

June 2019

June 2020

June 2021

14

14

13

13

12

43%

43%

46%

46%

50%

Number of directors
Percentage of outside directors

Directors

June 2022

Percentage of director positions filled by women

14%

14%

8%

8%

8%

Average attendance rate for Board of Directors meetings*

100%

100%

100%

100%

−

Percentage of outside directors (June 2022)

Nominating Committee

Compensation Committee

Audit Committee

100%

100%

75%

Amsterdam
Brussels
Duesseldorf
Frankfurt* Fiscal year basis

ViennaHuman capital

Tianjin
DalianQingdao
Seoul

LondonFY2017FY2018FY2019FY2020

FY2021

58,03557,48955,17453,014

50,116

Japan

53,102

52,62250,25748,28645,667

Ex-Japan

Total number of employees

4,933

4,867

4,917

4,728

4,449

Average employee age3

39

39

40

39

40

Average employee length of service3

14

14

15

15

16

Employees1

Training
Staff survey

Total number of participants4//

48,868

158,448

227,101

Training hours//

480,125

513,447

506,486

/

/

100

100

99

52%

52%

52%

52%

52%

Percentage of management

General manager equivalent

4%

5%

5%

6%

7%

positions filled by women7

General manager and manager equivalent

12%

14%

15%

16%

18%

Percentage of management positions filled by employees hired outside Japan8

41%

44%

64%

64%

66%

Percentage of women in new graduates hired9

36%

32%

36%

37%

35%

Job satisfaction

5, 6Percentage of employees who are female1

Diversity & Inclusion

Moscow
Paris
Milan

Istanbul
TehranBahrainRiyadhAbu Dhabi
Dubai
Ahmedabad
MumbaiBangalore
Chennai

Munsbach
MadridNanjing
Hefei
Wuhan
XiamenShenzhen
Guangzhou

Beijing

Hanoi

TaipeiTaichung
Kaohsiung
Hong Kong
ManilaJakarta

New York
Atlanta
Washington, DC

Dallas
HoustonLeon
Mexico City

LabuanHo Chi Minh City
Phnom Penh
RayongYangonSao Paulo

SydneyKuala Lumpur

1. As of March 31. Mizuho Financial Group (including employees seconded to Mizuho Securities), Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities, and Mizuho Research & Technologies.2

TorontoSuzhou, Kunshan, Changshu
Shanghai
San Francisco
Wuxi
Los Angeles

New Delhi

Bangkok

ChicagoBostonThilawa
Johannesburg

Calgary

Santiago

Singapore

2. Data up to FY2020 reflects figures for the former Mizuho Information & Research Institute.
3. Regarding Japan, the total number of employees reflects the number of employees on indefinite-term contracts.
4. In Japan (aggregate for Mizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities, and Mizuho Research & Technologies).
5. Percentage vis-à-vis the average response for relevant items in the staff survey on a 5-point scale from 1 to 5, where FY2019 was set as 100.
6. Mizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities, and Mizuho Research & Technologies.2
7. In Japan as of July (aggregate for Mizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, and Mizuho Securities).
8. Outside Japan. Figures up to FY2018 are for Mizuho Bank only. Figures for FY2019 and later are the aggregates for Mizuho Bank, Mizuho Trust & Banking, and Mizuho Securities.
9. For new employees hired in Japan with plans to start in April of the following year (aggregate for Mizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, and Mizuho Securities).

Environment1
FY2017FY2018FY2019FY2020

FY20216Europe, the Middle East, and Africa���Asia Pacific �������������

512,691

499,334

453,129

430,690397,704

Mizuho Bank

Mizuho Bank

41 ofﬁces

Mizuho Bank

24 ofﬁces

Mizuho Bank

Scope 1

16,02815,845

14,756

14,053

11,341

Mizuho Trust & Banking

1 ofﬁceMizuho Securities

7 ofﬁces

Mizuho Securities

7 ofﬁces

Mizuho Trust & Banking

Scope 2

202,939

191,730

168,522

155,184

141,921Mizuho Securities

5 ofﬁces

Mizuho Research & Technologies 2 ofﬁces

Asset Management One

1 ofﬁceMizuho Securities

19 ofﬁces

Asset Management One

Mizuho Research & Technologies

3 ofﬁces

Asset Management One

4 ofﬁces

Total energy consumption (Megawatt hours)

1, 2

CO2 emissions (tons of CO2)1

Scope 3 (business trips)

17 ofﬁces

6,088

5,480

5,396

1,375

831

Mizuho Research & Technologies

1 ofﬁce3Paper usage (Year-on-year change)(8.4%)(9.0%)(16.7%)(21.9%)(10.3%)

Asset Management One

1 ofﬁceGreen procurement ratio for paper3

99.8%

99.8%

99.9%

99.9%

99.9%

1. These data items include all the facilities of seven group companies: Mizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities, Mizuho Research & Technologies4,
Asset Management One, and Mizuho Americas (data up to FY2021 are for eight group companies including the former Mizuho Private Wealth Management5; data up to FY2017 are for ninecompanies including the former Trust & Custody Services Bank).
2. Direct and indirect energy consumption converted to megawatt hours.
3. These data items include all the facilities of six group companies: Mizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities, Mizuho Research & Technologies4, andAsset Management One (data up to FY2021 are for seven companies including the former Mizuho Private Wealth Management5).
4. Data up to FY2020 combines figures for the former Mizuho Information & Research Institute and former Mizuho Research Institute.
5. Entity liquidated on March 23, 2022; functions taken over by Mizuho Bank.
6. Provisional values.

Americas���������������

2 ofﬁces

Total �����������������
82 ofﬁces
1 ofﬁce

Note: Mizuho’s global network consists of branches, representative offices, and overseas subsidiaries.

Sustainable finance & Environmental finance
FY2018FY2019FY2020

Sustainable finance (¥ trillion)

1.1

2.4

4.7

6.0

(of which, environmental finance)

(0.6)

(1.1)

(1.5)

(2.0) *FY2021* Of which, Mizuho Bank accounts for ¥1.1 trillion and Mizuho Trust & Banking accounts for ¥1.9 billion.

121

Mizuho Financial Group

Integrated Report 2022

122

Message from theGroup CEOCorporate profile (As of March 31, 2022)
Company name:

Mizuho Financial Group, Inc

Stock listing (code):Tokyo Stock Exchange (8411)

Location of head office: 1-5-5, Otemachi, Chiyoda-ku, Tokyo
100-8176, Japan
Representative:

Masahiro Kihara, President & Group CEO

Capital:¥2,256.7 billion

Issued shares:

2,539,249,894 shares

Number of employees: 2,072(Total number of employees on a consolidated basis:
52,420)Rating information(As of June 30, 2022)

R&I

JCR

Moody’s

S&P

Fitch

Mizuho Financial Group

A+

AA-

A1

A-

A-

Mizuho Bank

AA-

AA

A1

A

A-

Mizuho Trust & Banking

AA-

AA

A1

A

A-

Mizuho Securities

AA-

AA

A1

A

―

Reference
Japanese Government

AA+

AAA

A1

A+

A

Date of establishment: January 8, 2003

Foundations for our
corporate value

Data section

AppendixMizuho Financial Group
Date of establishment

January 8, 2003

Capital¥2,256.7 billion

Location of head office

1-5-5, Otemachi, Chiyoda-ku, Tokyo
100-8176, Japan

Representative

Masahiro Kihara, President & Group CEO

Number of employees

2,072

Websitewww.mizuhogroup.com

Date of establishment

July 1, 2013

Capital¥1,404.0 billion

Location of head office

1-5-5, Otemachi, Chiyoda-ku, Tokyo
100-8176, Japan

Representative

Masahiko Kato, President & CEO(Appointed on April 1, 2022)

Number of employees

25,89760

Network in Japan

461

40

Network outside Japan 82

Historical stock price data Tokyo Stock Exchange
Mizuho Financial Group

Foreign investors

24.06%

Individuals and others

29.05%

National & municipal government

0.03%

Nikkei Index

180
160
140
120

Other domestic companies

100

11.05%

5.94%

Our strategies forcreating value

Mizuho Bank

Shareholders (common stock)

Securities companies

Message from theGroup CFOGroup companies (As of March 31, 2022, except for each company’s network, which is as of June 30, 2022)
New York Stock Exchange (MFG)

About Mizuho

80

Financial institutions

29.87%

Mar-20

Sep-20Mar-21

Sep-21

Mar-22

Websitewww.mizuhogroup.com/bank

The graph showing Mizuho Financial Group’s stock price and the Nikkei stock price average has been prepared

Otemachi Tower

as an index with the closing prices on March 31, 2020 as 100.
Mizuho Financial Group conducted a 1-for-10 share consolidation on October 1, 2020. The effect of the shareconsolidation is reflected in the stock price data given above.

Mizuho Trust & Banking
Date of establishment

March 12, 2003

Capital¥247.3 billion

Our website provides additional information regarding the business
operations of Mizuho Financial Group and our group companies.
Sections covering IR, financial information, and our products andservices are available in addition to in-depth industry and economic
reports.

Location of head office

1-3-3 Marunouchi, Chiyoda-ku, Tokyo
100-8241, Japan

Representative

Kei Umeda, President & CEO

Number of employees

3,049

Network in Japan

59

Additionally, you can sign up for our News Release E-mail Distribution
Service to receive updates by email.

Network outside Japan 1
Websitewww.mizuhogroup.com/trust-and-banking

www.mizuhogroup.com

Sustainability

Gain insights into ourapproach to sustainability.

www.mizuhogroup.com/sustainability

Mizuho Securities

Financials and Presentations
Access reports,
presentations, news, andother investor resourcesand get details on
upcoming events.

www.mizuhogroup.com/investors/materials

Date of establishment

January 4, 2013

Capital¥125.1 billion

Otemachi First Square, 1-5-1, Otemachi,
Location of head office Chiyoda-ku, Tokyo
100-0004, Japan
Representative

Yoshiro Hamamoto, President & CEO

Number of employees

7,094

Network in Japan

230

Network outside Japan 19
Website123

Mizuho Financial Group

www.mizuhogroup.com/securities

Mizuho Marunouchi Tower

Integrated Report 2022

124

Message from theGroup CEO

Mizuho Research & Technologies 
As a core group company driving Mizuho’s non-financial business, Mizuho
Research & Technologies provides clients and society with new added value.
Mizuho Research & Technologies holds wide-ranging research and analysis
capabilities covering social and economic trends as well as the challenges ourclients face, advisory and consulting capabilities to solve problems, advanced
technical knowledge of digital technologies, and strength in IT system design
and implementation based on an extensive experience and track record.
Through the fusion of these capabilities, Mizuho Research & Technologies isable to offer a full range of services and solutions to meet our clients’ trueneeds.

Date of establishment April 1, 2021
Capital¥1,627 million
Location of head office 2-3, Kanda-Nishikicho, Chiyoda-ku, Tokyo
Masatoshi Yoshihara, President & CEO
Representative(Appointed on April 1, 2022)
Number of employees 3,788
Network outside Japan 3
Websitewww.mizuhogroup.com/information-and-research

Asset Management One 
Asset Management One is an asset management company in which Mizuho
and Dai-ichi Life Holdings both have equity holdings. Asset Management One
collaborates with its offices in Europe, the US, and Asia to offer investment
trust products to individuals and corporations, as well as provide investment
advisory services to customers including Japanese and overseas pension funds.

Date of establishment
CapitalOctober 1, 2016
¥2,000 million
Tekko Building, 1-8-2, Marunouchi,
Location of head office
Chiyoda-ku, Tokyo
Representative
Akira Sugano, President & CEO
Number of employees 819
Network outside Japan 4
Websitewww.am-one.co.jp/english/

Mizuho Americas Mizuho Americas is a US bank holding company with Mizuho’s primary US-basedbanking, trust banking, and securities entities under it. To further increase its
competitiveness in the US, which is the world’s largest financial market, Mizuho
Americas is proactively strengthening its governance framework, and, while
promoting the collaboration of its banking, trust banking, and securities
operations, it is conducting management and other activities that are necessaryfor expanding its profit base.

Date of establishment
CapitalJune 20, 2016
$3,820 million
1271 Avenue of the Americas, New York,
Location of head office
NY 10020, USA
Representative
Shuji Matsuura, CEO
www.mizuhogroup.com/americas/
WebsiteCustody Bank of Japan 
As an asset administration bank representing Japan, the Custody Bank of Japan
handles overall management operations for securities and other financial
instruments entrusted by clients. While providing stable, high-quality services asa part of the financial infrastructure, the Custody Bank of Japan is aiming tobecome the best partner for clients’ diverse needs.

Date of establishment
CapitalJuly 27, 2020
¥51,000 million
Harumi Island Triton Square Tower Z,
Location of head office
1-8-12, Harumi, Chuo-ku, Tokyo
Representative
Yoshikazu Tanaka, President & CEO
Number of employees 1,871
Websitewww.custody.jp/english/index.html

MI Digital Services MI Digital Services is a joint venture between Mizuho and IBM Japan thatprovides high-quality and highly efficient system management services byintegrating its expertise in operating core IT systems with cutting-edge
technologies.

Date of establishment
CapitalJune 30, 2020
¥20 million
IBM Japan Headquarters 11F
Location of head office 19-21, Nihonbashi, Hakozaki-cho,
Chuo-ku, Tokyo
Representative
Kazuo Fujiwara, President & CEO
Number of employees 724

Mizuho Leasing4 Mizuho Leasing leverages its expertise in equipment and properties, in-depth
understanding of commercial distribution, and sophisticated financial knowledge
to provide a wide range of financial and business services.
Through combining its new business strategy to increase the sophistication ofclient business models, its initiatives in core business areas of the Mizuho group,
and its strategic initiatives in cooperation with alliance partners, the firm seeks
to capture increased business opportunities inside and outside Japan, achieve
joint value creation with clients, and develop new business areas.

Date of establishment December 1, 1969
Capital¥26,088 million
Location of head office 1-2-6 Toranomon, Minato-ku, Tokyo
Representative
Shusaku Tsuhara, President & CEO
Number of employees 784
Network outside Japan 12
Websitewww.mizuho-ls.co.jp/en/

Notes: 1. The representatives of each company have representation rights.
2. T he number of employees does not include each company’s employees dispatched outside each company, while it includes employees dispatched to each company
from other organizations. This figure also includes overseas local staff but excludes executive officers and temporary employees.
3. Mizuho’s network consists of our Head Office and branches in Japan, and branches, representative offices, and overseas subsidiaries outside Japan.
4. The establishment date indicated for Mizuho Leasing is based on the date the leasing business was set up.

125

Mizuho Financial Group

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

AppendixCompliance contacts
Internal control and audit hotline
A system designed for reporting questionable accounting or
auditing matters
Reporting items: Mizuho Financial Group has established a hotline
to receive reports from in and outside thecompany in connection with problems concerninginternal control and audits of accounts andfinancial reports.
Contact point: This hotline has been established within an external
law office. Reports can be made via postal mail oremail.
Postal mail: 12th Floor, Kasumigaseki Bldg.,
Kasumigaseki 3-2-5, Chiyoda-ku, Tokyo
100-6012
Mizuho Accounting Hotline, c/o Daiichi
Fuyo Law Office
Email: kaikei-mizuho@daiichifuyo.gr.jp○ When a report is received concerning the reporting items
stipulated above, Mizuho Financial Group will make areasonable effort to investigate the facts behind the information
received and report back on the results.
○ Anonymous tips are also acceptable, but there are cases where
it will not be possible to fully satisfy the intentions behind such
tips owing to constraints on investigations and the inability toreport back.
○ Information on persons making such reports is not disclosed tothird parties other than the group companies except in cases
where the assent of the person in question has been obtained orsuch disclosure is required under laws and ordinances.

Approaches to financial alternative dispute
resolution (ADR)
In order to deal expeditiously, fairly, and appropriately withcomplaints and other feedback from customers, Mizuho Bank andMizuho Trust & Banking have concluded a contract for the
implementation of dispute resolution procedures with the Japanese
Bankers Association, which is a designated dispute resolution
institution as defined in Japan’s Banking Act. Mizuho Trust &Banking has also concluded a contract for the implementation of
dispute resolution procedures with the Trust Companies
Association of Japan, which is a designated dispute resolution
institution as defined in Japan’s Trust Business Act and Act on
Engagement in Trust Business by Financial Institutions. In addition,
Mizuho Securities has concluded a contract for the implementationof dispute resolution procedures with the Financial Instruments
Mediation Assistance Center, which is a designated dispute
resolution institution as defined in Japan’s Financial Instruments
and Exchange Act.
The designated dispute resolution institution takes the steps toward
resolution from a fair and neutral perspective in cases where thesolutions to customers’ complaints adopted by our groupcompanies are not accepted.
The designated dispute resolution institution as defined in Japan’s
Banking Act with which Mizuho Bank and Mizuho Trust &Banking have contracted
The Designated Dispute Resolution Institution:
Japanese Bankers Association
Contact: Japanese Bankers Association Customer Relations Center
Tel: +81-(0)3-5252-3772
The designated dispute resolution institution as defined in Japan’s
Trust Business Act and Act on Engagement in Trust Business by
Financial Institutions with which Mizuho Trust & Banking has
contracted
The Designated Dispute Resolution Institution:
Trust Companies Association of Japan
Contact: Trust Consultation Center of the Trust Companies
Association of Japan
Tel: +81-(0)3-6206-3988
The designated dispute resolution institution as defined in Japan’s
Financial Instruments and Exchange Act with which Mizuho
Securities has contracted
The Designated Dispute Resolution Institution:
Financial Instruments Mediation Assistance Center
Contact: Financial Instruments Mediation Assistance Center
consultation center
Tel: +81-(0)120-64-5005 (within Japan only)

Integrated Report 2022

126

Message from theGroup CEOSupport for SMEs and regional revitalization

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Internal audit structure

Support for small and medium-sized enterprises (SMEs)

Basic approach

By drawing on our consulting capabilities to provide proposals andsolutions that address the issues SMEs face, we ensure that clients’perspectives are prioritized when providing support for businessexpansion, succession, reorganization, and other client needs. We also
believe that proactively supporting SMEs is a key part of fulfilling oursocial responsibility as a financial institution.

Internal audit refers to the series of activities, ranging from the objective

directors of each of our group companies to fulfill their managerial duties

and comprehensive evaluation of the effectiveness and appropriatenessefficiently and effectively. In line with the Basic Policy for Internal Auditof each process relating to governance, risk management, and control,

established by Mizuho Financial Group, our principal banking subsidiaries

to providing recommendations and corrective guidance, etc., toward theand other core group companies conduct internal audits, which include

resolution of problems from an independent standpoint of thethe internal auditing of their respective subsidiaries.

the standpoint of business expansion and succession, and support thegrowth of innovative companies with exceptional technologies or ideas.
Furthermore, a specialized business reorganization section within our
Head Office provides support for SMEs’ business improvement andreorganization needs. In addition, our Head Office collaborates withfrontline offices to provide consultations and support for clients throughpartnerships with external organizations, external specialists, and otherfinancial institutions.

Medical and healthcare initiatives that contribute to local communities

In recent years, through “smart city” initiatives, medical and healthcare
projects that seek to extend healthy life expectancies and improve
wellbeing in local communities have been thriving. In December 2021,
Mizuho Bank invested in Doctors, a start-up providing digital healthcare
support. By doing so, We are contributing to improving individual
wellbeing through promoting digital health, which is a new trend in the
medical and healthcare areas.

collaborating with local governments and companies focused oncommunity development. Through the practical application of these newhealthcare services in society, we will contribute to improved quality oflife and regional revitalization in local communities.
▎Mizuho Bank’s digital health platform project
Companies / local
governments focusing
on employee health
Provides digital
health services tocompanies andlocal governments
focused on
employee healthMizuho Bank’s
corporateclients
Provides medical
and healthcare
digitalization
support functions
for corporateclients

Healthcarerelatedindustries
Provides financial /settlement functions
to the healthcare
ecosystem(healthcare-relatedindustries)

Individuals /companies / healthcare
providers, etc.
Services thatutilize Personal
Health Record
data

Building on the expertise in digital technology and medicine and the
medical frontline perspectives of Doctors, Mizuho Bank constructed adigital health platform. As well as supporting corporate clients who aredeveloping new medical and healthcare services, we have also been

Mizuho works to promote finance facilitation in accordance with groupwide fundamental policies. This includes ensuring that we respond
appropriately to requests for new loans or loan condition adjustments,
with consideration for the impacts of the COVID-19 pandemic, andprovide tailored consulting.

Guidelines for Personal Guarantee Provided by Business Owners
We are committed to establishing and maintaining good relationships
with our clients in line with the Guidelines for Personal Guarantee
Mizuho Financial Groupthe Mizuho group, we coordinate internal audits throughout the group toassess the risk management status of the group as a whole.

Internal audit management structure
Mizuho Financial Group (holding company)
Our Internal Audit Committee determines all important mattersconcerning internal audits at Mizuho Financial Group. The committee ischaired by our President & Group CEO and is independent from our otherbusiness operations. The Group Chief Auditor, who heads the Internal
Audit Group established under the Internal Audit Committee, reports the
progress of individual audits and plans to the Audit Committee, responds
to requests for inspections, and receives specific instructions from thecommittee.
In addition, our Internal Audit Committee monitors and manages internal
audits at our principal banking subsidiaries and other core groupcompanies through internal audit reports submitted by such subsidiaries.
Our Internal Audit Committee discusses and makes decisions regarding
internal audits at our principal banking subsidiaries and other core groupcompanies and submits the results, together with the results of their
examination of the internal audit reports, to the Audit Committee and ourBoard of Directors.

Mizuho Bank and Mizuho Trust & Banking
Both Mizuho Bank and Mizuho Trust & Banking have establishedinternal audit committees that are independent from their other business
operations and ensure the independence of the Internal Audit Group.
Also, in both banks, the Head of the Internal Audit Group reports the
progress of individual audits and plans to the Audit & Supervisory
Committee, responds to requests for inspections, and receives specificinstructions from the committee.
Both banks have established internal audit departments to conduct
internal audits at their respective domestic and overseas businessoffices, head office departments, and group companies. Specifically, theinternal audit departments assess the suitability and effectiveness ofbusiness activities associated with compliance and risk management.

Other core group companies
Other core group companies have also established effective andefficient internal audit structures adapted to the characteristics of theirrespective businesses.

Internal audit management structure

Mizuho Financial Group
Supervision/
audit
Board of Directors

Finance facilitation and response to the Guidelines for Personal Guarantee Provided by Business Owners
Finance facilitation

In addition, with respect to the management of risks applicable across

Provided by Business Owners established by the Japanese Bankers
Association and the Japan Chamber of Commerce and Industry, as wellas the associated special provisions that came into effect on
April 1, 2020.
We provide the option for a joint guarantee with a termination clauseand multiple other lending methods as alternatives to personal guarantee
provided by business owners. Also, we have established a structure forcooperation between our frontline offices and Head Office to encourage
the utilization of these methods.

Audit Committee
Instruction

ReportManagement
President & Group CEO
Internal Audit Committee(Chairman: President & Group CEO)All organizational units

Internal audit

Management

Advice, guidance,and remedial recommendations
Internal Audit GroupInternal Audit Department

Report the resultsof internal audits

Subsidiaries of the above group companies

Utilizing our office network in Japan, we are striving to promote therevitalization of regional economies by providing our clients with funding,
supporting the operations of local businesses, and collaborating with
regional governments.

Case study
Mizuho Bank, in collaboration with Mizuho Research & Technologies,
Blue Lab, and other group companies, has gone beyond the conventionalboundaries of finance and has been focusing our efforts on new
business development that broadly addresses societal issues.

companies.
Through these series of activities, internal audits assist the board of

Regional revitalization initiatives
In Japan, as a result of the trend toward concentration of businesses
and other economic activity solely in Tokyo, rural populations are
expected to decline and regional economies are expected to shrink in
the future. As a nation, Japan must look for ways to revitalize regional
areas through a virtuous cycle in which jobs draw people back to local
areas and population growth creates more jobs.

departments and business processes that are subject to the audit,
based on a plan approved by the board of directors of each of our group

Mizuho Bank, Mizuho Trust & Banking,Mizuho Securities, and other core group companies

In particular, by providing consulting and support for SMEs’ growthstrategies, we can introduce clients to potential M&A opportunities from

127

Message from theGroup CFO

About Mizuho(As of June 30, 2022)

Integrated Report 2022

128

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Risk management structureManagement of top risks

Comprehensive risk management

We have identified “top risks” (i.e., risks that are recognized to havea major potential impact on the Mizuho group) as follows, while
taking into consideration factors such as changes in the internaland external business environment.

added "Stagnation of growth due to factors such as labor shortages"
as a new top risk, based on our recognition of the potential risk oflabor shortages leading to deterioration in our capacity forproviding services.

In fiscal 2022, we have identified two new risk events: the soaring
energy and food prices due to the Russia-Ukraine situation and theshifts in global supply chains. Further, we have replaced two of the
top risks designated during fiscal 2021 ("Intensified US-China
friction" and "US inflation concerns and interest rate hikes") with
"Growing US-China friction and accelerating global division" and"Continuation of high global inflation", and revised our risk
scenarios.

We also revised our risk scenarios for other top risks upon
considering factors such as changes in the business environment.

Risk scenario

The Risk Management Committee chaired by the Group CRO
provides integrated monitoring and management of the overall risk
for the Mizuho group. The Group CRO reports the risk management
situation to the Board of Directors, the Risk Committee, and the
Executive Management Committee regularly and as necessary. In
addition, Mizuho Financial Group receives reports and applications
for approval concerning the risk management situation from ourcore group companies and gives them appropriate instructions
concerning risk management as necessary.

At Mizuho, we classify and manage the risks that arise in ourbusinesses according to the various kinds of risk, including credit
risk, market risk, liquidity risk, and operational risk. Moreover, ourgroup companies manage risk appropriately according to the natureof their risk, such as settlement risk, trust banking operations risk,
and similar.
In addition to managing each type of risk individually, we haveestablished a risk management structure at Mizuho to identify andevaluate overall risk and to keep risk within limits that are
acceptable.
In line with the basic policies relating to overall risk management
established by Mizuho Financial Group, we are working to take evenmore proactive and sophisticated approaches to risk management.

Primary risk control measures

Risk capital allocation

Prolonged impact of COVID-19⃝‌Rise in COVID-19 cases both in and outside Japan due to outbreaks of
new variants, consequent increased credit costs⃝‌Worsening economic impact of prolonged global supply constraints

Continuation of high global inflation⃝‌Increased demand accompanying post-COVID economic recovery andsupply constraints due to a stagnating labor market recovery, in
combination with soaring energy and food prices from the RussiaUkraine situation, leading to continued global inflation⃝‌Economic deterioration due to sudden interest rate hikes causing an
increase in credit costs

Growing US-China friction andaccelerating global division⃝‌Geopolitical risks presented by the Russia-Ukraine situation, added to
the growing and intensified pattern of confrontation between the US
and China, leading to further formation of bloc economies andaccelerated global division⃝‌Rise in credit costs due to deteriorated business performance anddowngrade in corporate credit ratings resulting from factors such as
global revisions to supply chains

Increasing severity of climatechange impacts⃝‌Increased credit costs due to companies that delay climate change
responses facing issues in raising funds and consequently suffering
deterioration in business performance⃝‌Tightened regulations and supervision in relation to climate-related
financial risks among financial institutions⃝‌Damage to our corporate value due to criticism of initiatives aimed at
the decarbonization of the Mizuho group⃝‌Promotion and appropriate disclosure of business strategy responses to climatechange⃝‌Formulation of risk control policy for sectors expected to face high risk,
engagement with clients⃝‌Clarification of risk management framework for climate-related financial risks

IT system failures⃝‌System failures resulting from factors such as human negligence,
hardware failures, or disasters causing wide-spread inconvenience or
disadvantage to customers and damaging trust, leading to the loss ofbusiness opportunities⃝‌Steady and ongoing implementation of assessments and other measures forpreventing system failures, and improvements to the effectiveness of contingency
plans enhancing our ability to respond to system failures⃝‌System risk monitoring from multifaceted perspectives

Cyberattacks⃝‌Attacks from criminal or terrorist organizations that result insuspension of services, exposure of information, and/or unauthorized
fund transfers, causing wide-spread inconvenience or disadvantage tocustomers and damaging trust, leading to the loss of business
opportunities⃝‌Establishment of a monitoring system and enhancements to our resilience
framework through analysis of computer viruses and development of multilayered
defense systems⃝‌Cyberattack drills in preparation for incidents, plus employee training

Money laundering / Financing ofterrorism⃝‌Financial services being misused for criminal acts, resulting in
criticism from the international community, damaging trust withcustomers and with other financial institutions, and leading to the lossof global business opportunities⃝‌Enhancement of frameworks for anti-money laundering measures and otherefforts in line with laws/regulations and guidelines from the Financial Services
Agency of Japan⃝‌Implementation of steady risk control through enhancing our legal and compliance
personnel and raising group-wide knowledge and risk awareness

Inappropriate behavior or
nonfeasance by executive officers /employees⃝‌Damage to trust and loss of business opportunities stemming from theoccurrence in or outside Japan of legal/regulatory infractions or
inappropriate behavior or nonfeasance deemed to be out of line withsocial norms⃝‌Analyze the cause of the incident and formulate improvement measures⃝‌Enhance predictive management in order to reduce instances of misconduct

Stagnation of growth due to factors
such as labor shortages⃝‌Stagnation in strategy implementation and deterioration in capacity forproviding services due to difficulties concerning employee turnoverand employee development, which are linked to diversification ofcareer aspirations and increased labor market flow⃝‌Improving employees’ sense of fulfillment through career development supportand reducing the amount of overwork⃝‌Ensuring accurate understanding of personnel demands and enhancing
mid-career hiring for better talent retention

Rapid development of digital society⃝‌Rapid expansion of revolutionary financial services, the rise of new
economic landscapes, and the resulting intensification of competition
as companies from other industries enter the field of finance⃝‌Clarifying our digital transformation strategy and developing and enhancing theskills of specialists⃝‌Credit risk: Taking into consideration the impact of COVID-19, soaring productprices due to the Russia-Ukraine situation, and the weakening of the Japaneseyen, specify and review the areas of our portfolio requiring enhanced management
and allocate additional reserves⃝‌Market risk: Taking into consideration the deterioration of the market environment,with rising interest rates and falling stock prices, continue enhancing our profit/
loss monitoring framework and conducting careful portfolio management⃝‌Foreign currency liquidity risk: In preparation for a more challenging fund raising
environment, enhance monitoring frameworks related to short-term andmedium- to long-term investment and funding, and reinforce stable funding⃝‌Predictive management based on monitoring changes in the external environmentand other information.

At Mizuho, under the risk capital allocation framework, we
endeavor to obtain a clear grasp of the group’s overall risk
exposure and implement measures to make sure this exposure is
within limits that are acceptable.
More specifically, we allocate risk capital to our core groupcompanies (including their subsidiaries) to control risk within thelimits set for each company. We also control risk within acceptable
limits by working to ensure that the overall risk on a consolidated
basis does not exceed our financial capacity. To ensure the ongoing

financial soundness of Mizuho Financial Group and our core groupcompanies we regularly monitor the manner in which risk capital isbeing used in order to obtain an accurate grasp of the risk profile
within this framework. Reports are also submitted to the Board of
Directors and other committees of each company. Risk capital isallocated to Mizuho Bank, Mizuho Trust & Banking, Mizuho
Securities, and Mizuho Americas by risk category, and is further
allocated within their respective business units.

■ Framework for allocating risk capital
ExamplesMizuho Financial Group
Financialstrengthof the group

Setting of upper limits based on risk capital and exercise ofcontrol over various risks
Mizuho Bank

CapitalMizuho Trust & Banking
Mizuho Securities

129

Mizuho Financial Group

Credit risk
Market risk
Stock price risk
Operational risk

Allocatedtobusiness
units

Group companies

Mizuho Americas
Mizuho Trust & Banking

Other risks

Mizuho Securities
Mizuho Americas

Note: The risks described here are only some of the possible risks we are aware of. For more comprehensive information on the Mizuho group’s risks, please refer to the annual securities
report, Form 20-F, and other related documents.

Mizuho Bank

Risk exposure of the group

Allocated risk capital

Top risks
Risk event

At Mizuho, we have put in place a system whereby each groupcompany conducts risk management appropriate for the company’sbusiness operations and scope and status of risk, and Mizuho
Financial Group, as the holding company, oversees risk
management across the whole group.

Risk exposure ofcore group companies*

In addition, with human capital taking on increased importance inachieving continuous growth for Mizuho and our employees, we

For designated top risks, we have decided on additional risk control
measures, including measures for preventing the designated top
risks and follow-up responses, and we are monitoring the status ofrisk control throughout the fiscal year and reporting to the Risk
Committee and Board of Directors.
(Please see pp. 97 – 98 for more on our management of top risks.)

Comprehensive risk management systems*Includes the risk exposure of group companies that are managed by core group companies

Integrated Report 2022

130

Message from theGroup CEO

Credit risk management
Mizuho Financial Group manages credit risk for the group as a whole.
Specifically, Mizuho Financial Group establishes the group’s fundamental
credit risk policy to manage major group companies, and monitors andmanages the credit risks of the group as a whole.

Definition of
obligorclassifications ofself-assessment

Obligorratings(majorcategory)

Definition of ratings

A1—A3

Obligors whose certainty of debt fulfillment
is very high, hence their level of credit risk
is excellent.

B1—B2

Obligors whose certainty of debt fulfillment
poses no problems for the foreseeable
future, hence their level of credit risk is
sufficient.

C1—C3

Obligors whose certainty of debt fulfillment
and their level of credit risk pose no
problems for the foreseeable future.

D1—D3

Obligors whose current certainty of debt
fulfillment poses no problems, however,their resistance to future environmental
changes is low.

Credit risk management structure
Our Board of Directors determines the Mizuho group’s basic
matters pertaining to credit risk management. In addition, the Risk
Management Committee broadly discusses and coordinates
matters relating to basic policies and operations in connection withcredit risk management and matters relating to credit risk
monitoring for the Mizuho group. Under the control of the Group
Chief Risk Officer of Mizuho Financial Group, the Credit Risk
Management Department and the Risk Management Department
jointly monitor, analyze, and submit suggestions concerning credit
risk and formulate and execute plans in connection with basic
matters pertaining to credit risk management.
Our principal banking subsidiaries and other core group companies
manage their credit risk according to the scale and nature of their
exposures in line with basic policies set forth by Mizuho Financial
Group. The Board of Directors of each company determines key
matters pertaining to credit risk management.

The Balance Sheet & Risk Management Committee and the Credit
Committee, each of which is a business policy committee of ourprincipal banking subsidiaries, are responsible for discussing andcoordinating overall management of their individual credit portfolios
and transaction policies towards obligors. The respective Chief Risk
Officers of our principal banking subsidiaries are responsible formatters relating to planning and implementing credit risk
management. The credit risk management departments of ourprincipal banking subsidiaries are in charge of planning andadministering credit risk management and conducting credit risk
measuring and monitoring. Such departments regularly present
reports regarding their risk management situation to Mizuho
Financial Group. The credit departments of our principal banking
subsidiaries determine policies and approve/disapprove individualtransactions in terms of credit review, credit management andcollection from obligors in accordance with the lines of authority
set forth respectively by our principal banking subsidiaries. In
addition, our principal banking subsidiaries have establishedinternal audit groups that are independent of the businessdepartments in order to ensure appropriate credit risk management.

Method of credit risk management
We have adopted two different but mutually complementary
approaches to credit risk management. The first approach is“individual credit management,” in which we manage the process
for each individual transaction and individual obligor from execution
until collection, based on our assessment of the credit quality of theobligor. Through this process, we curb losses in the case of a credit
event. The second is “credit portfolio management,” in which weutilize statistical methods to assess the potential for losses related
to credit risk. Through this process, we identify credit risks andrespond appropriately.

2. Internal rating system
One of the most important elements of the risk management
infrastructure of our principal banking subsidiaries is the use of aninternal rating system that consists of credit ratings and pool
allocations. Credit ratings consist of obligor ratings which represent
the level of credit risk of the obligor, and transaction ratings which
represent the possibility of ultimately incurring losses related toeach individual claim by taking into consideration the nature of any
collateral or guarantee and the seniority of the claim.
In principle, obligor ratings apply to all obligors and are subject toregular reviews at least once a year to reflect promptly the fiscal
period end financial results of the obligors, as well as special
reviews as required whenever an obligor’s credit standing changes.
This enables our principal banking subsidiaries to monitor bothindividual obligors and the status of the overall portfolio in a timely
fashion. Because we consider obligor ratings to be an initial phaseof the self-assessment process regarding the quality of our loans

131

Mizuho Financial Group

Normalobligors

E1

Watch
obligors

Intensive
control
obligors

Substantiallybankrupt
obligors

Bankrupt
obligors

Individual credit management
1. Credit Codes
The basic code of conduct for all of our executive officers andemployees engaged in the credit business is set forth in our credit
code. Seeking to fulfill the bank’s mission and social responsibilities,
our basic policy for credit business is determined in light offundamental principles focusing on public welfare, safety, growth,and profitability.

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Connection between obligor ratings, definition of obligor classifications of self-assessments, non performing loans based on the Banking Act ("BA")and the Financial Reconstruction Act ("FRA")

Basic approach
We define credit risk as the Mizuho group’s exposure to the risk of losses
that may be incurred due to a decline in, or total loss of, the value of
assets (including off-balance-sheet instruments), as a result of
deterioration in obligors’ financial position.

About Mizuho

and off-balance-sheet instruments, such obligor ratings are closely
linked to the obligor classifications and are an integral part of theprocess for determining the provision for credit losses on loans andcharge-offs in our self-assessment of loans and off-balance-sheet
instruments. (Please refer to the chart on the next page regarding
the connection between obligor ratings, definition of obligor
classifications of self-assessments, non performing loans based on
the Banking Act and the Financial Reconstruction Act).
To assign obligor ratings, we have a quantitative evaluation system(rating model) in place to enable proper assessment of an obligor’s
credit standing. The system gives a quantitative rating to an obligor
based on obligor-specific characteristics such as type of business(corporation or individual) and geography (in Japan or outside
Japan). We categorize our rating models for companies in Japan
into those for large companies and those for small and mediumsized companies. The former consist of 13 models according toindustry-specific factors, while the latter consist of three models.
For companies outside Japan, we utilize nine models.
These were developed by the Credit Risk Management Department
based on a statistical methodology and approved by the Chief Risk
Officer.
Pool allocations are applied to small claims that are less than aspecified amount by pooling obligors and claims with similar risk

E2

R

F1

G1

Obligors who have not yet gone legally orformally bankrupt but who are substantiallybankrupt because they are in serious financial
difficulties and are not deemed to be capableof restructuring.

Category II

Category III

Category IV(non-collateralized)

All credit given
to normal
obligors.

Obligors who require close watching going
forward because there are problems with
their borrowings, such as reduced orsuspended interest payments, problems
with fulfillment such as de facto
postponements of principal or interest
payments, or problems with their financial
positions as a result of their poor or
unstable business conditions.
Obligors who are not yet bankrupt but are in
financial difficulties and are deemed to bevery likely to go bankrupt in the future
because they are finding it difficult to makeprogress in implementing their management
improvement plans (including obligors who
are receiving ongoing support from financial
institutions).

H1

Category I(non-categorized)

Normal claims

Credit given to
watch obligors
other than thoseincluded in
category I.

Credit to obligors
which haspledgedcollateral or iscovered byguarantees,considered ofhigh quality,
such as deposit
collateral.

Obligors who have already gone bankrupt,
from both a legal and/or formal perspective.

characteristics and assessing and managing the risk for each such
pool. Our principal banking subsidiaries efficiently manage credit
risk and credit screening by dispersing a sufficient number of small
claims within each pool.
Our principal banking subsidiaries generally review theappropriateness and effectiveness of our approach to obligor
ratings and pool allocations once a year in accordance withpredetermined procedures, which is audited by the Internal Audit
Group.

Non performing loans based on
the BA and the FRA

Claims for
specialattention
Credit given to
intensive control
obligors otherthan thoseincluded in
category I andcategory II.

Credit to obligors
which is coveredby generalcollateral, suchas real estateand guarantees.

The difference
between theassessed value
and market valueof collateral on
credit to bankrupt
and substantiallybankrupt obligors(i.e., the portionof loans forwhich final
collection
problems orlosses are
anticipated).

Restructured
loans
Loans past due
for 3 months or
moreClaims with collection risk

Credit tobankrupt andsubstantiallybankrupt
obligors, otherthan those in
category I,
category II andcategory III(credit that isjudged to be
unrecoverable orwithout value).

Claims against bankrupt andsubstantially bankrupt obligors

Mizuho Financial Group defines a Restructured Loan as a loan
extended to a Watch Obligor when the following conditions are met:
an obligor is experiencing financial difficulties and lending
conditions were amended favorably to the obligor such as allowinginterest rate reduction, postponement of principal repayment/interest payment, debt forgiveness, etc.
An overdue loan is defined as a loan for a Watch Obligor of which
the loan principal or interest is overdue for three months or more
following the contractual payment date.

Methods for provision for credit losses on loans and off-balance-sheet instruments and charge-offs
Normal obligors

Calculate the value of estimated loss based on the probability of failure over the coming year for loans by obligor rating and appropriate it for the general provision for credit
losses on loans and off-balance-sheet instruments.

Watch obligors

Calculate the estimated loss on loans based on the probability of failure over the next three years and appropriate it for the general provision for credit losses on loans andoff-balance-sheet instruments. Further, in regard to special attention obligors, for obligors with large claims more than a certain amount, if the cash flow from the return ofprincipal and interest payments can reasonably be estimated, set up a provision for credit losses on loans and off-balance-sheet instruments under the DCF method.

Intensive control
obligors
Substantiallybankrupt obligors
Bankrupt obligors

Provide an amount for specific provision for credit losses on loans and off-balance-sheet instruments as calculated by one of the following methods after deducting amounts
anticipated to be recoverable from the sale of collateral held against the claims and from guarantors of the claims: a) an amount calculated based on the overall ability of theobligor to pay, or b) the estimated loss calculated on the basis of the balance and the probability of failure over the next three years.
Further, for obligors with large claims more than a certain amount, if the cash flow from the return of principal and interest payments can reasonably be estimated, set up aprovision for credit losses on loans and off-balance-sheet instruments under the DCF method.
Provide the entire balance after deducting amounts anticipated to be recoverable from the sale of collateral held against the claims and from guarantors of the claims for
specific provision for credit losses on loans and off-balance-sheet instruments, or charge-off the entire balance.

Integrated Report 2022

132

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

AppendixMarket risk management
Basic approach
3. Self-assessment, Provision for Credit Losses on Loans and
Off-Balance-Sheet Instruments and Charge-Offs
We conduct self-assessment of assets to ascertain the status ofassets both as an integral part of credit risk management and in
preparation for appropriate accounting treatment, including
provision for credit losses on loans and off-balance-sheet
instruments and charge-offs. During the process of selfassessment, obligors are categorized into certain groups taking into
consideration their financial condition and their ability to makepayments, and credit ratings are assigned to all obligors, inprinciple, to reflect the extent of their credit risks. The related
assets are then categorized into certain classes based on the riskof impairment. This process allows us to identify and control theactual quality of assets and determine the appropriate accounting
treatment, including provision for credit losses on loans andoff-balance-sheet instruments and charge-offs. Specifically, thecredit risk management department of each of our principal
subsidiaries is responsible for the overall control of the selfassessment of assets of the respective banking subsidiaries,
cooperating with the administrative departments specified for eachtype of asset, including loan portfolios and securities, in executing
and managing self-assessments. In our assessment of theprobability of obligor bankruptcy, we deem an obligor that is rated
as being insolvent or lower as being bankrupt.

4. Credit review
Prevention of new impaired loans through routine credit
management is important in maintaining the quality of our overallloan assets.
Credit review involves analysis and screening of each potential
transaction within the relevant business department. In case thescreening exceeds the authority of the department, the credit
department in charge at headquarters carries out the review. We
have specialist departments for different industries, business sizes,
and regions, carries out timely and specialized examinations basedon the characteristics of the client and its market, and provides
appropriate advice to the business department.
In addition, in the case of obligors with low credit ratings and highdownside risks, the business department and credit department
jointly clarify their credit policy and in appropriate cases assist the
obligors at an early stage in working towards credit soundness.

The risk measurement system covers the following account items

Loss distribution
Frequency
Average

This amount depends on the confidence interval.
For example, if the confidence interval is set at
99%, it is the 9,900th smallest loss figure out of
10,000 trials.

133

Mizuho Financial Group

reported by each Mizuho Financial Group company: credit
transactions including loans and discounts; securities; obligors’
liabilities for acceptances and guarantees; deposits and foreignexchange; derivatives including swaps and options; off-balancesheet items including commitments; and other assets involving
credit risk.
In establishing transaction spread guidelines for credit transactions,
we aim to ensure an appropriate return from the transaction in lightof the level of risk by utilizing credit cost data as a reference.
Also, we monitor our credit portfolio from various perspectives andset guidelines noted below so that losses incurred through ahypothetical realization of the full Credit VAR would be within theamount of risk capital and loan loss reserves.

Unexpected Loss

As for the situation of market risk, the Risk Management
Department submits reports to the President and Group CEO on adaily basis and to the Board of Directors on a regular basis. For the
purpose of managing the market risk of our principal banking
subsidiaries and other core group companies, the Department
regularly receives reports from each of them to properly identify
and manage their market risk. These subsidiaries and core groupcompanies, which account for most of the Mizuho group’s exposure
to market risk, establish their basic policies based on ours, and their
Boards of Directors determine important matters relating to market
risk management.

Market risk management method

1. Risk measurement
We use statistical methodologies that involve a risk measurement
system (enterprise value corporate valuation model, holding periodof one year) to manage the possibility of losses by measuring the
expected average loss for a one-year risk horizon (“Expected Loss”)
and the maximum loss within a certain confidence interval (“Credit
VAR”). The difference between Expected Loss and Credit VAR ismeasured as the credit risk amount (“Unexpected Loss”).

Expected
Loss

Mizuho Financial Group manages market risk for the Mizuho groupas a whole. Specifically, Mizuho Financial Group establishes thefundamental risk management policy for the entire group, manages
the market risk of our principal banking subsidiaries and other coregroup companies, and monitors how the group’s market risk isbeing managed as a whole.

Market risk management structure
Our Board of Directors determines basic matters pertaining tomarket risk management policies. The Risk Management Committeeof Mizuho Financial Group broadly discusses and coordinates
matters relating to basic policies in connection with market risk
management, market risk operations, and market risk monitoring.
The Group CRO of Mizuho Financial Group is responsible for mattersrelating to market risk management planning and operations.
The Risk Management Department of Mizuho Financial Group is
responsible for monitoring market risk, reporting and analyzing,
making proposals, setting limits and guidelines, and formulating andimplementing plans relating to market risk management.

Credit portfolio management

Credit VAR

We define market risk as the risk of losses incurred by the groupdue to fluctuations in interest rates, stock prices, and foreignexchange rates. Our definition includes the risk of losses incurred
when it becomes impossible to execute transactions in the market
because of market confusion or losses arising from transactions at
prices that are significantly less favorable than usual.

Loss amount

2. Risk control methods
Our principal banking subsidiaries have established guidelines tomanage “credit concentration risk,” which stems from granting
excessive credit to certain corporate groups. Our principal banking
subsidiaries also set the credit limit based on a verification of thestatus of capital adequacy. In cases where the limit is exceeded,
our principal banking subsidiaries will formulate a handling policy
and/or action plan.

To manage market risk, we set limits that correspond to risk capital
allocations according to the risk profile of each of our principal
banking subsidiaries and other core group companies and thereby
prevent the overall market risk we hold from exceeding our financial

strength represented by capital and other indicators. The amount ofrisk capital allocated to market risk corresponds to value-at-risk (the“VAR”) and additional costs that may arise in order to close
relevant positions.

Setting limits

Monitoring

When the above mentioned limits are set, various factors are taken
into account, including business strategies, historical limit usage
ratios, risk-bearing capacity (profits, equity capital, and risk
management framework), profit targets and the market liquidity ofthe products involved. The limits are discussed and coordinated by
the Risk Management Committee, discussed further by the
Executive Management Committee and then determined by the
President & Group CEO. For trading and banking activities, we set
limits for VAR and for losses. For banking activities, we set position
limits based on interest rate sensitivity (10 BPV) as needed. An
excess over any of these limits is immediately reported andaddressed according to a pre-determined procedure.

To provide a system of mutual checks and balances in market
operations, we have established middle offices specializing in risk
management that are independent of front offices which engage inmarket transactions and of back offices which are responsible forbook entries and settlements. When VAR is not adequate to control
risk, the middle offices manage risk using additional risk indices,carry out stress testing, and set stop loss limits as needed. We
monitor market liquidity risk for individual financial products in themarket while taking turnover and other factors into consideration.

In addition to the above, our principal banking subsidiaries monitor
total credit exposure, credit exposure per rating, credit
concentration per corporate group, geographic area, and businesssector to make a periodical report to the Balance Sheet & Risk
Management Committee and the Credit Committee.

Integrated Report 2022

134

Message from theGroup CEO

Status of Mizuho Financial Group’s market risk
Value-at-risk
The following graph shows VAR figures of our trading activities forthe fiscal year ended March 31, 2022:842
04/01/2021
04/20/2021
05/09/2021
05/28/2021
06/16/2021
07/05/2021
07/24/2021
08/12/2021
08/31/2021
09/19/2021
10/08/2021
10/27/2021
11/15/2021
12/04/2021
12/23/2021
01/11/2022
01/30/2022
02/18/2022
03/09/2022
03/28/2022

0(¥ billion)
Fiscal 2019
Daily average

Maximum

Minimum

At March 31

Interest rate

2.7

7.2

1.3

6.7

Foreign exchange

0.4

1.1

0.1

0.8

Equities

0.6

4.5

0.2

1.7

Commodities

0.0

0.0

0.0

0.0

Total

3.8

11.8

2.3

8.3

The following table shows VAR figures of our trading activities forthe fiscal years indicated:

VAR (trading activities)(¥ billion)

As of fiscal year end
Fiscal 2020
Daily average

Maximum

Minimum

At March 31

Interest rate

4.3

8.6

1.7

2.6

Foreign exchange

0.7

1.3

0.3

0.4

Equities

1.1

6.6

0.1

0.7

Commodities

0.0

0.0

0.0

0.0

Total

5.4

9.1

2.4

2.7

Fiscal 2021

135

Daily average

Maximum

Minimum

At March 31

Interest rate

3.8

5.7

2.8

4.0

Foreign exchange

0.5

1.5

0.3

1.0

Equities

0.8

4.9

0.2

1.1

Commodities

0.0

0.1

0.0

0.0

Total

4.3

10.2

2.9

5.3

Mizuho Financial Group

VAR
Interest rate on five-year government bonds(VAR: ¥ billion)
350

6

VAR by risk category (trading activities)

Non-trading activities
The VAR related to our banking activities is based on the same
conditions as those of trading activities, but the holding period is one
month. In addition, as for risk management of banking activities, it isimportant to properly measure interest rate risk so that we calculateinterest risk using appropriate methods such as recognizing demand
deposits as “core deposits.”

Fiscal 2021 VAR (banking activities)

10

The following tables show the VAR related to our trading activities
by risk category for the fiscal years ended March 31, 2020, 2021 and2022 and as of March 31, 2020, 2021 and 2022:

Our strategies forcreating value

The following graph shows the VAR related to our banking activities
excluding our cross-shareholdings portfolio for the year ended March 31,
2022:

Fiscal 2021 VAR (trading activities)(VAR: ¥ billion)
12

Trading activities
VAR related to our trading activities is based on the following:• historical simulation method;• confidence interval: one-tailed 99.0%;• holding period of one day; and• historical observation period of three years.

Message from theGroup CFO

Fiscal 2019

Fiscal 2020

Fiscal 2021

Change

8.3

2.7

5.3

2.5

(%)
0.5

300

0.4

250

0.3

200

0.2

150

0.1

100

0.0

50

-0.1

0

-0.2

04/01/2021
04/20/2021
05/09/2021
05/28/2021
06/16/2021
07/05/2021
07/24/2021
08/12/2021
08/31/2021
09/19/2021
10/08/2021
10/27/2021
11/15/2021
12/04/2021
12/23/2021
01/11/2022
01/30/2022
02/18/2022
03/09/2022
03/28/2022

We use the VAR method, supplemented with stress testing, as ourprincipal tool to measure market risk. The VAR method measuresthe maximum possible loss that could be incurred due to market
movements within a certain time period (or holding period) anddegree of probability (or confidence interval).

About Mizuho

The following table shows the VAR figures relating to our banking
activities for the fiscal years indicated:
VAR (banking activities)
Fiscal2019(¥ billion)
Fiscal
2020

Fiscal2021

ChangeMaximum

11.8

9.1

10.2

1.1

Minimum

2.3

2.4

2.9

0.4

As of fiscal
year end

361.4

249.4

209.7

(39.7)

Average

3.8

5.4

4.3

(1.0)

Maximum

361.4

501.7

321.9

(179.8)Minimum

167.9

224.0

191.0

(33.0)

Average

215.7

346.5

266.0

(80.4)

Characteristics of VAR model
VAR is a commonly used market risk management technique.
However, VAR models have the following shortcomings:• By its nature as a statistical approach, VAR estimates possible
losses over a certain period at a particular confidence level using
past market movement data. Past market movement, however, is
not necessarily a good indicator of future events, particularly
potential future events that are extreme in nature.
• VAR may underestimate the probability of extreme market
movements.
• The use of a 99.0% confidence level does not take account of, nor
makes any statement about, any losses that might occur beyond
this confidence level.

Foundations for our
corporate value

Data section

Appendix• VAR does not capture all complex effects of various risk factors
on the value of positions and portfolios and could underestimate
potential losses.
Cross-shareholdings portfolio management activities
We take the market risk management approach with use of VAR and risk
indices for cross-shareholdings portfolio management activities toproperly manage stock price risk. Specifically, we monitor VAR
measurements and the state of risk capital on a daily basis.
Moreover, in order to control stock price risk, we are working on the
reduction in cross-shareholdings through careful negotiations withcounterparties.
Back testing
In order to evaluate the effectiveness of market risk measurements
calculated using the VAR method, we carry out regular back tests tocompare VAR with assumptive profits and losses. Assumptive profits
and losses accounts for general market risk. The graph below shows
daily VAR of trading activities for the fiscal year ended March 31, 2022
and the corresponding paired distribution of profits and losses.
We had zero cases where losses exceeded VAR during the period.
In addition, we conduct evaluations of the assumptions related to the
VAR models. Based on the number of times losses exceeded VAR
through back testing and the results of the evaluation of the model
assumptions, we will make adjustments to the models as appropriate.
Changes to fundamental portions of the VAR models are subject to theapproval of our Group Chief Risk Officer.
Fiscal 2021 back testing
Assumed profit or loss (¥ billion)
6
5
4
3
2
1
0
(1)
(2)
(3)
(4)
(5)
(6)
0
1
2
3

4

5

6

7
8
VAR (¥ billion)

Note: We conduct our back testing and assess the number of cases where losses exceed
VAR based on a 250 business day year. The expected average number of instanceswhere one-day trading losses exceeded VAR at the 99% confidence level is 2.5.

Stress testing

Because the VAR method is based on statistical assumptions, we
conduct stress testing to simulate the levels of losses that could beincurred in cases where the market moves suddenly to levels thatexceed these assumptions. The stress testing methods we use include
the calculation of losses under scenarios in which stresses are applied
to interest rate risk and stock price risk based on current and projectedeconomic conditions, historical market events, etc.

Integrated Report 2022

136

Message from theGroup CEO

Liquidity risk management

Mizuho Financial Group manages liquidity risks for the Mizuho group as awhole. Specifically, Mizuho Financial Group establishes a fundamental
liquidity risk management policy for the entire group, manages theliquidity risk of our principal banking subsidiaries and other core groupcompanies, and monitors how the group’s liquidity risk is being managed
as a whole.

We define operational risk as the risk of losses that may be incurred
resulting from inadequate or failed internal processes or systems,
human error, or external events. We control operational risk
management for the Mizuho group as a whole. Considering that
operational risk includes information technology risk, operations risk,
legal risk, human capital risk, tangible asset risk, regulatory risk, andOur principal banking subsidiaries and other core group companies
also establish their own basic policies on liquidity risk management toproperly identify and manage liquidity risk.

We manage liquidity risk through the frameworks of “liquidity risk
management indicators” and “liquidity categorization.” The former isdetermined for the purpose of managing limits on funds raised in themarket considering our fund raising capabilities, and the latter isdetermined based on our funding conditions. We also carry out liquidity

stress testing to verify the sufficiency of liquidity reserve assets and theeffectiveness of countermeasures against a possible outflow of funds
during a stress event. The results of stress testing are used for funds
management operations.

Liquidity risk management indicators

Liquidity stress testing

Limits on funds raised in the market are set based on a number of time
horizons taking into account the characteristics and strategies of each of
our principal banking subsidiaries and other core group companies. Suchlimits are discussed and coordinated by the Risk Management
Committee, discussed further by the Executive Management Committee,
and determined by the President & Group CEO. An excess over any ofthese limits is immediately reported and addressed in accordance withpre-determined procedures.

We carry out stress testing regularly based on market-wide factors,
idiosyncratic factors of the group, and a combination of both types offactors to verify the sufficiency of liquidity reserve assets and theeffectiveness of our liquidity contingency funding plans. Furthermore, we
utilize stress testing to evaluate the appropriateness of our annual
funding plan.

Mizuho Financial Group

Data section

Appendix

Principal risk management methods

Information
technology risk

Risk that customers may incur losses or our group companies may
incur losses due to problems (e.g. malfunctions, disruptions, etc.)with the computer systems or improper use of the computers inthese systems, which cause disruptions of the services provided tocustomers, or have significant impact on settlement systems, etc.

• Identify and evaluate the risk by setting specific standards thatneed to be complied with and implementing measures tailoredbased on evaluation results to reduce the risk.
• Ensure ongoing project management in systems development
and quality control.
• Strengthen security to prevent information leaks.
• Strengthen capabilities for rapidly and effectively dealing withcyberattacks.
• Improve effectiveness of emergency responses by improving
backup systems and holding drills.

Operations risk

Risk that customers may incur losses or the group may incur losses
due to the disruption of services to customers or major incidents
affecting settlement systems, etc., as a result of inadequate
operations caused by fraudulent acts, errors or negligence, etc., ofsenior executives or employees, or inadequacies in the operational
structure itself.

• Establish clearly defined procedures for handling operations.
• Periodically check the status of operational processes.
• Conduct training and development programs led by Head Office.
• Introduce information technology, office automation, andcentralization for operations.
• Improve the effectiveness of emergency responses by holding
drills.

Legal risk

Risk that the group may incur losses due to violation of laws andregulations, breach of contract, entering into improper contracts or,other legal factors.

• Review and confirm legal issues, including the legality of material
decisions, agreements and documents for external consumption,etc.
• Collect and distribute legal information and conduct internal
training programs.
• Analyze and manage issues related to lawsuits.

Human capital risk

Risk that the group may incur losses due to turnover or loss of
personnel, deterioration of morale, inadequate development of
personnel, inappropriate working schedules, inappropriate working
and safety environment, inequality or inequity in human resource
management, or discriminatory conduct.

• Conduct employee satisfaction surveys.
• Understand the status of working hours.
• Understand the status of vacation days taken by personnel.
• Understand the status of voluntary resignations.
• Understand the status of the stress check system.

Tangible asset risk

Risk that the group may incur losses from damage to tangible
assets or a decline in the quality of the working environment as aresult of disasters, criminal actions, or defects in asset
maintenance.

• Manage the planning and implementation of construction projects
related to the repair and replacement of facilities.
• Identify and evaluate the status of damage to tangible assets
caused by natural disasters or other causes, and respond
appropriately to such damage.

Regulatory risk

Risk that the group may incur losses due to changes in various
regulations or systems, such as those related to law, taxation, andaccounting.

• Understand important changes in regulations or systems thathave significant influence on our business operations or financial
condition in a timely and accurate manner.
• Analyze degree of influence of regulatory changes and establish
countermeasures.
• Continuously monitor our regulatory risk management mentioned
above.

Reputational risk

Risk that the group may incur losses due to adverse effects to our
reputation or Mizuho's brand value when all services provided by
and all activities conducted by the group, officers, and employees
are recognized as having deviated from expectations andrequirements from the relevant stakeholders including clients,
employees, the economy, and society.

• Establish framework to identify and manage, on an integrated
basis, information that may have a serious impact on groupmanagement and respond to such risk in a manner appropriate toits scale and nature.
• Swiftly identify rumors and devise appropriate responses
depending on the urgency and possible impact of the situation tominimize possible losses.

Liquidity categorization

137

Foundations for our
corporate value

reputational risk, we have separately determined the fundamental
risk management policies for these different types of risk. We
manage the operational risk associated with our principal banking
subsidiaries and other core group companies while monitoring thestate of group-wide operational risk.

Definition

relating to the planning and operation of funds management, and the
Financial Planning Department is responsible for its monitoring and also
for planning and implementing measures relating to funds management
to maintain appropriate funding liquidity. Reports on the liquidity risk
management are submitted to the Risk Management Committee, theBalance Sheet Management Committee (each of which is a Business
Policy Committee), the Executive Management Committee, and thePresident & Group CEO on a regular basis.

Liquidity risk management method

We have established a group-wide framework of assessing the levels of
the liquidity risks by categorizing them into “normal,” “anxious,” and“crisis,” to reflect the funding conditions. In addition, we set early
warning indicators (“EWIs”) and monitor on a daily basis to manage thefunding conditions. The EWIs include stock prices, credit ratings, amountof liquidity reserve assets such as Japanese government bonds, ourfunding situations, etc.

Our strategies forcreating value

Basic approach

Liquidity risk management structure
Our Board of Directors determines the basic matters pertaining toliquidity risk management policies. The Risk Management Committee ofMizuho Financial Group broadly discusses and coordinates mattersrelating to the basic policies in connection with the liquidity risk
management, operations, and monitoring, as well as proposes responses
to emergencies such as sudden market changes. The Group Chief Risk
Officer of Mizuho Financial Group is responsible for matters relating toliquidity risk management planning and operations. The Risk
Management Department of Mizuho Financial Group is responsible formonitoring, reporting and analyzing liquidity risk, making proposals inconnection with liquidity risk, and formulating and implementing plans
relating to liquidity risk management. In addition, the Group Chief
Financial Officer of Mizuho Financial Group is responsible for matters

Message from theGroup CFO

Operational risk management

Basic approach
We define liquidity risk as the risk of losses arising from funding
difficulties due to deterioration of our financial position that make it
difficult for us to raise necessary funds or force us to raise funds atsignificantly higher interest rates than usual.

About Mizuho

We also recognize and manage information security risk and compliance risk, which constitute a combination of more than one of the above components, as
operational risk.

Integrated Report 2022

138

Message from theGroup CEOOur Board of Directors determines basic matters pertaining tooperational risk management policies. The Risk Management Committeeof Mizuho Financial Group broadly discusses and coordinates mattersrelating to basic policies in connection with operational risk management,
operational risk operations, and operational risk monitoring. The Group
Chief Risk Officer of Mizuho Financial Group is responsible for mattersrelating to operational risk management planning and operations. The
Risk Management Department of Mizuho Financial Group is responsible

for monitoring market risk, reporting and analyzing, making proposals,setting limits and guidelines, and formulating and implementing plans
relating to operational risk management.
Our principal banking subsidiaries and core group companies establish
their basic policies on operational risk management, and their Boards of
Directors determine important matters relating to operational risk
management.

Operational risk management method
To manage operational risk, we set common rules for data gathering todevelop various databases shared by the group and measure operationalrisk as operational VAR on a regular basis, taking into account possible
future loss events and changes in the business environment and internalmanagement.
We have established and are strengthening management methods andsystems to appropriately identify, assess, measure, monitor, and control
the operational risks that arise from the growing sophistication anddiversification of financial operations and developments relating to
information technology by utilizing control self-assessments andimproving measurement methods.
• Control self-assessments
An autonomous method of risk management in which risk inherent in
operations is identified and, after evaluating and monitoring risks thatremain despite implementing risk control, the necessary measures are
implemented to reduce risk.

Definition of risks and risk management methods
As shown in the table on the previous page, we have defined eachcomponent of operational risk, and we apply appropriate risk

management methods in accordance with the scale and nature of eachrisk.

Measurement of operational risk equivalent
1. Implementation of the Advanced Measurement Approach(AMA)
We have adopted the AMA for the calculation of operational risk
equivalent in association with capital adequacy ratios based on the
Basel Accords. However, we use the Basic Indicator Approach forentities that are deemed to be less important in the measurement ofoperational risk equivalent.
The measurement results under the AMA are used not only as theoperational risk equivalent in the calculation of capital adequacy ratios
but also as Operational VAR for internal risk management purposes for
implementing action plans to reduce operational risk, and othercountermeasures.

2. Outline of the AMA
Outline of the measurement system
We have established our model by taking account of four elements:
internal loss data; external loss data; scenario analysis and businessenvironment; and internal control factors (BEICFs). We calculate theoperational risk amount by estimating the maximum loss, using a 99.9th
percentile one-tailed confidence interval and a one-year holding period
as operational risk equivalent, employing both internal loss data (i.e.,
actually experienced operational loss events), and scenario data toreflect unexperienced potential future loss events in the measurement.
In the measurement of operational risk equivalent as of March 31, 2022,
we did not exclude expected losses and also did not recognize the risk
mitigating impact of insurance. In addition, we did not take into accountthe events related to credit risk in measuring operational risk equivalent.

Our strategies forcreating value

Outline of measurement model
Operational risk equivalent is calculated as a simple sum of thoserisk amounts related to the seven loss event types defined in the
Capital Adequacy Notice from Japan’s Financial Services Agency,
large-scale natural disasters, and litigation. In the measurement ofoperational risk equivalent as of March 31, 2022, we did not reflect
the correlation effects among operational risk related to each of theseven loss event types.
Operational risk by loss event type
Loss Distribution (Compound Poisson Distribution) Approach (LDA)
is adopted for the calculation of operational risk. LDA is based on
the assumption that Poisson Distribution applies to the occurrence
frequency of operational risk events, and loss severity is expressed
through a separate distribution. Operational risk is calculated foreach of the seven loss event types employing both internal loss
data, based on our actual experience as operational loss events,and scenario data. Scenario data, expressed as numerical values ofoccurrence frequency and loss severity, reflects external loss data
and BEICFs, in order to estimate unexperienced potential future loss
events (of low frequency and high severity).

Foundations for our
corporate value

Data section

Appendix

Estimation of Frequency Distribution and Loss Severity Distribution
Frequency Distribution is estimated by applying information on
occurrence frequency of both internal loss data and scenario data
to Poisson Distribution. Loss Severity Distribution is generated as
the result of combining, through a statistical approach (Extreme
Value Theory), of the actual distribution for the low severity
distribution portion created by internal loss data and another loss
distribution (Log-normal Distribution or Generalized Pareto
Distribution) for the high severity distribution portion created byscenario data.

Frequency Distribution and Severity Distribution are estimatedemploying the above mentioned internal loss data and scenario
data, and Monte-Carlo simulations are then applied to these
distributions to measure operational risk. The detailed steps ofcreation of scenario data are explained later in the Scenario
Analysis.
■ Outline of measurement modelInternal loss data

Business environment andinternal control factors

External loss data
Scenario analysis

Litigation data

Risk amount for litigation risk＋
Scenario data

Large-scale natural
disaster scenario data

Risk amount for large-scale
natural disasters＋
Risk amount for internal fraud
Risk amount for external fraud

Distribution ofinternal loss＋

Distribution of
scenario data

Unifieddistribution

Frequency
distribution
information

Frequency
distribution
information

Frequency
distribution
information

Loss severity
distribution
information

Loss severity
distribution
information

Loss severity
distribution
information

Loss distribution
Monte-Carlo simulation

Operational risk management structure

Message from theGroup CFO

About Mizuho

Risk amountCalculate risk amountby seven loss event
types defined by BIS

Risk amount for employment
practices and workplace safety
Risk amount for customers,
products, and business practices
Risk amount for damage tophysical assets
Risk amount for businessdisruption and system failure
Risk amount for execution,delivery, and process management

Operational VAR(Total operational risk amount)

139

Mizuho Financial Group

Integrated Report 2022

140

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

AppendixCompliance with international financial regulations

Verification
We confirm the appropriateness of the measurement model byverifying it, in principle, semi-annually.
3. Scenario analysis
Outline of scenario analysis
In the process of scenario analysis, scenario data is created as
numerical values of occurrence frequency and loss severity
reflecting external loss data and BEICFs, in order to estimate
unexperienced potential future operational risk events (of low
frequency and high severity).
As for external loss data, we refer to data publicly reported bydomestic and overseas media, and such data are reflected in theestimation of occurrence frequency and Loss Severity Distribution
in the process of scenario analysis. In addition, BEICFs are utilized
as indices to adjust occurrence frequency and Loss Severity
Distribution in the process of scenario analysis.
We categorize scenario analysis into four approaches inaccordance with the characteristics of each loss event type andrisk management structures.
Approach

Loss event type(s) to be applied

A

Internal fraud / external fraud / clients, products, and businesspractices / execution, delivery, and process management

B

Employment practices and workplace safety

C

Damage to physical assets

D

Business disruption and system failure

Estimation of occurrence frequency
Basic occurrence frequency (once a year) is calculated for eachscenario analysis unit. If a certain scenario analysis unit has
relevant internal loss data of a pre-determined threshold amount orabove, its basic occurrence frequency is calculated based on suchdata, and if not, the basic occurrence frequency (the occurrence
frequency per year of losses at or above a pre-determinedthreshold) is calculated with reference to the situation of
occurrence of internal loss data of less than the threshold amountand/or external loss data. The basic occurrence frequency is thenadjusted within a pre-determined range for the purpose ofreflecting the most recent BEICFs to determine the final occurrence
frequency.
Estimation of Loss Severity Distribution
In order to estimate Loss Severity Distribution, we use a predetermined series of severity ranges. Basic Loss Severity
Distribution is calculated for each scenario analysis unit as an
occurrence ratio (in percentile figures) of loss at each severity
range when losses at or above a pre-determined thresholdoccurred, with reference to transaction amount data, external loss
data, etc. Then the basic severity distribution is adjusted, if
necessary, from the viewpoint of statistical data processing todetermine the final Loss Severity Distribution.
Creation of scenario data
For each scenario analysis unit, scenario data is generated as aseries of combinations of occurrence frequency per year at eachseverity range, based on the final occurrence frequency and thefinal Loss Severity Distribution.

■ Example of scenario data
Final loss severity distribution

At Mizuho Financial Group, loss event types to which Approach A isapplied account for a considerable amount of operational risk. The
detailed process of Approach A is explained here as a typicalexample of scenario analysis.

Severity range (¥ billion)
1

5

Total

0.1

0.5

10

Occurrence ratio (%)

40

30

15

10

5

100

Occurrence frequency (times)

0.4

0.3

0.15

0.1

0.05

1

Final occurrence frequency

141

Mizuho Financial Group

Global developments

Operational risk of litigation
Each litigation is converted into data according to the profile of theindividual litigation to which Monte-Carlo simulation is applied, as
opposed to estimating Frequency Distribution and Loss Severity
Distribution.

Setting units for scenario analysis
In order to ensure completeness and sufficiency, we set units thatare commonly applied across group entities that adopt AMA (the“Group Entities”) by referencing and categorizing risk scenarios
recognized through control self-assessment, internal loss data of
the Group Entities, external loss data, etc. Then each of the Group
Entities selects the unit on which scenario analysis is conductedfrom the units established on a group-wide basis in accordancewith its business activities and operational risk profile.

1982
Latin American debt crisis

Increase in trading activity

Increasing diversity and complexity of financial systems
More sophisticated risk management systems
2008 Global financial crisis

1988
Basel standards

Operational risk of large-scale natural disasters
Monte-Carlo simulation is applied to the datasets expressed as a
combination of the probability of occurrence of large-scale natural
disasters and the probable loss amount in case of suchoccurrence, as opposed to estimating Frequency Distribution and
Loss Severity Distribution.

introducing liquidity requirements to address issues that came tolight in the 2008 global financial crisis. Regulatory reforms following
the financial crisis were largely completed in 2017 (Basel III
finalization) with reforms aimed at reducing discrepancies amongbanks regarding the calculation of risk-weighted assets (RWA,
which is the denominator of the capital ratio).

The Basel standards, a unified international regulatory framework
for ensuring the soundness of banking institutions, were firstcreated in 1988 (now referred to as Basel I). As the financial
services industry and world affairs have developed, steps have beentaken to steadily enhance this framework. Formulated in 2010, Basel
III is a framework that tightened capital requirements along with

Basel I

●Introduction of
the capital ratio

1996

Basel I

●Market risk
incorporated
into RWA calculation

2004

2009

Basel II

2010

2017

Basel 2.5

●Allowing the use of banks’internal credit ratings in
RWA calculation●Operational risk
incorporated into RWA
calculation

2019

Basel III finalization●Tightening of
requirements regarding
capital charges forsecuritized products andmarket risk

●Review and revision of RWA
calculation methods●Introduction of output floor(establishment of a floor for RWA
calculated using internal models)Completion of remaining Basel III tasks

Basel III●Strengthening qualitative and ●Finalization of minimum capitalquantitative requirements forrequirements for market risk
capital (numerator of thecapital ratio)●Introduction of leverage ratio
and liquidity requirements

Principal requirements under Basel III and state of compliance
As a Global Systemically Important Bank (G-SIB),
Mizuho Financial Group must meet some regulatory
standards at a higher level. We maintain fullcompliance with all the requirements in thestandards and, going forward, we will steadily
accumulate capital and control our balance sheet
to ensure that we can satisfy any new requirementsthat are introduced.

Capitalratio

Capital
RWA (which are calculated by taking account of the risk of assets held)
CapitalLeverage
ratio

Exposure (calculated without taking account of the risk of assets held)

Liquidity
coverage
ratio

Total net cash outflows under severe stress conditions over a specified
short-term period (30 days)

Net stable
fundingratio

Stock of high-quality liquid assets

Available amount of stable funding (capital, deposits, market funding, etc.)
Required amount of stable funding (loans, securities, etc.)

International financial regulations going forward
With the completion of the post-global financial crisis regulatory
reforms, the Financial Stability Board and the Basel Committee on
Banking Supervision, which are responsible for developing
international financial regulatory standards, are turning theirattention to new areas. Specifically, they have shifted their focus
from developing new regulatory standards to consistent
implementation of regulations in individual countries and evaluating
the impact of regulatory reforms (e.g., are they having the intended
effect without compromising regulatory resilience).

opportunities and risks presented to banks and financial systems by
the various impacts of climate change and the popularization ofdigital assets. For example, various international bodies and local
regulatory authorities, foremost among them the Financial Stability
Board and the Basel Committee on Banking Supervision, have been
looking into responses to climate-related financial risk (the risk thatclimate change could threaten the stability of the financial system
by causing deterioration in the assets of financial institutions,associated reductions of capital, and other consequences).

In addition, the environment that financial institutions operate in hasreached a critical turning point, including rapidly accelerating
digitalization and increasing societal interest in sustainability. Thereis growing attention to, and international discussion about, theTo address these various risks, we will work closely withgovernment, academia, and industry, while also holding proactive
internal discussions.

Integrated Report 2022

142

Message from theGroup CEOBusiness continuity management
In light of our social responsibility and the important role Mizuho
plays within the social infrastructure as a financial institution,
ensuring the continuity of financial settlement functions and theswift and efficient recovery of operations in the event of an
emergency is one of our top priorities within the group.
To improve business continuity management practices across thegroup, we assess the potential impact of emergencies beforehand
and formulate necessary countermeasures in order to minimize
such impact, and to ensure the swift and efficient recovery ofoperations.
One of the ways in which we are working to achieve this is byestablishing Crisis Management Offices within Mizuho Financial
Group, Mizuho Bank, Mizuho Trust & Banking, and Mizuho
Securities that are responsible for business continuity management
and our responses in the event of emergency. These offices
function as a controller in the event of an emergency that may
materially impact business management, by collecting and

About Mizuho

analyzing information, formulating countermeasures, and taking
other necessary action. In addition, their role includes collecting
and analyzing signs and indicators of a potential crisis, andreporting their findings promptly to management.
Particular focus is placed on strengthening our response to natural
disasters, covering not only earthquakes and tsunamis but also
volcanic eruptions, large-scale wind or water damage, andfacilitating initial responses to acts of terrorism and riots as well as
cyberattacks that have been occurring with increasing frequency
around the world.
Based on the series of IT system failures, we are working to
improve the effectiveness of our business continuity management
system by confirming the content and procedures of our system
contingency plans and business contingency plans, and bystrengthening training and realistic drills throughout the group,
including with executive management.

Mizuho Financial Group
Members of the Board of Directors
Executive Officers as Defined in
the Companies Act
Tatsuo Kainaka

Member of the Board of Directors(Outside Director)

Foundations for our
corporate value

Data section

Appendix

Koji Yonei

Senior Executive Officer
Group Chief Information Officer (Group CIO)

Soushi Fukuda

Member of the Board of Directors(Audit & Supervisory Committee Member)

Mitsuhiro Kanazawa

Hisashi Kikuchi

Hiroaki Ehara

Mikinao Kitada

Senior Executive Officer
Group Co-Chief Information Officer (Group Co-CIO)

Member of the Board of Directors(Audit & Supervisory Committee Member)

Yoshimitsu Kobayashi

Senior Executive Officer
Group Chief Operations Officer (Group COO)

Ryoji Sato

Senior Executive Officer
Group Chief Compliance Officer (Group CCO)

Takashi Tsukioka

Senior Executive Officer
Group Chief Auditor (Group CA)

Masami Yamamoto

Mizuho Bank
Members of the Board of Directors

Izumi Kobayashi

President & CEO (Representative Director)

Mizuho Securities
Members of the Board of Directors

Seiji Imai

Deputy President (Representative Director)
Head of Risk Management Group

President & CEO (Representative Director)

Member of the Board of Directors(Outside Director)
Member of the Board of Directors(Outside Director)
Member of the Board of Directors(Outside Director)
Member of the Board of Directors(Outside Director)

Makoto Matsubara

Hisashi Kikuchi

Masahiko Kato**

Chairman, member of the Board of Directors(Outside Director)

Motonori Wakabayashi**Member of the Board of Directors
Chairman (Kaicho)*

Masahiro Kihara

Member of the Board of Directors

Member of the Board of Directors

Masahiro Kihara

Member of the Board of Directors
President & Group CEO(Representative Executive Officer)
Group CEO

Makoto Umemiya

Member of the Board of Directors
Deputy President & Senior Executive Officer(Representative Executive Officer)
Group Chief Digital Innovation Officer (Group
CDIO)
Group Chief Financial Officer (Group CFO)

Motonori Wakabayashi

Member of the Board of Directors
Senior Executive Officer
Group Chief Risk Officer (Group CRO)

Nobuhiro Kaminoyama

Member of the Board of Directors
Senior Executive Officer
Group Chief Human Resources Officer(Group CHRO)

Member of the Board of Directors

Masatsugu Shimono
Takuya Sakaguchi

Member of the Board of Directors(Audit & Supervisory Committee Member)

Hisashi Kikuchi

Member of the Board of Directors(Audit & Supervisory Committee Member)

Shigeo Ohara

Member of the Board of Directors(Outside Director, Audit & Supervisory
Committee Member)

Shotaro Tochigi

Member of the Board of Directors(Outside Director, Audit & Supervisory
Committee Member)

Hidekatsu TakeManaging Executive Officer
CEO for the Americas

Shuji Matsuura
Shinsuke Toda

Yasuhiro Shibata

Managing Executive Officer
CEO for Europe, Middle East and Africa

Kenya Koshimizu

Managing Executive Officer
CEO for East Asia

Masamichi Ishikawa

Managing Executive Officer
CEO for Asia & Oceania excl. East Asia

Senior Executive Officer
Co-Head of Global Markets Company

Masayuki Sugawara
Yasuhiro Kubota

Senior Executive Officer
Head of Asset Management Company /Deputy Head of Strategic Planning Group

Mizuho Trust & Banking
Members of the Board of Directors

Senior Executive Officer
Head of Global Products Unit

President & CEO (Representative Director)

Mitsuhiro Morishita
Yasuhiko Ushikubo

Senior Executive Officer
Head of Research & Consulting Unit

Naoshi Inomata

Senior Executive Officer
Group Chief Strategy Officer (Group CSO)

Yoshiro Hamamoto**
Yuzo Kanamori**

Deputy President (Representative Director)
Head of Risk Management Group / Head ofCompliance Group / In Charge of Due
Diligence Department / Head of Global Risk
Management / Head of Global Compliance /Internal Administration Supervisor

Atsushi Takahashi**

Deputy President (Representative Director)
Head of IT & Systems Group / Head ofOperations Group / Head of Global IT / Headof Global Operations

Masahiro Kihara

Member of the Board of Directors

Yasuto Sengoku

Member of the Board of Directors(Audit & Supervisory Committee Member)

Hisashi Kikuchi

Naoko Nemoto

Executive Officers(Head of Each Region Outside Japan)

Senior Executive Officer
Co-Head of Global Markets Company

Yoshikazu Nishiwaki

Member of the Board of Directors(Outside Director, Audit & Supervisory
Committee Member)

Member of the Board of Directors(Outside Director, Audit & Supervisory
Committee Member)

Member of the Board of Directors(Outside Director, Audit & Supervisory
Committee Member)

Naofumi Fuke

Senior Executive Officer
Head of Corporate & Institutional Company /Head of Global Corporate Company

Tsutomu Takahashi

Member of the Board of Directors(Outside Director, Audit & Supervisory
Committee Member)

Member of the Board of Directors(Audit & Supervisory Committee Member)

Member of the Board of Directors(Outside Director, Audit & Supervisory
Committee Member)

Senior Executive Officer
Co-Head of Retail & Business Banking Company

Member of the Board of Directors(Outside Director, Audit & Supervisory
Committee Member)

Kyoichiro Uenishi

Masahiro Otsuka

Senior Executive Officer
Head of Retail & Business Banking Company

Mizuho Financial Group

Our strategies forcreating value

Senior executives

Hisaaki Hirama

143

Message from theGroup CFO

Kei Umeda**

Hiroaki Ehara**

Deputy President (Representative Director)
Head of Operations Group / Chief Crisis
Management Officer

Yasuhisa Hashimoto

Hiroyuki Suzuki

Member of the Board of Directors(Outside Director, Audit & Supervisory
Committee Member)

Seiji Koga

Member of the Board of Directors(Outside Director, Audit & Supervisory
Committee Member)
Notes:
1. * indicates that Chairman (Kaicho) Imai engages
in our external activities, but does not chair the
Board meetings.
2. * * indicates directors concurrently serving as
executive officers.
3. M
 izuho Financial Group executive officers as
defined in our internal regulations have not been
listed.
4. E xecutive officers, excluding the directors
concurrently serving as executive officers andexecutive officers responsible for global regional
operations of Mizuho Bank, have not been listed.
5. E xecutive officers, excluding the directors
concurrently serving as executive officers ofMizuho Trust & Banking and Mizuho Securities,
have not been listed.
(As of June 21, 2022)

Masahiro Kihara

Member of the Board of Directors

Integrated Report 2022

144

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Location of offices outside Japan (As of June 30, 2022)
Network of Mizuho Bank
Asia and Oceania(Country/Region)
Australia
Sydney Branch

Level 29, 60 Martin Place, Sydney NSW 2000 Australia
Tel 61-2-8273-3888

CambodiaPhnom Penh Branch
1st Floor, AEON MALL Phnom Penh (I), No132,
Samdach Sothearos Blvd, Sangkat Tonle Basak,
Khan Chamkar Mon, Phnom Penh, Cambodia
Tel 855-23-964-490

China
Mizuho Bank (China), Ltd.
21st Floor (Operation Counter), 23rd Floor(Reception), Shanghai World Financial Center,
100 Century Avenue, Pudong New Area, Shanghai
200120, The People’s Republic of China
Tel 86-21-3855-8888

Mizuho Bank (China), Ltd.
Shanghai Hongqiao Sub-Branch
Room 504; 510; 511; 515 (Nominal No. Room A601; A602;
B601; B602), No. 1226 South Shenbin Road, Minhang District,
Shanghai 201106, The People’s Republic of China
Tel 86-21-3411-8688

Mizuho Bank (China), Ltd.
Beijing Branch
8th Floor, West Wing, World Financial Center,
No. 1 Dong San Huan Zhong Road, Chaoyang District,
Beijing 100020, The People’s Republic of China
Tel 86-10-6525-1888

Mizuho Bank (China), Ltd.
Dalian Branch
23rd Floor, 24th Floor-A, Shenmao Building,
147 Zhongshan Road, Xigang District,
Dalian, Liaoning Province 116011,
The People’s Republic of China
Tel 86-411-8360-2543

Mizuho Bank (China), Ltd.
Guangzhou Branch
25th Floor, International Finance Place, No. 8 Huaxia Road,
Zhujiang New Town, Tianhe District, Guangzhou,
Guangdong Province 510623,
The People’s Republic of China
Tel 86-20-3815-0888

Mizuho Bank (China), Ltd.
Hefei Branch
Room No. 1902-1907, No. 7 Office Building Wanda Plaza,
130 Maanshan Street, Baohe District, Hefei,
Anhui Province, The People’s Republic of China
Tel 86-551-6380-0690

Mizuho Bank (China), Ltd.
Qingdao Branch
44th Floor, Qingdao International Finance Center,
59 Hong Kong Middle Road, Shinan District, Qingdao,
Shandong Province 266071,
The People’s Republic of China
Tel 86-532-8097-0001

Mizuho Bank (China), Ltd.
Shenzhen Branch
30th Floor, Huanggang Business Center Tower1,
Jintian Road, Futian District, Shenzhen,
Guangdong Province 518046,
The People’s Republic of China
Tel 86-755-8282-9000

Mizuho Bank (China), Ltd.
Suzhou Branch
17th Floor, Genway Building, 188 Wangdun Road,
Suzhou Industrial Park, Suzhou, Jiangsu Province 215123,
The People’s Republic of China
Tel 86-512-6733-6888

145

Mizuho Financial Group

Mizuho Bank (China), Ltd.
Tianjin Branch
11th Floor, International Financial Center Building,No.136 Chifeng Road, Heping District, Tianjin,
The People’s Republic of China
Tel 86-22-6622-5588

Mizuho Bank (China), Ltd.
Wuhan Branch

New Delhi - Gurugram Branch
5th floor, Oberoi Corporate Tower, Building No.11,
DLF Cyber City, Phase-II, Gurugram,
Haryana-122 002, India
Tel 91-124-4851900

Ahmedabad Branch
Office-A402, 4th floor, Commerce House-5,
Nr. Vodafone House, Corporate Road, Prahladnagar,
Ahmedabad, Gujarat-380 051, India
Tel 91-79-4014-4666

5th Floor, Tower A, New World Center Tower,
634 Jiefang Avenue, Hankou, Wuhan,
Hubei Province 430032,
The People’s Republic of China
Tel 86-27-8342-5000

Indonesia
PT. Bank Mizuho Indonesia

Mizuho Bank (China), Ltd.
Wuxi Branch

Menara Astra, 53rd Floor, Jl. Jend. Sudirman Kav.
5-6, Jakarta 10220, Republic of Indonesia
Tel 62-21-5091-0888

8th Floor, Wuxi SI Park B, No. 16 Changjiang Road,
WND, Wuxi, Jiangsu Province 214028,
The People’s Republic of China
Tel 86-510-8522-3939

Korea
Seoul Branch

Mizuho Bank (China), Ltd.
Changshu Sub-Branch
Room 701-704, Kechuang Building, No. 33 Dongnan Road,
Changshu New & Hi-tech Industrial Development Zone,
Jiangsu Province, 215500, The People’s Republic of China
Tel 86-512-6733-6888

Mizuho Bank (China), Ltd.
Dalian Economic & Technological
Development Area Sub-Branch
22nd Floor, International Business Building of Gugeng,
No. 81 Hongmei Area, Dalian Economic & Technological
Development Area, Dalian, Liaoning Province 116600,
The People’s Republic of China
Tel 86-411-8793-5670

Mizuho Bank (China), Ltd.
Kunshan Sub-Branch
Room D,E, 18th Floor, Dongan Building,
No. 258 Chunxu Road, Development Zone Kunshan City,
Kunshan, Jiangsu Province 215300,
The People’s Republic of China
Tel 86-512-6733-6888

Nanjing Representative Office
Room 16D, Nanjing IFC, No.1 Hanzhong Road, Qinhuai
District, Nanjing, Jiangsu Province 210000,
The People’s Republic of China
Tel 86-25-8332-9379

Xiamen Representative Office
Room 2102, The Bank Center, No. 189 Xiahe Road,
Siming District, Xiamen, Fujian Province 361003,
The People’s Republic of China
Tel 86-592-239-5571

Hong Kong
Hong Kong Branch
13/F, K11 Atelier, 18 Salisbury Road, Tsim Sha Tsui,
Kowloon, Hong Kong, S.A.R.,
The People’s Republic of China
Tel 852-2306-5000

India
Bangalore - Devanahalli Branch#462/440/339, 2nd floor, Near Jain Temple,
NH 7/4-207, B. B. Road, Vijayapura Cross, Devanahalli,
Bangalore, Karnataka-562 110, India
Tel 91-80-4968-2000

Chennai Branch
Unit-11B, 11th floor, Prestige Palladium Bayan,Nos. 129 to 140, Greams Road, Chennai,
Tamil Nadu-600 006, India
Tel 91-44-4928-6600

Mumbai Branch
Level-17, Tower-A, Peninsula Business Park,
Senapati Bapat Marg, Lower Parel, Mumbai,
Maharashtra-400 013, India
Tel 91-22-4911-2000

5th Floor, Seoul Finance Center, 136,
Sejong-daero, Jung-gu, Seoul, 04520, Korea
Tel 822-3782-8500

Thailand
Bangkok BranchSouth Africa
Johannesburg Representative Office

98 Sathorn Square Office Tower 32nd – 35th floor,
North Sathorn Road, Silom, Bangrak, Bangkok 10500,
ThailandTel 66-2-163-2999, 2-002-0222

2nd Floor, West Tower, Maude Street,
Nelson Mandela Square, Sandton 2196, South Africa,
P.O. Box 785553, Sandton 2146
Tel 27-11-881-5410

Eastern Seaboard Branch

Spain
Mizuho Bank Europe N.V.
Madrid Branch

300/7 ESIE Plaza 2, Unit No. 2-05 Moo 1, Tambol Ta Sit,
Amphoe Pluak Daeng, Rayong 21140, Thailand
Tel 66-3-899-7000

VietnamHanoi Branch
4th Floor, 63 LTT Building, 63 Ly Thai To Street, Hanoi,
Socialist Republic of Vietnam
Tel 84-24-3936-3123/3124

Ho Chi Minh City Branch
18th Floor, Sun Wah Tower,
115 Nguyen Hue Boulevard, District 1,
Ho Chi Minh City, Socialist Republic of Vietnam
Tel 84-28-3827-8260/8292

Calle Orense 34, Planta 8, Edificio Iberia Mart Ⅱ,
28020 Madrid, Spain
Tel 34-91-598-2905

The NetherlandsMizuho Bank Europe N.V.
Atrium Amsterdam, 3rd Floor, Strawinskylaan 3053,
1077 ZX Amsterdam, The Netherlands
Tel 31-20-5734343

TurkeyIstanbul Representative OfficeEsentepe Mah. Buyukdere Cad. No:175
Ferko Signature 21st Floor Suite:5, 34394,
Sisli, Istanbul, Turkey
Tel 90-212-932-8251

Malaysia
Labuan Branch

Europe, the Middle East and Africa

Level 9 (B) & (C), Main Office Tower,
Financial Park Labuan, Jalan Merdeka,
87000 Federal Territory of Labuan, Malaysia
Tel 60-87-417766

AustriaMizuho Bank Europe N.V.
Vienna Branch

Labuan Branch, Kuala Lumpur
Marketing Office

DC Tower 26th Floor, Donau-City-Strasse 7,1220 Vienna, Austria
Tel 43-1-269-1000-00

Al Sila Tower, 24th Floor, Abu Dhabi Global Market Square,
Al Maryah Island, P.O. Box No:764647, Abu Dhabi, UAE
Tel 971-2-694-8551

Bahrain
Bahrain Representative Office

DIFC Branch-Dubai

Level 27, Menara Maxis, Kuala Lumpur City Centre,
50088 Kuala Lumpur, Malaysia
Tel 60-3-2070-6880

Mizuho Bank (Malaysia) Berhad
Level 27, Menara Maxis, Kuala Lumpur City Centre,
50088 Kuala Lumpur, Malaysia
Tel 60-3-2058-6881

Myanmar
Yangon Branch
Sedona Business Suites, Level 4,
No. 1 Ka Ba Aye Pagoda Road, Yankin Township, Yangon,
Republic of the Union of Myanmar
Tel 95-1-860-5501

Yangon Branch Thilawa Front Office
Room No. 204, Administration Building,Corner of Thilawa Development Road and Dagon-Thilawa
Road, Thilawa SEZ, Thanlyin Township, Yangon,
Republic of the Union of Myanmar
Tel 95-1-230-9046

Philippines
Manila Branch
25th Floor, Zuellig Building, Makati Avenue corner Paseo deRoxas, Makati City 1225, Metro Manila, Philippines
Tel 63-2-8860-3500

Singapore
Singapore Branch
12 Marina View, #08-01 Asia Square Tower 2,
Singapore 018961, Republic of Singapore
Tel 65-6805-2000

TaiwanKaohsiung Branch
12th Floor, No. 2, Chung Cheng 3rd Road,
Kaohsiung 800, Taiwan
Tel 886-7-236-8768

Taichung Branch
8th Floor, No. 169, Fuhui Parkway, Taichung 407, Taiwan
Tel 886-4-2374-6300

Taipei Branch
8-9th Floor, Cathay Landmark Square,
68 Zhong Xiao East Road, Xinyi District,Taipei, Taiwan
Tel 886-2-8726-3000(Country/Region)

Suite 201-202, Entrance 4, 2nd Floor, Manama Center,
Manama, Bahrain(P.O. BOX 5759, Manama, Bahrain)
Tel 973-17-224522

BelgiumMizuho Bank Europe N.V.
Brussels Branch
Avenue Louise 480, 1050 Brussels, Belgium
Tel 32-2-645-5280

FranceParis Branch
Washington Plaza, 40, rue Washington,
75008 Paris, France
Tel 33-1-5383-4000

GermanyDuesseldorf Branch
Benrather Strasse 18-20, 40213 Duesseldorf, Germany
Tel 49-211-13020

Frankfurt Branch
TaunusTurm 34th Floor, Taunustor 1, 60310 Frankfurt am
Main, Germany
Tel 49-69-29-72-95-0

Iran
Tehran Representative Office
Unit 602, No.22, 7th Street, Velenjak Avenue,
Tehran, Iran, Postal code: 1985834706
Tel 98-21-2635-4711/4722

Italy
Milan Branch
6th Floor, Largo Augusto 7, 20122 Milan, Republic of Italy
Tel 39-02-778-0001

Saudi Arabia
Mizuho Saudi Arabia Company
North Lobby 1st Floor, Al Faisaliah Tower,
King Fahd Road, Olaya District, Riyadh 11544,
Kingdom of Saudi Arabia
Tel 966-11-273-4111

UAE
Abu Dhabi Branch

The Gate Building, East Wing, Level 5, Dubai International
Financial Centre, P.O. Box No: 506607, Dubai, UAE
Tel 971-4-279-4400

United Kingdom
London Branch
30 Old Bailey, London EC4M 7AU, UK
Tel 44-20-7012-4000

RussiaAO Mizuho Bank (Moscow)
5th floor, 20, bld. 1, Ovchinnikovskaya nab.,
115035 Moscow, Russian Federation
Tel 7-495-212-0333

Mizuho Bank Mexico, S.A.
Paseo de la Reforma 342, Piso 10, Colonia Juarez,
Delegacion Cuauhtemoc, 06600, Ciudad de Mexico, MexicoTel 52-55-5281-5037

Mizuho Bank Mexico, S.A.
Leon Office
Blvd. Paseo de los Insurgentes 3356, Torre 2,
nivel 2, Col. San Jose de las Piletas, 37530 Leon,
Guanajuato, MexicoTel 52-477-6885-248/249

USA
Chicago Branch
311 South Wacker Drive, Suite 700, Chicago, IL 60606,
USA
Tel 1-312-855-1111

Los Angeles Branch
350 South Grand Avenue, Suite 1500, Los Angeles,
CA 90071, USA
Tel 1-213-243-4500

New York Branch
1271 Avenue of the Americas, New York, NY 10020, USA
Tel 1-212-282-3000

1251 Building Branch
1251 Avenue of the Americas, New York, NY 10020, USA
Tel 1-212-282-3000

Atlanta Representative Office3353 Peachtree Road NE, Atlanta Financial Center,
Suite 500, Atlanta, GA 30326, USA
Tel 1-404-364-1550

Dallas Representative Office5345 Towne Square Drive, Suite 285, Plano, TX 75024,
USA
Tel 1-972-324-3350

Houston Representative Office2700 Post Oak Blvd., Suite 1270, Houston, TX 77056, USA
Tel 1-713-499-4800

San Francisco Representative Office
235 Pine Street, 19th Floor, San Francisco, CA 94104, USA
Tel 1-415-365-1750

Washington, D.C. Representative Office(Country/Region)

1275 Pennsylvania Avenue, NW, Suite 310, Washington,
DC 20004, USA
Tel 1-202-292-5080

BrazilBanco Mizuho do Brasil S.A.

Mizuho Bank (USA)The Americas

Avenida Presidente Juscelino Kubitschek,
2041- Torre E-7 andar, Vila Olimpia, Sao Paulo, SP,
CEP. 04543-011, Brazil
Tel 55-11-5504-9844

CanadaCanada Branch
100 Yonge Street, Suite 1102, Toronto, Ontario,
Canada, M5C 2W1
Tel 1-416-874-0222

Calgary Office
Suite 1000, 888 3rd Street, South West, Calgary, Alberta,
Canada, T2P 5C5
Tel 1-403-444-5375

Chile
Santiago Representative Office
Av. Apoquindo 3650, Oficina 1201, Las Condes,
Santiago, Chile
Tel 56-2-3203-5773

Mexico
Mexico Representative Office
Paseo de la Reforma 342, Piso 10, Colonia Juarez,
Delegacion Cuauhtemoc, 06600, Ciudad de Mexico, MexicoTel 52-55-5281-5037

1271 Avenue of the Americas, New York, NY 10020, USA
Tel 1-212-282-3000

Mizuho Bank (USA)Atlanta Representative Office3353 Peachtree Road NE, Atlanta Financial Center,
Suite 500, Atlanta, GA 30326, USA
Tel 1-404-364-1550

Mizuho Bank (USA)
Chicago Representative Office
311 South Wacker Drive, Suite 700, Chicago, IL 60606,
USA
Tel 1-312-855-1111

Mizuho Bank (USA)
Dallas Representative Office5345 Towne Square Drive, Suite 285, Plano, TX 75024,
USA
Tel 1-972-324-3350

Mizuho Bank (USA)
Houston Representative Office2700 Post Oak Blvd., Suite 1270, Houston, TX 77056, USA
Tel 1-713-499-4800

Mizuho Bank (USA)Los Angeles Representative Office
350 South Grand Avenue, Suite 1500, Los Angeles,
CA 90071, USA
Tel 1-213-243-4500

Integrated Report 2022

146

Message from theGroup CEO

About Mizuho

Message from theGroup CFO

Our strategies forcreating value

Foundations for our
corporate value

Data section

Appendix

Investor information
Mizuho Bank (USA)1251 Building Branch

Network of Mizuho Trust & Banking

1251 Avenue of the Americas, New York, NY 10020, USA
Tel 1-212-282-3000

Mizuho Trust & Banking(Luxembourg) S.A.

Mizuho Bank (USA)San Francisco Representative Office

1B, rue Gabriel Lippmann, L-5365 Munsbach,Grand Duchy of Luxembourg
Tel 352-42-16-17-1

235 Pine Street, 19th Floor, San Francisco, CA 94104, USA
Tel 1-415-365-1750

Mizuho Desk

Network of Mizuho Securities(Country/Region)

Beijing Representative OfficeUAE
Mashreqbank psc

8011, Chang-Fu-Gong Office Building, Jia 26,
Jianguomenwai Street, Chaoyang District,
Beijing 100022, The People’s Republic of China
Tel 86-10-6523-4779

Japan Desk, Plot No. 345, Umniyati Street(off Al Asayel Street), Burj Khalifa
Community PO Box 1250, Dubai, UAE
Tel 971-4-363-2053“Mizuho Desk”
By forming tie-ups with major financial institutions inregions where Mizuho does not possess offices, weoffer our clients financial services through various
institutions. (Transactions are conducted directly
between the client and the local financial institution.)

Shanghai Representative OfficeMizuho Securities USA LLC
Chicago Office
311 South Wacker Drive, Suite 700, Chicago,
IL 60606, USA
Tel 1-312-294-8800

Mizuho Securities USA LLC
Houston Office2700 Post Oak Blvd., Suite 1270, Houston,
TX 77056, USA
Tel 1-713-499-4800

Mizuho Securities USA LLC
Los Angeles Office
350 South Grand Avenue, Suite 1500, Los Angeles,
CA 90071, USA
Tel 1-213-243-4500

T60 17th Floor, Shanghai World Financial Center,
100 Century Avenue, Pudong New Area, Shanghai
200120, The People’s Republic of China
Tel 86-21-6877-8000

Mizuho Securities USA LLC
San Francisco OfficeMizuho Securities Asia Limited

Mizuho Securities Canada Inc.

14-15/F, K11 Atelier, 18 Salisbury Road,
Tsim Sha Tsui, Kowloon, Hong Kong, S.A.R.,
The People’s Republic of China
Tel 852-2685-2000

Mizuho Securities Asia Limited
Seoul Branch
5th Floor, Seoul Finance Center, 136,
Sejong-daero, Jung-gu, Seoul, 04520, Korea
Tel 822-2206-1800

Mizuho Securities Asia Limited(Sydney Office)Level 29, 60 Martin Place, Sydney NSW 2000 Australia
Tel 612-7904-3555

Mizuho Securities India Private Limited
Level-18, Tower-A, Peninsula Business Park,
Senapati Bapat Marg, Lower Parel, Mumbai,
Maharashtra-400 013, India
Tel 91-22-4353-7600

Mizuho Securities (Singapore) Pte. Ltd.
12 Marina View, #08-02 Asia Square Tower 2,
Singapore 018961, Republic of Singapore
Tel 65-6603-5688

Date of establishment
January 8, 2003
Paid-in capital¥2,256.7 billion
Issued shares
2,539,249,894 shares
Number of shareholders
Common stock: 689,496
Major shareholders (common stock)

235 Pine Street, 19th Floor, San Francisco, CA 94104, USA
Tel 1-415-268-5500
1271 Avenue of the Americas, New York, NY 10020, USA
Tel 1-212-209-9300

Convocation of general meetings of shareholders
An ordinary general meeting of shareholders of the Company
shall be convened no later than 3 months from the last day ofeach business year and an extraordinary general meeting ofshareholders shall be convened whenever necessary.

Shares held

Percentageof shares
outstanding(%)

1

The Master Trust Bank of Japan, Ltd. 390,968,800 15.40(Trustee account)2

Custody Bank of Japan, Ltd.
(Trustee account)

111,579,400

4.39

3

State Street BankWest Client - Treaty 505234

46,130,395

1.81

4

JPMorgan Securities Japan Co., Ltd.

35,675,977

1.40

5

JPMorgan Chase Bank 385781

32,991,074

1.29

6

Custody Bank of Japan, Ltd.
(Taxable trust money account)

27,266,650

1.07

7

Custody Bank of Japan, Ltd.
(Trustee account 4)

26,998,300

1.06

8

State Street Bank And Trust Company
50510325,954,531

1.02

9

Barclays Securities Japan Limited

23,375,400

0.92

23,243,410

0.91Mizuho International plc
30 Old Bailey, London EC4M 7AU, UK
Tel 44-20-7236-1090

10 SSBTC Client Omnibus AccountMizuho International plc(DIFC Branch)

Notes: 1. F igures for the Percentage of Shares Outstanding are rounded
down to the nearest second decimal place.
2. T he Percentages of Shares Outstanding are calculated by excluding
the treasury stock (684,902 shares).

The Gate Building, East Wing, Level 5,
Dubai International Financial Centre,
P.O.Box No:507206, Dubai, UAE
Tel 971-4-427-5312

Mizuho Securities Europe GmbH
TaunusTurm 34th Floor, Taunustor 1,
60310 Frankfurt am Main, Germany
Tel 49-69-42729-3000

Mizuho Securities Europe GmbH
Madrid Branch
Calle Orense 34, Planta 8, Edificio Iberia Mart II,
28020 Madrid, Spain
Tel 34-917-90-7551

Mizuho Securities Europe GmbH
Paris Branch
Washington Plaza, 40, rue Washington,
75008 Paris, France
Tel 33-1-7037-2700

Mizuho Securities USA LLC
1271 Avenue of the Americas, New York, NY 10020, USA
Tel 1-212-209-9300

Mizuho Securities USA LLC
Boston Office(As of March 31, 2022)

Stock listing(common stock)
Tokyo Stock Exchange
Accounting auditors
Ernst & Young ShinNihon LLC
Shareholder register manager
Mizuho Trust & Banking Co., Ltd.

Record date
1. T he Company shall deem shareholders having voting rights
appearing in writing or electronically in the register ofshareholders as of the end of March 31 of each year as theshareholders who are entitled to exercise their rights at theordinary general meeting of shareholders for the relevantbusiness year.
2. T he provision of the preceding paragraph shall apply mutatis
mutandis to the record date for voting rights at the general
meetings of holders of classes of stock, where there is amatter to be resolved at an ordinary general meeting ofshareholders that requires, in addition to such resolution, aresolution by the relevant general meeting of holders of classof stock.
3. In addition to the preceding two paragraphs, the Company
may set an extraordinary record date, when necessary, by adetermination by Executive Officer(s) under the authority
delegated by the Board of Directors and upon giving a priorpublic notice thereof.
Organizations that decide dividends from surplus
The Company may decide distribution of dividends from surplus
and other matters provided for in each item of Article 459,
Paragraph 1 of the Companies Act of Japan, by a resolution of
the Board of Directors, unless otherwise provided for in laws or
regulations.
Record date for distribution of dividends from surplus
The record dates for distribution of dividends from surplus of theCompany shall be March 31 and September 30 of each year.

ADR* information
Outline of Mizuho Financial Group’s ADR
1. Exchange :New York Stock Exchange
2. Ticker symbol :MFG
3. CUSIP :60687Y109
4. Conversion ratio :5 ADRs = 1 common stock
5. Depositary bank :The Bank of New York Mellon
6. Local custodian bank : Mizuho Bank, Ltd.
*A DRs are securities issued for the purpose of trading in the US in place of
the underlying stock of foreign companies. As ADRs are registered with the
SEC as US securities, they are traded, settled and held in custody insubstantively the same manner as the stocks of US companies. ADR is anacronym for American Depositary Receipts.

Share unit
100 sharesFiscal year
April 1 to March 31

125 High Street, 21st Floor, Boston, MA 02110, USA
Tel 1-617-235-1722

147

Mizuho Financial Group

Integrated Report 2022

148

Financial Analysis[Under Japanese GAAP]

149

Mizuho Financial Group151

Key Indicators of Mizuho Financial Group, Inc.

153

Status of Asset Quality

150

Financial Analysis

Key Indicators of Mizuho Financial Group, Inc. (Non-Consolidated)
Billions of yen

4,041.2¥

3,360.2

2020¥

3,988.9

2019¥

3,936.9

2018¥

3,590.8

Profit Attributable to Owners of Parent

530.4

471.0

448.5

96.5

Comprehensive Income

47.1

931.8

7.6

(110.5)765.5

Net Assets

9,201.0

9,362.2

8,663.8

9,194.0

9,821.2

Total Assets

237,066.1

225,586.2

214,659.0

200,792.2

205,028.3

Deposits

155,699.8

150,504.9

144,472.2

137,649.5

136,463.8

Loans and Bills Discounted

84,736.2

83,704.6

83,468.1

78,456.9

79,421.4

Securities

44,641.0

43,697.2

34,907.2

29,774.4

34,183.0

3,581.39

3,650.87

3,372.96

345.00357.41209.27185.75176.87

3.80

22.72

209.26185.75176.86

3.80

22.72

(Note 1)Net Assets per Share (Yen)Profit Attributable to Owners of Parent(Note 1)
per Share (Yen)
Diluted Profit Attributable to Owners of Parent(Note 1)
per Share (Yen)
Total Capital Ratio(Note 2)(International Standard (Basel III))
Tier 1 Capital Ratio(Note 2)(International Standard (Basel III))
Common Equity Tier 1 Capital Ratio(Note 2)(International Standard (Basel III))

576.5

17.53%

16.87%

17.25%

18.85%

18.24%

15.00%

14.37%

14.52%

15.94%

15.44%

12.46%

11.63%

11.65%

12.76%

12.49%

5.7%

5.2%

5.1%

1.0%

6.5%

PER (Times)

7.48x

8.60x

6.98x

44.99x

8.42x

Cash Flow from Operating Activities

4,917.1

16,613.2

1,901.8(2,636.0)

2,966.7

Cash Flow from Investing Activities(1,860.4)(9,763.7)(5,808.5)

5,487.1(2,316.1)

Cash Flow from Financing Activities(522.0)40.8(281.8)(18.6)

149.9

50,136.2

46,981.3

39,863.6

44,254.8

46,334.3¥

Common Stock and Preferred Stock
Number of Shares Issued and Outstanding(

Common Stock

2021

320.8
405.5

¥

2,256.7

Net Income per Share (Yen)(Note 1)
Diluted Net Income per Share (Yen)PER (Times)
Dividend Propensity

¥

2019

75.4
34.0

¥

2,256.7

2018

331.3
354.5

¥

2,256.7

305.0
257.1
2,256.5) ( 2,539,249,894shares) ( 2,539,249,894shares) (25,392,498,945shares) (25,392,498,945shares) (25,389,644,945shares)

5,605.4
14,364.2(Note 1)2,210.76
Net Assets per Share (Yen)Dividends per Share (Yen) (Interim Dividends per Share) (Yen)(Note 2)
80.00
Common Stock
Common Stock

268.9
226.6
2,256.7

Net Assets
Total Assets

(

2020

) (

40.00)(

5,397.7
14,169.2
2,128.26

5,362.4
12,823.7
2,113.67

5,518.7
11,637.1
217.525,441.3
10,584.8
214.43

41.25

7.50

7.50

7.50

3.75)

(

3.75)

(

3.75)

(

3.75)

159.92
159.91

89.36
89.36

13.42
13.42

13.97
13.97

10.13
10.13

9.79x
50.02%

17.89x
83.92%

92.07x558.69%12.25x53.65%

18.88x73.98%

Notes: 1. MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. Net Assets
per Share of Common Stock, Profit Attributable to Owners of Parent per Share of Common Stock and Diluted Profit Attributable to Owners of Parent per Share of Common Stock are calculated
under the assumption that the share consolidation had been adopted at the beginning of fiscal 2020.
2. MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. Dividends
per Share as of the Fiscal Year ended March 31,2021 is the sum of Interim Dividends per Share and Year-end Dividends per share. Interim Dividends per Share and Year-end Dividends per
Share are the dividends on the basis of pre-consolidation share and post-consolidation share respectively.

Appendix

Data section

Notes: 1. MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective as of October 1, 2020. Net Assets
per Share of Common Stock, Profit Attributable to Owners of Parent per Share of Common Stock and Diluted Profit Attributable to Owners of Parent per Share of Common Stock are calculated
under the assumption that the share consolidation had been adopted at the beginning of fiscal 2020.
2. Total Capital Ratio, Tier 1 Capital Ratio and Common Equity Tier 1 Capital Ratio are based on the “Standards for Determining the Status of Capital Adequacy in consideration of assets held by abank holding company and by its subsidiaries, in accordance with Banking Law Article 52-25” (Financial Services Agency Ordinance Announcement No.20, March 27, 2006)

2022

Operating Income
Net Income(Note 1)Net Return on Equity

Cash and Cash Equivalents at the end of the fiscal year

Billions of yen

As of or for the Fiscal Years ended March 31,

About Mizuho

¥

2021

Message from theGroup CFO

Total Income

2022

Our strategies forcreating value

As of or for the Fiscal Years ended March 31,

Foundations for our
corporate value

Key Indicators of Mizuho Financial Group, Inc. (Consolidated)

Message from theGroup CEOKey Indicators of Mizuho Financial Group, Inc.

151

152

Financial Analysis

235.1

¥

2021

Change

204.9

¥

30.2

255.9
11.9

209.9
18.3

46.0
(6.3)

(20.7)—(4.9)—(15.8)—(Consolidated)
2022

ObligorBankrupt and Substantially
Bankrupt Obligors
41.1

Non-Categorization

Category II

41.1
Collateral, Guarantees, etc.:
Reserves for Possible Losses:

35.4
5.6

Category III

Reserve
Ratio
100%

Intensive Control Obligors
726.0

122.1

603.8
Collateral, Guarantees, etc.: 164.8
Reserves for Possible Losses: 438.9

Watch Obligors
Claims for Special
Attention
318.5

Reserve Ratio against
Uncovered Portion
23.2%
Collateral, Guarantees, etc.:
Reserves for Possible Losses:

Reserve
Ratio
78.2%

Category IV

DirectWrite-offs

50.8
722.2
354.0
2.4
351.5

¥

55.5
409.7
377.5
0.5
377.0

¥

(4.6)
312.4
(23.5)
1.9(25.5)

Sub-total [1]Normal Claims¥

1,127.1
96,224.9¥

842.8
93,186.7¥

284.2
3,038.1¥ 97,352.0¥ 94,029.6¥

3,322.3

2022

2021

Note: Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

2.Status of Non Performing Loans based on the
Banking Act ("BA") and the Financial
Reconstruction Act ("FRA")

Amount of Partial Direct Write-offs

Claims against Bankrupt and Substantially Bankrupt
Obligors
41.1

NPL ratio [1] / [2]Coverage Ratio
100%

Amounts forreserves arerecorded under
NonCategorization

Billions of yen

93.5
52.2

Coverage Ratio
83.1%

Special Attention Obligors

Restructured Loans

Claims against Special Attention Obligors-Coverage Ratio: 46.8%-Reserve Ratio for Uncovered Portion: 25.3%-Reserve Ratio against Total Amount of Claims: 18.0%
Reserve Ratio against Total Amount of Claims·Other Watch Obligors: 3.46%·Normal Obligors:
0.10%

Total
99,015.3

¥

116.3

¥

(7.4)

1.15%

0.89%

2022

2021

0.26%

Billions of yen

ChangeClaims against Bankrupt and Substantially Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention
Loans Past Due for 3 Months or More
Restructured Loans

¥

—
—
—
—
—

¥

—
—
—
—
—

¥

—
—
—
—
—

Sub-total
Normal Claims

¥

—
3.8

¥

—
4.7

¥

—
(0.9)

¥

3.8

¥

4.7

¥

(0.9)

Total

316.0

Total Coverage Ratio
72.8%

Other Watch Obligors

Normal Obligors

Loans Past Due for 3
Months or More
2.4

318.5

108.8

%

As of March 31,

726.0

Coverage Ratio
45.7%

¥

Change(Trust Accounts)

Claims with Collection Risk

Claims for Special
Attention (Notes 1)

Change¥(Billions of yen)

1.SELF-ASSESSMENT

2021

Claims against Bankrupt and Substantially Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention
Loans Past Due for 3 Months or More
Restructured Loans

Total [2]○ Overview of Non-performing Loans (NPLs) as of March 31, 2022 (the Two Banks) (Banking Accounts)

Billions of yen

As of March 31,

Total
1,085.6

Message from theGroup CFO¥

(Consolidated and Trust Accounts)

Billions of yen

As of March 31,

2022

2021

ChangeClaims against Bankrupt and Substantially Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention
Loans Past Due for 3 Months or More
Restructured Loans

¥

50.8
722.2
354.0
2.4
351.5

¥

55.5
409.7
377.5
0.5
377.0

¥

(4.6)
312.4
(23.5)
1.9(25.5)

Sub-total
Normal Claims¥

1,127.1
96,228.7¥

842.8
93,191.5¥

284.2
3,037.1¥ 94,034.4¥

3,321.4

Total

Our strategies forcreating value

2022

Credit-related Costs
Expenses related to Portfolio Problems (including Reversal of(Provision for) General Reserve for Possible Losses on Loans)
Losses on Write-offs of Loans
Gains on Reversal of Reserves for Possible Losses on Loans andothersCredit Costs for Trust Accounts

Foundations for our
corporate value

For the Fiscal Years ended March 31,

Non Performing Loans based on the BA and the FRA (Consolidated)¥ 97,355.8

Data section

Billions of yen

Appendix

Credit-related Costs (Consolidated)

About Mizuho○ Status of Non Performing Loans based on the Banking Act (“BA”) and the Financial Reconstruction Act (“FRA”)○ Credit-related Costs

Categorization

Message from theGroup CEO

Status of Asset Quality

Notes: 1. Claims for Special Attention is denoted on an individual loans basis. Claims against Special Attention Obligors includes all claims, not limited to Claims for Special Attention.

153

154

Financial Analysis

¥

575.5
383.0
191.2
1.3

¥

Note: Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

Billions of yen

2022

Amount of Partial Direct Write-offs

208.3(113.9)
268.8
53.4

¥

2021

Change

116.8

¥

2022

2021

Change69.54%

68.29%

109.1

¥

(7.7)

Reserve Ratios for Non Performing Loans based on the BA and the FRA
As of March 31,

After Partial Direct Write-offs
Note: Reserve Ratio = Reserves for Possible Losses on Loans / Total Non-Accrual, Past Due & Restructured Loans.

%

1.25%

Billions of yen, %As of March 31,

2022
Outstanding
Balance Composition

2021
Outstanding
Balance Composition

ChangeOutstanding
Balance Composition

Domestic Total (excluding Loans Booked Offshore)
Manufacturing
Agriculture & Forestry
Fishery
Mining, Quarrying Industry & Gravel Extraction Industry
Construction
Utilities
Communication
Transportation & Postal Industry
Wholesale & Retail
Finance & Insurance
Real Estate
Commodity Lease
Service Industries
Local Governments
Governments
Other¥ 55,450.2
9,771.0
47.5
2.9
220.7
857.8
3,043.3
1,186.8
2,581.5
5,216.3
4,561.9
10,131.5
2,891.9
3,086.0
587.3
836.5
10,426.5

100.00%
17.62
0.09
0.00
0.40
1.55
5.49
2.14
4.66
9.41
8.23
18.27
5.21
5.56
1.06
1.51
18.80

¥ 57,293.1
10,904.9
50.7
2.2
315.8
728.3
2,852.6
1,225.0
2,647.7
5,095.4
4,775.7
9,598.6
3,066.0
3,345.0
673.9
1,223.6
10,786.8

100.00%
19.03
0.09
0.00
0.55
1.27
4.98
2.14
4.62
8.89
8.34
16.75
5.35
5.84
1.18
2.14
18.83

¥ (1,842.8)(1,133.8)(3.1)
0.7(95.1)
129.5
190.7(38.1)(66.2)
120.8(213.8)532.9(174.0)(259.0)(86.6)(387.0)(360.3)/(1.41)(0.00)
0.00(0.15)
0.28
0.51
0.00
0.04
0.52
(0.11)
1.52(0.14)(0.28)(0.12)(0.63)(0.03)

Overseas Total (including Loans Booked Offshore)
Governments
Financial Institutions
Other

29,285.9
263.8
10,081.0
18,941.0

100.0
0.90
34.42
64.68

26,411.5
228.4
9,212.4
16,970.6

100.0
0.87
34.88
64.25

2,874.4
35.4
868.6
1,970.3/
0.03(0.46)
0.43¥ 84,736.2/¥ 83,704.6/¥ 1,031.6

/

Total

Note: Domestic Total = MHFG and its domestic consolidated subsidiaries (excluding their overseas offices).
Overseas Total = Overseas offices of MHFG's domestic consolidated subsidiaries and MHFG's overseas consolidated subsidiaries○ Status of Loans by Nationality of Borrowers
Balance of Loans to Restructuring Countries (Consolidated)
As of March 31, 2022

Billions of yen, %As of March 31, 2021

Billions of yen, %Russia

¥

―

¥

205.1

―

Myanmar

7.3

Myanmar

7.2

Laos

0.1

Laos

0.1

Total
Ratio to Total Assets

¥

212.5
0.08%

Total
Ratio to Total Assets¥

About Mizuho

783.8
269.1
460.0
54.7

Outstanding Balances by Industry (Consolidated)

Message from theGroup CFO¥

ChangeOur strategies forcreating value

Reserves for Possible Losses on Loans
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans
Reserve for Possible Losses on Loans to Restructuring Countries

2021

7.3

Data section

Billions of yen

2022

As of March 31,

Foundations for our
corporate value○ Status of Loans by Industry

Reserves for Possible Losses on Loans

Message from theGroup CEO

Status of Asset Quality

0.00%

Appendix

Note: Listed are loans to the government and related agents in restructuring countries for which Reserves for Possible Losses on Loans to Restructuring Countries are accounted as stipulated under theJapanese Institute of Certified Public Accountants (JICPA) Banking Audit Committee Report No.4.

155

156

Financial Data of Mizuho Financial Group, Inc.

Message from theGroup CEO

Independent Auditor’s Report
Independent Auditor’s Report
The Board of Directors
Mizuho Financial Group, Inc.
Opinion162

Consolidated Financial Statements

174

Notes to Consolidated Financial Statements

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of theconsolidated financial statements of the current period. These matters were addressed in the context of the audit of theconsolidated financial statements as a whole, and in forming the auditor’s opinion thereon, and we do not provide a separate
opinion on these matters.
1. Reasonableness of Reserves for Possible Losses on Corporate Loans

157

Description of Key Audit Matter

Auditor’s Response

As described in (10) “Reserves for Possible Losses on
Loans” in Note 5 “Standards of Accounting Method,” theGroup recognizes the reserves for loan losses based on theinternally established standards for self-assessment of loans
and for write-offs and reserves. The standards consider the
obligor’s financial condition, valuation of collateral andexpectation of future economic conditions.
When the credit risk of receivables held at the end of the
fiscal year is significantly different from the past due tochanges in the environment or other factors, the reserve isadjusted by management to consider factors such as
economic uncertainty. In this fiscal year, the Group madeadditional reserves for loan portfolios of similar credit risk
characteristics with a high probability of losses by using theexisting credit risk management framework and considering
economic uncertainty of the external environment.
The Group has Loans of ¥84,736,280 million, which
represent approximately 35% of total assets, and theReserves for Possible Losses on Loans of ¥783,886 million
as of March 31, 2022. Of the Reserves for Possible Losses
recorded on the consolidated balance sheet, corporateloans managed by Mizuho Bank, Ltd account for the largepart of the amount.
In estimating the reserves for loan losses, management
uses several assumptions. As described in Note 9 “Critical
Accounting Estimates”, the Group considers “Forecast for
obligors used for assigning internal credit ratings and for
discounted cash flow method” and “Forecast of the external
environment used for making necessary adjustment to
expected loss” as key assumptions.

We addressed the matter in our audit primarily through thefollowing audit procedures:(1) Evaluation of design and operating effectiveness of theGroup’s internal controls
We obtained an understanding, evaluated the design andtested the operating effectiveness of the following controls
over the Group’s process for establishing the reserves forloan losses.
･ Controls for framework to evaluate and monitor obligor
ratings and self-assessment of loans･ Controls that evaluate the expected future cash flows
used to determine reserve amounts･ Controls that evaluate and approve the adjustments toreflect management’s consideration including
identification of specific loan portfolios where losses arelikely to occur and determination of the method for
adjusting the reserves for loan losses.
(2) Substantive procedures
In assessing “Forecast for obligors used for assigninginternal credit ratings and for discounted cash flow
method”, we have primarily performed the following audit
procedures:･ Considered both quantitative and qualitative
perspective, various risks, such as industry, sector andfinancial condition of the obligor in determining samplesof obligors.
･ Made inquiry of several personnel/
management to evaluate appropriateness ofmanagement’s evaluation of obligors’ ability to earn
future revenue

Message from theGroup CFO

Key Audit Matters

Our strategies forcreating value

Independent Auditor’s Report

Foundations for our
corporate value

158

We conducted our audit in accordance with auditing standards generally accepted in Japan. Our responsibilities under thosestandards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our
audit of the consolidated financial statements in Japan, and we have fulfilled our other ethical responsibilities in accordancewith these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.

Data section[Under Japanese GAAP]

Basis for Opinion

Appendix

Financial Data of Mizuho Financial Group, Inc.

About Mizuho

We have audited the accompanying consolidated financial statements of Mizuho Financial Group, Inc. and its consolidated
subsidiaries (the Group), which comprise the consolidated balance sheet as at March 31, 2022, and the consolidated
statements of income, comprehensive income, changes in net assets, and cash flows for the year then ended, and notes tothe consolidated financial statements.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated
financial position of the Group as at March 31, 2022, and its consolidated financial performance and its consolidated cash
flows for the year then ended in accordance with accounting principles generally accepted in Japan.

158

Financial Data of Mizuho Financial Group, Inc.

･ Compared external industry report, obligor’s publicly
available information and information reported by the
media to evaluate appropriateness of management’s
evaluation of obligor’s business plan･ Read supporting documentation and tested consistency
with financial information of the obligor to evaluate
appropriateness of management’s evaluation of
obligor’s substantial financial condition
In assessing “Forecast of the external environment used
for making necessary adjustment to expected loss”, wehave primarily performed the following audit procedures.
･ Evaluated the management’s assumption of anticipatedbusiness forecast by industry determined based on
scenarios based on growth rate of gross domestic
product, financial indices such as natural resource
prices or foreign currency rates and estimated impactof the COVID-19 pandemic and the Russia-Ukraine
situation (inclusive of impact of the sanctions against
Russia), by comparing with external source data
･ Involved our specialist in calculating certain
assumptions, where complex, to determine adjustment
to expected loss

In calculating fair value of Level 3 derivatives, management utilizes
internally developed option pricing models and discount cash flow
models and unobservable inputs such as correlation between
interest rates and foreign exchange rates and volatility which are
determined based on customary business practice within industry
and should reflect changes in the market on a timely manner.
Determination of these valuation techniques requires significant
judgments as complexity involves in certain assumptions used in
the calculation and no valuation techniques are required in thefinancial reporting framework. Unobservable inputs used bymanagement to estimate the fair value of these derivatives involve
estimation uncertainty and requires significant judgment as inputs
used in the fair value measurements are unobservable.
Also, valuation models and unobservable inputs would significantly
impact on the fair value measurement of the Group’s financial
instruments and would significantly impact on the Group’s financial
position and operating results.
Accordingly, we have identified the fair value measurement ofderivatives classified within Level 3 as a key audit matter.

･ Evaluated significant unobservable inputs bycomparing the inputs with third-party market
information, where available. To select samples, weconsidered the risks in terms of the degree ofmanagement’s bias involved in setting those
unobservable inputs as well as the quantitative impact
on the fair value measurement.
･ Involved our specialists and evaluated the actualassumptions inherent in the valuation techniques
utilized to determine fair value by comparing them with
our understanding of market practices.
･ Involved our specialists and evaluated whether the fairvalue calculated by the management for eachtransaction was within an acceptable range bycomparing it with fair value calculated by us. To selectsamples, we considered quantitative impact on the fairvalue measurements.

159

Description of Key Audit Matter

Auditor’s Response

As described in 1. “Matters Relating to the Conditions ofFinancial Instruments” in Note 43 “Financial Instruments,”
the Group carries various types of over-the-counter
derivatives (equity related contracts, interest rate contracts,
foreign exchange contracts, and credit-related contracts) for
banking and certain trading activities and for securities
related business at certain subsidiaries.
The Group discloses in 3. “Matters in relating to breakdownof fair value of financial instruments by level” in Note 43“Financial instruments” related to valuation models andinputs used as well as financial instruments classified within
Level 3 of the fair value hierarchy recorded on the
consolidated balance sheet.
The Group carried financial assets and liabilities at fair valueof ¥13,221,415 million and ¥9,608,976, respectively, as ofMarch 31, 2022. Among those, derivative assets andliabilities are ¥2,277,160 million and ¥2,770,852 million,
respectively, which include those classified within Level 3 ofthe fair value hierarchy, which are measured at fair value
using unobservable inputs that are supported by little or nomarket activity, are¥240,363 million and ¥97,421 million,
respectively.

We addressed the matter in our audit primarily through thefollowing audit procedures:(1) Evaluation of design and operating effectiveness of theGroup’s internal controls
We obtained an understanding, evaluated the design andtested the operating effectiveness of the following controls
over the Group’s derivatives fair valuation processes:･ Controls for appropriateness of adoption of or changes
to valuation techniques and periodic monitoring of thecurrent valuation techniques performed by middle-office･ Controls over significant inputs in the fair value
measurements performed by middle-office and backoffice･ Reconciliation of collateral amounts managed by theGroup with counterparty and un-match analysis, if any,
performed by back-office(2) Substantive procedures
We have primarily performed the following audit
procedures:･ Involved our specialists and inspected the outcome of
the Group’s independent price verification (IPV)process and assessed any issues in the fair value
measurement identified through IPV and evaluated the
management judgment.

The other information comprises the information included in the Annual Report that contains audited consolidated financial
statements but does not include the consolidated financial statements and our auditor’s report thereon. Management is
responsible for preparation and disclosure of the other information. The Audit Committee is responsible for overseeing theGroup’s reporting process of the other information.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form ofassurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our
knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact.
We have nothing to report in this regard.
Responsibilities of Management, and the Audit Committee for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordancewith accounting principles generally accepted in Japan, and for such internal control as management determines isnecessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether
due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue
as a going concern and disclosing, as required by accounting principles generally accepted in Japan, matters related to going
concern.
The Audit Committee is responsible for overseeing the Group’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are freefrom material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial
statements.
As part of an audit in accordance with auditing standards generally accepted in Japan, we exercise professional judgment
and maintain professional skepticism throughout the audit. We also:･ Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion.
･ Consider internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances
for our risk assessments, while the purpose of the audit of the consolidated financial statements is not expressing an
opinion on the effectiveness of the Group’s internal control.
･ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
･ Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit

Appendix

2. Appropriateness of fair value measurement of derivatives classified within Level 3

Other Information

About Mizuho“Forecast for obligors used for assigning internal credit ratings andfor discounted cash flow method” is based on the obligors’
business performance, status of obligors’ debt, industry
characteristics, business plan establishment as well as their abilityof earning a profit under COVID-19 pandemic and the RussiaUkraine situation. The obligors’ ability of earning a profit is
impacted by internal and external business environment.
Specifically, under uncertain economic environment such as the
COVID-19 pandemic and the Russia-Ukraine situation, degree of
uncertainty is high and determining these assumptions involves
management’s subjective judgment.
“Forecast of the external environment used for making necessary
adjustment to expected loss” is based on macroeconomic
scenarios, specifically, the Group incorporated the estimatedimpact of COVID-19 pandemic
and the Russia-Ukraine situation into macroeconomic scenario byusing assumptions such as anticipated business forecast byindustry, current forecast for the growth rate of gross domestic
product, financial indices such as natural resource prices or foreign
currency rates and impact of the sanctions against Russia. The
Group’s macroeconomic scenarios are based on estimatedrecovery period from COVID-19 pandemic and estimated impact ofconflict in Ukraine to economic environment, which involve highdegree of uncertainty and management’s subjective judgment.
These key assumptions used for estimating the reserves for loan
losses involve significant judgment by management and have asignificant impact on the financial statements. In addition, changes
in estimates would significantly impact on the Group’s financial
position and operating results.
Accordingly, we have identified the reasonableness of Reserves
for Possible Losses on Corporate Loans as a key audit matter.

Message from theGroup CFO

Auditor’s Response

Our strategies forcreating value

Description of Key Audit Matter

Foundations for our
corporate value

Auditor’s Response

Data section

Description of Key Audit Matter

Message from theGroup CEO

Independent Auditor’s Report160

Financial Data of Mizuho Financial Group, Inc.

Financial Data of Mizuho Financial Group, Inc.

evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on
the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if suchdisclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going
concern.
･ Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures,and whether the consolidated financial statements represent the underlying transactions and events in a manner that
achieves fair presentation in accordance with accounting principles generally accepted in Japan.
･ Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within
the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervisionand performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit andsignificant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the Audit Committee with a statement that we have complied with the ethical requirements regarding
independence that are relevant to our audit of the consolidated financial statements in Japan, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable,
related safeguards.
From the matters communicated with the Audit Committee, we determine those matters that were of most significance in theaudit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe
these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Consolidated Balance Sheet

Convenience Translation
The U.S. dollar amounts in the accompanying consolidated financial statements with respect to the year ended March 31,
2022 are presented solely for convenience. Our audit also included the translation of Japanese yen amounts into U.S. dollar
amounts and, in our opinion, such translation has been made on the basis described in Note 1 to the consolidated financial
statements.
Ernst & Young ShinNihon LLC
Tokyo, Japan
September 2, 2022

/s/Ryuji Takagi
Designated Engagement Partner
Certified Public Accountant¥ 51,359,301
940,008
12,750,363¥ 47,981,981
589,776
11,623,654$

2,340,089
3,476,021
13,221,415
591,183
44,641,060
84,736,280
2,627,492
2,277,160
7,797,796
1,095,977
601,292
863,217
184,594
8,346,878(783,886)(107)¥ 237,066,142

2,707,711
3,208,004
12,589,294
582,368
43,697,262
83,704,675
2,084,756
1,719,349
6,174,020
1,135,449
620,224
1,109,107
31,402
6,602,744(575,572)(0)¥ 225,586,211

19,116,820
28,396,551
108,009,277
4,829,536
364,684,752
692,233,318
21,464,691
18,602,734
63,702,280
8,953,333
4,912,119
7,051,856
1,508,006
68,187,881(6,403,778)(877)$ 1,936,656,669

Message from theGroup CEO419,567,859
7,679,183
104,161,128

About Mizuho

2021

Message from theGroup CFO

AssetsCash and Due from Banks (Notes 19, 41, 43 and 44)
Call Loans and Bills Purchased (Note 43)
Receivables under Resale Agreements (Note 43)
Guarantee Deposits Paid under Securities Borrowing Transactions(Note 43)
Other Debt Purchased (Notes 43 and 44)
Trading Assets (Notes 12, 19, 43 and 44)
Money Held in Trust (Notes 43 and 44)
Securities (Notes 11, 13, 19, 28, 43 and 44)
Loans and Bills Discounted (Notes 14, 19 and 43)
Foreign Exchange Assets (Notes 15 and 43)
Derivatives other than for Trading Assets (Notes 43 and 45)
Other Assets (Notes 16, 19 and 44)
Tangible Fixed Assets (Notes 17, 30 and 42)
Intangible Fixed Assets (Note 42)
Net Defined Benefit Asset (Note 27)
Deferred Tax Assets (Note 29)
Customers' Liabilities for Acceptances and Guarantees (Note 28)
Reserves for Possible Losses on Loans (Notes 18 and 43)
Reserve for Possible Losses on Investments
Total Assets

Thousands of
U.S. dollars (Note 1)
2022

Our strategies forcreating value

Our firm and its designated engagement partners do not have any interest in the Group which is required to be disclosed
pursuant to the provisions of the Certified Public Accountants Act of Japan.

As of March 31,

Millions of yen
2022

Foundations for our
corporate value

Interest Required to Be Disclosed by the Certified Public Accountants Act of Japan

Consolidated Financial Statements

Data section

Independent Auditor’s Report/s/Toru Nakagiri
Designated Engagement Partner
Certified Public Accountant

Appendix/s/Mitsuhiro Nagao
Designated Engagement Partner
Certified Public Accountant/s/Takahiro Fujimoto
Designated Engagement Partner
Certified Public Accountant

161

162

Financial Data of Mizuho Financial Group, Inc.

$ 1,271,953,302
10,440,739
163,947,219

958,148

9,576,410

2,105,067
8,115,377
7,441,822
532,042456,045
10,321,672
1,160,608
1,739,671
5,862,013
104,131
2,935
71,049
683
1,074
6,762
22,09914,4193,135
215,557
61,915
6,602,744¥ 216,224,003

14,507,474
78,498,297
53,839,780
12,322,962
4,388,268
87,525,569
9,535,862
22,635,837
51,478,512
980,741
18,618586,343
4,553
10,696
54,101
143,944
85,81525,587
252,623
489,847
68,187,881$ 1,861,490,980¥

2,256,767
1,135,940
4,421,655(7,124)
7,807,239
1,132,460
31,618136,384(139,514)
288,088―

1,449,035
134
105,797
9,362,207¥ 225,586,211$

18,436,137
9,193,077
38,856,592(68,150)
66,417,656
5,880,419(627,053)
1,079,623
19,172
1,385,935(190)
7,737,906
768
1,009,359
75,165,689$ 1,936,656,669

IncomeInterest Income (Note 33)
Fiduciary Income
Fee and Commission Income
Trading Income (Note 34)
Other Operating Income (Note 35)
Other Income (Note 37)
Total Income
Expenses
Interest Expenses (Note 33)
Fee and Commission Expenses
Trading Expenses (Note 34)
Other Operating Expenses (Note 36)
General and Administrative Expenses
Other Expenses (Note 38)
Total Expenses
Income before Income Taxes
Income Taxes:
Current
Refund of Income Taxes
Deferred
Total Income Taxes
ProfitProfit Attributable to Non-controlling Interests
Profit Attributable to Owners of Parent¥ 1,309,009
60,490905,575
1,017,889
393,956354,366
4,041,287¥ 1,333,509
55,160843,953
388,441
358,254
380,978
3,360,298$ 10,693,648
494,160
7,397,885
8,315,415
3,218,338
2,894,914
33,014,360

315,550
164,579
730,204
224,116
1,392,896
610,067
3,437,415
603,872

427,826
156,805311
195,683
1,414,608
512,900
2,708,135
652,1632,577,818
1,344,495
5,965,237
1,830,871
11,378,940
4,983,807
28,081,168
4,933,192

130,079(12,738)(56,652)
60,688543,183
12,703
530,479

172,785(7,097)
9,099
174,788
477,375
6,355
471,020

1,062,651(104,061)(462,806)
495,784
4,437,408
103,777
4,333,631¥

See accompanying “Notes to Consolidated Financial Statements,” which are an integral part of these statements.

¥$

About Mizuho¥ 150,504,978
1,312,790
18,607,255

2021

For the Fiscal Years ended March 31,

Message from theGroup CFO

2021

Thousands of
U.S. dollars (Note 1)
2022

Millions of yen
2022

Our strategies forcreating value

Liabilities and Net Assets
Liabilities
Deposits (Notes 19, 20 and 43)¥ 155,699,803
Call Money and Bills Sold (Notes 21 and 43)
1,278,050
Payables under Repurchase Agreements (Notes 19 and 43)
20,068,779
Guarantee Deposits Received under Securities Lending
1,172,248
Transactions (Notes 19 and 43)
Commercial Paper (Note 22)
1,775,859
Trading Liabilities (Notes 12 and 43)
9,608,976
Borrowed Money (Notes 19, 23 and 43)
6,590,527
Foreign Exchange Liabilities (Notes 15 and 43)
1,508,453
Short-term Bonds (Note 24)
537,167
Bonds and Notes (Notes 25 and 43)
10,714,004
Due to Trust Accounts (Note 43)
1,167,284
Derivatives other than for Trading Liabilities (Notes 43 and 45)
2,770,852
Other Liabilities (Note 26)
6,301,484
Reserve for Bonus Payments
120,052
Reserve for Variable Compensation
2,278
Net Defined Benefit Liability (Note 27)
71,774
Reserve for Director and Corporate Auditor Retirement Benefits
557
Reserve for Possible Losses on Sales of Loans
1,309
Reserve for Contingencies
6,622
Reserve for Reimbursement of Deposits
17,620Reserve for Reimbursement of Debentures
10,504
Reserves under Special Laws
3,132
Deferred Tax Liabilities (Note 29)
30,923
Deferred Tax Liabilities for Revaluation Reserve for Land (Note 30)
59,962
Acceptances and Guarantees (Note 28)
8,346,878
Total Liabilities¥ 227,865,110
Net Assets
Common Stock (Note 31)¥
2,256,767
Capital Surplus
1,125,324
Retained Earnings
4,756,435
Treasury Stock (Note 31)(8,342)
Total Shareholders' Equity
8,130,185
Net Unrealized Gains (Losses) on Other Securities (Note 44)719,822
Deferred Gains or Losses on Hedges(76,757)
Revaluation Reserve for Land (Note 30)
132,156
Foreign Currency Translation Adjustments
2,346
Remeasurements of Defined Benefit Plans (Note 27)
169,652
Own Credit Risk Adjustments, Net of Tax(23)
Total Accumulated Other Comprehensive Income
947,197
Stock Acquisition Rights (Note 32)
94
Non-controlling Interests
123,555
Total Net Assets
9,201,031
Total Liabilities and Net Assets¥ 237,066,142

Thousands of
U.S. dollars (Note 1)
2022

Foundations for our
corporate value

Millions of yen
2022

Data section

As of March 31,

Consolidated Statement of Income

Appendix

Consolidated Balance Sheet—(Continued)

Message from theGroup CEO

Consolidated Financial Statements

See accompanying “Notes to Consolidated Financial Statements,” which are an integral part of these statements.

163

164

Financial Data of Mizuho Financial Group, Inc.

Net Income:
Basic
DilutedCash Dividends¥

209.27209.26
80.00

2021

¥

185.75185.75
41.25

$

1.71
1.71
0.65

See accompanying “Notes to Consolidated Financial Statements,” which are an integral part of these statements (Note 49).

ProfitOther Comprehensive Income (Note 39):
Net Unrealized Gains (Losses) on Other Securities
Deferred Gains or Losses on Hedges
Foreign Currency Translation Adjustments
Remeasurements of Defined Benefit Plans
Own Credit Risk Adjustments, Net of Tax
Share of Other Comprehensive Income of Associates
Accounted for Using Equity Method
Comprehensive Income
Comprehensive Income Attributable to Owners of Parent:
Comprehensive Income Attributable to Non-controlling Interests:

Millions of yen
2022

¥

¥
¥

See accompanying “Notes to Consolidated Financial Statements,” which are an integral part of these statements.

543,183(496,061)(411,077)(108,186)
130,612(115,038)
(23)
7,650
47,121
33,676
13,444

For the Fiscal Year ended
March 31, 2022

Balance as of the beginningof the period

CapitalSurplusRetained
Earnings

Treasury
Stock

Total
Shareholders'Equity¥ 2,256,767 ¥ 1,135,940¥ 4,421,655¥ (7,124)¥ 7,807,239

CommonStock

Cumulative Effects of
Changes in Accounting
Policies

Consolidated Statement of Comprehensive Income

For the Fiscal Years ended March 31,

Shareholders' Equity

¥

¥
¥

2021

477,375
454,513305,969(40,294)(1,874)
187,744

Thousands of
U.S. dollars (Note 1)
2022

$

―

4,437,408(4,052,463)(3,358,202)(883,806)
1,067,012(939,777)
(190)

2,968
931,888
927,366
4,522

62,500384,945
275,112
109,833$$

Balance as of the beginningof the period reflecting
Changes in Accounting
Policies(724)

2,256,767

1,135,940

Changes during the period
Cash Dividends
Profit Attributable to Ownersof Parent

4,420,931

530,479

530,479(2,869)(2,869)

1,651

1,597

4,227

Change in Treasury Sharesof Parent Arising fromTransactions with Noncontrolling Shareholders

4,227(10,616)

Decrease in retained
earnings by decreasing ofequity method affiliates andothers7,806,515(196,746)(54)Transfer from Revaluation
Reserve for Land

(7,124)(196,746)

Repurchase of Treasury
Stock
Disposition of Treasury
Stock

(724)

(10,616)(2,402)(2,402)

54

(54)

―

(10,616)

335,503(1,217)

323,669¥ 2,256,767 ¥ 1,125,324¥ 4,756,435¥ (8,342)¥ 8,130,185

Transfer from Retained
Earnings to Capital Surplus
Net Changes in Items otherthan Shareholders' Equity
Total Changes during theperiodBalance as of the end of theperiod―Message from theGroup CFO

As of March 31,

Millions of yen

U.S. dollars (Note 1)
2022

Appendix

Data section

See accompanying “Notes to Consolidated Financial Statements ,” which are an integral part of these statements (Note 40).

Our strategies forcreating value

Yen
2022

About Mizuho

Consolidated Statement of Changes in Net Assets

Foundations for our
corporate value

Per Share of Common Stock

Message from theGroup CEO

Consolidated Financial Statements

165

166

Financial Data of Mizuho Financial Group, Inc.

Millions of yen

Net
Unrealized
Gains
For the Fiscal Year ended
March 31, 2022

Balance as of the beginningof the period(Losses) on
Other
Securities¥ 1,132,460

Deferred
Gains or
Losses on
Hedges

Revaluation
Reserve forLand

Foreign
Currency
Translation

Shareholders' Equity

RemeasureOwn Credit
ments of
Risk
Defined Adjustments,

Adjustments Benefit Plans

Net of Tax¥ 31,618 ¥ 136,384 ¥ (139,514) ¥ 288,088―

Cumulative Effects of
Changes in Accounting
Policies
Balance as of the beginningof the period reflecting
Changes in Accounting
Policies

1,132,460

31,618136,384(139,514)

288,088

―

Total
Stock
NonAccumulated Acquisition Controlling
Other
RightsInterests

Total
Net Assets

Comprehensive
IncomeBalance as of the beginningof the period¥ 1,449,035¥ 134 ¥ 105,797 ¥ 9,362,207

Cumulative Effects of
Changes in Accounting
Policies―(724)

Balance as of the beginningof the period reflecting
Changes in Accounting
Policies

1,449,035

134

105,797

Changes during the period
Cash Dividends
Profit Attributable to Ownersof Parent

9,361,483(196,746)

Repurchase of Treasury
Stock
Disposition of Treasury
Stock
Transfer from Revaluation
Reserve for Land

Repurchase of Treasury
Stock(2,869)

Disposition of Treasury
Stock

1,597

Transfer from Revaluation
Reserve for Land

(10,616)

Decrease in retained
earnings by decreasing ofequity method affiliates andothers(2,402)

Transfer from Retained
Earnings to Capital Surplus―

Total Changes during theperiodBalance as of the end of theperiod(412,638)(108,375)(4,227)

141,861(118,435)(23)(501,838)(40)

17,757(484,121)(412,638)(108,375)(4,227)

141,861(118,435)(23)(501,838)(40)

17,757(160,451)

Retained
Earnings

Treasury
Stock

Total
Shareholders'Equity¥ 2,256,767 ¥ 1,136,467¥ 4,174,190¥ (6,414)¥ 7,561,010(32,639)2,256,767

1,136,467

Changes during the period
Cash Dividends
Profit Attributable to Ownersof Parent

530,479

4,227

Change in Treasury Sharesof Parent Arising fromTransactions with Noncontrolling Shareholders

Net Changes in Items otherthan Shareholders' Equity

For the Fiscal Year ended
March 31, 2021

CapitalSurplus

CommonStock4,141,550(32,639)(6,414)(190,418)(190,418)

471,020

471,020(99)(2,545)(2,545)

1,835

1,736

271

Change in Treasury Sharesof Parent Arising fromTransactions with Noncontrolling Shareholders

271

(526)

Decrease in retained
earnings by increasing ofequity method affiliates

7,528,370

(526)

(668)

(668)

99

(99)

―

(526)

280,105(709)

278,869¥ 2,256,767 ¥ 1,135,940¥ 4,421,655¥ (7,124)¥ 7,807,239

Transfer from Retained
Earnings to Capital Surplus
Net Changes in Items otherthan Shareholders' Equity
Total Changes during theperiodBalance as of the end of theperiod―See accompanying “Notes to Consolidated Financial Statements ,” which are an integral part of these statements (Note 40).

¥ 719,822¥ (76,757) ¥ 132,156¥

2,346 ¥ 169,652

¥

(23)

¥ 947,197¥

94 ¥ 123,555 ¥ 9,201,031

Appendix

Data section

See accompanying “Notes to Consolidated Financial Statements,” which are an integral part of these statements (Note 40).

Message from theGroup CFO

Accumulated Other Comprehensive Income

About Mizuho

Consolidated Statement of Changes in Net Assets—(Continued)

Our strategies forcreating value

Millions of yen

Foundations for our
corporate value

Consolidated Statement of Changes in Net Assets—(Continued)

Message from theGroup CEO

Consolidated Financial Statements

167

168

Financial Data of Mizuho Financial Group, Inc.

Millions of yen

Thousands of U.S. dollars (Note 1)

For the Fiscal Year ended
March 31, 2021

(Losses) on
Other
Securities

Balance as of the beginningof the period¥

823,085

Deferred
Gains or
Losses on
Hedges¥ 72,081

Revaluation
Reserve forLand

Foreign
Currency
Translation

Remeasurements ofDefinedAdjustments

Benefit Plans¥ 136,655 ¥ (133,178)

¥

Stock
Total
Accumulated Acquisition
RightsOther

94,317¥

992,960

72,081

136,655(133,178)

94,317

992,960¥ 213¥ 109,662¥ 8,663,847(32,639)

213

109,662

Changes during the period
Cash Dividends
Profit Attributable to Ownersof Parent

8,631,208(190,418)
471,020

Repurchase of Treasury
Stock(2,545)

Disposition of Treasury
Stock

1,736

Transfer from Revaluation
Reserve for Land

271

Change in Treasury Sharesof Parent Arising fromTransactions with Noncontrolling Shareholders(526)

Decrease in retained
earnings by increasing ofequity method affiliates(668)

Transfer from Retained
Earnings to Capital Surplus―

Net Changes in Items otherthan Shareholders' Equity
Total Changes during theperiodBalance as of the end of theperiod309,374309,374¥ 1,132,460(40,463)(40,463)¥ 31,618

(271)
(271)

(6,336)(6,336)¥ 136,384 ¥ (139,514)

193,770
193,770¥ 288,088

456,074¥ 1,449,035

(79)
(79)
¥ 134

(3,865)(3,865)¥ 105,797$ 18,436,137

CapitalSurplus

Balance as of the beginningof the period reflecting
Changes in Accounting
Policies

Retained
Earnings

TreasuryStock(5,918)18,436,137

9,279,804

Changes during the period
Cash Dividends
Profit Attributable to Ownersof Parent

36,115,771(5,918)(58,202)(1,607,273)

4,333,631

4,333,631(23,442)
13,494(448)
34,536

Change in Treasury Sharesof Parent Arising fromTransactions with Noncontrolling Shareholders

Transfer from Retained
Earnings to Capital Surplus(23,442)
13,04634,536(86,727)

Decrease in retained
earnings by decreasing ofequity method affiliates andothers

63,773,510(1,607,273)

Repurchase of Treasury
Stock
Disposition of Treasury Stock
Transfer from Revaluation
Reserve for Land

Total
Shareholders'Equity$ 9,279,804 $ 36,121,689 $ (58,202) $ 63,779,428

Cumulative Effects of
Changes in Accounting
Policies(86,727)(19,625)(19,625)

448

(448)

―

(86,727)

2,740,821

Net Changes in Items otherthan Shareholders' Equity

452,130

Total Changes during theperiod730,999

Balance as of the end of theperiod¥ 9,362,207

CommonStock―$ 18,436,137(9,948)2,644,146$ 9,193,077 $ 38,856,592 $ (68,150) $ 66,417,656

See accompanying “Notes to Consolidated Financial Statements,” which are an integral part of these statements (Note 40).

Appendix

Data section

See accompanying “Notes to Consolidated Financial Statements,” which are an integral part of these statements (Note 40).

456,074

For the Fiscal Year ended
March 31, 2022

Balance as of the beginningof the period―

823,085

Total
Net Assets

Comprehensive
IncomeCumulative Effects of
Changes in Accounting
Policies
Balance as of the beginningof the period reflecting
Changes in Accounting
Policies

NonControlling
Interests

Message from theGroup CFONet
Unrealized
Gains

Shareholders' Equity

Our strategies forcreating value

Accumulated Other Comprehensive Income

About Mizuho

Consolidated Statement of Changes in Net Assets—(Continued)

Foundations for our
corporate value

Consolidated Statement of Changes in Net Assets—(Continued)

Message from theGroup CEO

Consolidated Financial Statements

169

170

Financial Data of Mizuho Financial Group, Inc.

Consolidated Statement of Cash Flows

Balance as of the beginningof the period$ 9,251,370

HedgesForeign
Currency
Translation
Adjustments

Remeasurements ofDefinedBenefit
Plans

Own Credit
Risk
Adjustments,
Net of Tax

Comprehensive
Income―$ 11,837,560$ 258,297 $ 1,114,159 $(1,139,734) $ 2,353,468

Cumulative Effects of
Changes in
Accounting Policies
Balance as of the beginningof the period reflecting
Changes in Accounting
Policies

Total
Stock
Accumulated Acquisition
Other
Rights$ 1,100―

9,251,370

258,297

1,114,159 (1,139,734)

2,353,468―

Total
Net Assets$ 864,290 $ 76,482,378(5,918)

11,837,560

1,100

Changes during the period
Cash Dividends
Profit Attributable to
Owners of Parent

864,290 76,476,460(1,607,273)
4,333,631

Repurchase of Treasury
Stock(23,442)

Disposition of Treasury
Stock

13,046

Transfer from Revaluation
Reserve for Land34,536

Change in Treasury Sharesof Parent Arising fromTransactions with Noncontrolling Shareholders(86,727)

Decrease in retained
earnings by decreasing ofequity method affiliates
and others(19,625)

Transfer from Retained
Earnings to Capital
Surplus
Net Changes in Items otherthan Shareholders' Equity
Total Changes during theperiod―(3,370,951)(885,350)(34,536)

1,158,906(967,533)(190)(4,099,654)(332)

145,069 (3,954,917)(3,370,951)(885,350)(34,536)

1,158,906(967,533)(190)(4,099,654)(332)

145,069 (1,310,771)(190)$ 7,737,906

Balance as of the end of theperiod$ 5,880,419 $ (627,053) $ 1,079,623 $

19,172 $ 1,385,935$

See accompanying “Notes to Consolidated Financial Statements,” which are an integral part of these statements (Note 40).

171

NonControlling
Interests$

768 $1,009,359 $ 75,165,689

For the Fiscal Years ended March 31,

Cash Flow from Operating Activities
Income before Income Taxes
Depreciation
Losses on Impairment of Fixed Assets
Amortization of Goodwill
Equity in Loss (Gain) from Investments in Affiliates
Increase (Decrease) in Reserves for Possible Losses on Loans
Increase (Decrease) in Reserve for Possible Losses on
Investments
Increase (Decrease) in Reserve for Possible Losses on Sales of
Loans
Increase (Decrease) in Reserve for Contingencies
Increase (Decrease) in Reserve for Bonus Payments
Increase (Decrease) in Reserve for Variable Compensation
Decrease (Increase) in Net Defined Benefit Asset
Increase (Decrease) in Net Defined Benefit Liability
Increase (Decrease) in Reserve for Director and Corporate
Auditor Retirement Benefits
Increase (Decrease) in Reserve for Reimbursement of Deposits
Increase (Decrease) in Reserve for Reimbursement ofDebentures
Interest Income—accrual basis
Interest Expenses—accrual basis
Losses (Gains) on Securities
Losses (Gains) on Money Held in Trust
Foreign Exchange Losses (Gains)—net
Losses (Gains) on Disposition of Fixed Assets
Losses (Gains) on Revision of Retirement Benefit Plan
Losses (Gains) on Cancellation of Employee Retirement Benefit
Trust
Decrease (Increase) in Trading Assets
Increase (Decrease) in Trading Liabilities
Decrease (Increase) in Derivatives other than for Trading Assets
Increase (Decrease) in Derivatives other than for Trading
Liabilities
Decrease (Increase) in Loans and Bills Discounted
Increase (Decrease) in Deposits
Increase (Decrease) in Borrowed Money (excluding
Subordinated Borrowed Money)
Decrease (Increase) in Due from Banks (excluding Due fromCentral Banks)
Decrease (Increase) in Call Loans, etc.
Decrease (Increase) in Guarantee Deposits Paid under
Securities Borrowing Transactions
Increase (Decrease) in Call Money, etc.
Increase (Decrease) in Commercial Paper
Increase (Decrease) in Guarantee Deposits Received under
Securities Lending Transactions
Decrease (Increase) in Foreign Exchange Assets
Increase (Decrease) in Foreign Exchange Liabilities
Increase (Decrease) in Short-term Bonds (Liabilities)
Increase (Decrease) in Bonds and Notes¥¥

603,872
161,897
27,585
3,741(25,434)
194,340¥2021

652,163
163,231
12,793
3,743(19,912)143,127$

4,933,192
1,322,581
225,356
30,567(207,782)
1,587,616

106

0

870

234
(202)
11,954(656)
56,392
6,169

437
1,564
27,295375
86,807(869)

1,916(1,657)
97,662(5,362)
460,686
50,403(126)(4,479)(260)(5,751)(1,033)(36,593)(3,915)(1,309,009)
315,550
62,30585(928,800)
2,647―(4,253)(1,333,509)
427,826(49,071)(1,647)(173,635)
6,576(58,855)(31,984)(10,693,648)
2,577,818
508,994695(7,587,619)
21,628―(74,254)(201,023)
1,234,368(528,425)(76,996)
1,188,511(2,021,852)
308,891(606,606)(1,642,211)
10,083,889(4,316,847)

996,914
1,343,307
2,594,805

36,977
1,355,723
4,239,233

8,144,061
10,973,835
21,197,657(869,766)

2,191,633(7,105,352)(125,565)(928,392)

239,094
6,873,070(1,025,776)(7,584,285)

367,621(133,057)(551,464)(464,549)(812,714)
1,686,839

3,003,196(1,086,981)(4,505,060)

214,099(398,661)
973,697
81,121
607,064(150,107)
43,75418,92382,387
1,187,520

1,749,035(3,256,776)
7,954,398
662,7074,959,273¥$

About Mizuho(Losses) on
Other
Securities

Revaluation
Reserve forLand

Message from theGroup CFO

For the Fiscal Year ended
March 31, 2022

Deferred
Gains or
Losses on

Thousands of
U.S. dollars (Note 1)
2022

Our strategies forcreating value

Net
Unrealized
Gains

Millions of yen
2022

Foundations for our
corporate value

Accumulated Other Comprehensive Income

Data section

Thousands of U.S. dollars (Note 1)

Appendix

Consolidated Statement of Changes in Net Assets—(Continued)

Message from theGroup CEO

Consolidated Financial Statements

172

Financial Data of Mizuho Financial Group, Inc.

Financial Data of Mizuho Financial Group, Inc.

Consolidated Statement of Cash Flows—(Continued)

1. Basis for Presentation¥$

54,544
11,640,108(2,237,196)
1,202,986
41,512,905(1,343,095)
40,169,810(97,434,015)
51,925,747
36,114,600(183,852)
14,515(107,392)(108,812)
13,61844(837,173,808)
466,967,258
356,070,760(260,587)
182,276(345,542)(792,131)
149,007
3,921―(1,860,490)

1,799(9,763,746)―(15,198,846)

10,000(4,000)171,410(494,000)
565(502)(196,783)(7,693)45,000―555,000(360,000)
2,988
(627)
(190,497)(4,676)

81,693(32,677)
1,400,294(4,035,618)
4,622(4,107)(1,607,575)(62,846)―(1,927)873(0)(522,056)40(1,848)854(5,414)40,819―(15,746)
7,139(1)(4,264,822)

620,261
3,154,900
46,981,399

227,487
7,117,795
39,863,604

5,067,082
25,773,224
383,803,608

50,136,299 ¥

46,981,399$

409,576,832

2. Scope of Consolidation(a) The consolidated financial statements include the accounts of MHFG and its consolidated subsidiaries (collectively, “theGroup”), including Mizuho Bank, Ltd. (“MHBK”), Mizuho Trust & Banking Co., Ltd. (“MHTB”), Mizuho Securities Co., Ltd.
(“MHSC”) and certain other subsidiaries. The numbers of consolidated subsidiaries as of March 31, 2022 and 2021 were
163 and 160, respectively.
During the period, Asset Management One TERRACE Co., Ltd. and 28 other companies were newly included in thescope of consolidation as a result of establishment.
During the period, Mizuho Private Wealth Management Co., Ltd. and 25 other companies were excluded from thescope of consolidation as a result of liquidation and other factors.
(b) There were no non-consolidated subsidiaries as of March 31, 2022 and 2021.

3. Application of the Equity Method(a) There were no non-consolidated subsidiaries under the equity method as of March 31, 2022 and 2021.
(b) The numbers of affiliates under the equity method as of March 31, 2022 and 2021 were 24 and 28, respectively.
Investments in affiliates include Custody Bank of Japan, Ltd., Orient Corporation, Mizuho Leasing Company, Limited andcertain other affiliates.
During the period, Cotra Ltd. was newly included in the scope of the equity method as a result of establishment.
During the period, Mobile Internet Capital, Inc. and other 4 companies were excluded from the scope of the equity method
as a result of decreasing the shares.
(c) There were no non-consolidated subsidiaries not under the equity method as of March 31, 2022 and 2021.
(d) Pec International Leasing Co., Ltd., an affiliate not under the equity method, is not accounted for under the equity method,as it is not significant to the consolidated financial statements of MHFG.

About Mizuho

2021

105,097
1,444,014(496,241)(27,154)
16,830,231(216,995)
16,613,235(102,478,445)
57,161,461
43,586,621(31,898)
22,312(42,297)(96,964)
18,239480

See accompanying “Notes to Consolidated Financial Statements,” which are an integral part of these statements.

173¥

Message from theGroup CFO

6,676
1,424,865(273,855)
147,257
5,081,594(164,408)
4,917,186

Our strategies forcreating value¥

Foundations for our
corporate value

Increase (Decrease) in Due to Trust Accounts
Interest and Dividend Income—cash basis
Interest Expenses—cash basis
Other—net
Subtotal
Cash Refunded (Paid) in Income Taxes
Net Cash Provided by (Used in) Operating Activities
Cash Flow from Investing Activities
Payments for Purchase of Securities
Proceeds from Sale of Securities
Proceeds from Redemption of Securities
Payments for Increase in Money Held in Trust
Proceeds from Decrease in Money Held in Trust
Payments for Purchase of Tangible Fixed Assets
Payments for Purchase of Intangible Fixed Assets
Proceeds from Sale of Tangible Fixed Assets
Proceeds from Sale of Intangible Fixed Assets
Proceeds from Sales of Stocks of Subsidiaries (affecting thescope of consolidation)
Net Cash Provided by (Used in) Investing Activities
Cash Flow from Financing Activities
Proceeds from Subordinated Borrowed Money
Repayments of Subordinated Borrowed Money
Proceeds from Issuance of Subordinated Bonds
Payments for Redemption of Subordinated Bonds
Proceeds from Investments by Non-controlling Shareholders
Repayments to Non-controlling Shareholders
Cash Dividends Paid
Cash Dividends Paid to Non-controlling Shareholders
Proceeds from Sale of Stocks of Subsidiaries (not affecting thescope of consolidation)
Payments for Repurchase of Treasury Stock
Proceeds from Sale of Treasury Stock
Payments for Repurchase of Treasury Stock of Subsidiaries
Net Cash Provided by (Used in) Financing Activities
Effect of Foreign Exchange Rate Changes on Cash and Cash
Equivalents
Net Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at the beginning of the fiscal year
Cash and Cash Equivalents at the end of the fiscal year (Note41)

The accompanying consolidated financial statements have been prepared from the accounts maintained by Mizuho Financial
Group, Inc. (“MHFG”) and its consolidated subsidiaries in accordance with the provisions set forth in the Company Law ofJapan and the Financial Instruments and Exchange Law, and in conformity with accounting principles generally accepted inJapan (“Japanese GAAP”) which are different in certain respects from the application and disclosure requirements ofInternational Financial Reporting Standards.
Certain items presented in the consolidated financial statements which were previously filed with the Director General of
the Kanto Local Finance Bureau are reclassified for the convenience of readers outside Japan. The notes to the consolidated
financial statements include information which is not required under Japanese GAAP but is presented herein as additional
information.
The amounts indicated in millions of yen are rounded down by truncating the figures below one million. Totals may not add
up exactly because of such truncation. Amounts in U.S. dollars are included solely for the convenience of readers outside
Japan. The rate of ¥122.41=US$1.00, the foreign exchange rate on March 31, 2022 has been used for translation. The
inclusion of such amounts is not intended to imply that Japanese yen has been or could be readily converted, realized or
settled into U.S. dollars at that rate or any other rate.

Data section

For the Fiscal Years ended March 31,

Thousands of
U.S. dollars (Note 1)
2022

4. Balance Sheet Dates of Consolidated Subsidiaries(a) Balance sheet dates of consolidated subsidiaries for the fiscal year ended March 31, 2022 are as follows:
December 31
39 companies
March 31124 companies(b) The consolidated subsidiaries were consolidated based on their financial statements as of and for the period ended theirrespective balance sheet dates.
The necessary adjustments have been made to the financial statements for any significant transactions that took place
between their respective balance sheet dates and the date of the consolidated financial statements.

AppendixMillions of yen
2022

Message from theGroup CEO

Notes to Consolidated Financial Statements

Consolidated Financial Statements

174

Financial Data of Mizuho Financial Group, Inc.

(3) Securities

In accordance with “Accounting Standard for Financial Instruments” (the Business Accounting Deliberation Council,
January 22, 1999), MHFG classifies securities, excluding those of investments in non-consolidated subsidiaries andaffiliates, into three categories based upon management's intent. These securities are accounted for as follows:(i) Trading securities are carried at market value and included in Trading Assets.
(ii) Bonds held to maturity are stated at amortized cost (straight-line method) and determined by the moving averagemethod.
(iii) Other securities are securities which are not classified as either trading securities or bonds held to maturity. Other
securities are stated at market price (cost of securities sold is calculated primarily by the moving average method).
Stocks and others without a quoted market price are stated at acquisition cost and determined by the moving averagemethod. The net unrealized gains (losses) on Other securities are included directly in Net Assets, net of applicable
income taxes after excluding gains and losses as a result of the fair-value hedge method.
In addition, investments in affiliates not under the equity method are stated at acquisition cost as determined by themoving average method.

(4) Bills Discounted

In accordance with “Accounting and Auditing Treatment relating to Adoption of Accounting Standards for Financial
Instruments for Banks” (The Japanese Institute of Certified Public Accountants (“JICPA”) Industry Committee Practical
Guideline No. 24), bills discounted are accounted for as financing transactions. The banking subsidiaries have rights tosell or pledge these commercial bills, foreign exchange bills purchased and others. The face value of these bills amounted
to ¥1,806,813 million ($14,760,342 thousand) and ¥1,614,811 million as of March 31, 2022 and 2021, respectively.

About Mizuho

Trading transactions intended to take advantage of short-term fluctuations and arbitrage opportunities in interest rates,
currency exchange rates, market prices of securities and related indices are recognized on a trade-date basis andrecorded in Trading Assets or Trading Liabilities on the consolidated balance sheet. Income or expenses generated on
the relevant trading transactions are recorded in Trading Income or Trading Expenses on the consolidated statement ofincome.
Securities and other monetary claims held for trading purposes are stated at fair value at the consolidated balance
sheet date. Derivative financial products, such as swaps, futures and option transactions, are stated at their fair values,
assuming that such transactions are terminated and settled at the consolidated balance sheet date.
Trading Income and Trading Expenses include the interest received and the interest paid during the fiscal year, thegains or losses resulting from any change in the value of securities and other monetary claims between the beginning andthe end of the fiscal year, and the gains or losses resulting from any change in the value of financial derivatives between
the beginning and the end of the fiscal year, assuming they were settled at the end of the fiscal year.
For financial derivatives, fair value is calculated on the basis of net assets or liabilities after offsetting financial assets
and liabilities with respect to specific market risks and specific credit risk.

Message from theGroup CFO

(2)Trading Assets & Liabilities and Trading Income & Expenses(5) Derivative Transactions

Derivative transactions are valued at fair value with changes in fair value included in current income. Fair value iscalculated on the basis of net assets or liabilities after offsetting financial assets and liabilities with respect to specificmarket risks and specific credit risk. Derivatives qualifying as hedges are mainly accounted for using either the fair-value
hedge method or the deferred method of hedge accounting (see (23) Hedge Accounting).

(6) Tangible Fixed Assets (Except for Lease Assets)

Depreciation of buildings is computed mainly by the straight-line method, and that of others is computed mainly by the
declining-balance method. The range of useful lives is as follows:
Buildings 3 years to 50 years
Others 2 years to 20 years(7) Intangible Fixed Assets (Except for Lease Assets)

Amortization of Intangible Fixed Assets is computed by the straight-line method. Development costs for internally-usedsoftware are capitalized and amortized over their estimated useful lives of mainly from five to ten years as determined by
MHFG and its consolidated subsidiaries.

Our strategies forcreating value

Credited loans held for the purpose of trading are, in line with trading securities, recognized on a trade date basis andrecorded in Other Debt Purchased on the consolidated balance sheet. Other Debt Purchased related to the relevant
credited loans is stated at fair value at the consolidated balance sheet date.
Interest received and the gains or losses on the sale of the relevant credited loans during the fiscal year, including thegains or losses resulting from any change in the value between the beginning and the end of the fiscal year, arerecognized in Other Operating Income and Other Operating Expenses on the consolidated statement of income.

Foundations for our
corporate value(1) Credited Loans pursuant to Trading Securities and Trading Income & Expenses

Securities which are held as trust assets in Money Held in Trust accounts are valued in the same way as Securities
above.
Certain Securities other than Trading Securities (excluding Stocks and others without a quoted market price andInvestments in Partnerships) are devalued to the fair value, and the difference between the acquisition cost and the fairvalue is treated as a loss for the fiscal year (“impairment (devaluation)”), if the fair value (primarily the closing market priceat the consolidated balance sheet date) has significantly deteriorated compared with the acquisition cost (including
amortized cost), and unless it is deemed that there is a possibility of a recovery in the fair value. The amounts of
impairment (devaluation) were ¥5,757 million ($47,036 thousand) and ¥4,657 million for the fiscal years ended March 31,
2022 and 2021, respectively.
The criteria for determining whether a security's fair value has “significantly deteriorated” are outlined as follows:• Security whose fair value is 50% or less of the acquisition cost
• Security whose fair value exceeds 50% but is 70% or less of the acquisition cost and the quoted market pricemaintains a certain level or lower(8) Lease Assets

Data section

5. Standards of Accounting Method

Message from theGroup CEO

Notes to Consolidated Financial Statements

Depreciation of lease assets booked in Tangible Fixed Assets and Intangible Fixed Assets which are concerned withfinance lease transactions that do not transfer ownership is mainly computed by the same method as the one applied to
fixed assets owned by us.

(9) Deferred Assets

Appendix

Bond issuance costs are expensed as incurred.

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Financial Data of Mizuho Financial Group, Inc.

(11) Reserve for Possible Losses on Investments

Reserve for Possible Losses on Investments is maintained to provide against possible losses on investments insecurities, after taking into consideration the financial condition and other factors concerning the investee company.

To prepare for the payments of performance payments and stock compensation to be paid as variable compensation
within compensation for directors, group executive officers and operating officers of MHFG, MHBK, MHTB, MHSC, andcertain consolidated subsidiaries, the estimated payments based on the standard amount regarding variable
compensation of this fiscal year is provided.

(14) Reserve for Director and Corporate Auditor Retirement Benefits

About Mizuho

Reserve for Director and Corporate Auditor Retirement Benefits, which is provided for future retirement benefit payments
to directors, corporate auditors, and executive officers, is recognized at the amount accrued by the end of the fiscal year,
based on the internally established standards.

(15) Reserve for Possible Losses on Sales of Loans

Reserve for Contingencies is maintained to provide against possible losses from contingencies which are not covered byother specific reserves. The balance is an estimate of possible future losses considered to require a reserve.

(17) Reserve for Reimbursement of Deposits

Reserve for Reimbursement of Deposits is provided against the losses for the deposits derecognized from liabilities at theestimated amount of future claims for withdrawal by depositors.

(18) Reserve for Reimbursement of Debentures

Reserve for Reimbursement of Debentures is provided for the debentures derecognized from liabilities at the estimatedamount for future claims.

(19) Reserve under Special Laws

Reserve under Special Laws is Reserve for Contingent Liabilities from Financial Instruments and Exchange of ¥3,132
million ($25,587 thousand) and ¥3,135 million as of March 31, 2022 and 2021, respectively. This is the reserve pursuant
to Article 46-5 of the Financial Instruments and Exchange Law and Article 175 of the Cabinet Office Ordinance regarding
Financial Instruments Business, etc. to indemnify the losses incurred from accidents in the purchase and sale ofsecurities, other transactions or derivative transactions.

(20) Accounting Method for Retirement Benefits

In calculating retirement benefit obligations, a benefit formula basis is used as a method of attributing expected retirement
benefits to the period up to the end of this fiscal year. Unrecognized prior service cost and unrecognized actuarial
differences are recognized as follows:
Unrecognized prior service cost: Recognized mainly as income or expenses in the period of occurrence.
Unrecognized actuarial difference: Recognized as income or expenses from the following fiscal year under thestraight-line method over a certain term within the average remaining service
period of the employees (mainly 10 years) of the respective fiscal years.
Certain consolidated subsidiaries apply the simplified method that assumes the amount required for voluntary resignation
at the end of the term to be retirement benefit obligations in computing net defined benefit liability and retirement benefit
expenses.

Our strategies forcreating value(16) Reserve for Contingencies

Message from theGroup CFO

Reserve for Possible Losses on Sales of Loans is provided for possible future losses on sales of loans at the amountdeemed necessary based on a reasonable estimate of possible future losses.

Foundations for our
corporate value

Reserves for Possible Losses on Loans of major domestic consolidated subsidiaries are maintained in accordance withinternally established standards for write-offs and reserve provisions:• For claims extended to obligors that are legally bankrupt under the Bankruptcy Law, Special Liquidation under theCompany Law or other similar laws (“Bankrupt Obligors”), and to obligors that are effectively in similar conditions(“Substantially Bankrupt Obligors”), reserves are maintained at the amounts of claims net of direct write-offs described
below and the expected amounts recoverable from the disposition of collateral and the amounts recoverable underguarantees.
• For claims extended to obligors that are not yet legally or formally bankrupt but are likely to be bankrupt (“Intensive
Control Obligors”), reserves are maintained at the amounts deemed necessary based on overall solvency analyses of
the amounts of claims net of expected amounts recoverable from the disposition of collateral and the amounts
recoverable under guarantees.
• For claims extended to Intensive Control Obligors and Obligors with Restructured Loans (defined in Note 14 below) andothers, if the exposure to an obligor exceeds a certain specific amount, reserves are provided as follows:(i) if future cash flows of the principal and interest can be reasonably estimated, the discounted cash flow method isapplied, under which the reserve is determined as the difference between the book value of the loan and its present
value of future cash flows discounted using the contractual interest rate before the loan was classified as a
Restructured Loan, and(ii) if future cash flows of the principal and interest cannot be reasonably estimated, reserves are provided for the losses
estimated for each individual loan.
• For claims extended to other obligors, reserves for the next one year or three years are maintained at rates derived from
historical credit loss experience or historical bankruptcy experience for one or three years and making necessary
adjustments such as future prospects and others.
• Reserve for Possible Losses on Loans to Restructuring Countries is maintained in order to cover possible losses basedon analyses of the political and economic climates of the countries. All claims are assessed by each claim origination
department in accordance with the internally established “Self-assessment Standard,” and the results of theassessments are verified and examined by the independent examination departments.
In the case of claims to Bankrupt Obligors and Substantially Bankrupt Obligors, which are collateralized or guaranteed
by a third party, the amounts deemed uncollectible (calculated by deducting the anticipated proceeds from the sale ofcollateral pledged against the claims and amounts that are expected to be recovered from guarantors of the claims) are
written off against the respective claim balances. The total directly written-off amounts were ¥109,122 million ($891,452
thousand) and ¥116,834 million as of March 31, 2022 and 2021, respectively.
Other consolidated subsidiaries provide the amount necessary to cover the loan losses based upon past experience andother factors for general claims and the assessment for each individual loan for other claims.
(Additional Information)
Expected losses which are assumed to be occurred in the future by difficulties in foreign currency cash management
influenced by economic sanctions against Russia, in claims which transfer risk is not avoided are recognized as Reserve
for Possible Losses on Loans to Restructuring Countries.
The expected losses are calculated based on evaluation of Russian country risk and defaults which are announced byexternal rating firms in the past and others. The amount of Reserve for Possible Losses on Loans to Restructuring
Countries for the fiscal year ended March 31, 2022 was ¥54,732 million ($447,125 thousand), which included ¥53,315
million ($435,545 thousand) against the claims related to Russia.

(13) Reserve for Variable Compensation

Data section(10) Reserves for Possible Losses on Loans

Message from theGroup CEO

Notes to Consolidated Financial Statements

Appendix(12) Reserve for Bonus Payments

Reserve for Bonus Payments, which is provided for future bonus payments to employees, is maintained at the amountaccrued at the end of the fiscal year, based on the estimated future payments.

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Financial Data of Mizuho Financial Group, Inc.

179

About Mizuho
Message from theGroup CFO
Our strategies forcreating value

Securities-related business fees mainly consist of brokerage fees and commissions, and asset-based revenues.
Brokerage fees and commissions include fees earned from the execution of customer transactions and salescommissions of stocks, bonds and investment trusts, which are recognized at the point in time on transaction date withthe customer. Asset-based revenues include fees received from investment trust management companies in return foradministration services, such as record keeping services, of investment trusts, which are recognized over time in the
period when the related service is provided.
Deposits and Lending business fees consist of Deposit-related fees and Lending-related fees. Deposit related fees arewithin the scope of “Accounting Standard for Revenue Recognition”, while most of Lending-related fees such ascommitment fees and arrangement fees are not. Deposit-related fees include account transfer fees, which are recognizedat the point in time on transaction date with the customer or at the point in time when the related service is provided.
Remittance business fees include service charges for domestic and international funds transfers and collections, which
are recognized at the point in time when the related service is provided.
Trust-related business fees mainly consist of brokerage commissions of real estate property, consulting fees of realestate property and charged of stock transfer agent services. Brokerage commissions of real estate property arecommissions that are received as consideration for services related to real estate brokerage, and are recognized inprinciple at the time of the conclusion of a sales contract for the subject real estate or trust beneficiary rights. Consulting
fees of real estate property are commissions that are received as consideration for services related to real estate
consulting, which are recognized at the point in time when the related service is provided or over time in the period when
the related service is provided. Stock transfer agent service fees are commissions that are received as consideration forservices related to transfer agent business and associated services, which are recognized at the point in time when therelated service is provided or over time in the period when the related service is provided.
Agency business fees mainly consist of administration service fees related to MHFG Group’s agency business such as
Japan’s principal public lottery program and revenues from standing proxy services related to stocks and others, which
are recognized at the point in time when the related service is provided or over time in the period when the related service
is provided.
Fees for other customer services include various revenues such as sales commissions of life insurance, service
charges for electronic banking, financial advisory fees, and service charges for software development. Sales commissionsof life insurance are received in return for selling insurance products and recognized mainly at the point in time ontransaction date with the customer. Service charges for electronic banking are mainly monthly basic usage fees andrecognized over time in the period when the related service is provided. Financial advisory fees are received asconsideration for services supporting market research and business strategy planning, which are recognized over time in
the period when the related service is provided. Service charges for software development are recognized mainly overtime in the period when the related service is provided.
Fiduciary income mainly consists of trust fees earned through fiduciary asset management and administrative service,
which are recognized at the point on creation of the trust or completion date specified in the contract, or over time in the
period when the related service is provided.
Part of other ordinary income include underwriting fees from trading securities, credit card interchange fees and asset
management business fees which are within the scope of “Accounting Standard for Revenue Recognition”. Underwriting
fees are recognized at the point on the date which all the consideration of the transaction are fixed. Credit card
interchange fees are recognized at the point on the settlement of the credit card payment transactions. Assetmanagement business fees consist of investment trust management fees and investment advisory fees for investment
trusts, which are recognized over time in the period when the related service is provided.

Foundations for our
corporate value(22) Revenues(a) Interest Rate Risk
The deferred method, the fair-value hedge method or the exceptional accrual method for interest rate swaps areapplied as hedge accounting methods.
The portfolio hedge transaction for a large volume of small-value monetary claims and liabilities of domestic
consolidated banking subsidiaries and domestic consolidated trust banking subsidiaries is accounted for by themethod stipulated in the JICPA Industry Committee Practical Guideline No.24, March 17, 2022.
The effectiveness of hedging activities for the portfolio hedge transaction for a large volume of small-value monetaryclaims and liabilities is assessed as follows:(i) as for hedging activities to offset market fluctuation risks, the effectiveness is assessed by bracketing both thehedged instruments, such as deposits and loans, and the hedging instruments, such as interest-rate swaps, in thesame maturity bucket.
(ii) as for hedging activities to fix the cash flows, the effectiveness is assessed based on the correlation between abase interest rate index of the hedged instrument and that of the hedging instrument.
The effectiveness of the individual hedge is assessed based on the comparison of the fluctuation in the market or of
cash flows of the hedged instruments with that of the hedging instruments.
(b) Foreign Exchange Risk
Domestic consolidated banking subsidiaries and domestic consolidated trust banking subsidiaries apply the deferred
method of hedge accounting to hedge foreign exchange risks associated with various financial assets and liabilities
denominated in foreign currencies as stipulated in the “Accounting and Auditing Treatment relating to Adoption of
Accounting Standards for Foreign Currency Transactions for Banks” (JICPA Industry Committee Practical Guideline
No.25, October 8, 2020). The effectiveness of the hedge is assessed by confirming that the amount of the foreign
currency position of the hedged monetary claims and liabilities is equal to or larger than that of currency swap
transactions, exchange swap transactions, and similar transactions designated as the hedging instruments of theforeign exchange risk.
In addition to the above methods, these subsidiaries apply the deferred method or the fair-value hedge method toportfolio hedges of the foreign exchange risks associated with investments in subsidiaries and affiliates denominatedin foreign currency and Other securities denominated in foreign currency (except for bonds) identified as hedged items
in advance, as long as the amount of foreign currency payables of spot and forward foreign exchange contracts
exceeds the amount of acquisition cost of the hedged foreign securities denominated in foreign currency.
(c) Inter-company Transactions
Inter-company interest rate swaps, currency swaps and similar derivatives among consolidated companies or between
trading accounts and other accounts, which are designated as hedges, are not eliminated and related gains andlosses are recognized in the statement of income or deferred under hedge accounting, because these inter-company
derivatives are executed according to the criteria for appropriate outside third-party cover operations which are treatedas hedge transactions objectively in accordance with JICPA Industry Committee Practical Guideline No.24 and 25.
As for certain assets and liabilities of MHFG and its consolidated subsidiaries, the deferred method, the fair-value
hedge method or the exceptional accrual method for interest rate swaps are applied.
(d) Hedging relationships which apply “Treatment of Hedge Accounting for Financial Instruments that Reference LIBOR”
Among above (a) to (c), all hedging relationships included in the scope of applying the “Treatment of Hedge
Accounting for Financial Instruments that Reference LIBOR” (Accounting Standards Board of Japan (“ASBJ”)
Practical Solutions No.40, March 17, 2022) are subject to this exceptional treatment. The detail of the hedging
relationships which apply the treatment are as follows.
Hedging method: the deferred method, the fair-value hedge method or the exceptional accrual method
Hedging instruments: interest-rate swaps, currency-swap transactions or exchange swap transactions, etc
Hedged instruments: financial assets and liabilities, financial assets and liabilities denominated in foreign currencies,etc
The variety of Hedge transactions: to offset market fluctuation risks, to fix the cash flows

Data section

Assets and liabilities denominated in foreign currencies and accounts of overseas branches of domestic consolidatedbanking subsidiaries and a domestic consolidated trust banking subsidiary are translated into Japanese yen primarily atthe exchange rates in effect at the consolidated balance sheet date, with the exception of the investments in affiliates notunder the equity method, which are translated at historical exchange rates.
Assets and liabilities denominated in foreign currencies of the consolidated subsidiaries, except for the transactions
mentioned above, are translated into Japanese yen primarily at the exchange rates in effect at the respective balance
sheet dates.

(23) Hedge Accounting

Appendix(21) Assets and Liabilities Denominated in Foreign Currencies

Message from theGroup CEO

Notes to Consolidated Financial Statements

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Financial Data of Mizuho Financial Group, Inc.

(26) Scope of Cash and Cash Equivalents on Consolidated Statement of Cash Flows

In the consolidated statement of cash flows, Cash and Cash Equivalents consist of cash and due from central banks
included in “Cash and Due from Banks” on the consolidated balance sheet.

6. Changes in Accounting Policies(Accounting Standard for Revenue Recognition and Others)
MHFG has applied "Accounting Standard for Revenue Recognition" (ASBJ Statement No.29, March 31, 2020) and others fromthe beginning of the consolidated fiscal year ended March 31, 2022.
In accordance with "Accounting Standard for Revenue Recognition", MHFG recognizes revenue at the time of the transfer ofpromised goods or services to the customer in an amount that reflects the consideration to which MHFG expects to be entitled in
exchange for those goods or services.
In accordance with transitional treatment set out in the proviso of Article 84 of "Accounting Standard for Revenue Recognition",the cumulative effects arising from the retroactive application of these new accounting policies to all the previous fiscal years
were reflected in Retained Earnings as of April 1, 2021, and the new accounting policies were applied from the beginning of thisfiscal year.
As a result of the cumulative effects arising from the retroactive application of these new accounting policies, Retained Earningsof the consolidated statement of changes in net assets decreased by ¥724 million as of April 1, 2021. The impact on the
consolidated balance sheet, the consolidated statement of income, the consolidated cash flows and per share information for the
consolidated fiscal year ended March 31, 2022 is immaterial.
And in accordance with the transitional treatment set forth in Article 89-3 of "Accounting Standard for Revenue Recognition", thenotes of “Revenue recognition” for the previous consolidated fiscal year ended March 31, 2021 are not presented.

・Treatment of accounting and disclosure for applying the Japanese Group Relief System (ASBJ Practical Solutions No.42,
August 12, 2021)(1) Overview
This accounting standard is published by ASBJ to classify the treatment of accounting and disclosure of corporate tax, local
corporate tax and tax-effect accounting for applying the Japanese Group Relief System in accordance with the transition fromthe Consolidated Tax System to the Japanese Group Relief System under the "Act for Partial Revision of the Income Tax Act,etc." (Act No.8 of 2020).
(2) Scheduled Date of Application
MHFG is scheduled to apply this accounting standard from the beginning of the consolidated fiscal year starting on April 1,
2022.
(3) Effect of Application of this accounting standard
Based on Practical Solutions No. 42, Paragraph 32 (1), MHFG regards that there is no impact from the changes in accounting
policies associated with the effects of the application of Practical Solutions No.42.

8. Change in Presentation of Financial Statements(Change in Presentation according to enforcement “Cabinet Office Ordinance for Partial Revision of the Ordinance for
Enforcement of the Banking Act, etc.”)
With the enforcement of the “Cabinet Office Ordinance for Partial Revision of the Ordinance for Enforcement of the Banking Act,etc.”(Cabinet Office Ordinance No. 3 of January 24, 2020) on March 31, 2022, the classification of Non-Accrual, Past Due &Restructured Loans of Banking Act has been shown in accordance with the classification of disclosure receivables based on the
Act on Emergency Measures for the Revitalization of Financial Functions, etc.

About Mizuho

Goodwill is amortized over an appropriate period not to exceed 20 years under the straight-line method. The full amountof Goodwill that has no material impact is expensed as incurred.

Message from theGroup CFO

(25) Amortization Method of Goodwill and Amortization Period

・Implementation Guidance on Accounting Standard for Fair Value Measurement (ASBJ Guidance No.31, June 17, 2021)(1) Overview"Implementation Guidance on Accounting Standard for Fair Value Measurement" (ASBJ Guidance No.31, June 17, 2021),
which had been supposed to take approximately one year after the publishing of "Accounting Standard for Fair Value
Measurement" (ASBJ Statement No.30 July 4, 2019) to discuss "Fair value measurements of Investment trust" with the parties
concerned and to consider about notes to fair value of "Investments in Partnerships and others to record in the balance sheet
at the net amount of Equity Equivalents", was revised and published.
(2) Scheduled Date of Application
MHFG is scheduled to apply this accounting standard from the beginning of the consolidated fiscal year starting on April 1,
2022.
(3) Effect of Application of this accounting standard
The effect on consolidated financial statements of application of this accounting standard is under assessment.

Our strategies forcreating value

MHFG and some domestic consolidated subsidiaries of the Group have applied the Consolidated Taxation System fromthe beginning of the consolidated fiscal year ended March 31, 2022.

7. Issued but not yet Adopted Accounting Standard and Others

Foundations for our
corporate value(24) Adoption of the Consolidated Taxation System

Message from theGroup CEO

Notes to Consolidated Financial Statements

Appendix

Data section(Change related to Consolidated Statement of Income)
Income Taxes -Refund of Income Taxes included within Income Taxes -Current for the previous consolidated fiscal year has
been separately presented from this consolidated fiscal year due to increased materiality.
To reflect this change in presentation, Consolidated Financial Statements for the previous consolidated fiscal year have been
reclassified.
As a result, Income Taxes -Current of ¥165,688 million presented in Consolidated Statement of Income for the previous
consolidated fiscal year has been reclassified as Income Taxes -Current of ¥172,785 million and Income Taxes -Refund of
Income Taxes of ¥(7,097) million.

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Financial Data of Mizuho Financial Group, Inc.

About Mizuho
Message from theGroup CFO
Our strategies forcreating value
Appendix

2. Fair Value of Financial Instruments(1) Amount on Consolidated Balance Sheet as of March 31, 2022
The amount is stated on “43. Financial Instruments 3. Matters relating to breakdown of fair value of financial instruments bylevel (1) Financial instruments recorded at fair value in the consolidated balance sheet.”(2) Information for understanding the contents of critical accounting estimates(a) Calculating method
Calculation method is stated on "43. Financial Instruments 3. Matters relating to breakdown of fair value of financial
instruments by level (Note 1) Explanation of valuation techniques and valuation inputs used in fair value measurements."(b) Key assumptions
Key assumptions are the inputs used in the valuation model, and we may use observable inputs such as interest rates,
exchange rates and market value of securities etc. and may also use unobservable inputs including significant estimatessuch as prepayment rate, default rate, recovery rate, discount rate, correlation and volatility, etc.
(c) Impact on Consolidated Financial Statements for the following consolidated fiscal year
Due to changes in the inputs as Key assumptions by the change of market environments, the fair value of financial
instruments may increase or decrease.

Foundations for our
corporate value

1. Reserves for Possible Losses on Loans(1) Amount on Consolidated Balance Sheet as of March 31, 2022
Reserves for Possible Losses on Loans ¥783,886 million(2) Information for understanding the contents of critical accounting estimates(a) Calculating method
Calculation method is stated on "5. Standards of Accounting Method (10) Reserves for Possible Losses on Loans."
In addition, we have updated the expected loss amount for portfolio with similar characteristics of credit risk, which arehighly likely to incur losses. We judged the possibility to incur losses based on future prospects of external environments
utilizing our credit risk management framework.
(b) Key assumptions
Key assumptions are “Forecast for obligors used for assigning internal credit ratings and for discounted cash flow method”
and “Forecast of the external environment used for making necessary adjustment to expected loss”.
“Forecast for obligors used for assigning internal credit ratings and for discounted cash flow method” has been determinedaccording to obligor’s earnings, debt repayment status, industry characteristics, development and progress of business planand obligor’s earnings capabilities based on the impact of COVID-19 and the Russia-Ukraine situation.
“Forecast of the external environment used for making necessary adjustment to expected loss” is determined based on
macroeconomic scenario, etc.
More specifically, we used the assumptions based on the forecasted GDP growth rate, financial variables including resource
prices, exchange rates and others, the future prospect of business environment of each industry, the impact of economic
sanctions inside and outside of Russia and the Russia-Ukraine situation and others in addition to the spread of COVID-19.
Expected losses effected by these impacts in the future are recognized as Reserves for Possible Losses on Loans.
(c) Impact on Consolidated Financial Statements for the following consolidated fiscal year
Due to the business trends in Japan and overseas and changes in the economic environment in certain industries, credit
related costs may increase due to new portfolio problems that exceeds expectations, deterioration in the credit condition of
obligors in certain industries, declines in the value of collateral and guarantees, etc.

3. Net Defined Benefit Asset and Net Defined Benefit Liability(1) Amount on Consolidated Balance Sheet as of March 31, 2022
The amount is stated on “27. Reserve for Employee Retirement Benefits.”(2) Information for understanding the contents of critical accounting estimates(a) Calculating method
MHFG and majority-owned consolidated subsidiaries sponsor severance indemnities and pension plan as defined benefit
plan. Net Defined Benefit Asset and Net Defined Benefit Liability is calculated based on a number of actuarial assumptions
including mortality, withdrawals, discount rates, expected long-term rates of return on plan assets and rates of increase
future compensation level.
(b) Key assumptions
Key assumptions are actuarial assumptions. Net Defined Benefit Asset and Net Defined Benefit Liability is calculated basedon a number of actuarial assumptions including mortality, withdrawals, discount rates, expected long-term rates of return onplan assets and rates of increase future compensation level.
(c) Impact on Consolidated Financial Statements for the following consolidated fiscal year
Differences in results and actuarial assumptions and changes Key assumptions may affect Net Defined Benefit Asset andNet Defined Benefit Liability for the following consolidated fiscal year.

Data section

9. Critical Accounting Estimates

Message from theGroup CEO

Notes to Consolidated Financial Statements

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Financial Data of Mizuho Financial Group, Inc.

(Application of tax-effect accounting to the Transition from the Consolidated Taxation System to the Japanese Group
Relief System)

About Mizuho

Unsecured loaned securities which the borrowers have the right to sell or repledge amounted to ¥ 190,078 million ($1,552,798 thousand) and ¥ - million as of March 31, 2022 and 2021, respectively, and are included in Japanese
Government Bonds under Securities. MHFG has the right to sell or repledge some of unsecured borrowed securities,
securities purchased under resale agreements and securities borrowed with cash collateral. Among them, the totals of
securities repledged were ¥17,040,833 million ($139,211,126 thousand) and ¥13,417,819 million as of March 31, 2022
and 2021, respectively, and securities neither repledged nor re-loaned were ¥2,248,061 million ($18,365,017 thousand)and ¥1,520,936 million as of March 31, 2022 and 2021, respectively.

As of March 31,

Trading Assets:
Trading Securities
Derivatives for Trading
Transactions
Derivatives for Trading Securities
Total
Trading Liabilities:
Trading Securities Sold Short
Derivatives for Trading
Transactions
Derivatives for Trading Securities
Total

Millions of yen
2022

2021

Thousands of U.S. dollars
2022¥ 6,487,722¥ 6,421,348$ 52,999,941

6,285,978447,714¥ 13,221,415

5,616,260
551,685¥ 12,589,294

51,351,836
3,657,500$ 108,009,277¥ 3,470,030¥ 2,402,420$ 28,347,607

5,881,652
257,293¥ 9,608,976

5,382,333
330,624¥ 8,115,377

48,048,792
2,101,898$ 78,498,297

Message from theGroup CFO

12. Trading Assets and Liabilities

Our strategies forcreating value(The Board Benefit Trust (“BBT”) Program)Since MHFG operates its business to contribute to the creation of value for diverse stakeholders and realize improved corporate
value through the continuous and stable growth of MHFG group pursuant to MHFG’s basic management policy defined under theMizuho Financial Group’s Corporate Identity, MHFG has introduced a stock compensation program using a trust (the “Program”)
that functions as an incentive for each Director, Group Executive Officer, and Operating officers to exert maximum effort inperforming his or her duties, and also as consideration for such exertion of effort.
(1) Outline of the Program
The Program has adopted the Board Benefit Trust (“BBT”) framework. MHFG’s shares on the stock market will be acquired
through a trust established based on the underlying funds contributed by MHFG, and MHFG’s shares will be distributed to
Directors, Executive Officers, and Operating officers of MHFG, Mizuho Bank, Ltd., Mizuho Trust & Banking Co., Ltd., andMizuho Securities Co., Ltd. (the “Company Group”) and other entities in accordance with the Rules on Distribution of Shares tobe prescribed in advance. The framework consists of the stock compensation program based on the Company Group Officer’s
responsibilities and others in their respective company (“Stock Compensation I”), the stock compensation program based on
the performance evaluation of the Company Group (“Stock Compensation II”) and the stock compensation program based on
Company Group Officer’s responsibilities in their respective company and the performance evaluation of the Company Group,
which distributes MHFG’s shares to Operating officers of MHFG and certain consolidated subsidiaries (“Stock Benefit”).
Stock Compensation I will be paid at the time of retirement in the form of shares of MHFG calculated based on their
responsibilities and others. A system is adopted which enables a decrease or forfeiture of the amount depending on theperformance of the company or the individual.
Stock Compensation II will be paid in the form of shares of MHFG and will be deferred over three years, which is calculated
based on the status of achieving our Five-Year Business Plan. A system is adopted which enables a decrease or forfeiture of
the amount depending on the performance of the company or the individual.
Stock Benefit will be paid in the collective form of MHFG’s share which is based on responsibilities in their respective company
and the performance evaluation of the Company Group. Reduction and forfeit of the benefit can be occurred in the program.
Upon the payment of stock compensation under the Program, MHFG may, for a certain portion, pay a monetary amountequivalent to the market value of its stock in lieu of stock compensation in accordance with the Rules on Distribution of Shares.
Voting rights related to MHFG’s shares belonging to the trust assets under the trust shall not be exercised.
(2) MHFG’s Shares Outstanding in the Trust
MHFG’s shares outstanding in the trust are recognized as Treasury Stock under Net Assets at the carrying amount (excluding
the amount of incidental expenses) in the trust. The carrying amount of such Treasury Stock as of March 31, 2022 was ¥4,949
million ($40,435 thousand) for 3,079 thousand shares (the carrying amount as of March 31, 2021 was ¥4,144 million for 2,544
thousand shares).

11. Securities Lending and Borrowing Transactions

Foundations for our
corporate value

10. Additional Information

Message from theGroup CEO

Notes to Consolidated Financial Statements

185

Appendix

Data section

The Japanese Group Relief System will be applicable for fiscal years beginning from April 1, 2022. MHFG and somedomestic consolidated subsidiaries of the Group record amounts of deferred tax assets and deferred tax liabilities basedon the provisions of tax laws prior to amendment under the treatment in Paragraph 3 of "Treatment of the application of
the tax-effect accounting in relation to the transition from the consolidated tax system to the Japanese Group Relief
System" (Practical Solutions No.39 March 31, 2020), without applying the provisions of Paragraph 44 of "Guidance on
Accounting Standard for tax-effect accounting" (Implementation Guidance No.28 February 16, 2018), regarding the tax
items for which review of the non-consolidated Tax Payment System was implemented in accordance with the transition to
the Japanese Group Relief System established under the "Act for Partial Revision of the Income Tax Act, etc." (Act No. 8
of 2020) and the transition to the Japanese Group Relief System.
MHFG group will apply ASBJ Practical Issues Task Force Report No.42, “Treatment of accounting and disclosure for
applying the Japanese Group Relief System” (August 12, 2021) from the beginning of the next consolidated fiscal year.

186

Financial Data of Mizuho Financial Group, Inc.

*1

Japanese Stocks
*2
Other
Total

¥21,400,540
463,559
2,760,906
3,570,120
15,502,136¥43,697,262$209,449,476
3,428,203
24,851,214
26,463,531
100,492,328$364,684,752*1Japanese Stocks included investments in non-consolidated subsidiaries and affiliates of ¥241,258 million ($1,970,902 thousand) and ¥257,712 million as ofMarch 31, 2022 and 2021, respectively.
*2
Other included investments in non-consolidated subsidiaries and affiliates of ¥110,915 million ($906,102 thousand) and ¥91,180 million as of March 31, 2022
and 2021, respectively.

14. Loans and Bills Discounted

15. Foreign Exchange Assets and Liabilities
Millions of yen
2022

2021

Thousands of U.S. dollars
2022¥ 71,528,939
9,067,728
3,705,625
183,388¥ 71,127,895
8,909,927
3,018,081
391,261$ 584,339,017
74,076,696
30,272,244
1,498,151

250,598¥ 84,736,280

257,508¥ 83,704,675

2,047,210$ 692,233,318

As of March 31,

Loans on Deeds
Overdrafts
Loans on Notes
Bills Discounted
Financing Receivables, including
Factoring, Leasing and Property
Financing
Total

Loans and Bills Discounted as of March 31, 2022 and 2021 include the following:
Millions of yen
2022

As of March 31,

Claims against Bankrupt and Substantially Bankrupt*1
Obligors*2
Claims with Collection Risk
Claims for Special Attention
Loans Past Due for 3 Months or More
*4
Restructured Loans
Sub-total
Normal Claims
Total

*5

Overdraft protection on current accounts and contracts of the commitment line for loans are contracts by which banking
subsidiaries are bound to extend loans up to the prearranged amount, at the request of customers, unless the customer is inbreach of contract conditions. The unutilized balance of these contracts amounted to ¥105,257,698 million ($859,878,266
thousand) and ¥107,724,379 million as of March 31, 2022 and 2021, respectively. Of these amounts, ¥76,092,443 million($621,619,505 thousand) and ¥80,332,843 million as of March 31, 2022 and 2021, respectively, relate to contracts of which
the original contractual maturity is one year or less, or which are unconditionally cancelable at any time.
Since many of these contracts expire without being exercised, the unutilized balance itself does not necessarily affectfuture cash flows. A provision is included in many of these contracts that entitles the banking subsidiaries to refuse theexecution of loans, or reduce the maximum amount under contracts when there is a change in the financial situation,necessity to preserve a claim, or other similar reasons. The banking subsidiaries require collateral such as real estate andsecurities when deemed necessary at the time the contracts are entered into. In addition, they periodically monitor
customers’ business conditions in accordance with internally established standards and take necessary measures to manage
credit risks such as amendments to contracts.

*3¥50,846722,222354,034
2,498
351,535¥ 1,127,104
96,224,900¥ 97,352,004

¥

2021

55,506
409,742
377,584534
377,049¥
842,832
93,186,798¥ 94,029,630

Thousands of U.S. dollars
2022$

415,3815,900,031
2,892,202
20,4122,871,790$ 9,207,614
786,086,927$ 795,294,541

Millions of yen
2022

2021

Thousands of U.S. dollars
2022¥ 1,623,424
637,718
363,057
3,292¥ 2,627,492¥ 1,223,549
544,583
315,973649¥ 2,084,756$ 13,262,191
5,209,694
2,965,910
26,896$ 21,464,691

¥

¥

$

As of March 31,

Foreign Exchange Assets:
Foreign Bills Bought
Foreign Bills Receivable
Due from Banks (Foreign)
Advance to Foreign Banks
Total
Foreign Exchange Liabilities:
Due to Banks (Foreign)
Advance from Foreign Banks
Foreign Bills Payable
Foreign Bills Sold
Total

481,455
20,922
1,003,331
2,745¥ 1,508,453¥

479,188
29,38921,6001,863
532,0423,933,135
170,920
8,196,479
22,428$ 12,322,962

Millions of yen
2022

2021

Thousands of U.S. dollars
2022

16. Other Assets
As of March 31,

Accrued Income
Prepaid Expenses
Other
Total

¥

319,692
81,416
7,396,687¥ 7,797,796¥

315,263
79,136
5,779,619¥ 6,174,020

About Mizuho¥25,638,710
419,646
3,042,037
3,239,400
12,301,265¥44,641,060

Thousands of U.S. dollars
2022

Message from theGroup CFO

Japanese Government Bonds
Japanese Local Government Bonds
Japanese Corporate Bonds

2021

Our strategies forcreating value

Millions of yen
2022

As of March 31,

Foundations for our
corporate value

Commitment Line for Loans$

2,611,652
665,11360,425,515$ 63,702,280

Data section

13. Securities

Message from theGroup CEO

Notes to Consolidated Financial Statements*1

Appendix

Claims against Bankrupt and Substantially Bankrupt Obligors are claims against debtors in bankruptcy due to the commencement of bankruptcy procedures,the commencement of reorganization proceedings, the petition for the commencement of rehabilitation proceedings, and claims equivalent these.
*2
Claims with Collection Risk are claims that the debtor is not yet in a state of bankruptcy, but its financial position and business performance have deteriorated,
and it is highly probable that principal's collection and interest on claims in accordance with the terms of the contract will not be received.
These claims do not fall under the category of Claims against Bankrupt and Substantially Bankrupt Obligors.
*3
Loans Past Due for 3 Months or More are loans on which payments of principal and/or interest have not been made for a period of three months or more since
the next day following the first due date, and which are not included in Claims against Bankrupt and Substantially Bankrupt Obligors, or Claims with Collection
Risk.
*4
Restructured Loans represent loans whose contracts were amended in favor of obligors (e.g. reduction of, or exemption from, stated interest, deferral ofinterest payments, extension of maturity dates and renunciation of claims) in order to assist or facilitate the restructuring of the obligors. Claims against
Bankrupt and Substantially Bankrupt Obligors, Claims with Collection Risk and Loans Past Due for 3 Months or More are not included.
*5
Normal Claims are deemed to have no particular problem with the obligor's financial position and business performance and are classified as other than Claims
against Bankrupt and Substantially Bankrupt Obligors, Claims with Collection Risk, Loans Past Due for 3 Months or More and Restructured Loans.
Note: The amounts given in the above table are gross amounts before deduction of amounts for the Reserves for Possible Losses on Loans.

187

188

Financial Data of Mizuho Financial Group, Inc.

624,429
268,587
7,622
124,049
110,762¥ 1,135,449¥
875,674

30,854$$$32,4855,094,583
2,777,689
38,197
177,578865,286
8,953,333
6,891,270
252,059

18. Reserves for Possible Losses on Loans
Millions of yen
2022

2021

Thousands of U.S. dollars2022¥ (269,140)¥ (383,062)$ (2,198,680)(460,013)(191,208)(3,757,973)(54,732)¥ (783,886)(1,301)¥ (575,572)(447,125)$ (6,403,778)

As of March 31,

General Reserve for Possible
Losses on Loans
Specific Reserve for Possible
Losses on Loans
Reserve for Possible Losses on
Loans to Restructuring Countries
Total

Millions of yen
2022

As of March 31,¥ 1,628,778
6,083,866
8,741,097

2021

Thousands of U.S. dollars
2022¥ 2,217,478
6,913,993
10,142,050$ 13,305,925
49,700,727
71,408,358

The following liabilities were collateralized by the above assets:

189

Current Deposits¥ 15,178,062
79,927,201
1,123,098
35,788,746
16,868,931
6,813,763¥ 155,699,803*1

Ordinary Deposits
Deposits at NoticeTime Deposits
Negotiable Certificates of Deposit
Other
Total
*1

Millions of yen
2022¥

909,204¥

2021

764,255

Thousands of U.S. dollars
2022$

6,333,580

47,904,720

456,7075,434,820

935,121
6,282,906

3,730,968
44,398,499¥ 14,632,991
77,487,819
865,357
33,471,395
17,192,572
6,854,842¥ 150,504,978

Thousands of U.S. dollars
2022$

123,993,647
652,946,671
9,174,889
292,367,833
137,806,810
55,663,452$ 1,271,953,302

Ordinary Deposits includes savings deposits.

Millions of yen
2022¥ 1,278,050―¥ 1,278,050

2021

Thousands of U.S. dollars
2022¥ 1,312,790―¥ 1,312,790$ 10,440,739―$ 10,440,739

22. Commercial Paper
Millions of yen
As of March 31,

Commercial Paper

Thousands of U.S. dollars

2022

2021

2022

¥1,775,859¥2,105,067$14,507,474*1

Average interest rates
2022
2021

2.06%

0.19%

Average interest rates are the weighted-average interest rates of debts calculated from the interest rates and outstanding balances at the end of the fiscal
year.

23. Borrowed Money

7,427,534

5,864,016

2021

21. Call Money and Bills Sold*1

As of March 31,

Deposits
Payables under Repurchase
Agreements
Guarantee Deposits Received
under Securities Lending
Transactions
Borrowed Money

Millions of yen
2022

As of March 31,

Call Money
Bills Sold
Total

The following assets were pledged as collateral:

Trading Assets
Securities
Loans and Bills Discounted

20. Deposits

As of March 31,

19. Assets Pledged as Collateral

About Mizuho¥

Message from theGroup CFO

623,627
340,016
4,675
21,737
105,919¥ 1,095,977¥
843,560

Our strategies forcreating value¥

Thousands of U.S. dollars
2022Foundations for our
corporate value

Land
Buildings
Lease Assets
Construction in Progress
Other
Total
Accumulated Depreciation
Book Value Adjusted for Gains on
Sales of Replaced Assets andOthers2021

Data section

Millions of yen
2022

As of March 31,

In addition, the settlement accounts of foreign and domestic exchange transactions or derivatives transactions and others
were collateralized, and margins for futures transactions were substituted by Cash and Due from Banks of ¥65,886 million($538,248 thousand) and ¥63,463 million, Trading Assets of ¥444,724 million ($3,633,076 thousand) and ¥179,925 million,
Securities of ¥5,149,064 million ($42,064,084 thousand) and ¥3,353,832 million, and Loans and Bills Discounted of ¥89,778
million ($733,425 thousand) and ¥99,964 million as of March 31, 2022 and 2021, respectively.
Other Assets included guarantee deposits of ¥97,525 million ($796,713 thousand) and ¥110,674 million, collateral pledged
for derivatives transactions of ¥1,453,972 million ($11,877,891 thousand) and ¥963,985 million, margins for futurestransactions of ¥431,281 million ($3,523,257 thousand) and ¥185,323 million, and other guarantee deposits of ¥959,298
million ($7,836,766 thousand) and ¥922,075 million as of March 31, 2022 and 2021, respectively.

Millions of yen
As of March 31,

Borrowed Money
Bills Rediscounted
Other Borrowings*2,3

Thousands of U.S. dollars

2022

2021

2022

¥6,590,527―¥6,590,527¥7,441,822―¥7,441,822$53,839,780―$53,839,780*1

Average interest rates
2022
2021

0.19%
―%
0.19%

0.12%
―%
0.12%
Appendix

17. Tangible Fixed Assets

Message from theGroup CEO

Notes to Consolidated Financial Statements*1

Average interest rates are the weighted-average interest rates of debts calculated from the interest rates and outstanding balances at the end of the fiscal
year.
*2
Other Borrowings included subordinated debt of ¥219,000 million ($1,789,070 thousand) and ¥213,000 million as of March 31, 2022 and 2021, respectively.
*3
Repayments for Other Borrowings are scheduled for the next five years as follows:
Fiscal year ending March 31, 2023
¥5,592,436 million($45,686,109 thousand)
2024¥85,943 million($702,092 thousand)
2025¥136,048 million($1,111,413 thousand)
2026¥156,622 million($1,279,487 thousand)
2027¥173,710 million($1,419,087 thousand)190

Financial Data of Mizuho Financial Group, Inc.

Major components of Bonds and Notes as of March 31, 2022 were as follows:

Aug. 2021–Mar. 2022

*1

Dec. 2021–Mar. 2022

Total
*1

Millions of yen Thousands of U.S. dollars¥490,500[490,500]
46,667[46,667]¥537,167$4,007,025[4,007,025]
381,243[381,243 ]$4,388,268

Interest rates

0.00%–0.03%
0.06%–0.10%

Due

Apr. 2022–
Oct. 2022
Apr. 2022–
May 2022

indicates the total amount of Short-term Bonds issued by the domestic consolidated subsidiary, Allstar Funding Co., Ltd, and the overseas consolidated
subsidiary, JAPAN SECURITIZATION CORPORATION.

Notes: 1. Figures indicated in brackets [ ] represent the amounts to be redeemed within one year.
2. No collateral was provided for the above Short-term Bonds.

IssuerDescription

Issue

MHFG

Straight Bonds

Jul. 2014–
Mar. 2022

MHBK

Straight Bonds

Jan. 2006–
Mar. 2020*1

Straight Bonds

Jul. 2012–
Mar. 2014*2

Straight Bonds

Mar. 2007–
Mar. 2022

Major components of Short-term Bonds as of March 31, 2021 were as follows:
Issuer

Issue

MHSC

Oct. 2020–Mar. 2021

*1

Nov. 2020–Mar. 2021

Total
*1

Millions of yen

Interest rates¥423,500[423,500]
32,545[32,545]¥456,045

0.00%–0.02%
0.07%–0.13%

Due

Apr. 2021–
Sep. 2021
Apr. 2021–
Aug. 2021

indicates the total amount of Short-term Bonds issued by the domestic consolidated subsidiary, Allstar Funding Co., Ltd, and the overseas consolidated
subsidiary, JAPAN SECURITIZATION CORPORATION.

Notes: 1. Figures indicated in brackets [ ] represent the amounts to be redeemed within one year.
2. No collateral was provided for the above Short-term Bonds.

Total

Millions of yen¥7,762,366[471,278](US$ 30,800,000 thousand)(EUR 8,500,000 thousand)(AUD 625,000 thousand)
810,504[256,074](US$ 4,510,991 thousand)(AUD 495,000 thousand)
367,096[183,581](US$ 2,998,905 thousand)
1,774,037[418,485](US$ 7,083,783 thousand)(AUD 212,478 thousand)(EUR 618,900 thousand)(BRL 39,243 thousand)(GBP 40,000 thousand)(TRY 13,876 thousand)¥10,714,004

Thousands of U.S.
dollars

Interest
rates$63,412,848[3,850,000 ]0.00%–
4.35%

Jun. 2022–

6,621,230[2,091,938 ]

0.50%–
4.40%

Jun. 2022–

2,998,906[1,499,730 ]

4.20%–
4.60%

Jul. 2022–
Mar. 2024

14,492,585[3,418,717 ]-0.14 %– Apr. 2022–
54.20%
Dec. 2061

Due$87,525,569*1

indicates the total amount of straight bonds issued by the overseas consolidated subsidiaries, Mizuho Financial Group (Cayman) 2 Limited and Mizuho
Financial Group (Cayman) 3 Limited.
*2
indicates the total amount of straight bonds issued by the domestic consolidated subsidiary, MHSC, and the overseas consolidated subsidiaries, Mizuho
International plc, Mizuho Securities USA LLC, Mizuho Capital Markets LLC, Mizuho Markets Cayman LP, Banco Mizuho do Brasil S.A. and Mizuho Bank
(China), Ltd.

Appendix

Notes: 1. Figures indicated in brackets [ ] represent the amounts to be redeemed within one year.
2. The amounts of foreign currency-denominated bonds are shown in original currencies in parentheses ( ).
3. Repayments for Bonds and Notes are scheduled for the next five years as follows:
Fiscal year ending March 31, 2023 ¥1,866,587 million ($15,248,653 thousand)2024 ¥821,500 million ($6,711,053 thousand)2025 ¥1,561,899 million ($12,759,575 thousand)2026 ¥404,052 million ($3,300,813 thousand)2027 ¥1,269,620 million ($10,371,866 thousand)4. Bonds and Notes as of March 31, 2022 included subordinated bonds and notes of ¥3,518,313 million ($28,742,043
thousand).
5. No collateral was provided for the above Bonds and Notes.

Foundations for our
corporate value

Issue

MHSC

Data section

Issuer

About Mizuho

Major components of Short-term Bonds as of March 31, 2022 were as follows:

Message from theGroup CFO

25. Bonds and Notes

Our strategies forcreating value

24. Short-term Bonds

Message from theGroup CEO

Notes to Consolidated Financial Statements

191

192

Financial Data of Mizuho Financial Group, Inc.

Straight Bonds

Jul. 2014–
Feb. 2021

MHBK

Straight Bonds

Jan. 2006–
Mar. 2020*1

Straight Bonds

Jul. 2012–
Mar. 2014*2

Straight Bonds

Apr. 2006–
Mar. 2021

Total¥7,681,894[877,720](US$ 33,450,000 thousand)(EUR 6,000,000 thousand)(AUD 625,000 thousand)
911,779[157,916](US$ 4,620,345 thousand)(AUD 685,000 thousand)(HKD 920,000 thousand)
331,942[—](US$ 2,998,039 thousand)
1,396,055[375,802](US$ 5,097,804 thousand)(AUD 159,853 thousand)(EUR 758,693 thousand)(CNY 3,790,000 thousand)(BRL 3,673 thousand)(GBP 40,159 thousand)(TRY 16,776 thousand)¥10,321,672

Interest
rates

Due

0.00%–
4.35%

Apr. 2021–

0.50%–
4.40%

Apr. 2021–

Millions of yen
2022

As of March 31,

Accrued Expenses
Unearned Income
Income Taxes Payable
Lease Liabilities*1*2
Other
Total

¥

242,675
87,86862,69766,096
5,842,146¥ 6,301,484

2021

Thousands of U.S. dollars
2022

195,434
94,74856,66565,0745,450,090¥ 5,862,013$ 1,982,479
717,824
512,196
539,957
47,726,056$ 51,478,512¥

Average interest rate is 2.89% and 2.74% in the fiscal year ended March 31, 2022 and 2021, respectively. It is the weighted-average interest rate of debts
calculated from the interest rates and outstanding balances at the end of the fiscal year.
*2
Repayments for Lease Liabilities are scheduled for the next five years as follows:
Fiscal year ending March 31, 2023
¥8,345 million ($68,176 thousand)
2024¥5,554 million ($45,376 thousand)
2025¥4,166 million ($34,038 thousand)
2026¥3,542 million ($28,938 thousand)
2027¥3,334 million ($27,238 thousand)*1

4.20%–
4.60%

Jul. 2022–
Mar. 2024

0.00%–
52.00%

Apr. 2021–
Dec. 2060*1

indicates the total amount of straight bonds issued by the overseas consolidated subsidiaries, Mizuho Financial Group (Cayman) 2 Limited and Mizuho
Financial Group (Cayman) 3 Limited.
*2
indicates the total amount of straight bonds issued by the domestic consolidated subsidiary, MHSC, and the overseas consolidated subsidiaries, Mizuho
International plc, Mizuho Securities USA LLC, Mizuho Capital Markets LLC,Banco Mizuho do Brasil S.A.and Mizuho Bank(China),Ltd.

Notes: 1. Figures indicated in brackets [ ] represent the amounts to be redeemed within one year.
2. The amounts of foreign currency-denominated bonds are shown in original currencies in parentheses ( ).
3. Repayments for Bonds and Notes are scheduled for the next five years as follows:
Fiscal year ending March 31, 2022 ¥1,411,438 million
2023 ¥1,073,273 million
2024 ¥530,279 million
2025 ¥1,371,764 million
2026 ¥383,775 million
4. Bonds and Notes as of March 31, 2021 included subordinated bonds and notes of ¥3,796,982 million.
5. No collateral was provided for the above Bonds and Notes.

27. Reserve for Employee Retirement Benefits(1) MHFG and its certain consolidated subsidiaries have adopted the Corporate Pension Fund Plans (“Kigyo Nenkin Kikin
Seido”), and the Termination Allowance Plans (“Taishoku Ichijikin Seido”) as Defined-Benefit Corporate Pension Plans. In
addition, MHFG and certain consolidated subsidiaries have adopted Defined- Contribution Pension Plans other than risksharing corporate pension as a part of the Termination Allowance Plans. MHFG and its certain consolidated subsidiaries
revised the Employee Retirement Benefit Plans and transferred a part of the Defined-Benefit Corporate Pension Plans to
the Defined-Contribution Pension Plans in the previous consolidated fiscal year. Certain consolidated subsidiaries haveestablished employee retirement benefit trusts.
(2) Defined-Benefit Corporate Pension Plans(i) Adjustment between the balances of Retirement Benefit Obligations at the beginning and at the end of the period
For the Fiscal Years ended March 31,

Balance of Retirement Benefit Obligations
at the beginning of the period
Service Cost
Interest Cost
Unrecognized Actuarial Differences incurred
Retirement Benefits paid
Unrecognized Prior Service Cost incurred
Decrease resulting from Transfer toDefined Contribution Pension Plans
Other
Balance of Retirement Benefit Obligations
at the end of the period

Millions of yen
2022

2021

Thousands of U.S. dollars
2022¥1,335,890
33,4604,169(12,101)(81,365)―¥1,440,341
38,124
4,315
17,898(82,322)(62,404)$10,913,246
273,351
34,057(98,858)(664,700)――(1,126)(21,638)
1,576―(9,203)¥1,278,926¥1,335,890$10,447,893

Message from theGroup CFOMHFG

Millions of yen

Our strategies forcreating value

Issue

Foundations for our
corporate value

Description

Data section

Issuer

About Mizuho

26. Other Liabilities

Major components of Bonds and Notes as of March 31, 2021 were as follows:

Message from theGroup CEO

Notes to Consolidated Financial Statements

193

Appendix

Note: The above Retirement Benefit Obligations includes the amount measured by certain consolidated subsidiaries under
the simplified method.

194

Financial Data of Mizuho Financial Group, Inc.

$19,393,427
285,531(358,686)
234,4418,899(437,699)(270,171)(188,298)(2,207,105)

―
(661)

(23,845)
2,157―(5,402)¥2,070,370¥ 2,373,949$16,913,406(iii) Adjustment between the balances of Retirement Benefit Obligations and Plan Assets at the end of the period andAdjustment to the balances of Net Defined Benefit Liability and Net Defined Benefit Asset recorded in the Consolidated
Balance Sheet
As of March 31,

Retirement Benefit Obligations
Plan Assets
Net amount of Liability and Asset recordedin the Consolidated Balance Sheet

Millions of yen
2022

2021

Thousands of U.S. dollars
2022¥1,278,926(2,070,370)¥ 1,335,890(2,373,949)$10,447,893(16,913,406)¥(791,443)¥(1,038,058)$(6,465,513)(v) Remeasurements of Defined Benefit Plans in Other Comprehensive Income
Breakdown of Remeasurements of Defined Benefit Plans in Other Comprehensive Income (before deducting tax effect) was
as follows:
For the Fiscal Years ended March 31,

Unrecognized Actuarial Differences
Other
Total

Millions of yen
2022¥ 165,825(46)¥ 165,779

2021

Thousands of U.S. dollars
2022¥(270,479)(286)¥(270,765)$ 1,354,675(380)$ 1,354,295(vi) Remeasurements of Defined Benefit Plans in Total Accumulated Other Comprehensive Income
Breakdown of Remeasurements of Defined Benefit Plans in Total Accumulated Other Comprehensive Income (before
deducting tax effect) was as follows:

As of March 31,

Unrecognized Actuarial Differences
Other
Total

Millions of yen
2022¥(243,853)(159)¥(244,012)

2021

Thousands of U.S. dollars
2022¥(409,679)(112)¥(409,792)$(1,992,105)(1,302)$(1,993,407)(vii) Plan Assets
As of March 31,

Net Defined Benefit Liability
Net Defined Benefit Asset
Net amount of Liability and Asset recordedin the Consolidated Balance Sheet

Millions of yen
2022

2021

Thousands of U.S. dollars
2022¥ 71,774(863,217)¥
71,049(1,109,107)$ 586,343(7,051,856)¥(791,443)¥(1,038,058)$(6,465,513)(iv) Employee Retirement Benefit Expenses and the breakdown
For the Fiscal Years ended March 31,

Service Cost
Interest Cost
Expected Return on Plan Assets
Amortization of Unrecognized Actuarial Differences
Amortization of Unrecognized Prior Service Cost
Other
Net Retirement Benefit Expenses for DefinedBenefit Corporate Pension Plans
Gains on Cancellation of Employee Retirement
Benefit Trust
Losses on Transfer to Defined Contribution
Pension Plan

Millions of yen
2022

2021

¥ 32,421
4,169(34,951)(48,449)
46
10,416¥¥(36,348)¥ (73,431)$ (296,937)¥(74,254)¥ (76,996)$ (606,606)―¥

37,103
4,315(39,092)(22,563)(62,117)
8,922

Thousands of U.S. dollars
2022

3,320

$

264,859
34,058(285,531)(395,800)
380
85,097

About Mizuho¥ 2,225,010
39,092349,857
22,483
1,131(53,636)

Message from theGroup CFO

Thousands of U.S. dollars
2022

Our strategies forcreating value¥2,373,949
34,951(43,906)
28,697
1,089(53,578)2021(a) Ratio of each category to the total amount of Plan Assets was as follows:
As of March 31,

Japanese Stocks
Japanese Bonds
Foreign Stocks
Foreign Bonds
General account of life insurance companies
Other
Total

2022

2021

52.53%
15.47%
15.12%
9.76%
5.59%
1.53%
100.00%57.86%
13.50%
13.30%
9.23%
4.85%
1.26%
100.00%Foundations for our
corporate value

Balance of Plan Assets
at the beginning of the period
Expected Return on Plan Assets
Unrecognized Actuarial Differences incurred
Contributions from employer
Contributions from employee
Retirement Benefits paid
Cancellation of Employee Retirement Benefit
Trust
Decrease resulting from Transfer toDefined Contribution Pension Plans
Other
Balance of Plan Assets at the end of theperiodMillions of yen
2022

Data section

For the Fiscal Years ended March 31,

3. Except for certain part, Amortization of Unrecognized Prior Service Cost, incurred in connection with the revision of
the Employee Retirement Benefit Plans for MHFG and its certain consolidated subsidiaries in the previous
consolidated fiscal year is included in Other Income (¥62,176 million).
4. Gains on Cancellation of Employee Retirement Benefit Trust is included in Other Income.
5. Losses on Transfer to Defined Contribution Pension Plan is included in Other Expenses.

Note: The total amount of Plan Assets includes 48.78% and 55.47% of Employee Retirement Benefit Trust established for the
Corporate Pension Fund Plans and the Termination Allowance Plans as of March 31, 2022 and 2021, respectively.
(b) Calculation of Expected Long-term Rate of Return on Plan Assets
In determining the Expected Long-term Rate of Return on Plan Assets, current and expected allocation of Plan Assets
and current and expected future long-term rate of return from various assets constituting Plan Assets have been
considered.

Appendix(ii) Adjustment between the balances of Plan Assets at the beginning and at the end of the period

Message from theGroup CEO

Notes to Consolidated Financial Statements―

Notes: 1. The amount of employee contributions to Mizuho Pension Fund is deducted from Service Cost.
2. Retirement benefit expenses of some consolidated subsidiaries which adopt the simplified method for calculating
retirement benefit obligations are included in Service Cost in full.

195

196

Financial Data of Mizuho Financial Group, Inc.

Discount Rate
Expected Long-term Rate of Return on Plan Assets

2022

2021

mainly (0.00)%- 1.05%
mainly 0,78%- 1.90%

mainly (0.07)%- 0.82%
mainly 1.22%- 1.90%(3) Defined- Contribution Pension Plans
The required amount of contributions to Defined- Contribution Pension Plans of MHFG and its consolidated subsidiaries
was ¥4,077 million ($33,309 thousand) and ¥4,644 million for the fiscal years ended March 31, 2022 and 2021,
respectively.

28. Acceptances and Guarantees(1) Liabilities for guarantees on corporate bonds included in Securities, which were issued by private placement (Article 2,
Paragraph 3 of the Financial Instruments and Exchange Law (the Securities and Exchange Law as of March 31, 2007))
amounted to ¥1,252,386 million ($10,231,078 thousand) and ¥1,407,731 million as of March 31, 2022 and 2021,
respectively.
(2) The principal amounts promised to be indemnified for money trusts which is entrusted to a domestic consolidated trust
banking subsidiary, was ¥832,808 million ($6,803,439 thousand) and ¥842,669 million as of March 31, 2022 and 2021,
respectively.

As of March 31,

Deferred Tax Assets:
Tax Losses Carried Forward
Devaluation of Securities
Reserves for Possible Losses on
Loans
Securities Contributed to Employee
Retirement Benefit Trust
Net Unrealized Gains (Losses) on
Other Securities
Depreciation and Impairment
Other
Deferred Tax Assets Subtotal:
Valuation Allowance - Tax Losses
Carried Forward
Valuation Allowance - Deductible
Temporary Differences, etc.
Valuation Allowance Subtotal:
Total
Deferred Tax Liabilities:
Net Unrealized Gains (Losses) on
Other Securities
Net Defined Benefit Asset
Other
Total
Net Deferred Tax Assets

Millions of yen
2022

2021

Thousands of U.S. dollars
2022¥183,409
113,592¥151,383
115,206$1,498,322
927,965

236,233

193,394

1,929,851

142,061

164,504

1,160,535

62,864
132,599
237,157
1,107,918

11,369153,500
201,272
990,630

513,561
1,083,242
1,937,405
9,050,881(167,408)(135,444)(1,367,603)(104,497)(271,905)¥836,012(135,143)(270,588)¥720,042(853,667)(2,221,270)$6,829,611¥(313,091)(263,928)(105,321)¥(682,341)¥153,671¥(437,275)(339,576)(127,346)¥(904,198)¥(184,155)$(2,557,725)(2,156,104)(860,399)$(5,574,228)$1,255,383

Appendix(Change in Presentation of Financial Statements)
Net Unrealized Gains (Losses) on Other Securities included within Other - Deferred Tax Assets in the previous
consolidated year has been separately presented from this consolidated fiscal year due to increased materiality. In order toreflect the change in presentation of the financial statements, reclassification of the previous consolidated fiscal year has
been made accordingly.
As a result, Other - Deferred Tax Assets of ¥212,641 million presented in the consolidated statements for the previous
consolidated fiscal year has been reclassified as Net Unrealized Gains (Losses) on Other Securities of ¥11,369 million andOther of ¥201,272 million.

About Mizuho

For the Fiscal Years ended March 31,

Message from theGroup CFO

(1) Deferred Tax Assets and Liabilities consisted of the following:

Our strategies forcreating value

Major Basis of Actuarial Calculation

Foundations for our
corporate value

29. Deferred Tax Assets and Liabilities

Data section(viii) Basis of Actuarial Calculation

Message from theGroup CEO

Notes to Consolidated Financial Statements

197

198

Financial Data of Mizuho Financial Group, Inc.

¥21
(15)
5

¥14
－
14

¥0
－
0

¥73,828(62,246)
11,582

Within 1 year

1-2 years

2-3 years

3-4 years

¥47
(45)
2

¥1,045
(19)
1,025

¥897
(22)
875

¥23
(23)
0

Within 1 year

1-2 years

2-3 years

3-4 years

Thousands of U.S. dollars
4-5 years Over 5 years
Total

$174
(129)
45

$119
－
119

$1
－
1

$603,124(508,505)
94,619$5,785(5,785)－¥108,837(104,438)
4,398¥183,409(167,408)
16,0014-5 years Over 5 years

Millions of yen
Total

¥708
(708)
－

As of March 31, 2021

Tax Losses Carried Forward*
Valuation Allowance
Deferred Tax Assets
As of March 31, 2022

Tax Losses Carried Forward*
Valuation Allowance
Deferred Tax Assets*Tax Losses Carried Forward is the amount multiplied by the effective statutory tax rate.

¥85,354(74,607)
10,747¥64,013(60,725)
3,287¥151,383(135,444)
15,938$889,119 $1,498,322(853,184) (1,367,603)
35,935
130,719

For the Fiscal Year ended March 31,

Statutory Tax Rate
Adjustments
Change in Valuation Allowance
Permanent Differences (e.g., Cash Dividends
Received)
Tax Rate Differences between the Consolidated
Subsidiaries
Equity in Income from Investments in Affiliates
Controlled Foreign Company Rules
Foreign Tax
Deductible Expenses Related to Capital
Reduction from the Subsidiary
Scope of Taxable Income Differences between
Corporate Income Tax and Enterprise Income
Tax
Other
Effective Income Tax Rate

2022

2021

30.62%

30.62%(0.08)(3.37)(1.76)(1.11)(1.33)(1.29)
0.66
6.66(1.42)(0.94)
1.12
0.25(20.31)－(1.15)(1.97)
10.05%(0.78)
2.43
26.80%(Change in Presentation of Financial Statements)
Foreign Tax and Scope of Taxable Income Differences between Corporate Income Tax and Enterprise Income Tax
included within Other in the previous consolidated year have been separately presented from this consolidated fiscal year
due to increased materiality. In order to reflect the changes in presentation of the financial statements, reclassifications of
the previous consolidated fiscal year have been made accordingly.
As a result, Other of 1.90% presented in the consolidated statements for the previous consolidated fiscal year has been
reclassified as Foreign Tax of 0.25%, Scope of Taxable Income Differences between Corporate Income Tax and Enterprise
Income Tax of (0.78)% and Other of 2.43%.

30. Revaluation of Land
In accordance with the Land Revaluation Law (Proclamation No.34 dated March 31, 1998), land used for business operationsof domestic consolidated banking subsidiaries was revalued. The applicable income taxes on the entire excess of revaluation
are included in Deferred Tax Liabilities for Revaluation Reserve for Land under Liabilities, and the remainder, net of
applicable income taxes, is stated as Revaluation Reserve for Land included in Net Assets.
Revaluation date: March 31, 1998
Revaluation method as stated in Article 3, Paragraph 3 of the above law: Land used for business operations wasrevalued by calculating the value on the basis of the valuation by road rating stipulated in Article 2, Paragraph 4 of
the Enforcement Ordinance relating to the Land Revaluation Law (Government Ordinance No.119 promulgated on
March 31, 1998) with reasonable adjustments to compensate for sites with long depth and other factors, and also on
the basis of the appraisal valuation stipulated in Paragraph 5.
The difference at the consolidated balance sheet date between the total fair value of land for business operation
purposes, which has been revalued in accordance with Article 10 of the above-mentioned law, and the total bookvalue of the land after such revaluation was ¥52,242 million ($426,784 thousand) and ¥51,009 million as ofMarch 31, 2022 and 2021, respectively.

199

About Mizuho

3-4 years

Message from theGroup CFO

2-3 years

Our strategies forcreating value

1-2 years

Foundations for our
corporate value

Tax Losses Carried Forward*
Valuation Allowance
Deferred Tax Assets

4-5 years Over 5 years

Millions of yen
Total

Within 1 year

Data section

As of March 31, 2022

(2) For the fiscal years ended March 31, 2022 and 2021, the reconciliation of the statutory tax rate of MHFG to the effective
income tax rate was as follows:

Appendix

Note1: MHFG and domestic subsidiaries are subject to a number of different income taxes.
Note2:Tax Losses Carried Forward and amounts according to expiration of carryforward of their Deferred Tax Assets:

Message from theGroup CEO

Notes to Consolidated Financial Statements

200

Financial Data of Mizuho Financial Group, Inc.

Number of shares
As of March 31, 2022
Class of stock

Common Stock*2

Authorized

4,800,000,000

Common Stock

Per share (Yen)

Issued and*1

outstanding

2,539,249,894

Interimcash
dividend¥40.00Year-end
cash
dividend¥40.00Liquidation
value

¥―

With
Convertible Redemption
or notor notNo

4,800,000,000*1

outstanding

2,539,249,894¥37.50¥37.50Liquidation
value

¥―

With
Convertible Redemption
or notor notNo

No

Notes: 1. Treasury Stock is included. The number is as follows:
Common Stock
552 thousand shares
2. Each total number of other shares which are authorized to be issued is as follows:First Series Class XIV Preferred Stock
90,000 thousand shares
Second Series Class XIV Preferred Stock
90,000 thousand shares
Third Series Class XIV Preferred Stock
90,000 thousand shares
Fourth Series Class XIV Preferred Stock
90,000 thousand sharesFirst Series Class XV Preferred Stock
90,000 thousand shares
Second Series Class XV Preferred Stock
90,000 thousand shares
Third Series Class XV Preferred Stock
90,000 thousand shares
Fourth Series Class XV Preferred Stock
90,000 thousand sharesFirst Series Class XVI Preferred Stock
150,000 thousand shares
Second Series Class XVI Preferred Stock
150,000 thousand shares
Third Series Class XVI Preferred Stock
150,000 thousand shares
Fourth Series Class XVI Preferred Stock
150,000 thousand shares
The total number of shares of the First to Fourth Series Class XIV Preferred Stock, which are authorized to beissued, shall not exceed 90,000,000 in total.
The total number of shares of the First to Fourth Series Class XV Preferred Stock, which are authorized to beissued, shall not exceed 90,000,000 in total.
The total number of shares of the First to Fourth Series Class XVI Preferred Stock, which are authorized to beissued, shall not exceed 150,000,000 in total.
3. MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation
share per ten pre-consolidation shares effective as of October 1, 2020. Interim cash dividend per share is calculated
under the assumption that the share consolidation had been adopted at the beginning of fiscal 2020.

Appendix

Data section

Notes: 1. Treasury Stock is included. The number is as follows:
Common Stock
684 thousand shares
2. Each total number of other shares which are authorized to be issued is as follows:First Series Class XIV Preferred Stock
90,000 thousand shares
Second Series Class XIV Preferred Stock
90,000 thousand shares
Third Series Class XIV Preferred Stock
90,000 thousand shares
Fourth Series Class XIV Preferred Stock
90,000 thousand sharesFirst Series Class XV Preferred Stock
90,000 thousand shares
Second Series Class XV Preferred Stock
90,000 thousand shares
Third Series Class XV Preferred Stock
90,000 thousand shares
Fourth Series Class XV Preferred Stock
90,000 thousand sharesFirst Series Class XVI Preferred Stock
150,000 thousand shares
Second Series Class XVI Preferred Stock
150,000 thousand shares
Third Series Class XVI Preferred Stock
150,000 thousand shares
Fourth Series Class XVI Preferred Stock
150,000 thousand shares
The total number of shares of the First to Fourth Series Class XIV Preferred Stock, which are authorized to beissued, shall not exceed 90,000,000 in total.
The total number of shares of the First to Fourth Series Class XV Preferred Stock, which are authorized to beissued, shall not exceed 90,000,000 in total.
The total number of shares of the First to Fourth Series Class XVI Preferred Stock, which are authorized to beissued, shall not exceed 150,000,000 in total.

No*2

Authorized

Year-end
cash
dividend

About Mizuho

Common Stock and Preferred Stock at March 31, 2022 and 2021 were as follows:

Issued andMessage from theGroup CFO

As of March 31, 2021
Class of stock

Per share (Yen)Interimcash
dividend

Our strategies forcreating value

Number of shares

Foundations for our
corporate value

31. Common Stock and Preferred Stock

Message from theGroup CEO

Notes to Consolidated Financial Statements

201

202

Financial Data of Mizuho Financial Group, Inc.

(1) Outline of stock options
As of March 31, 2022

Number of grantees

Number of stock*1
options
Grant dateCondition for vesting

Directors
Executive
Officers
Directors ofsubsidiaries of
MHFG
Executive
Officers ofsubsidiaries of
MHFG
Common stock

Fifth Series of Stock
Acquisition Rights of MHFG

6 Directors
Executive
6
Officers
Directors of
26 subsidiaries of
MHFG
Executive
Officers of
130
subsidiaries of
MHFG
1,245,200

Common stock

6 Directors
Executive
11
Officers
Directors of
23 subsidiaries of
MHFG
Executive
Officers of150
subsidiaries of
MHFG
1,177,600

December 8, 2011
August 31, 2012
The grantee may exercise the Stock Acquisition Rights whichhave been allotted based on his or her capacity as a Director
or an Executive Officer of MHFG, MHBK, MHCB, MHTB or
MHSC immediately following the date on which such grantee
loses the status as a Director or an Executive Officer of
MHFG, MHBK, MHCB, MHTB or MHSC.

April 1, 2011
to March 31, 2012
December 9, 2011
to December 8, 2031

April 1, 2012
to March 31, 2013
September 3, 2012
to August 31, 2032

Sixth Series of Stock
Acquisition Rights of MHFG

Common stock

6
36
22

Number of stock*1
options
Grant dateCondition for vesting

134
793,200

February 17, 2014
The grantee may exercise theStock Acquisition Rights whichhave been allotted based on his
or her capacity as a Director oran Executive Officer of MHFG,MHBK, MHTB or MHSC
immediately following the dateon which such grantee loses thestatus as a Director or an
Executive Officer of MHFG,MHBK, MHTB or MHSC
April 1, 2013
to March 31, 2014
February 18, 2014
to February 17, 2034

Required service
periodExercise period*1Common stock

12
37
32
113
960,200

December 1, 2014
The grantee may exercise the Stock Acquisition
Rights which have been allotted based on his or
her capacity as a Director, an Executive Officer
as defined in Companies Act or an Executive
Officer as defined in our internal regulations of
MHFG, MHBK, MHTB or MHSC immediately
following the date on which such grantee loses
the status as a Director, an Executive Officer as
defined in Companies Act or an Executive
Officer as defined in our internal regulations of
MHFG, MHBK, MHTB or MHSC.
April 1, 2014
to March 31, 2015
December 2, 2014
to December 1, 2034

: Shown in number of shares.
The Number reflects the share consolidation effective as of October 1, 2020.

Appendix

Data section

Required service
periodExercise period

Fourth Series of Stock
Acquisition Rights of MHFG

2

About Mizuho

For the fiscal year ended March 31, 2022

Directors
Executive Officers as definedin the Companies Act
Executive Officers as definedin our internal regulations
Directors of subsidiaries of
MHFG
Executive Officers ofsubsidiaries of MHFG

Message from theGroup CFO

Number of grantees

Outline of stock options and changes

Seventh Series of Stock
Acquisition Rights of MHFG

Our strategies forcreating value

As of March 31, 2022

Foundations for our
corporate value

32. Stock Options

Message from theGroup CEO

Notes to Consolidated Financial Statements

203

204

Financial Data of Mizuho Financial Group, Inc.

(3) Estimated number of stock options to be vested

Fifth Series ofStock Acquisition
Rights of MHFG

Sixth Series ofStock Acquisition
Rights of MHFG

Seventh Series ofStock Acquisition
Rights of MHFG

10,20022,30010,60042,600

─
─
2,500
7,700

─
─
3,600
18,700

─
─
7,800
2,800

─
─
10,30032,300

─
2,500
2,500

─
3,600
3,600

─
7,800
7,800

─
10,30010,300

─
─

─
─

─
─

─
─

Note: The above table is shown in number of shares.
The Number reflects the share consolidation effective as of October 1, 2020.

As of March 31, 2022

Fourth Series ofStock Acquisition
Rights of MHFG

Fifth Series ofStock Acquisition
Rights of MHFG

Sixth Series ofStock Acquisition
Rights of MHFG

Seventh Series ofStock Acquisition
Rights of MHFG

¥1,590.00¥918.40per share¥1,590.00¥1,132.50
per share¥1,585.83¥1,926.10
per share¥1,584.84¥1,869.90
per share¥1 per share¥1 per share¥1 per share(1) Outline of stock options
As of March 31, 2021

Number of grantees

Number of stock*1
options
Grant dateCondition for vesting(ii) Price information

Exercise price
Average stock priceupon exercise
Fair value at grant date

For the fiscal year ended March 31, 2021

¥1 per share

Required service
periodExercise period

Directors
Executive
Officers
Directors ofsubsidiaries of
MHFG
Executive
Officers ofsubsidiaries of
MHFG
Common stock

Fifth Series of Stock
Acquisition Rights of MHFG

6 Directors
Executive
6
Officers
Directors of
26 subsidiaries of
MHFG
Executive
Officers of
130
subsidiaries of
MHFG
1,245,200

Common stock

6 Directors
Executive
11
Officers
Directors of
23 subsidiaries of
MHFG
Executive
Officers of150
subsidiaries of
MHFG
1,177,600

December 8, 2011
August 31, 2012
The grantee may exercise the Stock Acquisition Rights whichhave been allotted based on his or her capacity as a Director
or an Executive Officer of MHFG, MHBK, MHCB, MHTB or
MHSC immediately following the date on which such grantee
loses the status as a Director or an Executive Officer of
MHFG, MHBK, MHCB, MHTB or MHSC.

April 1, 2011
to March 31, 2012
December 9, 2011
to December 8, 2031

April 1, 2012
to March 31, 2013
September 3, 2012
to August 31, 2032

Sixth Series of Stock
Acquisition Rights of MHFG

Common stock

6
36
22

134
793,200

February 17, 2014
The grantee may exercise theStock Acquisition Rights whichhave been allotted based on his
or her capacity as a Director oran Executive Officer of MHFG,MHBK, MHTB or MHSC
immediately following the dateon which such grantee loses thestatus as a Director or an
Executive Officer of MHFG,MHBK, MHTB or MHSC
April 1, 2013
to March 31, 2014
February 18, 2014
to February 17, 2034

Appendix

Data section

Note: Average stock price upon exercise and Fair value at grant date are recorded at the amount after the shareconsolidation effective as of October 1, 2020.

Fourth Series of Stock
Acquisition Rights of MHFG

About Mizuho

Non-vested
As of March 31, 2021
GrantedForfeited
VestedOutstanding
VestedAs of March 31, 2021
VestedExercised
Forfeited
Outstanding

Fourth Series ofStock Acquisition
Rights of MHFG

Message from theGroup CFO

For the Fiscal Year ended
March 31, 2022

Only the number of stock options actually forfeited is reflected because the number of stock options that will be forfeited in
the future cannot be readily estimated.

Our strategies forcreating value(i) Number of stock options (in shares)

Foundations for our
corporate value(2) Size of stock options and changes

Message from theGroup CEO

Notes to Consolidated Financial Statements

205

206

Financial Data of Mizuho Financial Group, Inc.

Required service
periodExercise period
*1

37
32
113
960,200

December 1, 2014
The grantee may exercise the Stock Acquisition
Rights which have been allotted based on his or
her capacity as a Director, an Executive Officer
as defined in Companies Act or an Executive
Officer as defined in our internal regulations of
MHFG, MHBK, MHTB or MHSC immediately
following the date on which such grantee loses
the status as a Director, an Executive Officer as
defined in Companies Act or an Executive
Officer as defined in our internal regulations of
MHFG, MHBK, MHTB or MHSC.
April 1, 2014
to March 31, 2015
December 2, 2014
to December 1, 2034

: Shown in number of shares.
The Number reflects the share consolidation effective as of October 1, 2020.

(i) Number of stock options (in shares)

12
For the Fiscal Year ended
March 31, 2021

Non-vested
As of March 31, 2020
GrantedForfeited
VestedOutstanding
VestedAs of March 31, 2020
VestedExercised
Forfeited
Outstanding

Fourth Series ofStock Acquisition
Rights of MHFG

Fifth Series ofStock Acquisition
Rights of MHFG

Sixth Series ofStock Acquisition
Rights of MHFG

Seventh Series ofStock Acquisition
Rights of MHFG

10,20022,30021,00074,200───
10,200───
22,300──10,40010,600──31,60042,600

─
─
─
─
─

─
─
─
─
─

─
10,40010,400─
31,60031,600────Note: The above table is shown in number of shares.
The Number reflects the share consolidation effective as of October 1, 2020.
(ii) Price information

As of March 31, 2021

Exercise price
Average stock priceupon exercise
Fair value at grant date

Fourth Series ofStock Acquisition
Rights of MHFG

Fifth Series ofStock Acquisition
Rights of MHFG

Sixth Series ofStock Acquisition
Rights of MHFG

Seventh Series ofStock Acquisition
Rights of MHFG─
¥918.40per share─
¥1,132.50
per share¥1,212.00¥1,926.10
per share¥1,212.00¥1,869.90
per share¥1 per share¥1 per share¥1 per share¥1 per share

Appendix

Data section

Note: Average stock price upon exercise and Fair value at grant date are recorded at the amount after the shareconsolidation effective as of October 1, 2020.

About Mizuho

Common stock2

Message from theGroup CFO

Number of stock*1
options
Grant dateCondition for vesting

Directors
Executive Officers as definedin the Companies Act
Executive Officers as definedin our internal regulations
Directors of subsidiaries of
MHFG
Executive Officers ofsubsidiaries of MHFG

(2) Size of stock options and changes

Our strategies forcreating value

Number of grantees

Seventh Series of Stock
Acquisition Rights of MHFG

Foundations for our
corporate value

As of March 31, 2021

Message from theGroup CEO

Notes to Consolidated Financial Statements

207

208

Financial Data of Mizuho Financial Group, Inc.

Payables under Repurchase
Agreements
Guarantee Deposits Received
under Securities Lending
Transactions
Commercial Paper
Borrowed Money
Other Interest Expenses
Total
Net

Thousands of U.S. dollars
2022¥877,895
275,393
1,426
58,748¥942,426
240,494
2,190
45,411$7,171,760
2,249,764
11,655479,932

29,694

41,535242,583

2,431
63,419¥1,309,009

2,946
58,503¥1,333,509

19,863518,091$10,693,648¥80,265
1,149¥166,312
1,907$655,714
9,387

36,35656,199297,006

788
3,564
16,867
182,185¥427,826¥905,683

351
30,40149,297
1,535,662$2,577,818$8,115,830

34. Trading Income and Trading Expenses
For the Fiscal Years ended March 31,

Trading Income:Net Gains on Trading Securities
Net Gains on Derivatives for
Trading Transactions
Total
Trading Expenses:
Net Losses on Trading Securities
Total
Net

209

Millions of yen
2022

2021

Thousands of U.S. dollars
2022¥1,062¥239,950$8,6781,016,827¥1,017,889

148,491¥388,441

8,306,737$8,315,415

730,204¥730,204¥287,685

311¥311¥388,130

5,965,237$5,965,237$2,350,178¥110,093
117,748$992,602
951,871

9,383
146,550¥393,956―
130,413¥358,254

76,657
1,197,208$3,218,338

2021

Thousands of U.S. dollars
2022¥165,477¥116,363$1,351,834―
1,382
57,256¥224,116

21,295
3,332
54,691¥195,683―
11,293
467,744$1,830,871

2021

Thousands of U.S. dollars
2022¥219,155¥204,293$1,790,343

74,25476,996606,606―
18,26062,176
5,034―
149,171

3,938
38,757¥354,366

3,030
29,447¥380,97832,172
316,622$2,894,914

2021

Thousands of U.S. dollars
2022¥236,491
189,598¥180,636
147,457$1,931,966
1,548,883

27,585

12,793

225,356

6,585

9,606

53,800―149,805¥610,067

3,320
159,085¥512,900―
1,223,802$4,983,807

36. Other Operating Expenses
For the Fiscal Years ended March 31,

Losses on Sales of Bonds
Expenses on Derivatives other thanfor Trading or Hedging
Losses on Devaluation of Bonds
Other
Total

Millions of yen
2022

37. Other Income
For the Fiscal Years ended March 31,

42
3,721
6,034
187,980¥315,550¥993,458¥121,504
116,518

Gains on Sales of Stock
Gains on Cancellation of
Employee Retirement
Benefit Trust
Accumulation (Amortization) of
Unrecognized Prior Service Cost
Recovery on Written-off Loans
Gains on Disposition of Fixed
AssetsOther
Total

Millions of yen
2022

Message from theGroup CFO

2021

Thousands of U.S. dollars
2022

Our strategies forcreating value

Interest Income:Loans and Bills Discounted
Securities
Call Loans and Bills Purchased
Due from Banks
Receivables under Resale
Agreements
Guarantee Deposits Paid under
Securities Borrowing
Transactions
Other Interest Income
Total
Interest Expenses:
Deposits
Call Money and Bills Sold

Millions of yen
2022

2021

Foundations for our
corporate value

For the Fiscal Years ended March 31,

Gains on Foreign Exchange
Transactions
Gains on Sales of Bonds
Gains on Derivatives other thanfor Trading or Hedging
Other
Total

Millions of yen
2022

Data section

33. Interest Income and Interest Expenses

For the Fiscal Years ended March 31,

38. Other Expenses
For the Fiscal Years ended March 31,

Provision for Reserves for Possible
Losses on Loans
Losses on Sales of Stocks
Losses on Impairment of Fixed
Assets
Losses on Disposition of Fixed
Assets
Losses on Transfer to DefinedContribution Pension Plan
Other
Total

Millions of yen
2022

Appendix

Only the number of stock options actually forfeited is reflected because the number of stock options that will be forfeited in
the future cannot be readily estimated.

About Mizuho

35. Other Operating Income(3) Estimated number of stock options to be vested

Message from theGroup CEO

Notes to Consolidated Financial Statements

210

Financial Data of Mizuho Financial Group, Inc.

Net Unrealized Gains on Other Securities:
The amount arising during the period
Reclassification adjustments
Before adjustments to tax effects
The amount of tax effects
Net Unrealized Gains on Other Securities
Deferred Gains or Losses on Hedges:
The amount arising during the period
Reclassification adjustments
Before adjustments to tax effects
The amount of tax effects
Deferred Gains or Losses on Hedges
Foreign Currency Translation Adjustments:
The amount arising during the period
Reclassification Adjustments
Before adjustments to tax effects
The amount of tax effects
Foreign Currency Translation Adjustments
Remeasurements of Defined Benefit Plans:
The amount arising during the period
Reclassification Adjustments
Before adjustments to tax effects
The amount of tax effects
Remeasurements of Defined Benefit Plans
Own Credit Risk Adjustments, Net of Tax:
The amount arising during the period
Reclassification adjustments
Before adjustments to tax effects
The amount of tax effects
Own Credit Risk Adjustments, Net of Tax
Share of Other Comprehensive Income of Associates
Accounted for Using Equity Method:
The amount arising during the period
The total amount of Other Comprehensive Income

Millions of yen
2022

2021

Thousands of U.S. dollars
2022¥(698,798)
107,131(591,666)
180,589(411,077)¥467,344(59,699)407,644(101,675)
305,969$(5,708,669)
875,183(4,833,486)
1,475,284(3,358,202)(57,974)(97,958)(155,933)
47,746(108,186)(41,749)(16,330)(58,080)
17,785(40,294)(473,611)(800,252)(1,273,863)
390,057(883,806)

130,612―130,612―130,612(4,078)2,203(1,874)―(1,874)

1,067,012―
1,067,012―
1,067,012(31,780)(133,998)(165,779)
50,741(115,038)

330,453(59,687)
270,765(83,021)
187,744(259,622)(1,094,673)(1,354,295)
414,518(939,777)

(23)
―
(23)
―
(23)

―
―
―
―
―

(190)
―
(190)
―
(190)

7,650
¥(496,061)

2,968¥454,513

62,500$(4,052,463)(i) Types and number of issued shares and of treasury stock are as follows:

Issued shares
Common stock
Total
Treasury stock
Common stock
Total

Thousands of Shares
As of
Remarks
March 31, 2022

As ofApril 1, 2021

Increase during
the fiscal year

Decrease during
the fiscal year

2,539,249
2,539,249

―
―

―
―

2,539,249
2,539,249

3,889
3,889

1,670
1,670

901
901

4,659
4,659

＊

＊Increases are due to acquisition of treasury stock by BBT trust account (1,062 thousand shares) and repurchase of shares constituting less than one unit andother factors (608 thousand shares). Decreases are due to distribution and sale of treasury stock through BBT trust account (536 thousand shares), exerciseof stock acquisition rights (stock options) (24 thousand shares), and repurchase of shares constituting less than one unit and other factors (340 thousand
shares). The number of shares as of March 31, 2022 includes the number of treasury stock held by BBT trust account (3,079 thousand shares).

(ii) Stock acquisition rights and treasury stock acquisition rights are as follows:

Category

MHFG

Breakdown ofstockacquisitionrightsStockacquisitionrights(Treasurystock
acquisitionrights)Stockacquisitionrights as
stock option
Consolidated
subsidiaries (Treasury
stock acquisition rights)―

Number of shares to be issued or transferred
upon exercise of stock acquisition rights(Shares)
Balance asof March
31, 2022(Thousandsof
U.S.dollars)

As ofApril 1,
2021

Increaseduringthe fiscal
year

Decreaseduringthe fiscal
year

As of
March
31, 2022

Balance as ofMarch 31,2022
(Millions of
yen)

―
(―)

―
(―)

―
(―)

―
(―)

¥―
(―)

$―
(―)

―

94

768

―

―
(―)

―
(―)

―

¥94
(―)

$768
(―)

Remarks

Appendix

Total

Class ofshares to
be issuedortransferred
upon
exercise ofstock
acquisitionrightsAbout Mizuho

For the Fiscal Years ended March 31,

Message from theGroup CFO

For the fiscal year ended March 31, 2022

Our strategies forcreating value

Reclassification adjustments and the related tax effects concerning Other Comprehensive Income

Foundations for our
corporate value

40. Changes in Net Assets

Data section

39. Comprehensive Income

Message from theGroup CEO

Notes to Consolidated Financial Statements

211

212

Financial Data of Mizuho Financial Group, Inc.

For the fiscal year ended March 31, 2021

Cash dividends paid during the fiscal year ended March 31, 2022

(i) Types and number of issued shares and of treasury stock are as follows:)

Common Stock)

Common Stock

November 12,
2021(

The Board of
Directors

Total¥95,201¥101,545¥196,746$777,724¥37.50$829,549¥40.00$1,607,273

$0.31

$0.33

/

March 31,2021

Effective
Date

June 8,2021

September 30, December 7,
2021
2021

Issued shares
Common stock
Total
Treasury stock
Common stock
Total
*1

Increase during
the fiscal year

Decrease during
the fiscal year

25,392,498
25,392,498——

22,853,249
22,853,249

2,539,249
2,539,249*1,2

32,10632,106

14,585
14,58542,80242,802

3,889
3,889

*1,3

MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation share per ten pre-consolidation shares effective

as of October 1, 2020.
Decrease is due to the share consolidation of the shares of common stock.
*3
Increases are due to acquisition of treasury stock by BBT trust account (10,958 thousand shares) and repurchase of shares constituting less than one unit and*2/(Notes) 1. Cash dividends based on the resolution of the Board of Directors held on May 14, 2021 include ¥95 million of
cash dividends on treasury stock held by BBT trust account.
2. Cash dividends based on the resolution of the Board of Directors held on November 12, 2021 include ¥123 million

other factors (3,627 thousand shares). Decreases are due to the share consolidation of the shares of common stock (34,814 thousand shares), distribution
and sale of treasury stock through BBT trust account (5,032 thousand shares), exercise of stock acquisition rights (stock options) (420 thousand shares), andrepurchase of shares constituting less than one unit and other factors (2,535 thousand shares). The number of shares as of March 31, 2021 includes thenumber of treasury stock held by BBT trust account (2,554 thousand shares).

of cash dividends on treasury stock held by BBT trust account.

Resolution

May 13,2022(

The Board of
Directors

Total

Type

)

Common Stock

Cash
Cash
Dividends
Dividends(Millions of (Thousands ofyen)
U.S. dollars)¥101,542¥101,542$829,529$829,529

Cash
Cash
Dividends
Resource Dividends
per Shareof per Share(Yen) (U.S. dollars)
Dividends

Retained
Earnings¥40.00/$0.33

Record Effective
Date
Date

March 31, June 6,
2022
2022

/

(Note) Cash dividends based on the resolution of the Board of Directors held on May 13, 2022 include ¥123 million of cash
dividends on treasury stock held by BBT trust account.

(ii) Stock acquisition rights and treasury stock acquisition rights are as follows:

Category

MHFG

Breakdown ofstockacquisitionrightsStockacquisitionrights(Treasurystock
acquisitionrights)Stockacquisitionrights as
stock option
Consolidated
subsidiaries (Treasury
stock acquisition rights)—

Number of shares to be issued or transferred
upon exercise of stock acquisition rights(Shares)

As ofApril 1,
2020

Increaseduringthe fiscal
year

Decreaseduringthe fiscal
year

As of
March
31, 2021

Balance as ofMarch 31,2021
(Millions of
yen)

—
(—)

—
(—)

—
(—)

—
(—)

¥—
(—)

—

134

—

—
(—)

—

¥134
(—)

Remarks

Appendix

Total

Class ofshares to
be issuedortransferred
upon
exercise ofstock
acquisitionrights

Our strategies forcreating value

Cash dividends with record dates falling in the fiscal year ended March 31, 2022 and effective dates coming after the end of
the fiscal year

Message from theGroup CFO(

The Board of
Directors

RecordDate

Thousands of Shares
As ofMarch 31, 2021
Remarks

As ofApril 1, 2020

Foundations for our
corporate value

May 14,
2021

Type

Cash
Cash
Dividends
Dividends
per Shareper Share(Yen) (U.S. dollars)

Data section

Resolution

Cash
Cash
Dividends
Dividends(Millions of (Thousands ofyen)
U.S. dollars)

About Mizuho(iii) Cash dividends distributed by MHFG are as follows (non-consolidated basis):

Message from theGroup CEO

Notes to Consolidated Financial Statements

213

214

Financial Data of Mizuho Financial Group, Inc.

41. Cash Flows

Cash dividends paid during the fiscal year ended March 31, 2021

1. Cash and Cash Equivalents on the consolidated statement of cash flows reconciles to Cash and Due from Banks on the
consolidated balance sheet as follows:¥95,208¥3.75)

Common Stock¥95,209¥3.75¥190,418/

November 12,
2020(

The Board of
Directors

Total

March 31,2020

June 8,2020

September 30, December 7,
2020
2020

(Notes) 1. Cash dividends based on the resolution of the Board of Directors held on May 15, 2020 include ¥73 million of
cash dividends on treasury stock held by BBT trust account.
2. Cash dividends based on the resolution of the Board of Directors held on November 12, 2020 include ¥95 millionof cash dividends on treasury stock held by BBT trust account.
3. MHFG adopted the share consolidation of the shares of common stock on the basis of one post-consolidation
share per ten pre-consolidation shares effective as of October 1, 2020. Cash Dividends per Share is recorded at
the amount before the share consolidation.
Cash dividends with record dates falling in the fiscal year ended March 31, 2021 and effective dates coming after the end of
the fiscal year

Resolution

May 14,2021(

The Board of
Directors

Total

Type

)

Common Stock

Cash
Dividends(Millions ofyen)¥95,201¥95,201

Cash
Resource Dividendsof per Share(Yen)
Dividends

Retained
Earnings¥37.50Record Effective
Date
Date

March 31, June 8,
2021
2021

Cash and Due from Banks
Less: Due from Banks excluding due fromCentral Banks
Cash and Cash Equivalents

Millions of yen
2022

2021

Thousands of U.S. dollars
2022¥51,359,301¥47,981,981$419,567,859(1,223,001)¥50,136,299(1,000,581)¥46,981,399(9,991,027)$409,576,832

42. Lease Transactions
Finance Leases (Lessees)
Finance lease transactions that do not transfer ownership:(1) Lease Assets:• Tangible fixed assets: mainly equipment• Intangible fixed assets: software(2) The method for computing the amount of depreciation is described in “5 Standards of Accounting Method (8) Lease
Assets.”Operating Leases
The future lease payments subsequent to the end of the fiscal year for non-cancelable operating lease transactions are
summarized as follows:
Lessees:
As of March 31,

Due in One Year or Less
Due after One Year
Total

Millions of yen
2022¥44,749
265,324¥310,073

2021

Thousands of U.S. dollars
2022¥52,280275,241¥327,521$365,570
2,167,507$2,533,077

2021

Thousands of U.S. dollars
2022¥7,191
1,591¥8,782$8,23638,943$47,179

Lessors:/(Note) Cash dividends based on the resolution of the Board of Directors held on May 14, 2021 include ¥95 million of cash

As of March 31,

Due in One Year or Less
Due after One Year
Total

Millions of yen
2022¥1,008
4,767¥5,775

Appendix

dividends on treasury stock held by BBT trust account.

As of March 31,

Message from theGroup CFO)

Common Stock

Effective
Date

Our strategies forcreating value(

The Board of
Directors

RecordDateFoundations for our
corporate value

May 15,
2020

Type

Cash
Dividends
per Share(Yen)

Data section

Resolution

Cash
Dividends(Millions ofyen)

About Mizuho(iii) Cash dividends distributed by MHFG are as follows (non-consolidated basis):

Message from theGroup CEO

Notes to Consolidated Financial Statements

215

216

Financial Data of Mizuho Financial Group, Inc.

The main financial assets of the Mizuho group consist of loans to customers, government bonds and stocks. These
financial assets are subject to various types of risk that may cause the Group to incur losses due to a decline in, or total
loss of, the value of assets, as a result of deterioration in a counterparty’s and/or an issuer’s financial position (“creditrisk”), or due to a decline in the value of assets caused by fluctuations in interest rates, stock prices and foreign exchange
rates and so on (“market risk”). The Group may also be exposed to the risk of incurring losses when it becomes
impossible to execute transactions in the market because of market confusion or losses arising from transactions at pricesthat are significantly less favorable than usual (“market liquidity risk “).
Our stable retail deposit base represents Mizuho group’s main financing source, but we also raise funds directly fromthe market. These financing sources are subject to the risk of losses arising from funding difficulties due to market
disruption or deterioration of our financial position, which makes us difficult to raise necessary funds or forces us to raise
funds at significantly higher rates than usual(“liquidity risk”).
In addition, the Mizuho group uses derivative financial products to control the interest rate risk related to the assets andliabilities of the Group, as part of our asset and liability management (“ALM”). The Group primarily utilizes the portfolio
hedge by grouping numerous financial assets and liabilities such as loans and deposits into similar interest risk units inaccordance with risk management policies. Some derivative products like interest rate swaps are used as hedging
methods for cash-flow hedges or fair value hedges. The Group applies hedge accounting to the majority of theseproducts, treating them as deferred hedges. The effectiveness of the hedges is assessed periodically by regression
analysis and other methods to ensure whether the derivative financial products effectively work in order to offset the
exposure to changes in fair value and variable cash flows from hedged items. It should be noted that the Mizuho Group
uses derivative financial products for trading purposes and so on as well.

(3) Risk Management for Financial Products(a) Commitment to Risk Management
We recognize the conducting of operations tailored to the risks and managing such risks as a key issue relating tooverall management. In order to implement our business strategy while maintaining our financial stability, we maintaincomprehensive risk management and control measures.
We maintain basic policies for risk management established by our Board of Directors that are applicable to theentire Mizuho group. These policies clearly define the kinds of risks to be managed, set forth the organizational
structure and provide for the human resources training necessary for appropriate levels of risk management. The
policies also provide for audits to measure the effectiveness and suitability of the risk management structure. In linewith these basic policies, we maintain various measures to strengthen and enhance the sophistication of our risk
management system.
(b) General Concept of Risk Management
We classify our risk exposures according to the various kinds of risk, including credit risk, market risk, liquidity risk andoperational risk, and manage each type of risk according to its characteristics.
In addition to managing each type of risk individually, we have established a risk management structure to identify
and evaluate overall risk and, where necessary, to devise appropriate responses to keep risk within limits that aremanagerially acceptable in both qualitative and quantitative terms.
More specifically, we allocate risk capital to core group companies, including their respective subsidiaries, to control
risk within the limits set for each company. We also control risk within managerially acceptable limits by working toensure that the overall risk we hold on a consolidated basis does not exceed the Group’s financial strength. To ensure

217

About Mizuho
Message from theGroup CFO

(2) Contents and Risk of Financial Products

Our strategies forcreating value

Mizuho Financial Group (MHFG), which primarily engages in banking business, incurs financial liabilities such as
customer deposits and market deposits on the funding side while holding financial assets such as customer loans, stocks
and bonds on the investment side, and also engages in trading business for certain financial products. Some majorityowned consolidated subsidiaries and other subsidiaries conduct securities business and other financial business.
For above funding and investment business, MHFG appropriately manages risks of each financial instrument andcarefully watches term-gaps and other risk factors.

Foundations for our
corporate value(1) Policy on Financial Instruments

Data section

1. Matters Relating to the Conditions of Financial Instruments

the ongoing financial health of Mizuho Financial Group, we regularly monitor the manner in which risk capital is being
used in order to obtain a proper grasp of the risk profile within this framework. Reports are also submitted to the Boardof Directors and other committees of each company.
(c) Credit Risk Management
The Board of Directors of Mizuho Financial Group determines basic matters pertaining to credit risk management. In
addition, we have established the Risk Management Committee, as one of its Business Policy Committees. This
committee broadly discusses and coordinates basic policy in connection with credit risk management, matters inconnection with overall credit portfolio management, and credit risk monitoring for the Mizuho group. Under the controlof the Chief Risk Officer of Mizuho Financial Group, the Credit Risk Management Department and the Risk
Management Department jointly monitor, analyze and submit suggestions concerning credit risk and formulate andexecute plans in connection with basic matters pertaining to credit risk management.
We have adopted two different but mutually complementary approaches in credit risk management. The first
approach is “credit management,” in which we manage the process for each individual transaction and individual
obligor from execution until collection, based on our assessment of the credit quality of the customer. Through thisprocess, we curb losses in the case of a credit event. The second is “credit portfolio management,” in which we utilize
statistical methods to assess the potential for losses related to credit risk. Through this process, we identify credit risk
and respond appropriately.
We use statistical methods to manage the possibility of losses by measuring the expected average loss for a oneyear risk horizon (“expected loss”) and the maximum loss within a certain confidence interval (“credit VAR”). The
difference between expected loss and credit VAR is measured as the credit risk amount (“unexpected loss”).Our
principal banking subsidiaries have established guidelines to manage “credit concentration risk,” which stems from
granting excessive credit to certain corporate groups.
The Board of Directors of each of our principal banking subsidiaries and other core group companies determines
key matters pertaining to credit risk management by establishing their respective basic policies in line with the basic
policies for credit risk management set forth by Mizuho Financial Group. Their respective Business Policy Committees
are responsible for discussing and coordinating overall management of their individual credit portfolios and transaction
policies towards obligors.
The Chief Risk Officer of each principal banking subsidiary and core group company is responsible for mattersrelating to planning and implementing credit risk management. Departments in charge of credit risk management are
responsible for planning and administering credit risk management and conducting credit risk measuring andmonitoring. Credit Departments determine policies and approves/disapproves individual transactions regarding review
and management of and collection from customers in accordance with the lines of authority set forth by each principal
banking subsidiary. In addition, each of our principal banking subsidiaries has also established internal audit groups
that are independent of the business departments in order to ensure appropriate credit risk management.
(d) Market Risk Management
The Board of Directors of Mizuho Financial Group determines basic matters pertaining to market risk management
policies. In addition, we have established the Risk Management Committee, as one of its Business Policy
Committees. The committee broadly discusses and coordinates matters concerning basic policy and operations inconnection with market risk management and market risk monitoring, and proposes measures to be taken in
emergencies such as sudden market changes.
The Chief Risk Officer of Mizuho Financial Group is responsible for matters relating to market risk management
planning and operations. The Risk Management Department of Mizuho Financial Group is responsible for monitoringmarket risk, reports and analyses, proposals, setting limits and guidelines, and formulating and implementing plans
relating to market risk management. In addition, the department assesses and manages the overall market risk of theMizuho group as a whole and keeps track of the market risk situation of our principal banking subsidiaries and othercore group companies. The department also submits reports to the President & CEO on a daily basis and to our Boardof Directors and the Executive Management Committee of Mizuho Financial Group on a regular basis.
To manage market risk, we set limits that correspond to risk capital allocations. The amount of risk capital allocatedto market risk corresponds to VAR and additional costs that may arise in order to close relevant positions.

Appendix

43. Financial Instruments

Message from theGroup CEO

Notes to Consolidated Financial Statements

218

Financial Data of Mizuho Financial Group, Inc.

¥249.4
501.7
224.0
346.5

$1,713,479
2,629,832
1,560,458
2,173,832[Definition of Banking Business]
The following transactions are categorized as banking business, with trading business and cross-shareholdings
being categorized separately.
(1) Deposits and loans as well as related funding activities, and hedge against interest rate risk.
(2) Equity (excluding cross-shareholdings), bonds, investment trusts, etc. and hedges against related market
risk.
The core deposit of liquid deposits is to be specified and incorporated into the measurement of market risk.
Banking business VAR used to calculate Market Risk Equivalent is based on the following:• VAR : historical simulation method;• confidence interval: one-tailed 99%;
• holding period of one month ; and• historical observation period of three years.

219

As of fiscal year end
Maximum
Minimum
Average

¥5.3
10.2
2.9
4.3

¥2.7
9.1
2.4
5.4

$43,487
84,082
23,91235,537[Definition of Trading Business](1) Transactions held for the purpose of short-term resale.
(2) Transactions held for the purpose of making a profit from price fluctuations over a short period as well as
fixing a profit from arbitrage activities.
(3) Deals that have both aspects of (1) and (2) above.
(4) Deals held for broking business or market making business.
Trading business VAR used to calculate Market Risk Equivalent is based on the following:• VAR: historical simulation method;• confidence interval: one-tailed 99%;
• holding period of one trading day; and• historical observation period of three years.
iii. Cross-shareholdings
For cross-shareholdings, we take the same market risk management approach as that for Banking and Tradingbusinesses with the use of VAR and risk indices.
The risk index for the cross-shareholdings (sensitivity of the portfolio to a 1% change in the equity index of
TOPIX) is ¥25.5 billion ($209,015 thousand) and ¥24.6 billion for the fiscal years ended March 31, 2022 and 2021,
respectively.
iv. Risk management using VAR
VAR is a commonly used market risk management technique with statistical assumptions to measure maximum
possible loss in the market, which will be incurred to the holding portfolio in a certain period with some probability.
It should be noted that in general VAR model has the following shortcomings:• VAR estimates could differ by assumptions of holding period, confidence interval level and approaches forthe measurement.
• VAR which is calculated based on historical data does not necessarily indicate an accurate future possible
maximum loss.
• VAR might underestimate the probability of extreme market movements when the market gets inactive as
VAR assumes sales of holding portfolio and hedges in the market during the holding period for the
calculation.
• The use of a 99% confidence level neither takes account of, nor makes any statement about, any losses thatmight occur beyond this confidence level.
The historical simulation method used as the measurement technique of VAR assumes that change in a market
movement follows an empirical distribution. Therefore, the model might underestimate the risk under thecircumstance that the market is likely to move extremely beyond the assumption. We check the validity of themarket risk measurement made by VAR approach periodically by the back-test which compares VAR with actual
profit and loss. In addition to VAR, we make a wide variety of management and controls such as risk indicesmonitoring, implementation of stress tests, loss limit monitoring in order to make strict risk management by
capturing carefully all risks, including what VAR approach is not able to cover.
(f) Liquidity Risk Management
Our liquidity risk management structure is generally the same as the market risk management structure describedabove (“Item (d) Market Risk Management”). Moreover, the head of the Financial Control & Accounting Group of
Mizuho Financial Group is also responsible for matters related to planning and operation of funds management, while
the Financial Planning Department is responsible for its monitoring and adjusting, and also for planning andimplementing measures on funds management. Reports on funds management are submitted to the Risk
Management Committee, the Balance Sheet Management Committee, the Executive Management Committee andAbout Mizuho

Thousands of U.S. dollars
2022

Message from theGroup CFO

Thousands of U.S. dollars
2022

2021

Our strategies forcreating value¥209.7
321.9
191.0
266.0

2021

Billions of yen
2022

Foundations for our
corporate value

As of fiscal year end
Maximum
Minimum
Average

Billions of yen
2022

For the Fiscal Years ended March 31,

Data section

For the Fiscal Years ended March 31,

ii. Trading Business
The following table shows VAR figures of our trading activities for the fiscal years indicated :Appendix

For trading and banking activities, we set limits for VAR and for losses. For banking activities, we set position limits
based on interest rate sensitivity as needed.
The Board of Directors of each of our principal banking subsidiaries and other core group companies determine key
matters pertaining to market risk by establishing their respective basic policies in line with the basic policies for market
risk management set forth by Mizuho Financial Group. Based on a common Mizuho Group risk capital allocation
framework, the above-mentioned companies manage market risk by setting limits according to the risk capital
allocated to market risk by Mizuho Financial Group. They have the same market risk management structure as theMizuho Financial Group, such as their Business Policy Committees being responsible for overall discussion andcoordination of the market risk management.
In addition, they have established middle offices specializing in risk management that are independent of their front
offices, which engage in market transactions, and their back offices, which are responsible for book entries andsettlements. This system enables them to achieve mutual checks and control over market operations.
When VAR is not adequate to control risk, the middle offices manage risk using additional risk indices such as 10
BPV (Basis Point Value), carry out stress tests and set stop loss limits as needed.
(e) Situation of Market Risk
i. Banking Business
The following table shows the VAR figures relating to our banking activities for the fiscal years indicated:

Message from theGroup CEO

Notes to Consolidated Financial Statements

220

Financial Data of Mizuho Financial Group, Inc.

(1) Other Debt Purchased(2) Trading Assets
Trading Securities(3) Money Held in Trust(4) Securities
Bonds Held to Maturity
Other Securities(5) Loans and Bills Discounted
Reserves for Possible Losses on Loans*1

Total Assets(1) Deposits(2) Negotiable Certificates of Deposit(3) Trading Liabilities
Securities Sold, Not yet Purchased(4) Borrowed Money(5) Bonds and Notes
Total Liabilities

Fair Value

Difference¥3,476,021¥3,476,064¥43

6,487,722
588,322

6,487,722
588,322――

1,517,583
41,850,388
84,736,280(647,394)
84,088,886¥138,008,924

1,465,576
41,850,388(52,007)―85,350,580¥139,218,655

1,261,694¥1,209,730¥138,830,872
16,868,931¥138,806,794
16,867,782¥(24,077)(1,149)3,470,030
6,590,527
10,714,004¥176,474,366

3,470,030
6,573,816
10,566,589¥176,285,012―(16,711)(147,415)¥(189,353)¥95,059¥―*2

Derivative Transactions
Derivative Transactions not Qualifying for Hedge
Accounting
Derivative Transactions Qualifying for Hedge*3
Accounting
Total Derivative Transactions*1¥390,601(295,542)¥95,059

About Mizuho

As of March 31, 2022

Millions of yen

Consolidated Balance
Sheet Amount

General and specific reserves for possible losses on loans relevant to Loans and Bills Discounted are excluded.
Items other than Loans and Bills Discounted are recorded at the consolidated balance sheet amounts due to immateriality of their reserves.
Derivative Transactions recorded in Trading Assets, Trading Liabilities, Derivatives other than for Trading Assets, Derivatives other than for Trading Liabilities,
and others are presented as a lump sum.
Net claims and debts that arose from derivative transactions are presented on a net basis, and the item that is net debts in total is presented in brackets.
*3
The deferred method is mainly applied. “Treatment of Hedge Accounting for Financial Instruments that Reference LIBOR” (ASBJ Practical Solutions No.40,
March 17, 2022) is applied to these hedge transactions.

Message from theGroup CFO

Since certain assumptions and others are adopted for calculating fair values of financial instruments, they may differ when
adopting different assumptions and others.

The following are the consolidated balance sheet amounts, fair values and differences between them. Stocks and others
without a quoted market price and Investments in Partnerships and others are excluded from the table below (see (Note1)). In addition, Cash and Due from Banks, Call Loans and Bills Purchased, Receivables under Resale Agreements,
Guarantee Deposits Paid under Securities Borrowing Transactions, Foreign Exchange (assets / liabilities), Call Money andBills Sold, Payables under Repurchase Agreements, Guarantee Deposits Received under Securities Lending
Transactions, and Due to Trust Accounts are omitted since these instruments are mainly settled in the short term and thefair values approximate the book values.

Our strategies forcreating value(4) Supplementary Explanation of Matters Relating to Fair Value of Financial Instruments and Others

2. Matters Relating to Fair Value of Financial Instruments and Others

Foundations for our
corporate value

the President & CEO.
We measure liquidity risk using indices pertaining to funds management, such as limits on funds raised from themarket. Limits on liquidity risk are discussed and coordinated by the Risk Management Committee, discussed further
by the Executive Management Committee and determined by the President & CEO. We have establishedclassifications for each liquidity risk levels affecting the Group, ranging from “normal” to “anxious” and “crisis,” andhave established procedures for dealing with cases which are deemed to fall into the “anxious” or “crisis” categories.
Additionally, we have established a structure under which we will be able to respond smoothly in the event ofemergency situations that affect our funds management.

Message from theGroup CEO

Notes to Consolidated Financial Statements

Appendix

Data section

*2

221

222

Financial Data of Mizuho Financial Group, Inc.

Total Assets(1) Deposits(2) Negotiable Certificates of Deposit(3) Trading Liabilities
Securities Sold, Not yet Purchased(4) Borrowed Money(5) Bonds and Notes
Total Liabilities¥3,208,136¥132

6,421,348
579,764

6,421,348
579,764――

885,529
41,681,945
83,704,675(513,832)
83,190,843¥135,967,435

903,599
41,681,945

18,069―84,213,843¥137,008,638

1,023,000¥1,041,203¥133,312,406
17,192,572¥133,303,018
17,191,241¥(9,387)(1,331)

2,402,420
7,441,822
10,321,672¥170,670,893

2,402,420
7,435,289
10,529,372¥170,861,341―(6,533)
207,700¥190,447*2

Derivative Transactions
Derivative Transactions not Qualifying for Hedge
Accounting
Derivative Transactions Qualifying for Hedge*3
Accounting
Total Derivative Transactions*1(1) Other Debt Purchased(2) Trading Assets
Trading Securities(3) Money Held in Trust(4) Securities
Bonds Held to Maturity
Other Securities(5) Loans and Bills Discounted
Reserves for Possible Losses on Loans*1

Total Assets(1) Deposits(2) Negotiable Certificates of Deposit(3) Trading Liabilities
Securities Sold, Not yet Purchased(4) Borrowed Money(5) Bonds and Notes
Total Liabilities

Fair Value

Difference$28,396,550$28,396,902$352

52,999,940
4,806,161

52,999,940
4,806,161――

12,397,547
341,887,007
692,233,317(5,288,736)
686,944,581$1,127,431,786

11,972,685
341,887,007(424,862)―

697,251,699$1,137,314,394

10,307,118$9,882,608$1,134,146,492
137,806,810$1,133,949,796
137,797,423$(196,696)(9,387)28,347,607
53,839,780
87,525,569$1,441,666,258

28,347,607
53,703,260
86,321,290$1,440,119,376―(136,520)(1,204,279)$(1,546,882)$776,565$―

About Mizuho*1¥3,208,004

As of March 31, 2022

Message from theGroup CFO

Reserves for Possible Losses on Loans

Difference*2¥272,522
124,703¥397,225¥397,225¥―*1$3,190,930(2,414,365)$776,565

General and specific reserves for possible losses on loans relevant to Loans and Bills Discounted are excluded.
Items other than Loans and Bills Discounted are recorded at the consolidated balance sheet amounts due to immateriality of their reserves.
*2
Derivative Transactions recorded in Trading Assets, Trading Liabilities, Derivatives other than for Trading Assets, Derivatives other than for Trading Liabilities,
and others are presented as a lump sum.
Net claims and debts that arose from derivative transactions are presented on a net basis, and the item that is net debts in total is presented in brackets.
*3
The deferred method is mainly applied. “Treatment of Hedge Accounting for Financial Instruments that Reference LIBOR” (ASBJ Practical Solutions No.40,
March 17, 2022) is applied to these hedge transactions.

Appendix

Data section

General and specific reserves for possible losses on loans relevant to Loans and Bills Discounted are excluded.
Items other than Loans and Bills Discounted are recorded at the consolidated balance sheet amounts due to immateriality of their reserves.
*2
Derivative Transactions recorded in Trading Assets, Trading Liabilities, Derivatives other than for Trading Assets, Derivatives other than for Trading Liabilities,
and others are presented as a lump sum.
Net claims and debts that arose from derivative transactions are presented on a net basis, and the item that is net debts in total is presented in brackets.
*3
The deferred method is mainly applied. “Treatment of Hedge Accounting for Financial Instruments that Reference LIBOR” (ASBJ Practical Solutions No.40,
September 29, 2020) is applied to these hedge transactions.

Derivative Transactions
Derivative Transactions not Qualifying for Hedge
Accounting
Derivative Transactions Qualifying for Hedge*3
Accounting
Total Derivative Transactions

Our strategies forcreating value(1) Other Debt Purchased(2) Trading Assets
Trading Securities(3) Money Held in Trust(4) Securities
Bonds Held to Maturity
Other Securities(5) Loans and Bills Discounted

Fair Value

Thousands of U.S. dollars

Consolidated Balance
Sheet AmountFoundations for our
corporate value

As of March 31, 2021

Millions of yen

Consolidated Balance
Sheet Amount

Message from theGroup CEO

Notes to Consolidated Financial Statements

223

224

Financial Data of Mizuho Financial Group, Inc.

Consolidated Balance
Sheet Amount

Consolidated Balance
Sheet Amount¥495,989
413,173¥479,094
304,404$4,051,871
3,375,322*1

Stocks and others without a quoted market price include unlisted stocks and others and in accordance with Article 5 of “Implementation Guidance on
Disclosures about Fair Value of Financial Instruments” (ASBJ Guidance No.19, March 31, 2020), these items are not subject to disclosure of the fairvalue.
*2
Investments in Partnerships and others are mainly silent partnership, investment partnership, and money held in trust with the investment in a silent
partnership as the component of the trust property. In accordance with Article 27 of “Implementation Guidance on Accounting Standard for Fair Value
Measurement” (ASBJ Guidance No.31, July 4, 2019), these items are not subject to disclosure of the fair value.
3
During the fiscal years ended March 31, 2022 and 2021, the amounts of impairment (devaluation) were ¥37,277 million ($304,530 thousand) and ¥4,490
million, respectively, on a consolidated basis.

(Note 2) Projected redemption amounts after the consolidated balance sheet date for financial assets and securities withmaturities
As of March 31, 2022
Types of Financial Instruments

Due from Banks
Other Debt Purchased
Securities
Bonds Held to Maturity
Japanese Government Bonds
Foreign Bonds
Other Securities with Maturities
Japanese Government Bonds
Japanese Local Government
Bonds
Japanese Corporate Bonds
Foreign Bonds
Other
*1

1-3 years

3-5 years

5-7 years

7-10 years

Millions of yen
Over 10 years¥50,119,503
3,219,604
22,191,138
100,000
100,000―
22,091,138
19,233,970¥662
166,545
6,491,074
380,000
380,000―
6,111,074
3,623,810¥―
20,0181,880,973―――
1,880,973
518,800¥―
11,155
1,345,840―――
1,345,840
322,600¥―
3,581
2,896,332―――
2,896,332
1,316,000¥―
55,237
4,834,101
986,414―986,4143,847,686
105,000

27,226442,905
2,367,367
19,66831,739,518¥107,269,765

108,075
1,022,762
1,348,522
7,903
20,586,037¥27,244,319

112,026
28,054
676,728
286,116
358,489
677,158
214,928
31,911
12,913,929
6,870,077¥14,814,921 ¥8,227,072

138,722
7,400
98,088528,057
1,298,492
3,109,999
45,03097,2304,671,327
6,616,495¥7,571,242 ¥11,505,834¥―
15,866
1,498,794―――
1,498,794
200,800¥―
8,262
2,251,801―――
2,251,801
804,200¥―
90,243
6,176,695
382,335―
382,335
5,794,360
55,00022,363295,898
936,577
43,155
6,894,499¥8,409,160

148,939
18,500167,419592,403
1,054,307
4,616,420
76,935512,036
5,062,497
6,481,961¥7,322,561 ¥12,748,901

5-7 years

Thousands of U.S. dollars
7-10 years Over 10 years

As of March 31, 2022
Types of Financial Instruments

Within 1 year

1-3 years

3-5 years

Due from Banks$409,439,618$5,410$―$―$―$―
Other Debt Purchased
26,301,808
1,360,554
163,536
91,13029,257451,253
Securities
181,285,342
53,027,318
15,366,175 10,994,530
23,660,918 39,491,063
Bonds Held to Maturity
816,927
3,104,321
8,058,282―――
Japanese Government Bonds
816,927
3,104,321――――
Foreign Bonds
8,058,282―――――
Other Securities with Maturities 180,468,415
49,922,997
15,366,175 10,994,530
23,660,918 31,432,781
Japanese Government Bonds 157,127,445
29,603,872
4,238,216
2,635,406
10,750,756
857,773
Japanese Local Government
222,417882,898
915,177
229,182
1,133,257
60,452
Bonds
Japanese Corporate Bonds
3,618,214
8,355,222
5,528,377
2,337,363
801,309
4,313,840
Foreign Bonds
19,339,661
11,016,441
2,928,594
5,531,887
10,607,729 25,406,417
Other160,678
64,564
1,755,811
260,692
367,867
794,299*1
259,288,608 168,172,841 105,497,344 56,123,497
38,161,324 54,051,917
Loans and Bills Discounted
Total$876,315,376 $222,566,123 $121,027,055 $ 67,209,157 $ 61,851,499 $ 93,994,233*1

Amounts do not include loans to bankrupt, substantially bankrupt, and intensive control obligors and other loans, of which redemption amounts cannot be
projected, of ¥729,112 million ($5,956,312 thousand) and ¥434,062 million, and loans with no maturities of ¥609,782 million ($4,981,475 thousand) and¥656,847 million as of March 31, 2022 and 2021, respectively.
2
Financial assets, which all of the balance are constantly redeemed within one year, is omitted.

Appendix

Loans and Bills Discounted
Total

Within 1 year

Due from Banks¥47,312,441¥―¥―
Other Debt Purchased
2,920,324
145,801
26,982
Securities
18,471,690
6,750,883
2,706,519
Bonds Held to Maturity―
380,000
100,000
Japanese Government Bonds―
380,000
100,000
Foreign Bonds―――
Other Securities with Maturities
18,471,690
6,370,883
2,606,519
Japanese Government Bonds 15,458,468
3,583,610
780,500
Japanese Local Government
54,93359,155
159,603
Bonds
Japanese Corporate Bonds
361,194
712,751
638,370
Foreign Bonds
2,592,883
1,987,119
967,820
Other
4,209
28,24660,224*1
30,366,752
20,280,400
13,527,653
Loans and Bills Discounted
Total¥99,071,209 ¥27,177,085 ¥16,261,154

About Mizuho

Consolidated Balance
Sheet AmountMillions of yen
Over 10 years

Message from theGroup CFO

Stocks and others without a quoted market
*1
price
*2
Investments in Partnerships and others

Thousands of U.S. dollars
20227-10 years

1-3 years

Our strategies forcreating value

As of March 31,
Category

2021

5-7 years

Within 1 year

Foundations for our
corporate value

Millions of yen
2022

3-5 years

As of March 31, 2021
Types of Financial Instruments

Data section(Note 1) The following are the consolidated balance sheet amounts of Stocks and others without a quoted market price, andInvestments in Partnerships and others. These amounts are not included in Money Held in Trust and Other
Securities in fair value information of financial instruments.

Message from theGroup CEO

Notes to Consolidated Financial Statements

225

226

Financial Data of Mizuho Financial Group, Inc.

Borrowed Money*2
Bonds and Notes
Total
As of March 31, 2021
Types of Financial Instruments*1

Deposits
Negotiable Certificates of
Deposit*2

Borrowed Money*2
Bonds and Notes
Total
As of March 31, 2022
Types of Financial Instruments*1

Deposits
Negotiable Certificates of
Deposit*2

Borrowed Money*2
Bonds and Notes
Total
*1

3-5 years

5-7 years

7-10 years

Millions of yen
Over 10 years¥135,508,160¥2,525,914¥608,536¥32,962¥34,476¥120,821

16,290,438
5,592,436
1,329,419¥158,720,455

578,589
221,991
2,383,399¥5,709,895

500
330,332
1,673,672¥2,613,042―
89,576
972,823¥1,095,361―
142,220
1,847,996¥2,024,693―
183,970878,693¥1,183,484

Within 1 year

1-3 years

3-5 years

5-7 years

7-10 years

Millions of yen
Over 10 years¥129,715,782¥2,688,012¥708,678¥28,581¥34,614¥136,736

16,870,942
6,375,199
1,411,438¥154,373,363

236,921233,245
1,603,553¥4,761,732

84,900273,162
1,755,540¥2,822,280―
233,861
1,465,924¥1,728,367―
125,876
1,362,291¥1,522,782―
170,477865,140¥1,172,355

Within 1 year

1-3 years

3-5 years

5-7 years

Thousands of U.S. dollars
7-10 years
Over 10 years$1,107,002,375$20,634,872$4,971,300$269,277$281,646$987,022

133,080,948
45,686,109
10,860,385$1,296,629,817

4,726,655
1,813,506
19,470,627$46,645,660

4,085
2,698,575
13,672,679$21,346,639―
731,773
7,947,251$8,948,301―
1,161,838
15,096,778$16,540,262―
1,502,901
7,178,280$9,668,203

Demand deposits are included in “Within 1 year.”Amounts do not include Borrowed Money with no maturities of ¥30,000 million ($245,078 thousand) and ¥30,000 million, and Bonds and Notes with nomaturities of ¥1,628,000 million ($13,299,567 thousand) and ¥1,858,000 million as of March 31, 2022 and 2021, respectively.
3Interest-bearing liabilities, which all of the balance are constantly paid within one year, is omitted.

When several inputs that have significant impact on fair value measurement are used and those inputs are categorized into
different levels, the fair value is categorized into the lowest priority level for fair value measurement among the levels inwhich each of the inputs belongs.

Appendix

Data section*2

Fair values of Level 1: Fair values measured by quoted prices of the assets or liabilities being measured which are given in
active markets among observable valuation inputs
Fair values of Level 2: Fair values measured by inputs other than inputs included within Level 1 among observablevaluation inputs
Fair values of Level 3: Fair values measured by unobservable valuation inputs

About Mizuho*2

1-3 years

Message from theGroup CFO

*1

Deposits
Negotiable Certificates of
DepositWithin 1 year

Fair values of financial instruments are categorized into three levels as below on the basis of the observability and themateriality of the valuation inputs used in fair value measurements.

Our strategies forcreating value

As of March 31, 2022
Types of Financial Instruments

3. Matters relating to breakdown of fair value of financial instruments by level

Foundations for our
corporate value(Note 3) Projected repayment amounts after the consolidated balance sheet date for Bonds and Notes, Borrowed Money,
and other interest-bearing liabilities

Message from theGroup CEO

Notes to Consolidated Financial Statements

227

228

Financial Data of Mizuho Financial Group, Inc.

Trading Liabilities
Securities Sold, Not yet Purchased
Bonds and Notes
Derivative Transactions
Interest Rate and Bond-Related
Transactions
Currency-Related Transactions
Stocks-Related Transactions
Commodity-Related Transactions
Credit Derivative Transactions
Total Liabilities¥―¥39,763¥17,908¥57,671

1,475,198

11,386―

1,486,585――
271,861
938,866―

133,878
963,912－2,592,672
540,722―0
190
19,245
4

133,878
963,912272,051
3,550,784
540,727

2,567,148
24,661,972―
496,757

10,161―

2,577,310
25,158,730――
3,367,926
36,097

419,646
2,805,999
5,423,731
6,927―
236,037
145,936
16,082

419,646
3,042,037
8,937,594
59,107

66,193―
77,176
20,816―¥33,483,259

4,552,760
4,410,491
327,561
7,983
116,601¥22,850,797

54,21933,731
96,22352,4893,699¥685,929

4,673,173
4,444,223
500,961
81,289120,300¥57,019,986¥3,003,754―¥416,497
173,973¥―
1,559¥3,420,251
175,533

60,16739
107,284――¥3,171,244

4,655,494
4,471,147
188,258
26,410118,668¥10,050,449

585
723
42,496
51,835
1,779¥98,980

4,716,247
4,471,909
338,039
78,246
120,447¥13,320,675

Level 1

Level 3

Total¥―

¥46,102¥636,815¥682,918

1,797,490

11,106―

1,808,597――
98,183
770,911―

108,835
1,518,933
0
1,879,783
551,395

―
1,897
223
130,5323

108,835
1,520,830
98,4072,781,227
551,399

2,857,921
20,597,775―
322,807

8,063―

2,865,985
20,920,582――
5,157,651
40,067

463,559
653,764
6,502,601――
2,107,142
773,659
13,920463,559
2,760,906
12,433,912
53,988

57,102―
168,398
3,538―¥31,549,042

4,601,052
3,305,074
338,917
8,339
91,452¥20,403,726

28,90225,58348,563
17,472
3,002¥3,795,782

4,687,057
3,330,657
555,879
29,35094,454¥55,748,550¥2,082,161―¥264,577―¥132―¥2,346,872―

57,232―200,835――¥2,340,229

4,412,401
3,323,191
116,626
9,443
112,257¥8,238,497

3,960
725
45,11916,631
1,750¥68,319

4,473,594
3,323,916
362,581
26,075
114,007¥10,647,046* Investment trust and others applying the transitional measures set forth in Article 5, Item 6 of “Cabinet Office Ordinance for Partial Revision of the Ordinanceon the Terminology, Forms, and Preparation Methods of the financial statements” (Cabinet Office Ordinance No. 9 March 6, 2020) are not included in abovetable. The financial assets and liabilities of the relevant investment trust and others in the consolidated balance sheet is ¥2,307,126 million and ¥55,548 million.

Appendix* Investment trust and others applying the transitional measures set forth in Article 5, Item 6 of “Cabinet Office Ordinance for Partial Revision of the Ordinanceon the Terminology, Forms, and Preparation Methods of the financial statements” (Cabinet Office Ordinance No. 9 March 6, 2020) are not included in abovetable. The financial assets and liabilities of the relevant investment trust and others in the consolidated balance sheet is ¥1,754,422 million and ¥49,779 million.

As of March 31, 2021

Other Debt Purchased
Trading Assets
Trading Securities
Japanese Government Bonds
Japanese Local Government
Bonds
Japanese Corporate Bonds
StocksOther
Money Held in Trust
Securities
Other Securities
StocksJapanese Government Bonds
Japanese Local Government
Bonds
Japanese Corporate Bonds
Foreign Bonds
Other
Derivative Transactions
Interest Rate and Bond-Related
Transactions
Currency-Related Transactions
Stocks-Related Transactions
Commodity-Related Transactions
Credit Derivative Transactions
Total Assets
Trading Liabilities
Securities Sold, Not yet Purchased
Bonds and Notes
Derivative Transactions
Interest Rate and Bond-Related
Transactions
Currency-Related Transactions
Stocks-Related Transactions
Commodity-Related Transactions
Credit Derivative Transactions
Total Liabilities

About Mizuho

Total

Millions of yen

Message from theGroup CFO

Level 3

Fair Value
Level 2

Our strategies forcreating value

Other Debt Purchased
Trading Assets
Trading Securities
Japanese Government Bonds
Japanese Local Government
Bonds
Japanese Corporate Bonds
StocksOther
Money Held in Trust
Securities
Other Securities
StocksJapanese Government Bonds
Japanese Local Government
Bonds
Japanese Corporate Bonds
Foreign Bonds
Other
Derivative Transactions
Interest Rate and Bond-Related
Transactions
Currency-Related Transactions
Stocks-Related Transactions
Commodity-Related Transactions
Credit Derivative Transactions
Total Assets

Level 1Millions of yen

Foundations for our
corporate value

As of March 31, 2022

Fair Value
Level 2

Data section(1)Financial instruments recorded at fair value in the consolidated balance sheet

Message from theGroup CEO

Notes to Consolidated Financial Statements

229

230

Financial Data of Mizuho Financial Group, Inc.

12,051,293

93,020―12,144,313――
2,220,911
7,669,854―

1,093,686
7,874,460－
21,180,235
4,417,308

―
0
1,553
157,21935

1,093,686
7,874,460
2,222,464
29,007,308
4,417,343

20,971,724
201,470,243―
4,058,149

83,011―21,054,735
205,528,392――
27,513,492
294,890

3,428,203
22,922,957
44,307,913
56,596―
1,928,257
1,192,192
131,3813,428,203
24,851,214
73,013,597
482,867

540,753―
630,479
170,058―$273,533,697

37,192,715
36,030,487
2,675,934
65,222
952,551$186,674,271

442,937
275,566
786,077
428,799
30,219$5,603,542

38,176,405
36,306,053
4,092,490
664,079
982,770$465,811,510$24,538,470―$3,402,476
1,421,240$―
12,738$27,940,946
1,433,978491,523321
876,432――$25,906,746

38,031,977
36,525,997
1,537,936
215,754969,431$82,104,811

4,785
5,909
347,168
423,460
14,538$808,598

38,528,285
36,532,227
2,761,536
639,214983,969$108,820,155* Investment trust and others applying the transitional measures set forth in Article 5, Item 6 of “Cabinet Office Ordinance for Partial Revision of the Ordinanceon the Terminology, Forms, and Preparation Methods of the financial statements” (Cabinet Office Ordinance No. 9 March 6, 2020) are not included in abovetable. The financial assets and liabilities of the relevant investment trust and others in the consolidated balance sheet is $14,332,347 thousand and $406,661
thousand.

231

As of March 31, 2022

Other Debt Purchased
Money Held in Trust
Securities
Bonds Held to Maturity
Japanese Government Bonds
Foreign Bonds
Loans and Bills Discounted
Total Assets
Deposits
Negotiable Certificates of Deposit
Borrowed Money
Bonds and Notes
Total Liabilities

As of March 31, 2021

Other Debt Purchased
Money Held in Trust
Securities
Bonds Held to Maturity
Japanese Government Bonds
Foreign Bonds
Loans and Bills Discounted
Total Assets
Deposits
Negotiable Certificates of Deposit
Borrowed Money
Bonds and Notes
Total Liabilities

As of March 31, 2022

Other Debt Purchased
Money Held in Trust
Securities
Bonds Held to Maturity
Japanese Government Bonds
Foreign Bonds
Loans and Bills Discounted
Total Assets
Deposits
Negotiable Certificates of Deposit
Borrowed Money
Bonds and Notes
Total Liabilities

Level 1

Level 3

Total

¥―
―

¥10,545―¥3,407,848
24,195¥3,418,393
24,195

485,081――¥485,081
¥―
―
―
―
¥―

―
980,495
60,648¥1,051,689¥138,806,794
16,867,782
6,482,699
9,323,040¥171,480,316――
85,289,931¥88,721,975¥――
91,117
1,068,015¥1,159,132

485,081980,495
85,350,580¥90,258,745¥138,806,794
16,867,782
6,573,816
10,391,055¥172,639,449

Level 1

Fair Value
Level 2Millions of yen
Level 3

Total

¥―
―

¥11,397―¥2,513,688
7,700¥2,525,086
7,700

489,514――¥489,514
¥―
―
―
―
¥―

―
414,085―¥425,482¥133,303,018
17,191,241
7,349,171
9,712,019¥167,555,450――
84,213,843¥86,735,232¥――
86,117
817,353¥903,470

489,514414,085
84,213,843¥87,650,229¥133,303,018
17,191,241
7,435,289
10,529,372¥168,458,921

Level 1

Fair Value
Level 2Thousands of U.S. dollars
Level 3

Total

$―
―

$86,148―$27,839,622
197,658$27,925,770
197,658

3,962,756――$3,962,756
$―
―
―
―
$―

―
8,009,930
495,454$8,591,532$1,133,949,796
137,797,423
52,958,901
76,162,410$1,400,868,530――
696,756,245$724,793,525$――
744,3598,724,902$9,469,261

3,962,756
8,009,930
697,251,699$737,347,813$1,133,949,796
137,797,423
53,703,260
84,887,312$1,410,337,791

About Mizuho$471,131

Millions of yen

Message from theGroup CFO

$146,296

Fair Value
Level 2

Our strategies forcreating value$324,835

Total

Foundations for our
corporate value

Trading Liabilities
Securities Sold, Not yet Purchased
Bonds and Notes
Derivative Transactions
Interest Rate and Bond-Related
Transactions
Currency-Related Transactions
Stocks-Related Transactions
Commodity-Related Transactions
Credit Derivative Transactions
Total Liabilities$―

Level 3

(2) Financial instruments other than financial instruments recorded at fair value in the consolidated balance sheet

Data section

Other Debt Purchased
Trading Assets
Trading Securities
Japanese Government Bonds
Japanese Local Government
Bonds
Japanese Corporate Bonds
StocksOther
Money Held in Trust
Securities
Other Securities
StocksJapanese Government Bonds
Japanese Local Government
Bonds
Japanese Corporate Bonds
Foreign Bonds
Other
Derivative Transactions
Interest Rate and Bond-Related
Transactions
Currency-Related Transactions
Stocks-Related Transactions
Commodity-Related Transactions
Credit Derivative Transactions
Total Assets

Level 1Thousands of U.S. dollars

Appendix

As of March 31, 2022

Fair Value
Level 2Message from theGroup CEO

Notes to Consolidated Financial Statements

232

Financial Data of Mizuho Financial Group, Inc.

Loans and Bills Discounted
Fair values of loans and bills discounted are mainly measured by discounting the total amount of principal and interest
and others at interest rates based on the discount rate reflecting expected loss and various risk factors by categories
according to the types, internal ratings and terms of the loans and bills discounted and are categorized as Level 3
since the discount rate is unobservable.
In addition, fair values of claims against bankrupt obligors, substantially bankrupt obligors, and intensive control
obligors whose bad debts are mainly measured at the present value of the expected future cash flows or the estimated233

Borrowed Money
Fair values of borrowed money are measured mainly by discounting the total amount of the principal and interest ofsuch borrowed money classified by period lengths at the interest rates considered to be applicable to similar loans andare categorized as Level 3 when the impact from unobservable valuation inputs is significant and as Level 2 when it is
not significant.
Bonds and Notes
With respect to bonds and notes issued by MHFG and its majority-owned consolidated subsidiaries and otherconsolidated subsidiaries, fair values of bonds and notes with market prices are measured at the market prices andfair values of those without market prices are calculated by discounting the total amount of the principal and interest at
the interest rates considered to be applicable to similar bonds and notes. Bonds and notes with market prices are
categorized as Level 2. Those without market prices are categorized as Level 3 when the impact from unobservablevaluation inputs is significant and as Level 2 when it is not significant.
Certain foreign subsidiaries have adopted the fair value option to bonds and notes issued by itself, and the fair value iscalculated based on the valuation model. When unobservable inputs are not used or impact of unobservable inputs
are not material, those bonds and notes are categorized as Level 2. When significant unobservable inputs are used,those bonds and notes are categorized as Level 3.

About Mizuho
Message from theGroup CFO
Our strategies forcreating value

Securities
Fair values of securities for which unadjusted quoted market prices in active markets are available are categorized as
Level 1 which includes mainly stocks and government bonds. In the case the market is inactive even if the quoted
market price is available, those securities are categorized as Level 2, which includes mainly local government bonds
and corporate bonds.
Fair values of investment trusts are measured at the disclosed net asset value and others. Those are not categorized
into Levels by applying the transitional measures set forth in Article 26 of “Implementation Guidance on AccountingStandard for Fair Value Measurements.”
Fair values of private placement bonds are measured by discounting the total amount of principal and interest andothers at interest rates based on the discount rate reflecting expected loss and various risk factors to market yield by
categories based on the internal ratings and terms and are categorized as Level 3 when the impact from unobservablevaluation inputs is significant and as Level 2 when it is not significant.
Fair values of securitized products are based on valuations obtained from brokers and others, and on model-based
prices based on the reasonable estimates of our management. These are categorized as Level 3 when significant
unobservable valuation inputs are used and as Level 2 when other inputs are used. In deriving model-based prices
based on the reasonable estimates of our management mentioned above, we used the discounted cash flow method.
The price decision variables include default rates, recovery rates, prepayment rates, and discount rates.
The notes to Securities based on holding purpose are stated in “44.Fair Value of Securities and Money Held in Trust.”

Trading Liabilities
Fair values of trading liabilities for which unadjusted quoted market prices in active markets are available arecategorized as Level 1, which includes mainly listed stocks and government bonds.
In the case the market is inactive even if the quoted market price is available, those trading liabilities are categorized
as Level 2, which includes mainly corporate bonds.
When significant unobservable inputs are used, those trading liabilities are categorized as Level 3.

Foundations for our
corporate value

Money Held in Trust
With respect to securities managed as trust assets in a directed money trust for separate investment with the
management of securities as its primary purpose, fair values of stocks are measured at the price in stock exchanges
and bonds are measured at market price or valuation price obtained from brokers or financial information vendors andare categorized as Level 2 or Level 3 based on the level of components.
The notes to Money Held in Trust based on holding purpose are stated in “44.Fair Value of Securities and Money Heldin Trust.”

Liabilities
Deposits and Negotiable Certificates of Deposit
For demand deposits, the payment amounts required on the consolidated balance sheet date (i.e., book values) areconsidered to be fair values.
In addition, fair values of time deposits and negotiable certificates of deposits are calculated by classifying them basedon their terms and by discounting the future cash flows. The discount rates used in such calculations are the market
interest rates. Since fair values of those whose deposit terms are short (i.e., within six months) approximate bookvalues, the book values are considered to be fair values and those fair values are categorized as Level 2.

Data section

Trading Assets
Fair values of trading assets for which unadjusted quoted market prices in active markets are available are categorized
as Level 1, which includes mainly government bonds.
In the case the market is inactive even if the quoted market price is available, those trading assets are categorized as
Level 2, which includes mainly local government bonds and corporate bonds.
When fair values are measured at the discounted cash flow method and others using significant unobservable inputs,
those trading assets are categorized as Level 3, which includes mainly bonds with warrants and trust beneficiaryrights.

amounts calculated based on the recoverability from collateral and guarantees approximate the amount of claims andothers minus the amount of reserves for possible losses on loans in the consolidated balance sheet as of theconsolidated balance sheet date and those amount are considered to be fair values which are categorized as Level 3.
Among the loans and bills discounted, for those without a fixed maturity due to loan characteristics such as limiting
loans to within the value of pledged assets, book values are considered to be fair values since fair values are expected
to approximate book values based on the estimated loan periods, interest rates and other conditions. Fair values of
those loans and bills discounted are categorized as Level 3.

Derivative Transactions
Derivative transactions that can be measured at unadjusted quoted prices in active markets are categorized as Level1, which includes such transactions as bonds futures and interest rate futures.
However, since most derivative transactions are over-the-counter transactions and there are no quoted market prices,market values are measured using valuation techniques such as the discounted cash flow method and the BlackScholes model, depending on the type of transaction and the maturity period. The main inputs which are used in thosevaluation techniques are interest rate, currency rate, volatility and others. In addition, price adjustments based on
credit risk of counterparty and credit risk of majority-owned consolidated subsidiaries and other consolidated
subsidiaries themselves and price adjustments for unsecured funding are made. When unobservable inputs are notused or impact of unobservable inputs are not material, those derivative transactions are categorized as Level 2, which
includes such transactions as plain vanilla interest rate swaps and foreign exchange forwards. When significant
unobservable inputs are used, those derivative transactions are categorized as Level 3, which includes transactions
such as commodity related transactions.

Appendix(Note 1) Explanation of valuation techniques and valuation inputs used in fair value measurements
AssetsOther Debt Purchased
Fair values of securitized products of other debt purchased are based on the values deemed as market prices
obtained by the model such as those obtained from brokers and financial information vendors and are categorized as
Level 3 when significant unobservable valuation inputs are used for the obtained price and as Level 2 when other
inputs are used.
With respect to other debt purchased other than those described above, when the present values of the expected
future cash flows are considered to be fair values, those other debt purchased are mainly categorized as Level 3 since
the discount rate and other significant valuation inputs are unobservable. When those are short term in nature and thebook values are considered to be fair values, those other debt purchased are categorized as Level 3

Message from theGroup CEO

Notes to Consolidated Financial Statements

234

Financial Data of Mizuho Financial Group, Inc.

As of March 31, 2021

Range of valuation
input

Discounted cash
flow method

Prepayment rate
Default rate
Discount rate

0.3％－18.1％
0.0％－0.4％
0.3％－1.6％

5.7％
0.0％
0.5％

Discounted cash
flow method

Discount rate

0.7％－3.4％

1.2％

Weighted average

Trading Assets
Trading Securities
Securities
Japanese Corporate Bonds
Private placement bonds

Discount rate

0.4％－5.8％

2.3％

Discounted cash
flow method

Prepayment rate
Default rate
Recovery rate
Discount rate

5.7％－24.4％
0.2％－59.6％
10.0％－39.7％
0.3％－1.0％

24.3％
0.7％
39.4％
0.4％

Other

Discount rate

0.0％－4.4％

0.3％

Derivative Transactions
Interest Rate and Bond-Related
Transactions
Currency-Related Transactions

Discounted cash
flow method
Option valuation
model
Option valuation
model

Stocks-Related Transactions
Option valuation
model

Prepayment rate
Default rate
Discount rate

1.7％ － 16.5％
0.0％ － 1.0％
0.2％ － 1.7％

6.7％
0.0％
0.5％

Discounted cash
flow method

Discount rate

0.4％ － 4.3％

1.0％

Discounted cash
flow method

Discount rate

0.0％ － 6.6％

0.7％

Discounted cash
flow method

Prepayment rate
Default rate
Recovery rate
Discount rate

10.1％ － 18.2％
1.0％ － 24.2％
10.0％ － 67.7％
0.4％ － 1.4％

18.1％
1.7％
65.6％
1.1％

Discounted cash
flow method

Discount rate

0.0％ － 5.0％

0.4％

Discounted cash
flow method

Discount rate

1.4％

1.4％

Option valuationmodel

IR – IR correlation

35.0％ － 100.0％―

FX – IR correlation
FX – FX correlation
Equity – IR
correlation
Equity – FX
correlation
Equity correlation
Equity volatility

22.9％ － 49.6％
42.5％ － 64.7％

―
―

25.0％

―

(32.5)％ － 50.0％―

0.0％ － 100.0％
8.4％ － 70.7％――

Trading Assets
Trading Securities
Securities
Japanese Corporate Bonds
Private placement bonds
Foreign Bonds
Securitized products

Discounted cash
flow method

Foreign Bonds
Securitized products

Discounted cash
flow method

IR – IR correlation

23.1％－100.0％―

FX – IR correlation
FX – FX correlation
Equity – IR
correlation
Equity – FX
correlation
Equity correlation
Equity volatility

11.3％－52.3％
41.3％－64.8％

―
―

25.0％

―

(16.9)％－16.8％―

3.2％－100.0％
8.7％－120.5％――

Commodity volatility

0.0％－89.3％―

Credit Derivative Transactions

Discounted cash
flow method

Default rate
Credit correlation

0.0％－8.0％
18.5％－100.0％――

Trading Liabilities
Securities Sold, Not yet Purchased
Derivative Transactions
Interest Rate and Bond-Related
Transactions
Currency-Related Transactions

Option valuation
model

Stocks-Related Transactions
Option valuation
model

Commodity-Related Transactions

Option valuation
model

Commodity volatility

0.0％ － 63.1％―

Credit Derivative Transactions

Discounted cash
flow method

Default rate
Credit correlation

0.0％ － 4.8％
17.2％ － 100.0％――

AppendixCommodity-Related Transactions

Option valuation
model

Other

Message from theGroup CFO

Significant
unobservablevaluation input

Weighted average

Our strategies forcreating value

Other Debt Purchased
Securitized products

Principal valuation
techniqueRange of valuation
input

Foundations for our
corporate value

As of March 31, 2022

Other Debt Purchased
Securitized products

Significant
unobservablevaluation input

Data section(1) Quantitative information of significant unobservable valuation inputs

Principal valuation
techniqueAbout Mizuho(Note 2)Information relating to fair values of Level 3 among the financial instruments recorded at fair value in the consolidatedbalance sheet

Message from theGroup CEO

Notes to Consolidated Financial Statements

235

236

Financial Data of Mizuho Financial Group, Inc.

¥(3)¥(103)¥(618,800)¥―¥―¥17,908

¥―

1,897

(0)

―

(1,897)

―

―

0

―

―

190

(354)

(31,450)

19,245

341

―

4

―

223

(33)

―

―

130,532

631

263(80,731)

3

0

―

0

―
―
―

8,063

―

168

1,929

―

―

10,161―

2,107,142

611

4,063

(280,310)―(1,595,468)

236,037―

773,659

48,769(1,802)(393,533)

145,936

―

524

1,545

91

―
―

(281,156)

13,920―16,082

127

132

―

―

(132)

―

―

―

―

―

―

―

1,559

―

―

1,559

―

24,942

16,040―12,651――

53,634

24,77624,857

7,073

―

1,077

―

―

33,008

7,865

3,444

20,683―29,603(3)―

53,72657,396

841

562

―

(750)

―

―

653

280

1,251

(1,249)

―

2,218

(259)

(42)

1,919

1,077

About Mizuho
Message from theGroup CFO

¥636,815

Our strategies forcreating value

As of March 31, 2022

Other Debt Purchased
Trading Assets
Trading Securities
Japanese
Corporate Bonds
StocksOther
Money Held in Trust
Securities
Other Securities
StocksJapanese
Corporate Bonds
Foreign Bonds
Other
Trading Liabilities
Securities Sold,
Not yet Purchased
Bonds and Notes
Derivative Transactions
Interest Rate andBond-Related
Transactions
Currency-Related
Transactions
Stocks-Related
Transactions
Commodity-Related
Transactions
Credit Derivative
Transactions

Foundations for our
corporate value

Beginningbalance

Data section

Millions of yen
Unrealized
gains(losses)
on financial
assets andliabilities
Net amountheld as ofTransfer to Transfer fromof purchase,Endingthefair values fair values ofRecorded tosale, issue,balance as consolidated
Recorded toof Level 3
Level 3otherandof period balance sheet
gains(losse(*3)
comprehensi
settlement
date amongs) for theve incomethe amountperiod (*1)(*2)
recorded to
gains(losses)
for the period(*1)
Gains(losses) for theperiod/ othercomprehensive income

structure and introducing new tools. In accordance with this, MHFG is expanding its observable market data by conducting additional research on theavailability of observable market data used in the calculation or verification of fair value and by evaluating the reliability of new market data obtained. In
addition, MHFG is refining its methods and criteria for evaluating the materiality of inputs. Assessing the significancy of an input requires management's
judgment based on the fair value measurement. Prior to the previous fiscal year, inputs to the valuation model were evaluated as significant inputs in thelevel classification of the fair value of a particular security. As a result of the enhancement of the governance, for Trading Securities and Japanese Corporate
Bonds, by applying a quantitative sensitivity analysis to discount rates, which are mainly unobservable inputs, the methods and criteria for assessing thesignificancy of inputs to the calculation of fair value has been refined. For Foreign Bonds, we refined the methods and criteria of quantitative sensitivity
analysis to assess the significance of unobservable inputs, such as prepayment rate, default rate, and recovery rate. In addition, these methods and criteria
are periodically verified by the middle and back offices.

Appendix(2) Adjustment sheet from beginning balance to ending balance as of period and unrealized gains (losses) recognized asgains (losses) for the period

Message from theGroup CEO

Notes to Consolidated Financial Statements(*1)Those amounts are included in the consolidated statement of income.
(*2)Those amounts are included in Net Unrealized Gains (Losses) on Other Securities of Other Comprehensive Income in the consolidated statement ofcomprehensive income.
(*3)Those are the transfers from Level 3 to Level 2, mainly, ¥28,717 million of Trading Securities in Trading Assets, ¥1,595,468 million of Japanese Corporate
Bonds in Other Securities and ¥277,104 million of Foreign Bonds in Other Securities were transferred for the following reasons. The transfer was made on
the beginning of the accounting period. After the increase in uncertainty in the financial instruments market due to the spread of COVID 19, liquidity as well as
price transparency has increased due to the recent increase in the issuance and trading volume of securities in the financial instruments market. In line withthese increases, from the current fiscal year, MHFG has been refining governance regarding the level classification of fair value by reviewing its internal

237

238

Financial Data of Mizuho Financial Group, Inc.

¥(125)¥485,724¥―¥―¥636,815

¥―

797

(6)

―

1,106

―

―

1,897

(2)

17

―

―

223

―

(31,596)

116

(999)

130,532

4,968

0

―

―

3

―

206

―

156,666

6,344

3

0

―
―
―

6,317

―

296

1,450

―

―

8,063

―

2,201,133

533

(633)

(70,069)―(23,821)

2,107,142―

847,601

39,31640,442(166,932)

13,230548(897)(4,393)―――

773,659

18,663

13,920

―
―

232

0

―

(100)

―

―

132

(0)

―

―

―

―

―

―

―

―

7,696

4,387

―

12,858――24,942

13,343

16,277

10,141―(1,561)――

24,857

10,526

69,571(67,728)

―

1,601

―

―

3,444

(33,744)

1,240

525

―

(924)

―

―

841

49

3,516

(2,522)

―

(246)

1,252

(748)

1,251

(3,471)(*1)Those amounts are included in the consolidated statement of income.
(*2)Those amounts are included in Net Unrealized Gains (Losses) on Other Securities of Other Comprehensive Income in the consolidated statement ofcomprehensive income.
(*3)Those are the transfers from Level 2 to Level 3, due to changes in observability of valuation inputs which are used in fair value measurements based onmarket liquidity. The transfer was made on the beginning of the accounting period.
(*4)Those are the transfers from Level 3 to Level 2, mainly due to increase of the observability of the discount rate which is used in fair value measurements forprivate placement bonds.

239

As of March 31, 2022

Other Debt Purchased
Trading Assets
Trading Securities
Japanese
Corporate Bonds
StocksOther
Money Held in Trust
Securities
Other Securities
StocksJapanese
Corporate Bonds
Foreign Bonds
Other
Trading Liabilities
Securities Sold,
Not yet Purchased
Bonds and Notes
Derivative Transactions
Interest Rate andBond-Related
Transactions
Currency-Related
Transactions
Stocks-Related
Transactions
Commodity-Related
Transactions
Credit Derivative
Transactions$5,202,318$(27)

15,498(1)$(848) $(5,055,147)$―$―$146,296$―(15,497)

―

―

0

―

―

1,553

(2,900)(256,926)

157,219

2,788

―

35

―

―

83,011

―
―

―

1,829

(276)

―

―

1,066,352

5,162

2,150

(659,519)

30

3

―

2

―
―
―

65,875―

1,374

15,762―

17,213,806

4,996

33,198(2,289,934)― (13,033,809)

1,928,257

6,320,229

398,411(14,724)(3,214,881)

1,192,192

―

4,287

12,622751――(2,296,843)

113,721―

131,381

1,043

1,086

―

―

(1,086)

―

―

―

―

―

―

―

12,738――12,738―203,759

131,041―

103,352――

438,152

202,408

203,067

57,789

―

8,801

―

―

269,657

64,251

28,137

168,968―

241,835(31)―

438,909468,883

6,874

4,592

―

(6,127)

―

―

5,339

2,294

10,226(10,203)―

18,124(2,120)(346)

15,681

8,804

About Mizuho
Message from theGroup CFO¥(3)

Our strategies forcreating value¥151,219

Foundations for our
corporate value

As of March 31, 2021

Other Debt Purchased
Trading Assets
Trading Securities
Japanese
Corporate Bonds
StocksOther
Money Held in Trust
Securities
Other Securities
StocksJapanese
Corporate Bonds
Foreign Bonds
Other
Trading Liabilities
Securities Sold,
Not yet Purchased
Bonds and Notes
Derivative Transactions
Interest Rate andBond-Related
Transactions
Currency-Related
Transactions
Stocks-Related
Transactions
Commodity-Related
Transactions
Credit Derivative
Transactions

Beginningbalance

Data section

BeginningbalanceThousands of U.S. dollars
Unrealized
gains(losses)
on financial
assets andliabilities
Net amountheld as ofTransfer to Transfer fromof purchase,Endingthefair values fair values ofRecorded tosale, issue,balance as consolidated
Recorded toof Level 3
Level 3otherandof period balance sheet
gains(losse(*3)
comprehensi
settlement
date amongs) for theve incomethe amountperiod (*1)(*2)
recorded to
gains(losses)
for the period(*1)
Gains(losses) for theperiod/ othercomprehensive income(*1)Those amounts are included in the consolidated statement of income.
(*2)Those amounts are included in Net Unrealized Gains (Losses) on Other Securities of Other Comprehensive Income in the consolidated statement ofcomprehensive income.
(*3)Those are the transfers from Level 3 to Level 2, mainly, $234,603 thousand of Trading Securities in Trading Assets, $13,033,809 thousand of JapaneseCorporate Bonds in Other Securities and $2,263,743 thousand of Foreign Bonds in Other Securities were transferred for the following reasons. The transfer
was made on the beginning of the accounting period. After the increase in uncertainty in the financial instruments market due to the spread of COVID 19,
liquidity as well as price transparency has increased due to the recent increase in the issuance and trading volume of securities in the financial instruments
market. In line with these increases, from the current fiscal year, MHFG has been refining governance regarding the level classification of fair value byreviewing its internal structure and introducing new tools. In accordance with this, MHFG is expanding its observable market data by conducting additional
research on the availability of observable market data used in the calculation or verification of fair value and by evaluating the reliability of new market dataobtained. In addition, MHFG is refining its methods and criteria for evaluating the materiality of inputs. Assessing the significancy of an input requires
management's judgment based on the fair value measurement. Prior to the previous fiscal year, inputs to the valuation model were evaluated as significant

AppendixMillions of yen
Unrealized
gains(losses)
on financial
assets andliabilities
Net amountheld as ofTransfer to Transfer fromof purchase,Endingthefair values fair values ofRecorded tosale, issue,balance as consolidated
Recorded toof Level 3
Level 3otherandof period balance sheet
gains(losse
(*3)
(*4)
comprehensi
settlement
date amongs) for theve incomethe amountperiod (*1)(*2)
recorded to
gains(losses)
for the period(*1)
Gains(losses) for theperiod/ othercomprehensive income

Message from theGroup CEO

Notes to Consolidated Financial Statements

240

Financial Data of Mizuho Financial Group, Inc.

Recovery rate
The recovery rate is an estimate of the percentage of contractual payments that would be collected in the event of a
default. A significant increase (decrease) in recovery rate would generally be accompanied by a decrease (increase) inthe default rate. It would also generally significantly impact the valuation of the fair values of financial instruments
positively (negatively).
Discount rate
The discount rate is an adjustment rate to a benchmark market interest rate such as TIBOR or swap rates. It primarily
consists of a risk premium component which is the amount of compensation that market participants require due to theuncertainty inherent in the financial instruments’ cash flows resulting from credit risk. A significant increase (decrease)in discount rate would generally significantly impact the valuation of the fair values of financial instruments negatively(positively).
Correlation
Correlation is the likelihood of the movement of one input relative to another based on an established relationship. A
significant change in correlation would significantly impact the valuation of derivatives either positively or negatively,
depending on the nature of the underlying assets.

About Mizuho
Message from theGroup CFO

Default rate
The default rate is an estimate of the likelihood of not collecting contractual payments. A significant increase(decrease) in the default rate would generally be accompanied by a decrease (increase) in the recovery rate and anincrease (decrease) in the discount rate. It would also generally significantly impact the valuation of the fair values offinancial instruments negatively (positively).

Our strategies forcreating value(4) Explanation of the impact on fair values in the case where significant unobservable inputs are varied
Prepayment rate
The prepayment rate is the estimated rate at which voluntary unscheduled repayments of the principal of theunderlying assets are expected to occur. The movement of the prepayment rate is generally negatively correlated withborrower delinquency. A significant change in the prepayment rate would generally significantly impact the valuation of
the fair values of financial instruments either positively or negatively, depending on the structure of financial
instruments.

Foundations for our
corporate value(3) Explanation of the process of fair value measurement
In MHFG, middle-offices and back-offices have established policies and procedures related to the measurement of fairvalues and procedures related to usage of the valuation model. For the fair values and the level categories, the validity ofthe valuation techniques and valuation inputs used in fair value measurement are verified.
In fair value measurement, valuation models in which the nature, characteristics and risks of individual assets are mostappropriately reflected are used. In addition, when quoted prices obtained from third parties are used, the validity of theprices is verified by appropriate methods such as confirmation of valuation techniques and used valuation inputs andcomparison with the fair values of similar financial instruments.

Data section

inputs in the level classification of the fair value of a particular security. As a result of the enhancement of the governance, for Trading Securities andJapanese Corporate Bonds, by applying a quantitative sensitivity analysis to discount rates, which are mainly unobservable inputs, the methods and criteria
for assessing the significancy of inputs to the calculation of fair value has been refined. For Foreign Bonds, we refined the methods and criteria of quantitative
sensitivity analysis to assess the significance of unobservable inputs, such as prepayment rate, default rate, and recovery rate. In addition, these methods
and criteria are periodically verified by the middle and back offices.

Message from theGroup CEO

Notes to Consolidated Financial Statements

Appendix

Volatility
Volatility is a measure of the expected change in variables over a fixed period of time. Some financial instruments
benefit from an increase in volatility and others benefit from a decrease in volatility. Generally, a significant increase(decrease) in volatility would result in a significant increase (decrease) in option values and, for a long position in an
option, it would result in a significant increase (decrease) in the fair values of financial instruments.

241

242

Financial Data of Mizuho Financial Group, Inc.

As of March 31, 2021

Bonds Held-to-Maturity (Total)
Bonds Whose Fair Values Exceed the Consolidated
Balance Sheet Amount Bonds Held-to-Maturity:
Japanese Government Bonds
Foreign Bonds
Bonds Whose Fair Values Do Not Exceed the Consolidated
Balance Sheet Amount Bonds Held-to-Maturity:
Japanese Government Bonds
Foreign Bonds

As of March 31, 2022

¥546,328
479,979
66,348¥551,665
485,081
66,584¥5,336
5,101
235¥971,254―
971,254¥913,911―
913,911¥(57,343)―(57,343)
Millions of yen

Consolidated
Balance
Sheet Amount

Fair value

Difference¥885,529¥903,599¥18,069¥754,131
479,958
274,173¥775,356
489,514285,842¥21,225
9,555
11,669¥131,397―
131,397¥128,242―
128,242¥(3,155)―(3,155)

Thousands of U.S. dollars

Consolidated
Balance
Sheet Amount

Fair value

Difference$12,397,547$11,972,686$(424,861)$4,463,106
3,921,083
542,023$4,506,700
3,962,756
543,944$43,594
41,673
1,921$7,934,441―
7,934,441$7,465,986―
7,465,986$(468,455)―(468,455)¥990,184¥16,737,667
2,408,701
12,501,867
11,216,392
51,351
1,234,123
1,827,098
1,101,304
28,100697,693¥15,143,882
870,310
12,482,067
11,208,896
51,097
1,222,073
1,791,504
1,098,988
27,907
664,608¥1,593,785
1,538,391
19,7997,495
253
12,05035,5932,316
193
33,084¥25,328,055
168,608
16,118,546
13,942,337
368,294
1,807,913
9,040,901
7,836,289
29,5701,175,040¥25,931,656
207,083
16,190,532
13,980,376
370,460
1,839,695
9,534,039
8,252,899
29,882
1,251,258¥(603,600)(38,475)(71,986)(38,039)(2,165)(31,781)(493,138)(416,609)(311)(76,217)¥26,556¥26,556¥―

Difference*

About Mizuho¥(52,007)¥41,075,538

Message from theGroup CFO

Difference¥1,465,576

Acquisition Cost

¥42,065,723

Appendix

Bonds Held-to-Maturity (Total)
Bonds Whose Fair Values Exceed the Consolidated
Balance Sheet Amount Bonds Held-to-Maturity:
Japanese Government Bonds
Foreign Bonds
Bonds Whose Fair Values Do Not Exceed the Consolidated
Balance Sheet Amount Bonds Held-to-Maturity:
Japanese Government Bonds
Foreign Bonds

Fair value¥1,517,583

Other Securities (Total)
Other Securities Whose Consolidated Balance Sheet
Amount Exceeds Acquisition Cost
Other Securities:
Japanese Stocks
Japanese Bonds:
Japanese Government Bonds
Japanese Local Government Bonds
Japanese Corporate Bonds
Other:
Foreign Bonds
Other Debt Purchased
Other
Other Securities Whose Consolidated Balance Sheet
Amount Does Not Exceed Acquisition Cost
Other Securities:
Japanese Stocks
Japanese Bonds:
Japanese Government Bonds
Japanese Local Government Bonds
Japanese Corporate Bonds
Other:
Foreign Bonds
Other Debt Purchased
Other
Money Held in Trust
Other Money Held in Trust

Our strategies forcreating value

As of March 31, 2022

Bonds Held-to-Maturity (Total)
Bonds Whose Fair Values Exceed the Consolidated
Balance Sheet Amount Bonds Held-to-Maturity:
Japanese Government Bonds
Foreign Bonds
Bonds Whose Fair Values Do Not Exceed the Consolidated
Balance Sheet Amount Bonds Held-to-Maturity:
Japanese Government Bonds
Foreign Bonds

Millions of yen

Consolidated
Balance
Sheet Amount

As of March 31, 2022

Foundations for our
corporate value

The following tables contain information relating to “Securities,” Trading Securities, Short-term Bonds, certain other items in“Trading Assets,” Negotiable Certificates of Deposit in “Cash and Due from Banks,” certain items in “Other Debt Purchased,”certain items in “Other Assets,” and “Money Held in Trust.”

Millions of yen

Consolidated
Balance
Sheet Amount

Data section

44. Fair Value of Securities and Money Held in Trust

Message from theGroup CEO

Notes to Consolidated Financial Statements

243

244

Financial Data of Mizuho Financial Group, Inc.

¥25,032,198
2,726,040
14,440,198
12,716,957
196,757
1,526,483
7,865,959
6,246,882
44,4181,574,659¥23,042,398
981,426
14,415,433
12,713,374
196,213
1,505,845
7,645,538
6,180,203
43,662
1,421,672¥1,989,800
1,744,614
24,765
3,583
544
20,637
220,42166,678755
152,986¥17,502,649
139,945
9,704,849
8,203,625
266,801
1,234,423
7,657,854
6,187,029
638,500
832,325¥17,889,197
186,294
9,774,593
8,238,926
267,459
1,268,208
7,928,309
6,286,717
638,687
1,002,904¥(386,547)(46,348)(69,743)(35,301)(657)(33,785)(270,454)(99,687)(187)(170,579)¥9,804¥9,804¥―As of March 31, 2022

Other Securities (Total)
Other Securities Whose Consolidated Balance Sheet
Amount Exceeds Acquisition Cost
Other Securities:
Japanese Stocks
Japanese Bonds:
Japanese Government Bonds
Japanese Local Government Bonds
Japanese Corporate Bonds
Other:
Foreign Bonds
Other Debt Purchased
Other
Other Securities Whose Consolidated Balance Sheet
Amount Does Not Exceed Acquisition Cost
Other Securities:
Japanese Stocks
Japanese Bonds:
Japanese Government Bonds
Japanese Local Government Bonds
Japanese Corporate Bonds
Other:
Foreign Bonds
Other Debt Purchased
Other
Money Held in Trust
Other Money Held in Trust*$343,646,134

Acquisition Cost

Difference*$335,557,054$8,089,080$136,734,480
19,677,328
102,131,099
91,629,711
419,505
10,081,883
14,926,053
8,996,850
229,5615,699,642$123,714,424
7,109,799
101,969,349
91,568,475
417,4319,983,443
14,635,276
8,977,927
227,983
5,429,366$13,020,056
12,567,529
161,750
61,236
2,074
98,440290,777
18,923
1,578
270,276$206,911,654
1,377,407
131,676,710
113,898,681
3,008,698
14,769,331
73,857,537
64,016,746
241,5719,599,220$211,842,630
1,691,723
132,264,788
114,209,435
3,026,387
15,028,966
77,886,119
67,420,139
244,116
10,221,864$(4,930,976)(314,316)(588,078)(310,754)(17,689)(259,635)(4,028,582)(3,403,393)(2,545)(622,644)$216,949$216,949$―

Unrealized Gains (Losses) or Difference include gains (losses) of ¥27,448 million ($224,233 thousand) and ¥32,481 million which were recognized in thestatements of income for the fiscal years ended March 31, 2022 and 2021, respectively, by applying the fair-value hedge method.

Note: A summary of Trading Securities and Money Held in Trust for investment purposes and related unrealized gains andlosses recognized in the statement of income are as follows:*

Millions of yen
2022

2021

Unrealized
gains (losses)

As of March 31,

Trading Securities

Unrealized
gains (losses)¥7,238¥1,115
Millions of yen
2022

As of March 31,

Money Held in Trust for
Investment

*

245

2021

Fair value

Unrealized
gains (losses)

Fair value

Unrealized
gains (losses)¥564,626¥1,282¥572,564¥2,305

About Mizuho*¥1,603,253

Message from theGroup CFO

Difference¥40,931,595

Our strategies forcreating value

Acquisition Cost

Thousands of U.S. dollars

Foundations for our
corporate value¥42,534,848

Consolidated
Balance
Sheet AmountThousands of U.S. dollars
2022
Unrealized
gains (losses)

Data section

Other Securities (Total)
Other Securities Whose Consolidated Balance Sheet
Amount Exceeds Acquisition Cost
Other Securities:
Japanese Stocks
Japanese Bonds:
Japanese Government Bonds
Japanese Local Government Bonds
Japanese Corporate Bonds
Other:
Foreign Bonds
Other Debt Purchased
Other
Other Securities Whose Consolidated Balance Sheet
Amount Does Not Exceed Acquisition Cost
Other Securities:
Japanese Stocks
Japanese Bonds:
Japanese Government Bonds
Japanese Local Government Bonds
Japanese Corporate Bonds
Other:
Foreign Bonds
Other Debt Purchased
Other
Money Held in Trust
Other Money Held in Trust

Millions of yen$9,116

Thousands of U.S. dollars
2022
Unrealized
Fair value gains (losses)$4,612,587$10,480

Appendix

As of March 31, 2021

Consolidated
Balance
Sheet Amount

Message from theGroup CEO

Notes to Consolidated Financial Statements

Fair values of trading securities as of March 31, 2022 and 2021 are described in “43. Financial Instruments.”

246

Financial Data of Mizuho Financial Group, Inc.

¥171,872
15,882
15,740$1,647,669
291,815,101
287,279,094$1,640,497
122,906
63,319$1,404,069
129,752
128,586

164,617
390,634
21,567,729¥57,490,507

406
6,887
108,409¥324,267130
11
237,885¥425,640

1,344,806
3,191,201
176,192,550$469,655,320

3,321
56,266885,623$2,649,026

1,069
97
1,943,352$3,477,173

Millions of yen
Total amount Total amountof gainsof losses
Proceeds
on saleson salesfrom sales¥208,758
29,396,462
29,359,467¥162,569
11,0998,991¥130,328
24,94524,912697
36,297
24,257,982¥53,863,203

4
2,103
149,581¥323,249―
32
103,619¥258,893

Unrealized Gains/Losses on Other Securities
Unrealized Gains/Losses on Other Securities as of March 31, 2022 and 2021 are as follows:

As of March 31,*1

Difference between Acquisition Cost and Fair Value*2
Other Securities
Deferred Tax Liabilities
Difference between Acquisition Cost and Fair Value, net of Taxes
Amount Corresponding to Non-controlling Interests
Amount Corresponding to Net Unrealized Gains (Losses) on Other
Securities Owned by Affiliated Companies, which is
attributable to MHFGNet Unrealized Gains (Losses) on Other Securities
*1

2021

Thousands of
U.S. dollars
2022¥993,341
993,341(259,318)
734,022
17,417¥1,585,324
1,585,324(439,907)
1,145,417
16,783$8,114,870
8,114,870(2,118,440)
5,996,430
142,286

3,216¥719,822

3,826¥1,132,460

26,275$5,880,419

Millions of yen
2022

The difference between acquisition cost and fair value excludes ¥(27,448) million ($(224,233) thousand) and ¥(32,481) million which were recognized in thestatements of income for the fiscal years ended March 31, 2022 and 2021, respectively, by applying the fair-value hedge method.
*2
Other Securities includes translation differences regarding Stocks and others without a quoted market price and Investments in Partnerships and others.

247(1) Derivative Transactions not Qualifying for Hedge Accounting

About Mizuho¥200,813
15,044
7,750

Contract value represents notional amounts for swap transactions and contract amounts for other transactions.
Contract value amounts do not indicate the market risk related to derivative transactions.
Transactions are marked to market, and changes in unrealized gains (losses) are included in the consolidated statementof income.

(a) Interest Rate and Bond-Related Transactions
Millions of yen
As of March 31, 2022

Listed:Interest Rate Futures:
Sold
BoughtInterest Rate Options:
Sold
BoughtBond Futures:
Sold
BoughtBond Futures Options:
Sold
BoughtOver-the-Counter:
FRAs:
Sold
BoughtInterest Rate Swaps:
Receive Fixed / Pay Float
Receive Float / Pay Fixed
Receive Float / Pay Float
Receive Fixed / Pay Fixed
Interest Rate Options:
Sold
BoughtBond Options:
Sold
BoughtBond Other:
Sold
BoughtInter-company or Internal Transactions:Interest Rate Swaps:
Receive Fixed / Pay Float
Receive Float / Pay Fixed
Total

Contract value
Total
Over one year

Fair value

Unrealized
gains (losses)¥28,177,021
38,086,337¥18,606,057
18,366,364¥89,540(89,084)¥89,540(89,084)

7,499,613
7,814,127

33,810209,740(4,599)5,676(1,623)
2,420

343,425
773,542―
263,220

2,489(3,733)

2,489(3,733)

9,009
9,773

―
―

(11)
15

5
(5)

7,040,801
7,147,123

1,359―

54,903(47,387)

54,903(47,387)

506,278,833
502,041,404
246,369,987
291,424

388,126,018
384,679,941
122,390,266
231,213(1,408,308)
1,397,275
7,197
3,837

(1,408,308)
1,397,275
7,197
3,837

17,626,900
17,712,467

12,420,586
12,307,041(141,524)
118,749(141,524)
118,749

164,993
162,394

―
―

(537)
606

(36)
114

4,241
11,492

―
―

(44)
88

(44)
88

5,851,762
6,649,534/

4,788,302
5,635,375/(93,385)
175,272¥67,036(93,385)
175,272¥66,761

Message from theGroup CFO

Stocks
Bonds
Japanese Government Bonds
Japanese Local
Government Bonds
Japanese Corporate Bonds
Other
Total

¥201,691
35,721,086
35,165,833

The fair value of derivatives not qualifying for hedge accounting and derivatives qualifying for hedge accounting as ofMarch 31, 2022 and 2021 is shown in the tables below. In the following tables:

Our strategies forcreating value

For the Fiscal Year ended March 31,
2021

Thousands of U.S. dollars
Total amount Total amountof gainsof losses
Proceeds
on saleson salesfrom sales

Foundations for our
corporate value

Stocks
Bonds
Japanese Government Bonds
Japanese Local
Government Bonds
Japanese Corporate Bonds
Other
Total

Millions of yen
Total amount Total amountof gainsof losses
Proceeds
on saleson salesfrom sales

Data section

For the Fiscal Year ended March 31,
2022

45. Derivatives Information

Appendix

Other Securities Sold during the Fiscal Year

Message from theGroup CEO

Notes to Consolidated Financial Statements

248

Financial Data of Mizuho Financial Group, Inc.

¥(1,120)
2,199

239,583
425,653

6,863
―

(111)
268

(3)
(315)

165,894
175,412

―
―

556
(455)

556
(455)

18,04877,541

―
―

(46)
169

(46)
119

42,665,863
42,609,545――

45,060(46,135)

45,060(46,135)

449,922,359
442,383,440
147,723,342
291,810

341,882,271
332,409,368
121,666,164
235,5023,014,574(2,817,850)
5,791(1,088)3,014,574(2,817,850)
5,791(1,088)13,900,704
14,152,261

9,346,439
9,516,824(53,039)
49,285(53,039)
49,285385,389
385,457

109,950
109,950(8,336)8,610(7,564)
7,707

8,120
21,342

―
―

(37)
188

(37)
188

5,083,479
13,498,632/

4,451,482
11,151,452/

983(106,637)¥92,832

983(106,637)¥92,174$230,185,615
311,137,469$151,997,858
150,039,743$731,483(727,757)$731,483(727,757)

61,266,345
63,835,696

276,206
1,713,425(37,575)
46,369(13,265)
19,7732,805,537
6,319,271―
2,150,317

20,336(30,498)

20,336(30,498)

73,60079,840

―
―

(91)
123

45
(46)

57,518,188
58,386,763

11,109―448,521(387,119)448,521(387,119)

4,135,927,075
4,101,310,384
2,012,662,261
2,380,721

3,170,705,155
3,142,553,232
999,838,788
1,888,847(11,504,850)
11,414,720
58,802
31,351(11,504,850)
11,414,720
58,802
31,351

143,998,863
144,697,878

101,467,087
100,539,508(1,156,148)
970,093(1,156,148)
970,093

1,347,880
1,326,640――(4,387)
4,956

(296)
933

34,64993,881

―
―

(363)
725

(363)
725

47,804,608
54,321,825/

39,116,920
46,036,890/(762,894)
1,431,845$547,642(762,894)
1,431,845$545,391

About Mizuho¥(1,120)
2,199

Unrealized
gains (losses)

Message from theGroup CFO

¥3,517,173
5,980,115

Listed:Interest Rate Futures:
Sold
BoughtInterest Rate Options:
Sold
BoughtBond Futures:
Sold
BoughtBond Futures Options:
Sold
BoughtOver-the-Counter:
FRAs:
Sold
BoughtInterest Rate Swaps:
Receive Fixed / Pay Float
Receive Float / Pay Fixed
Receive Float / Pay Float
Receive Fixed / Pay Fixed
Interest Rate Options:
Sold
BoughtBond Options:
Sold
BoughtBond Other:
Sold
BoughtInter-company or Internal Transactions:Interest Rate Swaps:
Receive Fixed / Pay Float
Receive Float / Pay Fixed
Total

Fair value

Our strategies forcreating value¥5,352,260
11,939,410

As of March 31, 2022

Appendix

Listed:Interest Rate Futures:
Sold
BoughtInterest Rate Options:
Sold
BoughtBond Futures:
Sold
BoughtBond Futures Options:
Sold
BoughtOver-the-Counter:
FRAs:
Sold
BoughtInterest Rate Swaps:
Receive Fixed / Pay Float
Receive Float / Pay Fixed
Receive Float / Pay Float
Receive Fixed / Pay Fixed
Interest Rate Options:
Sold
BoughtBond Options:
Sold
BoughtBond Other:
Sold
BoughtInter-company or Internal Transactions:Interest Rate Swaps:
Receive Fixed / Pay Float
Receive Float / Pay Fixed
Total

Fair value

Thousands of U.S. dollars
Contract value
Total
Over one year

Foundations for our
corporate value

As of March 31, 2021

Unrealized
gains (losses)

Data section

Millions of yen
Contract value
Total
Over one year

Message from theGroup CEO

Notes to Consolidated Financial Statements

249

250

Financial Data of Mizuho Financial Group, Inc.

Unrealized
gains (losses)¥17,763
107,999¥2,99748,506¥――¥――

84,601,373

65,094,808

74,412

111,140

74,056,476
46,362,654

4,921,374
2,848,949(1,458,262)
1,377,595(1,458,262)
1,377,595

3,797,000
3,697,968

1,789,884
1,721,075(130,200)
79,187(87,402)
23,5583,792,499

2,663,798

219,192

559

―
1,526
/

―
―
/

―
80
¥162,006―
80¥(32,731)

Listed:Futures:
Sold
BoughtOver-the-Counter:
Swaps
Forwards:
Sold
BoughtOptions:
Sold
BoughtInter-company or Internal Transactions:
Swaps
Forwards:
Sold
BoughtTotal$145,118
882,276$24,490396,264

$―
―

$―
―

691,131,225

531,776,882

607,899

907,940

604,987,144
378,748,912

40,204,023
23,273,833(11,912,934)
11,253,943(11,912,934)
11,253,943

31,018,716
30,209,689

14,622,048
14,059,923(1,063,639)
646,907(714,015)
192,454

30,981,944

21,761,284

1,790,642

4,567―
12,467
/

―
―
/

―
654
$1,323,472―
654$(267,391)(c) Stock-Related Transactions

Millions of yen
As of March 31, 2021

Fair value

Unrealized
gains (losses)¥15,615
78,356¥3,54032,799¥――¥――69,875,350

52,691,198

44,712

44,67063,766,682
37,077,896

3,575,704
1,863,936(735,730)
715,575(735,730)
715,575

4,513,631
4,015,482

1,676,580
1,645,075(81,683)
60,985(38,378)5,3652,214,554

1,773,095(10,879)

14,122

15
1,099
/

―
―
/

(0)
28
¥(6,992)(0)
28¥5,653

Millions of yen
As of March 31, 2022

Listed:Index Futures:
Sold
BoughtIndex Futures Options:
Sold
BoughtOver-the-Counter:
Equity Linked Swaps
Options:
Sold
BoughtOther:
Sold
BoughtTotal

Contract value
Total
Over one year

Fair value

Unrealized
gains (losses)¥386,324
135,158¥24,290
29,145¥(17,249)
3,371¥(17,249)
3,371

2,722,346
2,200,458

361,435
244,775(193,606)
116,589(106,931)
51,814

994,753594,971

80,20780,207

1,043,572
825,177

723,666
796,183(105,050)
142,526(105,050)
142,526

331,959
1,444,734/

4,335
167,501/

99,35732,511¥158,657

99,35732,511¥180,557

Appendix

Listed:Futures:
Sold
BoughtOver-the-Counter:
Swaps
Forwards:
Sold
BoughtOptions:
Sold
BoughtInter-company or Internal Transactions:
Swaps
Forwards:
Sold
BoughtTotal

Contract value
Total
Over one year

About Mizuho

Fair value

Unrealized
gains (losses)

Message from theGroup CFO

Listed:Futures:
Sold
BoughtOver-the-Counter:
Swaps
Forwards:
Sold
BoughtOptions:
Sold
BoughtInter-company or Internal Transactions:
Swaps
Forwards:
Sold
BoughtTotal

Contract value
Total
Over one year

Fair value

Our strategies forcreating value

As of March 31, 2022

As of March 31, 2022

Foundations for our
corporate value

Millions of yen

Contract value
Total
Over one year

Data section

Thousands of U.S. dollars(b) Currency-Related Transactions

Message from theGroup CEO

Notes to Consolidated Financial Statements

251

252

Financial Data of Mizuho Financial Group, Inc.

¥(37,863)(162)¥(37,863)(162)

2,008,214
1,476,846

456,209362,320(195,420)
187,767(106,406)
102,582

801,742526,254(4,324)(4,324)575,890465,704

435,591
392,903(57,255)
62,373(57,255)
62,373352,860
781,318/

281,444507,521/52,158
195,685¥202,959

52,158
195,685¥206,788

Fair value

Unrealized
gains (losses)$3,155,991
1,104,143$198,436
238,099$(140,916)
27,541$(140,916)
27,541

22,239,574
17,976,136

2,952,659
1,999,632(1,581,624)
952,451(873,553)
423,288

8,126,405

4,860,483

655,235

655,235

8,525,224
6,741,098

5,911,828
6,504,232(858,182)
1,164,336(858,182)
1,164,336

2,711,863
11,802,419/

35,416
1,368,366/

811,679
265,598$1,296,118

811,679
265,598$1,475,026

As of March 31,

Listed:Futures:
Sold
BoughtOver-the-Counter:
Options:
Sold
BoughtTotal

Contract value
Fair
Unrealized
value gains (losses)

Total

Over
one year¥79,306
118,853¥16,640
42,576¥(27,442)
48,259263,234
216,796/

130,604
100,294/(90,713)72,939¥3,043Over
one year¥(27,442)
48,259¥37,845
60,560¥11,877
27,336¥(6,361)
9,900¥(6,361)
9,900(90,713)72,939¥3,043

167,743
145,003/

74,372
58,215/(24,310)24,048¥3,275(24,310)24,048¥3,275

Thousands of U.S. dollars
2022
Contract value
As of March 31,

Listed:Futures:
Sold
BoughtOver-the-Counter:
Options:
Sold
Bought
Total

Total

Over
one year

Fair
Unrealized
value gains (losses)$647,872
970,944$135,937
347,820$(224,187) $(224,187)
394,245394,245

2,150,436
1,771,069/

1,066,941
819,337/(741,059)
595,866$24,865

Note: Commodities include oil, copper, aluminum and others.

Fair
Unrealized
value gains (losses)

Total(741,059)
595,866$24,865

Appendix

Listed:Index Futures:
Sold
BoughtIndex Futures Options:
Sold
BoughtOver-the-Counter:
Equity Linked Swaps
Options:
Sold
BoughtOther:
Sold
BoughtTotal

Contract value
Total
Over one year

Contract value

About Mizuho¥40,915
8,219

2021

Message from theGroup CFO

¥346,971
332,196

Thousands of U.S. dollars
As of March 31, 2022

Millions of yen
2022

Our strategies forcreating value

Listed:Index Futures:
Sold
BoughtIndex Futures Options:
Sold
BoughtOver-the-Counter:
Equity Linked Swaps
Options:
Sold
BoughtOther:
Sold
BoughtTotal

Fair value(d) Commodity-Related Transactions

Foundations for our
corporate value

As of March 31, 2021

Unrealized
gains (losses)

Data section

Millions of yen
Contract value
Total
Over one year

Message from theGroup CEO

Notes to Consolidated Financial Statements

253

254

Financial Data of Mizuho Financial Group, Inc.

(2) Derivative Transactions Qualifying for Hedge Accounting

As of March 31, 2022

¥5,166,546
6,829,733/¥4,921,255
6,373,844/¥91,514(91,657)¥(142)¥91,514(91,657)¥(142)
Millions of yen

As of March 31, 2021

Over-the-Counter:
Credit Derivatives:
Sold
BoughtTotal

Millions of yen

Contract value
Total
Over one year

¥4,559,481
6,033,371/¥4,310,774
5,749,780/

Fair value

Unrealized
gains (losses)¥88,213(107,766)¥(19,553)¥88,213(107,766)¥(19,553)

Primary Method :Interest Rate Swaps:
Receive Fixed / Pay Float
Receive Float / Pay Fixed
Fair Value Hedge Method :Interest Rate Swaps:
Receive Float / Pay Fixed
Receive Float / Pay Float
Exceptional Accrual Method :Interest Rate Swaps:
Receive Float / Pay Fixed
Total

Primary
hedged items

Loans, deposits,
borrowings, other securities
and others

Contract value
Total
Over one year

¥16,645,278
7,250,331¥13,423,200
5,978,877¥(214,332)
105,318

7,116
5,906

6,901
5,849

(102)
(968)

47,112/37,052/Loans and others

Loans and others
Note 2Thousands of U.S. dollars
As of March 31, 2022

Over-the-Counter:
Credit Derivatives:
Sold
BoughtTotal

Contract value
Total
Over one year

$42,206,897
55,793,919/$40,203,049
52,069,638/$747,606(748,773)$(1,167)$747,606(748,773)$(1,167)¥(110,084)
Millions of yen

As of March 31, 2021

Primary Method :Interest Rate Swaps:
Receive Fixed / Pay Float
Receive Float / Pay Fixed
Fair Value Hedge Method :Interest Rate Swaps:
Receive Float / Pay Fixed
Receive Float / Pay Float
Exceptional Accrual Method :Interest Rate Swaps:
Receive Float / Pay Fixed
Total

Primary
hedged items

Loans, deposits,
borrowings, other securities
and others

Contract value
Total
Over one year

Fair value¥17,600,318
5,784,000¥14,654,574
5,175,765¥121,074
185

7,150
5,876

6,146
5,818

(256)
(371)

37,083/33,658/Loans and others

Loans and others
Note 2¥120,631

Appendix

Data section

Note: “Sold” and “Bought” indicate assumption and cession of credit risk, respectively.

Fair value

Unrealized
gains (losses)

Fair value

About Mizuho

Over-the-Counter:
Credit Derivatives:
Sold
BoughtTotal

Fair value(a) Interest Rate and Bond-related Transactions

Message from theGroup CFO

As of March 31, 2022

Unrealized
gains (losses)

Our strategies forcreating value

Millions of yen
Contract value
Total
Over one year

Foundations for our
corporate value(e) Credit Derivative Transactions

Message from theGroup CEO

Notes to Consolidated Financial Statements

255

256

Financial Data of Mizuho Financial Group, Inc.

$109,657,709$(1,750,941)

59,229,895

48,843,047

860,378

Loans and others

Interest Rate Swaps:
Receive Float / Pay Fixed

58,13756,378(840)

Receive Float / Pay Float

48,25047,786(7,909)Exceptional Accrual Method :Loans and others

Interest Rate Swaps:
Receive Float / Pay Fixed
Total

Note 2384,874

302,690//$(899,312)

Notes: 1. Primarily the deferred method is applied under “Accounting and Auditing Treatment Relating to Adoption of
Accounting Standards for Financial Instruments for Banks” (JICPA Industry Committee Practical Guidelines No. 24,
March 17, 2022).
2. Since derivative transactions qualifying for the exceptional accrual method are treated as a unit of hedged items
such as loans, those fair values are included in fair values of such loans in “43. Financial Instruments.”

Fair value¥8,059,860¥3,124,945¥(188,881)

205
―

―
―

(12)
―

672

672

(291)

13,47812,157
/

1,316
1,316
/

(914)
407
¥(189,692)

Loans and other securities

Millions of yen
As of March 31, 2021

Primary Method :Swaps
Forwards:
Sold
BoughtFair Value Hedge Method :Swaps
Forwards:
Sold
BoughtTotal

As of March 31, 2022

Primary Method :Swaps
Forwards:
Sold
BoughtFair Value Hedge Method :Swaps
Forwards:
Sold
BoughtTotal

About Mizuho

Fair Value Hedge Method :$135,979,732

Loans, deposits, borrowings,
parent company’s interest of
subsidiaries’ net assets andothersPrimary
hedged items

Loans, deposits, borrowings,
parent company’s interest of
subsidiaries’ net assets andothersContract value
Total
Over one year

Fair value¥6,131,532¥2,320,014¥13,718

1,099
15

―
―

(28)
0

1,192

1,192

(535)

10,783
10,783
/

2,506
2,506
/

(517)
1,096
¥13,733

Loans and other securities

Primary
hedged items

Loans, deposits, borrowings,
parent company’s interest of
subsidiaries’ net assets andothersThousands of U.S. dollars
Contract value
Total
Over one year
Fair value$65,843,156$25,528,515$(1,543,022)

1,676
―

―
―

(103)
―

5,496

5,496

(2,380)110,111
99,320/10,755
10,755/(7,470)3,328$(1,549,647)

Message from theGroup CFO

Receive Float / Pay Fixed

As of March 31, 2022

Primary Method :Swaps
Forwards:
Sold
BoughtFair Value Hedge Method :Swaps
Forwards:
Sold
BoughtTotal

Contract value
Total
Over one year

Our strategies forcreating value

Receive Fixed / Pay Float

Millions of yen
Primary
hedged items

Foundations for our
corporate value

Interest Rate Swaps:

Loans, deposits,
borrowings, other securities
and others(b) Currency-Related Transactions

Data section

Primary Method :Thousands of U.S. dollars
Contract value
Total
Over one year
Fair value

Loans and other securities

Appendix

As of March 31, 2022

Primary
hedged items

Message from theGroup CEO

Notes to Consolidated Financial Statements

Note: Primarily the deferred method is applied under “Accounting and Auditing Treatment Relating to Adoption of AccountingStandards for Foreign Currency Transactions for Banks” (JICPA Industry Committee Practical Guidelines No. 25,
October 8, 2020).

257

258

Financial Data of Mizuho Financial Group, Inc.

46. Segment Information

¥―

¥―

¥―

161,258/

109,979/

4,234¥4,234

Other securities

Millions of yen
As of March 31, 2021

Primary Method :Index Futures:
Sold
Fair Value Hedge Method :Forward Stock Agreements:
Sold
Total

As of March 31, 2022

Primary Method :Index Futures:
Sold
Fair Value Hedge Method :Forward Stock Agreements:
Sold
Total

Primary
hedged items

Contract value
Total
Over one year¥―

Retail & Business Banking Company:
Services for individual customers, small and medium-sized enterprises and middle market firms in Japan

¥(3,940)

Corporate & Institutional Company:
Services for large corporations, financial institutions and public corporations in Japan

Other securities
171,353/

Primary
hedged items

145,695/

MHFG has introduced an in-house company system based on the group’s diverse customer segments. The aim of thissystem is to leverage MHFG’s strengths and competitive advantage, which is the seamless integration of MHFG’s banking,trust and securities functions under a holding company structure, to speedily provide high-quality financial services thatclosely match customer needs.
Specifically, the company system is classified into the following five in-house companies, each based on a customer
segment: the Retail & Business Banking Company, the Corporate & Institutional Company, the Global Corporate Company,
the Global Markets Company, and the Asset Management Company. The services that each in-house company is in chargeof are as follows:

Fair value

Other securities¥289,960

1. Summary of Reportable Segment(5,721)¥(9,661)

Thousands of U.S. dollars
Contract value
Total
Over one year
Fair value

―
$―

$―

$―

1,317,360/

898,453/

34,594$34,594

Other securities

Global Corporate Company:
Services for Japanese overseas affiliated corporate customers and non-Japanese corporate customers, etc.
Global Markets Company:
Investment services with respect to interest rates, equities and credits, etc., and other services
Asset Management Company:
Development of products and provision of services that match the asset management needs of its wide rangeof customers from individuals to institutional investors.
The reportable segment information, set forth below, is derived from the internal management reporting systems used bymanagement to measure the performance of the Group’s operating segments.
Management measures the performance of each of the operating segments in accordance with internal managerial
accounting rules and practices.

2. Calculating Method of Gross Profits (excluding the amounts of credit costs of trust accounts) + Net
Gains or Losses Related to ETFs and Others, Net Business Profits or Losses (excluding the amountsof credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans)+ Net Gains or Losses Related to ETFs and Others, and Fixed Assets by Reportable Segment

About Mizuho

Fair value―

Segment Information by Management Approach

Message from theGroup CFO

As of March 31, 2022

Primary Method :Index Futures:
Sold
Fair Value Hedge Method :Forward Stock Agreements:
Sold
Total

Contract value
Total
Over one year

Our strategies forcreating value

Millions of yen
Primary
hedged items

Foundations for our
corporate value(c) Stock-Related Transactions

Message from theGroup CEO

Notes to Consolidated Financial Statements

259

Appendix

Data section

The following information of reportable segment is based on internal management reporting:Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others is thetotal amount of Interest Income, Fiduciary Income, Fee and Commission Income, Trading Income, Other Operating Income,and Net gains or losses related to ETFs and others.
Net business profits or losses (excluding the amounts of credit costs of trust accounts, before reversal of (provision for)general reserve for losses on loans) + Net gains or losses related to ETFs and others is the amount of which General andadministrative expenses (excluding non-recurring expenses and others), Equity in income from investments in affiliates,
Amortization of goodwill and others (including amortization of intangible assets) are deducted from, or added to, Gross profits(excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others.
Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others
relating to transactions between segments is based on the current market prices.
Fixed assets disclosed as asset information by segment are the total amount of tangible fixed assets and intangible fixed
assets. Fixed assets pertaining to Mizuho Bank, Ltd., Mizuho Trust & Banking Co., Ltd., and Mizuho Securities Co., Ltd. havebeen allocated to each segment.

260

Financial Data of Mizuho Financial Group, Inc.

713,625 ¥491,735 ¥518,765 ¥

378,897 ¥Asset
Management
Company

59,507 ¥Others(Note 2)

Total

91,857 ¥ 2,254,386

620,956

198,104

267,680

227,561

33,44867,2381,414,987

5,929

3,751

13,186

―

1,514

1,054

25,434

2,161

95

360

804

7,247

989

11,65696,437 ¥504,159 ¥297,287 ¥160,167 ¥

263,911 ¥
161,452 ¥

150,532 ¥88,787 ¥20,326 ¥― ¥24,683 ¥853,176
782,705 ¥ 1,697,270

AssetManagement
Company

Others(Note 2)

Total

697,677 ¥472,776 ¥455,954 ¥490,275 ¥

50,802 ¥33,244 ¥ 2,200,728

639,573

206,524

259,103

217,695

32,946

52,832

1,408,673

5,446

3,920

10,913―

1,114(1,480)19,912

2,256

99

360

839

7,642

1,005

12,201

61,294 ¥543,936 ¥

270,073 ¥
193,524 ¥

207,404 ¥169,142 ¥271,741 ¥
98,358 ¥11,328 ¥― ¥About Mizuho

Global Corporate Global Markets
Company
Company

Global Corporate Global Markets
Company
Company(22,073) ¥799,766
750,714 ¥ 1,755,674

Appendix

Data section

Gross profits:(excluding theamounts of credit
costs of trust
accounts) + Net
gains or losses
related to ETFs and¥othersGeneral andadministrative
expenses(excluding NonRecurring Losses
and others)
Equity in income
from investments
in affiliates
Amortization of
goodwill andothersNet businessprofits or losses(excluding theamounts of credit
costs of trust
accounts, before
reversal of(provision for)general reserve forlosses on loans) +Net gains or losses
related to ETFs and¥othersFixed assets¥

Corporate &Institutional
Company

Gross profits:(excluding theamounts of credit
costs of trust
accounts) + Net
gains or losses
related to ETFs and¥othersGeneral andadministrative
expenses(excluding NonRecurring Losses
and others)
Equity in income
from investments
in affiliates
Amortization of
goodwill andothersNet businessprofits or losses(excluding theamounts of credit
costs of trust
accounts, before
reversal of(provision for)general reserve forlosses on loans) +Net gains or losses
related to ETFs and¥othersFixed assets¥

Corporate &Institutional
Company

Message from theGroup CFO

Retail & BusinessBankingCompany

Retail & BusinessBankingCompany

Our strategies forcreating value

For the Fiscal Year
ended March 31,2022

Millions of yen

MHFG (Consolidated)

For the Fiscal Year
ended March 31,2021

Millions of yen

MHFG (Consolidated)

Foundations for our
corporate value

3. Gross Profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to
ETFs and others, Net Business Profits or Losses (excluding the amounts of credit costs of trust
accounts, before reversal of (provision for) general reserve for losses on loans) + Net Gains or Losses
Related to ETFs and Others, and Fixed Assets by Reportable Segment

Message from theGroup CEO

Notes to Consolidated Financial Statements

261

262

Financial Data of Mizuho Financial Group, Inc.

4,237,929 $ 3,095,311 $

486,129 $Others(Note 2)

Total

750,406 $ 18,416,683

The above amount of Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related
to ETFs and others and that of Net business profits (excluding the amounts of credit costs of trust accounts, before
reversal of (provision for) general reserve for losses on loans) + Net gains or losses related to ETFs and others derived
from internal management reporting by reportable segment are different from the amounts recorded in Consolidated
Statement of Income.
The contents of the difference for the period are as follows:(a) The Total of Gross Profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to
ETFs and others of Segment Information and Ordinary Profits recorded in the Consolidated Statement of Income

2,186,749

1,859,007

273,245549,292

11,559,413

107,720―

12,368

8,615

207,782

2,941

6,568

59,203

8,085

95,227

Millions of yen
2022

Gross Profits(excluding the amounts of credit costs of trust accounts) + Net¥
gains or losses related to ETFs and others
Net gains or losses related to ETFs and others
Other Ordinary Income
General and Administrative Expenses
Other Ordinary Expenses
Ordinary Profits recorded in Consolidated Statement of Income ¥2,254,386 ¥(1,916)276,170(1,392,896)(575,896)
559,847 ¥2021

2,200,728 $(2,034)
238,776(1,414,608)(486,554)
536,306 $Thousands of
U.S. dollars
2022

18,416,683(15,658)
2,256,107(11,378,940)(4,704,651)
4,573,541(b) The Total of Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of (provisionfor) general reserve for losses on loans) + Net gains or losses related to ETFs and others of Segment Information andIncome before Income Taxes Recorded in Consolidated Statement of Income
Millions of yen
2022

2,155,959 $ 1,229,736 $
1,318,944 $
725,325 $

166,049 $
201,644 $ 6,969,825― $ 6,394,126 $ 13,865,452

2021

853,176 ¥―
33,748

799,766 $―6,266

6,969,825―
275,700(255,941)(209,915)(2,090,853)

20,765

4,940

169,637(45,763)
44,024(46,137)

10,091
115,857(74,842)(373,854)
359,651(376,914)

603,872 ¥

652,163 $

4,933,192
Appendix

Notes: 1.Gross profits (excluding the amounts of credit costs of trust accounts) + Net gains or losses related to ETFs and others is reported
instead of sales reported by general corporations. Net gains or losses related to ETFs and others amounted to ¥ 1,916 million and ¥2,034 million, of which ¥ 2,274 million and ¥ (1,277) million are included in the Global Markets Company for the fiscal year ended
March 31 2022 and 2021, respectively.
2.“Others” includes items which should be eliminated as internal transactions between each segment on a consolidated basis.
3.“Others” in Fixed assets includes assets of headquarters that have not been allocated to each segment, Fixed assets pertaining toconsolidated subsidiaries that are not subject to allocation, consolidated adjustments, and others. Among Fixed assets that havenot been allocated to each segment, some related expenses are allocated to each segment using the reasonable criteria of
allocation.
4.Following the change in allocation method for transactions between each segment and “Others” made in April 2021,
reclassification was made on the above table for the fiscal year ended March 31, 2021 to reflect the relevant change.

Net Business Profits(excluding the amounts of credit costs of trust accounts, before
reversal of (provision for) general reserve for losses on loans) + Net¥
Gains (Losses) related to ETFs and others
Credit Costs for Trust Accounts
General and Administrative Expenses (non-recurring losses)
Expenses Related to Portfolio Problems (including reversal of(provision for) general reserve for losses on loans)
Gains on Reversal of Reserves for Possible Losses on Loansand others
Net Gains (Losses) Related to Stocks- Net Gains (Losses) related to
ETFs and others
Net Extraordinary Gains (Losses)
OthersIncome before Income Taxes Recorded in Consolidated¥
Statement of Income

Thousands of
U.S. dollars
2022

Message from theGroup CFO

Gross profits:(excluding theamounts of credit
costs of trust
accounts) + Net
gains or losses
related to ETFs and$ 5,829,793 $ 4,017,115 $othersGeneral andadministrative
expenses(excluding NonRecurring Losses
5,072,755
1,618,365
and others)
Equity in income
from investments
48,43630,643
in affiliates
Amortization of
goodwill and
17,654776
othersNet businessprofits or losses(excluding theamounts of credit
costs of trust
accounts, before
reversal of(provision for)general reserve forlosses on loans) +Net gains or losses
related to ETFs and$787,820 $ 2,428,617 $othersFixed assets$ 4,118,610 $ 1,308,447 $AssetManagement
Company

About Mizuho

Global Corporate Global Markets
Company
Company

Our strategies forcreating value

Corporate &Institutional
Company

Foundations for our
corporate value

Retail & BusinessBankingCompany

4. The Difference between the Total Amounts of Reportable Segments and the Recorded Amounts inConsolidated Statement of Income, and the Contents of the Difference (Matters relating to adjustment
to difference)

Data section

For the Fiscal Year
ended March 31,2022

Thousands of U.S. dollars

MHFG (Consolidated)

Message from theGroup CEO

Notes to Consolidated Financial Statements

263

264

Financial Data of Mizuho Financial Group, Inc.

6. Information about Impairment Loss on Tangible Fixed Assets by Reportable Segment(a) Information about Geographic Areas(i) Ordinary income

For the Fiscal Year
ended March 31, 2022

2021

Ordinary Income

Japan

¥

2022

Ordinary Income

2,079,170 ¥$

2,204,477 ¥Americas1,355,003 ¥Americas455,904 ¥Europe167,885 ¥Europe361,032 ¥Asia/Oceania
excluding Japan

192,099 ¥365,614 ¥3,958 ¥

Global Markets
Company

3,308 ¥

1,657 ¥

Asset
Management
Company― ¥Others8,273 ¥

Total

27,585

Total

3,963,091
Millions of yen
Total

3,218,095

For the Fiscal Year
ended March 31, 2021

Impairment Loss

Retail & BusinessBanking Company¥

4,832 ¥

Corporate &Institutional
Company

MHFG (Consolidated)
Global Corporate
Company

1,360 ¥

Global Markets
Company

2,495 ¥

1,975 ¥

Millions of yen
AssetManagement
Company― ¥Others2,131 ¥

Total

12,793Thousands of U.S. dollars
Asia/Oceania
Total
excluding Japan

Japan

Americas

Europe16,985,298 $

11,069,383 $

1,371,502 $2,949,370 $

32,375,553

Notes: 1.The above table shows Ordinary Income instead of sales of non-financial companies.
2.Ordinary income is segmented by country and region based on the location of our group office in considerationof geographical proximity, similarity of economic activities, and interrelationship of business activities.

For the Fiscal Year
ended March 31, 2022

Impairment Loss(ii) Tangible fixed assets
Information on tangible fixed assets by geographical areas as of March 31, 2022 and 2021 is not disclosed sincetangible fixed assets in Japan accounted for more than 90% of tangible fixed assets.

$

84,870 $Corporate &Institutional
Company

Global Corporate
Company

32,334 $Global Markets
Company

27,024 $

13,536 $Thousands of U.S. dollars
AssetManagement
Company― $Others67,592 $Total

225,356

Note: Following the change in allocation method for transactions between each segment and “Others” made in April 2021,
reclassification was made on the above table for the fiscal year ended March 31, 2021 to reflect the relevant change.

Appendix

Data section(b) Information about Major Customers
Information about major customers is not disclosed since there are no outside customers accounted for more than 10%of Ordinary Income of the Company.

Retail & BusinessBanking Company

MHFG (Consolidated)

Message from theGroup CFO

Japan

¥

10,389 ¥Global Corporate
Company

Our strategies forcreating value

Ordinary Income

Millions of yen¥

Corporate &Institutional
Company

Millions of yen

Foundations for our
corporate value

2022

Asia/Oceania
excluding Japan

Impairment Loss

Retail & BusinessBanking Company

MHFG (Consolidated)

About Mizuho

5. Related Information

Message from theGroup CEO

Notes to Consolidated Financial Statements

265

266

Financial Data of Mizuho Financial Group, Inc.

47. Related Party

For the Fiscal Year ended
March 31, 2021

Amortization of Goodwill

Unamortized Balance ofGoodwill

For the Fiscal Year ended
March 31, 2022

Amortization of Goodwill
Unamortized Balance ofGoodwill

¥

― ¥

¥

― ¥

Retail & BusinessBankingCompany

¥

― ¥

¥

― ¥

Retail & BusinessBankingCompany

$

$

― $

― $

Global Corporate Global Markets
Company
Company

― ¥

360 ¥

― ¥

― ¥

2,473 ¥

― ¥Corporate &Institutional
Company

MHFG (Consolidated)
Global Corporate Global Markets
Company
Company

360 ¥

― ¥

― ¥

2,648 ¥

― ¥Global Corporate Global Markets
Company
Company― $2,941 $

20,202 $38,684 ¥Asset
Management
Company

2,670 ¥

41,352 ¥

― $

― $

Asset
Management
Company

21,812 $316,020 $8. Information about Gain on Negative Goodwill Incurred by Reportable Segment
For the fiscal years ended March 31, 2022 and 2021
・There is no applicable information.

711 ¥11,390 ¥

Total

3,741

52,547(1)Transactions with related parties
For the fiscal years ended March 31, 2022 and 2021
・There are no material transactions to disclose.
(2)Transactions between consolidated subsidiaries of MHFG and related parties
Corporate pension for employee
For the fiscal year ended March 31, 2022
Type

Others713 ¥12,249 ¥Total

Location

Individual

3,743

56,249Name ofCompanyorCorporate
pension

Employee
Retirement
Benefit
Trust

Capital orlnvestment(Millions of
yen)

─

─

Descriptionof Businessor Occupation

─

Share of
VotingRights(%)─

Relationwith Related
Party

Descriptionof theTransaction

Transaction
Amount(Millions ofyen)

Items of
Account

Balance atthe End of
the Period(Millions ofyen)

Pensionassetsunder theaccountingfor
employeeretirement
benefit

Partialreturn ofpensionassets¥ 258,877

──

Relationwith Related

Descriptionof theParty

Transaction

Transaction
Amount(Millions ofyen)

Items of
Account

Pensionassetsunder theaccountingfor
employeeretirement
benefit

Partialreturn ofpensionassets¥ 225,709

─Thousands of U.S. dollars

MHFG (Consolidated)― $2,670 ¥

OthersMillions of yen― ¥Corporate &Institutional
Company

AssetManagement
Company

About Mizuho

Unamortized Balance ofGoodwill

Corporate &Institutional
Company

For the fiscal year ended March 31, 2021
Others5,814 $

93,054 $Total

30,567Type429,276

Corporate
pensionName ofCompanyorIndividual

Employee
Retirement
Benefit
Trust

Location─

Capital orlnvestment(Millions ofyen)─Descriptionof Businessor Occupation

─

Share of
VotingRights(%)─

2. Notes to Parent Company and Significant Affiliate

Balance atthe End of
the Period(Millions ofyen)─Message from theGroup CFO

Amortization of Goodwill

Retail & BusinessBankingCompany

1. Related Party Transactions

Our strategies forcreating value

For the Fiscal Year ended
March 31, 2022

Millions of yen

Foundations for our
corporate value

7. Information about Amortization and Unamortized Balance of Goodwill by Reportable Segment
MHFG (Consolidated)

Message from theGroup CEO

Notes to Consolidated Financial Statements

Appendix

Data section

For the fiscal years ended March 31, 2022 and 2021
・There is no applicable information.

267

268

Financial Data of Mizuho Financial Group, Inc.

Ordinary Income
Fee and Commission Income
Securities-related business
Deposits and Lending business
Remittance business
Trust-related businessAgency business*2*1

Guarantee-related business
Fees for other customer services
Fiduciary Income
Other Ordinary Income

*1

2022

¥3,963,091
905,575
211,682
276,279
104,561
84,98736,89836,191
154,974
60,4902,997,026$32,375,553
7,397,885
1,729,291
2,256,998
854,192694,282
301,437
295,655
1,266,030
494,160
24,483,508

Notes:Part of these amounts are considered to be revenues from contracts that are within the scope of “Accounting Standard for
Revenue Recognition”.
*2
These amounts are revenues from contracts that do not meet the scope of “Accounting Standard for Revenue Recognition”.
*3
In the above table, revenues that are within the scope of “Accounting Standard for Revenue Recognition” are mainly
generated from “Retail ＆ Business Banking Company”, “Corporate ＆ Institutional Company” and “Global Corporate
Company”.

Per share information as of or for the fiscal years ended March 31, 2022 and 2021 are calculated based on the following
information:
As of or for the fiscal years ended March 31,

Net Assets per Share of Common Stock
Profit Attributable to Owners of Parent per Share ofCommon Stock
Diluted Profit Attributable to Owners of Parent per
Share of Common Stock2022(3)Price allocated to remaining performance obligations
The amount of revenue expected to be recognized in subsequent fiscal years is not material in terms of amount for the
fiscal year ended March 31, 2022. Contracts with a term of up to one year and contracts for which revenue can berecognized at the amount our group has the right to claim are not included in the subject of this report.

U.S. dollars
2022

2021

¥3,581.39¥3,650.87$29.26209.27185.751.71

209.26185.75

1.71

Notes: 1. MHFG conducted a share consolidation of common stock on the basis of one post-consolidation share per ten preconsolidation shares effective as of October 1, 2020.
Net Assets per Share of Common Stock, Profit Attributable to Owners of Parent per Share of Common Stock andDiluted Profit Attributable to Owners of Parent per Share of Common Stock are calculated under the assumptionthat the share consolidation had been conducted at the beginning of fiscal 2020.
2. Total Net Assets per Share of Common Stock is based on the following information.

*1(2)Contract assets, contract liabilities and receivables from contracts with customers
The balances of contract assets, contract liabilities and receivables from contracts with customers are included in otherassets and other liabilities in the consolidated balance sheet. The balance of contract assets, contract liabilities andreceivables from contracts with customers at the consolidated balance sheet date are immaterial.

Yen

As of March 31,

Total Net Assets
Deductions from Total Net Assets
Stock Acquisition Rights
Non-Controlling Interests
Net Assets (year-end) related to Common
StockYear-end Outstanding Shares of Common
Stock, based on which Total Net Assets
per Share of Common Stock was
calculated

2021¥9,201,031
123,649
94
123,555¥9,362,207
105,932
134
105,797

Thousands of U.S. dollars
2022

9,077,382

9,256,275

74,155,562

2,534,590 Thousand shares

2,535,360 Thousand shares

2022

Millions of yen$75,165,689
1,010,127
768
1,009,359/

3. Profit Attributable to Owners of Parent per Share of Common Stock is based on the following information.
For the fiscal years ended March 31,

Profit Attributable to Owners of Parent
Amount not attributable to Common Stock
Profit Attributable to Owners of Parent
related to Common Stock
Average Outstanding Shares of Common
Stock (during the period)

2021¥530,479—¥471,020—

Thousands of U.S. dollars
2022

530,479

471,020

4,333,631

2022

Millions of yen

2,534,897 Thousand shares$4,333,631—

2,535,683 Thousand shares

About Mizuho

As of March 31,

Thousands of U.S. dollars
2022

Message from theGroup CFO

Millions of yen

Foundations for our
corporate value(1)Revenue breakdown information

Our strategies forcreating value

49. Per Share Information

Data section

48. Revenue recognition

Message from theGroup CEO

Notes to Consolidated Financial Statements/

For the fiscal years ended March 31,

Adjustment to Profit Attributable to Ownersof Parent
Increased Number of Shares of Common
Stock
Stock Acquisition Rights
Description of Dilutive Securities whichwere not included in the Calculation of
Diluted Profit Attributable to Owners of
Parent per Share of Common Stock asthey have no Dilutive effects

269

2021

Thousands of U.S. dollars
2022

¥—

¥—

$—

65 Thousand shares
65 Thousand shares

89 Thousand shares
89 Thousand shares

/
/

—

—

/

2022

Millions of yen

Appendix

4. Diluted Profit Attributable to Owners of Parent per Share of Common Stock is based on the following information.

270

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

5. In the calculation of Net Assets per Share of Common Stock, MHFG shares outstanding in BBT trust account thatwere recognized as Treasury Stock in Shareholders’ Equity are included in Treasury Stock shares deducted fromthe number of issued shares. The number of such Treasury Stock shares deducted during the period is 3,079
thousand and 2,554 thousand as of March 31, 2022 and 2021, respectively.
In the calculation of Profit Attributable to Owners of Parent per Share of Common Stock and Diluted Profit
Attributable to Owners of Parent per Share of Common Stock, such Treasury Stock shares are included in Treasury
Stock shares deducted in the calculation of the Average Outstanding Shares of Common Stock during the period.
The average number of such Treasury Stock shares deducted during the period is 2,892 thousand and 2,350
thousand as of March 31, 2022 and 2021, respectively.

50. Subsequent Events(Debt Waiver and Debt Equity Swap to Our Business Partner)
Marelli Holdings Co., Ltd. (the "Company"), a business partner of Mizuho Bank, Ltd., a subsidiary of MHFG, declared theapplication for a simplified rehabilitation proceeding to Tokyo District Court. The business reconstruction plan was acceptedby the court as of August 9, 2022.
In light of this event, additional investment was made by KKR, a shareholder of the Company, and Mizuho Bank, Ltd.
waived some of its claims to the Company and exchanged some of its claims for preferred stocks of the Company as acontribution in kind ("DES").
(1), (2) and (3) are described based on the data as of June 30, 2022.

[Under Japanese GAAP](1) Outline of the Company
Company Name: Marelli Holdings Co., Ltd.
Address: 2-1917 Nisshin-cho, Kita-ku, Saitama-city, Saitama
Representative: Hiroshi Moriya, Representative Director
David John Slump, Representative Director
Line of Business: Management of auto-parts manufacturing subsidiaries
Capital Stock: 100 million yen
Date of Foundation: October 6, 2016

Mizuho Financial Group, Inc.

275

Non-Consolidated Balance Sheet(2) Amount and type of claims on the Company and its subsidiaries
Loans and other: 404.2 billion yen

277

Non-Consolidated Statement of Income(3) Amount of Debt Waiver and DES
Debt Waiver: 132.6 billion yen
DES:
7.8 billion yen

Mizuho Trust & Banking Co., Ltd.

(4) Influences on MHFG Group from the Fact
We have already applied the necessary accounting treatment in the fiscal year ended March 31, 2022, and there is no
additional profit and loss impact in connection with the Debt Waiver and DES mentioned in (3) above.
We will review the borrower rating and allowances properly, considering the decision to accept the businessreconstruction plan and the additional investment from KKR.

271

Non-Consolidated Financial Statements ofMizuho Financial Group, Inc. and Three Subsidiaries

273

Non-Consolidated Balance Sheet

274

Non-Consolidated Statement of Income

Mizuho Bank, Ltd.

278

Non-Consolidated Balance Sheet

280

Non-Consolidated Statement of Income

Mizuho Securities Co., Ltd.
281

Non-Consolidated Balance Sheet

284

Non-Consolidated Statement of Income272

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Three Subsidiaries

AssetsCurrent Assets
Cash and Due from Banks
Other Current Assets
Fixed Assets
Tangible Fixed Assets
Intangible Fixed Assets
Investments in Subsidiaries and Affiliates
Other Investments
Total Assets
Liabilities and Net Assets
Liabilities
Current Liabilities
Short-term Borrowings
Other Current Liabilities
Non-Current Liabilities
Total Liabilities
Net Assets
Shareholders' Equity
Common Stock
Capital Surplus
Capital Reserve
Retained Earnings
Appropriated Reserve
Other Retained Earnings
Retained Earnings Brought Forward
Treasury Stock
Valuation and Translation Adjustments
Net Unrealized Gains ( Losses) on Other Securities, net of Taxes
Stock Acquisition Rights
Total Net Assets
Total Liabilities and Net Assets

¥

2021

735,018
51,770683,248
13,629,183
51,168
6,935
5,649,249
7,921,830¥ 14,364,202

130,137
44,96585,171
14,039,114
52,5716,100
6,079,112
7,901,329¥ 14,169,252

$

¥

¥

887,161
850,000
37,1617,884,373
8,771,534$ 10,319,849
6,167,797
4,152,052
61,232,705
71,552,554

5,397,584
2,256,767
1,196,659
1,196,659
1,949,956
4,350
1,945,606
1,945,606(5,798)(1)(1)
134
5,397,718¥ 14,169,252

45,791,550
18,436,137
9,775,832
9,775,832
17,634,778
35,537
17,599,241
17,599,241(55,197)
136
136
768
45,792,454$ 117,345,008

1,263,252
755,000
508,252
7,495,495
8,758,748

5,605,343
2,256,767
1,196,659
1,196,659
2,158,673
4,350
2,154,323
2,154,323(6,756)16
16
94
5,605,454¥ 14,364,202¥

6,004,562
422,926
5,581,636
111,340,446
418,00956,65846,150,229
64,715,550$ 117,345,008

2021

Thousands of
U.S. dollars
2022

268,904
231,972$ 2,621,081
2,285,941

41,024
43,191
43,191
277,654
187,729
162,776
302,607

36,932
37,97937,979230,925
132,777
136,930
226,771

335,140
352,846
352,846
2,268,235
1,533,614
1,329,765
2,472,084(103,716)
806¥ 405,518

1,229(1,143)
226,685(847,290)
6,589$ 3,312,785

Millions of yen
2022

For the Fiscal Years ended March 31,

Operating Income
Cash Dividends Received from Subsidiaries and Affiliates
Fee and Commission Income Received from Subsidiaries andAffiliates
Operating Expenses
General and Administrative Expenses
Operating Profits
Non-Operating Income
Non-Operating Expenses
Income before Income Taxes
Income Taxes:
Current
Deferred
Net Income¥

320,846
279,822

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥122.41=US$1.00, the foreign exchange rate on March 31, 2022, has been used for translation.

¥¥

About Mizuho

As of March 31,

Thousands of
U.S. dollars
2022

Message from theGroup CFO

Millions of yen
2022

Our strategies forcreating value

Non-Consolidated Statement of Income

Foundations for our
corporate value

Non-Consolidated Balance Sheet

Message from theGroup CEO

Mizuho Financial Group, Inc.

Appendix

Data section

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥122.41=US$1.00, the foreign exchange rate on March 31, 2022, has been used for translation.

273

274

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Three Subsidiaries$398,691,054
9,997,274
13,734,668
1,260,151
5,554,610
36,734,709
4,120
364,416,152
677,742,487
20,497,690
98,785,161
6,925,005
2,126,726
4,319,228
35,401
172,608
271,0422,840,303
2,226,813
14,799598,6913,599,472
2,231,265
71,347,493(6,656,143)(872)$1,707,704,599

Liabilities and Shareholders' Equity
Liabilities
Deposits
Call Money
Payables under Repurchase Agreements
Guarantee Deposits Received under Securities Lending
Transactions
Commercial Paper
Trading Liabilities
Borrowed Money
Foreign Exchange Liabilities
Bonds and Notes
Other Liabilities
Reserve for Bonus Payments
Reserve for Variable Compensation
Reserve for Possible Losses on Sales of Loans
Reserve for Contingencies
Reserve for Reimbursement of Deposits
Reserve for Reimbursement of Debentures
Deferred Tax Liabilities
Deferred Tax Liabilities for Revaluation Reserve for Land
Acceptances and Guarantees
Total Liabilities
Net Assets
Shareholders' Equity
Common Stock and Preferred Stock
Capital Surplus
Capital Reserve
Other Capital Surplus
Retained Earnings
Appropriated Reserve
Other Retained Earnings
Retained Earnings Brought Forward
Valuation and Translation Adjustments
Net Unrealized Gains (Losses) on Other Securities, net of Taxes
Net Deferred Hedge Gains (Losses), net of Taxes
Revaluation Reserve for Land, net of Taxes
Total Net Assets
Total Liabilities and Net Assets

2021¥149,796,096
940,058
9,293,236¥144,963,780
1,061,104
8,760,834$1,223,724,340
7,679,587
75,918,929

146,864
1,775,859
3,447,533
14,397,626
1,788,299
810,504
10,937,665
24,582
763
1,309
1,306
16,627
10,504―59,962
8,733,646
202,182,447

170,648
2,105,067
3,255,476
15,084,290
717,422
911,779
7,465,797
25,042
983
1,074
3,092
20,54014,41938,723
61,915
6,828,085
191,490,080

1,199,775
14,507,474
28,163,819
117,618,056
14,609,096
6,621,230
89,352,714
200,818
6,239
10,696
10,675
135,836
85,815―489,847
71,347,493
1,651,682,439

6,182,751
1,404,065
2,259,392
660,805
1,598,587
2,519,294
389,0122,130,281
2,130,281
674,920
623,367(80,603)
132,156
6,857,672¥209,040,119

6,204,236
1,404,065
2,286,167
655,450
1,630,716
2,514,003
353,908
2,160,095
2,160,095
1,188,982
1,023,139
29,458136,384
7,393,218¥198,883,298

50,508,551
11,470,182
18,457,582
5,398,295
13,059,287
20,580,787
3,177,948
17,402,839
17,402,839
5,513,609
5,092,457(658,471)
1,079,623
56,022,160$1,707,704,599

About Mizuho¥45,460,471
967,504
2,376,420
151,282
482,837
4,655,665
503
43,720,657
82,074,591
2,016,766
8,918,584
881,564
229,047
529,449
7,021
79,921
36,124360,296
300,768
2,733
56,794524,167―
6,828,085(536,101)―¥198,883,298

As of March 31,

Thousands of
U.S. dollars
2022

Millions of yen
2022

Message from theGroup CFO

¥48,803,771
1,223,766
1,681,260
154,255
679,939
4,496,695
504
44,608,181
82,962,457
2,509,122
12,092,291
847,689
260,332
528,716
4,333
21,12833,178347,681272,584
1,811
73,285
440,611
273,129
8,733,646(814,778)(106)¥209,040,119

2021

Thousands of
U.S. dollars
2022

Our strategies forcreating value

AssetsCash and Due from Banks
Call Loans
Receivables under Resale Agreements
Guarantee Deposits Paid under Securities Borrowing Transactions
Other Debt Purchased
Trading Assets
Money Held in Trust
Securities
Loans and Bills Discounted
Foreign Exchange Assets
Other Assets
Tangible Fixed Assets
Buildings
Land
Lease Assets
Construction in Progress
Other Tangible Fixed Assets
Intangible Fixed Assets
SoftwareLease Assets
Other Intangible Fixed Assets
Prepaid Pension Cost
Deferred Tax Assets
Customers' Liabilities for Acceptances and Guarantees
Reserves for Possible Losses on Loans
Reserve for Possible Losses on Investments
Total Assets

Millions of yen
2022

Foundations for our
corporate value

As of March 31,

Non-Consolidated Balance Sheet—(Continued)

Data section

Non-Consolidated Balance Sheet

Message from theGroup CEO

Mizuho Bank, Ltd.

Appendix

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥122.41=US$1.00, the foreign exchange rate on March 31, 2022, has been used for translation.

275

276

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Three Subsidiaries

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Three Subsidiaries

Non-Consolidated Statement of Income

Non-Consolidated Balance Sheet¥1,146,971
828,466
227,314514,834
83,910204,734
297,966
2,248,418$9,240,354
6,328,382
2,129,601
4,430,586
13,6001,924,651
2,506,549
18,115,740

244,322
48,763
149,353―
170,721744,859
659,343
1,968,601
248,946

361,789
138,759
91,804
349
148,741
802,123
469,828
1,874,636
373,781

1,995,934
398,360
1,220,113―
1,394,670
6,084,958
5,386,353
16,082,028
2,033,712

159,760(87,395)¥176,581

95,987
10,404¥267,389

1,305,128(713,961)$1,442,545

2021¥1,923,672―
20,04635,314―26,556
288,530
3,192,348
3,898
255,755
100,132
31,51365,653―
2,965
21,72820,0771,650
66,607
14,100(2,470)¥5,946,221¥2,010,405
22,134―26,092
130,476
9,804
321,504
3,362,267
6,313
321,181
102,139
7,176
65,721
27,2372,004
25,486
24,532953
65,962
14,008(4,196)¥6,413,579$15,714,996―
163,764
288,497―
216,949
2,357,086
26,079,148
31,8472,089,331
818,005
257,440
536,339―
24,226
177,503
164,015
13,488544,138
115,191(20,186)$48,576,269

Appendix

Data section

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥122.41=US$1.00, the foreign exchange rate on March 31, 2022, has been used for translation.

AssetsCash and Due from Banks
Call Loans
Guarantee Deposits Paid under Securities Borrowing Transactions
Other Debt Purchased
Trading Assets
Money Held in Trust
Securities
Loans and Bills Discounted
Foreign Exchange Assets
Other Assets
Tangible Fixed Assets
Buildings
Land
Construction in Progress
Other Tangible Fixed Assets
Intangible Fixed Assets
Software
Other Intangible Fixed Assets
Prepaid Pension Cost
Customers' Liabilities for Acceptances and Guarantees
Reserves for Possible Losses on Loans
Total Assets

About Mizuho¥1,131,111
774,657
260,684
542,348
1,664
235,596306,826
2,217547

As of March 31,

Message from theGroup CFO

2021

Thousands of
U.S. dollars
2022

Millions of yen
2022

Our strategies forcreating value

IncomeInterest Income
Loans and Bills Discounted
Securities
Fee and Commission Income
Trading Income
Other Operating Income
Other Income
Total Income
Expenses
Interest Expenses
Deposits
Fee and Commission Expenses
Trading Expenses
Other Operating Expenses
General and Administrative Expenses
Other Expenses
Total Expenses
Income before Income Taxes
Income Taxes:
Current
Deferred
Net Income

Thousands of
U.S. dollars
2022Foundations for our
corporate value

For the Fiscal Years ended March 31,

Millions of yen
2022

Message from theGroup CEO

Mizuho Trust & Banking Co., Ltd.

Mizuho Bank, Ltd.

277

278

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Three Subsidiaries¥3,263,232
603,990―
300,000
1,167,284
31,317
2,741
272
4,935
992
3,061
17,484
14,1005,409,413¥3,498,331
581,838
131,235
375,082
1,160,608
23,141
3,199
380
260
1,558
4,814
15,51514,0085,809,974$26,658,220
4,934,156―
2,450,780
9,535,862
255,842
22,392
2,223
40,322
8,107
25,013
142,838
115,191
44,190,946

479,346
247,369
15,505
15,505
296,471
150,297
146,174
146,174(79,999)
57,46057,707(246)
536,807¥5,946,221

538,824
247,369
15,505
15,505275,949
45,865230,083
230,083―
64,781
67,360(2,579)603,605¥6,413,579

3,915,910
2,020,829
126,666
126,666
2,421,956
1,227,821
1,194,135
1,194,135(653,541)
469,413471,430(2,017)
4,385,323$48,576,269

For the Fiscal Years ended March 31,

IncomeFiduciary Income
Interest Income
Loans and Bills Discounted
Securities
Fee and Commission Income
Trading Income
Other Operating Income
Other Income
Total Income
Expenses
Interest Expenses
Deposits
Fee and Commission Expenses
Trading Expenses
Other Operating Expenses
General and Administrative Expenses
Other Expenses
Total Expenses
Income before Income Taxes
Income Taxes:
Current
Deferred
Net Income

2021

Thousands of
U.S. dollars
2022¥61,028
26,345
19,6404,926
79,058―369
14,900181,702¥55,962
38,922
21,25915,497
68,275
1,657
11,911
32,131
208,860$498,556
215,225
160,450
40,242645,848―
3,021
121,727
1,484,377

7,049
354
36,795640
1275,132
4,177
123,807
57,894

8,606
458
34,743―
3,847
80,986
21,787
149,970
58,88957,592
2,896
300,5935,231
103
613,774
34,126
1,011,419
472,958

10,651
4,559¥42,683

8,573
5,928
¥44,388

87,01337,249$348,696

Millions of yen
2022

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥122.41=US$1.00, the foreign exchange rate on March 31, 2022, has been used for translation.

About Mizuho

2021

Thousands of
U.S. dollars
2022

Message from theGroup CFO

Liabilities and Shareholders' Equity
Liabilities
Deposits
Call Money
Trading Liabilities
Borrowed Money
Due to Trust Accounts
Other Liabilities
Reserve for Bonus Payments
Reserve for Variable Compensation
Provision for Retirement Benefits
Reserve for Reimbursement of Deposits
Reserve for Loss of Transfer
Deferred Tax Liabilities
Acceptances and Guarantees
Total Liabilities
Net Assets
Shareholders' Equity
Common Stock and Preferred Stock
Capital Surplus
Capital Reserve
Retained Earnings
Appropriated Reserve
Other Retained Earnings
Retained Earnings Brought Forward
Treasury Stock
Valuation and Translation Adjustments
Net Unrealized Gains on Other Securities, net of Taxes
Net Deferred Hedge Gains (Losses), net of Taxes
Total Net Assets
Total Liabilities and Net Assets

Millions of yen
2022

Our strategies forcreating value

As of March 31,

Non-Consolidated Statement of Income

Foundations for our
corporate value

Non-Consolidated Balance Sheet―(Continued)

Message from theGroup CEO

Mizuho Trust & Banking Co., Ltd.

Appendix

Data section

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥122.41=US$1.00, the foreign exchange rate on March 31, 2022, has been used for translation.

279

280

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Three Subsidiaries$3,310,689
4,421,819
56,543,606
26,124,105
30,419,501
1,191,795
334,342284,313242,101

5,167
4,707,548
2,225,758
2,481,790
94
627,838
32,41512,75747,98359,738(79)
13,577,953

4,448
4,520,477
2,597,115
1,923,362
441
373,90915,26530,44036,08557,360(276)
12,247,197

42,21238,457,226
18,182,815
20,274,411
770
5,128,981
264,809104,216
391,989
488,019(646)
110,921,928

18,742
68,497304,034
235,628
12,98425,75419,99813,348(3,681)
391,274¥13,969,227

19,77566,544314,486
240,729
11,75322,893
19,443
23,115(3,448)400,806¥12,648,003

153,113559,575
2,483,739
1,924,915
106,078
210,400
163,376
109,045(30,075)
3,196,427$114,118,355

2021¥5,356,537
1,935,741
3,420,796―
50,556
7,794
42,761
4,144,682
1,096,495
3,048,186
425,452
425,613
7,083
904,079
490,500
148,768
2,515
25,379411
46,97012,028,549¥4,765,362
1,676,687
3,088,674
253,734
39,793
6,383
33,4093,510,972
878,901
2,632,070
444,112417,1422,854
806,728
423,500
127,648
11,56525,365788
50,122
10,879,689$43,758,987
15,813,588
27,945,399―
413,007
63,678349,329
33,859,018
8,957,567
24,901,451
3,475,636
3,476,953
57,868
7,385,664
4,007,026
1,215,326
20,546207,333
3,358
383,713
98,264,435

753,870580,000
22,5791,541
3,769
1,361,759

623,175
150,400
21,216
4,194
3,132
802,120

6,158,565
4,738,175
184,459
12,59230,79011,124,581

3,132
3,132
¥13,393,441

3,135
3,135
¥11,684,945

25,58725,587$109,414,603

About Mizuho¥369,894
554,281
6,222,426
2,776,197
3,446,228―
34,33832,553
28,105

Liabilities
Current Liabilities
Trading Liabilities
Trading Securities and Others
Derivatives
Payables - unsettled trades
Payables Related to Margin Transactions
Borrowings on Margin Transactions
Cash Collateral for Loaned Securities under Margin Transactions
Collateralized Short-term Financing Agreements-payable
Deposits Received for Securities Loaned
Securities Sold under Agreements to Repurchase
Deposits Received
Guarantee Deposits Received
Securities: Fail to Receive
Short-term Borrowings
Commercial Paper
Bonds and Notes Due within One year
Income Taxes Payable
Reserve for Bonus Payments
Provision for Variable Compensation
Other Current Liabilities
Total Current Liabilities
Noncurrent Liabilities
Bonds and Notes
Long-term Borrowings
Provision for Retirement Benefits
Provision for Loss on Head Office Transfer
Other Noncurrent Liabilities
Total Noncurrent Liabilities
Statutory Reserves
Reserve for Financial Instruments Transaction Liabilities
Total Statutory Reserves
Total Liabilities

Message from theGroup CFO

¥405,261
541,274
6,921,502
3,197,851
3,723,651
145,887
40,92634,802
29,635

As of March 31,

Thousands of
U.S. dollars
2022

Millions of yen
2022

Our strategies forcreating value

2021

Thousands of
U.S. dollars
2022

Appendix

AssetsCurrent Assets
Cash and Due from Banks
Cash Segregated as Deposits for Customers and Others
Trading Assets
Trading Securities and Others
Derivatives
Receivables – Unsettled trades
Operating Investment Securities
Receivables Related to Margin Transactions
Loans Receivable under Margin Transactions
Cash Collateral for Borrowed Securities under Margin
Transactions
Collateralized Short-term Financing Agreements-receivable
Deposits Paid for Securities Borrowed
Securities Purchased under Agreements to Resell
Advances Paid
Short-term Guarantee Deposits
Securities: Fail to Deliver
Variation Margin Paid
Short-term Loans Receivable
Other Current Assets
Less: Allowance for Doubtful Accounts
Total Current Assets
Noncurrent Assets
Tangible Fixed Assets
Intangible Fixed Assets
Investments and Other Assets
Investment Securities
Long-term Guarantee Deposits
Prepaid Pension Cost
Deferred Tax Assets
Other
Less: Allowance for Doubtful Accounts
Total Noncurrent Assets
Total Assets

Millions of yen
2022

Foundations for our
corporate value

As of March 31,

Non-Consolidated Balance Sheet―(Continued)

Data section

Non-Consolidated Balance Sheet

Message from theGroup CEO

Mizuho Securities Co., Ltd.

281

282

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Three Subsidiaries¥125,167$1,022,525

285,831
95,817
381,649

285,831
95,817
381,649

2,335,033
782,763
3,117,796

425,554425,554(369,999)
562,371440,661
440,661―
947,478

3,476,469
3,476,469(3,022,629)
4,594,161

23,193(9,778)13,415575,786¥13,969,227

25,339(9,759)15,580963,058¥12,648,003

189,474(79,883)
109,591
4,703,752$114,118,355

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥122.41=US$1.00, the foreign exchange rate on March 31, 2022, has been used for translation.

Operating Revenues
Commissions
Brokerage Commissions
Underwriting and Selling Fees, and Commissions from Solicitation
to Qualifying Investors
Offering, Selling, and Other Commissions and Fees, andCommissions from Solicitation to Qualifying Investors
Other commissions and Fees
Net Gain on Trading
Net Gain on Operating Investment Securities
Interest and Dividend Income
Total Operating Revenues
Interest Expenses
Net Operating Revenues
Selling, General and Administrative Expenses
Transaction-related Expenses
Personnel Expenses
Real Estate Expenses
Administrative Expenses
Depreciation and Amortization
Taxes and Dues
Provision of Allowance for Doubtful Accounts
Other
Operating Income
Non-operating Income
Non-operating Expenses
Ordinary Income
Extraordinary gain
Gain on Sale of Investment Securities
Gain on Extinguishment of Tie-in Shares
Reversal of allowance for loss on head office transfer
Reversal of reserve for financial instruments transaction liabilities
Extraordinary loss
Losses on Impairment of Fixed Assets
Impairment losses
Special retirement benefits
Head office transfer cost
Loss related to system migration
Loss related to novel coronavirus disease
Provision of allowance for loss on head office transfer
Provision of reserve for financial instruments transaction liabilities
Other
Income before Income Taxes
Income Taxes – current
Income Taxes – deferred
Total Income Taxes
Net Income

2021¥183,633
26,300¥181,774
28,907$1,500,148
214,858

38,56235,642315,028

41,71077,058
123,761(2,831)75,942
380,505
53,612326,892
251,967
70,197
96,13121,01739,15017,770
5,252
36
2,411
74,924
3,437
506
77,855
3,738
2,882
―
852
3
10,627
710
39
197
820
8,842
―
―

42,78674,437
152,257
630
73,514
408,177
56,850351,326
264,682
73,476
100,958
22,14839,411
19,994
5,797
283
2,612
86,643
4,210
221
90,632
13,748
7,099
6,649
―
―
15,830
318
728
267
648
8,032
739
4,194

340,747
629,515
1,011,038(23,135)
620,398
3,108,449
437,979
2,670,470
2,058,389
573,462785,320
171,700
319,831
145,173
42,905296
19,702612,081
28,0824,140
636,023
30,54023,547―6,964
2986,822
5,808
321
1,613
6,705
72,239―――16
70,966
10,303203
10,506¥60,459

625
273
88,55014,761(3,167)
11,594¥76,956―136
579,741
84,171
1,663
85,834$493,907

About Mizuho¥125,167

For the Fiscal Years ended March 31,

Thousands of
U.S. dollars
2022

Millions of yen
2022

Message from theGroup CFO

2021

Thousands of
U.S. dollars
2022

Our strategies forcreating value

Net Assets
Shareholders' Equity
Common Stock
Capital Surplus
Additional Paid in Capital
Other Capital Surplus
Total Capital Surpluses
Retained Earnings
Other Retained Earnings
Retained Earnings Brought Forward
Total Retained Earnings
Treasury Stocks
Total Shareholders’ Equity
Valuation and Translation Adjustments
Net Unrealized Gains on (Operating) Investment Securities, net ofTax
Net Deferred Gains or Losses on Hedges, net of Tax
Total Valuation and Translation Adjustments
Total Net Assets
Total Liabilities and Net Assets

Millions of yen
2022

Foundations for our
corporate value

As of March 31,

Non-Consolidated Statement of Income

Data section

Non-Consolidated Balance Sheet―(Continued)

Message from theGroup CEO

Mizuho Securities Co., Ltd.

Appendix

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥122.41=US$1.00, the foreign exchange rate on March 31, 2022, has been used for translation.

283

284

Basel Regulatory Disclosures

285

287

Key Metrics

288

Status of Mizuho Financial Group's
Consolidated Capital Adequacy

288

Scope of Consolidation

289

Risk-based Capital

303

Summary of Risk Management and Risk-weighted
Assets (RWA)305

Linkages between Financial Statements
and Regulatory Exposures

310

Credit Risk

332

Counterparty Credit Risk

341

Securitization Exposures

348

Market Risk

351

Investment or Equity Exposure

351

Operational Risk

352

Composition of Leverage Ratio

354

TLAC Regulations

360

Geographical distribution of credit exposures usedin the countercyclical buffer

360

Indicators for Assessing Global Systemically
Important Banks (G-SIBs)

361

Status of Sound Management of Liquidity Risk

361

Liquidity Coverage Ratio

362

Net Stable Funding Ratio

364

Status of Major Liquid Assets

364

Status of Major Funding

365

Compensation of Directors and Employees

286Basel Regulatory Disclosures

Basel Regulatory Disclosures

Under the capital adequacy ratio regulations agreed upon by the Basel Committee on Banking Supervision, banks are
required to meet certain minimum capital requirements. We calculate our capital adequacy ratio on a consolidated basis
based on “the criteria used by a bank holding company for deciding whether or not the adequacy of equity capital of thebank holding company and its subsidiaries is appropriate in light of the assets owned by the bank holding company and its
subsidiaries pursuant to Article 52-25 of the Banking Law” (Financial Services Agency, or FSA, Notice No.20 issued in2006).

The information disclosed herein is in accordance with "Matters Separately Prescribed by the Commissioner of the
Financial Services Agency Regarding Status of the Adequacy of Equity Capital Pursuant to Article 19-2, Paragraph 1, Item
5, Subitem (d), etc. of the Ordinance for Enforcement of the Banking Law" (the FSA Notice No. 7 issued in 2014).

We also calculate our leverage ratio on a consolidated basis according to “the criteria for evaluating the soundness of theleverage, prescribed as supplemental requirements of the criteria used by a bank holding company in deciding whether or
not the adequacy of equity capital of the bank holding company and its subsidiaries is appropriate in light of the assets
owned by the bank holding company and its subsidiaries, pursuant to Article 52-25 of the Banking Law” (FSA Notice No.12
issued in 2019.)(1) Scope of Consolidation for Calculating Consolidated Capital Adequacy Ratio■ Key Metrics

Consolidated subsidiaries

As of March 31, 2022

As of March 31, 2021

163

160

Our major consolidated subsidiaries are Mizuho Bank, Ltd., Mizuho Trust & Banking Co., Ltd. and Mizuho Securities Co.,
Ltd.

As of
March 31,
2022

b

c

As of
As of
December 31, September 30,
2021
2021

d

e

As of
June 30,
2021

As of
March 31,
2021

Name

Country oforganization¥8,067,279
9,713,290
11,351,682¥8,226,284
9,876,630
11,714,628¥8,243,579
10,098,408
11,927,024¥8,055,550
9,906,857
11,604,563¥7,849,969
9,701,931
11,385,395

Domestic
Mizuho Bank, Ltd. ……………………………Japan
Mizuho Trust & Banking Co., Ltd. ……………Japan
Mizuho Securities Co., Ltd. …………………Japan
Mizuho Research & Technologies, Ltd. ………Japan

64,730,439

66,364,348

67,147,718

67,367,304

67,481,983

Asset Management One Co., Ltd. ……………Japan

12.46％
15.00％
17.53％

12.39％
14.88％
17.65％

12.27%
15.03%
17.76%

11.95%
14.70%
17.22%

11.63%
14.37%
16.87%

2.50％
0.01％
1.00％
3.51％

2.50％
0.01％
1.00％
3.51％

2.50%
0.01%
1.00%
3.51%

2.50%
0.01%
1.00%
3.51%

2.50%
0.01%
1.00%
3.51%

Mizuho Credit Guarantee Co., Ltd. …………Japan
Mizuho Factors, Limited ………………………JapanUC Card Co., Ltd. ……………………………Japan
Mizuho Realty One Co., Ltd. …………………Japan
Mizuho Business Service Co., Ltd …………Japan

7.96％

7.89％

7.77%

7.45%

7.13%

212,972,004
4.56％

203,242,182
4.85％

203,591,555
4.96%

206,393,377
4.79%

200,546,630
4.83%

71,174,101

73,663,351

77,427,898

77,902,708

72,792,220¥52,140,978136.5%¥52,530,023
140.3%¥55,219,275
140.2%¥54,843,907
142.0%¥53,607,048
135.8%

106,664,623¥88,703,857
120.2%

104,901,272¥86,617,415
121.1%

104,304,278¥86,539,611
120.5%

Mizuho Realty Co., Ltd. ………………………Japan
Defined Contribution Plan Services Co., Ltd. …Japan
Mizuho-DL Financial Technology Co., Ltd. …Japan
Mizuho Capital Co., Ltd. ………………………Japan
J.Score CO., Ltd. ……………………………Japan

Main businessBanking
Trust and banking
Securities
Information technology
and think tank consulting
Investment
management
Credit guarantee
Factoring
Credit card
Holding company
Subcontracted
operations
Real estate agency
Pension planrelated business
Application andSophisticationof Financial Technology
Venture capital
Lending

Proportion ofownership
interest (%)

Proportion of
votinginterest (%)

100.0%
100.0
95.8
100.0

100.0%
100.0
89.6
100.0

70.0

51.0

100.0
100.0
100.0
100.0
100.0

100.0
100.0
100.0
100.0
100.0

99.5
60.0

95.1
60.0

60.0

60.0

50.0
50.0

50.0
50.0

Foundations for our
corporate valuea

Our strategies forcreating value(Millions of yen, except percentages)

Data section

Capital1
Common Equity Tier 1 capital
2
Tier 1 capital3
Total capital
Risk weighted assets
4
Risk weighted assets
Capital ratio
5
Common Equity Tier 1 capital ratio
6
Tier 1 capital ratio
7
Total capital ratio
Capital buffer8
Capital conservation buffer requirement
9Countercyclical buffer requirement
10
Bank G-SIB/D-SIB additional requirements
11
Total of bank CET1 specific buffer requirements
CET1 available after meeting the bank's minimum
12
capital requirements
Leverage ratio
13
Total exposures
14
Leverage ratio
Liquidity coverage ratio (LCR)
Total HQLA allowed to be included in the15
calculation
16
Net cash outflows
17
LCR
Net stable funding ratio (NSFR)
18
Available stable funding
19
Required stable funding
20
NSFR(b) Number of Consolidated Subsidiaries

Appendix

Basel III
TemplateNo.

(a) Difference from the Companies Included in the Scope of Consolidation Based on Consolidation Rules for
Preparation of Consolidated Financial Statements (the “Scope of Accounting Consolidation”)
None as of March 31, 2022 and 2021

The following table sets forth information with respect to our principal consolidated subsidiaries as of March 31, 2022:

KM1: Key Metrics

About Mizuho

Liquidity standards agreed upon by the Basel Committee on Banking Supervision require our liquidity coverage ratio andnet stable funding ratio to surpass certain minimum standards. We calculate our consolidated liquidity coverage ratio (the“Consolidated LCR”) and consolidated net stable funding ratio (the “Consolidated NSFR”) in accordance with the regulation“The Evaluation Criterion on the Sound Management of Liquidity Risk Defined, Based on Banking Law Article 52-25, as One
of Criteria for Bank Holding Companies to Evaluate the Soundness of Their Management and the Ones of Their
Subsidiaries and Others, which is also One of Evaluation Criteria on the Soundness of the Banks' Management”(the FSA
Notice No.62 of 2014 (the “Notice No.62”)).

■ Scope of Consolidation

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

Message from theGroup CFO

Key Metrics

Note: Figures of No.15 to 17 in the table above are calculated based on the average values for the quarter.

287

288

Basel Regulatory Disclosures

Reference
As of March As of March
to Template31, 2022
31, 2021
CC2

Common Equity Tier 1 capital: instruments and reserves(1)

Directly issued qualifying common share capital plus related stock
1a+2-1c-26
surplus and retained earnings(d) Companies that are in the Bank Holding Company’s Corporate Group but not Included in the Scope of
Accounting Consolidation and Companies that are not in the Bank Holding Company’s Corporate Group but
Included in the Scope of Accounting Consolidation
None as of March 31, 2022 and 2021.
(e) Restrictions on Transfer of Funds or Capital within the Bank Holding Company’s Corporate Group
None as of March 31, 2022 and 2021.

¥7,711,821

of which: capital and stock surplus

3,382,092

3,392,708

2of which: retained earnings

4,756,301

4,421,438

1cof which: treasury stock (-)

8,342

7,124

26

of which: national specific regulatory adjustments (earnings to be
distributed) (-)

101,542

95,201

-

-

94

134

1b

Subscription rights to common shares

3

Accumulated other comprehensive income and other disclosed
reserves

947,197

1,449,035

5

Common share capital issued by subsidiaries and held by third
parties (amount allowed in group CET1)

16,937

7,361

6Common Equity Tier 1 capital: instruments andreserves

8,992,737

9,168,353

Common Equity Tier 1 capital: regulatory adjustments

(A)
(2)

8+9

Total intangible assets (net of related tax liability, excluding thoserelating to mortgage servicing rights)

451,288459,854

8

of which: goodwill (net of related tax liability, including thoseequivalent)

62,97865,8849of which: other intangibles other than goodwill and mortgage
servicing rights (net of related tax liability)

388,310

393,969■ Risk-based Capital

10

12,685

12,348(1) Summary of Approach to Assessing Capital Adequacy

Deferred tax assets that rely on future profitability excluding thosearising from temporary differences (net of related tax liability)

11

Deferred gains or losses on derivatives under hedge accounting(164,371)

30,475In order to ensure that risk-based capital is sufficiently maintained in light of the risk held by us, we regularly conduct thefollowing assessment of capital adequacy in addition to adopting a suitable and effective capital adequacy monitoring
structure.

12

Shortfall of eligible provisions to expected losses-

20,856

13

Securitization gain on sale

7-

Maintaining a sufficient BIS capital ratio

14

Gains and losses due to changes in own credit risk on fair valued
liabilities

24,341

21,499We confirm our maintenance of a high level of financial soundness by conducting regular evaluations to examine whether
our risk-based capital is adequate in qualitative as well as quantitative terms, in light of our business plans and strategic
targets to match the increase in risk-weighted assets acquired for growth, in addition to maintaining our capital above theminimum requirements of common equity Tier 1 capital ratio, Tier 1 capital ratio, total capital ratio, capital buffer ratio,
leverage ratio and TLAC ratio.

15

Net defined benefit asset

599,288769,795

16

Investments in own shares (excluding those reported in the net
assets section)

2,215

3,552

17

Reciprocal cross-holdings in common equity

-

-

18

Investments in the capital of banking, financial and insurance
entities that are outside the scope of regulatory consolidation, net of
eligible short positions, where the bank does not own more than
10% of the issued share capital (amount above the 10% threshold)¥-¥-(f) Names of Any Other Financial Institutions, etc., Classified as Subsidiaries or Other Members of the Bank Holding
Company that are Deficient in Regulatory Capital
None as of March 31, 2022 and 2021.

Balancing risk and capitalOn the basis of the framework for allocating risk capital, after obtaining the clearest possible grasp of the group’s overall risk
exposure, we endeavor to control risk so as to keep it within the range of our business capacity by means of allocating
capital that corresponds to the amount of risk to the principal banking subsidiaries, etc., within the bounds of our capital, andwe conduct regular assessments to ensure that a sufficient level of capital is maintained for our risk profile. When making
these assessments, we calculate the potential losses arising from assumed stress events and risk volumes, which we
assess whether they balance with the group’s capital. Stress events are based on risk scenarios that are formulated basedon the current economic condition and the economic outlook, etc. In addition, we examine whether an appropriate return on
risk is maintained in the assessments.

289¥8,028,508

1aof which: other than above(c) Corporations Providing Financial Services for Which Article 9 of the FSA Notice No. 20 is Applicable
None as of March 31, 2022 and 2021.

c

About Mizuho

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
99.0
100.0
100.0
100.0

b

(a)

Message from theGroup CFO

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
99.0
97.1
95.8
95.8

a
Basel III
Template

Our strategies forcreating value

Holding company
Derivatives
Banking
Securities
Banking and securities
Banking
Trust and banking
Banking and trust
Banking
Securities
Securities and banking
Securities(Millions of yen, except percentage)

Foundations for our
corporate value

Overseas
Mizuho Americas LLC ………………………U.S.A.
Mizuho Capital Markets LLC …………………U.S.A.
Mizuho Bank (China), Ltd. ……………………China
Mizuho Securities USA LLC …………………U.S.A.
Mizuho Bank Europe N.V. ……………………Netherlands
Banco Mizuho do Brasil S.A. …………………Brazil
Mizuho Trust & Banking (Luxembourg) S.A. Luxembourg
Mizuho Bank (USA) …………………………U.S.A.
PT. Bank Mizuho Indonesia …………………Indonesia
Mizuho Securities Asia Limited ………………China
Mizuho International plc ………………………U.K.
Mizuho Securities Europe GmbH ……………Germany

Main business(2) Composition of Capital, etc.
(a) CC1: Composition of Capital Disclosure

Data section

Country oforganization

Proportion of
votinginterest (%)

Appendix

Name

Proportion ofownership
interest (%)

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

290Basel Regulatory Disclosures

19+20+21 Amount exceeding the 10% threshold on specified items

¥-

¥-

19

of which: significant investments in the common stock offinancials

-

-

20

of which: mortgage servicing rights

-

-

21

of which: deferred tax assets arising from temporary differences(net of related tax liability)

-

-

-

-

23

of which: significant investments in the common stock offinancials

-

-

24

of which: mortgage servicing rights

-

-

25

of which: deferred tax assets arising from temporary differences(net of related tax liability)

-

-

-

-

(B)

925,457

1,318,383(C)

8,067,279

7,849,969

22

Amount exceeding the 15% threshold on specified items

27

Regulatory adjustments applied to Common Equity Tier 1 due toinsufficient Additional Tier 1 and Tier 2 to cover deductions

28

Common Equity Tier 1 capital: regulatory
adjustments

Common Equity Tier 1 capital (CET1)
29

Common Equity Tier 1 capital (CET1) ((A)-(B))

Additional Tier 1 capital: instruments
30
30
30

(3)

c

Reference
As of March As of March
to Template31, 2022
31, 2021
CC2

39

Investments in the capital of banking, financial and insurance
entities that are outside the scope of regulatory consolidation, net of
eligible short positions, where the bank does not own more than
10% of the issued common share capital of the entity (amountabove 10% threshold)40

Significant investments in the capital of banking, financial andinsurance entities that are outside the scope of regulatory
consolidation (net of eligible short positions)42

Regulatory adjustments applied to Additional Tier 1 due toinsufficient Tier 2 to cover deductions

43

Additional Tier 1 capital: regulatory adjustments¥-¥-

16,69536,078--(E)

17,59538,478(F)

1,646,011

1,851,961(G)

9,713,290

9,701,931

46

Directly issued qualifying Tier 2 instruments plus related stock
surplus of which: classified as equity under applicable accounting
standards and the breakdown

-

-

46

Subscription rights to Tier 2 instruments

-

-

46

Directly issued qualifying Tier 2 instruments plus related stock
surplus of which: classified as liabilities under applicable accounting
standards

1,371,349

1,406,564

46

Tier 2 instruments plus related stock surplus issued by special
purpose vehicles and other equivalent entities

73,064

99,26648-49

Tier 2 instruments issued by subsidiaries and held by third parties(amount allowed in group Tier 2)

8,038

5,173

47+49

Eligible Tier 2 capital instruments subject to phase-out
arrangements included in Tier 2:instruments and provisions/

168,706

Additional Tier 1 capital (AT1)44

Additional Tier 1 capital ((D)-(E))

Tier 1 capital (T1 = CET1 + AT1)
45

Tier 1 capital (T1 = CET1 + AT1) ((C) + (F))

Tier 2 capital: instruments and provisions(4)

Directly issued qualifying Additional Tier 1 instruments plus related
stock surplus of which: classified as equity under applicableaccounting standards and the breakdown-

31b

Subscription rights to Additional Tier 1 instruments

-

-

32

Directly issued qualifying Additional Tier 1 instruments plus related
stock surplus of which: classified as liabilities under applicableaccounting standards

1,643,000

1,873,000

Qualifying Additional Tier 1 instruments plus related stock surplus
issued by special purpose vehicles and other equivalent entities

-

-

47

of which: directly issued capital instruments subject to phase out
from Tier 2/

30,739

31a

30

-

34-35

Additional Tier 1 instruments issued by subsidiaries and held by
third parties (amount allowed in group AT1)

20,607

17,43949

of which: instruments issued by subsidiaries subject to phaseout/

137,966

33+35

Eligible Tier 1 capital instruments subject to phase-out
arrangements included in Additional Tier 1 capital: instruments

/

-

50

Total of general allowance for loan losses and eligible provisions
included in Tier 2

191,064

5,476

/

-

5,480

5,476

33

of which: directly issued capital instruments subject to phase out
from Additional Tier 1

35

of which: instruments issued by subsidiaries subject to phaseout

36

Additional Tier 1 capital: instruments

(D)

/

-

1,663,607

1,890,439

Additional Tier 1 capital: regulatory adjustments

291

b

37

Investments in own Additional Tier 1 instruments

38

Reciprocal cross-holdings in Additional Tier 1 instruments

900

2,400

¥-

¥-

50a
50b
51

of which: general allowance for loan lossesof which: eligible provisions
Tier 2 capital: instruments and provisions

Tier 2 capital: regulatory adjustments(H)

185,583-

1,643,515

1,685,186

About Mizuho

Reference
As of March As of March
to Template31, 2022
31, 2021
CC2

aBasel III
Template

Message from theGroup CFOc

Our strategies forcreating valueb(Millions of yen, except percentage)

Foundations for our
corporate valueaBasel III
Template(a) CC1: Composition of Capital Disclosure

Data section(Millions of yen, except percentage)

(5)

52

Investments in own Tier 2 instruments

4,606

1,388

53

Reciprocal cross-holdings in Tier 2 instruments and other TLAC
liabilities

-

-

54

Investments in the capital and other TLAC liabilities of banking,financial and insurance entities that are outside the scope of
regulatory consolidation, net of eligible short positions, where thebank does not own more than 10% of the issued common sharecapital of the entity (amount above the 10% threshold)¥-¥-Appendix(a) CC1: Composition of Capital Disclosure

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy292Basel Regulatory Disclosuresc

Investments in the other TLAC liabilities of banking, financial andinsurance entities that are outside the scope of regulatory
consolidation, where the bank does not own more than 10% of theissued common share capital of the entity: amount previously
designated for the 5% threshold but that no longer meets theconditions

¥517

55

Significant investments in the capital and other TLAC liabilities ofbanking, financial and insurance entities that are outside the scopeof regulatory consolidation (net of eligible short positions)

-

-

57

Tier 2 capital: regulatory adjustments

5,123

1,722

54a

(I)

58

Tier 2 capital (T2) ((H)-(I))(J)

1,638,391

1,683,464

Total capital (TC = T1 + T2)
59

Total capital (TC = T1 + T2) ((G) + (J))

Risk weighted assets
60

Risk weighted assets

Capital ratio and buffers (consolidated)(K)11,351,682

11,385,395

(6)
(L)

¥64,730,439 ¥67,481,983

(7)

61

Common Equity Tier 1 capital ratio (consolidated) ((C)/(L))

12.46%

11.63%

62

Tier 1 capital ratio (consolidated) ((G)/(L))

15.00%

14.37%

63

Total capital ratio (consolidated) ((K)/(L))

17.53%

16.87%

64

Total of bank CET1 specific buffer requirements

3.51%

3.51%

65

of which: capital conservation buffer requirement

2.50%

2.50%

66

of which: countercyclical buffer requirement

0.01%

0.01%

67

of which: bank G-SIB/D-SIB additional requirements

1.00%

1.00%

68

CET1 available after meeting the bank's minimum capitalrequirements

7.96%

7.13%

Regulatory adjustments(8)

Provisions (general allowance for loan losses)¥5,480¥5,47677

Cap on inclusion of provisions (general allowance for loan losses)

48,85444,922

78

Provisions eligible for inclusion in Tier 2 in respect of exposuressubject to internal ratings-based approach (prior to application ofcap) (if the amount is negative, report as "nil")

185,583-

79

Cap for inclusion of provisions in Tier 2 under internal ratings-based
approach

317,567

337,311

Non-significant investments in the capital and other TLAC liabilitiesof other financials that are below the thresholds for deduction(before risk weighting)¥468,660¥460,375

73

Significant investments in the common stock of financials that are
below the thresholds for deduction (before risk weighting)322,197295,13174

Mortgage servicing rights that are below the thresholds fordeduction (before risk weighting)

-

-

75

Deferred tax assets arising from temporary differences that are
below the thresholds for deduction (before risk weighting)¥521,630¥265,832(10)

82

Current cap on AT1 instruments subject to phase-out arrangements/

208,31383

Amount excluded from AT1 due to cap (excess over cap after
redemptions and maturities) (if the amount is negative, report as"nil")/-

84

Current cap on T2 instruments subject to phase-out arrangements/

168,70685

Amount excluded from T2 due to cap (excess over cap after
redemptions and maturities) (if the amount is negative, report as"nil")/¥64,355

Notes: 1. The above figures are calculated based on the international standard applied on a consolidated basis under the FSA Notice No. 20.
2. As an external audit of calculating the consolidated capital adequacy ratio, we underwent an examination under the procedures agreed with by Ernst & Young ShinNihon LLC,
on the basis of "Practical guidance on agreed-upon procedures for the calculation of capital adequacy ratio and leverage ratio" (Practical Guideline for specialized fields No.
4465 of the Japanese Institute of Certified Public Accountants). Note that this examination is not a part of the audit performed on our consolidated financial statements orinternal controls over financial reporting. Ernst & Young ShinNihon LLC does not give its opinion or conclusion concerning the capital adequacy ratio or our internal control
structure regarding the calculation of the capital adequacy ratio. Instead, it performs an examination to the extent both of us agreed to and reports the results to us.

Appendix

72

(9)

76

Capital instruments subject to phase-out arrangements

Tier 2 capital (T2)cReference
As of March As of March
to Template31, 2022
31, 2021
CC2

Provisions included in Tier 2 capital: instruments andprovisions¥334b

About Mizuho

Reference
As of March As of March
to Template31, 2022
31, 2021
CC2

aBasel III
Template

Message from theGroup CFOb

(Millions of yen, except percentage)

Our strategies forcreating valueaBasel III
Template(a) CC1: Composition of Capital Disclosure

Foundations for our
corporate value(Millions of yen, except percentage)

Data section(a) CC1: Composition of Capital Disclosure

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

293

294

Basel Regulatory Disclosures(b) CC2:Reconciliation of regulatory capital to consolidated balance sheet(Millions of yen)dReference toTemplate CC1

Cross-reference toAppended template

a
Items

295

¥47,981,981
589,776
11,623,654

2,340,089

2,707,711

3,476,021
13,221,415
591,183
44,641,060
84,736,280
2,627,492
2,277,160
7,797,796
1,095,977
601,292
863,217
184,594

3,208,004
12,589,294
582,368
43,697,262
83,704,675
2,084,756
1,719,349
6,174,020
1,135,449
620,224
1,109,107
31,402

8,346,878

6,602,744(783,886)(575,572)

(107)

(0)

¥237,066,142¥225,586,211¥133,312,406
17,192,572
1,312,790
18,607,255

1,172,248

958,148

1,775,859
9,608,976
6,590,527
1,508,453
537,167
10,714,004
1,167,284
2,770,852
6,301,484
120,052
2,278
71,7742,105,067
8,115,377
7,441,822
532,042456,045
10,321,672
1,160,608
1,739,671
5,862,013
104,131
2,935
71,049

557

683

1,309

1,074

6,622
17,62010,504¥3,132

6,762
22,09914,419¥3,135

Reference toTemplate CC1

Cross-reference toAppended template

As of March 31, 2022 As of March 31, 2021
¥30,923¥215,557

4-b

59,962

61,9154-c

8,346,878¥227,865,110

6,602,744¥216,224,003(Net Assets)
Common Stock
Capital Surplus

2,256,767
1,125,324

2,256,767
1,135,940

Retained Earnings

4,756,435

4,421,655

Deferred Tax Liabilities
Deferred Tax Liabilities for Revaluation
Reserve for Land
Acceptances and Guarantees
Total Liabilities

6-a2-b, 6-b
6-c
6-d
6-e
2-a
3
4-a

Treasury Stock(8,342)(7,124)¥8,130,185¥7,807,239

719,822

1,132,460(76,757)
132,156
2,346
169,652(23)

31,618136,384(139,514)
288,088-

Total Accumulated Other Comprehensive
Income¥947,197¥1,449,035

Stock Acquisition Rights
Non-Controlling Interests

94
123,555

134
105,797¥9,201,031¥9,362,207¥237,066,142¥225,586,211

Total Shareholders' Equity
Net Unrealized Gains (Losses) on Other
Securities
Deferred Gains or Losses on Hedges
Revaluation Reserve for Land
Foreign Currency Translation Adjustments
Remeasurements of Defined Benefit Plans
Own Credit Risk Adjustments, Net of Tax

Total Net Assets¥138,830,872
16,868,931
1,278,050
20,068,779

dTotal Liabilities and Net Assets

Note: The regulatory scope of consolidation is the same as the accounting scope of consolidation.

1-a
1-b
1-c
1-d

5

(a)
7

Message from theGroup CFO

¥51,359,301
940,008
12,750,363

Consolidated balance Consolidated balance
sheet as in published sheet as in publishedfinancial statements financial statementsc

Our strategies forcreating value

As of March 31, 2022 As of March 31, 2021
(Assets)
Cash and Due from Banks
Call Loans and Bills Purchased
Receivables under Resale Agreements
Guarantee Deposits Paid under Securities
Borrowing Transactions
Other Debt Purchased
Trading Assets
Money Held in Trust
Securities
Loans and Bills Discounted
Foreign Exchange Assets
Derivatives other than for Trading Assets
Other Assets
Tangible Fixed Assets
Intangible Fixed Assets
Net Defined Benefit AssetDeferred Tax Assets
Customers' Liabilities for Acceptances andGuarantees
Reserves for Possible Losses on Loans
Reserve for Possible Losses on
Investments
Total Assets(Liabilities)
Deposits
Negotiable Certificates of Deposit
Call Money and Bills Sold
Payables under Repurchase Agreements
Guarantee Deposits Received under
Securities Lending Transactions
Commercial Paper
Trading Liabilities
Borrowed Money
Foreign Exchange Liabilities
Short-term Bonds
Bonds and Notes
Due to Trust Accounts
Derivatives other than for Trading Liabilities
Other Liabilities
Reserve for Bonus Payments
Reserve for Variable Compensation
Net Defined Benefit Liability
Reserve for Director and Corporate Auditor
Retirement Benefits
Reserve for Possible Losses on Sales of
Loans
Reserve for Contingencies
Reserve for Reimbursement of Deposits
Reserve for Reimbursement of Debentures
Reserves under Special Lawsb

Foundations for our
corporate value

Consolidated balance Consolidated balance
sheet as in published sheet as in publishedfinancial statements financial statements(Millions of yen)
c

6-f
8-a

Data section

Items

b

8-b
6-g

AppendixaAbout Mizuho(b) CC2:Reconciliation of regulatory capital to consolidated balance sheet

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy296Basel Regulatory Disclosures

Consolidated balance sheet items

As of March
31, 2022

As of March
31, 2021

1-a
1-b
1-c
1-d

Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity¥2,256,767
1,125,324
4,756,435(8,342)¥8,130,185¥2,256,767
1,135,940
4,421,655(7,124)¥7,807,239(2) Composition of CapitalBasel III
template

Composition of capital disclosure

Directly issued qualifying commonshare capital plus related stock surplus
and retained earnings
1a2
1cof which: capital and stock surplusof which: retained earningsof which: treasury stock (-)
of which: other than above
Directly issued qualifying additional Tier
1 instruments plus related stock surplus
31a of which: classified as equity underapplicable accounting standards andthe breakdown

Remarks

2-a2-bIntangible fixed assets
Securitiesof which: share of goodwill ofcompanies accounted for using theequity method¥601,292
44,641,060¥620,224
43,697,262

10,431

9,635

Income taxes related to above¥(160,434)¥(170,006)(2) Composition of Capital(Millions of yen)
As of March
31, 2022

Consolidated balance sheet items

As of March
31, 2021

Remarks¥8,130,051¥7,807,022

Shareholders' equity attributable
to common shares (before
adjusting national specificregulatory adjustments(earnings to be distributed))

3,382,092
4,756,301
8,342-

3,392,708
4,421,438
7,124-

Basel III
template

8
9

20
24

-

-

74

Composition of capital disclosure

Goodwill (net of related tax liability,
including those equivalent)
Other intangibles other than goodwill
and mortgage servicing rights (net of
related tax liability)
Mortgage servicing rights (net of related
tax liability)
Amount exceeding the 10%threshold on specified items
Amount exceeding the 15%threshold on specified items
Mortgage servicing rights that are
below the thresholds for deduction(before risk weighting)Consolidated balance sheet items

3 Net defined benefit asset
Income taxes related to above

As of March
31, 2022

As of March
31, 2021¥62,978¥65,884

388,310

393,969

-

-

-

-

-

-

-

-

Composition of capital disclosure

Software and other

As of March
31, 2021¥863,217¥1,109,107¥(263,928)¥(339,312)

Remarks(Millions of yen)
As of March
31, 2022

As of March
31, 2021¥599,288¥769,795

Remarks

Appendix

15 Net defined benefit asset

Remarks(Millions of yen)
As of March
31, 2022(2) Composition of CapitalBasel III
template

Share of goodwill of companies
accounted for using the equity
method(Millions of yen)

3. Net defined Benefit Asset(1) Consolidated Balance Sheet
Ref.

Remarks

Message from theGroup CFO

Ref.

As of March
31, 2021

Ref.

Our strategies forcreating value(Millions of yen)

(Millions of yen)
As of March
31, 2022

Foundations for our
corporate value

1. Shareholders' Equity(1) Consolidated Balance Sheet

About Mizuho

2. Intangible Fixed Assets(1) Consolidated Balance Sheet

Data section

Appended template

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

297

298

Basel Regulatory Disclosures

Deferred tax assets
Deferred tax liabilities
Deferred tax liabilities for revaluation
4-creserve for landTax effects on intangible fixed assets
Tax effects on net defined benefit asset

As of March
31, 2021¥184,594
30,923¥31,402
215,557

59,962

61,915¥160,434
263,928

10

Composition of capital disclosure

Deferred tax assets that rely on future
profitability excluding those arising from
temporary differences (net of related tax
liability)
Deferred tax assets that rely on future
profitability arising from temporary
differences (net of related tax liability)

21
25

5 Deferred gains or losses on hedges

Basel III
template¥170,006
339,312¥12,685

521,630

As of March
31, 2021---

521,630

265,832

As of March
31, 2021¥(76,757)¥31,618

Composition of capital disclosure

Deferred gains or losses on derivatives
under hedge accounting

Remarks(Millions of yen)
As of March
31, 2022¥(164,371)

As of March
31, 2021¥30,475

Remarks

This item does not agree withthe amount reported on the¥12,348 consolidated balance sheet due
to offsetting of assets andliabilities.
This item does not agree withthe amount reported on the265,832 consolidated balance sheet due
to offsetting of assets andliabilities.

-

As of March
31, 2022(2) Composition of Capital(Millions of yen)
As of March
31, 2022

Consolidated balance sheet items

Remarks

Excluding those items whose
valuation differences arisingfrom hedged items arerecognized as "Total
accumulated othercomprehensive income"

6. Items Associated with Investments in the Capital of Financial Institutions(Millions of yen)
(1) Consolidated Balance Sheet
As of March
31, 2022

As of March
31, 2021

6-a Trading assets¥13,221,415¥12,589,294

6-b Securities
6-c Loans and bills discounted
Derivatives other than for trading
6-dassets6-e Other assets

44,641,060
84,736,280

43,697,262
83,704,675

2,277,160

1,719,349

7,797,796

6,174,020

6-fTrading liabilities

9,608,976

8,115,377

6-gDerivatives other than for trading
liabilities

2,770,852

1,739,671

Ref.

Consolidated balance sheet items

Remarks

Including trading accountsecurities and derivatives for
trading assets
Including subordinated loans
Including money invested
Including trading accountsecurities soldAppendix

Data section

75

Amount exceeding the 10%threshold on specified items
Amount exceeding the 15%threshold on specified items
Deferred tax assets arising from
temporary differences that are below
the thresholds for deduction (before
risk weighting)

Ref.

11

(2) Composition of CapitalBasel III
template

Remarks

About Mizuho

4-a
4-b

As of March
31, 2022

Message from theGroup CFO

Consolidated balance sheet items

Our strategies forcreating value

Ref.

5. Deferred Gains or Losses on Derivatives under Hedge Accounting(Millions of yen)
(1) Consolidated Balance Sheet(Millions of yen)Foundations for our
corporate value

4. Deferred Tax Assets(1) Consolidated Balance Sheet

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

299

300

Basel Regulatory Disclosures

18
39
54

54a

72

19
23
40
55
73

301

-

-

-

-

-

-

469,178

460,709

-

-

-

-

517

334

Ref.

Consolidated balance sheet items

7 Non-Controlling interests

460,375

Basel III
template

530-31ab-32

34-35
46
48-49

331,209

-

-

-

-

16,69536,078--322,197295,131¥105,797

Composition of capital disclosure

Common share capital issued bysubsidiaries and held by third parties(amount allowed in group CET1)
Qualifying additional Tier 1 instruments
plus related stock surplus issued by
special purpose vehicles and otherequivalent entities
Additional Tier 1 instruments issued bysubsidiaries and held by third parties(amount allowed in group AT1)
Tier 2 instruments plus related stock
surplus issued by special purpose
vehicles and other equivalent entities
Tier 2 instruments issued bysubsidiaries and held by third parties(amount allowed in group Tier 2)(Millions of yen)
As of March
31, 2021¥16,937¥7,361After reflecting amounts eligible
for inclusion (non-controllinginterest after adjustments)--

After reflecting amounts eligible
for inclusion (non-controllinginterest after adjustments)

20,607

17,43973,064

99,266

8,038

5,173

As of March
31, 2021

8-a Borrowed money¥6,590,527¥7,441,822

8-b Bonds and notes

10,714,004

10,321,672¥17,304,532¥17,763,494

Consolidated balance sheet items(2) Composition of Capital

After reflecting amounts eligible
for inclusion (non-controllinginterest after adjustments)
After reflecting amounts eligible
for inclusion (non-controllinginterest after adjustments)
After reflecting amounts eligible
for inclusion (non-controllinginterest after adjustments)

Remarks(Millions of yen)
As of March
31, 2022

As of March
31, 2021

Directly issued qualifying additional Tier
1 instruments plus related stock surplus
32
of which: classified as liabilities underapplicable accounting standards¥1,643,000¥1,873,000

Directly issued qualifying Tier 2
instruments plus related stock surplus
46
of which: classified as liabilities underapplicable accounting standards

1,371,349

1,406,564

Composition of capital disclosure

Remarks(Millions of yen)
As of March
31, 2022

Ref.

Remarks

As of March
31, 2022

8. Other Capital Instruments(1) Consolidated Balance Sheet

Basel III
template

338,893¥123,555(2) Composition of Capital

Total
468,660

As of March
31, 2021

About Mizuho¥7,340
3,552
2,400
1,388

(Millions of yen)
As of March
31, 2022

Remarks

Message from theGroup CFO53

¥7,722
2,215
900
4,606

Remarks

7. Non-Controlling Interests(1) Consolidated Balance Sheet

Our strategies forcreating value

17
38

Investments in own capital instruments
Common equity Tier 1 capital
Additional Tier 1 capital
Tier 2 capital
Reciprocal cross-holdings in the capitalof banking, financial and insurance
entities
Common equity Tier 1 capital
Additional Tier 1 capital
Tier 2 capital and other TLAC
liabilities
Investments in the capital of banking,financial and insurance entities that areoutside the scope of regulatory
consolidation, net of eligible shortpositions, where the bank does not own
more than 10% of the issued sharecapital (amount above 10% threshold)Common equity Tier 1 capital
Additional Tier 1 capital
Tier 2 capital and other TLAC
liabilities
Investments in the other TLAC
liabilities of banking,financial andinsurance entities that are outside
the scope of regulatory
consolidation, where the bank does
not own more than 10% of the issued
common share capital of the entity:
amount previously designated for the
5% threshold but that no longer
meets the conditions
Non-significant investments in thecapital and other TLAC liabilities ofother financials that are below thethresholds for deduction (before risk
weighting)Significant investments in the capital ofbanking, financial and insurance entities
that are outside the scope of regulatory
consolidation, net of eligible shortpositions
Amount exceeding the 10%threshold on specified items
Amount exceeding the 15%threshold on specified items
Additional Tier 1 capital
Tier 2 capital and other TLAC
liabilities
Significant investments in thecommon stock of financials that are
below the thresholds for deduction(before risk weighting)

As of March
31, 2021

Foundations for our
corporate value

16
37
52

Composition of capital disclosure(Millions of yen)
As of March
31, 2022

Data section

Basel III
template

Appendix(2) Composition of Capital

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy302Basel Regulatory Disclosures

b

c

RWA

d

capital requirements

As of March
31, 2022

As of March
31, 2021

As of March
31, 2022

As of March
31, 2021

RWA

Risk
Weight(%)¥46,599.3

20.20¥225,225.3¥47,821.1

21.23

214,019.1

34,043.4

15.90

208,367.5

34,213.2

16.41

103,063.4

31,013.1

30.09

100,828.4

31,248.2

30.99

Ratings A1-B2

77,065.9

16,019.8

20.78

75,866.4

15,548.7

20.49

Ratings C1-D3

23,378.5

12,721.2

54.41

22,283.6

13,229.7

59.36

Ratings E1-E2

1,431.3

1,748.3

122.15

1,437.6

1,979.7

137.70Ratings E2R-H1

1,187.5

523.6

44.09

1,240.7

490.0

39.49

102,621.6

887.6

0.86

99,303.2

872.0

0.87

743.3

0.75

1

Credit risk (excluding counterparty credit risk)¥40,885,256¥41,573,999¥3,449,683¥3,508,692

2of which: standardized approach (SA)of which: internal rating-based (IRB) approach

1,937,947
37,263,038

1,871,761
38,077,677

155,035
3,159,905

149,740
3,228,987

-

-

-

-

Ratings A1-B2

1,684,270

1,624,560

134,741

129,964

102,451.0

765.0

0.74

99,100.5

Ratings C1-D3

158.6

108.1

68.18

196.6

121.1

61.60

4,606,704

4,459,369

374,631

363,487

Ratings E1-E2

11.9

14.3

120.166.0

7.6

126.75----Ratings E2R-H1

0.0

0.0

32.59

0.0

0.0

36.54

7,991.9

1,761.2

22.03

7,917.9

1,760.5

22.23

Ratings A1-B2

7,494.8

1,473.6

19.66

7,510.0

1,515.1

20.17

482.1

265.2

55.00

383.2

221.9

57.92

17.4

277.463of which: significant investmentsof which: estimated residual value of lease transactions
others
4

Counterparty credit risk (CCR)

Sovereign5of which: SA-CCR

6of which: current exposure methodof which: expected positive exposure (EPE) method

243,346
1,008,311

448,051
1,078,444

20,16984,79337,51090,701of which: credit valuation adjustment (CVA) risk

2,108,205

1,982,240

168,656

158,579of which: central counterparty-related
Others183,747
1,063,093

166,104
784,529

14,69986,311

13,28863,407

Ratings C1-D3
Ratings E1-E2

5.9

17.2

289.54

6.2

Ratings E2R-H1

8.9

5.1

57.58

18.4

6.0

33.12

Specialized lending

342.1

381.3

111.47

317.9

332.3

104.529,730.4

2,866.9

29.46

10,155.0

3,092.5

30.45

7,845.7

1,969.5

25.10

8,079.9

2,104.3

26.04

544.3

450.7

82.80

573.1

465.4

81.21

Others

1,340.4

446.6

33.31

1,501.9

522.6

34.80

Equities

4,145.6

7,271.5

175.404,700.5

8,650.6

184.03

4,911.0

138.647

Equity positions in banking book under market-based approach

2,613,592

3,427,692

221,632

290,6688

Equity investments in funds - Look-through approach

4,090,892

6,166,277

345,975

521,846

9Equity investments in funds - Mandate-based approach
Equity investments in funds - Simple approach (subject to 250% RW)

-

-

-

-

10

Equity investments in funds - Simple approach (subject to 400% RW)
Equity investments in funds - Fall-back approach811,245
227,679

609,005
156,266

68,79318,85451,643
12,51911

Settlement risk

3,179

2,730

263

230

12

Securitization exposures in banking book972,440

1,150,473

77,79592,037

823,411921,663

65,87273,733

148,600
255
173

228,207249
353

11,88820
1318,25619
28

2,357,907

2,328,664

188,632

186,293

977,368
1,380,539

1,160,121
1,168,542

78,189110,443

92,80993,4833,244,374

3,192,568

259,549

255,405

848,593

701,380

67,887

56,1102,395,780

2,491,188

191,662

199,295

2,109,475

1,402,410

172,623

115,734

-

-

-

-

13
14
15
16
17
18
19

of which: Securitisation IRB approach (SEC-IRBA) or internal assessment approach(IAA)of which: Securitisation external ratings-based approach (SEC-ERBA)
of which: Securitisation standardised approach (SEC-SA)of which: 1250% risk weight is applied
Market riskof which: standardized approach (SA)of which: internal model approaches (IMA)
Operational risk

20of which: basic indicator approach

21
22

of which: standardized approachof which: advanced measurement approach

23

Exposures of specified items not subject to regulatory adjustments
Amounts included in RWA subject to phase-out arrangements

24

Floor adjustment

25

Total (after applying the scaling factor)

-

-

-

-

¥64,730,439¥67,481,983¥5,178,435¥5,398,558

Bank

RetailResidential mortgage
Qualifying revolving loan

PD/LGD approach

3,215.9

4,259.7

132.453,542.0

929.6

3,011.7

323.97

1,158.4

3,739.6

322.802,737.7

2,417.4

88.30

2,002.2

1,864.8

93.13

Standardized approach

5,599.5

3,844.1

68.65

4,968.5

3,515.6

70.75

Equity investments in funds

2,351.7

5,420.2

230.472,640.2

7,325.1

277.43

Securitization exposures

5,180.7

972.4

18.77

5,177.2

1,150.4

22.22

CVA risk／

2,108.2／／

1,982.2／

Central counterparty-related

／

183.7

／

／

166.1

／

¥243,765.1¥59,128.1

23.31¥238,011.4¥61,960.7

25.13

Market-based approach
Others

Total

About Mizuho¥230,632.9

Corporate (except specialized
lending)

EAD

Message from theGroup CFO(Millions of yen)

a

303

RWA

Corporate, etc.

(A) OV1: Overview of Risk-weighted Assets (RWA)

Basel III
Template
No.

EAD
Internal ratings-based approach(2) Summary of RWA

As of March 31, 2021
Risk
Weight(%)

Our strategies forcreating value

As of March 31, 2022

Foundations for our
corporate value(1) Summary of Our Group’s Risk Profile, Risk Management Policies/ Procedures and Structure
See pages 97 to 101 for a summary of our group’s risk profile and risk management policies, etc.

(Billions of yen)

Data section(B) Credit Risk Weighted Assets by Asset Class and Ratings Segment

Note1: "Specialized lending" is specialized lending exposure under supervisory slotting criteria.
Note2: "Equity investments in funds" is total of look-though approach, mandate-based approach, simple approach and fall-back approach.
Note3: "Equity investments in funds" and "Securitization exposures" as of March 31, 2019 are disclosed out of Internal ratings-based approach due to revision of FSA Notice No.20.

Appendix■ Summary of Risk Management and Risk-weighted Assets (RWA)

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

304

Basel Regulatory Disclosuresa

AssetsCash and Due from Banks
Call Loans and Bills Purchased
Receivables under Resale Agreements
Guarantee Deposits Paid under
Securities Borrowing Transactions
Other Debt Purchased
Trading Assets
Money Held in Trust
Securities
Loans and Bills Discounted
Foreign Exchange Assets
Derivatives Other than for Trading
AssetsOther Assets
Tangible Fixed Assets
Intangible Fixed Assets
Net Defined Benefit AssetDeferred Tax Assets
Customers' Liabilities for
Acceptances and Guarantees
Reserves for Possible Losses on Loans
Reserve for Possible Losses on
Investments
Total assetsbcCarrying
Carrying
values asreported in values underpublished scope offinancial regulatory
statements consolidation

Subject tocreditrisk
framework¥51,359,301
940,008
12,750,363¥51,359,301
940,008-¥12,750,363

2,340,089-

3,476,021
13,221,415
591,183
44,641,060
84,736,280
2,627,492gSubject tothe market
risk
framework

Not subject tocapitalrequirements
or subject todeductionfrom capital

¥-

¥-

¥-

2,340,089---

2,314,310
591,183
43,653,277
82,880,713
2,627,492

6,733,692
2,434-

1,130,923
960,655
1,853,131-

13,221,415-

30,78827,126-

2,277,160-

2,277,160---

7,797,796
1,095,977
601,292
863,217
184,594

1,933,788
1,095,977
160,434
263,928
171,909

5,365,849
-

2,498
-

-

495,658
440,857
599,288
12,685

8,346,878

8,339,298

1,110

6,469

-

-

(783,886)(783,890)

-

-

-

4

(107)

-

-

-

-

-

¥237,066,142¥195,547,735¥29,470,702¥3,953,679¥13,221,415¥1,606,409

Subject tocounterparty Subject to thecredit risk securitization
framework
framework

Carrying
values as
Carrying
reported in values underpublished scope offinancial regulatory
statements consolidation
Liabilities
Deposits
Negotiable Certificates of Deposit
Call Money and Bills Sold
Payables under Repurchase
Agreements
Guarantee Deposits Received under
Securities Lending Transactions
Commercial Paper
Trading Liabilities
Borrowed Money
Foreign Exchange Liabilities
Short-term Bonds
Bonds and Notes
Due to Trust Accounts
Derivatives other than for trading
liabilities
Other Liabilities
Reserve for Bonus Payments
Reserve for variable compensation
Net Defined Benefit Liability
Reserve for Director and Corporate
Auditor Retirement Benefits
Reserve for possible losses onsales of loans
Reserve for contingencies
Reserve for reimbursement of deposits
Reserve for reimbursement ofdebentures
Reserves under Special Laws
Deferred Tax Liabilities
Deferred Tax Liabilities for
Revaluation Reserve for Land
Acceptances and Guarantees
Total liabilitiescSubject tocreditrisk
framework

Subject tocounterparty Subject to thecredit risk securitization
framework
frameworkg
Not subject tocapitalrequirements
or subject todeductionfrom capital

Subject tothe market
risk
framework¥138,830,872
16,868,931
1,278,050

¥-

¥-

¥-

¥- ¥138,830,872
16,868,931
1,278,050

20,068,779-

20,068,779

-

-

-

1,172,248-

1,172,248---

1,775,859
9,608,976
6,590,527
1,508,453
537,167
10,714,004
1,167,284-

6,138,946--

9,608,976-

1,775,859
6,590,527
1,508,453
537,167
10,714,004
1,167,284

2,770,852-

2,770,852---

6,301,484
120,052
2,278
71,774-

166,561---

6,134,923
120,052
2,278
71,774

557

-

-

-

-

557

1,309

-

-

-

-

1,309

6,622
17,620

2,960
-

-

-

-

3,661
17,62010,504----

10,504

3,132
30,923

-

-

-

-

3,132
30,92359,962----

59,962

8,346,878¥227,865,110¥2,960¥30,317,387¥-

About Mizuho(Millions of yen)

As of March 31, 2022def
Carrying values of items:bMessage from theGroup CFOa

Our strategies forcreating value(A) LI1: Differences between Accounting and Regulatory Scopes of Consolidation and Mapping of Financial
Statement Categories with Regulatory Risk Categories(Millions of yen)

As of March 31, 2022def
Carrying values of items:

Foundations for our
corporate valueLI1-(Continued)

8,346,878¥9,608,976 ¥194,074,731

Data section■ Linkages between Financial Statements and Regulatory Exposures

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

Appendix

Notes: 1. Since the scope of accounting consolidation and that of regulatory consolidation are the same, the column (a) and (b) have been combined.
2. Market risk includes foreign exchange risk and commodities risk in the banking book, but only those items in the trading book are recorded.

305

306

Basel Regulatory Disclosures

Subject tocreditrisk
framework¥47,981,981
589,776
11,623,654¥47,981,981
589,776-¥11,623,654

2,707,711-

3,208,004
12,589,294
582,368
43,697,262
83,704,675
2,084,756a

Subject tothe market
risk
framework

Not subject tocapitalrequirements
or subject todeductionfrom capital

¥-

¥-

¥-

2,707,711---

2,285,493
582,368
42,337,957
82,187,404
2,084,756

6,167,946
959-

886,008
1,313,592
1,516,310-

12,589,294-

36,50245,713-

1,719,349-

1,719,349---

6,174,020
1,135,449
620,224
1,109,107
31,402

1,644,268
1,135,449
170,006
339,312
19,053

4,262,689
-

3,048
-

-

264,013450,218
769,795
12,3486,602,744

6,599,620

785

2,339

-

-

(575,572)(575,565)

-

-

-

(7)

(0)

(0)

-

-

-

-

¥225,586,211¥187,381,881¥26,483,097¥3,721,298¥12,589,294¥1,578,585

Subject tocounterparty Subject to thecredit risk securitization
framework
frameworkb

Carrying
values as
Carrying
reported in values underpublished scope offinancial regulatory
statements consolidation
Liabilities
Deposits
Negotiable Certificates of Deposit
Call Money and Bills Sold
Payables under Repurchase
Agreements
Guarantee Deposits Received under
Securities Lending Transactions
Commercial Paper
Trading Liabilities
Borrowed Money
Foreign Exchange Liabilities
Short-term Bonds
Bonds and Notes
Due to Trust Accounts
Derivatives other than for trading
liabilities
Other Liabilities
Reserve for Bonus Payments
Reserve for variable compensation
Net Defined Benefit Liability
Reserve for Director and Corporate
Auditor Retirement Benefits
Reserve for possible losses onsales of loans
Reserve for contingencies
Reserve for reimbursement of deposits
Reserve for reimbursement ofdebentures
Reserves under Special Laws
Deferred Tax Liabilities
Deferred Tax Liabilities for
Revaluation Reserve for Land
Acceptances and Guarantees
Total liabilitiescSubject tocreditrisk
framework

Subject tocounterparty Subject to thecredit risk securitization
framework
frameworkg
Not subject tocapitalrequirements
or subject todeductionfrom capital

Subject tothe market
risk
framework¥133,312,406
17,192,572
1,312,790

¥-

¥-

¥-

¥- ¥133,312,406
17,192,572
1,312,790

18,607,255-

18,607,255

-

-

-

958,148-

958,148---

2,105,067
8,115,377
7,441,822
532,042456,045
10,321,672
1,160,608-

5,712,957--

8,115,377-

2,105,067
7,441,822
532,042456,045
10,321,672
1,160,608

1,739,671-

1,739,671---

5,862,013
104,131
2,935
71,049-266,287---

5,595,725
104,131
2,935
71,049

683

-

-

-

-

683

1,074

-

-

-

-

1,074

6,762
22,099

3,092
-

-

-

-

3,669
22,09914,419----14,4193,135
215,557

-

-

-

-

3,135
215,557

61,915----61,915

6,602,744¥216,224,003¥3,092¥27,284,320¥-

About Mizuho

Carrying
values as
Carrying
reported in values underpublished scope offinancial regulatory
statements consolidationg

Message from theGroup CFOc

Our strategies forcreating value

AssetsCash and Due from Banks
Call Loans and Bills Purchased
Receivables under Resale Agreements
Guarantee Deposits Paid under
Securities Borrowing Transactions
Other Debt Purchased
Trading Assets
Money Held in Trust
Securities
Loans and Bills Discounted
Foreign Exchange Assets
Derivatives Other than for Trading
AssetsOther Assets
Tangible Fixed Assets
Intangible Fixed Assets
Net Defined Benefit AssetDeferred Tax Assets
Customers' Liabilities for
Acceptances and Guarantees
Reserves for Possible Losses on Loans
Reserve for Possible Losses on
Investments
Total assetsb(Millions of yen)

As of March 31, 2021def
Carrying values of items:

Foundations for our
corporate valueaLI1-(Continued)

6,602,744¥8,115,377 ¥186,534,170

Data section(Millions of yen)

As of March 31, 2021def
Carrying values of items:

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

Appendix

Notes: 1. Since the scope of accounting consolidation and that of regulatory consolidation are the same, the column (a) and (b) have been combined.
2. Market risk includes foreign exchange risk and commodities risk in the banking book, but only those items in the trading book are recorded.

307

308

Basel Regulatory Disclosures■ Credit Risk

5
6
7
8
9

¥29,470,702¥3,953,679¥13,221,415

2,960

30,317,387-

9,608,976

195,544,774
22,352,343-846,685-

3,953,679
1,227,112

3,612,439-

883,358---(662,536)¥218,117,941

257,742
23,519,865¥22,930,923¥5,180,792¥3,612,439

Notes: 1. Column (a) is not necessarily equal to the sum of columns (b) to (e) due to assets being riskweighted more than once.
2. Differences between regulatory exposure amounts and carrying values in consolidated financial statements and the main sources of the differences are as follows.
･ Off-balance sheet amounts correspond to the differences produced mainly by adding exposures to undrawn commitments and by multiplying customer liabilities for
acceptances and guarantees by the credit conversion factor (CCF) assigned to off-balance sheet items under the regulatory capital requirements.
･ Differences due to consideration of provision for loan losses, and write-offs are produced mainly by adding general provisions for loan losses, specific provisions for loan
losses and partial direct bad debt write-offs to those assets subject to the advanced internal ratings-based approach.
･ Differences due to derivative transactions, etc. are produced mainly by incorporating future market value fluctuations and the effect of netting into regulatory exposureamounts. Derivative transactions, etc. include long-settlement transactions.
･ Differences due to repurchase transactions are mainly produced by adding the exposure amounts related to assets pledged as collateral and considering the effect of
netting and collateral.
･ Other differences are produced mainly by considering the offsetting of deferred tax assets against deferred tax liabilities and the regulatory recognized effectiveness ofhedging and making regulatory prudential adjustments.

(Millions of yen)

a

1
2
3
4
5
6
7
8
9

Total
Asset carrying value amount under scope of¥224,007,626
regulatory consolidation (as per template LI1)
Liabilities carrying value amount under regulatory
29,689,833
scope of consolidation (as per template LI1)
Total net amount under regulatory scope of consolidation
194,317,793
Off-balance sheet amounts
25,177,439
Differences due to consideration of provision for loan
683,736
losses and write-offs
Differences due to derivative transactions, etc.
2,116,257
Differences due to repurchase transactions
22,836,729
Other differences(320,910)
Exposure amounts considered for regulatory purposes¥244,811,044¥187,381,882¥26,483,097¥3,721,298¥12,589,294

3,092

27,284,320-

8,115,377

187,378,790
23,721,495(801,223)-

3,721,298
1,455,943

4,473,916-

683,736---(775,897)¥211,008,124

2,116,257
22,836,729¥24,151,762¥5,177,242¥4,473,916

Notes: 1. Column (a) is not necessarily equal to the sum of columns (b) to (e) due to assets being riskweighted more than once.
2. Differences between regulatory exposure amounts and carrying values in consolidated financial statements and the main sources of the differences are as follows.
･ Off-balance sheet amounts correspond to the differences produced mainly by adding exposures to undrawn commitments and by multiplying customer liabilities for
acceptances and guarantees by the credit conversion factor (CCF) assigned to off-balance sheet items under the regulatory capital requirements.
･ Differences due to consideration of provision for loan losses, and write-offs are produced mainly by adding general provisions for loan losses, specific provisions for loan
losses and partial direct bad debt write-offs to those assets subject to the advanced internal ratings-based approach.
･ Differences due to derivative transactions, etc. are produced mainly by incorporating future market value fluctuations and the effect of netting into regulatory exposureamounts. Derivative transactions, etc. include long-settlement transactions.
･ Differences due to repurchase transactions are mainly produced by adding the exposure amounts related to assets pledged as collateral and considering the effect of
netting and collateral.
･ Other differences are produced mainly by considering the offsetting of deferred tax assets against deferred tax liabilities and the regulatory recognized effectiveness ofhedging and making regulatory prudential adjustments.

(3) Quantitative Disclosure on Credit Risk
Counterparty credit risk exposures, securitization exposures, and regarded-method exposures are excluded from theamount of credit risk exposures below.
(A) CR1: Credit Quality of Assets

1
2
3
4

As of March 31, 2021bcde
Items subject to:Counterparty
credit risk Securitization Market risk
Credit risk
framework
framework
framework
framework

About Mizuho

34¥195,547,735

See page 132 for a summary of provision for loan losses and write-offs.

5
6
7
8

On-balance sheet exposures
Loans
Debt securities
Other on-balance sheet debt exposures
Total on-balance sheet exposures (1+2+3)
Off-balance sheet exposures
Guarantees
Commitments
Total off-balance sheet exposures (5+6)
Total
Total assets (4+7)(Millions of yen)

As of March 31, 2022abcGross carrying values ofNondefaulted
Defaulted
exposures
exposures
Reserved
Net values(a+b-c)¥1,175,493
10,49014,7641,200,747¥81,702,507
38,316,393
56,037,911
176,056,812¥701,722
8,874
710,596¥82,176,278
38,326,883
56,043,801
176,546,964

49,987
58,919108,9078,294,814
34,393,304
42,688,119

52,19052,1908,292,611
34,452,224
42,744,836¥1,309,654 ¥218,744,932¥762,786 ¥219,291,800

Notes: 1. Other on-balance sheet debt exposures include deposits, call loans, bills purchased, other debt purchased, money held in trust and foreign exchange assets, etc.
2. Defaulted exposures include restructured loans, loans past due for three months or more, loans to bankrupt borrowers and so on.
3. Reserve corresponds to the amount of reserves for possible loan losses(Millions of yen)

1
2
3
4
5
6
7
8

On-balance sheet exposures
Loans
Debt securities
Other on-balance sheet debt exposures
Total on-balance sheet exposures (1+2+3)
Off-balance sheet exposures
Guarantees
Commitments
Total off-balance sheet exposures (5+6)
Total
Total assets (4+7)

As of March 31, 2021abcGross carrying values ofNondefaulted
Defaulted
exposures
exposures
Reserve

Net values(a+b-c)¥1,223,764
12,626
7,311
1,243,701¥80,964,842
36,336,427
52,309,757
169,611,027¥513,488
5,187
518,676¥81,675,117
36,349,053
52,311,881
170,336,052

20,07937,801
57,8806,582,648
34,914,384
41,497,032

44,35244,352

6,558,375
34,952,185
41,510,560¥1,301,582 ¥211,108,060

dMessage from theGroup CFO

2

Asset carrying value amount under scope of¥235,459,732
regulatory consolidation (as per template LI1)
Liabilities carrying value amount under regulatory
33,790,379
scope of consolidation (as per template LI1)
Total net amount under regulatory scope of consolidation
201,669,353
Off-balance sheet amounts
23,579,456
Differences due to consideration of provision for loan
883,358
losses and write-offs
Differences due to derivative transactions, etc.
257,742
Differences due to repurchase transactions
23,519,865
Other differences(67,679)
Exposure amounts considered for regulatory purposes¥249,842,095(2) Summary of Provision for Loan Losses and Write-offs

Our strategies forcreating value1

See pages 131 to 133 for a summary of our credit risk profile and credit risk management policies, etc.

Foundations for our
corporate value

Total(1) Summary of Risk Profile, Risk Management Policies/ Procedures and Structure

Data section(Millions of yen)

As of March 31, 2022bcde
Items subject to:Counterparty
credit risk Securitization Market risk
Credit risk
framework
framework
framework
framework

Appendix(B) LI2: Main Sources of Differences between Regulatory Exposure Amounts and Carrying Values in Financial
StatementsaMessage from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy¥563,028 ¥211,846,613

Notes: 1. Other on-balance sheet debt exposures include deposits, call loans, bills purchased, other debt purchased, money held in trust and foreign exchange assets, etc.
2. Defaulted exposures include restructured loans, loans past due for three months or more, loans to bankrupt borrowers and so on.
3. Reserve corresponds to the amount of reserves for possible loan losses

309

310

Basel Regulatory Disclosures

OthersTotal¥43,820.6 ¥145,226.7
11,402.2
72,699.8
1,832.2
15,633.6
1,654.9
5,631.9
6,115.1
32,364.5
11.3
415.6
1,598.1
12,582.8
190.4
6,071.0¥55,222.8 ¥217,926.5／
3,527.8

Notes: 1. Standardized approach portion represents the amount calculated using the standardized approach for business units and asset classes that are immaterial for the purposeof calculating credit RWA
2. Exposure to non-Japanese residents is included in Overseas.
3. Others include cash, deposits, call loans, other debt purchased, money held in trust, foreign exchange assets and other assets, etc.
4. Reclassification of Geographical Area type has been made on the above table as of March 31,2019 for consistency with current figures.

(b) Breakdown by Industry(Billions of yen)

As of March 31, 2022

Loans,
commitments
and other
non-derivative
off-balancesheet
exposures Securities
Manufacturing¥28,178.7¥1,837.3
2,307.0
178.8
Construction
Real estate
13,712.9
1,098.7
Service industries
6,331.5306.0
Wholesale and retail
12,779.4
699.9
Finance and insurance
19,585.0
6,011.9
Individuals
10,426.4
Other industries
30,230.1
6,166.5
Japanese Government; Bank of Japan
836.5
25,627.5
Total¥124,388.0 ¥41,926.8／／
Standardized approach portion

As of March 31, 2021

Loans,
commitments
and other
non-derivative
off-balancesheet
exposures Securities
OthersTotal¥675.6 ¥30,691.6 ¥29,349.3¥2,130.4
4.6
2,490.5
2,070
188.2
82.3
14,894.0
12,735.4
1,095.9753.9
7,391.5
6,627.7
365.2
957.1
14,436.6
11,087772
15,786.1
41,383.1
17,896.1
6,352.6
6.6
10,433.0
10,746.3
3,222.0
39,618.7
30,725.8
7,948.2
38,329.9
64,794.0
1,223.6
21,389.2¥59,818.4 ¥226,133.3 ¥122,461.6¥40,242／／／3,936.0

OthersTotal¥619.1 ¥32,098.9
3.1
2,261.4
32
13,863.4
721.5
7,714.5
642.3
12,501.4
11,284.9
35,533.6
7
10,753.3
2,295
40,96939,617.5
62,230.5¥55,222.8 ¥217,926.5／
3,527.8

Notes: 1. Standardize1. d approach portion represents the amount calculated using the standardized approach for business units and asset classes that are immaterial for the
purpose of calculating credit RWA
2. Others include cash, deposits, call loans, other debt purchased, money held in trust, foreign exchange assets and other assets, etc.

About Mizuho

Loans,
commitments
and other
non-derivative
off-balancesheet
exposures Securities
OthersTotal¥43,598.8 ¥145,943.3 ¥73,833.3 ¥27,572.7
16,219.6
80,190.0
48,628.2
12,669.2
2,326.0
17,373.1
11,620.5
2,180.7
1,464.1
5,874.9
3,945.5
31.4
9,645.7
36,140.5
17,412.9
8,836.4
15.2
413.2
404.3
2,504.8
13,893.9
10,257.5
727.1
263.5
6,494.1
4,987.2
893.4¥59,818.4 ¥226,133.3 ¥122,461.6 ¥40,242.0／／／
3,936.0

Message from theGroup CFO

Loans,
commitments
and other
non-derivative
off-balancesheet
exposures Securities
Domestic¥70,458.1 ¥31,886.3
Overseas
53,929.8
10,040.4
Asia
12,798.4
2,248.6
Central and South America
4,392.7
18.0
North America
20,035.8
6,458.9
Eastern Europe
397.9
10,913.0
476.0Western Europe
Other areas
5,391.7
838.8
Total¥124,388.0 ¥41,926.8／／
Standardized approach portion

As of March 31, 2021

Our strategies forcreating value(Billions of yen)

As of March 31, 2022

Foundations for our
corporate value(a) Breakdown by Geographical Area(c) Breakdown by Residual Contractual Maturity(Billions of yen)
As of March 31, 2022
As of March 31, 2021
Loans,
Loans,
commitments
commitments
and otherand other
non-derivative
non-derivative
off-balanceoff-balancesheet
sheet
exposures Securities
exposures Securities
Others
Total
Others
Total
Less than one year
¥30,292.7 ¥21,749.0¥7,867.2 ¥59,909.0 ¥27,879.9 ¥18,064.3¥7,249.4 ¥53,193.7
From one year to less than three years
40,706.8
6,135.6
89.5
46,932.0
42,202.6
6,569.7
28.6
48,801.0
From three years to less than five years
23,721.7
1,845.9
13.1
25,580.8
21,195.1
2,578.0
10.7
23,784.0
Five years or more
29,066.0
8,315.6
72.0
37,453.7
30,441.0
8,880.1
84.3
39,405.6
Other than above
600.5
3,880.5
51,776.5
56,257.7
742.7
4,149.7
47,849.5
52,742.1
Total¥124,388.0 ¥41,926.8 ¥59,818.4 ¥226,133.3 ¥122,461.6 ¥40,242.0 ¥55,222.8 ¥217,926.5
／
／
／
／
／
／
Standardized approach portion
3,936.0
3,527.8

Data section(B) Breakdown of Credit Risk Exposures

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

Appendix

Notes: 1. Standardized approach portion represents the amount calculated using the standardized approach for business units and asset classes that are immaterial for the purposeof calculating credit RWA.
2. Others include cash, deposits, call loans, other debt purchased, money held in trust, foreign exchange assets and other assets, etc.

311

312

Basel Regulatory Disclosures

Note: Standardized approach portion represents the amount calculated using the standardized approach for business units and asset classes that are immaterial for the purpose of
calculating credit RWA(b) Breakdown by Industry

Manufacturing
Construction
Real estate
Service industries
Wholesale and retail
Finance and insurance
Individuals
Other industries
Total
Standardized approach portion

As of March 31, 2021
Exposure
Reserve
Write-offs¥686.1¥201.6
¥3.1
22.0
6.4
0.3
61.8
2.4
0.0
213.7
47.8
3.4
199.2
43.0
5.5
38.7
12.4
0.0
77.6
7.9
1.9
158.1
37.6
2.9
¥1,457.6¥359.5
¥17.3
13.0
5.7
0.9

(Billions of yen)

As of March 31, 2021
From one month to less From two months to lessthan two months
than three months
Less than one monthThree months or more
¥387.6
¥42.2
¥30.3
¥16.5

Total

¥476.8

Note: Excluding claims under bankruptcy or substantial bankruptcy stipulated in the Article 4 paragraph 2 of the Ordinance for Enforcement of the Act on Emergency Measures for the
Revitalization of the Financial Functions as well as high risk claims stipulated in the Article 4 paragraph 3.

(E) Exposure to Obligors Claims of Whom have been Restructured for the Purpose of Corporate Restructuring or
Supporting the Customer(Billions of yen)

As of March 31, 2022

Exposure¥561.4

Amount of exposure for which loss
reserve has increased as a result of
restructuring of lending terms¥528.6

Others¥32.7

Note: Excluding claims under bankruptcy or substantial bankruptcy stipulated in the Article 4 paragraph 2 of the Ordinance for Enforcement of the Act on Emergency Measures for the
Revitalization of the Financial Functions, high risk claims stipulated in the Article 4 paragraph 3 or claims overdue for more than three months stipulated in the Article 4paragraph 4.

(Billions of yen)

As of March 31, 2021

Exposure¥886.9Amount of exposure for which loss
reserve has increased as a result of
restructuring of lending terms¥844.2Others¥42.7

Note: Excluding claims under bankruptcy or substantial bankruptcy stipulated in the Article 4 paragraph 2 of the Ordinance for Enforcement of the Act on Emergency Measures for the
Revitalization of the Financial Functions, high risk claims stipulated in the Article 4 paragraph 3 or claims overdue for more than three months stipulated in the Article 4paragraph 4.

Appendix

Data section

Note: Standardized approach portion represents the amount calculated using the standardized approach for business units and asset classes that are immaterial for the purpose of
calculating credit RWA.
.

¥381.8

Note: Excluding claims under bankruptcy or substantial bankruptcy stipulated in the Article 4 paragraph 2 of the Ordinance for Enforcement of the Act on Emergency Measures for the
Revitalization of the Financial Functions as well as high risk claims stipulated in the Article 4 paragraph 3.

(Billions of yen)

As of March 31, 2022
Exposure
Reserve
Write-offs¥615.1¥375.4
¥0.8
24.2
6.4
0.0
52.5
3.0
0.0
252.1
45.2
0.5
189.6
31.8
6.0
34.5
10.8
2.2
64.8
7.3
1.3
192.0
49.4
0.2
¥1,425.1¥529.5
¥11.4
8.7
6.3
0.5

Total

About Mizuho(Billions of yen)

As of March 31, 2021
Exposure
Reserve
Write-offs¥1,224.1¥300.0
¥15.1
233.5
59.4
2.2
59.1
24.5
0.8
30.5
4.7
0.0
44.1
11.9
69.6
15.3
29.9
2.7
1.3
¥1,457.6¥359.5
¥17.3
13.0
5.7
0.9

Message from theGroup CFO

Domestic
Overseas
Asia
Central and South America
North America
Eastern Europe
Western Europe
Other areas
Total
Standardized approach portion

As of March 31, 2022
Exposure
Reserve
Write-offs¥1,207.1¥475.3
¥7.6
218.0
54.1
3.7
87.2
25.2
1.8
26.0
3.7
0.0
29.4
5.0
1.8
7.8
0.5
40.8
14.4
26.6
5.2
¥1,425.1¥529.5
¥11.4
8.7
6.3
0.5

(Billions of yen)

As of March 31, 2022
From one month to less From two months to lessthan two months
than three months
Less than one monthThree months or more
¥303.3
¥31.2
¥22.5
¥24.8

Our strategies forcreating value(a) Breakdown by Geographical Area

(D) Exposure by Past Due Period

Foundations for our
corporate value(C) Exposure to Obligors Claims of Whom Meet the Stipulations in the Article 4 Paragraph 2, 3 or 4 of theOrdinance for Enforcement of the Act on Emergency Measures for the Revitalization of the Financial Functions
Enacted in Japan

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

313

314

Basel Regulatory Disclosures

4
5
6

Breakdown of changes in loans
and debt securities during thisreporting period

Defaulted

258,398

Returned to non-defaulted status

120,653

Amounts written off

26,403

Other changes(154,296)

3

Defaulted

750,220(ii) Summary of Our Internal Rating System

Returned to non-defaulted status

89,676

See pages 129 to 141 for a summary of our internal rating system and rating assignment procedures.

4
5

49,473

Estimation of parameters and validation

6

Exposure
Defaulted loans and debt securities as of March 31, 2020
Breakdown of changes in loans
and debt securities during thisreporting period

Note: Special purpose companies (SPCs) controlled by the above companies have also adopted the AIRB approach due to theirbusiness operations integrated with their parent companies.

¥747,891¥1,200,747(Millions of yen)No.
2

Mizuho Financial Group, Inc., Mizuho Bank, Ltd., Mizuho Trust & Banking Co., Ltd., Mizuho Credit Guarantee Co., Ltd.,
Mizuho Trust Realty Company Limited, Mizuho Bank (China), Mizuho Bank (USA), Ltd., Mizuho Bank Europe N.V., andMizuho Capital Markets LLC., Mizuho Markets Cayman LP., and Mizuho Markets Americas LLC.
The application scope of AIRB is determined through taking into account the importance for each business unit, such as
the ratio of its credit RWA to that of the entire group. AIRB is generally applied to those assets held by the business units
that have adopted AIRB except for some asset classes considered immaterial for the purpose of calculating credit
RWA .In addition, AIRB is used for all equity exposures regardless of what approach the business unit has adopted. With
respect to credit RWA exposures under Regarded-Method, AIRB is used for those of which the look-through approach isapplied except for cases where it is difficult to accurately calculate credit RWA regarding their underlying assets based on
the IRB Approach and therefore reliability of credit RWA cannot be secured. The standardized approach will be applied toany of those business units and asset classes that do not meet the above conditions.

Defaulted loans and debt securities as of March 31, 2022
(1+2-3-4+5)

Note: Other changes corresponds to the amount of variation in defaulted exposures arising from debt recovery and additional credit to defaulted obligors, etc.

1

We have adopted Advanced Internal Ratings-Based (AIRB) Approach as a method to calculate credit risk weighted
assets (RWA) since March 31, 2009. The following business units have adopted AIRB approach:Amounts written off
Other changes

Defaulted loans and debt securities as of March 31, 2021
(1+2-3-4+5)

Note: Other changes corresponds to the amount of variation in defaulted exposures arising from debt recovery and additional credit to defaulted obligors, etc.

(115,260)¥1,243,701

About Mizuho

3¥1,243,701

We use our own estimates for the parameters indicated below in the calculation of credit RWA under the Basel
Framework. We generally validate the parameters by backtesting or other methods on an annual basis. Methods of
estimation and validation as well as results are approved by the Chief Risk Officer.
PD
LGD
EAD

Probability of default (likelihood of default of an obligor over a period of one year)
Loss given default
Exposure at default

The definition of default conforms to the Notice issued by Japan’s Financial Services Agency.

Details of Estimates:
PD is determined for corporate, sovereign and bank exposures by obligor rating and retail exposures by pool allocations.
Conservative adjustments such as estimation errors have been added to the long-term average of internal default records
to calculate PD. External data are applied to supplement the estimations for low default portfolios.
We apply the regulatory floor PD (0.03%) to A1-rated and A2-rated obligors in the measurement of credit RWA, except forsovereign exposures. For the third consecutive fiscal year until last fiscal year, the estimated PD in almost all of thecategories such as obligor rating or pool allocations exceeded actual defaults. However, in this fiscal year, the estimated
PD of C2 - D3 rated obligors and several numbers of pool allocations were under the actual defaults due to mainly the
impact of COVID-19. For other categories, the estimated PDs exceeded actual defaults partly because of the conservative
adjustments.
We estimate LGD based on obligor classifications in our self-assessments or pool allocations, and protection coverage.
For LGD per obligor classifications, we estimate LGD under normal economic circumstances based on prior defaulted
obligor data, making adjustments in consideration of periods of economic downturn using stochastic methods. Ourestimation is based on validation of the time between the default event and the closure of the exposure as well as LGD for
low default portfolios etc. With regard to protection, we estimate LGD per type of collateral using some external data.
We estimate EAD based on prior defaulted obligor data.

Message from theGroup CFO

2

Defaulted loans and debt securities as of March 31, 2021

(i) Summary of Internal Ratings-Based (IRB) Approach

Our strategies forcreating value

1

Exposure(4) Credit Risk under Internal Ratings-Based (IRB) Approach

Foundations for our
corporate value

No.

(Millions of yen)

Data section(F) CR2: Changes in Defaulted Loans and Debt Securities

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy(iii) Asset Class-based EAD Ratios to the Total EAD by Credit RWA Calculation Approach
As of March 31, 2022
98.43%
89.15%
4.52%
1.92%
1.56%
1.26%
1.56%
100.00%

As of March 31, 2021
98.53%
88.99%
4.88%
2.26%
1.45%
0.93%
1.46%
100.00%Appendix

Internal Ratings-based Approach
Corporate
RetailEquities
Purchase Receivables
OthersStandardized Approach
Total

Notes: 1. Counterparty credit risk exposures, securitization exposures, and regarded-method exposures are excluded from the amount of credit risk exposures above.
2. As for any portfolio to which the standardized approach is applied, exposure instead of EAD is used for calculation.

315

316

Basel Regulatory Disclosures

1
2
3
4
5
6
7
8
9
1
2
3
4
5
6
7
8
9
1
2
3
4
5
6
7
8
9
1
2
3
4
5
6
7
8
9

317

l

RWA

RWA
density(%)

EL

Provisions

0.00
0.19
0.41
0.87
5.35
13.00
100.00
0.00

0.2
0.0
0.0
0.0
0.0
0.0
0.0
0.2

37.62
30.66
37.61
37.59
37.61
5.29
96.38
37.62

1.4
3.3
1.0
1.6
1.0
1.1
1.0
1.4

¥565,390476
094,095
14,16533
0674,162

0.64
32.53
39.36
63.00
113.50
23.17
30.75
0.76

¥856
0
0
488
251
0
0
1,598

／
／
／
／
／
／
／
／
1,832

0.05
0.19
0.41
1.04
3.83
13.00
100.00
0.26

0.3
0.0
0.0
0.0
0.0
0.0
0.0
0.5

37.57
37.17
36.80
36.67
44.67
37.61
58.35
37.56

2.0
1.9
1.1
0.7
2.3
1.0
1.4
2.0

896,283
22,711
46,285
156,596
22,7510
4,877
1,149,507

16.78
26.85
35.44
63.17
152.62
162.97
54.32
19.72

964
49
165
947
294
0
4,849
7,271

／
／
／
／
／
／
／
／
8,335

0.07
0.19
0.41
1.14
3.52
13.00
100.00
1.45

7.4
4.7
3.2
4.1
205.3
3.3
0.6
228.9

37.75
33.57
32.04
32.46
32.77
27.32
43.89
36.73

2.3
2.3
2.5
2.7
2.6
2.2
2.3
2.3

13,229,922
1,819,743
1,954,938
4,117,057
2,132,361
610,212430,305
24,294,541

19.32
30.59
45.32
69.49
98.13
126.9242.89
27.51

18,1793,812
5,751
21,65825,282
17,090405,890497,665

／
／
／
／
／
／
／
／
570,521

0.08
0.19
0.41
1.13
2.85
13.00
100.00
5.58

0.0
3.3
3.0
4.6
75.5
1.7
0.9
89.4

35.98
23.42
23.39
22.24
20.93
17.64
35.74
23.97

2.5
3.0
3.2
3.3
3.4
3.1
2.3
3.1

56,909147,322
198,483
497,042
242,026
142,42147,381
1,331,586

18.05
20.40
30.28
41.98
51.51
71.20
31.75
36.03

89
322
637
3,044
2,877
4,591
49,544
61,107

／
／
／
／
／
／
／
／
70,053

0.08
0.19
0.41
0.93
3.45
13.00
100.00
0.75

0.6
0.0
0.0
0.0
0.0
0.0
0.0
0.8

32.52
37.10
36.91
39.85
35.71
34.33
56.93
33.99

4.2
4.2
4.1
3.9
4.2
3.6
3.8
4.1

1,164,461
289,701
307,958
405,286
128,942
75,644
12,0632,384,057

26.24
48.62
67.79
93.22
122.85
171.56
46.05
39.10

1,200
422
697
1,587
1,309
1,969
13,947
21,132

／
／
／
／
／
／
／
／
24,226

0.05
0.19
0.41
1.20
3.80
13.00
100.00
0.60

0.9
0.3
0.2
0.2
0.1
0.0
0.1
1.9

90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00

5.0
2,824,121
5.0
65,863
5.0
51,562
5.0
92,4145.0
147,162
5.0
124,430
5.0
135,384
5.0 ¥3,440,940

100.91131.97185.03266.97376.06625.491124.99115.38

／
／
／
／
／
／
／
／
／

／
／
／
／
／
／
／
／
／

About MizuhokMessage from theGroup CFO

1
2
3
4
5
6
7
8
9

Sovereign¥85,095,670¥304,196
75.96 ¥87,475,276
0.00 to <0.15
1,905
1,465
0.15 to <0.25
4,276
00.25 to <0.50
0.50 to <0.75
182,872
149,350
0.75 to <2.50
42,978
1,738
75.00
12,4792.50 to <10.00
4,507
144
10.00 to <100.00
642
0
100.00 (Default)
85,332,853
305,935
75.95 87,638,716
Sub-totalBanks4,302,783
899,81955.61
5,340,165
0.00 to <0.15
55,20438,96638.82
84,5690.15 to <0.25
67,732
57,72476.97
130,5900.25 to <0.50
0.50 to <0.75
224,796
75,78655.72
247,8800.75 to <2.50
14,127
5,495
74.94
14,9062.50 to <10.00
00
10.00 to <100.00
8,974
16
20.00
8,977
100.00 (Default)
4,673,619
1,077,808
56.25
5,827,090
Sub-total
Corporate (except SME and specialized lending)
44,821,422 31,496,129
73.65 68,453,327
0.00 to <0.15
4,705,467
1,898,181
74.22
5,948,725
0.15 to <0.25
3,756,468
1,366,857
74.40
4,313,491
0.25 to <0.50
0.50 to <0.75
5,018,000
1,838,952
75.08
5,924,564
0.75 to <2.50
2,170,218
873,27071.90
2,172,781
2.50 to <10.00
653,354
90,79378.75
480,771
10.00 to <100.00
955,015
103,52871.41
1,003,194
100.00 (Default)
62,079,947 37,667,712
73.74 88,296,857
Sub-total
SME
273,908
42,38072.32
315,1540.00 to <0.15
717,80239,854
71.86
721,934
0.15 to <0.25
669,228
19,972
72.85
655,3970.25 to <0.50
0.50 to <0.75
1,175,123
57,55885.19
1,183,793
0.75 to <2.50
473,775
19,88076.62
469,806
2.50 to <10.00
215,243
5,034
74.77
200,029
10.00 to <100.00
161,326
1,962
81.81
149,187
100.00 (Default)
3,686,407
186,64276.87
3,695,303
Sub-total
Specialized Lending
4,547,034
373,75676.42
4,436,765
0.00 to <0.15
456,568
208,11076.32
595,808
0.15 to <0.25
513,578
118,850
74.60
454,239
0.25 to <0.50
0.50 to <0.75
572,368
146,406
75.33
434,7250.75 to <2.50
107,776
152,08874.78
104,951
2.50 to <10.00
41,4303,482
76.36
44,09010.00 to <100.00
52,97549
99.99
26,193100.00 (Default)
6,291,732
1,002,744
75.78
6,096,773
Sub-total
Equities (PD/LGD approach)
2,794,831
3,765
100.002,798,597
0.00 to <0.15
49,90649,9060.15 to <0.25
27,86627,8660.25 to <0.50
0.50 to <0.75
34,61534,6150.75 to <2.50
39,132
39,1322.50 to <10.00
19,89319,89310.00 to <100.00
12,034
12,034100.00 (Default)¥2,978,279¥3,765100.00 ¥2,982,045
Sub-totalj

Our strategies forcreating value

1
2
3
4
5
6
7
8
9

i

Foundations for our
corporate value

PD scale(Millions of yen, %, number in the thousands, year)

a
b
c
d
e
f
g
h
Original Off-balance
EAD
Average post CRM Average Number Averageon-balance
sheet
AveragePDof
LGD
sheet gross exposures CCF
andmaturity(%)(%)
obligors(%)
exposure pre CCF
post-CCF
As of March 31, 2022

(Millions of yen, %, number in the thousands, year)

a
b
c
d
e
f
g
h
i
j
k
l
Original Off-balance
EAD
Average post CRM Average Number Average
RWA
on-balance
sheet
AveragePDof
LGD
density
sheet gross exposures CCF
andPD scale
RWA
EL
Provisions
maturity(%)(%)
obligors(%)(%)
exposure pre CCF
post-CCF
As of March 31, 2022
Purchased receivables (Corporate, etc.) - Default Risk Equivalent¥2,458,754¥213,874
77.96 ¥2,625,298
0.06
0.7
37.61
1.2
¥314,753
11.98¥686
1 0.00 to <0.15／
314,132
40,82978.43
346,156
0.19
0.1
37.61
0.7
77,94522.51
248
2 0.15 to <0.25／
159,231
17,471
78.43
172,936
0.41
0.0
37.61
1.5
77,58344.86
270
3 0.25 to <0.50／
4 0.50 to <0.75／
90,54537,773
76.05
119,273
1.22
0.0
37.61
1.8
87,06872.99
548
5 0.75 to <2.50／
94,707
94,707
2.91
0.0
37.61
0.8
84,59789.32
1,038
6 2.50 to <10.00
／
5,475
5,475
13.00
0.0
37.61
5.0
10,979200.52267
7 10.00 to <100.00
／
1,102
1,102
100.00
0.0
26.60
1.1
405
36.74
260
8 100.00 (Default)／
3,123,949
309,94977.81
3,364,949
0.27
1.1
37.60
1.2
653,333
19.41
3,320
3,806
9 Sub-total
Purchased receivables (Retail) - Default Risk Equivalent
1 0.00 to <0.15／
2 0.15 to <0.25／
3 0.25 to <0.50／
4 0.50 to <0.75／
5 0.75 to <2.50／
6 2.50 to <10.00／
7 10.00 to <100.00／
8 100.00 (Default)／
9 Sub-total
Purchased receivables (Dilution Risk Equivalent)
1,243,390
42,432100.001,285,823
0.06
0.0
37.56
149,405
11.61
314
1 0.00 to <0.15／
153,305693
100.00
153,999
0.19
0.0
37.61
37,48024.33
110
2 0.15 to <0.25／
26,662
26,662
0.41
0.0
37.61
10,51039.41
41
3 0.25 to <0.50／
4 0.50 to <0.75／
51,40751,407
1.28
0.0
37.32
33,68865.53
247
5 0.75 to <2.50／
39,71939,719
2.71
0.0
37.61
35,26688.78
405
6 2.50 to <10.00／
7 10.00 to <100.00
／
7,685
7,685
100.00
0.0
53.04
4,428
57.62
3,722
8 100.00 (Default)／
1,522,171
43,126100.001,565,297
0.68
0.1
37.63
270,77917.29
4,841
9 Sub-total／
Retail – qualifying revolving retail exposures (QRRE)
1 0.00 to <0.15／／
2 0.15 to <0.25
／
／
4
0.42
0.0
77.76
0
15.15
0
3 0.25 to <0.50
／
／
19
0.55
0.4
81.08
3
19.72
0
4 0.50 to <0.75／／
187,298
819,63613.13
294,968
2.41
528.1
81.08
176,04759.68
5,770
5 0.75 to <2.50／／
146,062
856,667
7.97
214,384
4.27
1,945.9
81.08
186,966
87.21
7,424
6 2.50 to <10.00／／
28,26821,41428.23
34,314
17.45
201.3
81.08
61,496179.214,856
7 10.00 to <100.00
／
／
488
1,134
14.65
652
100.00
1.7
73.32
722
110.68420
8 100.00 (Default)／／
362,118
1,698,853
10.72
544,3424.21
2,677.7
81.07
425,236
78.11
18,472
21,1779 Sub-total／
Retail – Residential mortgage
1,699,325
1,740,189
0.08
205.6
29.28
102,3905.88
421
1 0.00 to <0.15／／
1,133,155
1,137,859
0.20
110.8
31.42
144,51512.70
723
2 0.15 to <0.25／／
1,689,700
1,716,373
0.35
206.5
31.11
321,61118.73
1,870
3 0.25 to <0.50／／
1,887,626
38,68893.70
1,850,726
0.62
280.7
34.28
575,33731.08
3,947
4 0.50 to <0.75／／
1,253,851
160
100.001,254,825
1.06
150.1
32.62
530,53142.27
4,324
5 0.75 to <2.50／／
73,356814
100.0074,256
8.99
10.8
35.40
114,305
153.932,364
6 2.50 to <10.00／／
18,943828
100.0019,796
47.30
3.1
38.27
36,491
184.33
3,603
7 10.00 to <100.00／／
51,159535
100.0051,682100.004.7
42.10
32,90463.66
19,1278 100.00 (Default)／／
7,807,118
41,02894.05
7,845,709
1.30
972.7
31.87
1,858,087
23.68
36,382
41,7089 Sub-total／
Other retail22
237,610
0.07
25.1
46.10
20,6178.67
81
1 0.00 to <0.15／／
27
177,699
0.20
5.8
45.50
33,58818.90
168
2 0.15 to <0.25／／
104,44259
100.00104,899
0.31
2.8
49.35
28,33227.00
163
3 0.25 to <0.50／／
65,830113
75.00
64,145
0.69
63.8
62.82
34,91754.43
285
4 0.50 to <0.75／／
658,294
2,325
81.56
565,735
1.36
21.1
37.96
232,35241.07
2,791
5 0.75 to <2.50／／
346,275
1,629
56.08
108,073
6.56
11.7
14.29
22,501
20.82
689
6 2.50 to <10.00／／
94,552
6,211
54.88
35,416
16.67
11.6
34.41
24,79670.01
2,154
7 10.00 to <100.00／／
62,402
1,678
95.97
46,244100.002.1
45.53
24,02951.96
19,1348 100.00 (Default)／／
1,331,849
12,01766.36
1,339,824
5.09
144.3
40.74
421,136
31.43
25,46929,1989 Sub-total／¥179,190,046 ¥42,349,584
70.92 ¥209,196,911
0.85
4,118.1
37.56
2.0 ¥36,903,368
17.64 ¥677,263 ¥770,860
Total (all portfolios)

Data section(A) CR6: IRB - Credit Risk Exposures by Portfolio and PD Range

CR6-(Continued)

Appendix(iv) Quantitative Disclosure on Credit Risk under Internal Ratings-based Approach

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

Notes: 1. Counterparty credit risk exposures, securitization exposures, and regarded-method exposures are excluded from the amount of credit risk exposures above.
2. On-balance sheet exposures, pre-CCF and pre- CRM off-balance sheet exposures, and the average CCF are allocated to the PD ranges based on pre- CRM PD estimates.
3. The number of credits is disclosed as the number of data of obligors for QRRE, residential mortgage and other retail excluding credit for business purpose.

318Basel Regulatory Disclosures

1
2
3
4
5
6
7
8
9
1
2
3
4
5
6
7
8
9
1
2
3
4
5
6
7
8
9

EL

Provisions

0.00
0.27
0.96
6.07
15.12
100.00
0.00

0.2
0.0
0.0
0.0
0.0
0.0
0.2

37.90
37.71
37.85
37.88
5.19
91.43
37.90

1.5
3.2
1.0
1.0
2.0
1.0
1.5

¥564,962
35,02971,2337,660
39
0678,926

0.68
49.92
60.35
119.80
25.05
34.47
0.81

¥767
72
432
147
1
0
1,421

／
／
／
／
／
／
／
／
1,265

0.05
0.33
1.21
4.04
100.00
0.13

0.3
0.0
0.0
0.0
0.0
0.5

37.77
36.46
36.97
41.26
96.42
37.73

2.3
1.2
0.9
1.7
5.0
2.2

925,691
53,988
127,529
29,094313
1,136,616

18.67
34.34
67.86
132.73
31.24
21.34

929
172
834
411
943
3,291

／
／
／
／
／
／
／
／
2,930

0.06
0.37
1.18
3.88
15.12
100.00
1.53

7.5
8.3
4.3
214.7
3.5
0.6
239.3

37.91
33.59
32.18
32.23
31.06
35.90
36.86

2.3
2.4
2.7
2.5
2.3
2.6
2.3

12,969,822
4,505,944
3,645,265
2,016,740
941,499
386,806
24,466,078

18.96
44.59
70.28
98.82
152.4437.78
28.00

17,574
12,80919,74025,65429,021
336,656
441,458

／
／
／
／
／
／
／
／
393,012

0.08
0.38
1.16
3.26
15.12
100.00
5.69

0.0
6.7
5.0
79.8
1.7
1.0
94.5

35.76
24.34
21.56
21.43
18.88
37.15
24.40

2.9
3.2
3.4
3.4
2.9
2.4
3.2

79,213419,936492,286
299,543
145,644
48,6201,485,245

21.67
30.19
41.96
53.69
78.43
31.94
38.83

103
1,303
3,001
3,976
5,303
52,657
66,345

／
／
／
／
／
／
／
／
59,064

0.08
0.37
0.94
3.95
15.12
100.00
1.01

0.5
0.1
0.0
0.0
0.0
0.0
0.8

33.14
37.59
40.77
36.17
33.83
62.11
34.81

4.2
4.2
4.3
4.4
3.5
4.0
4.2

970,808604,680
430,255
99,251
93,533
13,4162,211,944

27.31
65.88
102.44130.43175.69
45.06
43.79

979
1,290
1,666
1,085
2,724
17,421
25,168

／
／
／
／
／
／
／
／
22,406

0.04
0.35
1.22
4.31
15.12
100.00
1.40

0.9
0.6
0.2
0.1
0.0
0.1
2.1

90.00
90.00
90.00
90.00
90.00
90.00
90.00

5.0
3,106,865
5.0
184,847
5.0
108,475
5.0
82,291
5.0
38,844
5.0
474,137
5.0 ¥3,995,461

101.22173.73271.92392.25664.49
1,125.00
121.64

／
／
／
／
／
／
／
／
／

／
／
／
／
／
／
／
／
／

(Millions of yen, %, number in the thousands, year)

a
b
c
d
e
f
g
h
i
j
k
l
Original Off-balance
EAD
Average post CRM Average Number Average
RWA
on-balance
sheet
AveragePDof
LGD
density
sheet gross exposures CCF
andPD scale
RWA
EL
Provisions
maturity(%)(%)
obligors(%)(%)
exposure pre CCF
post-CCF
As of March 31, 2021
Purchased receivables (Corporate, etc.) - Default Risk Equivalent¥2,399,964¥174,731
79.14 ¥2,538,215
0.06
0.7
38.23
1.3
¥287,982
11.34¥584
1 0.00 to <0.15／
2 0.15 to <0.25／
272,882
64,81377.22
322,936
0.41
0.2
37.88
1.4
141,89443.93
513
3 0.25 to <0.50／
4 0.50 to <0.75／
89,702
27,61977.40
111,080
1.21
0.0
37.88
1.9
84,09375.70
512
5 0.75 to <2.50／
41,448
17,77776.47
55,045
3.61
0.0
37.88
1.7
58,546106.36752
6 2.50 to <10.00
／
1,112
3,210
76.56
3,571
15.12
0.0
37.88
3.4
6,993
195.82204
7 10.00 to <100.00
／
3,644
80
75.00
3,704
100.00
0.0
45.14
0.8
1,396
37.68
1,560
8 100.00 (Default)／
2,808,755
288,232
78.35
3,034,554
0.34
1.0
38.18
1.4
580,906
19.14
4,128
3,675
9 Sub-total
Purchased receivables (Retail) - Default Risk Equivalent
1 0.00 to <0.15／
2 0.15 to <0.25／
3 0.25 to <0.50／
4 0.50 to <0.75／
5 0.75 to <2.50／
6 2.50 to <10.00／
7 10.00 to <100.00／
8 100.00 (Default)／
9 Sub-total
Purchased receivables (Dilution Risk Equivalent)
1,265,764
25,247100.001,291,012
0.07
0.1
37.88
169,965
13.16
386
1 0.00 to <0.15／
2 0.15 to <0.25／
145,5817,767
100.00
153,349
0.42
0.0
37.84
60,61739.52
245
3 0.25 to <0.50／
4 0.50 to <0.75／
40,43940,439
1.12
0.0
37.88
26,93466.60
171
5 0.75 to <2.50／
20,90820,908
3.11
0.0
37.88
19,59293.70
247
6 2.50 to <10.00／
7 10.00 to <100.00／
26,05826,058100.000.0
51.65
14,99557.54
12,2618 100.00 (Default)／
1,498,753
33,015100.001,531,768
1.88
0.1
38.11
292,104
19.06
13,3129 Sub-total／
Retail – qualifying revolving retail exposures (QRRE)
0
0.14
0.0
80.14
0
6.73
0
1 0.00 to <0.15／／
2 0.15 to <0.25
／
／
19
0.36
0.3
79.31
2
13.81
0
3 0.25 to <0.50
／
／
12
0.71
0.4
80.14
3
23.76
0
4 0.50 to <0.75／／
203,220
834,72213.43
315,393
2.40
549.8
80.14
185,41958.79
6,069
5 0.75 to <2.50／／
153,621866,552
7.96
222,639
4.26
1,988.0
80.14
191,768
86.13
7,615
6 2.50 to <10.00／／
28,965
19,96627.71
34,498
17.40
200.4
80.14
61,342177.81
4,811
7 10.00 to <100.00
／
／
428
1,186
11.70
565
100.00
1.7
72.82
561
99.29
366
8 100.00 (Default)／／
386,235
1,722,429
10.85
573,1294.12
2,740.8
80.13
439,097
76.61
18,862
16,7929 Sub-total／
Retail – Residential mortgage
1,656,690
1,694,670
0.08
199.2
29.12
99,7735.88
410
1 0.00 to <0.15／／
1,273,842
1,275,967
0.20
133.8
30.66
159,097
12.46
799
2 0.15 to <0.25／／
1,698,370
1,733,622
0.35
201.9
32.03
337,19219.45
1,965
3 0.25 to <0.50／／
1,796,443
63,06997.12
1,780,946
0.63
257.4
34.41
558,84531.37
3,842
4 0.50 to <0.75／／
1,423,328262
100.001,424,693
1.05
180.4
34.25
624,54943.83
5,068
5 0.75 to <2.50／／
87,5471,433
100.0089,290
9.14
12.3
36.06
140,936
157.842,944
6 2.50 to <10.00／／
13,181
1,218
100.0014,399
50.03
2.3
39.25
26,268182.422,830
7 10.00 to <100.00／／
65,478872
100.0066,335100.005.6
42.47
38,592
58.17
25,0878 100.00 (Default)／／
8,014,883
66,85697.28
8,079,926
1.46
993.2
32.26
1,985,258
24.57
42,94938,2369 Sub-total／
Other retail24249,812
0.07
28.4
46.49
21,4568.58
84
1 0.00 to <0.15／／
24
213,086
0.20
7.4
45.94
40,57419.04
203
2 0.15 to <0.25／／
110,57341
100.00110,979
0.33
3.0
48.74
30,38827.38
178
3 0.25 to <0.50／／
59,137367
75.00
56,969
0.67
71.3
60.38
29,42251.64
237
4 0.50 to <0.75／／
769,447
2,833
79.35
663,489
1.34
22.7
40.84
289,74843.67
3,399
5 0.75 to <2.50／／
393,938
1,926
63.06
120,078
6.52
14.2
16.43
28,85724.03
912
6 2.50 to <10.00／／
97,822
7,260
54.55
39,264
17.07
12.6
35.06
28,16571.73
2,490
7 10.00 to <100.00／／
60,501
1,971
94.88
47,402100.002.2
46.56
24,17450.99
20,1408 100.00 (Default)／／
1,491,470
14,40066.74
1,501,082
4.81
162.2
41.91
492,788
32.82
27,647
24,6139 Sub-total／¥173,304,630 ¥41,171,558
71.52 ¥202,716,028
0.94
4,235.3
37.89
2.0 ¥37,764,428
18.62 ¥644,586 ¥561,997
Total (all portfolios)

About Mizuho

RWA

RWA
density(%)

CR6-(Continued)

Message from theGroup CFO

1
2
3
4
5
6
7
8
9

l

Our strategies forcreating value

1
2
3
4
5
6
7
8
9

Sovereign¥80,804,537¥241,909
79.05 ¥82,938,386
0.00 to <0.15
0.15 to <0.25
70,60570,1650.25 to <0.50
0.50 to <0.75
155,200
3,321
75.00
118,0250.75 to <2.50
65,259
4,437
74.99
6,394
2.50 to <10.00
312
157
10.00 to <100.00
710
0
100.00 (Default)
81,096,626
249,668
78.92 83,133,129
Sub-total
Banks
4,041,374
652,341
66.98
4,955,774
0.00 to <0.15
0.15 to <0.25
115,31445,19560.47
157,2090.25 to <0.50
0.50 to <0.75
182,541
37,04960.58
187,904
0.75 to <2.50
22,028
8,338
53.01
21,9192.50 to <10.00
10.00 to <100.00
1,004
1,004
100.00 (Default)
4,362,263
742,92566.11
5,323,812
Sub-total
Corporate (except SME and specialized lending)
44,821,030 31,001,092
74.12 68,405,226
0.00 to <0.15
0.15 to <0.25
8,264,733
3,130,169
74.64 10,104,350
0.25 to <0.50
0.50 to <0.75
4,592,776
1,467,456
74.31
5,186,712
0.75 to <2.50
2,050,541
813,95472.28
2,040,749
2.50 to <10.00
605,045
251,69473.15
617,61710.00 to <100.00
1,021,631
52,60773.88
1,023,786
100.00 (Default)
61,355,758 36,716,975
74.12 87,378,441
Sub-total
SME
311,947
71,81273.58
365,4480.00 to <0.15
0.15 to <0.25
1,403,575
65,06574.99
1,390,724
0.25 to <0.50
0.50 to <0.75
1,160,881
72,61484.62
1,172,995
0.75 to <2.50
554,747
49,342
81.09
557,839
2.50 to <10.00
198,746
4,648
72.58
185,692
10.00 to <100.00
164,807
1,027
90.64
152,183
100.00 (Default)
3,794,706
264,51178.41
3,824,884
Sub-total
Specialized Lending
3,662,782
376,86276.43
3,554,029
0.00 to <0.15
0.15 to <0.25
847,194
365,956
75.39
917,720
0.25 to <0.50
0.50 to <0.75
513,499
210,153
74.00
419,989
0.75 to <2.50
98,404
95,816
75.11
76,0912.50 to <10.00
76,587
5,826
76.68
53,23610.00 to <100.00
30,044135
100.0029,773100.00 (Default)
5,228,512
1,054,750
75.47
5,050,841
Sub-total
Equities (PD/LGD approach)
3,051,403
17,793100.003,069,196
0.00 to <0.15
0.15 to <0.25
106,398
106,398
0.25 to <0.50
0.50 to <0.75
39,891
39,8910.75 to <2.50
20,97920,9792.50 to <10.00
5,845
5,845
10.00 to <100.00
42,14542,145100.00 (Default)¥3,266,664¥17,793
100.00 ¥3,284,457
Sub-totalkFoundations for our
corporate value

1
2
3
4
5
6
7
8
9

j

Data section

PD scalei

Appendix(Millions of yen, %, number in the thousands, year)

a
b
c
d
e
f
g
h
Original Off-balance
EAD
Average post CRM Average Number Averageon-balance
sheet
AveragePDof
LGD
sheet gross exposures CCF
andmaturity(%)(%)
obligors(%)
exposure pre CCF
post-CCF
As of March 31, 2021

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

Notes: 1. Counterparty credit risk exposures, securitization exposures, and regarded-method exposures are excluded from the amount of credit risk exposures above.
2. On-balance sheet exposures, pre-CCF and pre- CRM off-balance sheet exposures, and the average CCF are allocated to the PD ranges based on pre- CRM PD estimates.
3. The number of credits is disclosed as the number of data of obligors for QRRE, residential mortgage and other retail excluding credit for business purpose.

319

320

Basel Regulatory Disclosures

RWA as of March 31, 2021

Notes: 1. Counterparty credit risk exposures, securitization exposures, and regarded-method exposures are excluded from the amount of credit risk exposures above.
2. Asset size corresponds to the amount of variation in RWA arising from changes in book size and composition, increased assets resulting from origination of new
businesses, decreased assets due to matured receivables, etc.
3. Portfolio quality corresponds to the amount of variation in RWA arising from changes in obligor’s and facilities’ ratings, changes in collateral values and guarantees, etc.
4. Methodology and policy corresponds to the amount of variation in RWA arising from methodological changes in calculations driven by regulatory policy changes including
revisions to existing regulations.
5. Foreign currency fluctuations correspond to the amount of variation in RWA arising from the effect of fluctuations in foreign exchange rates involving exposures totransactions denominated in foreign currencies.

(Billions of yen)

No.
1
2
3
4
5
6
7
8
9

RWA
RWA as of March 31, 2021

Breakdown of changes during thisreporting period

RWA as of March 31, 2022

Asset size
Portfolio quality
Model updates
Methodology and policy
Acquisitions and disposals
Foreign currency fluctuations
Other¥43,762.5(1,256.0)(1,185.0)
1,404.4
50.9¥42,778.2

Notes: 1. Counterparty credit risk exposures, securitization exposures, and regarded-method exposures are excluded from the amount of credit risk exposures above.
2. Asset size corresponds to the amount of variation in RWA arising from changes in book size and composition, increased assets resulting from origination of new
businesses, decreased assets due to matured receivables, etc.
3. Portfolio quality corresponds to the amount of variation in RWA arising from changes in obligor’s and facilities’ ratings, changes in collateral values and guarantees, etc.
4. Methodology and policy corresponds to the amount of variation in RWA arising from methodological changes in calculations driven by regulatory policy changes including
revisions to existing regulations.
5. Foreign currency fluctuations correspond to the amount of variation in RWA arising from the effect of fluctuations in foreign exchange rates involving exposures totransactions denominated in foreign currencies.

Portfolio

b
PD
Range
(%)

0.00 to<0.10
0.10 to<0.20
Corporate, 0.20 to
<1.00
etc.
1.00 to<5.00
5.00 to<100.00
0.00 to<0.10
0.10 toRetail –<0.20
qualifying
0.20 torevolving retail <1.00
exposures
1.00 to(QRRE)<5.00
5.00 to<100.00
0.00 to<0.10
0.10 to<0.20
Retail –0.20 toResidential <1.00
mortgage
1.00 to<5.00
5.00 to<100.00
0.00 to<0.10
0.10 to<0.20
Other
0.20 to<1.00
retail1.00 to<5.00
5.00 to<100.00

c

d

e

f

g

h

i

Number ofobligors

External rating equivalent

AverageArithmeticof which:historical
Weighted
averagenewDefaulted
annualaveragePD byobligors defaulted
As of
As of
PD
default
obligors
March
March in the year obligors
rate(%)
in the year(%)
31, 2018 31, 2019
(%)

S&P

Moody’
Fitch
s

R&I

JCR

AAA～A-

Aaa～A3 AAA～A-

AAA～A-

AAA～A-

0.05

0.07

5,358

5,292

1

-

0.01

BBB+～BBB-

Baa1～Baa3

BBB+～BBB-

BBB+～BBB-

0.14

0.14

2,864

2,624

2

-

0.07

BB+～BB- Ba1～Ba3 BB+～BB- BB+～BB- BB+～BB-

0.41

0.41

21,167

19,562

130

3

0.37

B+～B-

2.03

2.70

8,026

7,636

214

1

1.91

9.32

12.35

2,156

2,198

202

7

7.93

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2.88

3.00

290,058

272,011

4,101

407

1.79

12.53

9.54

142,796

139,028

6,869

275

7.76

0.07

0.06

80,18972,452

27

2

0.03

0.14

0.13

57,91052,946

38

-

0.05

0.44

0.45

388,762

389,538

858

1

0.24

1.14

1.12

81,76482,506

310

1

0.46

17.04

17.76

8,503

8,176

811

-

10.32

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.73

0.65

241,236

192,586

637

12

0.30

1.03

1.31

36,39929,126

365

10

0.80

6.95

17.32

14,496

11,427

791

2

5.05

B1～B3

BBB+～BBB-

B+～B-

B+～B-

B+～B-

CCC+～CCC- Caa1～Caa3 CCC+～CCC- CCC+～CCC- CCC+～CCC-

About Mizuho

Asset size
Portfolio quality
Model updates
Methodology and policy
Acquisitions and disposals
Foreign currency fluctuations
Other

As of March 31, 2022a

Message from theGroup CFO

Breakdown of changes during thisreporting period¥39,610.9
1,452.0
2,016.1
577.6
105.7¥43,762.5(%, the number of data)

Our strategies forcreating value

RWA
RWA as of March 31, 2020

(C) CR9: IRB - Backtesting of Probability of Default (PD) per Portfolio

Foundations for our
corporate value

No.
1
2
3
4
5
6
7
8
9

(Billions of yen)

Data section(B) CR8:RWA flow statements of credit risk exposures under IRB approach

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

Appendix

Notes: 1. Counterparty credit risk exposures, securitization exposures, and regarded-method exposures are excluded from the amount of credit risk exposures above.
2. Exposures to sovereign and bank is included in the category of corporate, etc. because their obligors can be presumably specified. Likewise, exposures to corporate(except specialized lending), specialized lending, equity and purchased receivables (corporate) is included in the category of corporate, etc. because the data of therespective portfolios is not separately used for PD estimation. Since purchased receivables (retail) account for a small portion of the entire exposure, they are incorporated
with any one of QRRE, residential mortgage or other retail depending on the portfolio classification of the purchased receivables.
3. PD Range indicates the ranges of PD estimates for multiple consolidated internal ratings groups.
4. The following shows the percentages accounted for by the respective portfolios among the credit RWA calculated by the AIRB: Corporate, etc. : 79%, QRRE: 1%,
Residential mortgage : 6%, Other retail : 1%.
5. The number of credits is disclosed as the number of data of obligors for QRRE, residential mortgage and other retail excluding credit for business purpose.
6. The back testing covers the period from September 30, 2020 to September 30, 2021.

321

322

Basel Regulatory Disclosuresh(Millions of yen, %)i

Number of
AverageArithmeticof which:
obligors
historical
Weighted
averagenewDefaulted
annualaveragePD byobligors defaulted
As of
As of
PD
default
obligors
obligors
in
the
year
March
March
rate
(%)
in the year(%)
31, 2018 31, 2019
(%)

S&P

Moody’
Fitch
s

R&I

JCR

AAA～A-

Aaa～A3 AAA～A-

AAA～A-

AAA～A-

0.05

0.06

5,492

5,354

1

-

0.01

BBB+～BBB-

Baa1～Baa3

BBB+～BBB-

BBB+～BBB-

0.12

0.12

2,760

2,865

4

1

0.06

BB+～BB- Ba1～Ba3 BB+～BB- BB+～BB- BB+～BB-

0.47

0.47

21,593

21,163

126

2

0.32

B+～B-

2.02

3.04

8,399

8,026

233

4

1.72

12.35

14.17

1,948

2,155

173

7

7.72

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2.78

2.96

310,140

290,058

5,438

512

1.88

13.79

10.00

149,075

142,796

9,601

431

8.66

0.06

0.06

89,687

97,863

39

3

0.03

0.15

0.14

65,89762,674

47

-

0.05

0.48

0.49

382,579

371,520

1,187

4

0.25

1.22

1.19

82,274

77,180

465

-

0.48

16.18

16.83

10,757

8,503

1,091

-

10.51

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.80

0.61

306,402

301,470

872

11

0.30

1.49

1.47

50,604

49,167

543

10

0.67

8.46

17.92

24,91824,293

1,341

1

4.70

B1～B3

BBB+～BBB-

B+～B-

B+～B-

B+～B-

CCC+～CCC- Caa1～Caa3 CCC+～CCC- CCC+～CCC- CCC+～CCC-

Notes: 1. Counterparty credit risk exposures, securitization exposures, and regarded-method exposures are excluded from the amount of credit risk exposures above.
2. Exposures to sovereign and bank is included in the category of corporate, etc. because their obligors can be presumably specified. Likewise, exposures to corporate(except specialized lending), specialized lending, equity and purchased receivables (corporate) is included in the category of corporate, etc. because the data of therespective portfolios is not separately used for PD estimation. Since purchased receivables (retail) account for a small portion of the entire exposure, they are incorporated
with any one of QRRE, residential mortgage or other retail depending on the portfolio classification of the purchased receivables.
3. PD Range indicates the ranges of PD estimates for multiple consolidated internal ratings groups.
4. The following shows the percentages accounted for by the respective portfolios among the credit RWA calculated by the AIRB: Corporate, etc. : 79%, QRRE: 1%,
Residential mortgage : 6%, Other retail : 1%
5. The number of credits is disclosed as the number of data of obligors for QRRE, residential mortgage and other retail excluding credit for business purpose.
6. The back testing covers the period from September 30, 2019 to September 30, 2020.

As of March 31, 2022
a
b
c
d
e
f
g
h
i
Specialized lending under slotting criteria approach
Other than HVCRE
OnOffExposure amountbalance balance
Regulatory
Remaining
RW
sheet
sheet
categories
maturity
PF
OF
CF
IPRE
amount amountLess than 2.5 years ¥25,010¥- 50%¥- ¥25,010¥¥Strong
Equal to or more
1,702 70%
1,276
than 2.5 years
Good

Strong

Good

Total

k

l

RWA

Expected
losses¥25,010¥12,505

¥-

1,276

893

5

Less than 2.5 years

-

-

70%

-

-

-

-

-

-

-

Equal to or morethan 2.5 years

1,715

-

90%

-

1,715

-

-

1,715

1,543

13

16,293
12,8436,770
62,632

23,651 115%
27,593 250%
52,946-

34,04033,5678,321- 103,930
HVCRE

-

-

34,04033,5678,321
103,930

39,146
83,918138,006

953
2,685
4,160
7,817

RW

ExposureamountRWA

70%

24,553

17,187

98

Satisfactory
Weak
Default
Total

Regulatory
categoriesj

OnOffbalance balance
sheet
sheet
amount amountLess than 2.5 years
23,855920
Remainingmaturity

Expected
lossesEqual to or morethan 2.5 years

150,919

65,012

95%

199,709

189,724

798

Less than 2.5 years

7,023

-

95%

7,030

6,678

28

Equal to or morethan 2.5 years

4,497

2,970 120%

6,727

8,073

26

238,020

221,663

952

Exposureamount

RWA

Satisfactory
Weak
Default
Total

Categories
Exchangetraded
equityexposures
Privateequityexposures
Other
equityexposures
Total
Equity exposures to which
a risk weight of 100% isapplied- 140%- 250%
186,295
68,902Equity exposures under the market-based approach etc.
Equity exposures under the market-based approach
OnOffbalance balance
RW
sheet
sheet
amount amount
697,223

40,596 300%

737,820 2,213,461

97,1072,338 400%

98,844395,376

-

-

-

-

-

794,33142,935Equity exposures to which a risk weight of 100% is applied

4,754- 100%

About MizuhogMessage from theGroup CFO

0.00 to<0.10
0.10 to<0.20
Corporate, 0.20 to
<1.00
etc.
1.00 to<5.00
5.00 to<100.00
0.00 to<0.10
0.10 toRetail –<0.20
qualifying
0.20 torevolving retail <1.00
exposures
1.00 to(QRRE)<5.00
5.00 to<100.00
0.00 to<0.10
0.10 to<0.20
Retail –0.20 toResidential <1.00
mortgage
1.00 to<5.00
5.00 to<100.00
0.00 to<0.10
0.10 to<0.20
Other
0.20 to<1.00
retail1.00 to<5.00
5.00 to<100.00

External rating equivalentf

Our strategies forcreating value

Portfolio

PD
Range
(%)

c

Foundations for our
corporate valueb

Data sectiona(D) CR10: IRB -Specialized Lending under the Slotting Criteria Approach and Equity Exposures under the Marketbased Approach etc.

836,664 2,608,837

4,754

Appendix(%, the number of data)

As of March 31, 2021
de

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

4,754

Notes: 1. Counterparty credit risk exposures, securitization exposures, and regarded-method exposures are excluded from the amount of credit risk exposures above.
2. PF, OF, CF and IPRE respectively stand for project finance, object finance, commodity finance and income-producing real estate.

323

324

Basel Regulatory Disclosures¥12,508

¥-

-

-

-

(A) CR5: Standardized Approach - Exposures by Asset Classes and Risk Weights

-

-

70%

-

-

-

-

-

-

-

Equal to or morethan 2.5 years

2,174

-

90%

-

2,175

-

-

2,175

1,957

17

8,415
6,612
42,221- 115%
20,436 250%
20,436-23,886
8,883
59,964
HVCRE--

23,886
8,883
59,96459,717
74,183

1,910
4,441
6,370

1
2
3

Expected
losses4
5
6

OnOffbalance balance
sheet
sheet
amount amountLess than 2.5 years
36,458313
Remainingmaturity

RW

ExposureamountRWA

70%

36,69325,685146

Equal to or morethan 2.5 years

164,698

53,92995%

205,188

194,929

820

Less than 2.5 years

2,830

-

95%

2,830

2,688

11

Equal to or morethan 2.5 years

6,147

7,170 120%

11,527

13,833

46

1,377
257,617

1,929
239,064

38
1,063

Exposureamount

RWA

Satisfactory
Weak
Default
Total

Categories
Exchangetraded
equityexposures
Privateequityexposures
Other
equityexposures
Total
Equity exposures to which
a risk weight of 100% isapplied1,377- 140%- 250%
211,51261,412Equity exposures under the market-based approach etc.
Equity exposures under the market-based approach
OnOffbalance balance
RW
sheet
sheet
amount amount
756,644286,587 300%

a

7
8
9
10
11
12
13
14
15
16
17

1,043,232 3,129,698

18
19
20

72,163-

1,690 400%--

828,808 288,277
Equity exposures to which a risk weight of 100% is applied

4,268- 100%

73,431

293,725

-

-

21
22

Risk weight
Asset classes
CashJapanese sovereigns and Bank of Japan
Foreign central sovereigns and central
banksBank for International Settlements,etc.
Japanese non-central governmental PSEs
Non-central governmental PSEs otherthan foreign central sovereigns, etc.
International development banks
Japan Finance Organization for
Municipalities
Japanese government institutions
Three regional public sectors of Japan
Financial institutions and business
operators conducting the type I
financial instruments businessCorporates, etc.
Regulatory retail portfolios and individuals
Mortgage housing loan
Real estate acquisition business, etc.
Claims past due for 3 months or more
(excluding mortgage housing loan)
Claims past due for 3 months or moreregarding mortgage housing loanBills in process of collection
With guarantee of Credit Guarantee
Corporations, etc.
With guarantee of Regional Economy
Vitalization Corporation of Japan
Investments, etc.(excluding significant
investments)
Total

0%

(Millions of yen)

As of March 31, 2022
b
c
d
e
f
g
h
i
j
Credit exposures amount (post CCF and post-CRM)
10% 20% 35% 50% 75% 100% 150% 250% 1,250%

k
Total

¥190
472,838
117,634¥-¥120,364¥-¥144,989¥-¥17,893

¥0

¥-

¥-

¥190
472,838
400,882

1,462
-

-

6

-

2

-

11

-

-

-

1,462
20

-

-

-

-

-

-

-

-

-

-

-

-

5,015
-

413,904-

49,307-

37,172

-

-

-

5,015
500,385

-

-

-

-

27

- 1,678,282
9

37

-

- 1,678,282
75

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

¥- ¥1,733,369

¥37

¥-

¥- ¥3,059,154¥592,126¥5,015 ¥534,276¥- ¥194,328

About Mizuho¥25,017(ii) Quantitative disclosure on credit risk under standardized approach

Message from theGroup CFO

Expected
losses

Our strategies forcreating value

Good

RWA

Foundations for our
corporate value

StronglLess than 2.5 years

Satisfactory
Weak
Default
Total

Regulatory
categories

Total(i) Status of portfolios to which the standardized approach is applied
Eligible external credit assessment institutions used for determining the risk weight for portfolios to which the standardized
approach is applied are Rating and Investment Information, Inc. (R&I) in Japan and S&P Global Ratings overseas.
We apply a risk weight of 100% for all of our corporate exposure.

k

Note: Counterparty credit risk exposures, credit risk related to securitization transactions, and fund exposures are excluded from the amount of credit risk exposures above.

1,116,664 3,423,423

4,268

4,268

AppendixGoodj(5) Credit Risk under Standardized Approach

Data section(Millions of yen, %)As of March 31, 2021
a
b
c
d
e
f
g
h
i
Specialized lending under slotting criteria approach
Other than HVCRE
OnOffExposure amountbalance balance
Regulatory
Remaining
RW
sheet
sheet
categories
maturity
PF
OF
CF
IPRE
amount amountLess than 2.5 years ¥25,017¥- 50%¥- ¥25,017¥¥Strong
Equal to or more
- 70%
than 2.5 years

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

Notes: 1. Counterparty credit risk exposures, securitization exposures, and regarded-method exposures are excluded from the amount of credit risk exposures above.
2. PF, OF, CF and IPRE respectively stand for project finance, object finance, commodity finance and income-producing real estate.

325

326

Basel Regulatory Disclosures

4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

Asset classes
CashJapanese sovereigns and Bank of Japan
Foreign central sovereigns and central
banksBank for International Settlements,etc.
Japanese non-central governmental PSEs
Non-central governmental PSEs otherthan foreign central sovereigns, etc.
International development banks
Japan Finance Organization for
Municipalities
Japanese government institutions
Three regional public sectors of Japan
Financial institutions and business
operators conducting the type I
financial instruments businessCorporates, etc.
Regulatory retail portfolios and individuals
Mortgage housing loan
Real estate acquisition business, etc.
Claims past due for 3 months or more
(excluding mortgage housing loan)
Claims past due for 3 months or moreregarding mortgage housing loanBills in process of collection
With guarantee of Credit Guarantee
Corporations, etc.
With guarantee of Regional Economy
Vitalization Corporation of Japan
Investments, etc.(excluding significant
investments)
Total

Total

¥97
392,166
64,431¥-¥72,997¥-¥109,379¥-¥15,163

¥0

¥-

¥-

¥97
392,166
261,973

816
-

-

465

-

2

-

0

-

-

-

816
467

-

4

-

-

-

-

-

-

-

-

4

-

6,214
-

346,126-

33,056-

63,971

-

-

-

6,214
443,155

-

-

-

-

225

- 1,636,755
12

26

-

- 1,636,755
264

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

¥- ¥1,715,903

¥26

¥-

¥- ¥2,741,915¥457,513¥6,218 ¥419,589¥- ¥142,664

Note: Counterparty credit risk exposures, credit risk related to securitization transactions, and fund exposures are excluded from the amount of credit risk exposures above.

We obtain collateral and guarantees as a means of securing credit. In obtaining the collateral and guarantees, weevaluate the value of the collateral, guarantee performance capability of guarantor and legal enforceability, and we also
conduct periodical subsequent re-evaluations. Furthermore, we monitor any concentration of risks in particular corporategroups including indirect credit exposure such as collateral issuers and guarantees. When calculating the credit risk
weighted assets for capital adequacy ratio regulations, the effect of credit risk mitigation through financial collateral(mainly deposits and securities), other collateral (mainly real estate) and guarantees by "sovereign, banks or corporations
above a certain credit rating" is reflected.

About Mizuho

1
2
3

0%

(ii) Quantitative Disclosure on Credit Risk Mitigation Techniques
Counterparty risk exposures, securitization exposures, and regarded-method exposures are excluded from the amount ofcredit risk exposures below.
(A) CR3: Credit Risk Mitigation Techniques - Overview
a

1
2
3
4
5

Loans
Debt securities
Other on balance debt assets
Total (1+2+3)
Of which defaulted

Exposures
unsecured¥64,996,863
37,495,095
55,925,476¥158,417,435
354,069(Millions of yen)

As of March 31, 2022bcde
Exposures secured Exposures secured
by financial
by credit
Exposures secured
guarantees
derivatives
by collateral
Exposures secured¥17,179,414¥7,279,365¥7,525,234¥3,937
831,788356,888364,375
118,325
4,627
100,836¥18,129,528¥7,640,881¥7,990,446¥3,937
325,603
143,463
81,808-Notes: 1. Other on-balance debt assets include deposits, call loans, bills purchased, monetary claims bought, money held in trust, and foreign exchange assets, etc.
2. Defaulted exposures include restructured loans, loans past due for three months or more, loans to bankrupt borrowers and so on.

(Millions of yen)

a

1
2
3
4
5

Loans
Debt securities
Other on balance debt assets
Total (1+2+3)
Of which defaulted

Exposures
unsecured¥65,015,186
35,863,398
52,242,536¥153,121,122
564,119

As of March 31, 2021cde
Exposures secured Exposures secured
by financial
by credit
Exposures secured
guarantees
derivatives
by collateral
Exposures secured¥16,659,931¥6,795,255¥7,400,226¥5,846
485,654346,319
29,734
69,3442,350
52,901¥17,214,930¥7,143,925¥7,482,862¥5,846331,171
138,736
63,834b

Appendix

Data section

Notes: 1. Other on-balance debt assets include deposits, call loans, bills purchased, monetary claims bought, money held in trust, and foreign exchange assets, etc.
2. Defaulted exposures include restructured loans, loans past due for three months or more, loans to bankrupt borrowers and so on.

Message from theGroup CFO

Risk weight(i) Summary of Risk Profile, Risk Management Policies/ Procedures and Structurek

Our strategies forcreating valuea(6) Credit Risk Mitigation Techniques

Foundations for our
corporate value(Millions of yen)

As of March 31, 2021
b
c
d
e
f
g
h
i
j
Credit exposures amount (post CCF and post-CRM)
10% 20% 35% 50% 75% 100% 150% 250% 1,250%

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

327

328

Basel Regulatory Disclosures

6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21

¥114,461-

RWA
density
0.00
0.00
28.55
0.00

RWA

20

-

20

-

14

68.07

5,015
-

-

5,015
-

-

501
-

10.00
-

438,638

146,028

431,040

69,345

144,60728.89

1,438,056-

347,511-

1,425,002-

253,280-

1,678,282-

100.00
-

75

-

75

-

80

106.78

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

¥2,757,181¥493,540¥2,736,528¥322,625¥1,937,947

63.34

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

Asset classes
CashJapanese sovereigns and Bank of Japan
Foreign central sovereigns and central banks
Bank for International Settlements,etc.
Japanese non-central governmental PSEs
Non-central governmental PSEs other thanforeign central sovereigns, etc.
International development banks
Japan Finance Organization for Municipalities
Japanese government institutions
Three regional public sectors of Japan
Financial institutions and business operators
conducting the type I financial instruments businessCorporates, etc.
Regulatory retail portfolios and individuals
Mortgage housing loan
Real estate acquisition business, etc.
Claims past due for 3 months or more
(excluding mortgage housing loan)
Claims past due for 3 months or moreregarding mortgage housing loanBills in process of collection
With guarantee of Credit Guarantee
Corporation, etc.
With guarantee of Regional Economy
Vitalization Corporation of Japan
Investments, etc.(excluding significant
investments)
Total

e

f

¥84,453-

RWA
density
0.00
0.00
32.23
0.00

RWA

467

-

467

-

94

20.20

4
6,214
-

-

4
6,214
-

-

0
621
-

10.00
10.00
-

390,618

137,472

377,727

65,427

149,72533.78

1,371,666-

355,120-

1,371,228-

265,527-

1,636,701
-

99.99
-

264

-

264

-

164

62.30

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

¥2,424,289¥492,592¥2,410,960¥330,954¥1,871,761

68.26

About MizuhofAppendix

Data section

22

Asset classes
CashJapanese sovereigns and Bank of Japan
Foreign central sovereigns and central banks
Bank for International Settlements,etc.
Japanese non-central governmental PSEs
Non-central governmental PSEs other thanforeign central sovereigns, etc.
International development banks
Japan Finance Organization for Municipalities
Japanese government institutions
Three regional public sectors of Japan
Financial institutions and business operators
conducting the type I financial instruments businessCorporates, etc.
Regulatory retail portfolios and individuals
Mortgage housing loan
Real estate acquisition business, etc.
Claims past due for 3 months or more
(excluding mortgage housing loan)
Claims past due for 3 months or moreregarding mortgage housing loanBills in process of collection
With guarantee of Credit Guarantee
Corporation, etc.
With guarantee of Regional Economy
Vitalization Corporation of Japan
Investments, etc.(excluding significant
investments)
Total

e

Message from theGroup CFO

1
2
3
4
5

As of March 31, 2022abcdExposures before CCF andExposures post-CCF andCRM
CRM
On-balance
Off-balanceOn-balance
Off-balance
sheet amount sheet amount sheet amount sheet amount
¥190
¥¥190
¥472,838
472,838
400,882
400,882
1,462
1,462
-

As of March 31, 2021abcdExposures before CCF andExposures post-CCF andCRM
CRM
On-balance
Off-balanceOn-balance
Off-balance
sheet amount sheet amount sheet amount sheet amount¥97¥¥97¥392,166
392,166
261,973
261,973816
816-

Our strategies forcreating value(Millions of yen, except percentages)(Millions of yen, except percentages)

Foundations for our
corporate value(B) CR4: Standardized Approach - Credit Risk Exposure and Credit Risk Mitigation (CRM) Effects

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

329

330

Basel Regulatory Disclosures(Millions of yen)

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16

(7) Equity investments in funds

Equity investments in funds - Look-through approach
Equity investments in funds - Mandate-based approach
Equity investments in funds - Simple approach (subject to 250% RW)
Equity investments in funds - Simple approach (subject to 400% RW)
Equity investments in funds - Fall-back approach
Total

331

(Millions of yen)

As of March 31, 2022
Exposure¥2,130,723
202,811
18,214¥2,351,749

As of March 31, 2021
Exposure¥2,475,542
152,251
12,501¥2,640,294

About Mizuho(A) CCR1: Analysis of Counterparty Credit risk (CCR) Exposure by Approach

2
3
4
5
6

SA-CCR
Current Exposure Method
Expected Positive Exposure Method
Simple Approach for credit risk mitigation
Comprehensive Approach for credit
risk mitigation
VAR for SFTs
Total

a

b

Replacementcost¥374,559／／

Potential
futureexposure¥382,670
／
／

／

／

／

／
／

／
／

／
／

e

f

EAD
post-CRM¥757,230
3,286,948
122,908¥243,346
1,008,311
80,888／16,298,724

982,204／／／¥2,314,751

RWA(Millions of yen)

1
2
3
4
5
6

SA-CCR
Current Exposure Method
Expected Positive Exposure Method
Simple Approach for credit risk mitigation
Comprehensive Approach for credit
risk mitigation
VAR for SFTs
Total

As of March 31, 2021cdAlpha used forcomputingregulatory
EAD
EEPE
／
1.4
／
／
2,292,475
1.4
／
／

a

b

Replacementcost¥1,167,038／／

Potential
futureexposure¥733,137
／
／

／

／

／

／
／

／
／

／
／

e

f

EAD
post-CRM¥1,900,176
3,209,465
55,492¥448,051
1,078,444
37,058／

16,647,717

747,471／／／¥2,311,024(B) CCR2: Credit Valuation Adjustment (CVA) Capital Charge

RWA

Message from theGroup CFO

1

(Millions of yen)

As of March 31, 2022cdAlpha used forcomputingregulatory
EAD
EEPE
／
1.4
／
／
2,347,820
1.4／／

Our strategies forcreating value

Portfolios
Sovereign - FIRB
Sovereign - AIRB
Banks - FIRB
Banks - AIRB
Corporate (except Specialized lending) - FIRB
Corporate (except Specialized lending) - AIRB
Specialized lending - FIRB
Specialized lending - AIRB
Retail - qualifying revolving retail exposures (QRRE)
Retail - residential mortgage exposures
Other retail exposures
Equity - FIRB
Equity - AIRB
Purchased receivables - FIRB
Purchased receivables - AIRB
Total

As of March 31, 2021abPre-credit
derivatives RWA
Actual RWA¥¥527,672
527,672
1,073,775
1,073,775
26,066,862
26,066,080
2,624,532
2,624,532
439,097
439,097
1,985,258
1,985,258
492,788492,788
3,995,461
3,995,461
873,010873,010¥38,078,459¥38,077,677(2) Quantitative Disclosure on Counterparty Credit Risk

Foundations for our
corporate value

Portfolios
Sovereign - FIRB
Sovereign - AIRB
Banks - FIRB
Banks - AIRB
Corporate (except Specialized lending) - FIRB
Corporate (except Specialized lending) - AIRB
Specialized lending - FIRB
Specialized lending - AIRB
Retail - qualifying revolving retail exposures (QRRE)
Retail - residential mortgage exposures
Other retail exposures
Equity - FIRB
Equity - AIRB
Purchased receivables - FIRB
Purchased receivables - AIRB
Total

As of March 31, 2022abPre-credit
derivatives RWA
Actual RWA¥¥528,068
528,068
1,076,926
1,076,926
25,756,143
25,755,968
2,832,561
2,832,561
425,236425,236
1,858,087
1,858,087
421,136
421,1363,440,940
3,440,940
924,113924,113¥37,263,213¥37,263,038■ Counterparty Credit Risk
(1) Summary of Risk Profile, Risk Management Policies/ Procedures and Structure
In managing the risk pertaining to counterparty credit risk (including central counterparty) in derivatives transactions andrepurchase transactions etc., we generally allocate risk capital together with loans, etc., (we take into account wrong way
risk for derivatives transactions). For derivatives transactions and repurchase transactions, in cases in which a bilateral
netting agreement is valid in light of the legal system of the relevant jurisdiction, we take its effect into consideration. As toderivatives transactions with financial institutions, etc., we periodically, where necessary, deliver and receive collateral toand from the counterparty based on the replacement cost to mitigate credit risk (collateralized derivatives transactions). In
conducting such transactions, there is a risk in which we may be required to provide additional collateral in cases where
our credit profile deteriorates.

(Millions of yen)

As of March 31, 2022

1
2
3
4
5

Total portfolios subject to the Advanced CVA capital charge(i) VAR component (including the 3×multiplier)(ii) Stressed VAR component (including the 3×multiplier)
All portfolios subject to the Standardized CVA capital charge
Total subject to the CVA capital chargea
EAD post-CRM¥／／
3,994,694¥3,994,694

Data section

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16

(Millions of yen)b
RWA

¥2,108,205¥2,108,205(Millions of yen)

As of March 31, 2021

1
2
3
4
5

Total portfolios subject to the Advanced CVA capital charge(i) VAR component (including the 3×multiplier)(ii) Stressed VAR component (including the 3×multiplier)
All portfolios subject to the Standardized CVA capital charge
Total subject to the CVA capital chargea
EAD post-CRM¥／／
3,796,094¥3,796,094

Appendix(C) CR7: IRB - Effect on RWA of Credit Derivatives Used as CRM Techniques

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacyb
RWA¥1,982,240¥1,982,240332

Basel Regulatory Disclosures

10
11
12
13
14

¥31,648
17,022-¥-¥17,725-¥5,816-¥-¥6,046-¥-¥-¥31,648
46,611---

18,112

1,894

-

4,770

-

-

24,777

1,927
-

1,274
-

-

-

-

-

-

-

1,927
1,274
-

-

-

646,951

16,753-

104,495--

768,199¥50,598¥1,274¥682,789¥24,464¥-

820,799¥936,112¥-

820,799¥- ¥1,695,238(Millions of yen)

As of March 31, 2021
b
c
d
e
f
g
h
Credit exposures amount (post CCF and post-CRM)
10%
20%
50%
75%
100% 150% Other

a

1
2
3
4
5
6
7
8
9
10

0%

Total

¥18,326
4,614
-

¥-

¥250
-

¥479
-

¥-

¥104
-

¥-

¥-

¥18,326
5,449
-

-

-

5,314

995

-

15

-

-

6,325

1,320
-

1,256
-

-

-

-

-

-

-

1,320
1,256
-

-

-

625,234

10,932-

36,612--

672,779¥24,261¥1,256¥630,798¥12,407¥-756,637¥793,369¥-

756,637¥- ¥1,462,094

1
2
3
4
5
6
7
8
9
1
2
3
4
5
6
7
8
9

f

¥14,555,099
15
7,137
12
14,562,265

0.00
0.19
0.87
2.71
0.00

0.0
0.0
0.0
0.0
0.0

37.61
37.61
37.61
37.61
37.61

4.8
2.0
4.7
1.0
4.8

¥94,1115
6,813
11100,942

0.64
32.53
95.47
88.78
0.69

2,102,528
27,91812,717
3,201
2,703
0
2,149,069

0.05
0.19
0.41
1.17
2.71
100.00
0.06

0.2
0.0
0.0
0.0
0.0
0.0
0.3

37.61
37.61
37.59
37.60
37.60
96.38
37.60

2.5
1.4
2.6
0.8
1.7
1.0
2.5

485,467
10,026
8,591
2,283
2,714
0
509,083

23.08
35.91
67.55
71.30
100.4130.74
23.68

1,476,856
56,79931,79062,13337,661
4,525
5,419¥1,675,187

0.06
0.19
0.41
1.15
3.10
13.00
100.00
0.54

2.4
1.0
0.7
0.9
0.3
0.1
0.0
5.7

37.56
36.38
35.87
36.82
35.62
34.79
40.98
37.42

2.9
2.5
2.4
2.7
2.1
2.1
1.3
2.9

341,551
19,913
16,58349,32523,6977,261
2,513¥460,846

23.12
35.05
52.16
79.38
62.92
160.45
46.38
27.51

RWA

g
RWA density(%)

Appendix

11
12
13
14

Risk weight
Regulatory portfolio
Japanese sovereigns and Bank of Japan
Foreign central sovereigns and central banks
Bank for International Settlements,etc.
Japanese non-central governmental PSEs
Non-central governmental PSEs other thanforeign central sovereigns, etc.
International development banks
Japan Finance Organization for Municipalities
Japanese government institutions
Three regional public sectors of Japan
Financial institutions and business operators
conducting the type I financial instruments businessCorporates, etc.
Regulatory retail portfolios and individuals
Other assets
Total

i

1
2
3
4
5
6
7
8
9

PD scale
Sovereign0.00 to <0.15
0.15 to <0.25
0.25 to <0.50
0.50 to <0.75
0.75 to <2.50
2.50 to <10.00
10.00 to <100.00
100.00 (Default)
Sub-totalBanks
0.00 to <0.15
0.15 to <0.25
0.25 to <0.50
0.50 to <0.75
0.75 to <2.50
2.50 to <10.00
10.00 to <100.00
100.00 (Default)
Sub-total
Corporate
0.00 to <0.15
0.15 to <0.25
0.25 to <0.50
0.50 to <0.75
0.75 to <2.50
2.50 to <10.00
10.00 to <100.00
100.00 (Default)
Sub-totalb
AveragePD (%)

About Mizuho

6
7
8
9

Total

a
EAD
post-CRM

Message from theGroup CFO

5i

(Millions of yen, %, number in the thousands,year)

As of March 31, 2022cde
Number of
Average
Averagecounterparty LGD (%)
maturity

Our strategies forcreating value

1
2
3
4

0%

(D) CCR4: IRB - CCR Exposures by Portfolio and PD Scale

Foundations for our
corporate value

As of March 31, 2022
b
c
d
e
f
g
h
Credit exposures amount (post CCF and post-CRM)
10%
20%
50%
75%
100% 150% Othera
Risk weight
Regulatory portfolio
Japanese sovereigns and Bank of Japan
Foreign central sovereigns and central banks
Bank for International Settlements,etc.
Japanese non-central governmental PSEs
Non-central governmental PSEs other thanforeign central sovereigns, etc.
International development banks
Japan Finance Organization for Municipalities
Japanese government institutions
Three regional public sectors of Japan
Financial institutions and business operators
conducting the type I financial instruments businessCorporates, etc.
Regulatory retail portfolios and individuals
Other assets
Total(Millions of yen)

Data section(C) CCR3: Standardized Approach - CCR Exposures by Regulatory Portfolio and Risk Weights

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

333

334

Basel Regulatory Disclosures

RWA¥8,0793,830
23,42011,648
2,843
1,166
410
51,399

0.12
0.19
0.41
0.95
2.76
13.00
100.00
1.68

0.0
0.6
0.4
0.7
0.2
0.1
0.0
2.3

36.96
23.13
35.09
30.77
20.58
22.24
30.47
32.38

4.5
3.2
4.2
4.2
3.8
3.2
3.0
4.1

¥2,885854
12,984
7,363
1,435
1,060
144
26,728

35.70
22.30
55.44
63.21
50.49
90.92
35.14
52.00

1
2
3
4
5
6
7
8
9

187,025
66,49735,66433,232
5,266
2,156
2,046
331,888

0.09
0.19
0.41
1.01
4.11
13.00
100.00
1.00

0.2
0.0
0.0
0.0
0.0
0.0
0.0
0.3

39.78
37.64
37.61
37.61
37.61
37.61
53.04
38.93

4.3
4.6
4.6
4.2
2.7
4.4
4.6
4.4

67,91434,506
26,21031,546
6,285
4,222
1,179
171,864

36.31
51.89
73.49
94.92
119.35
195.79
57.62
51.78

1
2
3
4
5
6
7
8
9

-

-

-

-

-

-

-

1
2
3
4
5
6
7
8
9

558
5
38
0
601
¥18,770,412

1.75
3.73
14.32
100.00
2.66
0.08

0.9
0.0
0.0
0.0
1.0
9.8

25.81
24.57
19.01
39.86
25.39
37.60

／
／
／
／
／
181
／
1
／
13
／
0
／
197
4.3 ¥1,269,661

32.50
35.24
35.80
47.03
32.75
6.76

PD scale
Sovereign0.00 to <0.15
0.15 to <0.25
0.25 to <0.50
0.50 to <0.75
0.75 to <2.50
2.50 to <10.00
10.00 to <100.00
100.00 (Default)
Sub-totalBanks
0.00 to <0.15
0.15 to <0.25
0.25 to <0.50
0.50 to <0.75
0.75 to <2.50
2.50 to <10.00
10.00 to <100.00
100.00 (Default)
Sub-total
Corporate
0.00 to <0.15
0.15 to <0.25
0.25 to <0.50
0.50 to <0.75
0.75 to <2.50
2.50 to <10.00
10.00 to <100.00
100.00 (Default)
Sub-totalaEAD
post-CRMb
AveragePD (%)f¥15,493,403
651
7,079
169
15,501,303

0.00
0.28
0.91
3.11
0.00

0.0
0.0
0.0
0.0
0.0

37.88
37.88
37.88
37.88
37.88

4.8
3.2
4.8
1.0
4.8

¥78,971
326
7,020
158
86,476

0.50
50.06
99.16
93.70
0.55

2,572,805
33,275
1,893
2,272
17,401
2,627,647

0.09
0.27
0.87
3.11
100.00
0.75

0.2
0.0
0.0
0.0
0.0
0.3

37.33
37.86
37.87
37.87
96.42
37.73

1.2
1.3
0.7
1.9
4.8
1.2

501,049
14,629
1,235
2,419
5,437
524,771

19.47
43.96
65.27
106.4931.25
19.97

1,364,065
137,235
67,413
34,46016,31828,154¥1,647,649

0.06
0.37
1.13
4.33
15.12
100.00
2.08

2.4
1.8
1.0
0.4
0.1
0.1
6.0

37.51
36.82
35.88
36.58
35.21
86.65
38.18

2.9
2.1
2.7
2.7
1.8
4.1
2.8

308,364
64,26552,061
40,717
27,29910,248¥502,956

22.60
46.82
77.22
118.15167.29
36.39
30.52

RWA

g
RWA density(%)

About Mizuhog
RWA density(%)

Message from theGroup CFOf

Our strategies forcreating valueb
AveragePD (%)

Foundations for our
corporate valueaEAD
post-CRM

As of March 31, 2021cde
Number of
Average
Averagecounterparty LGD (%)
maturity

Appendix

PD scaleSME
1 0.00 to <0.15
2 0.15 to <0.25
3 0.25 to <0.50
4 0.50 to <0.75
5 0.75 to <2.50
6 2.50 to <10.00
7 10.00 to <100.00
8 100.00 (Default)
9 Sub-total
Specialized Lending
1 0.00 to <0.15
2 0.15 to <0.25
3 0.25 to <0.50
4 0.50 to <0.75
5 0.75 to <2.50
6 2.50 to <10.00
7 10.00 to <100.00
8 100.00 (Default)
9 Sub-total
Purchased receivables
1 0.00 to <0.15
2 0.15 to <0.25
3 0.25 to <0.50
4 0.50 to <0.75
5 0.75 to <2.50
6 2.50 to <10.00
7 10.00 to <100.00
8 100.00 (Default)
9 Sub-total
Retails
1 0.00 to <0.15
2 0.15 to <0.25
3 0.25 to <0.50
4 0.50 to <0.75
5 0.75 to <2.50
6 2.50 to <10.00
7 10.00 to <100.00
8 100.00 (Default)
9 Sub-total
Total (all portfolios)(Millions of yen, %, number in the thousands,year)(Millions of yen, %, number in the thousands,year)

As of March 31, 2022cde
Number of
Average
Averagecounterparty LGD (%)
maturity

Data section

CCR4-(Continued)

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

335

336

Basel Regulatory Disclosures¥13,665
17,805
6,843
4,596
1,547
482
44,941

0.12
0.39
1.13
3.16
15.12
100.00
2.28

0.0
1.2
0.8
0.2
0.1
0.0
2.5

37.65
27.80
21.78
21.76
26.71
40.97
29.36

4.7
3.5
3.3
3.8
3.2
2.6
3.9

¥6,563
6,991
2,887
2,595
1,727
227
20,992

48.03
39.26
42.18
56.45
111.61
47.19
46.70

307,635
152,855
52,949
9,036
2,867
2,650
527,996

0.09
0.36
1.07
4.44
15.12
100.00
0.92

0.2
0.1
0.0
0.0
0.0
0.0
0.3

39.88
37.88
37.88
37.88
37.88
53.49
39.12

4.0
3.9
3.9
3.1
2.8
4.8
3.9

103,590
96,09449,766
11,4825,444
1,564
267,941

33.67
62.86
93.98
127.06189.84
59.00
50.74

-

-

-

-

-

-

-

826
3
40
5
876
¥20,350,414

1.77
3.81
13.70
100.00
2.95
0.29

0.9
0.0
0.0
0.0
1.0
10.4

27.33
4.51
28.91
31.99
27.34
37.89

／
／
／
／
／
284
／
0
／
22
／
2
／
309
4.2 ¥1,403,448

34.44
6.48
54.03
37.86
35.26
6.89

As of March 31, 2022abcdCollateral used in derivative transactions
Fair value of collateral received Fair value of posted collateral

337

Cash – domestic currency
Cash – other currencies
Domestic sovereign debt
Other sovereign debt
Government agency debt
Corporate bonds
Equity securities
Other collateral
Total(Millions of yen)efCollateral used in SFTs

Fair value ofcollateral
received
Segregated Unsegregated Segregated Unsegregated¥6,240¥695,229¥26,722¥1,383,312¥1,702,994
1,785,781
723,023
1,357,031
1,090,892
19,581,491
48,211
300,275
170,797
307,897
2,540,677
324,799
6,326
290,172
26,85010,120,775
－
－
795
795
218,030
922
16,2591,137
6,268
1,010,788－
532
734,402190,297
2,442,850－－－－
12,173¥2,166,487¥2,476,313¥1,845,862¥3,006,313 ¥37,629,781

1
2
3
4
5
6
7
8
9

Cash – domestic currency
Cash – other currencies
Domestic sovereign debt
Other sovereign debt
Government agency debt
Corporate bonds
Equity securities
Other collateral
Total

e
f
Collateral used in SFTs

Fair value ofcollateral
received
Segregated Unsegregated Segregated Unsegregated¥7,700¥9,676,817¥22,521 ¥12,270,974¥1,339,361
320,132
557,899
207,953
669,633
18,189,691
28,21912,195,801
73,166
10,467,240
3,025,404
183,888
25,715,792
522,388
121,646
8,307,001－
322,442805
805
225,788－－
21,760,532
5,352
823,649－
3,630
344,833
147,591
2,242,066
－
－
－
－
7,893
¥866,014 ¥70,252,482¥826,029 ¥23,683,244 ¥34,160,855(F) CCR6: Credit Derivatives Exposures

Fair value of
postedcollateral¥4,274,143
10,203,460
2,278,399
15,517,658
23,8701,261,963
1,556,019
423,116¥35,538,631(Millions of yen)

As of March 31, 2022
ab
Protection bought
Protection soldNotionals
Single-name credit default swaps
Index credit default swaps
Total return swaps
Credit options
Other credit derivatives
Total notionals
Fair values
7 Positive fair value (asset)
8 Negative fair value (liability)
1
2
3
4
5
6

¥1,989,928
4,029,840
32,224－500¥6,052,493¥1,525,002
3,602,120
758,041－－¥5,885,164

9,556(108,448)

113,235(12,628)(Millions of yen)

As of March 31, 2021
aProtection bought
Notionals
Single-name credit default swaps
Index credit default swaps
Total return swaps
Credit options
Other credit derivatives
Total notionals
Fair values
7 Positive fair value (asset)
8 Negative fair value (liability)
1
2
3
4
5
6

b
Protection sold

¥3,341,445
2,028,684
49,708－500¥5,420,338¥3,160,809
1,656,414
560,062－－¥4,990,286

2,428(107,267)

92,398(5,374)

About Mizuho

RWA(E) CCR5: Composition of Collateral for CCR Exposure

1
2
3
4
5
6
7
8
9

g
RWA density(%)

Message from theGroup CFOf

Our strategies forcreating valueb
AveragePD (%)

Foundations for our
corporate valueaEAD
post-CRM

As of March 31, 2021abcdCollateral used in derivative transactions
Fair value of collateral received Fair value of posted collateral

Data section

PD scaleSME
1 0.00 to <0.15
2 0.15 to <0.25
3 0.25 to <0.50
4 0.50 to <0.75
5 0.75 to <2.50
6 2.50 to <10.00
7 10.00 to <100.00
8 100.00 (Default)
9 Sub-total
Specialized Lending
1 0.00 to <0.15
2 0.15 to <0.25
3 0.25 to <0.50
4 0.50 to <0.75
5 0.75 to <2.50
6 2.50 to <10.00
7 10.00 to <100.00
8 100.00 (Default)
9 Sub-total
Purchased receivables
1 0.00 to <0.15
2 0.15 to <0.25
3 0.25 to <0.50
4 0.50 to <0.75
5 0.75 to <2.50
6 2.50 to <10.00
7 10.00 to <100.00
8 100.00 (Default)
9 Sub-total
Retails
1 0.00 to <0.15
2 0.15 to <0.25
3 0.25 to <0.50
4 0.50 to <0.75
5 0.75 to <2.50
6 2.50 to <10.00
7 10.00 to <100.00
8 100.00 (Default)
9 Sub-total
Total (all portfolios)(Millions of yen)

(Millions of yen, %, number in the thousands,year)

As of March 31, 2021cde
Number of
Average
Averagecounterparty LGD (%)
maturity

Fair value of
postedcollateral¥3,486,394
11,806,293
2,117,423
17,464,681
44,082
1,621,788
2,164,943
200,271¥38,905,878

Appendix

CCR4-(Continued)

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

338

Basel Regulatory Disclosures

RWA
RWA as of March 31, 2021

Breakdown of changes during thisreporting period¥1,078.4(120.4)(13.6)
62.2
1.7¥1,008.3

Asset size
Credit quality of counterparties
Model updates (EPE only)
Methodology and policy (EPE only)
Acquisitions and disposals
Foreign currency fluctuations
Other

RWA as of March 31, 2022

(Millions of yen)

As of March 31, 2022a
EAD (post-CRM)
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

339

Exposures to QCCPs (total)
Exposures for trades at QCCPs (excluding initial margin and default fundcontributions); of which(i) OTC derivatives(ii) Exchange-traded derivatives(iii) Securities financing transactions(iv) Netting sets where cross-product netting has been approved
Segregated initial marginNon-segregated initial margin
Pre-funded default fund contributions
Unfunded default fund contributions
Exposures to non-QCCPs (total)
Exposures for trades at non-QCCPs (excluding initial margin and default fundcontributions); of which(i) OTC derivatives(ii) Exchange-traded derivatives(iii) Securities financing transactions(iv) Netting sets where cross-product netting has been approved
Segregated initial marginNon-segregated initial margin
Pre-funded default fund contributions
Unfunded default fund contributions

／

b
RWA
¥183,747¥1,250,368¥16,049

309,791
415,192
525,384－
1,669,885
767,755446,381
－
／

2,483
9,035
4,530
－
／
14,215
153,481
－
－

－

－

－
－
－
－
－
－
－
－

－
－
－
－
／
－
－
－

3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

／
¥1,271,739¥19,989

299,619519,205
452,915－594,160
688,143
376,395－／

2,539
12,097
5,352－／
14,177
131,936
－
－

－

－

－
－
－
－
－
－
－
－

－
－
－
－
／
－
－
－

About Mizuho

2

Exposures to QCCPs (total)
Exposures for trades at QCCPs (excluding initial margin and default fundcontributions); of which(i) OTC derivatives(ii) Exchange-traded derivatives(iii) Securities financing transactions(iv) Netting sets where cross-product netting has been approved
Segregated initial marginNon-segregated initial margin
Pre-funded default fund contributions
Unfunded default fund contributions
Exposures to non-QCCPs (total)
Exposures for trades at non-QCCPs (excluding initial margin and default fundcontributions); of which(i) OTC derivatives(ii) Exchange-traded derivatives(iii) Securities financing transactions(iv) Netting sets where cross-product netting has been approved
Segregated initial marginNon-segregated initial margin
Pre-funded default fund contributions
Unfunded default fund contributions

Message from theGroup CFO

RWA as of March 31, 2021

1

Our strategies forcreating value

Asset size
Credit quality of counterparties
Model updates (EPE only)
Methodology and policy (EPE only)
Acquisitions and disposals
Foreign currency fluctuations
Other

b
RWA
¥166,104

Foundations for our
corporate value

Breakdown of changes during thisreporting period¥1,216.0(178.9)
10.4
29.7
1.1
¥1,078.4(H) CCR8: Exposures to Central Counterparties

1a
EAD (post-CRM)

RWA
RWA as of March 31, 2020

(Billions of yen)

No.
1
2
3
4
5
6
7
8
9

As of March 31, 2021

Data section

No.
1
2
3
4
5
6
7
8
9

(Millions of yen)(Billions of yen)

Appendix(G) CCR7: RWA flow statements of CCR exposures under EPE method

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

340Basel Regulatory Disclosures(c) Investment in alternative credit risk assets (“Securitization Transactions as an Investor”)
We hold securitization products, such as ABS, CMBS, RMBS, and CDO, and resecuritization products, the underlying
assets of which are mainly RMBS and CDO, etc., for the purpose of investing in alternative credit risk assets that are
different from conventional credit risk assets in order to diversify our investment portfolio. The Risk Management
Committee, etc. set limits on the amount of investment for Securitization Transactions as an Investor, and we maintaina stringent structure for management of such transactions. In addition, we implement stress tests based on scenarios
under the market liquidity depletion and sharp price declines.
In addition, we undertake various securitization program arrangements such as ABL, ABCP and trust schemes, etc., as ameans of financing for our customers. We endeavor to understand the actual risk profile, including the underlying assets,
and to appropriately disclose the risks and terms of the program to the customers who invest in the product.
Furthermore, we actively act as servicer for securitization transactions, offer settlement account facilities (servicer cash
advance) and provide interest rate swaps to securitization conduits.
One of our affiliated entities ,Mizuho Leasing Company, Ltd, holds securitization products in which we are involved asoriginators or sponsors.
The securitization conduits included within the scope of consolidation are as follows:ROCK FIELD CORPORATION, FANTASTIC FUNDING CORPORATION, N&M FUNDING CORPORATION, Denshi
Saiken Kaitori Godo Kaisha, JAPAN SECURITIZATION CORPORATION, Allstar Funding Co., Ltd, SPARCS FUNDINGCORPORATION, PERPETUAL FUNDING CORPORATION, Working Capital Finance CO., Inc.
There are no securitization conduits that provide credit enhancement beyond what is provided in agreements.
Overview of risk profile of securitization transactions and monitoring system
In addition to price fluctuation and market liquidity risks, securitization and resecuritization products are exposed to risks
related to default, recovery and granularity of underlying asset portfolio. The structure of these products also contains
risks related to the originators, the administrators, trustees and managers of the underlying assets.
To address these risks, we also analyze the structure in terms of the underlying assets and credit events. We monitor theability, quality and operating performance of originators and managers in charge of controlling the underlying assets aswell as covenant information and credit status of the parties related to the program. In addition, for resecuritization
products, we pay attention to the underlying assets of the underlying securitization products. We also assign internalratings to all products and review the rating at least once a year. If there is a change in the credit situations, we will review
the internal rating as appropriate. As mentioned above, we have established a system to comprehensively understand therisk characteristics of securitization exposures and manage these exposures.
We conduct credit risk measurements on all credit transactions, including securitization transactions. Furthermore, we

341(A) SEC1: Securitization Exposures in the Banking Book by Type of Underlying Assets

About Mizuho
Message from theGroup CFO(b) Securitization program (ABCP/ABL) sponsor
As a means of supporting our customers in the securitization of their account receivables and notes receivables, etc.,
we retain securitization exposure by providing asset-backed loans (ABLs, which are on-balance-sheet transactions),
and providing asset-backed commercial paper (ABCP) backup lines (off-balance-sheet transactions), as sponsor to
special purpose companies (in the form of Cayman Islands Corporations, etc.). In such cases, in addition to gaining firm
understanding of the actual risk profile through due diligence from the viewpoint of investors, we assign internal ratingsand make evaluations by assessing such transactions and carefully managing the exposure together with other direct
loan assets.

(2) Accounting Policies for Securitization Transactions
The point at which financial assets and liabilities relating to securitization transactions begin or cease to be recognized,
their evaluation and accounting treatment are pursuant to "Accounting Standards Relating to Financial Products"(Business Accounting Standards No. 10).
(3) Quantitative Disclosure on Securitization Exposures(Millions of yen)

As of March 31, 2022
a
b
c
d
e
f
g
h
i
Bank acts as originator
Bank acts as sponsor
Banks acts as investor
type of underlying assets Traditional Synthetic Sub-total Traditional Synthetic Sub-total Traditional Synthetic Sub-total
1 Retail (total) - of which¥¥¥- ¥1,687,542¥- ¥1,687,542 ¥1,626,852¥- ¥1,626,852
2505,965
505,965
residential mortgage
826,182
826,182
67,33867,3383
credit card4other retail exposures
861,360
861,360 1,053,549- 1,053,549
5re-securitization
6 Wholesale (total) - of which
150,517
57,684208,202
233,908
233,908 1,424,286- 1,424,286
7
150,517
57,684208,202309,437
309,437loans to corporates
8commercial mortgage
9lease and receivables
145,848
145,848
910,190
910,190
88,06088,060204,658
204,658
10
other wholesale
11
re-securitization(Millions of yen)

Our strategies forcreating value(a) Securitization of our assets (“Securitization as originator”)
For the purposes of mitigating credit risk and credit concentration risk, controlling economic capital and responding to
the needs of our investors, etc., we engage in securitization transactions, the underlying assets of which include
mortgage loans and loans to our corporate customers. When conducting a securitization as an originator, we consider
such transactions from various aspects, including the effects of reduction of economic capital and improvement ofreturn on risk as well as the practical effects of risk transfers, and make a comprehensive judgment on the structure andappropriateness of such transactions.

Foundations for our
corporate value(1) Summary of Risk Management Regarding Securitization Exposures
Our role in securitization transactions
We are associated with securitization transactions from various purposes and positions through our banking book andtrading book.

Response to Basel Framework
In calculating credit risk-weighted assets of securitization exposure, we apply the internal-ratings-based approach(“IRBA”) if we have sufficient information regarding all the underlying assets for IRBA. If IRBA cannot be applied to acertain asset and it has a rating obtained from an eligible external credit assessment institution, we apply the Externalrating-based approach (“ERBA”) We apply the standardized approach (“SA”) in other cases pursuant to the FSA NoticeNo. 20. We apply a risk weight of 1250% under Basel III when neither IRBA, ERBA nor SA can be applied.
In terms of securitization exposure in our trading book that is subject to market risk regulations, we adopt the standardized
measurement method and calculate market risk equivalent amounts in connection with the specific risks of securitization
products based on risk weights according to ratings assigned by eligible external credit assessment institutions pursuant
to the FSA Notice No. 20.
As for the eligible external credit assessment institutions, we refer to Rating and Investment Information, Inc. (R&I), Japan
Credit Rating Agency, Ltd. (JCR), Moody's Investors Service Inc. (Moody's), Standard & Poor's (S&P) and Fitch Ratings,
Ltd. in determining securitization exposure risk weight.

As of March 31, 2021
a
b
c
d
e
f
g
h
i
Bank acts as originator
Bank acts as sponsor
Banks acts as investor
type of underlying assets Traditional Synthetic Sub-total Traditional Synthetic Sub-total Traditional Synthetic Sub-total
1 Retail (total) - of which¥¥¥- ¥1,442,224¥- ¥1,442,224 ¥1,698,613¥- ¥1,698,613
2
residential mortgage
587,468
587,4683
credit card
636,995
636,995
60,89960,8994other retail exposures
805,228805,228 1,050,244- 1,050,244
5
re-securitization
6 Wholesale (total) - of which
89,73598,531
188,266
266,927
266,927 1,581,210- 1,581,210
7loans to corporates
89,73598,531
188,266
11,56911,569588,851
588,851
8commercial mortgage
18
18
9lease and receivables
173,949
173,949
766,625
766,625
10other wholesale
81,40981,409225,714
225,71411
re-securitization-

Data section

We classify transactions as securitization exposures based on two characteristics, “non-recourse” and “senior/subordinatedstructure,” pursuant to the definitions set forth in the FSA Notice No.20, etc.; provided that the transactions do not include
those which fall within specialized lending exposure.

carry out periodic monitoring on investment amount and performance on securitization transactions and report thesituations to our Risk Management Committee, etc.

Appendix■ Securitization Exposures

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

342

Basel Regulatory Disclosures

a

b

c

f

g

h

i

j

k

¥330,046
45,291
549
8,539
-

¥-

¥-

¥-

384,426----

102,882
-

-

-

-

8,230
-

-

-

-

As of March 31, 2022
l
m

n

o

Of which
Of which
retailreSynthetic Of which
Of which
Of which Of which
securitization securitization underlying wholesale securitization senior non-senior

Exposure values (by RW bands)
1 ≤20% RW¥51,782
2 >20% to 50% RW
3 >50% to 100% RW
4 >100% to <1250% RW
5,902
5 1250% RW
Exposure values (by regulatory approach)
6 Internal Ratings-Based Approach (SEC-IRBA)
57,684
7 External Ratings-Based Approach (SEC-ERBA)
8 Standardised Approach (SEC-SA)
9 1250%RWA (by regulatory approach)
8,781
10 Internal Ratings-Based Approach (SEC-IRBA)
11 External Ratings-Based Approach (SEC-ERBA)
12 Standardised Approach (SEC-SA)
13 1250%
Capital charge after cap
14 Internal Ratings-Based Approach (SEC-IRBA)
702
15 External Ratings-Based Approach (SEC-ERBA)
16 Standardised Approach (SEC-SA)
17 1250%-343¥51,782
5,902
-

¥-

¥51,782
5,902
-

¥-

¥-

¥-

57,684--

57,684
-

-

-

-

8,781
-

-

8,781
-

-

-

-

702
-

-

702
-

-

-

-

Message from theGroup CFO

Exposure values (by RW bands)
1 ≤20% RW¥1,783,508 ¥1,731,725 ¥1,731,725 ¥1,401,678
2 >20% to 50% RW
178,079
178,079
178,079
132,788
3 >50% to 100% RW
153,620
153,620
153,620
153,071
4 >100% to <1250% RW
14,4418,539
8,539
5 1250% RW33
3
3
Exposure values (by regulatory approach)
6 Internal Ratings-Based Approach (SEC-IRBA)
2,129,649 2,071,964 2,071,964 1,687,538
7 External Ratings-Based Approach (SEC-ERBA)
8 Standardised Approach (SEC-SA)
9 1250%33
3
3
RWA (by regulatory approach)
10 Internal Ratings-Based Approach (SEC-IRBA)
436,207427,426
427,426
324,543
11 External Ratings-Based Approach (SEC-ERBA)
12 Standardised Approach (SEC-SA)
48
48
48
48
13 1250%
Capital charge after cap
14 Internal Ratings-Based Approach (SEC-IRBA)
34,89634,19434,19425,96315 External Ratings-Based Approach (SEC-ERBA)
16 Standardised Approach (SEC-SA)
17 1250%33
3
3

About Mizuho

Of which
Of which
Total
Traditional
Of which
Of which
retailreOf which Of which
exposures securitization securitization underlying wholesale securitization senior non-senior

Our strategies forcreating value(Millions of yen)

As of March 31, 2021
a
b
c
d
e
f
g
h
i
Bank acts as originator
Bank acts as sponsor
Banks acts as investor
type of underlying assets Traditional Synthetic Sub-total Traditional Synthetic Sub-total Traditional Synthetic Sub-total
1 Retail (total) - of which¥¥¥¥¥¥¥9,401¥¥9,401
2
6,547
6,547
residential mortgage
3credit card4other retail exposures
1,404
1,404
1,449
1,449
5
re-securitization
6 Wholesale (total) - of which
14,86014,8607
14,533
14,533loans to corporates
8commercial mortgage
9lease and receivables
327
327
10
other wholesale
11
re-securitization(Millions of yen)

As of March 31, 2022deFoundations for our
corporate value

As of March 31, 2022
a
b
c
d
e
f
g
h
i
Bank acts as originator
Bank acts as sponsor
Banks acts as investor
type of underlying assets Traditional Synthetic Sub-total Traditional Synthetic Sub-total Traditional Synthetic Sub-total
1 Retail (total) - of which¥¥¥¥¥¥¥9,937¥¥9,9372
residential mortgage
5,969
5,969
3
credit card4other retail exposures
3,073
3,073
5
re-securitization
893
893
6 Wholesale (total) - of which
13,00513,0057loans to corporates
13,00513,0058commercial mortgage
9lease and receivables
10
other wholesale
11
re-securitization-(C) SEC3: Securitization Exposures in the Banking Book and Associated Regulatory Capital Requirements - Bank
Acting as Originator or as Sponsor

Data section(Millions of yen)

Appendix(B) SEC2: Securitization Exposures in the Trading Book by Type of Underlying Assets

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy344

Basel Regulatory Disclosures(Millions of yen)haOf which
Of which
retailreTotalTraditional
Of which
Of which
Of which Of which
exposures securitization securitization underlying wholesale securitization senior non-senior

Exposure values (by RW bands)
1 ≤20% RW¥1,583,238 ¥1,524,813 ¥1,524,813 ¥1,221,469
2 >20% to 50% RW
125,109
93,54293,54249,0003 >50% to 100% RW
118,110
118,110
118,110116,394
4 >100% to <1250% RW
70,96062,42062,42055,3605 1250% RW
Exposure values (by regulatory approach)
6 Internal Ratings-Based Approach (SEC-IRBA)
1,897,419 1,798,887 1,798,887 1,442,224
7 External Ratings-Based Approach (SEC-ERBA)
8 Standardised Approach (SEC-SA)
9 1250%RWA (by regulatory approach)
10 Internal Ratings-Based Approach (SEC-IRBA)
428,679
410,969
410,969
333,096
11 External Ratings-Based Approach (SEC-ERBA)
12 Standardised Approach (SEC-SA)
13 1250%
Capital charge after cap
34,29432,87732,877
26,647
14 Internal Ratings-Based Approach (SEC-IRBA)
15 External Ratings-Based Approach (SEC-ERBA)
16 Standardised Approach (SEC-SA)
17 1250%
-

i

j

k

¥303,344
44,541
1,715
7,060
-

¥-

¥-

¥-

356,663----

77,873
-

-

-

-

6,229
-

-

-

-

As of March 31, 2021
l
m

n

b

o

¥58,425
31,566
8,539-¥-¥58,425
31,566
8,539
-

¥-

¥-

¥-

98,531--

98,531----

17,710--17,710
-

-

-

-

1,416
-

-

1,416
-

-

-

-

f

Exposure values (by RW bands)
1 ≤20% RW¥2,815,200 ¥2,815,200 ¥2,815,200 ¥1,482,727 ¥1,332,472
2 >20% to 50% RW
167,224
167,224
167,224
118,250
48,974
3 >50% to 100% RW
58,52258,52258,52225,87432,648
4 >100% to <1250% RW
10,181
10,181
10,181
10,1815 1250% RW
10
10
10
10
Exposure values (by regulatory
approach)
6 Internal Ratings-Based Approach (SEC-IRBA)
2,230,380 2,230,380 2,230,380 1,119,371 1,111,009
7 External Ratings-Based Approach (SEC-ERBA)
819,046
819,046
819,046
505,779
313,267
8 Standardised Approach (SEC-SA)
1,702
1,702
1,702
1,702
9 1250%10101010RWA (by regulatory approach)
10 Internal Ratings-Based Approach (SEC-IRBA)
387,203387,203387,203
193,234
193,969
11 External Ratings-Based Approach (SEC-ERBA)
148,600
148,600
148,600
56,312
92,287
255
255
255
255
12 Standardised Approach (SEC-SA)
125
125
125
125
13 1250%
Capital charge after cap
30,97630,97630,976
15,45815,517
14 Internal Ratings-Based Approach (SEC-IRBA)
11,888
11,888
11,8884,505
7,383
15 External Ratings-Based Approach (SEC-ERBA)
16 Standardised Approach (SEC-SA)
20
20
20
20
10
10
10
10
17 1250%

Of which
Of which
retailreSynthetic Of which
Of which
Of which Of which
securitization securitization underlying wholesale securitization senior non-senior

345

c

g

h

Of which
Of which
retailreTotalTraditional
Of which
Of which
Of which Of which
exposures securitization securitization underlying wholesale securitization senior non-seniori

Exposure values (by RW bands)¥58,425
1 ≤20% RW
31,566
2 >20% to 50% RW
3 >50% to 100% RW
4 >100% to <1250% RW
8,539
5 1250% RW
Exposure values (by regulatory approach)
6 Internal Ratings-Based Approach (SEC-IRBA)
98,531
7 External Ratings-Based Approach (SEC-ERBA)
8 Standardised Approach (SEC-SA)
9 1250%RWA (by regulatory approach)
10 Internal Ratings-Based Approach (SEC-IRBA)
17,71011 External Ratings-Based Approach (SEC-ERBA)
12 Standardised Approach (SEC-SA)
13 1250%
Capital charge after cap
14 Internal Ratings-Based Approach (SEC-IRBA)
1,416
15 External Ratings-Based Approach (SEC-ERBA)
16 Standardised Approach (SEC-SA)
17 1250%-

As of March 31, 2022deExposure values (by RW bands)
1 ≤20% RW
2 >20% to 50% RW
3 >50% to 100% RW
4 >100% to <1250% RW
5 1250% RW
Exposure values (by regulatory
approach)
6 Internal Ratings-Based Approach (SEC-IRBA)
7 External Ratings-Based Approach (SEC-ERBA)
8 Standardised Approach (SEC-SA)
9 1250%RWA (by regulatory approach)
10 Internal Ratings-Based Approach (SEC-IRBA)
11 External Ratings-Based Approach (SEC-ERBA)
12 Standardised Approach (SEC-SA)
13 1250%
Capital charge after cap
14 Internal Ratings-Based Approach (SEC-IRBA)
15 External Ratings-Based Approach (SEC-ERBA)
16 Standardised Approach (SEC-SA)
17 1250%jk

As of March 31, 2022
l
m

¥-

¥-

¥-

-

-

-

-

-

-

-

-

-

n

o

Of which
Of which
retailreSynthetic Of which
Of which
Of which Of which
securitization securitization underlying wholesale securitization senior non-senior
¥-

¥-

¥-

¥-

¥-

¥-

¥-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

About MizuhogMessage from theGroup CFOf

Our strategies forcreating valuecFoundations for our
corporate valueb

Data sectiona(D) SEC4: Securitization Exposures in the Banking Book and Associated Regulatory Capital Requirements - Bank
Acting as Investor

Appendix(Millions of yen)

As of March 31, 2021
de

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

346Basel Regulatory DisclosureshSee pages 134 to 136 for information regarding our market risk management structure, etc.

Of which
Of which
retailreTotalTraditional
Of which
Of which
Of which Of which
exposures securitization securitization underlying wholesale securitization senior non-senior

Exposure values (by RW bands)
1 ≤20% RW¥2,869,576 ¥2,869,576 ¥2,869,576 ¥1,378,790 ¥1,490,785
2 >20% to 50% RW
215,218
215,218
215,218
151,547
63,6703 >50% to 100% RW
17,822
17,822
17,822
6,089
11,732
4 >100% to <1250% RW
177,178
177,178
177,178
162,185
14,9935 1250% RW
28
28
28
0
28
Exposure values (by regulatory
approach)
6 Internal Ratings-Based Approach (SEC-IRBA)
2,094,491 2,094,491 2,094,491 1,108,816
985,675
7 External Ratings-Based Approach (SEC-ERBA)
1,183,639 1,183,639 1,183,639
588,133
595,506
8 Standardised Approach (SEC-SA)
1,663
1,663
1,663
1,663
9 1250%
28
28
28
0
28
RWA (by regulatory approach)
10 Internal Ratings-Based Approach (SEC-IRBA)
492,983
492,983
492,983
322,430
170,552
11 External Ratings-Based Approach (SEC-ERBA)
228,207228,207228,207
65,830162,376
12 Standardised Approach (SEC-SA)
249
249
249
249
353
353
353
0
353
13 1250%
Capital charge after cap
39,43839,43839,43825,794
13,64414 Internal Ratings-Based Approach (SEC-IRBA)
15 External Ratings-Based Approach (SEC-ERBA)
18,256
18,256
18,256
5,266
12,99016 Standardised Approach (SEC-SA)
19
19
19
19
28
28
28
0
28
17 1250%i

Exposure values (by RW bands)
1 ≤20% RW
2 >20% to 50% RW
3 >50% to 100% RW
4 >100% to <1250% RW
5 1250% RW
Exposure values (by regulatory
approach)
6 Internal Ratings-Based Approach (SEC-IRBA)
7 External Ratings-Based Approach (SEC-ERBA)
8 Standardised Approach (SEC-SA)
9 1250%RWA (by regulatory approach)
10 Internal Ratings-Based Approach (SEC-IRBA)
11 External Ratings-Based Approach (SEC-ERBA)
12 Standardised Approach (SEC-SA)
13 1250%
Capital charge after cap
14 Internal Ratings-Based Approach (SEC-IRBA)
15 External Ratings-Based Approach (SEC-ERBA)
16 Standardised Approach (SEC-SA)
17 1250%

347

j

k

As of March 31, 2021
l
m

¥-

¥-

¥-

-

-

-

-

-

-

-

-

-

n

o

(1) Trading Activities
In the calculation of the market risk equivalent amounts under the regulatory capital requirements, the risk arising fromfluctuations in common factors across the market as a whole (e.g. foreign exchange and interest rates, etc.) is referred to as
general market risk, and the risk arising from a deterioration in creditworthiness or market liquidity inherent in bonds andstocks is referred to as specific risk. In principle, we calculate market risk equivalent amounts by determining both generalmarket risk and specific risk by applying the Internal Models Approach (IMA) to the former and the standardized approach to
the latter, and by simply adding up both amounts. The Internal Models Approach is applied to trading transactions andcalculated by adding up VAR and stressed VAR.
(A) MR1：Market risk under standardized approach

No.
1
2
3
4
5
6
7
8
9

(Millions of yen)
As of March 31, 2022

As of March 31, 2021

RWA
(Risk equivalent / 8%)

RWA(Risk equivalent / 8%)

Interest rate risk (general and specific)
Equity risk (general and specific)
Foreign exchange risk
Commodity risk
Options
Simplified approach
Delta-plus method
Scenario approach
Securitization
Total¥508,296
252,183
48,03049,537¥454,781
339,581
57,630133,209

2,255
117,064¥977,368

52,209122,707¥1,160,121(B) MR2:RWA flow statements of market risk exposures under IMA

Of which
Of which
Of which Of which
retailreSynthetic Of which
Of whichsecuritization securitization underlying wholesale securitization senior non-senior
¥-

¥-

¥-

¥-

¥-

¥-

¥-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

No.
1a
1b
1c
2
3
4
5
6
7
8a
8b
8c

RWA as of March 31, 2021
Adjustment to RWA as of March 31, 2021
IMA values as of March 31, 2021
Change in risk levels
Model updates/changes
Breakdown of
Methodology and policychanges during
this reporting
Acquisitions and disposals
periodForeign currency fluctuations
Other
IMA values as of March 31, 2022
Adjustment to RWA as of March 31, 2022
RWA as of March 31, 2022

About Mizuhog(Billions of yen)

A

B

C

D

E

F

VAR

Stressed
VAR

IRC

CRM

Other

Total

¥288.03.05
94.2(24.0)(79.0)(191.2)
182.3
2.56
467.5

¥880.43.02
290.5(52.7)(74.8)
193.7
356.7
2.55
912.9

¥-

¥-

／ ¥1,168.5
／
3.03
／
384.8
／
(76.8)／／／／(153.8)
／
384.9
／
539.0
／
2.56
／
1,380.5

Message from theGroup CFOf

Our strategies forcreating valuecFoundations for our
corporate valueb

Data sectiona■ Market Risk

Appendix(Millions of yen)

As of March 31, 2021
de

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

348

Basel Regulatory Disclosures

VAR

Stressed
VAR

IRC

CRM

Other

Total

¥402.3 ¥1,010.6
2.11
3.60
190.2
280.1
(22.5)(122.5)(4.0)
43.4(69.3)
89.5
94.2
290.5
3.05
3.02
288.0
880.4

¥-

¥-

(C) MR3：IMA values for trading portfolios
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17

VAR (10 day 99%)
Maximum value
Average value
Minimum value
Period end
Stressed VAR (10 day 99%)
Maximum value
Average value
Minimum value
Period end
Incremental Risk Charge (99.9%)
Maximum value
Average value
Minimum value
Period end
Comprehensive Risk Capital Charge (99.9％)
Maximum value
Average value
Minimum value
Period end
Floor (standardized measurement method)

As of March 31, 2022

／ ¥1,413.0
／
3.00
／
470.4
／
(145.0)
／
／
／
／
39.3
／
20.1
／
384.8
／
3.03
／
1,168.5(Millions of yen)

As of March 31, 2022

As of March 31, 2021

¥24,256
10,585
6,716
14,587¥24,455
11,8305,758
7,538

59,964
20,336
12,28428,53844,314
22,821
17,38923,246----

Notes: 1. The historical simulation method is used for the calculation of VAR and stressed VAR under the Internal Models Approach.
2. VAR is measured based on the observation period of 3 years (801 business days), a 99% confidence interval and a 1-day holding period. This 1-day VAR is scaled up to 10business day VAR using the square-root-of-time (√T) rule. We update historical data on a daily basis, in principle, and do not weight such data. When re-pricing instruments,
we use the full revaluation method, a sensitivity-based approach and the like. We consider change width or rate as market volatility of risk factors according to productattributes.
3. When measuring stressed VAR, the same measurement approach as VAR is used except for the observation period of 1 year (265 business days). As a stressed period, weselect a period which has an adequate length of time and is considered the most stressful under a certain set of criteria established based on the most recent portfolio.
4. When applying the internal model, we regularly verify the preconditions used for VAR measurement.

349(D) MR4：Back testing results of IMA
As of March 31, 2021

About Mizuho

F

Note: The number of cases where VAR on a particular day was exceeded by losses on the following business day for the past 250 business days was 0 as of March 31, 2022 (1 as ofMarch 31, 2021).

(2) Banking Activities
To comply with Interest Rate Risk in the Banking Book (IRRBB) requirements, we are required to calculate expectedchanges in the economic value of equity (ΔEVE) arising from banking activities and expected changes in net interest income(ΔNII) from the reference date until the date no later than 12 months from the reference date under interest rate shock
scenarios (i.e. parallel up and downwards shifts in the yield curve and the like). ΔEVE and ΔNII change according tochanges in the banking portfolio.
(A) IRRBB1：Interest rate risk

(Millions of yen)abc

As of March
31, 2022

As of March
31, 2021

As of March
31, 2022

As of March
31, 2021¥622,1220228,046
59,514
251,479
17,108622,122¥1,004,953
0
398,454
101,782
383,205
26,466
1,004,953¥(381,094)
517,757／／／／
517,757¥(330,939)
545,196／／／／545,196

ΔEVE

No.
1
2
3
4
5
6
7

8

Parallel up
Parallel down
Steepener
Flattener
Short rate up
Short rate down
Maximum

Tier1 capital

d
ΔNII

e

f

As of March 31, 2022

As of March 31, 2021

¥9,713,290

Message from theGroup CFOE

Our strategies forcreating value

RWA as of March 31, 2020
Adjustment to RWA as of March 31, 2020
IMA values as of March 31, 2020
Change in risk levels
Model updates/changes
Breakdown of
Methodology and policychanges during
this reporting
Acquisitions and disposals
periodForeign currency fluctuations
Other
IMA values as of March 31, 2021
Adjustment to RWA as of March 31, 2021
RWA as of March 31, 2021

DFoundations for our
corporate value

1a
1b
1c
2
3
4
5
6
7
8a
8b
8c

C

Data section

No.

B¥9,701,931

Notes: 1. Decreased economic values and interest income are shown as positive values.
2. As for some of those current deposits and ordinary deposits whose interest rates are not changed at predetermined intervals and from which depositors can withdraw moneyas desired on demand, we measure the interest rate risk associated with such deposits by applying an appropriate method after recognizing them as core deposits. The
average repricing maturities are 0.7 years for yen deposits and 0.5 years for dollar deposits respectively. The longest repricing maturities are 10.0 years for yen deposits and
5.0 years for dollar deposits respectively. We measure interest rate risk associated with term deposits and loans in an appropriate manner by estimating their early
redemption rates based on their historical prepayment and cancellation data.
3. When aggregating the respective ΔEVE of multiple currencies, we use the internal model that estimates the correlations between the key currencies based on historical data.
When aggregating the respective ΔNII of multiple currencies, we simply add their respective ΔNII.
4. For the calculation of ΔEVE and ΔNII, we set an appropriate interest rate and spread according to a certain discount rate and reference rate.
5. When making the calculations above, we use regulatory defined preconditions including an interest rate shock scenario.

Appendix(Billions of yen)A

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

350Basel Regulatory Disclosures(1) Summary of Operational Risk Management and Procedures
See pages 138 to 139 for a summary of our operational risk management policies, etc.
(2) Approach Used for the Measurement of Operational Risk Equivalent
We use the Advanced Measurement Approach for the calculation of operational risk equivalent. See pages 139 to 141 forthe outline of the Advanced Measurement Approach. In the measurement of operational risk equivalent, we do notrecognize the risk mitigating impact of insurance. The following entities have adopted the Advanced Measurement
Approach as of March 31, 2022. In the measurement of operational risk equivalent, we do not recognize the risk mitigating
impact of insurance.
Mizuho Financial Group, Inc.; Mizuho Bank., Ltd., Mizuho Trust & Banking Co., Ltd.; Mizuho Securities; Mizuho Credit
Guarantee Co., Ltd.; Mizuho Business Service Co., Ltd.; Mizuho Trust Operations Co., Ltd.; Mizuho Trust Business
Operations Co., Ltd.; Mizuho Trust Retail Support Co., Ltd.; Mizuho Bank Europe N.V.; and Mizuho International plc.

351

About Mizuho
Message from theGroup CFO

■ Operational risk

Our strategies forcreating value(Millions of yen, except percentage)
Correspon Correspon
ding line # ding line #on Basel on Basel
As of March 31, As of March 31,
III
III
Item
2022
2021
disclosure disclosure
template
template(Table 2) (Table 1)
On-balance sheet exposures(1)
1
On-balance sheet exposures before deducting adjustment items¥164,121,871¥155,709,473
1a1
Total assets reported in the consolidated balance sheet
198,455,311
185,680,190
The amount of assets of subsidiaries that are not included in
1b
2
the scope of the leverage ratio on a consolidated basis (-)
The amount of assets of subsidiaries that are included in the scope ofthe leverage ratio on a consolidated basis (except those included in
1c7
the total assets reported in the consolidated balance sheet)
The amount of assets that are deducted from the total assets reported in the
1d
334,333,440
29,970,716
consolidated balance sheet (except adjustment items) (-)
2
7
The amount of adjustment items pertaining to Tier1 capital (-)
1,083,075
1,304,886
3
Total on-balance sheet exposures(a) ¥163,038,795¥154,404,587
Exposures related to derivative transactions(2)
4
RC multiplied by 1.4 associated with derivatives transactions, etc.
Replacement cost associated with derivatives transactions, etc.
3,723,706
3,748,532
5
PFE multiplied by 1.4 associated with derivatives transactions, etc.
Add-on amount associated with derivatives transactions, etc.
10,104,140
8,748,822
The amount of receivables arising from providing cash margin
1,885,254
1,149,309
in relation to derivatives transactions, etc.
The amount of receivables arising from providing collateral,provided where deducted from the consolidated balance sheet
6
pursuant to the operative accounting framework
The amount of receivables arising from providing cash margin,
provided where deducted from the consolidated balance sheet
144,143
143,761
pursuant to the operative accounting framework
The amount of deductions of receivables (out of those arising7
from providing cash variation margin) (-)
The amount of client-cleared trade exposures for which a bank／／holding company acting as a clearing member is not obliged to8
make any indemnification (-)
9Adjusted effective notional amount of written credit derivatives
5,225,478
4,569,726
The amount of deductions from effective notional amount of
10
4,880,742
4,177,453
written credit derivatives (-)
11
4
Total exposures related to derivative transactions(b)¥16,201,981¥14,182,698
Exposures related to repo transactions(3)
12
The amount of assets related to repo transactions, etc.
15,090,453
14,331,366
13
The amount of deductions from the assets above (line 12) (-)
5,119,912
5,341,423
The exposures for counterparty credit risk for repo
14624,315653,128transactions, etc.
／／
15
The exposures for agent repo transactions
16
5
Total exposures related to repo transactions, etc.
(c)
¥10,594,856¥9,643,071
Exposures related to off-balance sheet transactions(4)
17
Notional amount of off-balance sheet transactions
51,267,489
50,359,566
The amount of adjustments for conversion in relation to off18
28,131,119
28,043,292
balance sheet transactions (-)
19
6
Total exposures related to off-balance sheet transactions(d)¥23,136,369¥22,316,273
Leverage ratio on a consolidated basis(5)20
The amount of capital (Tier1 capital)(e)
9,713,290
9,701,931
21
8
Total exposures ((a)+(b)+(c)+(d))(f) ¥212,972,004¥200,546,630
22
Leverage ratio on a consolidated basis ((e)/(f))
4.56%
4.83%

With regard to equities, we manage default risk through our credit risk management structure and price fluctuation risk
through our market risk management structure. With regard to subsidiaries and related companies in which we invest, wemanage their risks on a consolidated basis, and manage them appropriately in accordance with their managementclassification. In addition, securities, a part of equity exposure, are valued as follows: Securities are stated at market price(cost of securities sold is calculated primarily by the moving average method). Stocks and others without a quoted market
price are stated at acquisition cost and determined by the moving average method.

Foundations for our
corporate value(1) Summary of Risk Profile, Risk Management Policies/ Procedures and Structure

Data section■Composition of Leverage Ratio

Appendix■ Investment or Equity Exposure

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy352

Basel Regulatory Disclosures■ TLAC Regulations¥240,452,651

3.86%

4.03%

Note: As an external audit of calculating the leverage ratio on a consolidated basis, we underwent an examination under the procedures agreed with by Ernst& Young ShinNihon LLC, on the basis of "Practical guidance on agreed-upon procedures for the calculation of capital adequacy ratio and leverage
ratio" (Practical Guideline for specialized fields No. 4465 of the Japanese Institute of Certified Public Accountants). Note that this examination is not apart of the audit performed on our consolidated financial statements or internal controls over financial reporting. Ernst & Young ShinNihon LLC does
not give its opinion or conclusion concerning the leverage ratio or our internal control structure regarding the calculation of the leverage ratio. Instead, it
performs an examination to the extent both of us agreed to and reports the results to us.

353

About Mizuho¥251,582,835¥8,067,279
1,646,011
20,607
1,625,404
1,638,391(121,630)
73,064
8,038
1,678,919
11,371,603¥7,849,969
1,851,961
1,851,961
1,683,464(357,938)
245,650
1,795,752
11,497,683

4,334,870

3,649,134

／

／

／
／
2,265,565／／
1,687,049

6,600,436

5,336,183

17,972,039

16,833,866

-

-

6,284
17,965,755

4,699
16,829,166

64,730,439
212,972,004

67,481,983
200,546,630

27.75%

24.93%

24.24%
8.43%
7.96%
3.51%
2.50%
0.01%
1.00%

21.42%
8.39%
7.13%
3.51%
2.50%
0.01%
1.00%

Message from theGroup CFO

¥200,546,630
39,906,021

Basel III
Template
Items
No.
Preferred resolution strategy(1)
The SPE (Single Point of Entry) resolution strategy is considered to be the preferred resolution
strategy for Mizuho Financial Group, Inc. (MHFG) and its subsidiaries.
More concretely, at the time of a stress, following the relevant authority's determination that one
or more of the material sub-groups, i.e. Mizuho Bank, Ltd., Mizuho Trust & Banking Co., Ltd. andMizuho Securities Co., Ltd. have reached the point of non-viability, losses incurred to them would
be passed to MHFG, the ultimate holding company. While this could lead to a resolution of
MHFG, the material sub-groups are expected to continue their business as usual under theSpecified Bridge Financial Institution, etc. incorporated by the Deposit Insurance Corporation ofJapan (DICJ) to which MHFG transfers its business.
Regulatory capital elements of TLAC and adjustments(2)
1
Common Equity Tier 1 capital (CET1)(A)
2
Additional Tier 1 capital (AT1) before TLAC adjustments(B)
3
AT1 ineligible as TLAC as issued out of subsidiaries to third parties (C)4
Other adjustments(D)
5
AT1 instruments eligible under the TLAC framework ((B)-(C)-(D))(E)
6Tier 2 capital (T2) before TLAC adjustments(F)
7
Amortised portion of T2 instruments where remaining maturity > 1 year (G)8(H)
T2 capital ineligible as TLAC as issued out of subsidiaries to third parties
9
Other adjustments(I)
10
T2 instruments eligible under the TLAC framework ((F)-(G)-(H)-(I))(J)
11
TLAC arising from regulatory capital ((A) + (E) + (J))(K)
Non-regulatory capital elements of TLAC
(3)
External TLAC instruments issued directly by the bank and(L)12subordinated to excluded liabilities
External TLAC instruments issued directly by the bank which are not subordinated13
to excluded liabilities but meet all other TLAC term sheet requirements
14of which: amount eligible as TLAC after application of the caps
15
External TLAC instruments issued by funding vehicles prior to 1 January 2022
16
Eligible ex ante commitments to recapitalise a G-SIB in resolution(M)
TLAC arising from non-regulatory capital instruments before(N)
17
adjustments ((L) + (M))
Non-regulatory capital elements of TLAC: adjustments(4)
18
TLAC before deductions ((K) + (N))(O)
Deductions of exposures between MPE resolution groups that(P)
19
correspond to items eligible for TLAC (not applicable to SPE G-SIBs)
20
Deduction of investments in own other TLAC liabilities(Q)
21
Other adjustments to TLAC
(R)
22
TLAC after deductions ((O)-(P)-(Q)-(R))(S)
Risk-weighted assets and leverage exposure measure for TLAC purposes(5)
23
Total RWA
(T)
24
Leverage ratio exposure measure(U)
TLAC ratios and buffers(6)
TLAC before deduction of CET1 specific buffer requirement (as a25percentage of RWA) ((S)/(T))
25a
TLAC as a percentage of RWA
26
TLAC as a percentage of leverage ratio exposure measure ((S)/(U))
27
CET1 available after meeting the bank's minimum capital requirements
28
Total of bank CET1 specific buffer requirements
29of which: capital conservation buffer requirement30
of which: countercyclical buffer requirement31of which: bank G-SIB/D-SIB additional requirements

Our strategies forcreating value¥212,972,004
38,610,831(Millions of yen, except percentage)ab
As of March 31, As of March 31,
2022
2021

Foundations for our
corporate value(6)(1) TLAC1: TLAC composition for G-SIBs (at resolution group level)

Data section

As of March 31, As of March 31,
2022
2021

Appendix

Correspon Correspon
ding line # ding line #on Basel on Basel
III
III
Item
disclosure disclosure
template
template(Table 2) (Table 1)
Leverage ratio on a consolidated basis (excluding the impact of any applicable
temporary exemption of deposits with the Bank of Japan)
Total exposures (f)The amount of deposits with the Bank of Japan
Total exposures (excluding the impact of any applicable
temporary exemption of deposits with the Bank of Japan) (f’)
Leverage ratio on a consolidated basis (excluding the impactof any applicable temporary exemption of deposits with the
Bank of Japan) ((e)/(f’))

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy354

Basel Regulatory Disclosures

Items

1

Is the resolution entity the creditor/investor?

2

Description of creditor ranking

3
4
5
6
7
8
9

Total capital and liabilities net of credit risk mitigation (A)Subset of row 3 that are excluded liabilities (B)Total capital and liabilities less excluded liabilities ((A) -(B) )Subset of row 5 that are eligible as TLAC
Subset of row 6 with 1 year ≤ residual maturity < 2 years
Subset of row 6 with 2 years ≤ residual maturity < 5 years
Subset of row 6 with 5 years ≤ residual maturity < 10 years
Subset of row 6 with 10 years ≤ residual maturity,but
excluding perpetual securities
Subset of row 6 that is perpetual securities

10
11

1
most junior
✓
-

2

3

4

✓
Eligible Tier 2 capital
Other internalCommonAdditional Tier 1 Tier 2 capital instruments subject
TLAC eligible
to phase-out
equitycapital instruments instruments
instruments
arrangements
3,690,227- 1,873,004- 1,618,120- 166,080 353,000 4,526,854- 12,227,286
3,690,227- 1,873,004- 1,618,120- 166,080 353,000 4,526,854- 12,227,286
3,690,227- 1,873,000- 1,452,040- 3,649,134- 10,664,401- 426,272- 426,272- 223,040- 1,432,198- 1,655,238- 1,174,000- 1,469,576- 2,643,576

-

✓

-

3,690,227-

Sum of
1 to 55
most senior
✓
-

-

✓

-

-

55,000---321,088- 1,873,000

-

-

-

-

-

-

-

376,088- 5,563,227*1 Additional Tier 1 capital instruments include eligible Tier 1 capital instruments subject to phase-out arrangements (4 million yen)
*2: The amounts subject to the phase-out arrangements are excluded in Basel III Template from 6 to 11(Millions of yen)Mizuho Bank (Non-consolidated)
As of March 31, 2022
Creditor ranking
Basel III
Template

Items

1

Is the resolution entity the creditor/investor?

2

Description of creditor ranking

3
4
5
6
7
8
9

Total capital and liabilities net of credit risk mitigation (A)Subset of row 3 that are excluded liabilities (B)Total capital and liabilities less excluded liabilities ((A) -(B) )Subset of row 5 that are eligible as TLAC
Subset of row 6 with 1 year ≤ residual maturity < 2 years
Subset of row 6 with 2 years ≤ residual maturity < 5 years
Subset of row 6 with 5 years ≤ residual maturity < 10 years
Subset of row 6 with 10 years ≤ residual maturity,but
excluding perpetual securities
Subset of row 6 that is perpetual securities

10

Commonequity3,663,453
3,663,453
3,663,453-

1,676,832
1,676,832
1,493,217
482,807965,410-4
most senior✓
Other internal
TLAC eligible
instruments
4,806,149
4,806,149
4,334,870
439,183
1,879,230
1,760,867
-

2

3

✓
Additional Tier 1
capitalinstruments- 1,643,000- 1,643,000- 1,643,000--✓

Tier 2 capital
instruments

Sum of
1 to 4

11,789,435
11,789,435
11,134,541
439,183
2,362,037
2,726,277

-

-

-

-

45,000-255,590-

300,590

3,663,453-

1,643,000

-

-

-

-

-

5,306453

Appendix11

1
most junior✓-

About Mizuho

Basel III
Template

Message from theGroup CFO

As of March 31, 2021
Creditor ranking

Our strategies forcreating value(Millions of yen)Mizuho Bank (Non-consolidated)

Foundations for our
corporate value(2) TLAC2:Material subgroup entity – creditor ranking at legal entity level

Data section(Millions of yen, except percentage)ab
Basel III
Template
Items
As of March 31, As of March 31,
No.
2022
2021
TLAC as a percentage of leverage ratio exposure measure (excluding the impact (7)of any applicable temporary exemption of deposits with the Bank of Japan)
Leverage ratio exposure measure(U)¥212,972,004¥200,546,630
The amount of deposits with the Bank of Japan
38,610,831
39,906,021
Leverage ratio exposure measure (excluding the impact of any(U')
251,582,835
240,452,651
applicable temporary exemption of deposits with the Bank of Japan)
TLAC as a percentage of leverage ratio exposure measure (excluding theimpact of any applicable temporary exemption of deposits with the Bank of
7.14%
6.99%
Japan) ((S)/(U'))

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

355

356

Basel Regulatory Disclosures1
most junior

Items

2
most senior

1

Is the resolution entity the creditor/investor?

✓

2

Description of creditor ranking

Common equity

3
4
5
6
7
8
9

Total capital and liabilities net of credit risk mitigation (A)Subset of row 3 that are excluded liabilities (B)Total capital and liabilities less excluded liabilities ((A) -(B) )Subset of row 5 that are eligible as TLAC
Subset of row 6 with 1 year ≤ residual maturity < 2 years
Subset of row 6 with 2 years ≤ residual maturity < 5 years
Subset of row 6 with 5 years ≤ residual maturity < 10 years
Subset of row 6 with 10 years ≤ residual maturity , but
excluding perpetual securities
Subset of row 6 that is perpetual securities

262,874
262,874
262,874----

262,874

-

10
11

-

✓
Other internal TLAC eligible
instruments-

Basel III
Template
2

Description of creditor ranking

Common equity

3
4
5
6
7
8
9

485,530
485,530
485,530-

21,286
21,286
21,286
-

-

-

-

10

-

-

-

-

-

-

-

-

-

262,874

11

Total capital and liabilities net of credit risk mitigation (A)Subset of row 3 that are excluded liabilities (B)Total capital and liabilities less excluded liabilities ((A) -(B) )Subset of row 5 that are eligible as TLAC
Subset of row 6 with 1 year ≤ residual maturity < 2 years
Subset of row 6 with 2 years ≤ residual maturity < 5 years
Subset of row 6 with 5 years ≤ residual maturity < 10 years
Subset of row 6 with 10 years ≤ residual maturity, but
excluding perpetual securities
Subset of row 6 that is perpetual securities

485,530

21,286----

506,816

As of March 31, 2022
Creditor ranking
1
most junior

Is the resolution entity the creditor/investor?

✓

2

Description of creditor ranking

Common equity

3
4
5
6
7
8
9

Total capital and liabilities net of credit risk mitigation (A)Subset of row 3 that are excluded liabilities (B)Total capital and liabilities less excluded liabilities ((A) -(B) )Subset of row 5 that are eligible as TLAC
Subset of row 6 with 1 year ≤ residual maturity < 2 years
Subset of row 6 with 2 years ≤ residual maturity < 5 years
Subset of row 6 with 5 years ≤ residual maturity < 10 years
Subset of row 6 with 10 years ≤ residual maturity , but
excluding perpetual securities
Subset of row 6 that is perpetual securities

262,874
262,874
262,874-

10

Basel III
Template-

Other internal TLAC eligible
instruments--

262,874
262,874
262,874
-

-

-

-

-

-

262,874---

262,874

✓

Items

1
most junior✓-

Sum of
1 to 33
2
most senior✓✓
Other internal TLAC
Long-term subordinatedinstruments
debt/Short-term subordinated debt
399,000
90,000- 995,816
399,000
90,000- 995,816
399,000- 905,816
180.000- 180,000
219,000- 219,000

1

Is the resolution entity the creditor/investor?

2

Description of creditor ranking

Common equity

3
4
5
6
7
8
9

Total capital and liabilities net of credit risk mitigation (A)Subset of row 3 that are excluded liabilities (B)Total capital and liabilities less excluded liabilities ((A) -(B) )Subset of row 5 that are eligible as TLAC
Subset of row 6 with 1 year ≤ residual maturity < 2 years
Subset of row 6 with 2 years ≤ residual maturity < 5 years
Subset of row 6 with 5 years ≤ residual maturity < 10 years
Subset of row 6 with 10 years ≤ residual maturity, but
excluding perpetual securities
Subset of row 6 that is perpetual securities

454,107454,107454,107-52,70852,70852,708
-

-

-

-

-

-

-

-

454,10752,708----506,816

10
11

Appendix

Data section

11-(Millions of yen)Mizuho Securities (Non-consolidated)
As of March 31, 2022
Creditor ranking

Sum of
1 to 22
most senior

1

Is the resolution entity the creditor/investor?

262,874
262,874
262,874-

Mizuho Trust & Banking (Non-consolidated)

Items

1

Sum of
1 to 33
2
most senior✓✓Long-term subordinated
Other internal TLAC
debt/Short-term subordinated debt
instruments
90,000- 596,816
90,000- 596,816- 506,816--(Millions of yen)

Basel III
Template

Items

1most junior✓-

About Mizuho

Basel III
Template

As of March 31, 2021
Creditor ranking

Sum of
1 to 2Message from theGroup CFO

As of March 31, 2021
Creditor ranking

Our strategies forcreating value

Mizuho Securities (Non-consolidated)

Foundations for our
corporate value(Millions of yen)

(Millions of yen)Mizuho Trust & Banking (Non-consolidated)

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

357

358

Basel Regulatory Disclosures

1

Description of creditor ranking

2
3
4
5
6
7
8

Total capital and liabilities net of credit risk mitigation (A)Subset of row 2 that are excluded liabilities (B)Total capital and liabilities less excluded liabilities ((A) - (B))
Subset of row 4 that are eligible as TLAC
Subset of row 5 with 1 year ≤ residual maturity < 2 years
Subset of row 5 with 2 years ≤ residual maturity < 5 years
Subset of row 5 with 5 years ≤ residual maturity < 10 years
Subset of row 5 with 10 years ≤ residual maturity,but
excluding perpetual securities
Subset of row 5 that is perpetual securities

9
10

1
2
most junior
Additional Tier 1
Commoncapital instruments
equity3,453,427
1,873,000
3,453,427
1,873,000
3,453,427
1,873,000-

3Tier 2 capital
instruments
1,784,200
1,784,200
1,784,200
166,080
389,120
1,174,000

Sum of 1 to 44
most senior
Unsecuredsenior debts
4,532,618 11,643,245
5,764
5,764
4,526,854 11,637,481
3,649,134 10,759,761
426,272592,352
1,432,198
1,821,318
1,469,576
2,643,576--

55,000321,088376,088

3,453,427

1,873,000--

5,326,427

Notes: Credit risk-weighted assets used in the computation of the countercyclical buffer of each country or region are calculated based on where counterpartiesare located.
Some equity exposures, regarded-method exposures, securitization exposures and standardized approach portion which are difficult to calculate basedon the locations of counterparties, are calculated based on the country or region in which the reporting office is located.

*1 :Tier 2 capital instruments include eligible Tier 2 capital instruments subject to phase-out arrangements issued by SPC (166,080 million yen)
*2 :Internal transactions are excluded from unsecured senior debts(Millions of yen, except percentage)
As of March 31, 2021

*3 :Excluded liabilities are recognized on a conservative basis in consideration of the materiality of the amounts(Millions of yen)Mizuho Financial Group (Non-Consolidated)
As of March 31, 2022
Creditor ranking
Basel III
Template

Items

1

Description of creditor ranking

2
3
4
5
6
7
8

Total capital and liabilities net of credit risk mitigation (A)Subset of row 2 that are excluded liabilities (B)Total capital and liabilities less excluded liabilities ((A) - (B))
Subset of row 4 that are eligible as TLAC
Subset of row 5 with 1 year ≤ residual maturity < 2 years
Subset of row 5 with 2 years ≤ residual maturity < 5 years
Subset of row 5 with 5 years ≤ residual maturity < 10 years
Subset of row 5 with 10 years ≤ residual maturity,but
excluding perpetual securities
Subset of row 5 that is perpetual securities

9
10

1
2
most juniorCommonAdditional Tier 1
equitycapital instruments
3,453,427
1,643,000
3,453,427
1,643,000
3,453,427
1,643,000-

3Tier 2 capital
instruments
1,676,832
1,676,832
1,493,217
482,807965,410

Sum of 1 to 44
most senior
Unsecuredsenior debts
4,811,993 11,585,253
5,844
5,844
4,806,149 11,579,408
4,334,870 10,924,515
439,183
439,183
1,879,230
2,362,037
1,760,867
2,726,277--

45,000255,590

300,590

3,453,427

1,643,000--

5,096,427aGeographicalbreakdown
Hong Kong SAR
Luxembourg
Subtotal
Total

359

1.00%
0.50%
／
／

c

d

Countercyclical buffer
requirements

Countercyclical buffer
amount

／
／
／
0.01%

／
／
／
6,748

Notes: Credit risk-weighted assets used in the computation of the countercyclical buffer of each country or region are calculated based on where counterpartiesare located.
Some equity exposures, regarded-method exposures, securitization exposures and standardized approach portion which are difficult to calculate basedon the locations of counterparties, are calculated based on the country or region in which the reporting office is located.

■Indicators for Assessing Global Systemically Important Banks (G-SIBs)(1) GSIB1:Disclosure of G-SIB indicators
Category*1 :Internal transactions are excluded from unsecured senior debts*2 :Excluded liabilities are recognized on a conservative basis in consideration of the materiality of the amounts

Countercyclical buffer
rateb
Risk-weighted assets
used in the computationof the countercyclicalbuffer
528,016
271,847
799,864
55,211,072

1
2
3
4
5
6
7
8
9
10
11
12
13

Cross-jurisdictional
activity
SizeInterconnectedness
Substitutability /Financial institution
infrastructure
Complexity

Individual indicator
Cross-jurisdictional claims
Cross-jurisdictional liabilities
Total exposures
Intra-financial system assets
Intra-financial system liabilities
Securities outstanding
Assets under custody
Payment activity
Underwritten transactions in debt and equity markets
Trading Volume
Notional amount of over-the-counter derivatives
Level 3 assets
Trading and available for sale securities(Millions of yen)
As of March 31, As of March 31,
2022
2021
65,156,309
57,233,736
49,145,555
39,284,794
252,665,910
241,757,537
16,725,890
15,878,955
18,730,071
18,558,968
33,867,668
34,129,399
109,934,549
99,479,933
6,861,262,039 5,514,937,889
17,673,301
19,481,804／
2,995,347,169
1,644,372,374 1,409,658,971
685,929
3,795,782
10,666,922
11,867,627

About Mizuho

Items

Message from theGroup CFO

Basel III
Template(1) CCyB1: Geographical distribution of credit exposures used in the countercyclical buffer(Millions of yen, except percentage)
As of March 31, 2022abcd
Risk-weighted assets
Countercyclical buffer used in the computation Countercyclical buffer Countercyclical buffer
Geographicalof the countercyclicalrate
requirements
amountbreakdown
buffer／／Hong Kong SAR
1.00%
578,464／／
Luxembourg
0.50%
256,389／／／
Subtotal
834,854／
Total
51,775,197
0.01%
6,473

Our strategies forcreating value

As of March 31, 2021
Creditor ranking

Foundations for our
corporate value

Mizuho Financial Group (Non-Consolidated)■ Geographical Distribution of Credit Exposures Used in the Countercyclical Buffer

Data section(Millions of yen)

Appendix(3) TLAC3:Resolution entity – creditor ranking at legal entity level

Message from theGroup CEO

Status of Mizuho Financial Group’s Consolidated Capital Adequacy360Basel Regulatory Disclosures

High-Quality Liquid Assets
1

5
6
7
8
9
10
11
12
13
14
15
16

Cash outflows related to unsecured wholesalefundingof which, Qualifying operational depositsof which, Cash outflows related to unsecured
wholesale funding other than qualifying
operational deposits and debt securitiesof which, Debt securities
Cash outflows related to secured funding, etc.
Cash outflows related to derivative transactions,etc. funding programs, credit and liquidity facilitiesof which, Cash outflows related to derivativetransactions, etc.
of which, Cash outflows related to funding
programsof which, Cash outflows related to credit andliquidity facilities
Cash outflows related to contractual funding
obligations, etc.
Cash outflows related to contingencies
Total cash outflows

22
23
24

(3)

Cash inflows related to secured lending, etc.
Cash inflows related to collections of loans, etc.
Other cash inflows
Total cash inflows

Consolidated liquidity coverage ratio
21(2)Cash outflows related to unsecured retail fundingof which, Stable depositsof which, Less stable deposits

Cash Inflows
17
18
19
20

(1)

Total high-quality liquid assets (HQLA)

Cash Outflows
2
3
4(Millions of yen, %, the number of data)
For the three months ended December 31, 2021

For the three months ended March 31, 2022//

¥71,174,101¥73,663,351

TOTAL UNWEIGHTEDVALUETOTAL WEIGHTEDVALUETOTAL UNWEIGHTEDVALUETOTAL WEIGHTED
VALUE

51,598,144
16,688,223
34,909,920

3,994,116
500,646
3,493,469

51,541,568
16,537,322
35,004,246

3,999,012
496,1193,502,893

84,824,759

49,452,756

83,578,197

48,410,295

-

-

-

-

73,589,336

38,217,333

73,322,196

38,154,294

11,235,422/

11,235,422
1,975,380

10,256,001/

10,256,001
1,949,927

33,281,330

9,668,804

32,707,328

9,511,303

2,158,069

2,158,069

2,276,500

2,276,500

42,61842,61833,18533,18531,080,643

7,468,117

30,397,642

7,201,617

7,778,290

2,579,827

7,748,023

2,247,322

77,480,027/

671,699
68,342,585

76,934,280/

661,883
66,779,745

TOTAL UNWEIGHTEDVALUETOTAL WEIGHTEDVALUETOTAL UNWEIGHTEDVALUETOTAL WEIGHTED
VALUE

15,384,063
16,160,052
9,386,652
40,930,768

1,560,211
12,533,436
2,107,959
16,201,606

13,405,999
14,060,574
9,403,044
36,869,618

1,398,384
10,907,049
1,944,287
14,249,721/

71,174,101/

73,663,351//¥52,140,978136.5%//¥52,530,023
140.3%(4)

Total HQLA allowed to be included in thecalculation
Net cash outflows
Consolidated liquidity coverage ratio (LCR)
The number of data used to calculate the average
value

/

59

(C) Composition of the total HQLA allowed to be included in the calculation
There are no significant changes in the composition, such as by currency or type, and geographic distribution of the HQLA
allowed to be included in the calculation. In addition, there is no significant currency mismatch between total amount of the
HQLA allowed to be included in the calculation and net cash outflow regarding main currencies (those currencies of which
the aggregate liabilities denominated amount to 5% or more of our total liabilities).
(D) Other matters regarding the Liquidity Coverage Ratio (Consolidated)
We do not apply the "exceptional treatment regarding qualifying operational deposits" in Article 28 of the Notice No.62 and"the amount of additional collateral required due to market valuation changes to derivatives transactions estimated by the
scenario approach" in Article 37 of the Notice No.62. "Cash outflows from other contracts" in Article 59 of the Notice No.62
includes "cash outflows related to small consolidated subsidiaries." There are no material items that require detailed
explanation of "cash outflows from other contingent events" in Article 52 of the Notice No.62 and "cash inflows from othercontracts" in Article 72 of the Notice No.62. Monthly or quarterly data is used for some of our consolidated subsidiaries.

■ Net Stable Funding Ratio (Consolidated)(1) Disclosure of quantitative information regarding the Net Stable Funding Ratio (Consolidated)(Millions of yen, %)
Item

1

2

3
4
5
6
7
8
9
10
11
12
13
14

361

As of December 31,2021
Unweighted value by residual maturity
No maturity < 6 months 6 months to <1yr
≥1yr

Weightedvalue

Weighted
value

Available stable funding (ASF) items (1)/63As of March 31, 2022
Unweighted value by residual maturity
No maturity < 6 months 6 months to <1yr
≥1yr

Capital; of which:Common Equity Tier 1 capital,
Additional Tier 1 capital and Tier 2
capital (excluding the proportion ofTier 2 instruments with residual
maturity of less than one year)
before the application of capital
deductions
Other capital instruments that are
not included in the above category
Funding from retail and small
business customers; of which:Stable deposits
Less stable deposits
Wholesale funding; of which:Operational deposits
Other wholesale funding
Liabilities with matchinginterdependent assets
Other liabilities; of which:
Derivative liabilities
All other liabilities and equity notincluded in the above categories
Total available stable funding¥9,212,446¥0¥0¥3,319,832 ¥12,532,279 ¥9,395,007¥0¥0¥3,444,815 ¥12,839,822

9,212,446

003,087,413

12,299,859

9,395,007

003,251,535

12,646,543

0

0

0

232,419

232,419000

193,279

193,279

51,524,239

25,659078,00647,307,806 52,229,830

695

23,07872,43947,952,570

16,697,819
0
34,826,420
25,65965,468,661 63,009,676
65,468,661 63,009,676

00
4,311,912
4,311,912

0
78,006
7,730,387
7,730,387

17,037,749
0
35,192,080
695
56,827,129 65,973,459
56,827,129 65,973,459

0
23,0783,768,263
3,768,263

072,4397,503,811
7,503,811

16,185,862
31,766,708
43,975,378
43,975,378

15,862,928
31,444,878
46,686,602
46,686,602

-

-

-

-

-

-

-

-

-

-

7,124,953/

2,943,308/

0/

96,0910

137,934/

4,600,149/

3,020,124/0/134,0210

133,500/

7,124,953

2,943,308

0

96,091

137,934

4,600,149

3,020,1240134,021

133,500//// 106,664,623

/

/

/

About Mizuho

Item

Message from theGroup CFO

(1) Disclosure of quantitative information regarding the Liquidity Coverage Ratio (Consolidated)

Our strategies forcreating value(B) Evaluation of the Liquidity Coverage Ratio Level (Consolidated)
Our Consolidated LCR surpasses the regulatory standard (100%), with no issues.
We do not expect our Consolidated LCR to deviate significantly from the current level in the future, and our Consolidated
LCR disclosed herein does not differ significantly from our expectations.

Foundations for our
corporate value■ Liquidity Coverage Ratio (Consolidated)(A) Chronological changes in the Liquidity Coverage Ratio (Consolidated)
Our Consolidated LCR has remained stable over the past two years.

Data section(2) Disclosure of qualitative information regarding the Liquidity Coverage Ratio (Consolidated)

Appendix

The information disclosed herein is in accordance with "Matters Separately Prescribed by the Commissioner of the Financial
Services Agency Regarding Status of Sound Management of Liquidity Risk, etc. pursuant to Article 19-2, Paragraph 1, Item 5, Subitem (e), and other related provisions of the Regulation for Enforcement of the Banking Act" (the FSA Notice No.7 of 2015).

Message from theGroup CEO

Status of Sound Management of Liquidity Risk

/ 104,901,272

362

Basel Regulatory Disclosures

Required stable funding (RSF) items (2)15 HQLA
Deposits held at financial institutions
16
for operational purposes
Loans, repo transactions-related
17 assets, securities and other similar
assets; of which:Loans to- and repo transactions
18
with- financial institutions (secured
by level 1 HQLA)
Loans to- and repo transactions
19
with- financial institutions (notincluded in item 18)
Loans and repo transactions20
related assets (not included in item
18, 19 and 22); of which:With a risk weight of less thanor equal to 35% under the21
Standardised Approach forcredit risk
22
Residential mortgages; of which:With a risk weight of less thanor equal to 35% under the23
Standardised Approach forcredit risk
Securities that are not in default
24
and do not qualify as HQLA andother similar assets
Assets with matching interdependent
25
liabilities
26 Other assets; of which:Physical traded commodities,
27
including gold
Assets posted as initial margin forderivative contracts and contributions
28
to default funds of CCPs (including
those that are not recorded on
consolidated balance sheet)
29
Derivative assets
Derivative liabilities (before
30
deduction of variation margin
posted)All other assets not included in the
31
above categories
32 Off-balance sheet items
33 Total required stable funding
Consolidated net stable funding ratio
34(NSFR)////

3,129,762

/

/

/

/

3,722,134

315,669000157,957

260,187000130,2085,770,683 32,574,168

8,210,552

62,057,840

70,574,015

5,578,114 40,175,923

7,031,134

59,796,930

68,933,170

96,009 13,146,475

73,928037,045150,147

6,228,546

96,412

98,944

147,389

2,266,251

7,308,462

1,901,625

9,274,915

11,770,280

1,846,773

6,700,572

1,627,689

8,851,622

11,020,496

581,621 18,184,226

5,822,392

41,467,125

47,000,789

603,396 19,119,210

4,924,935

40,014,212

46,046,027

2,573

1,447,527

272,179

1,647,453

1,932,370

266

1,392,749

328,061

1,674,220

1,948,822

0

7,223

42,3297,757,780

5,765,093

0

5,232

41,3697,823,558

5,820,906

0

1,694

2,769

4,268,983

2,777,071

0

1,801

2,511

4,253,917

2,767,202

2,772,662

845,708

347,792

3,459,074

5,890,462

3,031,934

1,204,432

363,210

3,107,537

6,008,693

-

-

-

-

-

-

-

-

-

-

8,027,280

3,580,126

122,745

5,961,97812,574,582

7,742,586

2,086,014

133,552

4,978,363

11,608,324

0

/

/

/

0

0

/

/

/

0

/

/

/

1,327,243

1,128,157///

1,252,796

1,064,876(Billions of yen)
As of March 31, 2022 As of March 31, 2021
¥51,359.3¥47,981.9
6,487.7
6,421.3
43,367.9
42,567.4
1,517.5
885.5
41,850.3
41,681.9
2,577.3
2,865.9
28,620.4
24,145.0
25,158.7
20,920.5
419.6
463.5
3,042.0
2,760.9
10,652.6
14,670.9
8,937.5
12,433.9
1,715.0
2,236.9
101,214.9
96,970.8(13,372.3)(12,728.6)¥87,842.6¥84,242.1

Item
Cash and Due from Banks (including Due from Central Banks)
Trading Securities
Securities
Bonds Held to Maturity
Other Securities
Japanese Stocks
Japanese Bonds
Japanese Government Bonds
Japanese Local Government Bonds
Japanese Corporate Bonds
Other
Foreign Bonds
Other
Total
Portion pledged as collateral
Total after the deduction above

Notes: 1. All securities included in the above table have fair value.
2. The portion pledged as collateral mainly consists of securities and others collateralized for borrowed money, foreign and domestic exchange transactions or derivatives
transactions, or substituted for margins for futures transactions.
3. Figures in the above table do not represent high quality liquid assets.

■ Status of Major Funding
Types of Financial Instruments
Deposits
Negotiable Certificates of Deposit
Call Money and Bills Sold
Borrowed Money
Commercial Paper
Issued Bonds
Due to Trust Account
Total(Billions of yen)
Within 1 year
¥135,508.1
16,290.4
1,278.0
5,592.4
537.1
1,329.4
1,167.2¥161,702.9

1-3 years¥2,525.9
578.5
221.9
2,383.3¥5,709.8

As of March 31, 2022
3-5 years
5-7 years¥608.5
¥32.9
0.5
330.3
89.5
1,673.6
972.8¥2,613.0¥1,095.3

1-3 years¥2,688.0
236.9
233.2
1,603.5¥4,761.7

As of March 31, 2021
3-5 years
5-7 years¥708.6
¥28.5
84.9
273.1
233.8
1,755.5
1,465.9¥2,822.2¥1,728.3

7-10 years Over 10 years¥34.4¥120.8142.2
183.9
1,847.9878.6¥2,024.6¥1,183.4(Billions of yen)

/

/

/

581,283

581,283///

713,805

713,805///

2,979,025

148,951///

2,030,352

101,517

8,027,280

3,580,126

122,745

1,074,426

10,716,190

7,742,586

2,086,014

133,552

981,408

9,728,124

/
/

/
/

/
/

115,134,522
2,267,540/ ¥88,703,857

/
/

/
/

/
/

109,923,656
2,223,576/ ¥86,617,415

/

/

/

/

/

/

/

/

120.2%

121.1%(2) Disclosure of qualitative information regarding the Net Stable Funding Ratio (Consolidated)(A) Chronological changes in the Net Stable Funding Ratio (Consolidated)
Our Consolidated NSFR has remained stable since its implementation on September 30, 2021.

Types of Financial Instruments
Deposits
Negotiable Certificates of Deposit
Call Money and Bills Sold
Borrowed Money
Commercial Paper
Issued Bonds
Due to Trust AccountTotal

Within 1 year
¥129,715.7
16,870.9
1,312.7
6,375.1
456.0
1,411.4
1,160.6¥157,302.8

7-10 years Over 10 years¥34.6¥136.7125.8
170.4
1,362.2
865.1¥1,522.7¥1,172.3

About Mizuho≥1yr

Message from theGroup CFO

No maturity < 6 months 6 months to <1yr

Our strategies forcreating value≥1yr■ Status of Major Liquid Assets

Weighted
value

Foundations for our
corporate value

No maturity < 6 months 6 months to <1yr

As of December 31,2021
Unweighted value by residual maturity

Weightedvalue

Data section

As of March 31, 2022
Unweighted value by residual maturity

Notes: 1. Regarding Deposits, Demand deposits are included in "Within 1 year"
2. Borrowed money or issued bonds with open ended, ¥30.0 billion, ¥1,858.0 billion, respectively, at March 31, 2021, and ¥30.0 billion, ¥1,628.0 billion, respectively, at March
31, 2022, are excluded.

Appendix

Item

Message from theGroup CEO

Status of Sound Management of Liquidity Risk

(B) Interdependent assets and liabilities
We do not apply the "exceptional treatment against interdependent assets and liabilities" in Article 99 of the Notice No.62.
(C) Other matters regarding the Net Stable Funding Ratio (Consolidated)
Our Consolidated NSFR surpasses the regulatory standard (100%), with no issues.
We do not expect our Consolidated NSFR disclosed herein to deviate significantly from the current level in the future, and
our Consolidated NSFR does not differ significantly from our expectations.

363

364

Basel Regulatory Disclosures

2. Decisions on compensation of "Subject directors and employees" and the name, composition and duties of the committee
to supervise business execution and other major organizations relating to payment of compensation and othercompensation, etc.
(1) State of maintaining and ensuring the Compensation Committee, etc.
MHFG is a Company with Three Committees, and has established the Compensation Committee as a statutory
committee.
The chairman of the statutory Compensation Committee shall be an outside director, and in principle its members
shall be appointed from among the outside directors (or at least non-executive directors) in order to ensure objectivity
and transparency in director and executive officer compensation. As of March 2022, all three members of theCompensation Committee, including the chairman, were outside directors. The Compensation Committee shalldetermine the compensation for each individual director and executive officer of MHFG, exercise approval rights in
MHFG for compensation for each individual director of MHBK,MHTB and MHSC, determine the basic policy andcompensation system for directors and executive officers of MHFG and exercise approval rights in MHFG for the basic
policy and compensation system for directors and executive officers of MHBK, MHTB and MHSC.
In addition, the president of each of MHBK, MHTB and MHSC determines the amount of compensation for each of its
executive officers and specialist officers.

365

Number of meetings held
(April 2021 – March 2022)
Compensation Committee(MHFG)

10

About Mizuho
Message from theGroup CFO

3. Total amount of compensation paid to members of the compensation committee and number of meetings held by theCompensation Committee

Note: The total amount of compensation is not set out above as it is not possible to separately calculate the amounts that are paid as consideration for the execution of duties by thecompensation committee.

(B) Evaluating the Appropriateness of the Design and Operation of the System Relating to Compensation of"Subject Directors and Employees" of Mizuho Group
1. Policies relating to compensation(1) Policies relating to compensation of "Subject directors, etc. "Mizuho Financial Group set out the “Mizuho Financial Group Basic Policy for Executive Compensation” (the “Basic
Policy for Executive Compensation”) concerning the determination of compensation for each individual director andexecutive officer (“Officers, etc.”) of Mizuho Financial Group .
a.“Mizuho Financial Group Basic Policy for Executive Compensation”(i) Basic Principle
Executive compensation shall be provided as compensation for the responsibilities assigned to and the performanceof each individual director and executive officer (the “Officers”) and function as an incentive for each of the Officers to
exercise their designated function to the fullest in our effort to realize management that contributes to value creationfor various stakeholders and improve corporate value through continuous and stable corporate growth, based on ourbasic management policies under our corporate philosophy.
(ii) Executive Compensation System(a) Executive compensation for each Officer shall be determined based on a pre-determined executive compensation
system.
(b)The executive compensation system shall include systems and rules related to, among other factors, payment
compensation standard (standard amounts), structure (such as fixed and variable portions), form (such as cash orstocks) and timing (such as regular payment or payment at resignation).
(c)The executive compensation system shall be established in accordance with both domestic and foreign rules andguidelines concerning executive compensation.
(d) The executive compensation system shall reflect our economic and social environment as well as our group’s
medium- and long-term business performance, and we shall establish our system appropriately by referring to such
systems of other companies, including our competitors, in its establishment.
(iii) Control(a) Part of an Officer’s executive compensation shall be provided on a deferred payment basis over multiple years inorder to mitigate risks stemming from actions taken for short-term gains that are excessively risky or could
compromise value creation for various stakeholders.

Our strategies forcreating value

1. Scope of "Subject directors and employees""Subject directors, etc." and "Subject employees, etc." subject to disclosure as provided for in the FSA Notice(collectively, "Subject directors and employees") are as follows:(1) Scope of "Subject directors, etc.""Subject directors, etc." are directors and executive officers as defined in the Companies Act of Mizuho Financial
Group, Inc. ("MHFG"). Outside directors are excluded.
(2) Scope of "Subject employees, etc.""Subject employees, etc." who are subject to disclosure are executive officers (as defined in our internal regulations),
and employees of MHFG and directors and employees of its "Major consolidated subsidiaries", who are "persons who
receive large amounts of compensation" and "materially affect the operation of business or the state of assets ofMizuho group or its major consolidated subsidiaries."(a) Scope of "Major consolidated subsidiaries"
A "Major consolidated subsidiary" is a consolidated subsidiary, etc., (i) whose total assets as a percentage ofconsolidated total assets exceeds 2% of a bank holding company or bank and (ii) who materially affects the
management of our group. Specifically, those are Mizuho Bank, Ltd. ("MHBK"), Mizuho Bank (USA) and othersubsidiaries who conduct banking business similar to a branch of MHBK, Mizuho Trust & Banking Co., Ltd.
("MHTB"), Mizuho Securities Co., Ltd. ("MHSC") and Mizuho Securities USA LLC and Mizuho International plc.
(b) Scope of "Persons who receive large amounts of compensation"
A "Person who receives large amounts of compensation" refers to a person who receives compensation thatexceeds the base amount from MHFG or its "Major consolidated subsidiaries." The base amount at MHFG has
been set at ¥80 million. Such base amount has been set based on the average amounts of the compensation of
directors and executive officers (as defined in the Companies Act) of MHFG, MHBK and MHTB for the last threefiscal years (excluding persons who resigned or retired during each of such fiscal years), taking into accountfluctuations in amounts of compensation over past fiscal years. The preceding base amount has been adopted as
the common base in order to unify the selection criteria of persons who receive large amounts of compensation ateach of the companies in this paragraph.
(c) Scope of "Persons who materially affect the operation of business or the state of assets of Mizuho group"
A "Person who materially affects the operation of business or the state of assets of Mizuho group" means a person
who exerts significant influence on the operation of the business of MHFG or a "Major consolidated subsidiary"through his or her work in conducting transactions or management, or who materially affects the state of assets byincurring losses on transactions. Specifically, it includes executive officers (as defined in our internal regulations)of MHFG and directors, executive officers (as defined in our internal regulations)and market department
employees of "Major consolidated subsidiaries."

Foundations for our
corporate value(A) State of the Organizational System Relating to Compensation of "Subject Directors and Employees" of MizuhoGroup

Data section(1) Qualitative Disclosure(2) Decisions on compensation of "Subject employees, etc."
Matters relating to executive officers (as defined in our internal regulations) and specialist officers of MHFG anddirectors, executive officers (as defined in our internal regulations) of MHBK, MHTB and MHSC are as set out in (1)State of maintaining and ensuring the Compensation Committee, etc.. With regard to the compensation of directors of
MHBK, MHTB and MHSC, it is determined through approval by the Compensation Committee, pursuant to eachstatutory procedure for directors who are Audit & Supervisory Committee Members and for directors who are not Audit& Supervisory Committee Members, and set within the scope of the total amount of compensation of directors
resolved at the ordinary general meeting of shareholders.
The compensation of subject employees, etc., is decided and paid in accordance with the salary and bonus systemestablished by MHFG and the "Major consolidated subsidiaries." Such system is designed and put into writing by thehuman resources departments of MHFG and the "Major consolidated subsidiaries" which are independent of
departments furthering business. In terms of the compensation of overseas employees, each overseas office oroperation determines its own compensation policy based on local laws and regulations as well as employment
relationships.

Appendix■ Compensation of Directors and Employees

Message from theGroup CEO

Compensation of Directors and Employees

366Basel Regulatory Disclosures367

2. The effect of the overall level of compensation, etc., on equity capital
The Compensation Committee of MHFG receives reports on the amount of compensation paid to directors, executive
officers (as defined in the Companies Act), executive officers (as defined in our internal regulations) of MHFG, MHBK,MHTB and MHSC in the previous fiscal year and confirms that there is no material effect on the Mizuho group’s
performance or the adequacy of equity capital.

About Mizuho
Message from theGroup CFO
Our strategies forcreating value
Foundations for our
corporate valuec. Compensation Determination Process
I. The Compensation Committee shall determine the compensation for each individual director and executive officer of
MHFG, exercise approval rights in MHFG for compensation for each individual director of MHBK,MHTB and MHSC,
determine the basic policy and compensation system for directors and executive officers of MHFG and exercise
approval rights in MHFG for the basic policy and compensation system for directors and executive officers of MHBK,MHTB and MHSC, in order to effectively secure the transparency and objectivity of compensation.
II. The President & CEO, pursuant to this policy and regulations and detailed rules, etc., shall determine thecompensation for each executive officer, as defined in our internal regulations, and approve at the MHFG thecompensation of each individual executive officer of MHBK, MHTB and MHSC.
III. The Compensation Committee will verify the validity of the compensation system and standards based on economic
and social conditions and survey data with respect to management compensation provided by external specializedorganizations.
IV. All members of the Compensation Committee shall be appointed from among outside directors (or at least nonexecutive directors) and the Chairman thereof shall be an outside director.
V. The Compensation Committee may have officers who are not members of the committee (including officers of
MHBK, MHTB and MHSC) such as the President & CEO and external experts, etc., attend its meetings and provide
their opinion in order to facilitate adequate and appropriate discussions and determinations.
(2) Policies relating to compensation of "Subject employees, etc."
The policies relating to compensation for executive officers (as defined in our internal regulations) of MHFG anddirectors, executive officers (as defined in our internal regulations) of MHBK, MHTB and MHSC are also the same as
the policies described in (1) Policies relating to compensation of "Subject directors, etc." above. Compensation forother employees, etc., is determined in accordance with their duties and responsibilities. Some bonuses that arelinked to performance are determined after comprehensively evaluating the employee’s contribution to business,
including any qualitative contributions to the organization, in a manner that does not place an excessive emphasis on
results.

Data section

b. Compensation System
I. Compensation for the Officers responsible for business execution shall, in principle, consist of Basic Salary, Stock
Compensation and Performance Payments. In addition, the composition ratio of fixed compensation and corporate
performance linked compensation and others (variable compensation) will be determined according to the functions
and responsibilities of each of the Officers and the composition ratio of fixed compensation of the Group CEO isdetermined to be the minimum composition ratio. From the perspective of ensuring the effectiveness of thesupervisory function, compensation for non-executive officers responsible for management supervision shall be, in
principle, in the form of fixed compensation consisting of Basic Salary and Stock Compensation I and suchcomposition shall be, in principle, 85% and 15%, respectively.
(i) “Basic Salaries” shall factor in the functions and responsibilities of each of the Officers, and payment will be mademonthly in cash.
(ii) “Performance Payment” shall be made as a monetary incentive for Officers, etc., to achieve our Buisiness Plan andas compensation for their achievement. The payment thereof shall reflect the results of organizations (our in-housecompanies and units, etc.) that each Officer, etc., is in charge of and the performance of each Officer, etc., in addition
to the standard amount for the functions and responsibilities of each of the Officers. “Performance Payment" shall be
paid, in principle, within the range of 0% to 170% of the standard amount for the functions and responsibilities of eachof the Officers. A system shall be adopted which, based on resolution by the Compensation Committee, etc., enables
certain amounts of deferred payments of the performance payment over three years, as well as a decrease orforfeiture of the deferred amount depending on performance, etc., of the company or the individual.
(iii) “Stock Compensation” shall be paid in the form of shares of common stock of Mizuho Financial Group consisting of“Stock Compensation I” and “Stock Compensation II,” (together “Stock Compensation I and II”) acquired from thestock market through a trust with an aim to align the interests of Officers, etc., with those of the shareholders andincrease the incentive to enhance corporate value.
(a) “Stock Compensation I” shall be paid at the time of retirement of each Officer, etc., in the form of shares ofcommon stock of Mizuho Financial Group calculated based on the functions and responsibilities of each of the
Officers. A system shall be adopted which enables a decrease or forfeiture of the amount by resolution of theCompensation Committee, etc., depending on performance of the company or the individual.
(b) “Stock Compensation II” shall be paid in accordance with the status of achieving our Business Plan and ascompensation for their achievement in addition to the standard amount for the functions and responsibilities ofeach of the Officers. "Stock Compensation II" shall be paid, in principle, within the range of 0% to 130% of thestandard amount for the functions and responsibilities of each of the Officers.
A system shall be adopted which enables the entire amount of deferred payments over three years, as well as adecrease or forfeiture of the deferred amount by resolution of the Compensation Committee, etc., depending on
performance of the company or the individual.
II. There are cases where compensation for some personnel, including those officers recruited locally in countries otherthan Japan, may be designed individually in compliance with local compensation regulations while taking into
consideration local compensation practices and the responsibilities, business characteristics and market value, etc.,
of each respective officer.
For cases where compensation is designed individually, payment of compensation is also made in accordance withthe performance of the company or the individual. Payment of compensation is designed to avoid excessive risktaking through a system which enables certain amount or a portion of deferred payments and non-monetary
payments such as stock, as well as a decrease or forfeiture of the deferred amount depending on the performance,
etc., of the company or the individual.

Appendix(b) We shall introduce, as necessary, methods to decrease or compel forfeiture of such deferred amounts or to compel
forfeiture of, in whole or in part, compensation already paid.
(iv) Governance(a)In order to effectively secure objectivity, appropriateness and fairness with respect to executive compensation, theCompensation Committee shall determine important related matters such as this policy, the design of the executive
compensation system and the executive compensation for each of director and executive officer as defined in the
Companies Act.
(b)All members of the Compensation Committee shall be in principle appointed from among outside directors (or atleast nonexecutive
directors), and the Chairman thereof shall be an outside director.
(v) Disclosure
In order to effectively secure transparency with respect to executive compensation, this policy, the executive
compensation system and executive compensation that has been decided, shall be disclosed in a lawful, appropriatemanner through suitable means.

Message from theGroup CEO

Compensation of Directors and Employees

368Basel Regulatory Disclosures

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

b
“Subject
employees, etc.”

19¥1,012
833
22
177
177
1

186
¥8,806
8,199

－
16
617
337
44
279
279

－
164
17,245
16,207
6,812
1,037
636

－
－
－
－
－
－
－
－
¥1,629

－
－
－
－
－
147
425

Number of “Subject directors, etc.” and “Subject employees, etc.”
Fixed compensation amount (3+5+7)
Cash compensation amount
Of which, deferred amountFixedcompensation
Stock compensation amount or stock-based type compensation amount
Of which, deferred amount
Other compensation amount
Of which, deferred amount
Number of “Subject directors, etc.” and “Subject employees, etc.”
Variable compensation amount (11+13+15)
Cash compensation amount
Of which, deferred amount
Variablecompensation
Stock compensation amount or stock-based type compensation amount
Of which, deferred amount
Other compensation amount
Of which, deferred amount
Number of “Subject directors, etc.” and “Subject employees, etc.”
Retirement
Retirement benefits amountbenefits
Of which, deferred amount
Number of “Subject directors, etc.” and “Subject employees, etc.”
Other
Other compensation amountcompensation
Of which, deferred amountCompensation amount (2+10+18+21)

－
64
64
542

－
¥26,478

Notes: 1. Amounts of compensation of “Subject directors, etc.” include amounts of compensation received for duties performed as a director or executive officer of a "Major
consolidated subsidiary."
2. The number of employees is the actual number of persons (a) for the compensation for the fiscal year ended March 31, 2022 and (b) for the compensation for the fiscal year
ended March 31, 2021 for the payments made or anticipated payments for which the amount became clear during the fiscal year ended March 31, 2022 are stated.
3. The stated amount is the total amount for the fiscal year ended March 31, 2022 and the fiscal year ended March 31, 2021.
4. No. 7, “Fixed compensation,” “Other compensation amount,” includes condolence money insurance premiums, based on the decision of our Compensation Committee.
5. No. 11, “Variable compensation” “Cash compensation amount,” includes the recorded performance payment for the fiscal year ended March 31, 2021 for directors, executive
officers (as defined in the Companies Act),and executive officers (as defined in our internal regulations) of MHFG, MHBK, MHTB and MHSC. For portions that exceed acertain amount, we plan to defer payment over the three-year period from the fiscal year ending March 31, 2023.
6. No. 13, “Variable compensation” “Stock compensation amount or stock-based type compensation amount” includes the amount obtained by multiplying the stockcompensation and performance-based stock compensation ownership points (with one point to be converted into one share of MHFG stock) granted to the directors,
executive officers (as defined in the Companies Act), and executive officers (as defined in our internal regulations) of MHFG, MHBK, MHTB and MHSC for the fiscal year
ended March 31, 2021 by the book value of MHFG's shares (1,573.424 yen per share). For stock compensation and performance-based stock compensation for the fiscal
year ended March 31, 2021, we plan to defer payment over the three-year period from the fiscal year ending March 31, 2023.
7. Because the amounts of the stock compensation, performance payment and performance-based-type stock compensation for the directors, executive officers (as defined in
the Companies Act), and executive officers (as defined in our internal regulations) MHFG, MHBK, MHTB and MHSC for the fiscal year ended March 31, 2022 have not been
determined at this time, they are not included in the above compensation. However, we have recorded the required reserves for accounting purposes.
8. The exercise periods for the stock compensation-type stock options (stock acquisition rights) are as set out below. Under the stock option agreements, exercise of the options
is postponed, even during the exercise period, until the time of retirement of the director or employee.

Message from theGroup CFO

No.

a
“Subjectdirectors, etc.”

About Mizuho(Millions of yen, except people)

Our strategies forcreating value

2.Linking compensation of "Subject directors and employees" with performance
The performance payments and performance-based stock compensation for "Officers Responsible for Business
Execution" shall be determined by multiplying the standard amount, which is determined based on the functions andresponsibilities of each of the Officers, by a corporate performance linked coefficient. To determine the coefficient, thequantitative items are evaluated based on the target achievement rates for the “Consolidated Net Business Profits + Net
Gains (Losses) related to ETFs and others" (which indicates the profitability of the core operations), the “Profit Attributableto Owners of Parent” (which is the final result of management’s performance), the “Consolidated ROE” and the “Expense
Ratio” (which indicate the management’s efficiency). The target achievement rate for each indicator will be capped at150% and will be set at 0% if it falls below the target by a certain degree. In addition, the qualitative items are evaluatedcomprehensively, ranging from 0 to 150%, from the perspective of increasing corporate value through the group’s
sustainable and stable growth based on items that, for example, cannot be recognized only by the target achievement
rates, such as the “quality of profits” (which takes into account the comparisons with previous years and other companies)
and the “sustainability initiatives” (which utilized the comparisons with previous years and other companies that were
evaluated by four major ESG evaluation institutions (S&P Dow Jones, Sustainalytics, MSCI and FTSE)). In addition to theabove, for the Officers other than the Group CEO, the evaluation on, among other matters, the results of eachorganization that each of the Officers is in charge of (in-house companies and units) will also be taken into consideration.
A certain amount of the performance payments and the entire amount of the performance-based stock compensation
shall be made or paid in deferred payments over three years, and a decrease or forfeiture of the deferred amount may bemade depending on the performance, etc., of the company and such officer. It should be noted that certain "Subject
directors and employees" have entered into compensation-related contracts. Stock compensation for "Non-Executive
Officers Responsible for Management Supervision" shall be made in accordance with the standard amount set for thefunctions and responsibilities of each of the Officers, and the payment level shall not change based on the performanceof each officer. With regard to compensation for other employees, salary is determined according to their job duties andresponsibilities. In addition, the proportion linked to the performance bonus is determined through appropriately andcomprehensively evaluating the contribution to performance, including the degree of contribution to the organization, etc.,
so as not to become excessively performance based.

(A) REM1：Compensation Assigned to the Relevant Fiscal Year

Foundations for our
corporate value

1. Compatibility between system for compensation of "Subject directors and employees" and risk management
The compensation of employees in risk management department, compliance department and internal audit department
is decided in accordance with the salary and bonus system, and specific payment amounts are conclusively determined inaccordance with employee performance evaluations made by the relevant department and the human resources
department, independent from departments furthering business.
Each employee of the risk management department, the compliance department and the internal audit department sets
their own objectives in the employee performance evaluations, subject to the approval of their superiors. The degree towhich the objectives are achieved is evaluated by taking into account the degree of the employee's contribution to theestablishment of a system for risk management, compliance and internal audit.

(2) Quantitative Disclosure Items

Data section(C) Compatibility between System for Compensation of "Subject Directors and Employees" of Mizuho Group and
Risk Management and Matters Relating to Linking Compensation with Performance

Message from theGroup CEO

Compensation of Directors and Employees

369

December 9, 2011 to December 8, 2031

Fifth Series of stock Acquisition Rights of MHFG

September 3, 2012 to August 31, 2032

Sixth Series of stock Acquisition Rights of MHFG

February 18, 2014 to February 17, 2034

Seventh Series of stock Acquisition Rights of MHFG

December 2, 2014 to December 1, 2034

Appendix

Exercise period
Fourth Series of stock Acquisition Rights of MHFG

370

Basel Regulatory DisclosuresCompensation of Directors and Employees

Disclosure Policy(B) REM2：Special Compensation
a

b

c
d
Lump sum payments
at the time of recruitment
PeopleJPY

Bonus guarantees
People“Subject directors, etc.”“Subject employees, etc.”

JPY

－
－

－
¥－

－
－

(Millions of yen, except people)efAdditional retirement benefits
People－¥－(C) REM3：Deferred Compensation

Cashcompensation
amountStockcompensation“Subjectamount or stockdirectors,
based type
etc.”
compensation
amountOther
compensation
amountCashcompensation
amountStockcompensation“Subjectamount or stockemployees,
based type
etc.”
compensation
amountOther
compensation
amountTotal amountabDeferredcompensation
amountOf which, thedeferredcompensation
amount subject toadjustment orvariation

JPY

－
4

c
Regardingcompensation
after allocation,
variable amounts
adjusted but notlinked tovariations for the
relevant fiscal
yeardRegardingcompensation
after allocation,
variable amounts
adjusted andlinked tovariations for the
relevant fiscal
year

－
¥103
(Millions of yen)eAmount ofdeferredcompensation
paid in the
relavent fiscal
year

¥55

¥55

¥－

¥－

¥5

496

432

－

20

112

－

－

－

－

－

11,113

256

△0

－

3,211

1,205

417

－

7

144

－

－

－

－

－

¥12,871¥1,161¥(0)¥27¥3,473(D) Other Relevant Matters Relating to Our System of Compensation for "Subject Directors and Employees" ofMizuho GroupNot applicable, other than those covered in the above.

1. Basic principles
We are committed to growing together with our customers in astable and sustainable manner and bringing together our groupwide expertise to contribute to the prosperity of economies andsocieties throughout the world as the leading Japanese financial
services group with a global presence and a broad customer
base. For this reason, we place one of the highest management
priorities on continuing to disclose information to our customers,
shareholders, and investors both in and outside Japan in a fair,timely and appropriate manner, in order that they may form
proper judgments and appraisals of the group. To achieve thisaim, we observe applicable domestic and international laws andregulations as well as stock exchange rules relating tocorporate disclosure, and we establish and implement
appropriate Disclosure Controls and Procedures.
2. Disclosure Controls and Procedures(1) Establishment and implementation of Disclosure Controls
and Procedures
Our Disclosure Controls and Procedures are established toobserve applicable domestic and international laws andregulations as well as stock exchange rules and to
implement fair, timely and appropriate corporate disclosure.
The Disclosure Controls and Procedures are the processcarried out by directors, officers and employees of Mizuho
Financial Group and include Internal Controls over Financial
Reporting designed to provide reasonable assurance
regarding the reliability of Financial Reporting and thePreparation of Financial Statements. We have established
the basic principles underlying our Disclosure Controls andProcedures as well as our internal rules related to Disclosure
Controls and Procedures that govern the management
framework for the entire Mizuho Financial Group includinggroup companies, and we endeavor to establish, implement
and continuously improve our Disclosure Controls andProcedures. Our Disclosure Committee is the Business Policy
Committee that is responsible for discussing andcoordinating matters relating to Disclosure Controls andProcedures.
(2) Evaluation of effectiveness of Disclosure Controls andProcedures
Our Disclosure Controls and Procedures are documented,
and evaluation of the overall effectiveness of our Disclosure
Controls and Procedures is conducted regularly by reviewing
the contents of such documentation and theirimplementation. In addition, evaluation of the effectivenessand appropriateness of Disclosure Controls and Proceduresis conducted through internal audits.
(3) Others
We established a “Code of Ethics for Financial Professionals”
to be observed by all directors and executive officers, as well
as all managers and other employees within Mizuho Financial
Group who engage in financial reporting, accounting or
disclosure. We have also developed the “internal control andaudit hotline”, a system designed for reporting questionableaccounting, internal control, or auditing matters from both
inside and outside Mizuho Financial Group.

laws and regulations as well as stock exchange rules, wefollow the defined disclosure procedures such as publishingsuch information in business reports (Jigyo–Hokoku), annual
securities reports (Yukashoken–Hokokusho), Integrated
Report (Annual Review) and other disclosure publications, aswell as providing such information through the information
distribution systems of domestic and international stock
exchanges and through press releases. We also endeavor todisclose other information in a fair, timely and appropriatemanner. When we disclose such information, we basicallypublish on our website the information we disclose. In
addition, we endeavor to utilize the latest disclosure methods
and tools to provide more fair and widespread disclosure.
(2) Investor relations activities
Investor relations activities to market participants both in andoutside Japan such as shareholders, investors and securities
analysts are conducted by the President & Group CEO, Group
CFO, Chief IR Officer, and executives and employees
designated by them. In accordance with our basic principles
described in section 1 above, and with due attention to
two–way communication, we endeavor sincerely to facilitate
a proper understanding of our management strategies,
financial condition and other matters. In this way, we aim toearn the trust of the market and obtain an appropriate market
reputation.
Beginning with the disclosure required by applicable
domestic and international laws and regulations as well as
stock exchange rules, we endeavor to grasp properly thetypes of information desired by the market and to disclose
useful and appropriate information voluntarily andproactively, in accordance with the so-called Fair Disclosure
Rule (“FDR”). Regarding disclosure of information we
consider particularly important, we communicate suchinformation on an ad hoc basis as and when necessary, even
if a press release has already been issued, through suchmeans as special briefing sessions.
In addition, we respect various disclosure principles
including fair disclosure. Accordingly, at individual calls,
private meetings or conferences hosted or attended byrepresentatives of Mizuho Financial Group we endeavor tolimit carefully our explanations to matters already disclosed
and facts commonly known.
Should we happen to disclose important information such as
information subject to insider trading regulations and/or
undisclosed financial results that might have a significant
influence on stock prices, we endeavor to take necessary
action such as officially announcing the information as soon
as possible, in accordance with FDR.
(3) Correction of misconceptions in the markets
If we identify significant misconceptions regarding Mizuho
Financial Group in the market due to the spread of rumors orotherwise, we endeavor to investigate their causes andcorrect such misconceptions promptly.

3. Disclosure methods, other(1) Disclosure methods
With respect to the information which is required to bedisclosed pursuant to applicable domestic and international371

Integrated Report 2022

372

Mizuho Financial Group | Integrated Report 2022

Mizuho Financial Group, Inc.
1-5-5, Otemachi, Chiyoda-ku, Tokyo 100-8176, Japan
www.mizuhogroup.com