2024
Mizuho Financial Group

Integrated
ReportAnnual Review

April 2023 – March 2024

Turning signs of change intorobust forward momentum

On this page are some of our signs ofchange over the past year.
We will turn these into robust forward
momentum as we continue to innovate fora prosperous and sustainable future.

Company town hall meetings and on-site visits

1

Mizuho Financial GroupAn employee volunteer helping at a Mizuho-sponsored soccer
match featuring Japan's national team＠JFA

Posing with Shigekix, an athlete representing Japan in breaking at Paris 2024

Presenting at the Mizuho Group CEO Challenge in-house business idea contest

Employees and their family members drawing wall art at the Otemachi Head Office building

Employees and their family members cultivating rice,which is one of the symbols of Mizuho

Collaborating on the cover design for a magazine
commemorating Mizuho's 150th anniversary

Forbes JAPAN and Mizuho collaborated to produce a special edition issue commemorating Mizuho’s 150th anniversary. The issue covers Mizuho’s contributions
to the development of Japanese society and the global economy, under the overarching theme of our Purpose: “Proactively innovate together with our clients fora prosperous and sustainable future”. The digital version of the issue is publicly available in Japanese language.
https://www.mizuho-fg.co.jp/company/policy/ci/forbes/index.html

Integrated Report 2024

2

ValuesMizuho’s
Cor porate
Ident i t y

The specific values
and behaviors torealize the Purpose

Be a catalyst for change.
・・・・・

Act as a trusted partner by always
upholding solid moral principles.

・・・・・・

Work with enthusiasm and dedication.

・・・・・・・・・
・・・
・・・・・

PurposeMizuho’sraison d'être

Corporate
Philosophy
Our fundamental
approach tocorporate activities

Adapt to change and take prompt action.
Drive innovation and think outside the box.
Embrace diverse perspectives andcollaboration to gain new insight.

Proactively innovate together withour clients for a prosperous andsustainable future.

Operating responsibly and transparently
with foresight, Mizuho is deeply committed toserving client needs, enabling our people toflourish, and helping to improve society
and the communities where we do business.

The commitment behind Mizuho’s Purpose
Mizuho traces our roots back to three of Japan's oldest banks, one of which was First National Bank. The earliest of its kind in Japan, over 150 years have passed sinceFirst National Bank was founded in 1873.
With the qualitative changes in globalism, a rapid increase in ESG awareness, the social change that accompanies technological advancements, and the acceleration ofJapan’s declining birthrate and aging society, we find ourselves in increasingly uncertain times. There is no solution to be found in carrying on as we have in the past. To
pave the way to the future, Japan—together with the rest of the world—must rise to many challenges. Going forward, we will need to consistently create innovative
solutions at an unprecedented pace while working together with people from all kinds of professional backgrounds.
The foresight and integrity of many of Japan’s early industrialists and entrepreneurs, such as Eiichi Shibusawa and Zenjiro Yasuda, have left their mark on Mizuho’s DNA.
We have a legacy of striving for socioeconomic development. Fast-forwarding to the present day, we have the drive to keep one step ahead of change and create newvalue.
It is in this context that we defined Mizuho’s corporate Purpose: “Proactively innovate together with our clients for a prosperous and sustainable future.”
The Purpose means we align ourselves with each customer’s efforts toward achieving their goals and aspirations, and when doing so we use our finance and consulting
capabilities to contribute to making the world a better place. It means we work towards a sustainable future together with corporate clients that are pushing themselvesto develop new technologies and businesses, through collaborations with other companies and through business and finance support. And it means that we connect all our
people, and that each day we are innovating and improving through new perspectives and contributing to a brighter future.
We will challenge ourselves, while supporting the endeavors of our clients, to co-create a prosperous future.
With renewed determination, we put this Purpose into words.

3

Mizuho Financial Group

Editorial policy

CONTENTS

Mizuho has published this Integrated Report with the intention of deepening

Executive messages

communication with our stakeholders, by sharing clear and concise information on
how we will realize the creation of value together with our customers, theP. 5economy, and society.

P. 13 Message from the Group CFO

Message from the Group CEO

The content of this Integrated Report was reported to Mizuho Financial Group’s

P. 19 Messages from the CEOs of group companies

Board of Directors and Audit Committee, which are also attended by outside
directors, and verified for appropriateness by the Disclosure Committee, before being given final approval by

Story of Mizuho's value creation

the President & Group CEO.
We hope this report will further improve understanding of Mizuho and our Corporate Philosophy: “Operating

P. 21 Value creation process

responsibly and transparently with foresight, Mizuho is deeply committed to serving client needs, enabling ourP. 23 Capital for value creation

people to flourish, and helping to improve society and the communities where we do business”.

P. 25 Materiality
P. 27 Overview and progress of the medium-term business plan

Structure of this Integrated Report 2024

P. 37 Financial / Non-financial highlights

Following “Executive messages”, the “Story of Mizuho’s value creation” provides an explanation of our value
creation process diagram and its elements (inputs, materiality, the medium-term business plan as strategy andbusiness activities, outputs/outcomes and stakeholder relationships), while referring to the International

P. 39 Mizuho in society
P. 41

Discussion The need for sustainability

Integrated Reporting Framework. From there, we have “Business strategies for value creation”, covering topics
Business strategies for value creationof high interest to stakeholders and the business portfolio, which is followed finally by an explanation in“Governance for value creation”.

P. 45 Human capital management

Guidelines
referred to⃝The IFRS Foundation’s International Integrated Reporting Framework (revised in January 2021)⃝Ministry of Economy, Trade and Industry’s Guidance for Collaborative Value Creation 2.0 (revised in August 2022)

Scope ofthe report

Period covered: From April 1, 2023 to March 31, 2024
Also includes some information from April 2024 onwards
Scope covered: In principle, Mizuho Financial Group and its subsidiaries and affiliates

Publication
information

Date of issue: August 2024

P. 57 Sustainability
P. 67 Digital transformation
P. 71 Business portfolio (business strategies by in-house company）
Governance for value creation
P. 79 Corporate governanceP. 93 Risk governance / Cybersecurity

Outline of disclosure documents

P. 97 Compliance

The figure below lays out our disclosure documents. We will review this list as needed to keep it up to datewith disclosure rules, stakeholder needs, and other factors. Detailed information that we are unable to include
in the Integrated Report’s integrated, narrative-based summary of financial and non-financial information is
published in the disclosure documents specific to each area and purpose.

P. 99 Customer-oriented approach
Data section
P. 101 Eleven-year major financial data (FY2013 – 2023)

Narrative-based

P. 103 Review and analysis for fiscal 2023
P. 105 Corporate profile

Integrated Report(Annual Review)

Appendix
P. 107 Group companies

Corporate Governance Report

Securities reports (Japanese only), business reports
Human Capital Report
Human Rights Report
Climate & Nature-related ReportNon-financial

IR materials (periodic earnings reports and others)
Financial

P. 109 Three lines of defense
P. 110 Risk management structure
P. 125 Business continuity management
P. 126 Compliance contacts
P. 127 Internal audit structure
P. 128 Support for SMEs and regional revitalization in JapanP. 129 Compliance with international financial regulations
P. 130 Non-financial data

ESG Data Book

P. 132 Senior executives

Financial statements
WebsiteP. 134 Location of offices outside Japan
P. 137 Investor information

Data-based

P. 138 Financial Analysis [Under Japanese GAAP]
P. 146 Basel Regulatory Disclosures
P. 250 Disclosure Policy

Integrated Report 2024

4

Message from the Group CEO

Proactively innovate together withour clients for a prosperous andsustainable future.
Introduction
What is the responsibility of a CEO?
The world is now in an era of major change. Geopolitical tensions and the reshaping of
globalization are driving prolonged inflation and higher interest rates, causing instability in theeconomic environment. Disparity between high-net-worth and low-income individuals is becoming
an increasingly serious social issue. Rapid evolution of technology, though opening new
possibilities, is also giving rise to unknown risks. On the other hand, Japan’s economy has finallyescaped its long deflationary era, and Japanese companies are putting their resources towards
investment and wage increases, creating a positive cycle of growth and distribution. With this as a
backdrop, Japanese households are also increasingly showing an interest in shifting from saving
to investment. In combination, these global and local changes constitute a significant turning
point.
In this era of material change, financial institutions have an outsize role to play. My responsibility
as the CEO of a financial institution is to envision the course Mizuho will follow during times ofchange and, in doing so, continue creating social value and enhancing corporate value for all of
our stakeholders. Keeping this in mind, over the last year I have led three initiatives.
The first was to determine Mizuho’s role and reason for being in the current era: our corporate
Purpose. By defining our Purpose, we can share our goals and values with our stakeholders.
- ‌Purpose: “Proactively innovate together with our clients for a prosperous and sustainable
future.”To facilitate innovation in times of change and make our own innovations at the same time. We felt
this was central to our Purpose.
The second was to clarify our strategy for achieving our Purpose. How do we reach a prosperous
and sustainable future? What are the strengths we can apply there, in light of our history and thecorporate DNA we have carried forward from our founders, who were capitalists andentrepreneurs of early modern Japan? We identified our five business focus areas from these two
perspectives.

5

Mizuho Financial GroupData section

The last was to foster a healthy corporate culture. The execution of our strategy depends on ourpeople. If they are not able to experience success and feel passionate about their work, we will
never be able to turn our strategies into reality. To provide our people with just those sorts ofopportunities, we are transforming our organization into a place that encourages creative thought
and action, where everyone can take on challenges on their own initiative and engage inconstructive discussion. This will be a catalyst for innovation and enable us to achieve our
Purpose.

Appendix

By uniting our Purpose, strategy, and healthy corporate culture in a virtuous cycle, we will be able
to fulfill our commitment to grow together with our stakeholders.
From here, I will outline our progress and challenges on the five business focus areas that form
the core of our strategy.

Integrated Report 2024

6

Message from the Group CEO
Message from the Group CFO
Messages from the CEOs of group companies

Executive messages
Story of Mizuho's value creation
Governance for value creation

Business strategies for value creation

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

Developing a unique competitive edge
We have defined medium-term goals for each business focus area and formulated detailed
strategies for achieving these goals. None of the business focus areas exist independently of one
another. Instead, they interconnect to bring out Mizuho’s strengths. By enhancing and integratingthese strengths, we will develop our own unique competitive edge.

■ Direction of business strategy, starting with our Purpose and strengths
Purpose: Proactively innovate
together with our clients for aprosperous and sustainable
futureMizuho’s vision
for the world

Our aim for theworld in 10 years

Medium-termbusiness plan

Business focus areas

Strengths that we already possess
Corporate banking

One Mizuho

Fully integrated global
Corporate & Investment
Banking capability

Relationships withstartups

Network in less urban
regions in Japan

Network with financial
institutions

1. Improving customer experience

Sustainability
perspective

2. Asset and wealth management inJapan
3. Enhancing the competitivenessof Japanese companies
4. Sustainability and innovation
5. Global Corporate & Investment
Banking business model

Refine into strategies

Areas/functions to enhance
as strengths
Mass-market retailbusiness

IT and digitalization

Providing solutions to
middle-market firms
and SMEs

Asset management

Changes in external environment(opportunities and risks)

7

Mizuho Financial Group

Technology and AI

Japan’s decline inglobal competitiveness

Generational shift anddeclining population

Competition with
non-financial
institutions

Target business model

Reinforce ourorganizational platform toachieve our target
business modelBusiness strategies for value creation

Going forward, we will further improve the UI and UX of our digital, branch, and call center
services. We will seamlessly connect these three channels and incorporate digital marketing
methods so that we can offer our customers the most convenient and trustworthy services. By
constantly improving our customer’s
experiences, we will enhance theattractiveness of our deposit accounts, which
comprise our base for extending the credit
required for economic growth.

Governance for value creation

2. Asset and wealth management in Japan

Data section

We are keeping pace with the Japanese
government’s policy plan to promote Japan asa leading asset management center. We haveaccelerated our efforts to broaden ourcustomer base in our asset managementbusiness by promoting the new Nippon
Individual Savings Accounts, as well as
enhancing our strategic alliances with Rakuten
Securities, Inc. and PayPay Securities
Corporation, aimed toward establishingintegrated online and face-to-face services.
Also, Mizuho Securities eliminated individual
sales targets for employees in fiscal 2023 and is
implementing a thorough transition to morecustomer-oriented business operations.

Appendix

Going forward, we will tenaciously fortify ourconsulting capabilities and further elevate both
our employees’ business literacy and ourcustomer-oriented business approach. In orderto provide various investment opportunities toour customers, we will enhance AssetManagement One’s investment and productIntegrated Report 2024

8

Message from the Group CEO
Message from the Group CFO

Story of Mizuho's value creation

For our retail customers in Japan, we have been continually improving the user interface (UI) anduser experience (UX) of our Mizuho digital banking app as well as our Mizuho Wallet app, which
consolidates payment functions. Most of our customers are now able to complete regular,
repetitive transactions almost entirely online. We are also gradually converting our branches to be
more comfortable and streamlined spaces suited to face-to-face consulting on asset management.
To expand our remote services, which stand in between our online services and physical services,
we are setting up an AI-assisted next-generation call center and are augmenting our systems toprovide more useful advice to customers.

Messages from the CEOs of group companies

Executive messages

1. Improving customer experienceMessage from the Group CEO

offering capabilities and also expand alliances with leading asset
managers outside Japan.
3. Enhancing the competitiveness of Japanese companies
We have been extending growth support for corporate clients inJapan, primarily middle-market firms struggling with issues such as
stagnating corporate value or price-to-book ratios short of 1. Our
support has enabled these clients to explore options and takeactions such as business restructuring, delisting, and others. Also,
we are increasingly being asked for advice about succession offamily businesses and wealth, built up through many generations, tothe next generation.
Going forward, we will bring together our consulting capabilities
with the financial technology of Mizuho group companies, such as
Mizuho Trust & Banking and Mizuho Securities, to further advanceour provision of comprehensive solutions. At the same time, in orderto sustainably grow together with our clients, we will optimallybalance our corporate resources with consideration to regions andcustomer segments.
4. Sustainability and innovation
On innovation, we are looking to take part in the creation and incubation of companies that will beable to compete on a global scale, solve social issues, and contribute to industrial development.
Our focus here is on providing funding for their growth. As part of that, we have launched aventure debt fund in collaboration with the startup company Upsider, Inc. and have also been
making capital investments on our own, supporting the innovation of ambitious entrepreneurs.
Going forward, we will become more involved in supporting the incubation of Japanese unicorns
in the deep tech field.
Sustainability presents both business opportunities and risks for financial institutions. On thebusiness side, we are making efforts to connect public and private initiatives to formulate a “granddesign” for transition. We are also extending sustainable and transition finance and co-investingwith our clients in projects that will promote sustainability. For risk management, we arecontinually developing our framework for managing exposure in carbon-related sectors, pursuing
an ideal balance between opportunity and risk.
Going forward, we will continue to leverage our cutting-edge financial technology and information
sourced from our global network. Also, in order to dramatically change the current chicken-andegg situation in which inadequate supply is holding back demand and inadequate demand isholding back supply, we will devote resources to three areas: promoting efforts to create a supplyof and demand chain for hydrogen; developing the carbon credit market; and promoting impact
9Mizuho Financial GroupMessage from the Group CEO

Executive messages

finance. Through these, we will be able to proactively and positively contribute to the achievementof a carbon neutral society and circular economy.

Business strategies for value creation

As we gain greater competitiveness in our five business focus areas, we are also linking ourstrengths across areas to produce new added value. This is our target business model.

Governance for value creation

Enhancing our corporate foundations
Turning our five business focus areas into a unique competitive edge will require a corporate
culture that encourages our people, the driving force behind the implementation of our strategy, toconnect across business areas, engage in constructive discussions, and take on even greater
challenges. Our Purpose is the cornerstone of this. To communicate it throughout the organization,
I have been visiting our offices around the world and holding extensive discussions with mycolleagues. I believe these discussions have been beneficial in bridging the gap between
executive management and employees. The proposals raised during such discussions have also
been vital in improving our operations.

Data section

Our transformation to a more innovative corporate culture is already bearing fruit. My colleagues
have been launching and participating in new initiatives one after another. Some examples include
the Mizuho Group CEO Challenge internal business idea competition, adoption of best practices
among offices, and a collaborative operational framework between two branches in the same, lessurban area.

Appendix

Fairly evaluating such innovative initiatives alongside other contributions to the organization is
crucial, as is supporting our people in proactively developing their careers. Accordingly, we arecompletely overhauling our human resources framework in Japan as well as stepping up efforts tomake Mizuho a welcoming and supportive environment for talent from a variety of backgrounds.
On the latter, we have been further prioritizing women’s participation and advancement in theworkplace and expanding our “alumni” network of former Mizuho colleagues, broadening our
attractiveness as a place where diverse professionals come together and inspire one another.

Integrated Report 2024

10

Message from the Group CFO

We have been steadily refreshing our assets to more effectively utilize capital and constructing astable and highly profitable CIB business model. In the US, the world’s largest financial market, wehave placed in the higher ranks of the CIB league tables, and in Asia, where interest rates havebeen on the rise, we have further enhanced our transaction banking business. On top of this, we
acquired US-based M&A advisory firm Greenhill to further our M&A and equity capabilities,
adding to our existing strengths in bonds and loan arrangement. Such moves are helping us
develop a unique edge in supporting corporate activities that bridge Japan and the rest of theworld. In addition to our business growth, we will meticulously enhance our control andgovernance structure in each of the regions we operate.

Messages from the CEOs of group companies

Story of Mizuho's value creation

5. Global Corporate & Investment Banking (CIB) business modelMessage from the Group CEO

In addition to this, we are improving operational infrastructure and promoting efficiency throughdigital transformation, so that everyone at Mizuho can enjoy not only better frameworks but alsosmoother workdays.
Advancing these wide-ranging initiatives side by side is one way in which we are supporting andmotivating our people, enhancing the human capital that is a prerequisite for implementing ourstrategy, and coming closer to the goal of Mizuho and our people growing together.

■ Further transformation of corporate culture and enhancement of human capital
Improve employee engagement/inclusion so that our people can fully realize their capabilities and achieve
success⃝Launching new HR framework“CANADE” in FY2024⃝Ensuring diversity in managementand decision-making⃝Creating an environment andframework to support individual
work styles

Established our Purpose
Creating a sense of unity

Human capital management

Promoting DEI to attract⃝Sustained dialogue between
management and employees

Motivate employees
Strengthen organization

and retain diverse talent

Corporate culture transformation
Supporting self-driven

Providing a supportive

endeavors

working environment⃝Promoting employee-driven corporate
culture transformation and encouraging
behavioral change⃝Improving operational infrastructure andpromoting efficiency through digitaltransformation (e.g., utilization of AI)

Initiatives in fiscal 2024
We have been making considerable progress. Fiscal 2023 Consolidated Net Business Profits were
the highest since the formation of Mizuho. Our diversification of revenue sources during thechallenging era of negative interest rates in Japan has steadily improved our ability to generate
stable revenue. As well, our replacement of low-profit assets and selling off of crossshareholdings, among other initiatives, have improved our capital efficiency and our price-to-book(P/B) ratio. We now have a structure in place for proactively utilizing capital towards further
accelerating growth while also enhancing shareholder returns.

11

Mizuho Financial Group

Business strategies for value creation

Right now, I feel there are definite signs of change within Mizuho. On the other hand, our initiatives
have only just begun. We will continue to transform ourselves and innovate together with ourclients and society. By doing so, we will put our Purpose into action and help society and thecommunities where we do business benefit from the enormous changes happening in the world.
Turning signs of change into robust forward momentum—this is a key focus for us going forward.

Governance for value creation

I will be at the front, assisting our people’s innovations as I do everything I can to lead the way.

Appendix

Data section

July 2024

Integrated Report 2024

12

Message from the Group CEO
Message from the Group CFO

Complementing this, we will redouble our efforts to transform our organization and people, thefoundations of our growth. I will continue engaging with my colleagues as I have the last couple
years. More broadly, we will proactively refresh our businesses and services and create
mechanisms to keep our strategy and resources in harmony and oriented towards the future. This
will allow us to continue providing sustainable services suited to the changing needs of society
and customers.

Messages from the CEOs of group companies

Executive messages
Story of Mizuho's value creation

In fiscal 2024, as we continue to brush up our business model, we will look to achieve our fiscal
2025 revenue targets, those for the final year of the medium-term business plan, one year ahead ofschedule. One of our overarching goals is to put our capital from shareholders and our humancapital from society towards even greater added value. Quickly bringing our Consolidated ROE
over 8% and our P/B ratio above 1 will be key in that regard.

Message from the Group CFO

Looking ahead to a new growthstage, we will maintain disciplined
financial management andaccelerate our initiatives tomaximize our corporate value.

Takefumi Yonezawa
Member of the Board of Directors
Senior Executive Officer
Group Chief Financial Officer (Group CFO)

Looking back on the first year of the medium-termbusiness plan
Since my appointment as Group CFO in April 2023, I haveactively engaged in dialogue with our shareholders andinvestors. One key takeaway has been the importance ofMizuho showing continuous and sustainable growth toour investors, especially by strengthening our uniquecompetitive advantages.
Fiscal 2023 saw our executive team and our outside
directors sharing a common direction in this regard.
Through our discussions, we have refined our strategies
and been taking consistent steps toward our target
business model.
Our fiscal 2023 financial results benefitted from steadybusiness growth in both our customer and markets
divisions, as well as a favorable market environment.
Consolidated Net Business Profits reached ¥1 trillion,
setting a record for the highest level since the formationof Mizuho in 2002. Moreover, our customer divisions set
another new record for their highest profits since theintroduction of the in-house company system in fiscal
2016, and our Consolidated ROE has improved to 7.6%, on
track towards our medium-term business plan target ofover 8.0%. In the past few years, we have been
undertaking initiatives to diversify our revenue, maintain13

Mizuho Financial Groupdisciplined financial management, and improve our
expense ratio and capital efficiency, in order tocompensate for the decline in domestic interest incomethat followed the Bank of Japan’s introduction ofnegative interest rates. We are confident that thoseinitiatives are bearing fruit. Fiscal 2023 would have been
the final year of our previous 5-Year Business Plan,
which we concluded one year early, and we havesuccessfully achieved all of the financial targets we had
put forth in that plan.
▶P. 103 Review and analysis for fiscal 2023

Financial management policy and fiscal 2024
plan for stepping up growthWith the Bank of Japan ending its negative interest rate
policy in March 2024, Japan is on the cusp of returning toan era defined by positive interest rates. At the sametime, the business environment continues to be
uncertain, due to factors such as geopolitical tension
from the Russia-Ukraine and Middle East situations, highinflation in Europe and the US, and other key politicalevents, including the upcoming US presidential election.
The circumstances require us to flexibly align our
financial management to the business environment: forexample, controlling our expenses and risk-weighted

59%
60%

65%
65%

Medium-term business plan

¥555.5 billion¥678.9 billion¥750.0 billion

Mid ¥700 – 800 billion range[Assumed financial indicators for medium-term business plan] JGB (10-yr): 0.95%, Nikkei 225: 30,000, USD/JPY: ¥120 (FY2025)
1. Excluding Net Unrealized Gains (Losses) on Other Securities.
2. Consolidated Net Business Profits + Net Gains (Losses) related to ETFs and others.
3. Based on positive response rate (selection of 4 or 5 on a scale from 1 to 5) for four Staff Survey questions related to engagement and inclusion.

▶P.45 For our progress on our engagement score and inclusion score, please refer to the “Human capital management” section.

At Mizuho, we track the state of profits, losses, expenses,
investments, and risk-weighted assets by each in-housecompany on a daily basis. The executive team regularly
shares information on trends so as to be able to swiftly
respond to any concerns as they arise.
In order to minimize profit volatility, we are moving
forward on building our business portfolio, in line with
our strategies. As we continue to diversify our revenue
and enhance our complementary revenue streams, wewill control our expense ratio and reduce our fixed costs
by improving efficiency and productivity. Alongside this,we will dynamically scale back in the business areas
where we have less of a competitive advantage. In theseways, we will be able to secure profits and maintainadequate capital even when facing a challenging
business environment.
For fiscal 2024, we have a plan to attain our medium-termbusiness plan’s final year targets—Consolidated ROE of
8% and Consolidated Net Business Profits of ¥1,070
billion—ahead of schedule. While the end of negativeinterest rates will buoy revenue, we are determined to
expand our core business by steadily implementing ourstrategies. We will do our utmost to carry forward oursteady growth momentum and improve corporate value
at a rapid pace.
▶P. 71 Business portfolio (Business strategies by in-house company)

Progress of initiatives to improve the P/B ratio
Mizuho’s price-to-book (P/B) ratio has been trending
upwards, supported by improvements in ROE andexpectations for sustainable growth, but it has still notreached a value of 1. Bringing our P/B ratio above 1 is
one of the top priorities of executive management. We
take the current situation very seriously and arecommitted to returning our P/B ratio above 1 as quickly
as possible.

■ Progress on P/B ratio and ROE

0.75

0.52
P/B ratio

0.44

0.44

0.37
Consolidated ROE1

5.8
FY20197.6

6.4

Data section

assets. We also need to keep our revenue and capital
resilient to risk, able to withstand any potential large
shocks to the financial markets and global economy.

6.6

5.9

FY2020

FY2021

FY2022

FY2023

1. Excluding Net Unrealized Gains (Losses) on Other Securities.

We are aiming to do this by further improving ROE andreducing the cost of capital. Towards achieving these
two aims, we are improving return on risk-weighted
assets (RORA), controlling the Common Equity Tier 1(CET1) Capital Ratio, mitigating volatility, and taking steps
to generate growth expectations. I will detail the six
initiatives we are undertaking in these areas in thefollowing pages. Through such initiatives, we will
Integrated Report 2024

14

Message from the Group CFO

51%
55%

¥1,005.8 billion

Over 8%¥1 – 1.1 trillion

Messages from the CEOs of group companies

Previous 5-Year Business Plan target ¥900.0 billion¥1,070.0 billion

Story of Mizuho's value creation

Previous 5-Year Business Plan target 7 – 8%

Business strategies for value creation

Profit Attributable to
Owners of Parent

7.6%

6.6%
¥807.1 billion

Governance for value creation

Inclusion score3

FY2022 results

Targets for FY2025

Appendix

Engagement score3

8.0%

Aim for early completion

Consolidated ROE1
Consolidated Net Business Profits2

Medium-term business plan

FY2024 targets

FY2023 results

Message from the Group CEO

Executive messages■ Progress on medium-term business plan

Message from the Group CFO■ Initiatives to improve the P/B ratio
Achieve steady profit growth …………… 1
Improve asset profitability ………………… 2

Business
focus areas

Diversify revenue, enhance complementary revenue streams …… 5
Further build competitive edge anddevelop trust toward management

Engage with Japanese economy

continue producing results and gain greater trust in ourmanagement from shareholders and investors.

1. Achieve steady profit growth (improve RORA, generate
growth expectations)
Within the five business focus areas of our medium-termbusiness plan, asset and wealth management, corporate
business in Japan, and the global Corporate &Investment Banking (CIB) business are our priority areas,
and over the three years beginning from fiscal 2023 weare aiming to grow our Net Business Profits byapproximately ¥170 billion. In fiscal 2023, we implemented
strategies to enhance our competitiveness in these areas
and extended our Net Business Profits by ¥46 billion.
For fiscal 2024, we plan to bring Net Business Profits up
to ¥87 billion above fiscal 2022, while also making upfront
investments in corporate resources, including inenhancement of human capital for future growth.

■ Net Business Profits in priority areas
FY2023

FY2024(vs. FY2022)(vs. FY2022)

Asset & wealth management

+9.0

+18.0

Corporate business in Japan

+25.0

+40.0

Global CIB business1

+12.0

+29.0

Total in priority areas

+46.0

+87.0

(¥ billion)

Strengthen downsideresilience

Manage credit-related costs ……………… 4

Enhancing
our corporate
foundations

1. G
 lobal Corporate & Investment Banking Company + Global Markets Company’s Sales &Trading (S&T) outside of Japan.

Mizuho Financial Group

Control CET1
Capital Ratio

Use capital effectively ………………………… 6
Control expense ratio ………………………… 3

15

Improve
RORA

Improve ROE(Increase capital efficiency)

Improve P/B ratio
Mitigate
volatility

Reduce cost of capital(generate growth expectations)

Generate growth
expectations

2. Improve asset profitability (improve RORA)
Towards improving our ROE, we are shifting corporate
resources to business areas with higher capitalefficiency. Specifically, we are focusing more on M&A,
real estate, and other types of finance in which we can
expect various ancillary business. In tandem, we are
reducing mortgage loans, for which the market isextremely competitive, and other low-profit businessglobally. Such initiatives are steadily improving our
RORA.
We are also continuing to reduce our crossshareholdings, which have a high risk of market value
fluctuation and low capital efficiency. The book value of
our cross-shareholdings, which stood at approximately¥2 trillion at the beginning of fiscal 2015, was down to justbelow ¥1 trillion by the beginning of fiscal 2023. The
additional reduction target we have set for the current
medium-term business plan is ¥300 billion. During fiscal
2023, the first year of the plan, our reductions came to¥82.1 billion. However, when including unsold shares forwhich we have obtained client consent to sale, these
reductions came to ¥117.1 billion.
▶P. 88 Policy Regarding Mizuho Financial Group's Cross-shareholdings of Other Listed Companies

3. Control expense ratio (mitigate volatility)
Regarding cost control, the factors driving increases ininvestment and expenses are too numerous to list—
tighter financial regulations worldwide, broader
cybersecurity measures, inflation in the US and Europe,

RORA2
2.7%

Reducelow-profit
assets

Allocate tohigh-profit
assets

Allocation
Reduce Allocate to
low-profit high-profit
assetsassetsMarch 31,2023

March 31,2024

March 31,2025 outlook

Three-year medium-termbusiness plan period

FY2023+¥12 – 13 trillion+¥2.0 trillion●Corporate business in Japan Allocating to areas with higher profitability such as
M&A finance and strategic investments3●Global CIB business
Allocating to mainly non-Japanese clientsin the Americas and APAC

1. RWA calculated on a management accounting basis. Includes interest rate risk in banking book.
2. Gross Profit RORA. Excluding the impact of realizing losses on non-Japanese bonds in FY2022. RORA as of March 2023 was 2.8%.
3. Hybrid financing, equity and mezzanine, etc.

4. Manage credit related costs (mitigate volatility)
The return of positive interest rates in Japan could cause
concern about a potential rise in credit-related costs. We
will continue our predictive risk management in order tominimize our credit-related costs and also provide
support for clients who are reviewing their businessstructures in response to financial difficulties.
Furthermore, we will carry out thorough preventative
measures, facilitated by our forward-looking reserves.

5. Diversify revenue, enhance complementary revenue
streams (mitigate volatility)
When the Bank of Japan introduced negative interest
rates in 2016, it led to a significant drop in interest income
in Japan. Accordingly, we reinforced our Japan noninterest business and our global Corporate & Investment
Banking (CIB) business, diversified our revenue sources,and enhanced our complementary revenue streams. In
the midst of a challenging business environment, these

initiatives enabled us to maintain stable profit growth.
We will develop our initiatives further going forward tobuild a robust business portfolio resilient to changes inthe external environment. In particular, for our global CIB
business centered on the US, we will further pursue
synergies between our lending, investment banking, andmarkets businesses, with a focus on highly credit-worthy,
leading global clients, so as to further strengthen ourbusiness against the impacts of financial market
volatility.
By appropriately controlling our Japanese yen andforeign currency banking portfolio, we will ensure thatthe revenue streams from our customer and markets
divisions complement one another to an even greater
extent, allowing us to mitigate revenue fluctuations frominterest rate changes.

■ Stable growth in Gross Profits (customer divisions + S&T)
■ Interest income in Japan■ Non-interest income in Japan■ Interest income outside Japan■ Non-interest income outside Japan
■ S&T

¥ 2.4
trillion¥ 1.8
trillion

Appendix

the weakening yen, and so on. While allocatingnecessary investment to maintain stable operations andgenerate sustainable growth, we will improve ourefficiency and productivity by dynamically scaling backbusiness in which we have less of a competitive
advantage. We will also reduce our fixed costs and keep
our expense ratio within the lower end of the 60 to 70%
range.

FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023

Integrated Report 2024

16

Message from the Group CEO

Executive messages●Residential mortgages Selective approach based on customers’
income and transaction history●Cross-shareholdings
Reducing holdings in line with the reduction
target (¥300.0 billion over three years)●Low-profit assets
Reducing assets mainly in global businessand retail business

RORA
3.2%

Message from the Group CFO

RORA
3.1%

-¥2.1 trillion

Messages from the CEOs of group companies

Foreignexchangeandothereffects

FY2023

-¥6 – 7 trillion

Story of Mizuho's value creation

84

88

Three-year medium-termbusiness plan periodBusiness strategies for value creation

RWA1

Reduction

Governance for value creation(¥ trillion, rounded figures)

Foreign exchange andother effects

Data section■ Risk-weighted assets (RWA)Message from the Group CFO

6. Use capital effectively (control CET1 Capital Ratio,
generate growth expectations)
As part of complying with the finalized, fully effective
Basel III regulatory framework, for many years Mizuho
has been placing emphasis on capital accumulation. We
have allocated the Profit Attributable to Owners of Parent
that we have recorded over the last 10 years (¥5.2 trillion)
primarily to capital adequacy (¥2.7 trillion) andshareholder returns (¥2 trillion), devoting only ¥0.5 trillion
to growth investment.
Nevertheless, we still managed to leverage investment
opportunities. Our North America CIB business is a good
example. Recently, looking ahead to a digital shift in our
retail business in Japan, we have been investing in asset
and wealth management, including making an additional
investment in Rakuten Securities, Inc.
Given the steady growth of our stable revenue base, weare estimating our total dividends for fiscal 2024 to be¥115 per share (up ¥10 year-on-year), which will markfour consecutive fiscal years of increases.

■ Approach to capital management: CET1 Capital Ratio1●Additional shareholder returns

Mid 10% – 11%
range
9.8%
March 31, 2024

Mid 9% – 10%
range●Flexible and intermittent
consideration of buybacks●Pursuit of opportunities for
growth investment●Progressive dividends●Maintain progressive dividends●Accumulate capital

Necessary level

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

For our capital management policy, we will continue topursue the optimal balance between capital adequacy,
growth investment, and enhancement of shareholder
returns. We will keep our CET1 Capital Ratio between themid 9 – 10% and mid 10 – 11% ranges in order to build
resilience to changes in the business environment andsecure capacity for growth investment. As of March
2024, our CET1 Capital Ratio was strong at 9.8%, which
will enable us to put more weight towards shareholder
returns and growth investment going forward.
Our shareholder return policy remains unchanged. We■ Track record
Capital adequacy

Allocation track record
Allocation of Profit Attributable to Owners of Parent(¥ trillion)¥5.2 trillion (past 10 years)

CET1 Capital Ratio1

9.1%

8.8%
0.5
2.0
Growth Shareholder returns
investment

March 31,2020

1,005.8
672.5

March 31,2021

Consolidated
Net BusinessProfits2
CAGR 10%CAGR
FY2022

Mizuho Financial Group

March 31,2023

March 31,2024

Cash dividend per share4 (¥)

105
75

75

FY2019FY2020

80

115

85

27%

FY2023

1. Basel III finalization fully effective basis. Excluding Net Unrealized Gains (Losses) on Other Securities.
2. Consolidated Net Business Profits + Net Gains (Losses) related to ETFs and others.
3. Total of Equity in Income from Investments in Affiliates and Net Business Profits from North America CIB business.
4. Reflects the effect of the share consolidation conducted in October 2020.

17

March 31,2022

Shareholder returns

Contribution
from growthinvestments3

FY20219.8%

2.7(¥ billion)

FY20209.5%

Capital adequacy

Growth investments

FY20199.3%

FY2021

FY2022

FY2023

FY2024 (estimate)Stakeholder communication
In my message for fiscal 2023, I mentioned that we would
further strengthen engagement with our stakeholders

We appreciate your candid views on Mizuho’s ongoingdevelopment.

■ Meetings with institutional investors⃝By IR Dept.:

770 (incl. 460 outside Japan) +250 year-on-year

320 (incl. 150 outside Japan)+130 year-on-year

450 (incl. 310 outside Japan)+120 year-on-year

Data section

FY2023⃝By executive officers:■ IR SelectIn an online presentation from New York, the Mizuho Americas executive team
explained the North America CIB business, one area of particular competitive
advantage for Mizuho.

■ Briefing for individual investors 

IR Select

Appendix

Connecting through Rakuten Securities’ platform, Group CFO Yonezawa gave apresentation to individual—mainly younger—investors, providing information while
also enhancing Mizuho’s brand image.

■ Collaboration with Tokyo University of the Arts 
Beginning from the investor presentation for the first half of fiscal 2023, ourfinancial results presentations have featured students’ artwork on the covers.

Cover of fiscal 2023 financial resultspresentation

Integrated Report 2024

18

Message from the Group CEO
Message from the Group CFO
Messages from the CEOs of group companies

Executive messages

We receive many insightful suggestions from investors
and are diligent about incorporating them into ourstrategies for sustainable growth. One example has been
our initiatives to improve our disclosures. In fiscal 2023,
we released our annual securities report prior to theGeneral Meeting of Shareholders, and we also began todisclose our historical financial data on a quarterly basis.

Story of Mizuho's value creation

We have been vigorously rolling out IR activities toexpand our opportunities for dialogue with investors bothin and outside Japan. This has entailed not only
considerably increasing the number of meetings withinvestors, but also improving our disclosures, such asdetailing our initiatives for raising our P/B ratio. Asidefrom these, we held an IR Select event with Mizuho
Americas, and an event to attract individual investors. In
addition, we have had a number of in-depth meetings
directly in English with our global investors, which havebeen constructive for both sides.

Business strategies for value creation

On growth investment, we categorize this into two types.
The first is investment that will contribute tostrengthening our business focus areas. We carefully
look into opportunities and conduct multifaceted andin-depth examinations of factors such as adequacy ofinvestment returns, effectiveness of governance, andcompatibility of corporate cultures. The second isinvestment that could contribute to our future growth
opportunities, such as investment in digital finance inAsia. We will implement disciplined management ofthese investments, thoroughly monitoring them after wemake them and quickly exiting from any that do not
produce the expected return within a certain time period.

and improve our disclosures.

Governance for value creation

will maintain progressive dividends (40% dividend payout
ratio as a guide) and explore share buybacks in a flexible
manner. Capital adequacy, stock price, revenue trends,
and growth investment opportunities will all be taken into
consideration.

Messages from the CEOs of group companies
Mizuho Bank

Mizuho Trust & Banking

Taking on challenges, leading theway, bringing the group together

A partner in which clients andsociety place their faith and trust

In last year’s message, I stated that I would entrust
employees with greater responsibility toward proactively
developing ideas and bringing about change for Mizuho.
Since then, I have led delegation of authority and eliminationof excessive and inward-looking reporting. I feel that Mizuho
is beginning to show signs of being more pliant and flexible,
and we are moving toward a culture in which we focus ourtime and energy more on our customers.

I have spent my entire career in Mizuho Trust & Banking, as a practitioner of
product development using asset liquidation mechanisms, as the head of the
Sendai and Fukuoka branches, and most immediately, before taking on thisrole, I served as the head of Kansai and the West Japan region.

Mizuho Bank is the group’s major touchpoint with ourcustomers. By serving as the relationship hub for ourcustomers and tying together the group’s various strengths,
we will spearhead efforts to maximize value creation for ourcustomers. As times change, such as the return of positive
interest rates in Japan, we are fully committed to improving
our range of products and solutions responsive to customer
needs.
Mizuho Bank is also responsible for the largest volume ofoperations within the group. In order to continuously andsustainably improve our services amidst a shrinking
population in Japan, we will drive the transformation of ouroperations while also maintaining our stable business
operations. We will optimize product and service lineups,
review operational processes to boost efficiency andproductivity, and take full advantage of digital technology.

19

Currently we are working to combine our specialized trust functions with otherfunctions across the group in order to deliver a wider range of value added
services, and by doing so, also achieve sustainable growth and a prosperous
future.
In fiscal 2024, we are looking to leverage our strengths in consulting to drive
new business opportunities across the group. Specifically, we are undertaking
the following two initiatives.
Supporting the sustainable growth of our clients and society: Leveraging theexpertise inherent to trust banking, we strive to be the "go-to partner" forcorporate management in enhancing corporate value and grow Mizuho Trust& Banking’s reputation for succeeding businesses and assets through to thenext generation, offering comprehensive consulting that encompasses
everything from group-wide solutions to operational support.
Becoming a “trust bank you can trust”: By remaining attuned to clients andsociety, and maintaining our high ethical values and professionalism to realize
their ambitions and growth, we will serve as a trust bank that clients can trust.

Within this, each employee will develop greater initiative andprofessionalism, using their creativity and ambition toenhance customer value and improve business operations.

In 2025, we will celebrate our 100th anniversary. While carrying forward theaspirations of our predecessors and the foundations they cultivated, we will
deploy fresh thinking, expanding the possibilities of “trust” itself. By doing so
we will continue to support sustainable growth as well as respond to rapidchanges in the structure of society and the economy and to the increasingly
complex challenges faced by our clients.

President & CEO

President & CEO

Mizuho Financial Group

Masahiko Kato

Kenichi SasadaWe will work closely with our customers, who are facing multiple issues inrelation to sustainability, digital transformation, and generational successionof assets. We will leverage our wide-ranging customer base and investor
network to tackle challenges ranging from building individual assets to solvingsocial issues and raising corporate value, all in collaboration with ourcustomers.
Fiscal 2023 was a very fruitful year. We recorded our highest profits ever andalso ranked 10th place in the investment banking fees global ranking for thecalendar year of 2023 (source: LSEG, as of January 2, 2024). We also
completed our acquisition of Greenhill and increased our stake in Rakuten
Securities, Inc.
This year, we will look to take our next leap forward, working with customers
for a more prosperous future. We will drive improvement in capital efficiency
and growth for the group, continuing our customer-oriented approach,growing business foundations through further investment, and leveraging
competitive services to comprehensively address customer needs. We will
also remain resolute in our pursuit of corporate culture transformation basedon frontline perspectives, and in our further strengthening and streamlining ofoperations.
By proactively innovating together with our customers and other stakeholders
for a prosperous and sustainable future, we will become their most trusted
and reliable partner.

In fiscal 2024, we will continue to steadily advance the key
strategies of the medium-term business plan, closing the gap
to their completion. Moreover, considering our important rolein Mizuho’s digital transformation, we will leverage AI andother technologies to enhance and evolve operations acrossthe group, as well as take leadership of digital transformation
strategy on the technological front.

President & CEO

Masatoshi Yoshihara

Data section

Yoshiro Hamamoto

AppendixPresident & CEO

Under the current medium-term business plan, we areworking to both elevate and combine our strengths andreform operations. Doing so requires restructuring andstrengthening our corporate foundations, and fiscal 2023 wasour first year doing this, where we improved client response
capabilities through co-creation projects and initiatives
across the group and began reforms and optimizations ofvarious IT operations. In terms of restructuring andstrengthening our corporate foundations, we made various
improvements to our infrastructure and operations, as well as
switched to a new group-wide HR framework in Japan andchanged working styles in preparation for the officeconsolidation starting from 2024.

Integrated Report 2024

20

Message from the Group CEO
Message from the Group CFO

The rollout of Japan’s new Nippon Individual Savings Account (NISA) program
and the Nikkei Stock Average reaching an all-time high both exemplify
elevated global expectations for Japan’s sustained economic growth, the shift
from savings to investment, and the transformation and evolution of businesstoward new value creation.

Mizuho Research & Technologies is a collective of experts
spanning research, consulting, IT, and research anddevelopment. We play a part in Mizuho’s group strategy, as
well as provide high-quality IT services and stable operationof systems, contributing to our clients and society.

Messages from the CEOs of group companies

Mizuho Securities will always endeavor to transform ourselves and co-create
value together with our customers.

Executive messages

Combining expertise and technicalskills and working with clients andsociety to create a better future

Story of Mizuho's value creation

Driving Mizuho forward witha customer-first approach to mutual growthBusiness strategies for value creation

Mizuho Research & Technologies

Governance for value creation

Mizuho Securities

Value creation process
Purpose

Proactively innovate together with ourclients for a prosperous and sustainable
future.

External environment

At Mizuho, following our Purpose, we take an integrated approachto creating social value and enhancing corporate value. We willtake on challenges alongside our customers and society, and wewill grow as a company as we create a positive social impact. We
will connect that growth with further value creation, aiming for a
virtuous cycle of social value creation andenhancement of corporate value.

Uncertainty in global affairs

Declining birthrate Population decline

Expansion of SDGs-focused initiatives

Age of longevity

Advances in digital technology

The post-pandemic new normal

Input

Business strategy and activities

Mizuho's history and DNA

Materiality areas

Strengths asa unified group●Declining birthrate and aging population, plus good health and lengthening lifespans●Industry development and innovation ●Sound economic growth●Environment and society ●Personnel ●Governance▶P. 25 Materiality

Foundation for providing financial intermediary functions●Stable financial base●Office network around the globe

Priority areas for addressing social issues and achieving sustainable growthBusiness focus areas
Mizuho's people, organization, and culture●Talent with specialized expertise and initiative●Collaborative organization●Provision of functions as a unified group

Support for the doubling of asset-based income

Improving customer experience

Enhancing the competitiveness of Japanese companies

Global Corporate & Investment Banking (CIB) business model

Sustainability and innovation

Moving forward together
Unique characteristics in business●History and strength in corporate banking●Functions and presence of our Corporate & Investment
Banking (CIB) business model●Relationships with our customers●Open co-creation internally and externally▶P. 23 Capital for value creation

21

Mizuho Financial Group

Enhancing our corporate foundations
Corporate culture transformation

Human capital enhancement

Digital transformation

IT reforms

Maintenance of stable business operations▶P. 27 Overview and progress of the medium-term business plan▶P. 71 Business portfolio▶P. 39 Mizuho in society●Implement ¥100 trillion in sustainable finance●Support sustainability transformation

Global business●Improve our presence in US capital markets●Strengthen our role as a bridge to bring Japan together
with the rest of the world

People and organization / Governance●Put the Corporate Identity into practice●Strengthen personnel capabilities and become an organization where
people with diverse backgrounds and experience can actively contribute●Maintain stable business operations and strengthen governanceImprove sustainability
Environmental and climate change-related targets●Scope 1 and 2: Carbon neutral by FY2030●Scope 3: Net zero by 2050
Human capital-related targets●Percentage of management positions filled by
women: 30% (early 2030s)●Enhancement of corporate value (pathway towards bringing
our price-to-book ratio above 1 in the future)●Progressive dividends (40% dividend payout ratio as a guide)
and flexible and intermittent share buybacks

Medium-term business plan targets
Financial targets: Foundation for value creation●Consolidated ROE: Over 8%●Consolidated Net Business Profits: ¥1 trillion – ¥1.1 trillion
Non-financial targets: To grow alongside our employees●Engagement score: 65%●Inclusion score: 65%

Enhance corporate value▶P. 37 Financial / Non-financial highlights

Integrated Report 2024

Value creation process
Materiality

Business strategies for value creation

Contribute for our shareholders and investors

Overview and progress of the medium-term business plan

Sustainable business●Expansion of household financial assets in Japan●Progress towards a more inclusive society●Enhancement of Japan’s global competitiveness●Transition to net-zero carbon emissions worldwide

Financial / Non-financial highlights●Help clients grow by supporting their business growthand corporate value enhancement●Facilitate greater activity in / expanded access tocapital markets in Japan

Create positivesocial impact

Mizuho in society

Corporate business in Japan

Create social value

Governance for value creation●Increase the number of NISAs / iDeCo accounts●Increase assets under management (AUM) / balanceof investment trust AUM●Increase customer use of digital services

Data section

Retail business in Japan

OutcomeAppendix

Output

Story of Mizuho's value creation

Personal well-being and a sustainable society and economy

Capital for value creation

Executive messages

Mizuho’s vision for the world (our long-term goal for the future)22

Capital for value creation
Basic approach
Mizuho has a history and corporate DNA of solving social issues and pursuing the public interest, along with strengths as a unified group,
which we have been assembling since the establishment of Mizuho Holdings in 2000. We will maintain and cultivate our input—our capitalfor value creation—to create social value and enhance corporate value.

Mizuho's history, corporate DNA, and strengths
Eiichi Shibusawa

150-year history of contributing for our customers and society
Corporate Philosophy: “Responsible and transparent”, Purpose: “Proactively innovate together with our clients for a prosperous and sustainable future”
2023 marked 150 years since the founding of First National Bank, one of the three banks to which Mizuho traces its
roots. Among Mizuho’s founders were two capitalists and entrepreneurs of early modern Japan: Eiichi Shibusawa andZenjiro Yasuda. Both of them were instrumental figures in the modernization of Japan after the Meiji Restoration of 1868.
They were open-minded, connecting various capitalists and other professionals, and had foresight in taking on newrisks and challenges. Their actions were based in their belief in morality and in putting the public interest above selfinterest. Their responsibility, transparency, and foresight are still at the core of Mizuho’s identity.

Courtesy of the Shibusawa Memorial Museum

Zenjiro Yasuda

Courtesy of the National Diet Library

Collaborative structure, nurtured under the “One Mizuho” concept
In 1999, the Dai-Ichi Kangyo Bank, Fuji Bank, and Industrial Bank of Japan announced their merger. After several subsequent mergers and reorganizations, thecurrent Mizuho consists of banking, trust banking, securities, asset management, and research and consulting.
From fiscal 2013, we cultivated the “One Mizuho” concept where we respond to customer needs as a unified group.
1873 First National Bank
1896
N
 ame changed to Dai-Ichi
Bank
1971
Establishment of Dai-Ichi
Kangyo Bank through amerger with Nihon Kangyo Bank

(Photo:National Diet Library)・Introduction of in-house company system
・Establishment of Asset Management One
・Establishment of Mizuho Americas

・Establishment of Mizuho Holdings
・Establishment of Mizuho Bank andMizuho Corporate Bank・Merger of our threepredecessor banks

・Establishment of Mizuho Research & Technologies

1880 Yasuda Bank
1948
Name changed to Fuji Bank

1999

2000

2002

2003

(Photo:National Diet Library)

2013

2016

・Mizuho Trust & Banking becomeswholly owned subsidiary of Mizuho
Financial Group

1902 Industrial Bank of Japan(Photo:The Mainichi)

2011

・Establishment of Mizuho Financial Group・Merger of Mizuho Trust & Banking and Mizuho Asset Trust &Banking

2021

2022

・Mizuho Securities becomes wholly owned
subsidiary of Mizuho Financial Group・Merger of Mizuho Securities and Mizuho Investors Securities
・Merger of Mizuho Bank and Mizuho Corporate Bank

Ability to respond to customer needs and provide solutions as a unified group under the group-wide in-house company system
Based on this collaborative structure, nurtured under the “One Mizuho” concept, the in-house company system that began in fiscal 2016 operates across Mizuho
according to customer segment. We have established five in-house companies, which determine and promote group-wide strategies across banking, trust
banking, securities, and other business areas according to customer segment, as well as two units that support all of the in-house companies. By leveraging thesestrengths, we will promptly provide customers with services that match their needs.

Global Markets Company
Asset Management Company
Global Transaction Banking Unit
Research & Consulting Unit

23

Mizuho Financial Group

Mizuho Bank

Corporate & Investment Banking Company
Global Corporate & Investment Banking Company

Securities

Asset
management

Research andconsulting

Customers
Individual customers / SMEs /middle-market firms

Mizuho Securities

Retail & Business Banking Company

Trust banking

Mizuho Trust & Banking

Banking

Large corporations / financial institutions / public-sector entities
Japanese and non-Japanese companies operating outside Japan

Investors
AssetManagement
One

Investors

MizuhoResearch &Technologies

Purpose

External environment

Our long-term goal for the future

Business strategy and activities
Materiality areas
Input

OutputOutcome

By combining our strengths and capital—input—Mizuho will continue to create added value. By further enhancing our strengths and capital towards our goals,
we will sustainably expand the value creation process.

Value creation process

Enhancing our input to expand the value creation process

Executive messages

Priority areas

Strengths⃝People and organization

・Talent with the expertise and initiative to support business on a global
basis (No. of group employees2 : Approximately 50,000 employees)
・Group-wide HR framework supporting “One Mizuho”
2. Mizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities, and Mizuho Research &Technologies.

⃝Provision of functions as a unified group

・Provision of seamless and wide-ranging financial and non-financial
functions and services as a unified group, complemented by ourexpertise across industries, products, and other specialized areas

Future vision⃝Talent portfolio with quality and quantity to implement
growth strategy⃝Enabling everyone in our organization to be their full selves⃝Strategies that offer individual success for each employee⃝Organization to openly connect functions within and outside
the group
Challenges and initiatives for further raising inputs toward our future vision⃝Empower each employee to develop their own career andexperience, thereby securing talent with the necessary skills
for strategy execution⃝Prioritize our five business focus areas

Unique characteristics in business
Strengths⃝History and strength in corporate banking

・Track record of developing industry and growing companies in Japan⃝Functions and presence of our Corporate & Investment
Banking (CIB) business model
・CIB business model that integrates banking and securities
operations, and primary and secondary markets business⃝Relationships with our customers

・Individual customers: Approx. 24 million people
・Corporate clients in Japan: Approx. 80% of listed companies
・Corporate clients outside Japan: Approx. 90% of major global companies3
3. Top 200 companies out of the Forbes Global 2000 (non-financial institutions).

Future vision⃝Mizuho’s competitive advantage well recognized by clientsand markets⃝Sustainable relationship with our clients and strong support
from them⃝Sustainability for the global environment and natural capital

Capital for value creation
Materiality

Mizuho's people, organization, and culture

Overview and progress of the medium-term business plan

⃝Improvements to Consolidated ROE and P/B ratio⃝Effective utilization of corporate resources throughdisciplined and balanced business development⃝Digital investment and branch reform⃝Constant efforts toward stable operations

Financial / Non-financial highlights

・In particular, the 45 bank, trust banking, and securities joint
branches and the 147 bank and securities joint branches in Japanthat respond to customer needs as a unified group

Challenges and initiatives for further raising inputs toward our future vision

Mizuho in society⃝Office network around the globe

Business strategies for value creation

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

⃝Competitive financial base, capital efficiency and profitability(price-to-book (P/B) ratio above 1)⃝No. 1 in digital and in-branch customer experience⃝Stable operation of IT systems and businessGovernance for value creation

・Strong capital reserves (CET1 Capital Ratio1: 9.8%)
・High ratings (Moody's: A1; S&P: A-; Fitch: A-)・Sufficient deposits to support financing: ¥160 trillion

Data section⃝Stable financial base

Future vision

AppendixStrengths

Story of Mizuho's value creation

Capital as the foundation for providing financial intermediary functions

Challenges and initiatives for further raising inputs toward our future vision:⃝Prioritize our five business focus areas⃝Improving customer experience across digital, remote, andphysical channels⃝Enhance our brand value⃝Further increase in sustainable finance and initiatives
towards achievement of carbon neutrality (Scopes 1, 2, and 3)⃝Open co-creation internally and externally・Connections with companies and startups in a wide range ofindustries as customers and as business partners
Integrated Report 2024

24

Materiality
At Mizuho, we take an integrated view on sustainability and business strategy. We have designated materiality areas based on (i) the
expectations of society1 and (ii) their importance for Mizuho.2 Through our materiality-related initiatives, we will contribute to environmental
conservation and the sustainable development and prosperity of the economy, industry, and society both in Japan and around the world. Also,
we will work to enhance our corporate value through the sustainable and steady growth of the Mizuho group.
1. Expectations of society: The expectations stakeholders have about Mizuho’s impact on society.
2. Importance for Mizuho: Medium- to long-term impact on our corporate value and compatibility with Mizuho’s strategies and business areas.

How we definemateriality areas

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

Significance of materiality areas
Corporate Identity

Business strategy

Extreme long term

Corporate Philosophy

Our long-term goal for the future

10-year view

PurposeOur aim for the world in 10 years

Materiality areas

3 years

Medium-term business plan

1 yearFiscal year plan

Contribution toachieving the SDGs

We will contribute to environmental conservation and the sustainable development and prosperity of the economy, industry, and society both inJapan and around the world, while achieving sustainable and steady growth for the Mizuho group. This is what we mean by sustainability at Mizuho.

Importance to Mizuho (risks and opportunities) and main initiatives (growth strategy, medium-term business plan)
Materiality areas(our vision for the future)

25

Personal
well-being

Declining birthrate and aging population, plus
good health and lengthening lifespans
In an age of longer lifespans, provide safe, stable, andconvenient services tailored to each individual’s needs

Sustainable economy and society

Industry development and innovation
Support industry and business development, and create
new value on a global basis

Sound economic growth⃝ Demographic changes such as the declining birthrate and aging population imply potentially detrimental
changes to our retail customer base, which is the foundation of our business.
⃝ By providing retail asset formation, management, and succession and improving customer experience, we will
have an opportunity to address social issues and enhance our corporate value through our business expansion.
⃝ Any delay in changes in industrial and business structure poses a risk of damaging the sustainability of ourcorporate client base and of society overall.
⃝B y anticipating changes and contributing to the sustainable development of our clients and society, we will havean opportunity to address social issues and demonstrate our superiority in a changing competitive environment.
⃝ Changes in the economic and financial market environment affect our business operations.
⃝ By contributing to sound economic growth and playing a role in that process, Mizuho can both directly securebusiness opportunities and indirectly contribute to a more stable business environment.

Environment and society⃝ Our sustainability relies completely on the sustainability of society, including the economy and the environment,
which are the foundation for our business operations.

Personnel

Mizuho Financial Group

Reasons for selecting materiality areas: Risks and opportunities

Contribute to economic development by utilizing
financial infrastructure functions to respond to changes
in the business environment

Cooperate with customers to realize sustainable social
development, including environmental conservation

Corporate foundations

RetailCorporate
Markets
Environment
Foundations for contribution

Employees

Economy and society

Customers

Stakeholders⃝ Supporting the realization of environmental and social sustainability may itself prove to be a business
opportunity for Mizuho.
⃝ L ack of personnel is a risk to Mizuho’s business continuity.

Based on a corporate culture where employees can act
with initiative, develop a diverse workforce that grows
together with customers and society⃝ Creating a corporate culture that encourages a diverse range of people to act on their own initiative and growwill provide opportunities to create social value and enhance Mizuho's corporate value.

Governance⃝ Administrative penalties and damage to social credibility due to poor governance are risks to our sustainability,business continuity, and strategy implementation.

Implement strong corporate governance and stable
operational management to contribute to our customers
and society⃝ Stable business operations underpinned by strong corporate governance are the cornerstone of our growthstrategy, corporate foundations, and everything else at Mizuho.

Purpose

External environment

Our long-term goal for the future

Business strategy and activities
Materiality areas
Input

OutputOutcomeRevising our materiality areas
In principle, the Executive Management Committee and Board of Directors conduct annual reviews of our materiality areas.
Materiality areas

Check alignment with the expectations of society

Governance3

Ethics and compliance4

Inclusion and accessibility●

5Social changes, disasters, and geopolitical events●

6

Innovation and technology▶ Checked alignment between these 25 items and ourmateriality

7

Climate change and GHG emissions

8

Energy use, reductions, and alternative energy sources

9

Fair and inclusive workplace

10

Resilient business model

11

Human rights

12

Organizational culture and management

13

Natural capital

14

Employee well-being, health, and safety

15

Meeting customer expectations

16

Community engagement and support

A

Stable business operations

B

Structural wage increases, investment in people, and substantial middle stratum in JapanC

Expansion of investment and implementation of economic and social reforms in JapanD

Coping with the declining birthrate and child-related policy in Japan●E

Creation of an inclusive society●

F

Revitalization of local communities and small businesses in JapanG

Enhanced business support capability in Japan

H

Japan’s policy plan for promoting Japan as a leading asset management center and doubling asset-based income

I

Ensuring stability and confidence in the financial system

●
●
●
●

●

●

●
●
●

●

●
●

●

●

●

●
●

●

●

●

●

●
●

●

●
●
●

●
●

●

●

●

●

●

●

●
●

Growth strategy and medium-term business plan

Improving customer experience
Enhancing the competitiveness of Japanese companies⃝ Improve the quality of customer touchpoints and improve the customer
experience in both digital channels and in-person engagement⃝ Co-creation of new value through organic linkage ofvarious companies and opportunities

Sustainability and innovation⃝ Sustainability and innovation through the combination ofexpertise and financial/non-financial functions

Enhancing the competitiveness of Japanese companies⃝ Supporting corporate clients in their business growth andcorporate value enhancement in Japan, our home market

Global Corporate & Investment Banking (CIB) business model⃝ Demonstrating our presence in the global financial andcapital markets, connecting Japan with the rest of the world

Enhancing the competitiveness of Japanese companies⃝ Sustainability as a focal point for solutions and financing tosupport industrial and business structure transformation

Sustainability and innovation

Human capital enhancement
Corporate culture transformation

Maintenance of stable business operations⃝ Supporting and realizing the sustainability of customers
and society, and our own ESG management⃝ Improve alignment between business strategy and HR strategy
Realize an organization that supports taking on challenges, rewards
contributions, and provides a supportive working environment⃝ Promote corporate culture transformation initiatives⃝ Enhance operational resilience, upgrade cybersecurity
measures and AML/CFT measures, and strengthen global
governance

KPIs⃝ Balance of retail assets under management⃝ Internet banking and app user numbers,
in-branch tablet terminal usage rate, etc.
⃝ Revenues from corporate solutions for middlemarket firms and SMEs

Financial / Non-financial highlights

Support for the doubling of asset-based income

Main initiatives⃝ Provide comprehensive consulting on retail asset
formation, management, and succession

Mizuho in society

Focus areas⃝ Balance of venture debt fund⃝ Investment banking and SDG bond league
tables in Japan⃝ Global CIB league table

Overview and progress of the medium-term business plan●

Governance for value creation⃝ K ey topics and initiatives related to materiality in our
growth strategy and medium-term business plan●

Data section⃝ R easons for selecting materiality areas: Risks andopportunities●●

Materiality●●

Business strategies for value creation●

Additional Japan- and Mizuho-specific matters

Confirm and decide on risks andopportunities and main initiatives

Capital for value creation

Responsible financing and investment

Story of Mizuho's value creation●

1
2⃝ C onfirmed how mateiality areas and our business strategy(key topics in our growth strategy and medium-termbusiness plan) relate to one another.

GovernanceItems of interest to stakeholders (approximating the
expectations of society) | Source: Datamaran⃝ A dded nine further items (A to I), consisting of matters forconsideration and Mizuho-specific matters, based on the Japan
Financial Services Agency’s Strategic Directions and Priorities,
meetings with institutional investors, customer surveys, and similar.

Check alignment with importance for Mizuho

Personnel

Appendix⃝ Shortlisted 16 items that are of interest for a full-service
financial institution on a global basis, using external data
based on financial institutions’ disclosures for investors,
regulatory trends, media sources, and similar.

Declining birthrate
Industry
Sound economic Environment andand aging population,
development
plus good health andgrowthsocietylengthening lifespans and innovation

Value creation process

Executive messages

Priority areas⃝ Sustainable finance amount⃝ Scope 1 and 2: Carbon neutral
Scope 3: Net zero⃝ Human capital KPIs, including talent portfolio toimplement growth strategy⃝ Major system failures

Integrated Report 2024

26

Overview and progress of the medium-term business plan
Overview of the medium-term business plan (FY2023 – FY2025)
Mizuho started the current medium-term business plan in fiscal 2023.

ng
asti
c
k
c
Ba

We first established Mizuho’s vision for the world and our aim for the world in 10 years, and we developed a growthstrategy for achieving these. We then compiled the initiatives we should pursue over the next three years into themedium-term business plan.
We will innovate to develop new solutions, look to reap the benefits of our growth over these three years, and lay thefoundation for sustainable growth going forward.

Mediumterm

Medium-term business plan

5-Year Business Plan

(FY2023 – FY2025)(FY2019 – FY2023)

A three-year journey connecting various initiatives and co-creating
value-added solutions in order to support our clients and solve social issues

Note: Concluded one year ahead of schedule

Make the most effective use of corporate resources through a flexible
business development approach
Together with our clients and society, build the cornerstone of futuresustainable growth and prosperity
Priority areas for addressing social issues and achieving sustainable growth

Forward-looking structuralreforms to build
a stronger and more resilient
financial group which
our customers can depend onin the coming era

Support for the doubling of asset-based income
Improving customer experience
Business focus areas

Enhancing the competitiveness of Japanese companies
Sustainability and innovation
Global Corporate & Investment Banking (CIB) business modelMoving forward
together

Enhancing ourcorporate foundations

Corporate culture transformation

Human capital enhancement

Digital transformation

IT reforms

Maintenance of stable business operations

10-yearview
More distantfuture27

Mizuho Financial Group

Purpose

Proactively innovate together with our clients

Corporate Philosophy: Our fundamental approach to corporate activities

Operating responsibly and transparently with foresight, Mizuho is deeply committed to serving clientPurpose

External environment

Our long-term goal for the future

Business strategy and activities
Materiality areas
Input

OutputOutcome10-yearview

10-year milestones for achieving
the long-term vision

Mizuho’s vision for the world(our long-term goal for the future)

Our aim for the world in 10 years

Value creation process
Capital for value creation

g
stin
a
c
ck
Ba

Story of Mizuho's value creation

Executive messages

Priority areas

about the future・Coexistence between humans
and technology

Virtuous cycle

Accelerating the move towards global sustainability
・The world coming together organically and accelerating initiatives to realize a low-carbon society /circular economy

・Japan overcoming societal

Materiality

challenges and regaining global
Financial / Non-financial highlights

・Rise of next-generation technology and companies
・Continuous co-creation of new value through corporate partnerships
・Japan leading the world with globally competitive technology

Sustainable society
and economy

Mizuho in society

Reversing Japan’s decline and putting the Japanese
economy on a growth trajectory

Overview and progress of the medium-term business plan

actively and without anxiety

Governance for value creation

・Extending the benefits of the evolution of technology to allow people to enjoy greater convenience・More opportunities to learn and grow available to anyone with ambition

・A society where people live

Data section

Widespread adoption of innovative technology such as AI

Personal well-being

Appendix・Higher income through economic growth, investment in human capital and digital transformation, andsimilar・Increase in household asset-based income, set off by Nippon Individual Savings Accounts (NISAs)
・Society where people with a variety of viewpoints and backgrounds can demonstrate their ability andambition

Business strategies for value creation

Progress towards a more inclusive society

competitiveness・Achievement of global
sustainability

for a prosperous and sustainable future.

needs, enabling our people to flourish, and helping to improve society and the communities where we do business.
Integrated Report 2024

28

Progress of the medium-term business plan

Business focus areas▶P. 73 Retail & Business Banking Company

Retail business in Japan▶P. 77 Asset Management Company

Support for the doubling of asset-based income / Improving customer experience
In Japan, Mizuho will contribute to our customers achieving personal well-being by increasing household asset-based income through asset
formation, management, and succession services for individual customers and by improving customer experience through the use oftechnology.
We will take on the challenge of doubling asset-based income* along with customers, using Nippon Individual Savings Accounts (NISAs) asa catalyst. We will also make our deposit accounts more attractive and secure the stable individual deposits necessary to provide funding
support to customers, industry, and society, capturing a future customer base for our asset and wealth management business.
* The Kishida administration has announced the Doubling Asset-based Income Plan, which encourages the shift of excess household funds from savings into investment.

Progress in fiscal 2023 and initiatives moving forward
Make NISAs a core part of the Mizuho brandTo expand the base of individual customers who are interested in investment and asset formation while using the new NISAs (which began in
January 2024) as a catalyst, we started up the Mizuho NISA Cafe as a means of capturing opportunities, enabling the rollout of promotions, andallowing customers to easily stop in for consultations. We provided opportunities and information related to asset formation closer tocustomers; for example, by holding NISA Cafe seminars not only at branches, but at shopping malls and apartments as well. Our goal is to makeNISAs a core part of the Mizuho brand.
Moving forward, we will further strengthen the group’s ability to provide comprehensive asset consulting and investment products.
Reforms in digital, remote, and physical (branch, ATM) channels
By improving the convenience of the Mizuho online banking app/website Mizuho Direct, we are steadily increasing the number of users. Even
when serving customers at branches, we have increased the ratio of usage for tablet terminals in the branches. Thanks to these, theautomation of administrative procedures and processes has been progressing. At the same time, we will reexamine the status of existing
branches and promote a transition to branches handling consulting (e.g., for asset formation and management) and branches specializing in
opening accounts. In February 2024, we opened our first branch dedicated to opening deposit accounts for individual customers, in Ikebukuro,
Tokyo.
In the future, we will further improve digital tools.
Pursuit of best-in-class customer experience in both digital and in-person touchpoints, also through collaboration with other companies
In December 2023, Mizuho Securities and Rakuten Securities Holdings, Inc. agreed to further strengthen the strategic capital and businessalliance between the two companies originally announced in October 2022. The goal is to build a new retail business model in the asset
formation and management fields combining the convenience of online interactions with face-to-face experiences that enable consultations.
We will build a structure that allows customers to choose their own optimum access route, rather than having the financial institution lead thecustomer to one or the other.

KPIs
Number of NISAs
End of March 2024:

Balance of individual assets under management

750,000 accounts(No. of new accounts opened in fiscal 2023: Approx. 120,000)

End of March 2024:¥29.6 trillion(+¥4.6 trillion compared to the end of March 2023)▶︎Human resources strategy for implementing growth strategy and its KPIs:
P. 49 Building a talent portfolio to implement growth strategy (within “Human capital management”)

29

Mizuho Financial Group

Mizuho Direct monthly active users

75%

As of March 2024:
increasecompared to January 2022 (before UI/UX improvement)Value creation process▶P. 74 Corporate & Investment Banking Company

Executive messages▶P. 73 Retail & Business Banking Company

Corporate business in Japansustainable society and economy as part of our long-term goal for theLarge
corporations

future.

Listedmiddle-market firms

Middle-market firms
and SMEs

Startups/innovative
companies

We will connect our corporate clients of various scales and at various

Co-creation/growthTechnologicalcapabilities

Global businessexpansion

stages, support their challenges, and provide thorough support inSustainability/transition measures

Business succession

Innovation

business growth and enhancing corporate value.

Connect strengths, needs, and opportunities

Progress in fiscal 2023 and initiatives moving forward
Supporting business growthIn fiscal 2023, we started up the Business Development Support Office, a specialized team for conducting discussions on business developmentwith middle-market firms. First, we submitted proposals and held discussions with a focus on 100 clients. We received positive responses fromabout 30% of these clients, and having confirmed the effectiveness of such approaches, we expanded our activities. From April 2024, we haveunified corporate solution functions (e.g., business matching and support for global expansion) to form the Business Development Support

Startups/innovative companies
To increase provision of risk capital to startups/innovative companies, in August 2023 we established the Mizuho Venture Debt Fund, which
provides capital through the acquisition of corporate bonds with warrants and focuses mainly on companies in the growth and later stages, andin November 2023 we executed the first investment from the fund. We also established a debt fund for startups in the growth stage, through a
joint venture with Upsider, Inc., a fintech company that provides corporate settlement services through an original AI credit model. We

Governance for value creation

Department, and expanded on target clients and proposal/discussion topics.

Data section

Financial / Non-financial highlights

AppendixMizuho in society

executed the first investment from this debt fund in January 2024.
Business succession
How to sustainably pass down businesses, technologies, and products with incredible potential is a social issue in Japan. We provide support
by leveraging our strengths as a unified group, such as our attention to the perspective of both corporations and owners, our expertise andsolutions in trust banking, and our product capabilities in investment banking. We provide support in various forms of business succession,
including succession within families, as well as M&As and MBOs, which have been increasing in recent years.

Capital for value creation

economy. Through these initiatives, we are contributing to realizing aMateriality

Corporate value

Business growth

helping with the transition to a low-carbon society and circular

Overview and progress of the medium-term business plan

trajectory and restore Japan’s global competitiveness, and we are also

Business strategies for value creation

Enhancing the competitiveness of Japanese companies

Mizuho is contributing to efforts to return Japan’s economy to a growth

Story of Mizuho's value creation

Enhancing the competitiveness of Japanese companies

KPIs
Number of companies approached regarding business growth support
FY2023: Proposals submitted to

League tables (in Japan)

150 companies

FY2023 (FY2022) DCM

1st

(1st)

ECM

4th

(4th)

M&A

7th

(5th)

(Source: Capital Eye and LSEG)▶︎Human resources strategy for implementing growth strategy and its KPIs:
P. 49 Building a talent portfolio to implement growth strategy (within “Human capital management”)

Integrated Report 2024

30

Progress of the medium-term business plan

Business focus areas
Sustainability-related business▶P. 57 Sustainability

Sustainability and innovation
By connecting the world organically and supporting the movement for sustainability through a low-carbon society / circular economy,
Mizuho will contribute to the achievement of a sustainable society and economy.
We will generate opportunities for new business by developing a comprehensive design for achieving carbon neutrality by 2050; providing
funding support for transition; connecting industries, technologies, and the public and private sectors; and combining our financial andnon-financial service capabilities.

Progress in fiscal 2023 and initiatives moving forward
Funding support for transition
Mizuho has maintained a top market presence in the debt capital market (DCM) field in Japan. Leveraging this strength, and combining our
expertise in sustainability, we continue to be on the top of the league tables in Japan in both syndicated loans and SDG bonds, and we hold a
top-class position in global syndicated loans as well (Source: LSEG). Japan is leading the transition finance market, and Mizuho has supported
a majority of this financing (Source: Tabulated by Mizuho based on Bloomberg data).
Value co-creation: Promoting sustainability and creating innovations
We have entered an era in which social issues are becoming increasingly complex, and it is difficult for a single company to resolve theseissues alone. We are strengthening our approach of “value co-creation”, in which we work with clients to take on the challenges of resolving
these social issues and creating new business.
In addition to making joint investments with clients in technologies and businesses aimed at resolving social issues, we are developing new
businesses and platforms by connecting with diverse companies.
We have prepared two investment facilities—a Transition Equity Investment Facility1 suited to the growth stage of the technology or business,
and a Value Co-creation Investment Facility.2 We executed a total of 11 investments as of the end of March 2024, and are in the process ofestablishing a pipeline.
1. Transition Equity Investment Facility: An investment facility targeting projects related to the transition field, in the development and verification stages. This facility was set in April 2022,with a view toward investments exceeding ¥50 billion.
2. Value Co-creation Investment Facility: Investments that support the creation of new businesses by clients and the commercialization of those businesses.

Deepening our involvement in individual fields targeting decarbonization and resolving social issues (e.g., hydrogen, carbon credits, impact evaluations)
It is becoming increasingly important for financial institutions to provide funding to quickly set up supply chains for hydrogen and related
technologies. In May 2024, Mizuho announced that it would arrange ¥2 trillion in financing for these fields by 2030.
In the field of carbon credit, we have been involved in the creation of rules in Japan, and we have collaborated with credit creating companies.
We are the only Japanese bank to be designated as a “market maker” on the Tokyo Stock Exchange carbon credit market, and we received theBest Market Maker award from the Tokyo Stock Exchange in February 2024.
In May 2024, we published Impact Business Compass, which describes our involvement in the impact business field and also its potential.

KPIs
Sustainable finance¥31.0 trillion from FY2019 to FY2023(preliminary figures) (+¥10 trillion in FY2023)

Japan SDG bond league table
FY2023

1st (5 years running)(Source: Capital Eye)▶︎Human resources strategy for implementing growth strategy and its KPIs:
P. 49 Building a talent portfolio to implement growth strategy (within “Human capital management”)

31

Mizuho Financial GroupValue creation process▶P. 76 Global Markets Company

Executive messages▶P. 75 Global Corporate & Investment Banking Company

Global businesscomplex world, connect Japan and other local markets on a global scale, and leverage these connections toward solving the challenges
facing Japan and other countries. In this way, we will contribute to the achievement of a sustainable society and economy.
We will demonstrate our strengths, such as our global network and our CIB business model in the Americas.

Capital for value creation

At Mizuho, by undertaking business in global financial and capital markets, we will gain further business experience in an increasingly

Story of Mizuho's value creation

Global Corporate & Investment Banking (CIB) business model

In addition to the strong US capital market presence that we have cultivated in the debt field (loan capital markets and debt capital markets;
LCM/DCM), we have expanded on equity capital markets (ECM), M&As, and other such primary business-linked sales and trading (S&T).
Against that backdrop, we completed the acquisition of the US M&A advisory firm Greenhill in December 2023.
By integrating Greenhill into the Mizuho group, in addition to further expanding the US business, we will collaborate with offices in Japan andaround the world using Greenhill as a strong edge and seize cross-border M&A opportunities.

In October 2023, we announced our intention to create a universal bank in the EU and bring together our banking and securities businesses,
subject to regulatory approvals.
While transitioning to a CIB model that strives to stably and continuously provide and expand financial services in this region, we will increasefinance arrangements and knowledge acquisition in the sustainability space.

Governance for value creation

EMEA: Transition to a lightweight, selective CIB model with an emphasis on sustainability

APAC: Expand transaction banking business in Asia and adopt the Americas model for success in derivative and capital markets businessWe will scale up transaction banking business and derivative and capital markets business in keeping with the specific characteristics of each

Data section

Financial / Non-financial highlights

AppendixMizuho in society

country in Asia, where the regional economy will continue to grow in the future.
In India, which has demonstrated rapidly growing demand for digital financial services amid strong economic growth and the world’s largest
population, in March 2024, we invested an equity ratio equivalent to 15% in Kisetsu Saison Finance (India) Pvt. Ltd., Credit Saison’s Indiansubsidiary in the lending business.

KPIs
League tables in the Americas
FY2023 (FY2022) IG DCM

Transaction banking revenue (APAC)

8th(8th) Non-IG LCM/DCM

14th(16th)(Source: Dealogic)

FY2023:$1,085 million(+24% vs. FY2022)▶︎Human resources strategy for implementing growth strategy and its KPIs:
P. 49 Building a talent portfolio to implement growth strategy (within “Human capital management”)
Integrated Report 2024

Materiality

as well as primary and secondary markets business and is one of Mizuho’s strengths

Overview and progress of the medium-term business plan

Americas: Further enhancing the functions of the CIB business model for the Americas, which integrates banking and securities operations

Business strategies for value creation

Progress in fiscal 2023 and initiatives moving forward

32

Progress of the medium-term business plan

Business focus areas

Human capital enhancement▶P. 45 Human capital management

We launched a new HR framework in Japan, which we call “CANADE”, to further strengthen human capital by building relationships thatenable employees and the company to grow and create value together as equal partners. We will enhance our human capital through hiring
and training that enables employees to develop their expertise and capabilities, and we will provide a sense of purpose and support for themto strengthen their motivation and reach their maximum potential.
⃝Strengthen personnel capabilities⃝Produce personnel who will lead the organization⃝Create a workplace environment that draws out latent potential: Support taking on challenges, reward contributions, and provide a
supportive working environment

Progress in fiscal 2023 and initiatives moving forward
In fiscal 2023, we have supported employees in preparation for the new HR framework starting from fiscal 2024 in Japan. We will firmly alignbusiness strategy and human resources strategy in order to strengthen human capital through the new HR framework. At the same time, we will
increase motivation and ease of work for each and every employee so that they can reach the full potential of their expertise and abilities, and wewill always strive to broadly incorporate feedback and suggestions from employees.

Corporate culture transformation▶P. 55 Building a corporate culture where employees are fulfilled and successful (within “Human capital management”)

Through integrated promotion of internal communication (corporate culture transformation) and brand communication (improvement of ourbrand value), we will improve employee and customer engagement.

Progress in fiscal 2023 and initiatives moving forward
In order to firmly establish the Corporate Identity among employees, the Group CEO personally increased the number of his town hall meetings and on-site
visits across the globe, spoke directly to employees about the meaning and intent of the Corporate Identity and the Purpose, and expanded communications.
Also, to encourage the executive management leading our organization to see the Corporate Identity from a first-person perspective, the executive
management team conducted workshops within the team and delivered their own personal thoughts to the respective divisions each of them lead.
We can see signs of change in employee awareness, and there have been gradual improvements in the engagement scores and inclusion scores put
forward as human capital KPIs. Even so, we will need to work on these areas continuously, rather than seeing them only as short-term initiatives.
In fiscal 2024, in addition to communication of the Purpose—Proactively innovate together with our clients for a prosperous and sustainable future—wewill strive for communication of the Values, which are specific values and behaviors to realize the Purpose. We will promote a variety of activities that will
enable employees to practice the Values in the context of day-to-day operations and ensure that these behaviors are clearly evaluated and encouraged.
Company town hall meetings / on-site visits: Dialogues between management and the frontlines to promote adoption of the Corporate Identity
The Group CEO held town hall meetings for all in-house companies, units, and groups. The Group CEO and other management members also
continuously visit offices in Japan and across the globe, and they will increase dialogues further going forward.

Feedback from participants“I got a real sense of the intent
behind the Corporate Identity.”“I gained a deeper understandingof operational policies throughdirect dialogue withmanagement.”“Employees on the frontlines also
have an increased awareness ofpromoting reforms.”

33

Mizuho Financial Group

Takeaways for the
management team
“I was able to identify theissues and problems actually
being faced at the frontlines.”“I recognized the importanceof direct dialogue with
employees for thecommunication of the
Corporate Identity.”Value creation process

Executive messages

Signs of change:
We are increasingly seeing “signs of change”—employees taking on challenges to pursue ideas and initiatives on their own—in the course of ourI became an LPA because I want the bank to be a place where anyone can visit comfortably and talk about asset management.
At the Musashi-Kosugi Branch (at the time of the interview), we launched initiatives in which we can engage in discussions to
support customers’ asset formation and share branch member activities, and I have enjoyed being involved in these operations.
I have also actively communicated about seminars hosted by the Musashi-Kosugi Branch and related initiatives, for example

Capital for value creation

Working as a Life Plan Advisor (LPA)

Story of Mizuho's value creation

corporate culture transformation across the group. We will continue to encourage and support such changes and corporate culture transformation.

by holding informational meetings with branches in the same sub-regional area, exchanging information with colleagues ofMizuho BankJapan. Now, various branches are communicating a variety of ideas via in-house social media, and I can feel that positive
activities are expanding at branches all over Japan.

Change in our communication style through reverse mentoring for the CEO
Reverse mentoring is a system in which early career employees in their twenties act as mentors for executive officers, engaging
in dialogue from a young person’s perspective. From August 2023, I acted as mentor for Mr. Masahiko Kato, President & CEO
operations. Using my background in the sciences, I had conversations with Mr. Kato on topics such as natural language
processing and network theory, as well as early career employment and Generation Z / Generation Alpha.
We especially talked about ways of communicating messages to early career employees, including myself, and approaches thatwould make employees feel closer to executive officers; for example, people find dialogues easier to remember than speeches
and employees also need more opportunities to increase recognition among members of management. After that, I felt that there
was a change in in-house communications; for example, the president changed the format of his video messages for employees
from an individual speech to a dialogue format; social events were held for executive officers and employees to get to know each

Ryosuke Shimizu
Mizuho-DL

Governance for value creationof Mizuho Bank. I majored in nuclear reactor engineering in graduate school, and I currently handle data analysis and other

Financial Technology

Materiality

Life Plan Advisor

social media. By transmitting information on activities at our own branches, we have received inquiries from other LPAs across

Overview and progress of the medium-term business plan

Mio Ishibashi

Business strategies for value creation

other branches in Japan that I have met through training seminars and other activities, and posting information on in-house

Financial / Non-financial highlights
Mizuho in society

When I was on an extended business trip to Myanmar right after its demilitarization, I saw how the country had developed,

Data section

Aiming to resolve social issues through entrepreneurship originating from Mizuho

Appendixother; and the executive officers, including Mr. Kato, began posting actively on in-house social media.

and I wanted to work on a project that would bring a new vitality to Japan as well, so I applied for the Mizuho Group CEO
Challenge, an in-house business contest which began in 2022 and in which employees can take on the challenge of starting up
a new business. At first, I thought about business targeting households with schoolchildren, to support work and home life, butfollowing the changes in the business environment resulting from the COVID-19 pandemic, and after receiving a lot of advice,
we transitioned the business concept to Mizuho Pochette, which specializes in financial education that is unique to Mizuho.
In April 2024, we established a new company as a joint venture with Sega XD Co., Ltd. The reason that I have been able to
Ayako Obara

come this far, in addition to a determination to carry through with this idea right to the end, was the understanding and support

CEOthat I felt very strongly from the people around me, with regard to taking time out of my regular duties to take on this challenge.

Mizuho Pochette

I plan to tenaciously oversee the growth of this business, as a model case for providing new value by making full use ofMizuho’s tangible and intangible resources to resolve social issues.
▶P. 70 Mizuho Group CEO Challenge First business project: Mizuho Pochette (within “Digital transformation”)

Integrated Report 2024

34

Progress of the medium-term business plan

Business focus areas

Digital transformation▶P. 67 Digital transformation

We have consolidated digital transformation functions under the Group Chief Digital Officer (Group CDO). Having done so, we are advancing integrated
digital transformation through the efforts of our unique group companies, especially Mizuho Research & Technologies and Mizuho-DL Financial Technology.
⃝Putting in place group-wide digital transformation platform; e.g., for AI applications and digital transformation talent development⃝Through digital transformation in business and operations, improve customer experience and accelerate improvements and greater efficiency in operations⃝Create new business that makes maximum use of the group’s strengths and functions, as well as open alliances with outside parties

Progress in fiscal 2023 and initiatives moving forward
We have been steadily working to put in place platforms to promote digital transformation; for example, by introducing generative AI for
employees, holding an “ideathon” for using generative AI, and improving digital transformation literacy for employees through a group-wide
employee development program. The results of digital transformation have already begun to appear, with increased customer convenience
resulting from improved user interface and user experience (UI/UX) where digital transformation has been incorporated into business andoperations, and in the establishment of companies based on new business ideas created by employees. In order to turn these signs intorobust forward momentum, we will continue to establish group-wide platforms, institute digital transformation in business and operations, andaccelerate the creation of new business.
▶︎Human resources strategy for implementing growth strategy and its KPIs:
P. 49 Building a talent portfolio to implement growth strategy (within “Human capital management”)

IT reforms
While securing the outlay required for stable business operations, we will improve the cost efficiency of IT system maintenance andupgrades by reviewing existing system structures and improve on maintenance and operation structures by utilizing new technologies. In
this way, we will secure capacity for investments in new businesses and services and ensure sustainable growth for Mizuho.
⃝Review structure of existing and new IT systems; review products, services, and operations⃝Coordinate with user departments for higher level IT development and operation and for IT investment management⃝Governance such as system visualization and risk management⃝Increase the number of IT personnel who are able to understand the nature of Mizuho’s business and facilitate it with IT systems

Progress in fiscal 2023 and initiatives moving forward
We started comprehensive reviews of systems, operations, services, and products
through cost and investment return checks and various approaches. We also
worked on the automation of development, maintenance, and other processes andReview existing
IT systems andSystem structure
undertake overall
optimization (resolve optimization
any disorganization)

IT management
reforms

Reinforce development
and operation
and IT investment
management

initiated further upgrades in the system risk management framework.
In terms of initiatives moving forward, in order to achieve expedient implementation

GovernanceIT reforms

Enhancement of
IT personnel andframeworks

Review of
products,
services, andoperations

Develop personnel,build sustainable
relationships withpartner companiesof business strategy, we will need to verify the impact of investments even morethan in the past and promote the revision and abolition of systems. We will improvethe cost and investment return checking process by setting more effective KPIs,
such as ROI at the time of the investment decision, and we will improve on IT
investment and cost management by increasing visibility. We will also review theIT management framework, including IT development and IT investment decisionmaking, and strengthen IT personnel (e.g., business analysts and project managers).
35

Mizuho Financial Group

Visualize IT system
information, enhancerisk management framework, etc.

Conduct group wide (business process re-engineering, elimination of products, services, and operations, etc.)

Value creation process

Executive messages

Maintenance of stable business operations
We are dedicated to stable business operations as an essential component of our growth strategy, of the corporate foundations that support the growth strategy,

measures such as addressing new risks that arise from changes in the business and social environment and from more stringent legal and societal requirements.
⃝Carry forward the lessons of the IT system failures and enhance ability to respond to crises during times of regular business operations⃝Continually upgrade cybersecurity measures as appropriate for a Global Systemically Important Bank (G-SIB)⃝Further enhance and expand measures for anti-money laundering and combating the financing of terrorism (AML/CFT)⃝Thoroughly strengthen global governance and flexibly control risk

Capital for value creation

our ability to respond to system failures, and strengthened our governance. Beyond this, we are further reinforcing our stable business operations throughStory of Mizuho's value creationand of everything we do here at Mizuho. In light of the series of IT system failures in Japan in 2021 and 2022, we have put in place preventative measures, elevatedschedule, in areas such as cybersecurity, AML/CFT, and strengthening global governance. This is an ongoing process, so we will continue tomake further improvements and take on challenges as new issues arise.

Measures for stable business operations
The business improvement plan and system failures after February 2021
To prevent a recurrence of the series of system failures that occurred from February 2021 onward, we formulated a business improvement plan that includes

Materiality

In addition to enhancing our ability to prevent and respond to system failures, we are moving ahead various enhancement programs on

Business strategies for value creation

Progress in fiscal 2023 and initiatives moving forwardfurther system failures. We also put in place structures to enable rapid recovery in theevent that a failure does occur and to continually deter large-scale system failures.

Software-related

2

Hardware-related
FY20210

FY2022

No. of cases taking
over 3 hours1

FY2023

No. of transactions
processed the following day1, 2

7

7

0

0

FY2021 FY2022 FY2023

2

Financial / Non-financial highlights

continued to incorporate these improvements into day-to-day operations, to prevent

Performance-related

Mizuho in society

Even after the initial system inspections and improvements were complete, we

11
Other

Data section

Improvement and current status

No. of major failures1

Appendix⃝Multidimensional inspection of key IT systems
1. Parts: Detect signs of failure and replace ahead of time
Preventing IT
2. Configuration: Establish a configuration that can allow switchingsystembetween multiple devices
3. Procedures: Visualize and share recovery procedures
failures⃝Improving ATMs: Modify specifications to prevent the retention of
bankbooks and ATM cards in the event of system failures⃝Thorough initial response: Report within 30 minutes, hold a meeting
Strengthening
within 1 hour
failure⃝Visualize business processes and data flow through joint walkthroughsby IT divisions and divisions in charge of business operations
response⃝Refine contingency plans and run repeated simulation drills

Governance for value creationsuch as leveraging customer and frontline feedback, IT governance, transforming corporate culture, legal compliance, and exercising of supervisory functions.

Overview and progress of the medium-term business planincreased capacity for multilayered failure response. In addition to response enhancement and preventing IT system failures, we have undertaken activities in areas

0

FY2021 FY2022 FY2023

Maintaining effectiveness and ensuring that lessons are carried forward
We will never forget the times that we have caused inconvenience to customers, andwe will pass on the lessons that we have learned, so that these lessons are always

1. Failures of systems with a large impact (impact in Japan; excluding those caused byexternal factors). FY2021: Feb 2021 to Mar 2022.
2. No. of system failures (in Japan) in which transactions that should have beenprocessed on that day were handled on the following day.

carried forward, even as we respond to changes in the environment.
⃝Reexamine and improve on IT systems and responses, leveraging insights gained from IT system inspections, and incorporating revisions

Continuation of
based on incidents arising at other companies and changes in external regulations⃝Established the IT / Digital Transformation Committee to further enhance supervision functions, not only in ensuring stable businessinitiatives

operations, but also in IT / digital transformation initiatives, which are a source of competitive strength⃝Designated February of each year as a month for thinking about system failures, and conduct company-wide activities aimed at ensuring thatthe lessons learned are always carried forward
Carrying⃝Set up an exhibition to look back at past system failures and to maintain a constant awareness of the inconveniences caused and theforward lessons
importance of preventative and recovery measures⃝Conduct simulation drills throughout the group with a sense of realism and urgency
Integrated Report 2024

36

Financial / Non-financial highlights

Financial highlights
Consolidated ROE¹

Consolidated Net Business Profits¹ (¥ billion)
Plan Target over

5.8%

5.9%

FY2019FY20206.4%

6.6%

FY2021

FY2022

7.6%➡

FY2023

Plan

8%

8.0%

1,070.0
1,005.8
672.5

FY2024FY2025

1. Excluding Net Unrealized Gains (Losses) on Other Securities.

Target of¥1 trillion –FY2019799.7

FY2020

853.1

807.1

FY2021

FY2022

FY2023

FY2024¥1.1 trillion

FY2025

1. Includes Net Gains (Losses) related to ETFs (Mizuho Bank and Mizuho Trust & Banking) and
Net Gains (Losses) on Operating Investment Securities (Mizuho Securities consolidated).

Profit Attributable to Owners of Parent (¥ billion)

Cross-shareholdings¹ (¥ billion)

Target

678.9
471.0

448.5

FY2019FY2020530.4

FY2021

Plan

mid

750.0

700s

1,962.9555.5

FY2022

Total amount of sales andagreed-upon sales -117.1-965.5

Target sales

Sales only2-82.1

FY2023

FY2024FY2025

March 31,
2015

997.3

916.9

March 31,2023

March 31,2024

¥300.0 billion

March 31,2026

1. Acquisition cost basis
2. Excluding gains from reversion of employee retirement benefit trust (+¥1.7 billion) and others.

Cash dividend per share1 (¥)

Common Equity Tier 1 (CET1) Capital Ratio1

115

9.8%
8.8%

March 31,
2020

9.1%

March 31,
2021

9.3%

March 31,2022

March 31,2023

March 31,2024

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

37

Mizuho Financial Group

105

9.5%
75

75

FY2019FY202080

FY2021(Estimate)85

FY2022

FY2023

1. Reflects the effect of the share consolidation conducted in October 2020.

FY2024

Purpose

External environment

Our long-term goal for the future

Business strategy and activities
Materiality areas
Input

OutputOutcomeNon-financial highlights

Value creation process

Executive messages

Priority areas

FY2021

FY2022

FY2023

FY20301. Mizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities, Mizuho Research &Technologies2, Asset Management One, and Mizuho Americas (Data up to FY2021 are for eight groupcompanies 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, both of which were merged into Mizuho Research & Technologies.
3. Company liquidated on March 23, 2022; functions taken over by Mizuho Bank.

Scope 3 (GHG emissions from financing and investment)
Completed initial sector-specific target setting in accordance with Net-Zero
Banking Alliance (NZBA) guidelines toward achieving net zero GHG emissions(Scope 3) in 2050.

SectorTarget (FY2030)

Electric power

138 – 232 kgCO2e/MWh

Oil and gas

Scope 1 and 2

4.2 gCO2e/MJ

Scope 3

-12 to -29% compared to FY2019

13.1

50
8.1

4.6
Total by
FY2021

Total by
FY2022

Added

Automotive Dec 2023

Scope 1 and 2-38% compared to FY2021

Scope 3-31 to -43% compared to FY2021

Maritime transportation

Added Dec 2023

Portfolio climate alignment score ≦0%

SteelAdded Apr 2024

-17 to -23% compared to FY2021

Real estate

Added Apr 2024

33 to 42 kgCO2e/m2

Total by
FY2023

Total by
FY2030

Exposure to high-risk areas
in transition risk sectors
TargetFY2023 result

Reduce over the medium to long term

¥1.5 trillion(- ¥0.3 trillion comparedto Mar 2020)

Outstanding credit balance for coal-fired power plants4OECD countries: FY2030 zero balance
Non-OECD countries: FY2040 zero balance

Thermal coal mining

14.0

TargetFY2023 result

FY2030: Reduce the FY2019 amount by 50%
FY2040: Zero

19.6% reduction(¥240.8 billion)

4. Credit balance where the funds are used for the construction or expansion of coal-fired
power plants, which is prohibited under the Environmental and Social Management Policy
for Financing and Investment Activity ("ES Policy").

▶P. 57 Sustainability

Human capital related
Engagement score and inclusion score1
FY2022
resultFY2023
resultPercentage of management positions filled by women2
FY2025target● Manager equivalent3 and above● General manager equivalent (general managers and equivalent roles)

16%
Engagement score

51%

59%

65%

Inclusion score

55%

60%

65%

7%

FY2021

19%

20%

9%

10%

FY2022

FY2023Results
1. Based on the positive response rate (selection of 4 or 5 on a scale from 1 to 5) for four Staff Survey
questions related to engagement and inclusion.

Materiality

FY2020Capital for value creation

21.2

Overview and progress of the medium-term business plan

(provisional)

100

31.0

Financial / Non-financial highlights

58

Target:Mizuho in society

107

CarbonneutralOf which, environment and climate-related finance(Total from FY2019)

Data section

151

Appendix164

Sustainable finance
Environment and climate-related finance (¥ trillion)

Business strategies for value creation

Towards achieving carbon neutrality by FY2030, progress was made on initiatives
including switching to renewable energy.

Governance for value creation

Scope 1 and 2 (GHG emissions across the seven group companies1) (ktCO2)

Story of Mizuho's value creation

Environment and climate change related

Target: 30%

21%

14%
FY2025

Early
2030s
Target2. Japan (Total of Mizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, Mizuho
Securities, and Mizuho Research & Technologies)
3. From FY2023 onward, due to a change in the scope of calculation, employees seconded toaffiliates outside Japan are excluded.

▶P. 45 Human capital management

Integrated Report 2024

38

Mizuho in society

Mizuho is committed to creating value for society with all of our stakeholders.
This includes creating and raising value with our customers, empowering our employees in society
in a broader sense, and enhancing Mizuho’s corporate value. Through these diverse value paths, we
contribute to society toward Mizuho’s vision for the future.

Stakeholders

The Mizuho Code of Conduct

Mizuho’s business strategy and activities⃝Customer-oriented approach⃝Innovating together with our customers to solve
social issues and achieve a sustainable society
and economy.

▶︎By knowing our customers well andalways thinking from their standpoint, weCustomersdeliver high quality services that address
their true needs.
▶︎We practice integrity, aware that all ofour business operations are connected
to gaining the trust of our customers.

▶P. 27 Overview and progress of the medium-term business plan⃝Organization for group-wide services provisionaccording to customer segment▶P. 71 Business portfolio (Business strategies by in-house company)⃝Pursuit of the best interest of our customers▶P. 99 Customer-oriented approach⃝Respect for human rights⃝Consideration for the environment
Economy and society⃝Response to financial crime andorganized crime⃝Role as a good corporate citizen⃝Respecting diversity and enabling
Employees

everyone in our organization to be
their full selves⃝Contribution to realizing a sustainable society/economy▶P. 57 Sustainability⃝Social responsibility, civic mission, and being
worthy of people’s trust▶P. 97 Compliance⃝Supporting employees in taking on challenges,
rewarding their contributions, and providing a
supportive working environment▶P. 45 Human capital management

The Mizuho Code of Conduct▶https://www.mizuhogroup.com/binaries/content/assets/pdf/mizuhoglobal/sustainability/mizuhocsr/management/code/conduct.pdf

Definition

Shareholders andinvestors

39

Mizuho Financial Group

Providers of the financial capitalrequired for delivery of financial
intermediary functions⃝Further strengthening of engagement with our
stakeholders and improvement of ourdisclosures▶P. 18 Message from the Group CFO(Stakeholder communication)

Purpose

External environment

Our long-term goal for the future

Business strategy and activities
Materiality areas
Input

OutputOutcomeMizuho’s vision for the world (our long-term goal for the future)

Value creation process

Executive messages

Priority areas▶︎Improvement to access to financial services

corporate value enhancement, expand corporate andEnhancement of Japan’s global competitivenessinvestment banking business and capital markets business▶︎Business growth and corporate value enhancement▶︎Improve our presence in US capital markets andstrengthen our role as a bridge to bring Japan together
with the rest of the world▶︎Greater activity in / expanded access to capital markets in Japan

Transition to net-zero carbon emissions worldwide▶︎Business and industry restructuring to support the transition▶︎Business co-creation and innovation▶︎Sustainability initiatives in line with our Human Rights
Policy and Environmental Policy▶︎Prevention of money laundering and blocking of
connections to organized crime▶︎Social contribution activities including finance andImprovement of Mizuho’s sustainability inrelation to environmental, social, and governance(ESG) aspects

economic education▶︎Progress toward respecting diversity and enabling
everyone to be their full selves▶︎Making the group more open to co-creating corporate andsocial value beyond existing organizational boundaries by
updating the relationship between employees working inEnhancing Mizuho’s human capital ontributing to human capital enhancement
Cacross society

the group and the network of former employees (alumni)
around the group▶︎Constructive dialogue with stakeholders▶Feedback to the Board of Directors and management teamSustaining Mizuho’s financial baseE nhancing Mizuho’s corporate value andcontributing for shareholders

Integrated Report 2024

Capital for value creation
Overview and progress of the medium-term business plantransformation

Financial / Non-financial highlights▶︎Sustainable finance and support for sustainability

Materiality▶︎Rise in asset-based income through increase in AUM

Mizuho in society

AUM, and customer use of digital services▶︎Help clients grow by supporting their business growth andExpansion of household financial assets in Japan

Governance for value creation

under management (AUM) / balance of investment trust

Data section▶︎Increase the number of NISAs / iDeCo accounts, assets

OutcomeBusiness strategies for value creation

The value we create together

Appendix

Output

Story of Mizuho's value creation

Personal well-being and a sustainable society and economy

40

Discussion

The need for sustainability

Masahiro Kihara

Member of the Board of Directors
President & Group CEO

Yumiko Noda
Outside Director

Yasuhiko Ushikubo

Senior Executive Officer
Group Chief Sustainability Officer (Group CSuO)

Group CEO Masahiro Kihara, Group CSuO Yasuhiko Ushikubo, and Outside Director Yumiko Noda sat down together todiscuss the global need for sustainability, sharing their views on current debates and initiatives as well as future challenges.

Recent trends in sustainability

surrounding rare earth minerals and loss of biodiversity. It is also
necessary to think about impacts on society in areas such as local

41

Ushikubo The topic for today is sustainability. As it is quite a broad

employment. Corporate executives have to confront theseconcept, I would like to break it up into three subtopics: management,

innumerable, intractable contradictions and still make progress. It isbusiness, and take-up by employees and the organization. We’ll starta considerable challenge.

with management. What challenges do you see in the existing state of

Kihara When I attended the annual meeting of the World Economic

affairs for sustainability, given the conversations you’ve had at various

Forum at Davos in January 2024, I also felt that more people were

opportunities and your own experience?

beginning to see sustainability as a difficult task. As you said, theNoda At the Japan Business Federation, where I serve as one of thedimensions of sustainability have been multiplying. Sustainability topics

vice chairs, we have put forward a policy of practicing sustainable

have already extended from the environment and climate change tocapitalism. We see sustainability as a central theme of corporate

the circular economy, human capital, and human rights. With

management and are pursuing it as such. I believe three points are key

populations aging, birth rates declining, and lifespans lengthening,when it comes to sustainability. The first goes almost without saying:health has also joined the list. What’s more, Japan may be looking atenvironmental conservation. Right now, the earth’s environment is in

more severe disparity due to inflation. In the face of thesecrisis. There is a pressing need for us to accelerate actual innovation

sustainability challenges, under our Purpose of “Proactively innovate

towards green transformation and a circular economy. The second istogether with our clients for a prosperous and sustainable future”,

sustainability in society. Corporations should have a social viewpoint

Mizuho has committed in our current medium-term business plan toand contribute to the development of a fair and equitable society.

creating both corporate value and social value. However, it is very

They should balance doing business with contributing to thetough.

betterment of society by investing in people and fulfilling theirNoda I think that is why the spirit of the Purpose is so critical.

responsibilities in relation to supply chains and subcontractors. The

Kihara If we are to be a company that contributes to society, we

third is the complexity of the concept of sustainability. Determining

must first challenge ourselves to become a sustainable company. In

what counts as sustainable is no easy task. For example, greenother words, we need to have a sound sustainability managementtransformation demands renewable energy and a shift to electric

structure in place. For human capital, we need to be accepting ofvehicles, but these may lead to increases in geopolitical risk

people who have grown at Mizuho and then leave Mizuho to pursue

Mizuho Financial Group"I want us to expand thebreadth of connections."—Group CEO Masahiro Kihara

other opportunities. For human rights, we need to stay on top of due

European Commission’s Environment Commissioner, who was 33 atdiligence. For a circular economy, we need to take even greater

the time, in Brussels. He said that transitioning to a circular economy isaction.

a matter of course—that there is absolutely no choice not to do it. To

Ushikubo From the perspective of Mizuho’s own management, I thinkmake it happen, it will be necessary to bring together a range of

it is important that we fulfill our role as a financial institution bystakeholders. I expect that Mizuho, being a linchpin of industrial

providing risk capital for the transition to net zero. As the process will

finance in Japan, will be able to connect a wide range of related

vary from country to country, we will meticulously respond to thestakeholders.

needs of society and clients according to the situation in each location,

Kihara We will not be able to break with the past if we do notcontributing to resolving social issues while connecting stakeholders.

connect a variety of stakeholders. The Corporate & Investment

Concurrently, we have to remain attentive to transition risks. We need

Banking Company, our in-house company in charge of large corporate

to think about two axes: whether or not a particular sector has highclients, has a Value Co-creation Team. Most of the members of thiscarbon emissions and whether or not the client has the intention andteam have financial backgrounds, and some joined us from different

planning to decarbonize their business. Disclosures are anothersectors, such as Japanese trading companies. We are not only

important aspect. Global standards for sustainability disclosures are

discussing and investing in creative business ideas with our clients but

still in process and rules for Japan are still under discussion, too. We

also constructing creative business platforms with them. For example,

are preparing to comply with these, but it is not enough to simply

along with another Japanese company, we invested in an India-

follow the regulations. Communicating effectively through disclosures

focused startup that has the technology to produce alternative fuelso as to deepen our stakeholders’ understanding is also essential.

from landfill garbage. The technology alone will not be enough; it will
be necessary to also have plants that can apply the technology. In that

Sustainability business strategy to differentiate Mizuho

way, growth in business leads to growth in demand for financing,Noda Supporting clients’ decarbonization is very important. Corporate

constructing new value chains for business, I want us to expand the

management is often wandering around without a compass. The key

breadth of connections, beyond large companies to middle-market

point is whether or not Mizuho can get close to them and innovate

firms and SMEs. Changing the whole industrial structure is no small

which in turn leads to growth in our finance business. Also, in

together with them. The 20th century economy was a mass

task. We need to come up with comprehensive designs for industries.

production, mass consumption, mass disposal economy. Turning it into

We can’t be so full of ourselves as to think we can do it alone. We

a circular economy will require transforming the entire value chain—want to and need to talk with a wide range of stakeholders anddesign, manufacturing, consumption, collection, and renewal. You

create such comprehensive designs together.

could call this a revolution. The younger generation in Europe has

Noda That is really one of Mizuho’s strengths and something I would

taken notice of the fact that human activity is already crossing thelike you to try to do. I used to work at a bank myself, and I know

so-called “planetary boundaries”, beyond which we may cause

bankers tend to decide whether or not the bank will lend to a borrower

irreversible changes to the earth’s systems. In 2023, I met with thejust by looking at the borrower’s financial statements. Going forward,

Integrated Report 2024

42

Discussion

The need for sustainability

banks should take a more proactive role, enhancing their broad

Providing risk capital is one of the functions finance institutions areconnections with clients and utilizing talent from a diversity of

performing to support the Japanese government’s initiatives. Aboutbackgrounds.

the connecting aspect, we want to connect large corporations with

Kihara I think the new shape of banking will be to look not only at a

middle-market firms, SMEs, and less urban areas in Japan, and toborrower’s financial statements but at their growth potential. The

connect middle-market firms and SMEs that have promising

Japanese government’s Green Transformation Implementation Council

technology with large corporations. Sustainability has a lot of areas foris seriously discussing the state of industry and their vision for 2040. I

collaboration, even with competitors. I believe Mizuho might be able toam considering what can be done to connect industry, government,

convince our clients to join hands with their competitors.

and academia together and what Mizuho can do there.

Noda On the flip side, what are Mizuho’s challenges in terms of

Ushikubo One of our actions in fiscal 2023 was to formulate asustainability?

sustainable business strategy, which was also discussed at the Board

Ushikubo One of our challenges is our global reach. We need toof Directors. We are trying to imagine a future in which society hasgather information from Europe, which is ahead on rulemaking forachieved carbon neutrality, a circular economy, and so on, and wesustainability, and introduce Japan to the innovations that arehave to think about what Mizuho’s strengths can contribute and what

advancing in other parts of the world. We want to strengthen ourour aims should be, in both a short-term and medium- to long-term

capacity here. Raising our literacy and sensitivity around global

time frame. Mizuho’s culture of emphasizing research is an importantsustainability developments is a must. Part of this is sending ourcharacteristic here, I think. Also, in terms of support in the short term,

employees from Japan to our offices elsewhere so that they can assist

finance is key. Our sustainable finance target of ¥100 trillion by 2030

local employees in identifying implications for Japan.

shows our commitment. In fiscal 2023, we released our Human Capital-

Noda There is a lot to do, but the highest priority is, as you implied,

based Management Impact Finance product in Japan, which comes

Mizuho’s determination. We are living in a time with no easy

with an impact assessment by the consulting division of Mizuho

answers, and moving forward without stopping requires bothResearch & Technologies. We’ve already had 10 Japanese companies

determination and courage. I heard Group CEO Kihara talked with Paulsign up for it and had interest from many more. The concept of impact

Polman, the former CEO of Unilever, recently. He has been continuallyis an effective way to align the vectors of social contribution andadvocating for sustainability for over 20 years and unwaveringly

corporate value. Over the medium to long term, as Group CEO Kihara

promoted Unilever’s sustainability management. Mizuho should be asaid, our investment activities will be important. We have our Valuefinancial institution supporting companies that have such

Co-creation Investment Facility for the later stage and Transition

determination and courage.

Equity Investment Facility for the early stage. For hydrogen, we have

Kihara Before I talked with Paul Polman, I read his book Net Positive.

announced that we will provide ¥2 trillion in financing by 2030.

His stance was not to quit the hard things, because those are the"For every employee to takeownership of sustainability
themselves."—Group CSuO Yasuhiko Ushikubo

43

Mizuho Financial Group"Mizuho should be a financial
institution supporting companies thathave determination and courage."—Outside Director Yumiko Noda

ones that are most worth doing. I believe finance can give that sort ofsustainability or they hadn’t been able to propose a solution for theirpush to companies producing innovation. That’s in line with theclient’s sustainability needs and wanted to do better next time. I could

thinking of Eiichi Shibusawa, who founded one of our predecessor

see that the younger generation’s interest in sustainability was far

banks, First National Bank, along with many other companies. At the

beyond my original understanding. In fiscal 2024, we are going totime, Japan didn’t have any of the industries or companies that the US

launch an employee-led working group that will call for and implementand Europe did. No one could have known for sure if those sorts ofideas to foster a sustainability mindset throughout Mizuho and provide

industries and companies would be successful in Japan. But that issolutions to our clients. It won’t just be for the relationship managers

exactly why Shibusawa supported them. That is the role of finance.

of large corporate clients in related sectors or for the departments that

Sustainability mindset among employees

policy proposals. It will be for every employee to take ownership ofUshikubo It takes more than just a few members of the organization

uncovering sustainability needs that even our clients haven’t realized

to make innovation happen. Do you have any advice, from youryet.

experience in corporate management, for promoting awareness of

Kihara We had one case of providing financing to a startup dealing inhandle large-scale project finance or for the departments that makesustainability themselves. That will lead to specific plans and tosustainability among employees throughout the organization?

semiconductor-related materials that can reduce energy consumption

Noda My company is like Mizuho in that it does business all overin semiconductor manufacturing, where such consumption is quite

Japan, employing nearly 10,000 people. Getting every employee inlarge. We rewarded this deal internally as a good example ofevery region to adopt your corporate Purpose and a sustainability

completing a deal even in the face of many challenges, but it is also amindset is very ambitious. What I think is important is that eachpositive example of us taking on sustainability. I think it is important forleader, from executive management to the heads of business lines to

employees to understand when they have done something thatgeneral managers on down, talks about the Purpose in their own

contributes to sustainability so that they can communicate it as well.

words. It is also important that employees consider what the Purpose

Noda It would be great if employees could take notice when theirand sustainability mean in the context of their own work.

own work has contributed to sustainability, even if only in a small way.

Ushikubo I agree that sending messages across the various layers of

I look forward to talking more in the future about what Mizuho can dothe organization is important. In fiscal 2023, as Group Chief

as a financial institution to contribute to a sustainable society andSustainability Officer, I held about 30 dialogues with employees, mainly

economy. I will be supporting Mizuho’s innovations from my standpoint

employees in frontline offices who have contact with clients every

as an outside director.

day. I was surprised to find that early career employees in their first or

Kihara Thank you for your time today.

second years would tell me Mizuho could still do a lot more forIntegrated Report 2024

44

Human capital management

Nobuhiro Kaminoyama

Tomoko Kawano

Natsumi Akita

Senior Executive Officer
Group Chief Human Resources Officer (Group CHRO)

Operating Officer
Group Chief People Officer (Group CPO)

Senior Executive Officer
Group Chief Culture Officer (Group CCuO)

In order to realize our Purpose, we willcontinuously enhance our human capital,
which is the source of our value creation,
through CANADE, our new humanresources framework in Japan. We will
also work to improve employee
engagement and create an inclusive
organization so that every employee canreach their full potential.

Human capital impact path
We have identified enhancing human capital as a priority area in our medium-term business plan, and we are undertaking various measures
toward this end. We have visualized the ways these efforts to enhance human capital will contribute to the achievement of Mizuho’s Purpose,“Proactively innovate together with our clients for a prosperous and sustainable future”, in our “human capital impact path” for Japan. We
have also repositioned our human capital KPIs, which we established in fiscal 2023, to measure the implementation and effectiveness of ourhuman capital enhancement. Going forward, we will continue to enhance our human capital and use human capital KPIs to verify the
implementation and effects of our initiatives, as well as review policies in a timely and appropriate manner. In addition, by formulatingcompetitive business strategies and linking them to our HR strategy, we will create opportunities for our employees to play an active role ingrowing business areas and encourage every employee to take on the challenge of growth and career development.
Key milestones in realizing
the vision of CANADE

Initiatives for human capital enhancement

KPI

Developing management candidates

P.48

Mid-career hiring
Building a talent portfolio toimplement growth strategy

P.49

Flexible allocation of personnel

Monitoring

Strong talent portfolio capableof meeting the diverse needs ofcustomers and society

KPI

CANADE

Elevating individual employees’capabilities

Investment in personnel development
Provision of career development andskill development opportunities

Fair evaluation and compensation;
P.47
appointment and selection
independent of seniority
Corporate culture transformation

Expanding employees’ collective skills

P.51

Enabling employees to lead theirown unique careers

KPI

Improving engagement

P.55

KPI
KPI

Promoting DEI
KPI

Pursuit of employee well-being

45

Mizuho Financial Group

Improving inclusion

P.52
KPI

P.54

Monitoring

Mental and physical healthFY2022
resultFY2023
resultFY2025targetStructure for human capital management
Mizuho Financial GroupManagement

Board of Directors

Group CEO

Human capital management

Executive Management Committee

Group CHRO

Group CPO

Group CCuO

HR strategy /human capital policy

Talent and organizational
development

Corporate culture
transformation

Human Resources Strategy Council
Human Rights Awareness and Promotion Committee
Diversity, Equity & Inclusion Promotion Committee

Directions and support for initiatives

Digital transformation

Supervision

Business strategies for value creation

The Group Chief Human Resources Officer (Group
CHRO) is responsible for HR strategy and human capital
policy, planning and facilitating HR management
initiatives for the overall group. The Group Chief People
Officer (Group CPO) promotes talent and organizational
development and diversity, equity, and inclusion as partof HR management. The Group Chief Culture Officer(Group CCuO) plans and promotes initiatives related tothe corporate culture of the entire group. Together, theGroup CHRO, CPO, and CCuO work to enhance ourhuman capital.

Sustainability

XXXX

KPI

XXXX

XXXX

Story of Mizuho's value creation

Please refer to our new Human Capital Report, prepared in fiscal 2024,
for details on our various human resources initiatives.
https://www.mizuhogroup.com/binaries/content/assets/pdf/mizuhoglobal/
sustainability/overview/report/hc_report_2024.pdf

Executive messages

Human capital KPIs are listed in the following format.

Items for which human capital monitoring indicators have been set   Company   Employee

Future vision of CANADE

Personnel of sufficient quality and quantity to lead business
Growth in skills and experience to lead the businessSupport for employees’ self-driven endeavors

Mizuho’s Purpose

Proactively innovate together withour clients for a prosperous andsustainable future.
Mizuho contributes to the personal wellbeing of every customer and works together
with companies that are innovating intechnology and business.

Proactively taking on challenges

Fairly rewarding employee contributions
Receiving fair rewards for contributions

Realize businessvalue by investing inhuman capital

Invest further inhuman capital byrealizing business
value

Everyone who works at Mizuho is connectedto each other, working to change andimprove the future every day from new
perspectives

Supportive working environment and systems
Feeling supported at work

Integrated Report 2024

46

Business portfolio(business strategies by in-house company)

Monitoring

Data section

Items for which human capital KPIs have been set  

Appendix

KPI

Governance for value creation

Mizuho group companies

Human capital management

New HR management under CANADEAn HR framework to support self-driven endeavors
The environment surrounding our customers and society is changing and becoming more complex every day, as are the issues they face. These
shifts are causing attendant shifts in the demands placed on Mizuho. Employees must hone their expertise and take on new roles to achieve
their desired careers, and Mizuho must build a strong talent portfolio capable of meeting the varied needs of customers and society.
Conventional HR management in Japan has struggled to do away with preconceived notions and old customs such as the seniority system. In
order to transform our HR management and encourage our people to take on new challenges, we have made rewarding contributions andsupporting self-driven endeavors the main pillars of CANADE.

Compensation and allocation⃝Compensation and allocation of personnel according to scope of duties and level of responsibility
To create a rewarding place to work, it is important to fairly reward employees for their contributions and achievements.
Our new HR framework in Japan rewards employees for their contributions according to scope of duties and level of responsibility through a
new role-based compensation system. As part of the new framework, we have also removed multi-tiered organizational performance from thefactors that determine employee bonuses, which are now based on achievement of individual goals and performance contributions. Thesechanges have made for a clear system in which each employee is rewarded according to their roles and achievements and which provides
employees with incentives to grow and take on the challenge of larger roles.

⃝Enabling appointment and selection independent of seniority
The introduction of role-based compensation has made it possible to allocate the right person to the right job based on their skills and abilities,
regardless of age or seniority, and promote early career employees to a greater extent than before. At the same time, a previous system that
resulted in lower compensation at certain ages, regardless of individual skill and ability, has been abolished, expanding opportunities forexperienced employees. By reforming our HR system under the motto of “understanding every individual”, we are enabling employees to takeon more challenging tasks and greater responsibilities as they grow, irrespective of age and seniority.
In addition, we have made a shared HR platform for the five core group companies1 and revised the compensation system so that employeeswith the same role will receive the same compensation, even if they work for different entities. This allows for efficiently allocating personnel
across entities.
1. Mizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities, and Mizuho Research & Technologies.

Evaluation⃝Growth-oriented evaluation system
At Mizuho, we aim for every employee to grow on their own terms and take on more challenging roles with greater responsibility. We believethat HR systems and management should support this. In the past, our evaluation system linked evaluation results (rank) directly to salary andassignment. Consequently, employees would focus on obtaining a higher rank at the expense of self-driven endeavors and personal growth. To
address this situation, we have shifted to a more growth-oriented evaluation system so that employees and managers will be able to consider
issues together and focus on individual growth through dialogue. This will encourage employees to reflect and take initiative toward their own
growth.
⃝Framework for evaluating personnel who embody Mizuho’s Corporate Identity
In addition, the previous evaluation framework centered solely on skill level and ability. In order to keep all employees in sync with our
Corporate Identity (Purpose and Values) and translate this into better performance for Mizuho, we have both redefined our Corporate Identity
and updated our evaluation framework to emphasize not only skills and abilities but also embodiment of our Values, which serve as the axis for
employees' behavior based on our Corporate Identity.
47

Mizuho Financial GroupHuman capital management

Executive messages

Developing management candidates
To achieve sustainable growth, Mizuho needs management that can set a clear direction in the face of constant change, identify pressing
issues, and lead the organization toward solutions. With this in mind, we have reviewed our management development program to ensure that it

2x or more the number
KPI

Current statusof executive officers*(FY2022 and FY2023 results)

Maintain at

2x or more

(FY2025 target)

Since fiscal 2022, we have maintained more than
twice as many candidates as we have executive
officer positions, and we are committed to early
selection and ongoing training.

While the total number of executive officer
candidates has remained steady, there is a bias
Going forward toward certain business areas. In order to achievesustainable growth, we will work to systematically
optimize the candidate pool.

* Senior executive officers, group executive officers, operating officers, and others

Establishment of the AOI Program in Japan to develop personnel of the quality and quantity necessary for leadership
In this rapidly changing business environment, the management talent companies need will not spontaneously emerge on their own. Recognizing

Sustainability

In order to have a steadyflow of executive officer
candidates, we have set
the target number for
Background management candidates atof this KPI twice or more the numberof executive officers.
Repeated selections andevaluations provide for aconsistent level of quality.

Digital transformation

Management

Business strategies for value creation

organization as a whole.

Story of Mizuho's value creationconsistently produces leaders who have the conceptual ability to envision the future of the entire business and the execution to drive thethat Mizuho does not have sufficient systems or mechanisms in Japan to secure the management candidates we will require in the future, we

you learn, the more you realize how little you know.
The program involves an evaluation system to continuously assess a candidate’s suitability for management, within a cycle of selecting new
eligible candidates in light of their characteristics and motivations. Such a system allows us to improve candidate growth across the board bystrategically handing out tough assignments and encouraging deep reflection, aligned with the areas for improvement that each candidate
identifies during the training. The program has only just gone into effect, and we will continue to review and make improvements as necessary
to produce a stable flow of management candidates who can be responsible for Mizuho’s future.

Data section

Launch of AOI Juku (training) to prepare and inspire management candidates
In addition to the overall changes to the system, we have also revised our training
program into AOI Juku, which we launched in fiscal 2023. This program not only
focuses on acquisition of management skills, such as strategic thinking and theforward momentum necessary for effecting change, but also on the candidate’s
preparedness for and aspiration toward management. The program provides
opportunities for direct dialogue with the Group CEO and other members of the
management team so that participants can learn to better understand and reflect onthemselves. This helps develop the strong leadership required of management

Appendix

candidates, and we encourage continuous growth through tough assignments foreach participant after their completion of the AOI Juku program.

Integrated Report 2024

48

Business portfolio(business strategies by in-house company)

the quality and quantity of personnel necessary to support Mizuho’s future management. AOI stands for the Aspiration to lead our future
management; the Optimism to see that negativity is an emotion, while positivity is a choice; and the recognition of Ignorance, because the more

Governance for value creation

established the AOI Program, a management candidate development program under the direction of the Group CEO, as a framework to secureHuman capital management

Building a talent portfolio to implement growth strategy
Working to secure personnel that will lead in each of our business areas
Mizuho’s medium-term business plan defines priority areas within our overall business portfolio and formulates growth strategies for each ofthese business areas. It is essential for us to secure personnel that can support each business area so that we can better implement our
growth strategies. We established KPIs in fiscal 2023 to measure the implementation and effectiveness of our initiatives in this regard. We havealso begun to define personnel requirements for the entire business portfolio as a way to improve the alignment of our business strategy and
HR strategy.
▶P. 29 Progress of medium-term business plan

Retail business in Japan
Personal consulting1

1. Certified Skilled Professionals of Financial Planning 1st-grade or Certified Financial Planners.
(number of employees)

We are aiming to place one new qualified
Background individual into each of approximately 300of this KPI branches to provide a higher level of service
to our customers.

1,785

1,876

2,100

FY2022
resultFY2023
resultFY2025targetCurrent status

By expanding our internal system supporting the acquisition ofcertifications and other qualifications, including with new support
courses, we are effectively developing qualified personnel.

Going forward

In addition to the current initiatives, we will further expand the support
system in order to achieve our target.

KPI

In our retail business in Japan, where we are focused on improving customer experience and supporting the doubling of asset-based income,we will review our digital, remote, and in-person approaches, move forward full digitalization of office procedures, and transform branches fromplaces for administration into places for consultation. In light of the increasing importance of personnel who have knowledge and experience inface-to-face consulting and who are capable of supporting asset management, formation, and succession in a customer-oriented manner, weare putting emphasis on personnel development and have set a KPI for number of employees with personal consulting qualifications.
Corporate business in Japan
Business succession2

2. In-house certified personnel (program launched in FY2023).
(number of employees)+100

Given the time required for training, we aim
Background to first send expert personnel to roughly 100of this KPI locations, mainly in the Tokyo metropolitan

KPI

and Kansai areas.

Launched in
FY2023+20

FY2022
resultFY2023
resultFY2025targetStartups/innovative companies3
To establish a competitive advantage, we
aim to secure approximately 100 personnel
Background
who will support startups/innovativeof this KPI
companies and 100 personnel who willoversee support from Head Office.

Current status

In the first year, the program started with input of basic knowledge andpractical proposal methods and produced 20 certified employees.

Going forward

Now that the training program is on track, in fiscal 2024 we will expand
the program content and focus on further personnel development.

3. In-house certified personnel able to support startups/innovative companies (program launched in FY2023).
(number of employees)

+161

KPI

+200

Current status

Steady progress is being made in securing personnel for supporting
startups/innovative companies through in-house training and regularknowledge sharing.

Going forward

We will continue our efforts to provide internal training and knowledge
on supporting startups/innovative companies according to their stage of
growth.

Launched in
FY2023

FY2022
resultFY2023
resultFY2025target

The corporate business, where we are aiming to enhance the competitiveness of Japanese companies, calls for the insight to delve deeper into
industry trends and client needs and the creativity to design growth narratives with corporate clients. We are focusing in particular on the area of
business succession, which requires specialized knowledge and practical experience. We have set a KPI for the number of in-house certified
personnel who can support business succession and are strategically assigning personnel to this area. Similarly, in the area of support for startups/
innovative companies, we have set a KPI for the number of in-house certified personnel in order to systematically develop personnel with experiencein providing support in leading-edge technology fields and expertise in responding to the needs of companies at different stages of growth.
Sustainability-related business
Environmental / energy sector consultants(number of employees)

In response to the diversification of topics inBackground the area of sustainability, we aim toof this KPI increase our number of specialized
personnel by 15%.

131

140

150

FY2022
resultFY2023
resultFY2025target

1,647

1,600

FY2023
resultFY2025targetCurrent status

Our efforts to improve internal and on-the-job training and secure
personnel through mid-career hiring have been proceeding well.

Going forward

We will work to increase hiring of both recent graduates and mid-career
professionals and further improve training for new hires.

Current status

In addition to the progress made by early career employees, mid-level
managers also made conscious efforts to acquire qualifications, leading
to the target being achieved ahead of schedule.

Going forward

Although we have succeeded in expanding the base of sustainability
personnel, our focus is now on further improving quality through work
experience.

KPI

Sustainability management experts
We will aim to hire 100 employees eachyear, with a focus on recent graduates, so
Backgroundthat we will have greater capacity to applyof this KPI
our knowledge of sustainability towards
offering solutions to corporate clients.

49

Mizuho Financial Group(number of employees)

1,300
KPI
FY2022
resultWe are enhancing our talent portfolio in terms of both quantity andquality by sending a steady stream of international assignees fromJapan, including 30 early-career employees annually.

Going forward

We will further expand our talent pool by following up on early-career
employees who were assigned outside Japan in fiscal 2023 while wealso proceed with new assignments.

Launched in
FY2023KPI

FY2022
resultFY2023
resultFY2025targetWe are evolving the global Corporate & Investment Banking (CIB) business model in the US and EMEA and expanding our transaction banking
and capital markets business in Asia. In order to strengthen our business in each of these markets, we need to secure local personnel who arefamiliar with the market, to which end we maintain a high ratio of local personnel in management positions at our offices outside Japan.
At the same time, we must secure a sustainable pool of personnel from Japan who have international experience and can work together withlocal personnel. In training early career employees, we will increase the number of new international assignments, extend the assignment
period from one to two years, and change the format to one year in banking and one year in internal management. This will offer such
employees opportunities to gain practical experience in both front office and governance roles, allowing us to build a sustainable portfolio of
talent with international experience.
Digital transformation
5. Digital Transformation Skills Certification Lv. 4 (equivalent to Level 3 or above in the Skill Standards for IT Professionals of the Information Technology
Promotion Agency, Japan; able to perform all assigned duties and lead projects independently; program launched in FY2023).

Digital transformation5
We identified employees who had a certain
background in digital transformation andBackground whom we wanted to develop into highlyof this KPI specialized personnel, with the aim ofincreasing the number of such personnel by
100.

(number of employees)

+84

+100

Current status

We are advancing certification through training, on-the-job training, and acquisition ofqualifications, focusing on personnel in Mizuho Research & Technologies and MizuhoDL Financial Technology who have a certain background in digital transformation.

Going forward

In addition to training, on-the-job training, and acquisition ofqualifications, we will further enhance our talent pool through midcareer hiring.

Launched in
FY2023KPI

FY2022
resultFY2023
resultFY2025target

6. Digital Transformation Skills Certification Lv. 2 (equivalent to Level 1 or above in the Skill Standards for IT Professionals of the Information Technology
Promotion Agency, Japan; has the basic minimum knowledge required to promote digital transformation; program launched in FY2023).

Digital transformation basics6
We aim to increase the number of
employees with this qualification by 1,000 in
Background total across various business areas, basedof this KPI on the standards of other companies andtasks that require basic digitaltransformation literacy.

Current status

Our professional development programs for employees and support for
qualification acquisition have brought us steadily closer to ourcertification target.

Going forward

We will continue to implement existing programs, expand our base ofqualified personnel, and further the application of new knowledge inbusiness operations.

(number of employees)+924 +1,000

Launched in
FY2023KPI

FY2022
resultFY2023
resultFY2025targetAt the group level, digital transformation is a priority area of our medium-term business plan, and in Japan we are in need of personnel who
have advanced expertise in digital transformation and technologies and can facilitate business transformation for our clients and Mizuho. Aspart of securing such digital transformation personnel, we have set a KPI for the number of these employees and are developing our personnel,
mainly at Mizuho Research & Technologies and Mizuho-DL Financial Technology. In tandem, to expand the base of employees with knowledge
on digital transformation and technologies, we have also set a KPI for the number of digital transformation basics personnel, and we areworking to raise the general level of knowledge through our digital transformation employee development program. (For details, see p. 68,“Enhancement of our group-wide digital transformation foundations”)
7. Personnel who have experience in risk management, compliance, or internal audit; understand the business; and possess the expertiseand skills required for the second or third line of defense (i.e. hold the specific professional qualifications corresponding to these areas).

New

We will increase the number of governancepersonnel by 200 to further enhance the
Background
quality and quantity of personnel in theof this KPI
areas of risk and compliance management
and internal audit.

+200

Current status

Mizuho has 937 governance personnel in Japan, mainly in three of ourinternal organizational groups: Risk Management, Compliance, andInternal Audit.

FY2025targetGoing forward

We will enhance the quality and quantity of our personnel by promoting
the acquisition of qualifications and expanding hiring of mid-career
professionals with specialized skills.

(number of employees)

Launched in
FY2024KPI
FY2022
resultFY2023
resultOne of the priority areas of the medium-term business plan is maintaining stable business operations, which support our growth strategies andcorporate foundations, and by extension all that Mizuho represents. With Mizuho being called on to implement deeper and more sophisticatedgovernance, securing expert personnel in the areas of risk and compliance management and internal audit—the second and third lines ofdefense—is becoming increasingly important, and we have set the enhancement of these areas as a new KPI.

Integrated Report 2024

Appendix

Governance7

50

Human capital management

Executive messages

Second and third lines of defense to support business

Sustainability

Current status

Digital transformation

+150
+92

Story of Mizuho's value creation

Although our efforts to build a pool of employees
from Japan who have international experience were
Background delayed due to the COVID-19 pandemic, we will makeof this KPI up for the delay by annually sending 50 employees
outside Japan, including 30 early-career employees,with a target of adding 150 employees to the pool.

Business strategies for value creation

4. New international assignees from Japan.
(number of employees)

Business portfolio(business strategies by in-house company)

Global business4

Governance for value creation

Global business

Data section

In the area of sustainability and innovation, to respond to the various sustainability challenges our large corporate and other clients are facing,
we will further increase the number of environmental / energy sector consultants at Mizuho Research & Technologies. On the other hand,advancing sustainability in the wider community requires action not only by large companies but also by the small and medium-sizedenterprises that make up the supply chain. Because of this, we have set a KPI for number of sustainability management experts as well and areworking to ensure employees obtain the basic knowledge necessary to conduct sustainability transformation discussions with a wide range ofcorporate clients as they acquire relevant qualifications.

Human capital management

Elevating individual employees’ capabilities
In order to implement our growth strategies, it is important for all Mizuho employees to grow in their own ways while taking on the challenge ofdeveloping their skills and abilities toward their career goals. As part of encouraging such an attitude among our employees in Japan, we areworking to enhance our career development offerings and middle management’s support capabilities. We view such efforts as an investment in
the growth of our people, and we believe that if we provide appropriate opportunities, our people will be able to improve their skills and abilities
on their own initiative. This will in turn translate to a talent pool that can serve as an even stronger foundation for our business.
Investment in personnel development

New

Current status

In fiscal 2023, investment in training was equivalent to ¥85,000 per person per year. We haveenhanced the skill development opportunities and training content available in Japan throughinitiatives such as a certification system for IT and digital transformation, which is a priority area inthe medium-term business plan, and an expanded training lineup for management-level employees.
This is raising the general level of knowledge and skills among our employees in Japan.

Going forward

While we are increasing the knowledge base, ongoing efforts areneeded to develop highly specialized personnel. We will continue todevelop specialists in each area through hands-on training and practicalapplication of skills, in addition to our other options.

(annual investment amount per employee)

We visualize the status of initiatives toenhance each employee’s capabilities andBackground set the amount of investment in training perof this KPI employee as a KPI. Our goal is to achieve an
investment in training equivalent to ¥100,000
per person per year by FY2025.

¥100,000¥85,000¥72,000

KPI

FY2022
resultFY2023
resultFY2025targetEncouraging career independence through a career development framework
Our career development framework in Japan enables each employee to envision theirown unique career path and grow while taking on new roles. Many of our careeradvisors are also certified career consultants (we have about 30 consultants present at
any given time in the HR division).

Self-knowledge

Knowledge of
one’s field andpast cases

Growththrough work

Careerdevelopment
framework
Thinking aboutcareers together

Building careers
togetherSelf-improvement

We are implementing a cycle of employees building their self-knowledge through careerinterviews, gaining career field knowledge through introduction of various departments
and duties within the group, thinking about their careers with the company, creating theircareers through training and other self-improvement, and growing by taking on newroles, followed by renewed self-knowledge.
At the same time, an internal questionnaire has revealed that some employees haveanxiety about the future of their careers, a low awareness of the need to create one’s
own career, and issues with the self-motivated development necessary to realize one’s
career goals. To address these problems, our career advisors are providing advice toemployees on what kind of career they should aim for and what kind of steps they shouldtake to achieve their career goals.

Upskilling for middle management, the channel of communication between the company and employees
Supporting self-driven endeavors means recognizing that employees and the company need to work
together. We believe it is important for middle management, as the channel of communication between
employees and the company, to provide feedback that encourages employees to take on challenges in their
daily work and develop their skills and abilities.
In fiscal 2023, we redesigned our training program for newly appointed managers in Japan. Under thethemes of listening to employees and understanding the power of organizational leadership to leverage
diversity, the program conveyed the importance of guiding communication between employees and thecompany and the differences in motivation that arise from different positions. Aside from this, we have also
created a set of Management Principles to establish a standard of the model manager.
Starting in fiscal 2024, we will be laying out the knowledge, skills, and abilities required of managers, andwe will implement upskilling with training programs throughout the year, while visualizing and monitoringeach person’s participation. We are calling these efforts to enhance management personnel the Manager
Update Program (M-UP), and we will promote it by publishing a guidebook that clearly explains the details.

51

Mizuho Financial GroupManagement Principles

Develop our people and the organization
Respect and understand people
Communicate the significance of our work
Offer a vision, trust, and delegate
Take the initiative to learn and to inspire others
Listen and accept

Ensuring diversity in management and decision-making
Mizuho is looking to incorporate more diverse perspectives and values into our operations and decision-making. We consider promotion of
women, employees hired outside Japan, and mid-career hires to be particularly important strategic themes and ensuring diversity withinmanagement decision-making to be a first step.

Human capital management
Sustainability

Executive messages

If we are to respond to constantly changing business needs and continue to drive innovation, it is essential that we respect all diversity andpromote DEI in our daily business operations and decision-making, in addition to enhancing the capabilities of our individual employees.
Mizuho’s Commitment to Diversity, Equity & Inclusion sets out our three commitments of “Celebrate diversity”, “Promote work-life satisfaction",and “Create an inclusive culture”. These mean that every employee can flourish in their own way and feel satisfaction and pride in working asa member of Mizuho, in turn creating new value for everyone at Mizuho and for society at large.

Story of Mizuho's value creation

Promoting Diversity, Equity & Inclusion (DEI)

Percentage of management positions filled by women1

Percentage of women in new graduates hired
Target: 30%

20%

Target: 21%

7%

9%

FY2021
resultFY2022
result37%

31%

Target: 14%

Maintaining at 30% or above

10%
FY2023
resultFY2025target

Early 2030s
targetFY2022
resultFY2023
resultFY2025target1. Japan (Total of Mizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities, and Mizuho Research & Technologies).
2. From FY2023 onward, due to a change in the scope of calculation, employees seconded to affiliates outside Japan are excluded.

To have business operations integrating theperspectives and ideas of women, who account forhalf of Mizuho’s employees, and to lay a foundation
for the advancement of women employees in the
Backgroundworkplace over the medium to long term, we haveof this KPI
set the percentage of women in new graduates
hired in Japan as one of our human capital KPIs,
complementing our KPIs for management andother decision-making positions.

Current status

The percentage of management positions filled by women
has been steadily increasing through active promotion of
women to management positions and enhanced training.
On the other hand, many female employees are anxious
or resistant to the idea of participating in management,
and it remains a challenge to find ways to eliminate
anxiety in this segment of the workforce.

Going forward

In order to resolve issues toward theachievement of our targets, we willcontinue to provide internal and external
networking opportunities and tocommunicate the appeal of management
through talks and roundtable discussions by
employee role models.

⃝Promotion of employees hired outside Japan
In order to maintain and increase the percentage of management positions filled by employees hired outside Japan, we are working to improve
the global literacy of Head Office personnel who interface with offices outside Japan, and we are formulating a training and succession planfor employees hired outside Japan. Beyond visualizing positions that deal with ex-Japan operations at our Head Office in Tokyo, assigning
people with international experience, and providing intensive language training, we have also invited succession candidates hired outside
Japan to Head Office to receive management candidate training jointly with candidates from Japan, as well as provided opportunities todiscuss management issues.

Further promotion of locally hired managers
Background is necessary to drive our diversifying globalof this KPI business, leading us to set this as a humancapital KPI.

84%

85%

Maintaining at

Current status

The target has been achieved and the percentage is steadily increasing.
However, systematic training of candidates for appointment is key tomaintaining this percentage.

FY2025targetGoing forward

We will work to establish a framework for training candidates forpromotion, including personnel transfers between offices, and to
improve global literacy at Head Office.

83% or above
KPI
FY2022
resultFY2023
resultAppendix

Percentage of management positions outside Japan filled by employees hired outside Japan⃝Securing and retaining mid-career hires in Japan
The percentage of mid-career hires in Japan has increased significantly in recent years, and we have focused on attracting personnel inpriority areas, particularly digital transformation. As a result, the percentage of management positions filled by mid-career hires has reached16%, and we will continue to strengthen retention and proactive hiring.
Integrated Report 2024

52

Business portfolio(business strategies by in-house company)(general managers
and equivalent roles)

19%

Governance for value creation

General manager equivalent

16%

Data section

Manager equivalent2
and above

Digital transformation

In increasing the percentage of management positions filled by women, we are focusing on assignment of duties and professional networking.
Our comprehensive efforts in this area include mentoring by executive officers, training for women appointed to general manager andequivalent positions, as well as opportunities for women in other manager and equivalent positions to learn the appeal of management throughtalk sessions with women employees who are at a further stage in their careers. In addition, the percentage of women in new graduates hiredin Japan, which is one of the key indicators for promoting the development and advancement of women employees over the medium to longterm, has been growing steadily.

Business strategies for value creation⃝Establishment of infrastructure to promote women’s advancement

Human capital management

Becoming an organization that better enables our people to understand and elevate each other as they exercise their individuality
To enable our people to flourish, we must ensure diversity at the decision-making level and also create an environment in which every
employee can succeed in their own way, while understanding and elevating their colleagues. In aiming to create a workplace where everyone
can work comfortably and grow autonomously, we have established a diverse range of channels and opportunities for employees, including
Employee Resource Groups (ERG), an internal network that encourages self-driven endeavors through interpersonal connection; Mizuho
Diversity, Equity & Inclusion Month, a series of employee-led projects and events to promote DEI; and an “alumni network” bringing together
current and former Mizuho employees in Japan.

⃝An environment that supports childcare and family care while working

Based on our recognition that supporting a balance between work and child/family care is key to a good work environment, we arecontinuously improving systems for flexible work styles that are not restricted by time or location, as well as implementing training programs tofacilitate understanding of these systems. In particular, in preparation for a significant increase in the number of employees balancing workand family care, we conducted a questionnaire and training session on the family care experience and how to balance it with work. With regard
to childcare, we are also focused on furthering understanding among colleagues through measures such as training for managers, talks bygeneral managers who have taken childcare leave, and seminars on balancing work and childcare, at which spouses are welcome.
Percentage of eligible male employees who take childcare leave
We aim to create a workplace where
everyone can work comfortably. As part ofthis, we encourage men to proactively
Backgroundparticipate in childcare, and we promoteof this KPI
understanding and practice of balancing
work and childcare throughout theorganization.

104%

105%

Maintaining at

Current status

The target has been achieved consistently since FY2022. However, themajority of these leave requests are for short periods, so the challenge
is to create an environment that allows employees to take longer periodsof leave as desired.

Going forward

Towards continual, consistent achievement of our target, we will
promote systematic leave acquisition and do more to ensure an
environment that nurtures understanding among colleagues, including
managers.

100% or above

KPI
FY2022
resultFY2023
resultFY2025
result⃝A workplace where employees with diverse values can play an active role

In order for everyone to succeed, it is necessary to be proactively inclusive of different types of diversity.
Mizuho’s initiatives in Japan for inclusion of employees with disabilities and LGBT+ employees offer two
examples. For employees with disabilities, we have been building a work environment in which these employees
can demonstrate their skills and individuality. We have been doing this not only by providing support, but also by
cultivating greater understanding among colleagues.
For LGBT+ employees, Mizuho has received the PRIDE Index gold rating for eight consecutive years due to ourongoing efforts to improve the workplace environment and further acceptance. We foster a culture in which theorganization and employees work together to promote understanding. At the same time, we are still in theprocess of eliminating unconscious bias in the workplace, and we will continue to raise awareness to ensurethat our organization is one in which each employee’s sexual orientation and gender identity (SOGI) is respected.

⃝Expanding networking beyond the boundaries of the organization: Alumni

Received the top rating of gold foreight years in a row

We are continuing to expand our Japan network of former Mizuho employees (“alumni”) who are now flourishing in diverse fields outside
Mizuho. In addition, since fiscal 2023, we have been trialing business collaborations that aim to create new businesses and contribute tosociety by connecting current employees with alumni. Alongside this, we are proactively lowering the barriers to former employees rejoining
Mizuho, including through a dedicated contact point that was set up in fiscal 2021. In recognition of these efforts, we received the grand prizeat the Japan Alumni Awards 2023 for the second year in a row.

Received the grand prize for thesecond year in a row.

53

Mizuho Financial Group

Alumni network in-person networking event2. Assuming the condition of no illness or injury to be 100%, this asks the employee to assess as a percentage
their condition for the past four weeks. The shortfall from 100% (percentage lost) is set as a KPI.
Calculation began
in FY2023

20%

Current status

Since this is somewhat higher than the average level and may lead tomore sick leave being taken in the future, we must implement ongoing
efforts, including measures for prevention and early detection.

Going forward

In addition to continuing our efforts to help employees improve their lifestyles, we will
strengthen manager support systems and assistance for individual health management
in order to facilitate prevention and detection of diseases at an early stage.

Current status

The percentage of paid annual leave taken remained steadily above the target as in fiscal 2022. However, thepercentage varies between different teams, offices, departments, and divisions, and the challenge now is tocreate an environment where employees anywhere in the organization and in any role are able to take leave.

Going forward

Towards achieving the new target, we will continue employing work stylereform consulting services to increase work efficiency and productivity
as we work on normalizing the taking of leave throughout Mizuho.

15% or below

KPI
FY2022
resultFY2023
resultFY2025target78%

83% Target: Maintaining at

Percentage of paid annual leave taken by employees
Every employee needs sufficient time off ifthey are to work productively and actively. To
Background further improve the mental and physicalof this KPI health of our employees, from fiscal 2024 wewill raise our target for the percentage ofpaid annual leave taken by employees to 80%.

80% or above

Maintaining at
70% or above

KPI
FY2022
resultFY2023
resultTargetraisedFY2025target⃝Health and productivity management strategy map

investment
Health investment Healtheffects

Aims of health and productivity
management
Ultimate goals

Targets related toawareness andbehavior change

We aim to improve motivation and productivity by ensuring our people can reach their full potential at work and to increase
corporate value and sustainability by leveraging the strengths and individuality of each employee.
Reducing presenteeism

Key issues

Improving engagement

Improving lifestyle habits

Improving medical checkup rates

Ensuring a supportive work environment• Percentage of personnel who regularly
exercise• Number of seminar participants• Periodic health checkups and follow-up examinations• Stress checks• Women’s health examinations• Percentage of personnel using leave andsupport systems• Percentage of personnel taking annual paid leave

Lifestyle habits
Measures

Reducing absenteeism• Walking seminars• Health app (QOLism)

Women’s health

Mental health support

Expense subsidies, leave, etc.

• Women’s health support services• Seminars and videos• Training for managers and individuals• Stress check follow-ups• Subsidies and leave for health checkups• Three- and four-day weekends

Improving health literacy

Data section

We set this as a new human capital KPI
because we believe that reducing
Backgroundpresenteeism is essential to increasingof this KPI
productivity through health management
measures.

Enhancing support and preventive
measures for injury and illness

Financial health: Creating opportunities for employees to build their assets autonomously, developing support frameworks
Under the existing system for asset formation and related education, there remained issues regarding the level of understanding and satisfaction
among employees. To resolve these, we are planning a campaign to make employees more aware of the asset formation options available atMizuho, and we are also revising our corporate-type defined contribution pension plan, as a means of creating opportunities for employees to build
assets autonomously. We will measure the effectiveness of these ongoing initiatives by checking the status of employees’ asset formation.

Integrated Report 2024

AppendixNew

Presenteeism254

Human capital management
Sustainability
Digital transformation

Executive messages

1. Although we are aiming for improvement, rest should be taken when necessary, and monitoring and factor analysis should be conducted without setting targets at this time.

Story of Mizuho's value creation

As part of realizing our vision for health and productivity management in Japan, in fiscal 2023, we formulated a health and productivity management
strategy map to visualize the links between our goals and measures. Health awareness among employees is improving, thanks in part to the effectsof our internal Health Promotion Month and various other measures. Conversely, the number of employees taking leave due to mental health issues
has also been on the rise, so we are focusing on initiatives that lead to early detection of such issues and strengthening support for employees toreturn to work. We recognize there is a need for further efforts, as the percentage of absenteeism1 (the percentage of employees who have beenabsent from work for 30 or more calendar days after the start of sick leave, excluding paid leave) is still at 1.8%, the same level as in fiscal 2022.

Business strategies for value creation

Physical and mental health: Formulating a strategic map to achieve health-focused management in Japan

Business portfolio(business strategies by in-house company)

We believe that ensuring and promoting physical and mental health on an ongoing basis is a part of enabling every employee to work to theirfull potential. Mizuho supports employee well-being in terms of both physical and mental health and wellness, which raises employees’
productivity and motivates them to take on new challenges. Our support also extends to financial health and wellness, helping employees avoid
financial worries in the future.

Governance for value creation

Pursuit of employee well-being

Human capital management

Building a corporate culture where employees are fulfilled and successful
We are transforming our corporate culture with the aim of creating a workplace where employees can reach their full potential and where all
executive officers and employees see the Corporate Identity as their own, think and act toward its realization, and work as one to provide value
to our customers, the economy, and society.
If employees are motivated to contribute of their own accord and take on challenges in their own careers, they will be able to find fulfillment
and a sense of purpose in working for Mizuho. This will then allow them to enjoy connecting with others and demonstrating their strengths andindividuality. The success of these employees is a source of increased corporate value. Business growth creates a virtuous cycle in which
employees attain greater job satisfaction, while a positive corporate culture leads to sound organizational management and reduced risk. As
part of realizing these, we conduct regular employee surveys to identify employees’ attitudes and situations, and respond to them swiftly.

Signs of change in employee mindsets, but corporate culture still in development
59%

Inclusion

60%

Overall experience

In addition, about 20% of employees felt that their overall experience working at Mizuho did
not meet their expectations, indicating that some do not fully understand how their work isconnected to Mizuho’s strategies and organizational goals.

Intention to continue
at Mizuho

34%(83% when including
neutral responses2)
49%(87% when including
neutral responses2)

Well-being

When asked if they intended to continue working for Mizuho, only about 10% of employees
responded “No”, indicating that few have strong intentions to leave the company. However,some expressed concerns about the future, such as whether their job will continue to exist.

72%

➡ ➡

Engagement+8 pps➡

Positive response rate1 Change since FY2022+6 pps➡

KPI+5 pps➡

In fiscal 2023, all of our KPIs improved as a result of steady implementation of measures tofirmly establish our Corporate Identity among employees and improve communication. Overall,however, there is still some way to go, especially toward achieving two of our human capital
KPIs (for the engagement and inclusion scores).

+1 pp+5 pps

1. Selection of 4 or 5 on a scale from 1 to 5. 2. Percentage including 3.

Well-being is high, exceeding the level generally considered acceptable, but some employees who are otherwise positive about their work do
not have high expectations for the experience they will gain.

Engagement score
65% (FY2025 target)

51%

51%
Oct 2022

Apr 2023

Engagement maximizes the impact of humancapital on corporate value. As a first step, we
set a target at a level that is generally
Backgroundconsidered acceptable, aiming to realize aof this KPI
relationship where employees and thecompany can flourish and create value
together as equal partners.

Current status

53%

July 2023

59%

55%

Oct 2023

We are aware that the messaging from management has
not yet reached some segments, and there are individual
differences in the way people perceive the changes. In
addition, some have commented that management does
not have a good grasp of the actual situation on the front
lines, and the insufficient sense of pride in the company
among employees is another issue to address.

Jan 2024

Going forward

Through CANADE, we will strive to build an
equal relationship between employees andthe company, and through ongoing dialogue
with the front lines, we will encourage
employees to proactively contribute andcreate their own job satisfaction.

Inclusion score
65% (FY2025 target)
53%

55%

Oct 2022

Inclusion maximizes organizational strength
by fostering connections between employees.
As a first step, we set a target at a level that is
Backgroundgenerally considered acceptable, aiming toof this KPI
realize connections between employees withdiverse perspectives and values so thateveryone can work in their own way.

55

Mizuho Financial GroupApr 2023

Current status

55%

July 2023

58%

60%

Oct 2023

Issues remain regarding inter-organizational
cooperation and communication, especially in mutual
respect, and some employees struggle to feel like part of
the wider group. A deeper understanding of the actual
situation of employees is required to make improvementsin these aspects.

Jan 2024

Going forward

We will strive to create a sense ofcooperation and unity between
organizations and between individuals by
removing barriers to communication
between organizations and deepening
respect and mutual understanding among
employees.

We have taken steps to foster a corporate culture that encourages self-driven endeavors and a sense of unity through mutual recognition ofdiverse personalities, and employees now feel better about the quality of communication. On the other hand, there are still challenges in interorganizational cooperation and mutual understanding between Head Office and the frontlines. Although all employees are equal in providing
value to customers, the economy, and society, some employees feel there is a hierarchy between positions and sections, which is a sentiment
we are working to eliminate.

⃝Achievement of career goals

Aiming to help our employees achieve their career goals, our new HR framework in Japan encourages employees to grow through their own
endeavors and rewards their contributions. However, the reality is that employees have responded to this system with a mixture of expectationand concern. Also, it is clear that employees are not fully satisfied with their own evaluations and transfers due to a lack of dialogue with their
managers. We believe that this is due to middle management lacking the skills and abilities to support employee growth, as well as lacking time
to devote to management tasks. As such, we are focusing on enhancing middle management’s capabilities. (Please refer to p. 51, “Upskilling for
middle management, the channel of communication between the company and employees”)⃝Productivity and resource sufficiency

In addition to the aforementioned efforts to enhance middle management’s capabilities, we have taken steps to improve operational
infrastructure throughout the group, and we are seeing improvements in the chronic shortage of personnel and long working hours. These
efforts will continue in line with the actual situation of each part of the organization.
IssuesStaff Survey
results

Communication
Career goals
Productivity and resources

Instilling a sense of ownership over the Corporate Identity

Promoting self-directed efforts

Promoting dialogue• Town hall meetings• Management workshop• Cross-functional internal job postings• Independent commendations• Dialogue between management and employees• Dialogue among employees

Implementation of the new HR framework in Japan, including promoting dialogue between managers and other
employees, ensuring understanding of evaluations and transfers, etc.
Monitoring the state of middle management and improving business infrastructure such as IT and facilities▶P. 33 Corporate culture transformation

Data section

Strategy communication

Example initiatives

Example initiatives

Dialogue between individuals to deepen mutual understanding and communication

In addition, as an initiative to promote dialogue among employees, we are pursuing organizational
development that strengthens collaborative employee relationships and improves organizational
effectiveness. Ongoing dialogue furthers psychological safety and mutual understanding, leading tobetter coordination at work and collaborative processes. This results in a greater sense of job
satisfaction and fosters a sense of unity in the organization.

Appendix

In order to solve communication problems, it is crucial for individuals from all walks of life tounderstand each other. Dialogue between management and employees is one example. In fiscal
2023, we have had more direct contact and dialogue between management and employees thanever before. With the commitment of management, we will quickly implement measures to address
issues identified from employee insights and verify the effectiveness of such measures throughrepeated dialogue.

Dialogue between colleagues from offices outside Japan
and Group CCuO Akita

Integrated Report 2024

56

Human capital management
Sustainability
Digital transformation

Executive messages⃝Improving communication

Business strategies for value creation

In fiscal 2023, we held town hall meetings and other events and sent out messages from executive management to instill in our employees asense of ownership over our redefined Corporate Identity, but it still has not yet fully resonated with some employees. We believe that this isdue to the fact that employees perceive messages differently depending on their duties and situation. We will continue to collect directcomments from employees to thoroughly understand the circumstances of each team and employee and take prompt measures so that every
employee will be able to feel the changes that are occurring.

Governance for value creation⃝Strategy communication

Story of Mizuho's value creation

Our annual Staff Survey returned a particularly low rate of positive responses to questions related to management and Head Officeunderstanding of the front lines, achievability of career goals, and operational efficiency, including the development of supporting resources
and infrastructure. We extracted the following four issues for the group to address as a whole by looking at the absolute values of scores,
including analyzing comments, and the degree of deviation from the average level among Japanese companies.

Business portfolio(business strategies by in-house company)

Identifying issues from the Staff Survey results and taking action based on management commitment

Sustainability

Realizing a sustainable society and economy presents a range of challenges, including responses to climatechange, conservation of natural capital, development of a circular economy, and respect for human rights.
Mizuho has steadily built up its initiatives in these regards, aiming to contribute to sustainable growth worldwide.
Among the most important challenges we are addressing are responses to climate change. Aiming to contributeto achieving net zero by 2050, we have established a Net Zero Transition Plan and are taking an integrated
approach to facilitating transition in the real economy, capturing business opportunities, and managing risk. To
achieve net zero greenhouse gas (GHG) emissions through financing and investment, we increased the sectors
for which we set medium-term GHG emissions reduction targets and we are engaging with clients on thesetargets. At the same time, we are bolstering our risk management framework to enable us to gain an accurate
understanding of client progress on transition risk responses and assist them as required.
The transition to a decarbonized society is also an opportunity to enhance the competitiveness of Japan’s
industry by supporting our clients’ structural transformation and practical application of next-generation
technologies. Having set a sustainable finance target of ¥100 trillion to provide funding needed for transition, weare providing risk capital for groundbreaking business sectors.

Yasuhiko Ushikubo
Senior Executive Officer
Group Chief Sustainability Officer(Group CSuO)

Our implementation of these initiatives is underpinned by collaboration with a wide range of stakeholders andeach employee’s high level of knowledge and awareness regarding our course of action. We are focusing on
capability building by engaging in dialogue with employees in branches, offices, and other workplaces.
We will proactively innovate together with our clients and stakeholders for a prosperous and sustainable future,
as stated in our Purpose.

Overview of sustainability initiatives
Aims

We will contribute to environmental conservation and the sustainable development and prosperity of the economy, industry, andsociety both in Japan and around the world. Also, we will engage in management practices that take into consideration value creationfor various stakeholders and will work to enhance our corporate value through the sustainable and steady growth of the Mizuho group.

Take action based on
Responses to climate change
awareness of interconnections▶ P. 58

Conservation of natural capital

Development of a circular economy▶ P. 61

Maximize opportunities (increase positive impacts)
Pursue intandem▶ P. 62

Reduce and avoid risks (decrease negative impacts)● Climate-related risk management ▶ P. 60● Responsible financing and investment to prevent andmitigate negative impacts on the environment and society● Support for clients’ steady transition toward 2030 and their
future-oriented action ▶ P. 59● Provision of sustainable finance ▶ P. 64

Strengthen
expertise

Respect for human rights▶ P. 61▶ P. 63● Cooperation with stakeholders and external collaboration (establishment of the platform and conditions to facilitate action on sustainability) ▶ P. 64● Personnel development / knowledge enhancement / internal communication (accumulation of knowledge within the group) ▶ P. 64

Sustainability promotion structure
We discuss at the business execution line, e.g.,
the Sustainability Promotion Committee andExecutive Management Committee, withsupervision by the Board of Directors and Risk
Committee.

Mizuho Financial Group
Supervision
Board of Directors

Management
Group CEO

Executive Management Committee (chaired by the Group CEO)
Deliberate important matters

Risk Management Committee (chaired by the Group CRO)

Risk Committee

Monitor risks

Sustainability Promotion Committee* (chaired by the Group CEO)
Deliberate / coordinate* Meetings held nine times in fiscal 2023

The Group CSuO reports directly to the Group
CEO, and plans and promotes group-wide
sustainability initiatives. Further, under the Group
Chief Risk Officer (Group CRO), we strengthen
our system for conducting centralized
sustainability-related risk management.
57

Mizuho Financial Group

Group CSuO

Group CRO・Sustainability Planning Dept.
・Sustainable Business Promotion Dept.

Risk Management Group Risk Management Dept.
Sustainability Risk Management OfficeDirections and actions to promote initiatives

Group companies

Human capital management

Executive messages

Responses to climate change

PolicyGovernance

Climate-related
governancestructure for thetransition plan

StrategyMizuho’s Approach to Achieving Net Zero by 2050

Approval / supervision / reporting The Board of Directors approves the transition plan and supervises its progress as reported and discussed by the execution line.
Accountability / review The business execution line has the responsibility and authority to execute the transition plan and must regularly review and report the progress made to the Board of Directors.
Transparency Disclosures and reports are regularly made to external stakeholders regarding the details and progress of the transition plan.
Scenario analysis
Recognized the importance of clients’ transition risk
responses and engagement

Top risks
Set as the worsening impact ofclimate change

Identification ofpriorities

Materiality
Set as environment and society

Capturing business
opportunities

Support transition and structural transformation throughfinancial and non-financial solutions- Provision of transition financing, creation of new businesses, etc.

Strengthening engagement Client engagement

Metrics andtargets

Aims and actions

Environmental Policy (climate change-related initiatives)

Key sectors
Identified key sectors for net zero transitions

Next-generation tech
Identified next-generation technologies
related to key sectors

Continual enhancements to risk management structures and policies

Risk- Implementation and continuous review of risk control in carbon-related sectors and the
management Environmental and Social Management Policy for Financing and Investment Activity (ES Policy)

Representing views for rule-making

Capability building

Strengthen sustainability transformation human capital and internal
communication

Capturing business Sustainable finance / environment- and climaterelated finance targets
opportunities

Risk
Target to reduce the outstanding
management exposure for coal-fired power plants

Engagement

Progress in status of clients’ transition risk responses

Capability building

GHG emission
reductions

Targets to reduce our own emissions (Scope 1 and 2)

Targets to reduce emissions associated with financing and investment (Scope 3)

High-risk area exposurein transition risk sectors

Sustainability transformation human capital KPIs

⃝Road map for net zero by 2050
2022

2023

2024

… 2030… 2040… 2050GHG emission reductions
Expected to achieve-65% compared to FY2020

・Scope 3
(Emissions associated withfinancing and investment)

Coverage oftargetsectors

Carbon neutral● Electric power, oil and gas, coal mining (thermal coal)● Automotive, maritime transportation (Set Dec 2023)

Net zero● Steel, real estate (Set Apr 2024)

Data section

・Scope 1 and 2

Completed initial sector-specific medium-term target setting

Business opportunities
・Sustainable finance1
(of which, environment- and climaterelated finance)¥21.2 trillion(¥8.1 trillion)¥31.0 trillion(¥14.0 trillion)¥100 trillion(¥50 trillion)

・Outstanding credit balance for coal-fired power plants2¥235.5 billion¥240.8 billion3-50%4

・High-risk area exposure in transition risk sectors¥1.6 trillion¥1.5 trillion

Appendix

Risk management
Zero

Reduction in the medium to long term

1. Total accumulated financing amount since FY2019.
2. Credit balance where the funds are used for the construction or expansion of coal-fired power plants, which is prohibited under the ES Policy.
3. The outstanding credit balance has appreciated on a yen basis due to the yen's depreciation versus other currencies, though a steady decrease in the balance can be observed when calculated in terms of each local currency.
4. Compared to FY2019.

Integrated Report 2024

58

Sustainability
Digital transformation

Foundations

Business strategies for value creation⃝Overview of Net Zero Transition Plan

Business portfolio(business strategies by in-house company)

We have set sector-specific medium-term targets for emissions from financing and investment (Scope 3) based on the guidelines determinedby the Net-Zero Banking Alliance (NZBA). Having set new medium-term targets for the automotive, maritime transportation, steel, and realestate sectors, we have completed initial Scope 3 target setting. Results for each metric presented in our road map are progressing steadily.

Governance for value creation

We are pursuing efforts to limit global temperature increase within 1.5°C by formulating our Net Zero Transition Plan and taking integrated
action to facilitate transition in the real economy, capture business opportunities, and enhance risk management.

Story of Mizuho's value creation

Reaching net zero by 2050

Sustainability

Mizuho’s business strategy for transitioning to a decarbonized society
We are supporting our clients’ decarbonization strategies and other efforts to pursue sustainability transformation by leveraging Mizuho’s
strengths to enhance the competitiveness of Japan’s industry through structural transformation and to create both economic value and societal
value.
To facilitate the transition to net zero in the real economy, we are placing emphasis on engagement and supporting our clients' strategies of all
kinds. We are working with our clients to help them pursue transition and adopt next-generation technologies, taking into account eachsector’s differing characteristics and challenges.

Mizuho’s focus areas

Supporting clients’ steady transition toward 2030

⃝Clients’ business portfolio restructuring and supply chain transformation⃝Initiatives towards deploying new technologies⃝Enhancing our sustainable finance arrangement capability

Key recent initiatives
HydrogenAnnouncement of ¥2.0 trillion in hydrogen
financing (by 2030)

Carboncredits

The only financial institution to receive Best
Market Maker status from Tokyo Stock
Exchange’s carbon credit market

ImpactReleased Impact Business Compass

Supporting future-oriented clients’ actions⃝Addressing key topics for a sustainable society and economy⃝Supporting business and technology development⃝Cross-industry and supply chain collaboration with stakeholders⃝Product and business development by collaborating within the group and with outside parties⃝Overview of Mizuho’s client engagement
Clients

Carbon neutral strategy

Interconnection

Interconnection

Business strategy

Financial and capital strategy
Enhancing
corporate value

Support clients' strategies
by leveraging climate change response as a catalyst

Analysis and ideas/concepts

MizuhoIteration /Deepening Track and analyze risks/opportunities associated with climatechange and envision a response
based on the future vision of thesector and client

Strengths

Expertise in industry
and technology

Constructive dialogue

Solution provision and co-creation

 Foster a common understandingof the client's businessenvironment and management
issues, and facilitate client's
corporate actions.

 Providing financial andnon-financial solutions andco-creating business withclients leveraging Mizuho's
strengths

Connecting within and outsideof Mizuho

59

Mizuho Financial Group

Steel⃝Discussion on topics such as reducing carbon emissions
from blast furnaces and practical application of hydrogen
direct reduction, and voicing of views to the governmentand other parties

Automotive

Finance arrangement capability⃝Financial arrangement to implement clients’decarbonization strategies, such as procuring renewableenergy and developing new technologies⃝Provide proposals for emission visualization andmanagement services throughout supply chains

Maritimetransportation⃝Discussion on inorganic strategies for launching non
oil-related businesses⃝Support business portfolio restructuring and hydrogenvalue chain development for future fuel conversion⃝Support study related to strengthening and restructuringof petrochemical businesses, and commercialization ofsustainable aviation fuel (SAF) production

Resolutionof social issues⃝Discussion on compliance with International Maritime
Organization (IMO) regulations⃝Financial support to expand the introduction of vessels
with low carbon fuelsRealestateElectric power⃝Various discussions on energy mix and changes inbusiness structure⃝Supported transitioning to decarbonized power sources,
strengthening of power networks⃝Deploying new technologies such as offshore wind andsolar power

Oil and gas⃝Providing sector-specific support

Capturing
Risk
mitigation opportunities⃝Support for the measurement of GHG emissions and theestablishment of procurement structures for renewable energy⃝Provision of finance backing environmental measurestaken in the real estate sector⃝Materiality assessments of climate risks

Human capital management

Executive messages

Climate-related risk management
We conducted evaluations on the materiality of risks in each category in order to understand the risks in an integrated manner. As a result, werecognized the particular consequences of climate-related risks in the categories of credit risk (deterioration in client business performance)

we are developing a structure for monitoring. In addition to monitoring exposure at each level, in fiscal 2024 we are endeavoring to upgrade ourclassification methods, primarily by improving our evaluation criteria for (2) progress of response to transition risks.
(2) Progress of response to transition risks

Coal-fired power generation
Oil, gas, and other power generation(2)・Has a strategy to addresstransition risks
・Has set quantitative targets

High-risk areas2(¥1.5 trillion in total)

(4)
(3)
1
・Has set targets aligned with the ・Has had a third-party evaluation
to confirm they are on track toParis Agreement
achieve those targets
・Implementing specific initiatives
・Certain to achieve those targets
based on those targets

Low-risk areas

Medium-risk areas

Renewable energy, nuclear power,
power transmission etc.

Thermal coal
Metallurgical coalSupport for promoting clients’
responses to transition risks3

Oil and gas
CementSupport for business structure transformation
leading to lower risk areas and sectors

Other sectors

1. Science Based Targets or equivalent.
2. Amount of exposure as of March 31, 2024. High-risk areas include project finance for coal-fired power plants.
3. Set up a transition support framework to provide more active support for clients` responses to transition risks and business structure transformations, etc., by setting the fulfillment of international standards as our requirements.

Continuously develop evaluation criteria for clients’ responses to transition risk (during fiscal 2024)
Status of transition risk responses (3)Status of transition risk responses (4)Subdivide into levels the criteria “achievement of a certain
amount of GHG emission reductions with respect to targets”

Add “targets and performance are consistent with the 1.5°C
pathway” as a determining criteria for this level⃝Client progress on transition risk responses
Clients in all sectors are making steady progress when compared to the status of their transition risk responses of previous years.

(1)

(2)

Mar 31, 2021 0%

53%
80%

Mar 31, 2023 0% 10%
Mar 31, 2024 0%

7%

83%
75%

Mar 31, 2021 1%

33%

65%

0%

Resources

Mar 31, 2022 0%

32%

66%

1%

7%

Coal mining / Mar 31, 2023 0%
oil and gas

27%

72%

1%

26%

74%

0%

Mar 31, 2024 0%

18%(¥6.9 trillion Mar 31, 2024 exposure amount)Mar 31, 2022 0% 10%

90%

0%

Mar 31, 2023 0%

6%

94%

0%

Mar 31, 2024 0%

1%

99%

0%

(¥2.0 trillion Mar 31, 2024 exposure amount)

High

4%

(¥4.5 trillion Mar 31, 2024 exposure amount)

Steel

(4)

7%

43%

Power Mar 31, 2022 0% 14%
generation
Coal fired /oil-fired /gas-fired(3)

Mar 31, 2022 0%

Cement27%

31%

Mar 31, 2023 0% 1%
Mar 31, 2024 0% 1%

42%

59%
41%

39%

Appendix

Low

Data section

Through engagement, Mizuho confirms the status of client transition risk responses and supports transition responses in a phased manner.

57%(¥0.3 trillion Mar 31, 2024 exposure amount)

Please see our Climate & Nature-related Report 2024 for more details on our climate-related risk management.
https://www.mizuhogroup.com/binaries/content/assets/pdf/mizuhoglobal/sustainability/overview/report/climate_nature_browsing_2024.pdf
Integrated Report 2024

60

Business portfolio(business strategies by in-house company)

SteelGovernance for value creation

Materials Resources Electric power(1) Client sectors(1)・Has no policy to addresstransition risks
・Has set no targets

Sustainability

We assess risks on two axes: (1) client sectors, and (2) progress of response to transition risks; having designated high- and medium-risk areas,

Digital transformation⃝Risk control in carbon-related sectors

Business strategies for value creation

based on materiality.

Story of Mizuho's value creationand market risk (decline in the value of stock holdings). We understand and manage the quantitative impacts of risks through scenario analysis

Sustainability

Conservation of natural capital
The conservation and recovery of natural capital is closely related to climate change and is an important issue for which, as a financial
institution, we must make efforts both to capture opportunities and to manage risks.
We recognize water and biodiversity as key natural capital. In fiscal 2023, we used the LEAP approach1 to analyze sectors with particularly highdependencies and impacts on water and biodiversity that are expected to provide business opportunities in the future: chemicals, general
wholesale / retail, and food. We also support our clients in their efforts to preserve and restore natural capital through a variety of solutions,from consulting to financing.
1. A method of assessing nature-related issues by following four steps: Locate, Evaluate, Assess, and Prepare

Visualizing the relationship between Mizuho’s loan portfolio and natural capitalWe used an analysis method based on the LEAP approach to understand the ways in which Mizuho’s clients have dependencies andimpacts on natural capital in order to leverage that understanding for capturing business opportunities and appropriately managing risk.
Actions taken
Step1

Identified key natural capital

Water and biodiversity(habitats and species)

Identified key sectors with high dependencies andimpacts on water and biodiversity

Food, oil and gas (mining), and forest products sectors
Accounting for Mizuho’s loan portfolio size: Chemicals, automotive, real estate, general
wholesale / retail, and oil and gas (mining) sectors

Selected food, chemicals, and general wholesale / retail as sectors withpotential business opportunities expected, and identified key processes withhigh dependencies and impacts on water and biodiversity

Processes of raw material extraction and production (in the upstream value chain)
For food sector, also includes procurement, manufacturing, and processing

Identified priority locations where the risk from contact
with nature is high and where the dependencies andimpacts on water and biodiversity are highSignificant variance in risks among the operational sites, even for the same sector,
company, and production process, because of high regional specificity

Identified potential risks near operational bases of clientswith a presence in the priority locations

Reputational risks (impact on the cultural diversity of indigenous and local populations,water conflicts, etc.), physical risks (floods, excessive consumption of forest resources, etc.)

FY2022
Step

2

Step

3

FY2023

Step

4

Step

5

Analysis results

Support clients
Blue financeConsulting services related
to natural capital

We provided financing for new water-related projects and infrastructure development(During FY2023: Financing arranged / underwritten for 13 projects)
Mizuho Research & Technologies cooperated with Kokusai Kogyo Co., Ltd. to provide Mizuho Nature-Positive Design®,
a consulting service that uses satellite data to support the procurement of sustainable raw materials by companies.

Please see our Climate & Nature-related Report 2024 for more details on the conservation of natural capital.
https://www.mizuhogroup.com/binaries/content/assets/pdf/mizuhoglobal/sustainability/overview/report/climate_nature_browsing_2024.pdf

Development of a circular economy
As economic growth continues globally, resource shortages and constraints are emerging, making the shift to a circular economy imperative.
The thinking behind a circular economy is to conserve and maintain the value of products and materials indefinitely and minimize the generationof waste. As such it is highly compatible with strengthening responses to climate change and conservation of natural capital, and we will
therefore gear our initiatives in these regards to our efforts to help its development.
Provision of finance
Provision of risk capital

61

Mizuho Securities was appointed as lead book runner and structuring agent for a sustainability-linked bond, Japan’s firstpublicly offered bond that adopted circular economy-related KPIs.

Mizuho Bank sought to address the issue of waste treatment in India by investing through our Value Co-creation
Investment Facility into a venture company involved in a recycling-oriented waste treatment business producing
alternative fuels from waste.

Provision of investment opportunities

Asset Management One started handling the publicly offered investment trust Mizuho Sustainable Fund Series – LO
Circular Economy, enabling investment in companies whose earning opportunities are expected to increase with thetransition to a circular economy.

Participation inindustry-government-academia partnerships

Mizuho Financial Group, Mizuho Research & Technologies, and Mizuho Leasing participated in Circular Partners, apartnership between industries, academia, and local government to accelerate a circular economy in Japan. The
partnership is building a platform to link the “output industries” that create products from natural resources with the“input industries” that collect, recycle, and reuse waste.

Mizuho Financial GroupHuman capital management

Executive messages

Respect for human rights

Promotion framework⃝Governance

Sustainability

To fulfil our responsibility to respect human rights throughout the value chains in our global operations, we follow guidelines including the UN
Guiding Principles on Business and Human Rights and established our Human Rights Policy. In fiscal 2023, we conducted due diligence
regarding various human rights issues that had arisen at companies to which we had provided financing or investment and enhanced ourgrievance mechanisms by introducing a mechanism run by a third party. We are also promoting better awareness and understanding of humanrights among our executive officers and employees.

Story of Mizuho's value creation

Strengthening human rights initiatives

・Having identified and assessed the adverse human rights impacts within Mizuho’s business activities, we are working to prevent andmitigate adverse impacts on human rights.
・When a human rights-related issue is identified, we conduct enhanced due diligence, and take additional action including client engagement and monitoring.
(1) Identify and assess adverse impacts(4) Communicate with stakeholders(2) Prevent or mitigate adverse impacts(3) Monitor the execution and results of 1 and 2

Digital transformation⃝Human rights due diligence

Business strategies for value creation

・The Sustainability Promotion Committee and Executive Management Committee regularly discuss human rights-related topics, then report to
the Board of Directors.

・In addition to engagement and cooperation with our clients and suppliers, we are also working on human rights awareness training forexecutive officers and employees.
・As well as using feedback from stakeholders to enhance our initiatives for respecting human rights, we are working to enhance ourdisclosures to ensure transparency.

Key points of strengthened initiatives in fiscal 2023
・A total of 12 human rights incidents were inspected in greater detail through enhanced due diligence.

Strengthening grievancemechanisms

・We revised our Environmental and Social Management Policy for Financing and Investment Activity (“ES Policy”)
to expand the types of human rights issues covered from “forced labor, child labor, and human trafficking” tovarious human rights issues.
Data section

Human rights due diligence

・Joined the Engagement and Remedy Platform operated by the Japan Center
for Engagement and Remedy on Business and Human Rights (JaCER).
Provided a fair dialogue remedy process through a professional and neutral
third party to accept reports on human rights violations from all stakeholders.
・We provided training for executive officers and employees to spread awareness and promote internal communication regarding
the importance of companies promoting respect for human rights and the action we must take as a financial institution if
a human rights violation is detected.

Participation in global networkof financial institutions

・Participated in the Financial Institutions Practitioner Circle (FIs Circle), a
platform run by Shift, a non-profit organization, where human rights initiatives
are discussed. Exchanges of views with global peers will be used to further
step up Mizuho's own initiatives.

AppendixTraining for executive officers
and employees

For more details on our initiatives for ensuring respect of human rights, please refer to our Human Rights Report.
https://www.mizuhogroup.com/binaries/content/assets/pdf/mizuhoglobal/sustainability/human-rights/solution/human_rights_report_2024.pdf

Integrated Report 2024

62

Business portfolio(business strategies by in-house company)⃝Stakeholder engagement and disclosure of information

Governance for value creation

Continually improve various policies and operations

Sustainability

Responsible financing and investment
Mizuho has established the Environmental and Social Management Policy for Financing and Investment Activity (“ES Policy”), which covers
responses to climate change, conservation of biodiversity, and respect for human rights, to prevent and mitigate adverse impacts of financing
and investment on the environment and society. In March 2024, we revised the ES Policy to strengthen our responses to climate change, loss ofnature, and human rights issues.

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

Provide financing or support for raising capital
Environmental and Social Management Policy for Financing and Investment Activity (“ES Policy”)

Mizuho Trust & Banking
Asset Management One

Established by Mizuho Financial Group
Implemented at Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities, and Mizuho Americas1●Established policy, promoted
responsible investment

Adoption and application of the Equator Principles
Mizuho Bank Financing of large-scale development projects
1. Also applies to each company’s subsidiaries, including those outside of Japan

Overview of our ES Policy

Specific industrial sectors

Across sectors (Prohibitions / additional due diligence)
Human rights issues
Transition risk sectors
Power generation (coal-fired, oil-fired, and gas-fired), coal mining,
oil and gas, steel, and cement

Weapons / arms

Coal-fired power generation

Thermal coal mining

Oil and gas

MiningLarge-scale hydropower

Woody biomass mono-fuel combustion
power generation

Large plantations

Palm oil

Lumber and pulp

Fisheries and aquaculture：Revisions and additions

Major revisions (March 2024)
Human rights issues

Revision・Expanded the types of human rights issues covered by the ES Policy from “forced labor, child labor, and human trafficking” to various human rights issues

Weapons / arms

Revision・Prohibited financing and investment which will be used for the manufacture, sales, or distribution of nuclear weapons
・Prohibited transactions with companies engaged in sales and distribution of cluster munitions, anti-personnel mines, and biological and chemical weapons, as well as those engaged in their manufacture

Coal-fired power generation Revision

・ Prohibited provision of financing to or investment in companies with which we have no current financing or investment transactions if the primary business of these companies is coal-fired power generation
・ However, we acknowledge the need for financing and investment to enable the early retirement of coal-fired power plants,
and in light of this, projects that would contribute to decarbonization premised on the early retirement of a coal-fired power
plant or conversion to a renewable energy source can be considered as exceptions

Mining2

・Verified waste material disposal, forced and child labor, rights of indigenous people and local communities, etc.

New

Woody biomass mono-fuelNew
combustion power generation3

・Verified GHG emissions throughout the lifecycle including fuel transportation, the sustainability of fuel production,and prevention of competition with other uses for wood or food production

Fisheries and aquaculture New

・Verified illegal, unreported, and unregulated (IUU) fishing, destructive and indiscriminate fishing practices, etc.

2. Excluding stone quarrying 3. Applies to woody biomass mono-fuel combustion power plants

For the full text of our policies and further details, please see our website. https://www.mizuhogroup.com/sustainability/business-activities/investment● Implementation of the ES Policy

Regularengagement● Target to reduce the outstanding credit balance for

We engage (hold constructive dialogue) with clients in transition risk
sectors and specific industrial sectors at least once a year.

FY2023

Approx.

coal-fired power plants4¥299.5 billion¥240.8 billion

900 companies

Target:Reduce the FY2019
amount by

GovernanceOur business execution and supervisory lines regularly review
the ES Policy, with consideration of its implementation performanceand the external business landscape. Following this review, werevise the ES Policy and improve its implementation.

Target: Zero
FY2019FY2023

4. Aggregation targets: Credit balance where the funds are used for the construction or expansion of coal-fired power plants, which is prohibited under the ES policy.

63

Mizuho Financial Group50%

FY2030FY2040Human capital management

Executive messages

Provision of sustainable financeLeague tables

Total by
FY2021#1

FY2023 (among Japanese banks)(Source: LSEG)¥14.0 trillion

Transition Equity Investment Facility (development and verification
stages) / Value Co-creation Investment Facility (commercialization stage)¥8.1 trillion
Total by
FY2022

Sustainable finance (loans) (global)

Total by
FY2023In FY2023 both types of investment increased to around6 times the amount in FY2022

Total by
FY2030Strengthening expertise
Cooperation with stakeholders and external collaboration
We are working to establish the platform and conditions to facilitate action on social and economic sustainability, cooperating with various
stakeholders on initiatives such as promoting the use of carbon credits and expanding the scope of sustainability management.

⃝Examples

・Promote carbon credit utilization from finance industry perspective－ Invested in Climate Impact X, a Singapore-based carbon credit trading platform company

・Measurement and reduction of CO2 emissions－ Entered into a capital and business alliance with e-dash Co., Ltd., a startup that provides services for companies from CO2 emissions
measurement to reduction, with the aim of supporting structural transformation throughout supply chains－ Joined the Sustainability Data Standardization Consortium in Japan and contributed to the creation of a handbook targeting unlisted
middle-market firms and SMEs to promote sustainability information disclosure and sustainability management

Personnel development / knowledge enhancement / internal communication

Data section

・Support for sustainability information disclosure and sustainability management

To expand our support for clients’ sustainability transformation, we are developing our personnel by enhancing the knowledge of eachindividual employee. In conjunction with this, we are improving our internal communication to enable Mizuho employees to increase theirinterest in and understanding of sustainability and implement sustainability-related initiatives.

Personnel development

FY2023

FY2022
Approx. 130 consultants

Approx. 140 consultants

Knowledge enhancement

Sustainability management
experts

FY2023

FY2022
Approx. 1,300 experts

Approx. 1,650 experts

Executive dialogue
Dialogue with Paul Polman, former CEO of Unilever and a leading expert
on sustainability management, and Group CEO Masahiro Kihara. Around
500 employees inside and outside Japan tuned into the session, raising
their awareness regarding sustainability.

Middle-market firms andLarge corporate
SME relationship manager workshops relationship manager workshops

FY202318 sessions, averaged
approx. 200 participants per session

FY2023

4 sessions, averaged
approx. 600 participants per session

Appendix

Environmental /energy sector consultants

CSuO dialogue
Group CSuO Yasuhiko Ushikubo held
dialogue sessions in branches and offices,and employees’ opinions and perceptions ofissues were reflected in initiatives.

34 dialogue sessions,approx. 1,000 employees in total
Integrated Report 2024

64

Digital transformation¥50 trillion¥21.2 trillion¥4.6 trillion#1

FY2023 (5 successive years)(Source: Capital Eye)

¥31.0 trillion¥13.1 trillion

Publicly offered SDG bonds (in Japan)

Business strategies for value creation

Target¥100 trillion(Applicable period: FY2019 – FY2030)

Business portfolio(business strategies by in-house company)

Sustainable finance
Of which, environment and climate-related finance

Governance for value creation

Sustainable finance target / progress

Sustainability

In addition, we are proactively providing risk capital in groundbreaking business sectors including the Transition Equity Investment Facility fortechnologies or businesses in the development and verification stages and the Value Co-creation Investment Facility for businesses in thecommercialization stage.

Story of Mizuho's value creation

In order to direct further capital flow toward resolving social issues, we are steadily building up our financing track record as we work toward
our sustainable finance target of ¥100 trillion, thereby leading the market. We are expanding the sectors to new social issues, including throughhuman capital management impact finance.

Sustainability

Status of Mizuho’s response to recommendations by the Task Force on Climate-related Financial Disclosures (TCFD): Summary
Key updates (since the Integrated Report 2023, published in September 2023)
GovernanceMatters such as Mizuho’s transition plan, the status of our response to TCFD recommendations, and revisions to GHG
emissions reduction targets and policy are discussed by the business execution line, then reported to anddeliberated by the supervisory line.

Strategy

Sustainable business strategy ▶ We clarified our strategy for leveraging Mizuho’s strengths to support clients’ steady transition toward2030 and their future-oriented action. We also strengthened our measures addressing three focus areas: hydrogen, carbon credits, and impact.
Scenario analyses ▶ We added cement, chemicals, and automotive (suppliers) to the sectors for which we conduct transition risk analysis.

Riskmanagement

Risk control in carbon-related sectors ▶ During fiscal 2024, we will add GHG emissions reduction performance andalignment of targets and results with the 1.5°C pathway as criteria for evaluating the status of clients’ transition risk responses.
The Environmental and Social Management Policy for Financing and Investment Activity (ES Policy) ▶ We revised
the activity policy for human rights issues, weapons and arms, and coal-fired power generation and added specificsectors (mining, woody biomass power generation, fisheries, and aquaculture).

Metrics andtargets

Scope 3 (emissions from financing and investment) ▶ Set medium-term Scope 3 targets for the automotive, maritime
transportation, steel, and real estate sectors. Completed initial target setting based on NZBA guidelines.
Other disclosure items aside from the monitored metrics ▶ Made trial measurements of facilitated emissions (emissions
from capital market activities).

Disclosure

We expanded our existing TCFD Report to create the Climate & Nature-related Report, which provides
comprehensive disclosure on Mizuho’s climate- and nature-related information in line with the recommendations ofboth the TCFD and the Taskforce on Nature-related Financial Disclosures (TNFD).

Governance⃝We built a supervision and business execution governance framework that centers on the Board of Directors (P. 57 Sustainability
promotion structure).
Supervision: The Board of Directors and Risk Committee conduct oversight regarding information that is reported to them and deliberated
following discussions at the business execution line.
Business execution: The Sustainability Promotion Committee, Risk Management Committee, and Executive Management Committee
deliberate and discuss, then report to the Board of Directors.

⃝The Group CSuO and Group CRO move forward initiatives in each field under the management of the Group CEO.
⃝Sustainability-related indicators have been adopted for evaluating executive compensation. These indicators include sustainablefinance amount, climate change initiatives, and assessments by ESG rating agencies. (P. 89 Compensation for executive officers(within “Corporate governance"))

Strategy (P. 58 Responses to climate change)⃝The Net Zero Transition Plan has been developed (established in 2022, revised in April 2023) to promote the group’s climate change
responses in a more integrated manner.
⃝Recognition of opportunities and initiatives to capture opportunities:－ We recognize industry and business structure transformation for transitioning to a decarbonized society, investments in practicalapplication of new technologies, and the social implementation of those technologies as business opportunities.
－ Based on our sustainable business strategy (P. 59), we actively support clients’ transitions to a decarbonized society and theirmeasures to address climate change.

⃝Engagement efforts: We support client strategies through analysis and ideation, constructive engagement, and solution provisionand co-creation. We have enhanced the communication to policy makers and our involvement in international rule-making.
⃝Capability building: We have promoted internal dissemination of sustainability awareness and strengthened training forsustainability transformation human capital.
⃝Risk recognition: We ascertain the entirety of risks associated with climate change by assessing their importance in each risk
category. We recognize credit risk (deterioration of client business performance) and market risk (decline in the value of equity
holdings) to be of particularly high consequence.
⃝Scenario analysis:

Analysis
methodImplications

65

Mizuho Financial Group

Transition risk

Physical risk

◦We use parameters for evaluating key risks and opportunities to forecast
the impact on clients' financial results under specific scenarios, and use
the results to analyze increases in our credit costs arising from transition
risks.

◦Acute risks: We analyze damage to assets and business stagnation associatedwith changes in natural disasters caused by temperature increases.
◦Chronic risks: We analyze asset deterioration and impact on labor force
reductions associated with temperature increases.

◦While the cumulative increase in credit costs by 2050 is approximately◦Although the likelihood of the disasters occurring simultaneously in¥1,910 billion under the Net Zero 2050 scenario and may have acalculation target sectors is low, the analysis confirmed the possibility ofcommensurate financial impact in the medium to long term, the impact on
additional losses of approximately ¥90 billion in a single year if the largest
Mizuho’s short-term financial soundness will be limited.
stress event (cyclones and floods) materializes.

Human capital management⃝As part of our management of top risks, which are risks recognized by top management as having major potential impact on Mizuho, we designatedthe worsening impact of climate change as a top risk and have strengthened our control measures for this risk. (P. 93 Risk governance)

Executive messages

Risk management－ We have established a risk control framework to assess and monitor the degree of risks for each client along two axes—(1) client
sectors and (2) progress of response to transition risks.
－ We control exposure in high-risk areas by promoting transition through engagement and assistance.

⃝Environmental and Social Management Policy for Financing and Investment Activity (ES policy): We have established andimplemented the financing and investment policy that specifies businesses and sectors with a particularly high likelihood ofleading to adverse impacts on the environment and society (P. 63 Responsible financing and investment)

Sustainability⃝Risk control in carbon-related sectors (P. 60 Climate-related risk management):

Story of Mizuho's value creation⃝We identified key climate-related risks by correlating climate-related risks with each risk category including credit risk andestablished a structure for managing risk using a risk appetite framework and a comprehensive risk management framework.

Carbon neutral by FY2030

FY2022: 106,750 tCO2

Net zero by 2050

(Targets and results disclosed by sector)

Electric power sector

FY2030: 138 to 232 kgCO2e/MWh

FY2022: 368 kgCO2e/MWh

Oil and gas sector

FY2030:
Scope 1 and 2: 4.2 gCO2e/MJ
Scope 3: -12 to -29% (compared to FY2019 levels)

FY2022:
Scope 1 and 2: 5.6 gCO2e/MJ
Scope 3: -43% (34.8 MtCO2e)

Coal mining (thermal coal) sector

OECD countries : Zero by FY2030
Non-OECD countries: Zero by FY2040

FY2022: 0.6 MtCO2e

Steel sector

FY2030: -17 to -23% (compared to FY2021 levels)

FY2022: -18% (14.1 MtCO2e)

Automotive sector

FY2030:
Scope 1 and 2: -38% (compared to FY2021 levels)
Scope 3: -31% to -43% (compared to FY2021 levels)

FY2022:
Scope 1 and 2: -11% (831 ktCO2e)
Scope 3: -7% (184 gCO2e/vkm)

Maritime transportation sector

FY2030: Portfolio climate alignment score: ≦0%

FY2022: -1.55%

Real estate sector

FY2030: 33 to 42 kgCO2e/m2

FY2022: 65 kgCO2e/m2

Sustainable finance amount

Total from FY2019 to FY2030: ¥100 trillion(Of which ¥50 trillion is earmarked for environmentand climate-related finance)

Total from FY2019 to FY2023: ¥31.0 trillion(Of which ¥14.0 trillion went to environment andclimate-related finance)

Outstanding credit balance of coal-fired power plants1

Reduce the FY2019 amount by 50% by FY2030, andachieve an outstanding credit balance of zero by
FY2040March 31, 2024 ¥240.8 billion(down 19.6% from FY2019)

Exposure to high-risk areas in transition risk sectors

Reduce over the medium to long term

March 31, 2024 ¥1.5 trillion(-¥0.3 trillion compared to FY2020)

Status of clients’ transition risk responses

N/A

As of March 31, 2024
Steady progress being made in targeted sectors

Sustainability transformation human capital   (1) Sustainability management experts   (2) Environmental / energy sector consultants

FY2025 (1) 1,600 (2) 150

As of March 2024 (1) Approx. 1,650 (2) Approx. 140

1. Aggregation targets: Credit balance where the funds are used for the construction or expansion of coal-fired power plants, which is prohibited under the ES Policy⃝Other disclosure items aside from the monitored metrics

Appendix－ Sector-by-sector credit exposure in line with the TCFD Recommendations－ In addition to measuring GHG emissions resulting from our financing and investment activities (Financed
Emissions), we started measurement of emissions from capital market activities in the form of underwriting(Facilitated Emissions) on a trial basis.
Please see our Climate & Nature-related Report 2024 for more details
https://www.mizuhogroup.com/binaries/content/assets/pdf/mizuhoglobal/sustainability/overview/report/climate_nature_browsing_2024.pdf

Integrated Report 2024

66

Digital transformation

Scope 1 and 2 emissions
Scope 3 (emissions from financing and investment)

Business portfolio(business strategies by in-house company)

Recent results

Governance for value creation

Targets

Data section

Monitored metrics

Business strategies for value creation

Metrics and targets

Digital transformation

Mizuho will continue endeavoring to provide
value to customers and find solutions tosocial issues by leveraging the benefits oftechnological innovation to the fullest.
Nobuhiro Kaminoyama
Senior Executive Officer
Group Chief Digital Officer (Group CDO)

Digital technologies are advancing at an astonishing pace and we are seeking to make full use of them in all of our business domains. To that
end, we are promoting digital transformation, having consolidated our associated functions—which were previously scattered throughout thegroup—under the Group CDO in April 2023.
Specifically, we have made generative AI available for use by employees and carried out a digital transformation employee development
program. Other measures have included reinforcing our services and channels by boosting standards and efficiency in businesses andoperations leveraging digital technologies. Examples of this include launching a system offering the right service via the right channel at theright time for each individual customer, and improving the usability of the Mizuho Wallet app, which consolidates payment functions. In
addition, we are starting to see new business projects resulting from the Mizuho Group CEO Challenge, our business contest in which
employees propose new ideas.
However, our endeavors have only just begun. Digital technologies have the potential to not only change our lifestyles and behavioral patterns,
but also to significantly impact the nature of financial services and the way we work. We are therefore helping to forge a prosperous future bybuilding beneficial partnerships with a diverse array of companies and individuals.

Enhancement ofour group-wide
digitaltransformation
foundations
Digitaltransformation of
our business andoperations

New businesscreation

67

Mizuho Financial Group●S
 trengthen research and development (R&D) in AI and other cutting-edge

technologies, and leverage these technologies in our business●E nhance capacity to promote digital transformation group-wide by steadily

progressing our digital transformation employee development program●U pgrade data utilization, governance, and digital architecture in unison and reinforce

frameworks● Instill a culture of implementing work style digital transformation and other forms ofdigital transformation●A ccelerate digital transformation (through use of AI, operational reform, etc.) for

both customers and internal operations by strategically selecting business domains
and projects in which to focus and optimize resources
For customers : 		 Improve customer experiences
For internal operations : Boost operational efficiency and standards●G enerate new value through increased collaboration with other companies,

primarily via partnerships with startups and use of corporate venture capital (CVC)● Encourage employee-centered proposals for new business ideas and commercialize

such ideas

Human capital management

Executive messages

Enhancement of our group-wide digital transformation foundations

In August 2023, we held an “ideathon” on using generative
AI at work, which saw a return of more than 2,000 ideas
from employees both inside and outside Japan. Ten
particularly outstanding ideas were selected as winners,
and we are already in the verification phase ahead of theirimplementation.
As AI technologies continue their rapid advancement, we can expect them to offer an even greater scope for use in the future. We will continue
to keep close watch on the latest developments, and identify any business domains suited to take advantage of them.

Digital transformation employee development

In fiscal 2023 we launched our digital transformation employee development
program for Japan and have now begun promoting it across the group. The
program offers five levels of certification for (1) digital transformation personnel
who have high-level digital expertise and are capable of leading clients’ andMizuho’s transformation, and (2) digital transformation basics personnel who are
literate in digital transformation and are capable of applying it to their own work.

Digital transformation personnel
Lv.5

6 personnel categories
Business architect

Pro

Designer
Data scientist

Lv.4

Advanced
Lv.3

Lv.2
Lv.1

Software engineer
Cybersecurity
Digital advisor

Digital transformation
basics personnel

Data section

Promoting digital transformation throughout the group requires training a broad
range of employees. In conjunction with this, we need to make use of cutting-edge
digital technologies and organize teams with high levels of expertise to boost ourcompetitiveness. Mizuho is pursuing both of these approaches simultaneously.

Governance for value creation

Business strategies for value creation

In June 2023, we used Microsoft’s Azure OpenAI Service tolaunch “Wiz Chat”, our own version of ChatGPT, for use by
employees in Japan. With templates to access assistancefor different purposes (creating presentation materials,
brainstorming, translation, etc.), even beginners were able
to take advantage of it. It is now an integral part of many
employees’ day to day.

In terms of developing personnel with high-level expertise, we set a KPI for the end of fiscal 2025 of reaching 100 employees certified at Lv. 4,
and at the end of fiscal 2023, 84 employees had already acquired certification, primarily through working on actual projects. However, one issue
is that, despite employees needing opportunities to practice what they are learning within actual projects, we are currently unable to provide
enough of these opportunities internally. In order to continue promoting digital transformation, therefore, we are addressing such issues as partof our efforts to improve initiatives in this regard.

Appendix

We endeavor to develop digital transformation basics personnel by encouraging as
many employees as possible to take part in the training. With more and more employees now eager to do so group-wide, we set a KPI for theend of fiscal 2025 of reaching 1,000 employees certified at Lv. 2—the minimum level required to be officially literate in digital transformation. At
the end of fiscal 2023 this was already at 924 employees, demonstrating significant group-wide awareness and commitment.

▶P. 49 Building a talent portfolio to implement growth strategy (within “Human capital management”)

Integrated Report 2024

68

Sustainability
Digital transformation

Encouraging AI use at work

Business portfolio(business strategies by in-house company)

As the driving force for promoting digital transformation, we are working to enhance our group-wide digital transformation foundations. Efforts
to that end include strengthening R&D in AI and other cutting-edge technologies, and leveraging these technologies in our business; developing
digital transformation personnel; upgrading data utilization and governance; and instilling a culture that implements work style digitaltransformation and other forms of digital transformation.

Story of Mizuho's value creation

At Mizuho, we regard digital transformation as an initiative for making the best possible use of digital technologies in every aspect ofmanagement and business to address various challenges including those arising from changes in the business environment, thereby enabling
future business transformation.

Digital transformation

Digital transformation in business and operations in Japan
Mizuho is implementing a wide range of initiatives that take advantage of digital technologies to enhance usability for customers andaccelerate improvements in operational standards and efficiency in Japan.
In May 2024, we released an updated version of the Mizuho Wallet app with a revamped user interface (UI) and improved user experience (UX),
along with consolidated cashless payment functions. Further, in January 2024, we launched hyper-personalized marketing as an initiative aimed
at offering the right service via the right channel at the right time for each individual customer.
However, alongside these initiatives demonstrating progress in digital transformation itself, we are also facing a range of challenges in thestages prior to its full launch. To accelerate our digital transformation initiatives going forward, we will strategically select business domains
and projects, including those in which we face such challenges, focusing and optimizing resources in these areas. Having consolidated thefunctions of Mizuho Research & Technologies and Mizuho-DL Financial Technology under the Group CDO in fiscal 2023, we will pursue theinitiatives of both to provide better services, with a long-term view to achieving full digital transformation in the future.

Mizuho Wallet revamp: Improving our app‘s UI & UX and consolidating payment services
In May 2024, we released an updated version of the Mizuho Wallet app, ourcashless payment system, offering a broader range of payment services. In
addition to the services already provided previously, Mizuho Wallet can
now be used to pay using credit cards, debit cards, prepaid e-money cards
for transportation and shopping, and Mizuho’s own smartphone payment
application. We also revamped the design and usability, making it easier forcustomers to choose their preferred payment method. We are currently
considering how to better connect the app to a range of banking services
such as account opening.
We will continue working to improve our services, accelerating the
integration of the real world (branch-based) and the digital (app-based) toenable customers to transact with us more conveniently.
A digital wallet app enabling both payments and checking of statements

Launch of hyper-personalized marketing
In January 2024, we launched hyper-personalized
marketing. This is a service that analyzes
customer information, financial data, andbehavioral data, and uses the results to offer theright information at the right time through the rightchannel, rather than standardized one-size-fits-all
information. This service was created by taking
advantage of a digital marketing platform that canprocess a variety of data rapidly and securely.

〈みずほ〉からのお客さまへのお約束～ ハイパー・パーソナライズド・マーケティング
Mizuho’s promises to our customers:
Hyper-personalized marketing ～・We will avoid sending customers recommendations that are not aligned with their requirements, and will instead send them those thatwill help with resolving their concerns or worries and achieving their dreams

・We will offer customers a stress-free consulting experience using their preferred method at their preferred time without requiringthem to explain the same thing twice

Customers

Information aboutinquiries at branches,
web searches,and similar

Voice of the customer (VoC) data gatheringApps, web,and emails

Contact centers

DigitalRemote channel

Guidance
on searches

Linking up the digital domain, contact centers, and branches;
guidance tailored to eliminating customer concerns

BranchesFace-to-face

Model for group-wide
innovation in gatheringinternal and external feedback
Gathers, analyzes, andutilizes diverse internal
After launching the service, we notified
and external feedbackfor improvement of
Guidance at the right time and via the best method for each customer
customers who had used Mizuho Direct about
products and services,marketing, etc.
Winner of a 2023 CRM Best Practice Award
consent to personalized services. More than 90%
and an Oboshi Award
Digital marketing platform
1
of customers provided their consent and we(centralized retention of customer information)
started providing personalized information
focusing primarily on the Nippon Individual
Savings Accounts (NISAs) and residential mortgage domains. Looking ahead, we will continue expanding the service even further to ensurethat it can provide information catering to customers’ needs.

Mizuho is pursuing this initiative as part of our strategic collaboration with Google Cloud Japan G.K. to accelerate the group’s digitaltransformation and retail innovation strategy, which we announced in March 2022. Going forward, we will continue endeavoring to co-create
innovative financial services.
1. As of March 31, 2024

69

Mizuho Financial GroupHuman capital management

Executive messages

New business creation

New businessWe are creating various forms of new business and innovation to stay ahead of change and generate new value, thereby delivering prosperity
to our customers, the economy, and society.
Some of our new business ideas are derived from needs identified among our customers and society at large. These include our project
leveraging Web3 technology to address the challenge of expanding awareness of Kuma Shochu—a local product of Kumamoto Prefecture in
Japan—among the younger generation, and the Atheus for Generative AI service supporting use of generative AI. In addition to such needsbased projects, we are also pursuing open initiatives including the Mizuho Group CEO Challenge, a contest where employees submit businessideas, as well as co-creation and alliances with business partners that forge an ecosystem with our customers including large companies andstartups.

Sustainability
Digital transformation

Investment in new businesses

Startups, academia,
large companies, etc.

Business strategies for value creation

Mizuho Innovation Frontier(corporate venture capital)

Story of Mizuho's value creation

New business

During fiscal 2023 we established a unified group-wide structure for new business creation including Blue Lab and Mizuho Innovation Frontier
and started implementing initiatives under this new structure. Results are now starting to appear little by little, the most notable example being
the establishment of Mizuho Pochette in Japan. In fiscal 2024 we will accelerate our initiatives to generate more value with the ultimate aim offorging a prosperous future.
1. A company specializing in new business creation established in 2017 owned by Silicon Valley venture capital firm World Innovation Lab (WiL) as the largest shareholder, Mizuho Bank, and others.

Mizuho Group CEO Challenge is an in-house business contest requiring submission ofideas for new businesses by employees. It involves a pitching event at which shortlisted
proposals are presented by the employees who submitted them to a panel includingGroup CEO Masahiro Kihara and relevant executive officers.
Any idea adopted as a result is allocated corporate resources for commercialization andthe employees who made the proposal take responsibility for working toward that goal,
while receiving advice about the business idea from Blue Lab and experts inside andoutside the group, as well as financial support from Mizuho Innovation Frontier.

Commercialization

Full-scale review

Job transfer

Expert panel

Second screening

First screening

Submission

Review of proposal

Pitch to Group CEO

We will continue working as a single united group to encourage self-driven creation of
new businesses by employees and provide new services.

First business project: Mizuho Pochette
In the Mizuho Group CEO Challenge contest
held in March 2023, an app for parents andchildren to enjoy learning about the role ofmoney and economics as part of financial andeconomic education in Japan was chosen to bereviewed for potential commercialization.
With Blue Lab providing assistance forbusiness development and Mizuho Innovation
Frontier investing capital, the group joined
forces to commercialize the proposal.
Eventually, in April 2024, Mizuho Pochette Co.,
Ltd. was established and one of the employees
who submitted the original proposal took up the
position of company president.

AppendixMizuho Group CEO Challenge

Data section

Employee-centered▶P. 34 ‌Signs of change (within “Progress of the mediumterm business plan”)

Integrated Report 2024

70

Business portfolio(business strategies by in-house company)

Furthermore, Mizuho Innovation Frontier, the venture capital firm we established in April 2023, provides the funding to support such initiatives.
The firm invested in nine businesses during its first year and continues to invest in businesses generating new value in a range of domains
including the sustainability domain, thereby helping to accelerate innovation.

Governance for value creation

Blue Lab1, an organization within the Mizuho group that specializes in new business development, is strengthening its collaboration withexternal parties to conduct open innovation in the financial and non-financial domains.

Business portfolio (business strategies by in-house company)

Business portfolio
Mizuho’s business domains include banking, trust banking, securities, asset management, research and consulting, and other services. Under aholding company, we have five in-house companies with the aim of better providing services that meet client needs in a timely manner.
Mizuho strives to allocate corporate resources to the in-house companies optimally in line with group strategy, seeking to achieve sustained,stable growth in the corporate value of the entire Mizuho group through the individual in-house companies’ provision of services for customers.
We maintain disciplined financial management by setting targets for each in-house company (including profitability, ROE, and expense ratios) inline with group-wide financial targets, as well as the business characteristics and operating environment of each in-house company, andmonitoring progress toward these targets during the fiscal year. Furthermore, each in-house company provides optimal solutions to customers
by focusing allocation of corporate resources such as expenses, personnel, and risk-weighted assets (RWA) on domains in which it canleverage its own strengths based on an in-house company strategy linked to the group strategy.
Mizuho pursues measures to improve our entire business portfolio’s resilience to changes in markets and the economic environment by
pursuing capital efficiency and growth, expanding our stable revenue base and diversifying our revenue sources, as well as improving the
distribution and complementary effects of revenue within in-house companies, or among business domains spanning multiple in-housecompanies. Under the medium-term business plan launched in fiscal 2023, we will aim to achieve our financial targets in terms of Consolidated
ROE, Consolidated Net Business Profits, and Profit Attributable to Owners of Parent by making constant efforts to optimize our portfolio in linewith the characteristics of individual in-house companies, thereby establishing a more resilient business portfolio possessing a combination of
growth potential, efficiency, and stability.
In fiscal 2023, though we realized mark-to-market losses related to the securities portfolio in light of the market environment, we achieved
steady profit growth and improved our Consolidated ROE through business expansion in investment banking and solutions, as well as anincrease in interest income from foreign currency deposits on the back of persistently high US interest rates.

Consolidated ROE1

Consolidated Net Business Profits2

6.6% 7.6%
FY20228.0%

FY2023(¥ billion)¥807.1 billion ¥1,005.8 billion ¥1,070.0 billion

FY2024 plan

FY2022

1. Excluding Net Unrealized Gains (Losses) on Other Securities

FY2023

FY2024 plan

2. Consolidated Net Business Profits + Net Gains (Losses) related to ETFs and others

ROE growth by in-house company●Retail & Business Banking Company (RBC) ●Corporate & Investment Banking Company (CIBC)●Global Corporate & Investment Banking Company (GCIBC) ●Global Markets Company (GMC)●Asset Management Company (AMC)

Net Income ROE
15%

FY2023 results
FY2024 forecast
Size of 〇 : Net Income

Of which S&T
GCIBC
10%

GMC
5%

AMC*

0%
* Net income was negative in FY2023.

71

Mizuho Financial Group

RBC

Internal risk capital

CIBC

）

Human capital management（

Group aggregate, management accounting, rounded figures (¥ billion)
Figures for FY2025 are as initially announced in the medium-term business plan (“initial plan”)
Figures for FY2023 and FY2024 are calculated based on the FY2024 accounting rules; for other years, the FY2023 accounting rules are used
For the Global Markets Company, Net Business Profits include Net Gains (Losses) related to ETFs and others.

Executive messages

Historical databy in-house company

Net Business Profits

Expense ratio (%)

90.6

FY2015

104.7

103.5

90.2

Forecast
105.0

Initial plan
140.0

Net Income ROE (%)

80.4

96.9

96.4

97.7

95.6

68.4

34.8

37.0

32.2

39.8

90.7

86.1

85.7

87.0

FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023

FY2024345.1

Forecast Initial plan
360.0
355.0

2.0

FY2025

FY2022

Forecast Initial plan
4.9
4.7

2.6

FY2023

FY2024FY2025

Sustainability■■

Story of Mizuho's value creation

Retail & Business Banking Company

Expense ratio (%)

256.1

272.9

297.5

312.9

Net Income ROE (%)

8.9

231.0

214.1

213.2

213.7

49.1

49.7

50.1

45.2

49.3

44.3

41.2

39.7

39.2

FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023

FY2024379.4

Forecast Initial plan
384.0
380.0

FY2025

FY20228.0

FY2023

Forecast Initial plan
10.4
9.8

FY2024FY2025

Digital transformation

Net Business Profits

Business strategies for value creation

Corporate & Investment Banking Company■■

Net Business Profits

Expense ratio (%)

337.6
63.9
121.7
FY2015

72.7

75.2

94.2

FY2016

221.4

280.6

Net Income ROE (%)

9.4
7.6

179.6

187.9

88.7

60.1

60.6

57.0

51.8

49.3

51.5

FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023

FY2024FY2025

FY2022

FY2023

Forecast Initial plan
7.9
7.9

FY2024Governance for value creation■■

FY2025Global Markets Company
Net Business Profits

419.6

357.6

102.9

35.1

FY2015FY201651.0-6.7

FY2017FY2018

Forecast
272.0

271.3
210.8

190.4

28.3

Net Income ROE (%)

Expense ratio (%)

80.7

71.1

152.4

59.9

128.3

FY2021

FY2022

FY2023

60.1

49.2

44.8

FY2019FY2020Initial plan
180.0

Forecast
6.8
Initial plan
4.6

4.1
2.1

FY2024FY2025

FY2022

FY2023

FY2024

Data section■■

FY2025

Asset Management Company
Net Business Profits

Initial plan
20.0
Forecast

20.4

17.7
14.0
68.2

Expense ratio (%)

65.6

15.7

60.7

13.7

13.7

60.6

62.1

Net Income ROE* (%)

Forecast
4.3

16.0

12.8

11.4
64.9

56.2

63.9

3.5

Initial plan
7.5

Appendix

■■

63.1
1.2

FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023

FY2024FY2025

FY2022

FY2023

FY2024FY2025* Net income was negative in FY2023.

Integrated Report 2024

72

Business portfolio(business strategies by in-house company)

Global Corporate & Investment Banking Company

Business strategies by in-house company

Retail & Business Banking Company

The company is in charge of individual customers,
SMEs, and middle-market firms in Japan.

Customers are currently facing challenges arising from the social and businessenvironments, such as the new era of longer lifespans, sustainability and digitaltransformation, and asset and business succession. In light of these, we look toshift to a phase of business growth and expansion through the efficient allocationof corporate resources, highlighted by the revision of work processes andongoing evaluations of our product and service lineup, and growth investments
aimed at the sustainable expansion of our customer base. This will enable us tocontribute to improved personal well-being for individual customers as well as
support the growth strategies and business transformation of corporate clients.

Kazutoshi Isogai
Senior Executive Officer
Head of Retail & Business Banking Company

Materiality areas: Declining birthrate and aging population,plus good health and lengthening lifespans

Industry development
and innovation

Sound economic growth

Environment and society

Strengths⃝Consulting and solutions that seamlessly leverage group-wide collaboration between banking, trust banking, securities, and other business areas forboth individual customers and corporate clients⃝Capability to respond to customer needs and originate business, based on advanced expertise under the new branch network dedicated respectively
to individual customers and corporate clients⃝Broad network with startups/innovative companies, IT platform providers, and IT players
Focuses

Optimization⃝We will strongly support asset formation and management, and asset
and business succession by leveraging the strengths and functions ofour banking, trust banking, and securities services.
⃝We will enhance our support to middle market firms and SMEs forbusiness growth and corporate value enhancements, and provide risk
capital to startups/innovative companies.

Measures toachievemedium-termbusinessplan⃝We will simultaneously upgrade the convenience and quality ofcustomer services and boost operational efficiency by improving ourdigital, remote, and physical (branch and ATM) channels, which will
enable us to shift personnel to consulting and growth support.

We will improve customer experience by providing highly convenient digital services enabling various transactions to becompleted without visiting our locations, while at the same time also bolstering our capacity to serve customers either atbranches or remotely by placing importance on customer touchpoints. We will meet individual customers’ asset formation,
succession, and management needs by means of group-wide comprehensive asset consulting; for corporate clients we will
provide high added-value solutions leveraging Mizuho’s know-how, insight, and networks and provide risk capital.
The number of deposit accounts has increased steadily due to stronger account acquisition through improved customer experience, andthe numbers of Nippon Individual Savings Accounts (NISAs) and other investment accounts have increased as well from our enhanced

Progress

responses to consulting needs triggered by the new NISAs. We also effected a shift from deposits or government bonds to investment
products through comprehensive asset consulting and expanding our range of proposals. We have strengthened our strategic capitaland business alliance with Rakuten Securities, Inc. with the aim of building a business model that combines online and offline. Byenhancing our approach to building corporate growth stories, we have been able to provide more solutions that improve corporate value.

Balance of individual assets undermanagement (¥ trillion)+25%

Revenues from corporate solutions(¥ billion)

30

73

25

25

FY2021

FY2022

Mizuho Financial GroupFY2023

FY2025
plan

113.8

117.7

121.5

FY2021

FY2022

FY2023+20%

FY2025planIncreasing public interest in sustainability and other social issues is accelerating
various structural shifts. In this environment, in order to have an accurate picture

Human capital management

As the in-house company in charge of large corporations, financial
institutions, and public-sector entities in Japan, the company provides
products (M&A, real estate, etc.) on a group-wide basis.

Executive messages

Corporate &Investment Banking Companyof the changes occurring and further strengthen our ability to meet the increasingly

structure. By supporting clients to enhance their corporate value, we will work to
resolve social issues and contribute to the sustainable growth and prosperity of

Masayuki Sugawara

industry, the economy, and society as a whole.

Senior Executive Officer
Head of Corporate & Investment Banking Company

Materiality areas: Industry development and innovation

Sound economic growth

Environment and society

Sustainability

clients to enhance their competitiveness using a cross-group sector coverage

Story of Mizuho's value creation

diverse and complex needs of our clients, we will proactively support our corporate⃝In terms of sustainability, including decarbonization, we aim to createbusinesses in a wide range of domains beyond finance by engaging
deeply with clients and taking action to resolve their issues, as well as
the issues affecting society and industry.

⃝We will establish an appropriate balance of risk and return by reviewing
our business portfolio. With regard to cross-shareholdings, we arecontinuing their steady reduction and effectively reallocating capital tohighly profitable product areas, mezzanine financing, and the like.

Measures toachievemedium-termbusinessplan

We will bolster our role as a partner that co-creates value with clients by accurately identifying the major trends ofstructural change in society and industry and providing a diverse range of financial and non-financial solutions to facilitateclients’ sustainable growth and prosperity. By integrating coverage and products, we will ensure “market-in” approaches toclients (i.e., approaches informed by client needs), thereby enhancing our ability to provide solutions.

We have worked with clients to implement leading-edge technologies and revitalize communities through value co-creation
assets in priority areas such as M&A, real estate, and strategic investment* while progressively reducing cross-

Progressshareholdings to restructure our business portfolio. Going forward, we will continue to take an active approach tosupporting our clients to enhance their competitiveness and engage with them from the starting point of sustainability.

Data section

investments and transition investments, with the aim of achieving a sustainable society. In addition, we effectively invested* Hybrid financing, Equity and Mezzanine, etc.

Strategic investment balance
FY2020

DCM#1

1

FY2021

FY2022

FY2023

#1

#1

#1

#1

#1

#1

#1

ECM3

#4

#4

#4

#4

M&A4

#15

#5

#5

#7

SDG bonds

2

1. Based on underwriting amount and pricing date basis. Including samurai bonds, municipal bonds (underwriting only),and preferred securities. Excluding bonds issued by Mizuho, securitization, and security tokens. Source: Capital Eye.
2. Source: Capital Eye.
3. Based on bookrunner and pricing date. Deals include initial public offerings, public offerings, convertible bonds, andREITs. Source: LSEG.
4. Transaction amount basis, Japanese company-related, excluding real estate. Source: LSEG.

1005

102

FY2021

FY2022

114
Appendix

League tables

FY2023

FY2025plan

5. With FY2021 results as 100.

Integrated Report 2024

74

Digital transformation

Optimization

Governance for value creation

Focuses

Business portfolio(business strategies by in-house company)⃝Capacity to co-create value with clients through sector coverage structure, aligned among banking, trust banking, and securities⃝Integrated organization of sector coverage and product line to enhance capability to connect various functions within the Mizuho group and provide
both financial and non-financial solutions⃝Ability to provide sound risk capital for co-creating value with clientsBusiness strategies for value creation

Strengths

Business strategies by in-house company

Global Corporate &Investment Banking Company

The company provides solutions to Japanese companies operating
outside Japan and to non-Japanese companies.

As a strategic partner supporting our clients’ global businesses, we will leverage
our firm presence in the US capital markets and our extensive network in Asian
economic zones to provide comprehensive financial solutions to clients in eachregion. In addition, we will support their business development and transition to
decarbonization through engagement, while also contributing to the resolution ofsocial issues.

Hidekatsu Take
Deputy President & Senior Executive Officer
Head of Global Corporate & Investment Banking Company

Materiality areas: Industry development and innovation

Sound economic growth

Environment and society

Strengths⃝Corporate & Investment Banking (CIB) business model that offers both balance sheet and capital markets / investment banking functions such as
DCM, ECM, and M&A, and a firm presence in US capital markets⃝Extensive international network centered on Asia where the economy is growing⃝Robust client base and strong loan portfolio
Focuses

Optimization⃝The growth drivers in our business outside Japan are the US, which has ⃝We will centralize IT and operations outside Japan in Mizuho Global
the largest fee pool, and Asia, which has strong economic fundamentals.
Services India (MGS) and deploy best practices and leverage digital
We are working toward further growth by prioritizing allocation oftechnology to standardize and optimize work processes. At the same
corporate resources in these regions.
time, we will strategically reallocate corporate resources throughout
each region, replacing low-profit assets with high-profit assets.

Measures toachievemedium-termbusinessplan

We will take bold steps to improve asset profitability through further enhancement of CIB capabilities in the US, and through expanding noninterest income and rebalancing our portfolio by extending the CIB model to APAC and EMEA. We will also take steps to enhance our frameworkof internal controls to ensure its alignment with increasingly demanding supervisory perspectives, tightened regulations, and business expansion.
Towards further business growth and stable operations, we will enhance and diversify our human capital portfolio by employing professional
talent well acquainted with each local market and developing core personnel who can work internationally in the future.
As we proceed with the integration of Greenhill, the M&A advisory firm we acquired in December 2023, we will use M&A as
an entry point to capture various opportunities in the capital markets, and accelerate collaboration between regions. We are

Progress

steadily reducing low-profit assets and improving ROE, and we will continue to shift our assets to growth areas, particularlyin the Americas and APAC, to further improve profitability and capital efficiency. We have also pursued improved
operational efficiency and productivity through the centralization of IT and operations into MGS and other initiatives. We willcontinue to expand our capabilities and strengthen our corporate functions to support our global business.

League tables

Transaction banking(APAC ($ million))

FY2020Americas DCM1

FY2021

FY2022

FY2023#9#8#8excl. US banks

#3

#2

#2

#2

Share

3.4%

3.5%

4.2%

4.4%

#17

#21

#16

#14

Americas Non-IG
LCM/DCM2#8excl. US banks

#8

#10

#6

#6

Share

1.4%

1.4%

1.7%

1.9%

1. Bonds issued by investment grade corporates, fee basis. Source: Dealogic.
2. Bonds and loans issued by non-investment grade corporates, fee basis. Source: Dealogic.

75

Mizuho Financial Group

+32%

1,085
874
527

FY2021

FY2022

FY2023

FY2025planrespond to diversifying client needs by further acceleration of integrated

Human capital management

Regarding our sales and trading business, we will enhance our ability to

Executive messages

Global Markets Company

The company engages in sales and trading (S&T) business offering
market products, and banking operations comprising asset andliability management (ALM) and investment.

banking and securities operations in each region, and boost our capacity tosuch as further shifts in the Bank of Japan's monetary policy and policy rate

Daishi Sasaki

Kenya Koshimizu

Senior Executive Officer
Co–Head of Global Markets Company

Senior Executive Officer
Co–Head of Global Markets Company

cuts by other central banks, we will realize stable earnings by continuing our
flexible and agile predictive risk management based on close market analysis.
Materiality areas: Sound economic growth

Sustainability

banking operations, in anticipation of changes to the financial environment

Story of Mizuho's value creation

provide market solutions and to pursue digitalization. With respect to our

Measures toachievemedium-termbusinessplan

We will focus on expanding equities business in Japan and the US, and derivatives business in APAC (ex-Japan), while in the EMEA region we will focus on products
consistent with our CIB business model. This will enable us to further accelerate integrated banking and securities operations within the S&T business in each region.
To manage increasing foreign currency assets on our balance sheet, we will increase the stability and efficiency of our capacity to procure foreign currency funding,including by effectively using yen-dominated assets. In investment product sales in Japan, we will aim to increase earning opportunities from corporate clients byfurthering acceleration of integrated banking and securities operations through reinforcement of our capacity to provide financial product intermediary services.
In the S&T business, we have been working to expand our product lines and strengthen business infrastructure globally,

Progressthrough operations focused on earnings stability, profitability, and the efficient use of management resources. In ourbanking operations, we delivered earnings by dynamically and flexibly aligning our market risk to each situation andemploying portfolio management resilient to rising interest rates, in light of the potential for changes in monetary policy

Data section

such as by building the foundations for expansion of the derivatives business in APAC (ex-Japan). We will improve ROE

inside and outside Japan.

+15%(¥ billion)

Medium- to long-term foreign currency funding amounts ($ billion, %)■■ Medium- to long-term foreign currency funding amounts
Medium- to long-term funding ratio

41.6

266.0
228.6
141.3

FY2021

FY2022

FY2023

FY2025
plan

29.8

30.8

85.1

87.7

FY2021

FY2022105.5

FY2023

Appendix

Ex-Japan S&T revenue

FY2025plan

Integrated Report 2024

76

Digital transformation⃝In our S&T business, we will focus on expanding product lines that contribute to growth of the CIB business model around the world, and ensure
earnings stability through business diversification and transaction flows. In our banking operations, we will improve our Japanese yen- and foreign
currency-based ALM to ensure it is responsive to changes in the market environment and focus on flexible portfolio management integrating
investment and ALM.

Governance for value creation

Focuses

Business portfolio(business strategies by in-house company)⃝S&T business integrated across banking and securities, aligned to regional characteristics in the US, EMEA, APAC (ex-Japan), and Japan respectively⃝Stable S&T business underpinned by various clients under the Corporate & Investment Banking (CIB) business model⃝Global ALM management and flexible portfolio management by capturing early warning signals and other factors in our banking operations

Business strategies for value creation

Strengths

Business strategies by in-house company
The company provides investment products and solutions
that match the asset management needs of a wide range ofcustomers, from individuals to institutional investors.

Asset Management Company

To meet customers’ growing asset management needs in the new era of longer
lifespans, we will enhance our product lineup and provision of solutions whileworking to further strengthen our investment capabilities. We will aim to growthe asset management business further by responding to investment
diversification needs, including long-term asset formation for individual
customers that benefits from the support of the tax system for Nippon Individual
Savings Accounts (NISAs) and individual-type defined contribution pension plans

Noriyuki Sato
Senior Executive Officer
Head of Asset Management Company(iDeCo) in Japan, and alternative investments for institutional investors.
Materiality areas: Declining birthrate and aging population,plus good health and lengthening lifespansSound economic growth

Environment and society

Strengths⃝Relationships with distributors in and outside the Mizuho group and extensive product lineup⃝Wide-ranging contact points with corporate clients through corporate pension plan management and their employees as potential individual
customers⃝Providing solutions to institutional investors as a unified group⃝Asset Management One, our in-house asset management arm, characterized by strong investment capabilities and advanced sustainability initiatives
Focuses⃝Expand asset formation and asset management services for individual investors, and enhance investment performance⃝Promote asset formation for individual investors through the pension business⃝Bolster investment solutions and alternative investment capabilities that match the needs of institutional investors⃝Enhance investment capabilities and product lineup through inorganic strategy

Measures toachievemedium-termbusinessplan

For individual customers in Japan in addition to enhancing our investment capabilities, we will expand our product portfolio,
including strategic products for the “new NISAs”, through appropriate collaboration with our group companies, based on ourcustomer-oriented approach. We will also support human capital enhancement for corporate clients and promote asset
formation for individual customers through the pension business. Furthermore, we will develop and provide investment solutions
addressing the needs of pension funds and other institutional investors, and strengthen our alternative investment capabilities.

Through support of the tax system for NISAs and iDeCo accounts, and in order to respond to growing investment needs, wehave served diverse needs by developing and offering an extensive range of products, including new establishment of funds

Progress

for Japanese stocks and reduction of fiduciary income in the index fund series. By expanding our product lineup andenhancing support for our distribution network in light of rising interest rates and other changes in financial markets, we will
provide high value added products that offer stable earnings growth and improved ROE.

Publicly offered investment trust
assets under managementbalance* (¥ trillion)+40%

AUM of DB and DC* (¥ trillion)

+15%

11.0
9.0

9.4

8.8

Number of individuals enrolled in iDeCo(thousand)

9.4

+60%

10.8

269

FY2021

FY2022

FY2023* AUM of publicly offered equity investment trusts excluding ETFs.

77

Mizuho Financial GroupFY2025plan

FY2021

FY2022

FY2023

FY2025plan* Total balance of assets in defined benefit (DB) and defined contribution (DC)pensions (corporate and individual-type DC pensions)

FY2021

314

345

FY2022

FY2023

FY2025plan

The unit provides a range of solutions in the transaction banking area
including settlement and cash management for corporate clients inJapan and elsewhere around the world.
The Global Transaction Banking Unit aims to establish a new, highly secure and convenientbanking business, which are increasing in sophistication and complexity globally.

⃝Sophisticated expertise enabling issues to be resolved through provision of multiple products according to client needs⃝Ability to provide solutions on a global basis, by leveraging networks both in Japan and around the world⃝Maintaining award-winning status in Japan and Asia in the custody and trade finance areassocial infrastructure. In addition, we will endeavor to create next-generation business opportunities by offering proactive solutions that address global
trade flows, supply chains, and changes in regulations, and also responding flexibly to trends including the emergence of new technologies and players.
We work to increasingly elevate our settlement systems in Japan and globally in order to provide secure, rapid, and transparent

Progress

settlement services. In addition to changes in global commercial flows and the emergence of new technologies and players, thereturn of positive interest rates in Japan has made transaction business all the more important. We are constantly working toGovernance for value creation

offer proactive solutions and create next-generation businesses in light of these environmental changes.

Research & Consulting Unit
The unit performs research into industry, corporations, economics, andfinancial markets and provides consultancy services regarding businessstrategy, sustainability and digital transformation, and similar fields.

services in response to rising social, economic, and industrial uncertainty and thechanging needs of our clients. In doing so, we will address the current issues of ourYasuhiko Ushikubo

clients and society with an eye on the future.

Senior Executive Officer
Head of Research & Consulting Unit

Measures toachieve mediumterm business plan

⃝High-quality research functions backed by deep knowledge of industry, corporations, economics, and financial markets⃝Consulting functions exercising high levels of expertise in business strategy, sustainability and digital transformation, and similar⃝Combining various areas of expertise and coordinating financial functions within the group to enable high-quality, innovative value creation⃝Deliver distinctive theme-specific and cross-sector research, looking at what is around the corner as well as the medium to long term⃝Strengthen consulting capabilities, including combining insights across multiple areas and collaborating with partners inside and outside Mizuho⃝Sow the seeds for new businesses by strengthening initiatives exploring new fields, leveraging external knowledge

AppendixStrengths

Data section

We will deliver distinctive research content and provide highly specialized consulting

We have distilled the accelerating trends of sustainability and digital transformation and changes in the macroeconomic
environment and international situation into research content on how the Japanese industry can succeed in the medium to long

Progressterm, the return of positive interest rates in Japan and related concepts. In addition, we have worked to support the formulation of
corporate sustainability transformation strategies and the real-world implementation of new technologies, and also strengthened
our consulting capabilities in areas such as human capital management, which is of increasing interest to companies.
Integrated Report 2024

78

Digital transformation

We will constantly work to maintain and reinforce our settlement infrastructure and platform in order to stably provide settlement services as a form ofBusiness strategies for value creation

Measures toachieve mediumterm business plan

Senior Executive Officer
Head of Global Transaction Banking Unit

Business portfolio(business strategies by in-house company)

Strengths

Tsutomu Yamamoto

Sustainability

provide reliable settlement services in order to respond to needs related to transaction

Story of Mizuho's value creation

business domain in which we take advantage of advancing digitalization while continuing to

Human capital management

Executive messages

Global Transaction Banking Unit

Corporate governance

As Chairperson of the Board of Directors, I will make every
effort to support Mizuho’s innovation and accelerate
growth initiatives so that Mizuho will be able to continue
growing hand in hand with all stakeholders
Outside Director (Chairperson of the Board of Directors)

Operation of the Board of Directors in fiscal 2023

• Thorough follow-up on the first year of the medium-term business plan
The Board of Directors thoroughly followed up on Mizuho’s
performance for fiscal 2023, the initial period of the medium-termbusiness plan, with a focus on the priority areas set out therein. A
particular point of examination was whether or not Mizuho’s
employees have fully adopted the thinking behind the businessstrategy and begun specifically implementing it towards facilitating
Mizuho’s vision for the future.

In business terms, it is important that Mizuho take concrete action
based on the strategy and implement a PDCA cycle in line withchanges in the business environment. Therefore, the Board of
Directors engaged in thorough discussions with the heads of
in-house companies and the CEOs of group companies to ascertain
the state of business. In discussions on sustainable businessstrategy, mass-market retailing strategy, advancement of digitaltransformation, and other individual areas, we took up multiple
issues. Outside directors shared their views on topics such as theadequacy of planning to achieve the strategy, the setting andevaluation of multifaceted KPIs linked to Mizuho’s Purpose andValues, and the effectiveness of frameworks for encouraging the
aforementioned concrete action on the part of employees.
Additionally, regarding corporate foundations, the most criticalaspect of ensuring even more sustainable, stable, and robust
business operations is changes in individual employees’ mindsets
and day-to-day behavior in the workplace. In order to understandthe progress of corporate culture transformation and changes in
employees’ mindsets across the group, we continued gathering
information through a wide range of channels. Among these were
off-site meetings, workplace visits, conversations withmanagement and employees, and meetings with outside directors
from the banking, trust banking, and securities arms.

• IT / Digital Transformation Committee

To move forward debate on IT and digital transformation areas,
which are a source of competitiveness, we have set up the IT /Digital Transformation Committee as an advisory body to the Boardof Directors. On top of monitoring stable IT system operations, this79

Mizuho Financial Group

Izumi Kobayashi

committee holds vigorous discussions about the importance of
implementing digital transformation in tandem with the businessstrategy, which is essential to overcoming obstacles to thebusiness application of IT and digital transformation andestablishing a competitive position.

Operation of the Board of Directors in fiscal 2024

• Awareness of the business environment as Chairperson of theBoard of Directors
While there were changes in the external environment, including
the Bank of Japan scrapping its negative interest rate policy andthe yen continuing its sharp fall, I see the first fiscal year of themedium-term business plan as having gone relatively well. To firmly
establish and accelerate this momentum and attain further growth,Mizuho must ceaselessly continue to challenge itself. Mizuho’s
foresight, looking as far as 10 years into the future, will be ofincreased importance.

•

Key points for fiscal 2024
I believe discussions on the growth strategy from a medium- tolong-term perspective, continued development of human capital,
and initiatives to change employees’ mindsets will cultivate theforesight of everyone in all areas of the organization. For fiscal
2024, the Board of Directors will place topics relevant to themedium- to long-term growth strategy at the center of discussions.
We will increase opportunities for talks with the business execution
line and support them in their endeavors by holding in-depth
discussions, including on how Mizuho is leveraging its advantages
to differentiate itself; whether or not individual employees are able
to raise concerns and put that towards changing their behavior;
whether or not Mizuho is utilizing its various resources to theirmaximum effectiveness; and what Mizuho is doing to cultivate
talent that will support strategy implementation.
In order for Mizuho to provide lasting value to customers, theeconomy and society, and employees, I will, as Chairperson of theBoard of Directors, make every effort to accelerate Mizuho’s
initiatives for growth so that Mizuho will be able to continue
growing hand in hand with all stakeholders.

Corporate governance

Executive messages

Basic approach
Mizuho has established a corporate governance system centered on the Board of Directors. While conducting management that contributes
to the creation of value for our diverse stakeholders, we fulfill our social roles and mission by enhancing our corporate value throughSecure the effectiveness of corporate governance by ensuring the separation of supervision andmanagement and making supervision of the management, such as the execution of duties byexecutive officers, the primary focus of the Board of 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 businessexecution to the executive officers

Securing independence ofmanagement supervision

Utilize committees and other forms of oversight, comprised mainly of outside directors who are notmembers of the management of Mizuho, and secure transparency and fairness in decision-making
processes regarding the appointment and dismissal of, and compensation for, the management aswell as ensure effective supervision of the management

Adopting global standards

At the holding company level, actively adopting operations and global best practices regarding
corporate governanceDiagramMizuho Financial Group

General Meeting of Shareholders
Appointment of directors

Determines the content of proposals regarding
the appointment and dismissal of directors

Supervision

Chairperson

Internal non-executive
directors
Internal directors who concurrently
serve as executive officers
The Chairperson shall, in principle, be an outside director.
Non-executive directors shall comprise a majority of the directors.

Audits theexecutionof duties

Nominating
Committee

Compensation
Committee
Chairperson

In principle, all members to be outside
directors.

Audit
Committee

Majority of members to beoutside directors.

Risk Committee

Human Resources Review Meeting
Appoints and dismisses executive officers
Delegates decisions on business execution
Supervises the execution of duties

Executive
officers

Mizuho Bank,
Mizuho Trust & Banking,and Mizuho Securities

Chairperson

IT / Digital Transformation Committee

Outside Director Session

Management

In principle, all members to be outside
directors.

Chairperson

Audits the execution ofduties by executive officers

Determines thecompensationfor executive
officers

President & Group CEO
Makes decisions on business execution, based on delegation from the Board of Directors, and implements business execution

General Meeting of Shareholders
Board of Directors

Audit and Supervisory Committee

Appendix

Outside directors

Determines
compensation

Data section

Board of Directors

Collaborate

Integrated Report 2024

80

Risk governance / Cybersecurity
Compliance

Ensuring the separation ofsupervision and management

Customer-oriented approach

Points concerning Mizuho Financial Group’s corporate governance system
Mizuho Financial Group (holding company) has adopted a Company with Three Committees model of corporate governance based on its belief
that it is the most effective system to realize its basic policy concerning the following corporate governance system. By having various
committees comprised mainly of outside directors, Mizuho Financial Group is building a corporate governance system that adequately utilizes
the points of view of personnel outside of the company.

Business strategies for value creation

Corporate governance system

Governance for value creationand to the prosperity of society as a whole. Going forward, we will continue working to further enhance our corporate governance.

Story of Mizuho's value creation

sustainable and stable corporate growth and contributing to the development of economies and industries in Japan and around the world

Corporate governance

Composition and skills of the Board of Directors
Roles and 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 tofulfill the role of appropriately supervising the implementation of governance functions across the group and for subsidiaries under groupmanagement. As such, our Board of Directors is composed of an appropriate balance of internal directors who have insight into the group’sbusiness model, and outside directors who possess complex and diverse perspectives that we may not have within the group.
Mizuho Financial Group’s Nominating Committee selects director candidates considering the criteria for appointing directors prescribed in the
Corporate Governance Guidelines and the skills that the Board of Directors as a whole should possess.

Skills that the Board of Directors should possess as a whole
In 2023, in addition to revising the group’s Corporate Identity and formulating a new medium-term business plan, Mizuho Financial Groupclarified the areas in which the Board of Directors as a whole should possess specific skills in order to ensure speedy corporate management
and appropriate supervisory functions toward realization of the plan. The group selected “Management”,“Risk Management / Internal
Control”,“Financial Control / Accounting”,“Finance”,“Human Resources / Organization”,“IT / Digital”,“Sustainability”, and “Global”.
Basic approach to selection of skills

Characteristics of the Mizuho Financial Group Board of Directors
The Board of Directors is dedicated to supervising
management to the maximum extent possible(i.e., separation of supervision and management)

Business focus areas
Support for the doubling of asset-based income

Improving customer experience

Enhancing the competitiveness of Japanese companies

Global Corporate & Investment Banking (CIB) business model

Sustainability and innovation

The aim of the group
Mizuho’s vision for the world

Mizuho’s Purpose

Corporate culture transformation

Personal well-being
Sustainable society
and economy

Proactively innovate together
with our clients for a prosperous
and sustainable future.

Digital transformation

Enhancing ourcorporate foundations

Human capital enhancement
IT reforms

Maintenance of stable business operations

81

Basic elements based on Mizuho’s business strategies

Basic elements required for supervision

Main reasons for selecting each skill and approach to main experience and knowledge deemed necessary

Mizuho Financial GroupManagement

We believe that the experience of management, especially as a member in executive management in a large
corporation and other companies, is necessary to fulfill the supervisory function of the group.

Risk Management /Internal Control

We believe that professional experience in and knowledge of risk governance and internal control in
corporations, auditing firms, and/or in the legal profession are necessary for supervision to ensure faircorporate activities and sound business operations by management.

Financial Control /Accounting

We believe that experience as a CFO or person with similar responsibility in corporations and professional
experience and knowledge as a certified public accountant or as a member of a similar profession arenecessary to oversee management, which aims to build a sound financial base, pursue capital efficiency andrealize growth strategies.

FinanceWe believe that knowledge of the financial business, backed by, among others, business experience atfinancial institutions, is necessary to fulfill the supervisory function of the group, which has banking, trust
banking, and securities businesses at its core.

Human Resources /Organization

Mizuho considers personnel to be one of the key corporate resources that will support future growth, andwe believe that experience in and knowledge of, among others, the development of executive managers,
personnel, and organizations are necessary from the perspective of appropriately overseeing efforts bymanagement to transform human capital and corporate culture.

IT / Digital

We believe that experience and knowledge in, among others, technological and business development in the
IT and digital fields are necessary to fulfill the group's supervisory function, as they are the foundation forcustomers to use Mizuho’s services with peace of mind and are also key to our future competitiveness.

Sustainability

Mizuho aims to achieve our own growth through facing social issues and contributing to their resolution, andwe believe that experience in and knowledge of environmental and other sustainability-related operations
are necessary to fulfill the supervisory function of the group.

GlobalAs the Mizuho group is expanding our business globally and aims to contribute increasingly to thesustainable growth of the world, we believe that experience in, among others, management of global
corporations and/or corporations outside Japan is necessary to fulfill the supervisory function of the group.

Corporate governance

Executive messages

Skill matrix of the Board of Directors
The table below lists the particular core skill areas that each director possesses in relation to the skills that the Board of Directors as a wholeshould possess, and with which Mizuho Financial Group believes the Board of Directors as a whole has the necessary skills. We also believethat each committee is equipped with the necessary skills based on their respective roles, including securing the knowledge of outside●

Ryoji Sato☆
●

Kotaro Ohno●

Hiromichi Shinohara●

Izumi Kobayashi1

●

☆

●
●

●
☆
●

Yumiko Noda●

Takakazu Uchida

●

●

●

●
●

Seiji Imai
Hisaaki Hirama●

Masahiro Kihara☆

●☆

Hidekatsu Take
Mitsuhiro Kanazawa
Data section

Takefumi Yonezawa

Percentage of outside and non-executive directors

Percentage of female directors

57.1%

71.4%

14.3%

8 / 1410 / 142 / 14

directors

FY2024after shareholders meeting

directors

FY2024after shareholders meeting

Appendix

1. Chairperson of the Board of Directors
2. The following two external experts serve on the committee:
Rintaro Tamaki, President, Japan Center for International Finance
Hiroshi Naka, Professor, University of Tokyo Institute for Future Initiatives
3. The following two external experts serve on the committee:
Masatsugu Shimono, Honorary Advisor, IBM Japan, Ltd.
Masami Yamamoto, Outside Director, JFE Holdings, Inc.; former President, Fujitsu Limited

Percentage of outside directors

Risk governance / Cybersecurity●
Governance for value creation

Takashi Tsukioka

Compliance☆

Human Resources
Review Meeting

IT / Digital Transformation
Committee3

Risk Committee2

Audit Committee

Compensation
Committee

Nominating
Committee

Chairperson of the committee)

directors

FY2024after shareholders meeting

Note: Average tenure of directors: FY2024 2.2 years / Average age: FY2024 65
Integrated Report 2024

82

Customer-oriented approach

Yoshimitsu Kobayashi

GlobalSustainability

IT / Digital

Human Resources /Organization

FinanceFinancial Control /Accounting

Risk Management /Internal Control

Name

Management

Committees (FemaleBusiness strategies for value creation

Male

Story of Mizuho's value creationcommittee members at the meetings of voluntary committees.

Corporate governanceStatus of activities of the Board of Directors
Fiscal 2023 initiatives by the Board of Directors
Throughout fiscal 2023, the Board of Directors conducted planned
monitoring according to the management policy of the Board of
Directors set in May 2023. Specifically, it discussed the areas inwhich Mizuho should leverage its strengths to secure competitive
advantages with a view to boosting medium- to long-term
corporate value. In addition, it held active discussions frommultifaceted perspectives on matters such as how to encourage
individual employees to transform their mindsets and change their
behavior in order to realize Mizuho’s strategies, how to train
personnel with specialist expertise in the global and digital areas inparticular, and how to secure personnel with a diverse range ofvalues.

Number of meetings: 15
Average attendance: 99% (Outside directors: 100%)
Major agenda items discussed by the Board of Directors⃝Business focus areas
Corporate culture transformation
Human capital

IT reforms

Sustainability⃝Financial matters
Fiscal year plan for FY2023, capital management policy⃝Governance-related matters
Regular agenda on compliance and risk
Assessment of whether or not cross-shareholding is meaningful
Evaluation of the effectiveness of the Board of Directors

Multifaceted information gathering
To enable the Board of Directors to hold thorough, high-quality discussions, it is essential to utilize the knowledge of outside directors withdiverse backgrounds. To that end, in addition to our pre-meeting explanations of proposals submitted to the Board of Directors, we take othersteps to deepen the outside directors’ understanding of the group as a whole. We do so by continuously creating opportunities to help outside
directors gain first-hand understanding of actual operational conditions and to provide them with information.

⃝ Off-site meetings on business operations
We hold these meetings as opportunities to provide information sothat outside directors can communicate more closely with thebusiness execution line and hold high-quality discussions at theBoard of Directors based on a sufficient understanding of theconditions of the business execution line.

⃝ Outside Director Sessions
We hold these meetings as opportunities for outside directors to
exchange information and engage in consensus building while
sharing opinions on management matters, the shape that corporate
governance should take, and other items.

Number of meetings: 11
Secured opportunities to gain information and understanding about
topics related to business focus areas and others

Number of meetings: 3
Shared opinions with outside directors at Mizuho Bank, Mizuho
Trust & Banking, and Mizuho Securities focusing primarily on the
topics below- Progress in fulfilling our fiduciary duties, current situation in themass retail sector- Approach to inorganic growth strategy- Current situation in the decarbonization consulting business- Situation regarding the new human resources framework inJapan- Mizuho Bank: Corporate culture transformation and others- Mizuho Trust & Banking: Maintenance of stable business
operations and others- Mizuho Securities: Customer-oriented approach and others

Primary initiatives for enhancing the effectiveness of the Board of Directors
In order to achieve the sustainable enhancement of corporate
value, Mizuho Financial Group is strengthening our supervisory
functions through initiatives for enhancing the effectiveness of theBoard of Directors. More specifically, we are carrying out
initiatives on an autonomous and continual basis to reflect theissues identified through the results of the effectiveness evaluationof the Board of Directors in the management policy of the Board of
Directors.

83

Mizuho Financial GroupMay of each year

Plan

Formulate annual management policy

April of the following year

From June of each year to May of the following year

Identify issues and examine improvement measures

Formulate and implement an annual plan

Act

Do

April of the following year

Check

Evaluate effectivenessCorporate governance

Executive messages

Evaluation of effectiveness of the Board of Directors⃝ Effectiveness evaluation process for fiscal 2023

efficient and effective management. On the other hand, there were comments stating that there is still room to improve efficiency andeffectiveness of meetings and discussions of the Board of Directors by focusing more on concrete and specific points to be discussed ateach meeting.
There are still issues that remain in terms of the efficient and effective management of the Board of Directors. In
addition, there is still room for enhancement of the initiatives for further improvement of the effectiveness of theBoard of Directors.

Evaluation of improvement
status of the issues statedabove

The evaluation confirmed that a certain level of improvement was achieved from the perspective of effective
and efficient management.
● Progress was made to a reasonable extent in eliminating redundancies and improving efficiency throughmeasures including the selection of proposals as a result of the assignment of responsibilities to the committees
and the sharing of the status of discussions made at the meetings of the Boards of Directors of subsidiaries.

2. Issues identified for further enhancement of effectiveness(1) Room for further enhancement of discussions on our growth strategy based on changes in the internal and external environment
Discussions on our management foundations, including corporate culture, have progressed and have been enhanced. It was identified that there isa necessity to increase the proportion of discussions on our growth strategy for the future.
(2) Room for distillation of the issues to be discussed and engagement in even more robust discussions than ever before
It was identified that there is a necessity for the Board of Directors to focus more on the discussion of issues related to the long-term growthstrategy and important issues while delegating, to the business execution line, decisions regarding individual and specific tactics and measures.

Management policy of the Board of Directors

Governance for value creation

Issues identified in theprevious evaluation

Business strategies for value creation

1. Improvement status of issues identified in the previous evaluation

The Board of Directors believes that by setting its management policy (key topics and supervision perspectives) based on the results of theeffectiveness evaluation in the previous fiscal year and the issues identified, along with the fiscal year plan formulated by the business

Based on the issues identified in the effectiveness evaluation and other factors, the Board of Directors of the Mizuho Financial Group set the
fiscal 2024 Board of Directors management policy as follows.

Topics based on the medium-term business plan

Data section

execution line and other factors, it can autonomously and continuously enhance its supervisory functions.

Business focus areas

Key
topicsSupport for the doubling of asset-based income

Enhancing the competitiveness of Japanese companies

Sustainability and innovation

Improving customer experience

Global Corporate & Investment Banking (CIB) business model

Corporate culture transformation

Human capital enhancement

IT reforms
Maintenance of stable business operations

Delegate individual and specific matters to the business execution line and engage in substantive debate on group management policy

Supervisoryperspectives

ExamplesAppendix

Digital transformation▶ How does the group differentiate itself from competitors?
▶ How does the group instill its strategy and management policy into members throughout the group?
▶ How does the group achieve total optimization?
▶ How does the group develop personnel to execute its strategies?

Integrated Report 2024

84

Risk governance / Cybersecurity

The evaluation confirmed that management of the Board of Directors has steadily improved and has been enhanced from the perspective ofCompliance⃝ Summary of the results of the effectiveness evaluation for fiscal 2023

Customer-oriented approach

Board of Directors and off-site meetings, issues were identified and shared among directors and future responses were discussed.

Story of Mizuho's value creation

All directors were given a questionnaire and interviewed regarding their supervisory activities in fiscal 2023. Thereafter, at meetings of theCorporate governance

Messages from the chairpersons of legally required committees (Nominating Committee,
Compensation Committee, and Audit Committee)

Nominating Committee
The Nominating Committee continuously discusses topics with regard to Mizuho Financial Group and its
core subsidiaries, such as the ideal composition of the Board of Directors; succession planning for
directors, the Group CEO, CEOs of group companies, and others; and personnel requirements. In fiscal
2024, as in previous years, the committee is seeking to put the group’s Corporate Identity and Purpose
into practice and steadily implement its growth strategies by continuously deliberating on how toensure the overall balance and diversity of the Board of Directors with a view to further strengthening
group governance. It is also exercising its monitoring function with regard to succession planning for
the Group CEO and others, liaising with the Human Resources Review Meeting to gain an understanding
Fiscal 2024 Chairperson

Yoshimitsu Kobayashi

of the composition and profiles of the CxOs (group heads) and others on the business execution line toensure a framework for appointing successors based on an appropriate process.

Function and role of the Nominating Committee

Meetings in

FY2023

Number ofmeetings

Average
attendance

14

100%

・Among other things, the Nominating Committee makes decisions on the content of proposals regarding
the appointment and dismissal of directors that are submitted to general meetings of shareholders.
Major topics discussed
・Personnel requirements applicable to the Group CEO
・Succession planning of the Group CEO and CEOs of the Three Core Companies
・Succession planning of outside directors of Mizuho Financial Group and the Three Core Companies
・Personnel matters relating to directors of Mizuho Financial Group and the Three Core Companies

Reference: Personnel requirements and selection of the Group CEO

Personnel requirements of the Group CEO
Our Group CEO is expected to satisfy the following requirements.
1) The Group CEO is required to possess extensive experience and knowledge, and the ability to foresee a new era with a global
perspective, and lead the creation of new value and transformation with their unshaken faith and flexibility to address changes.
2) The Group CEO is required to demonstrate their own values through their actions, ignite the hearts of employees, foster a healthy
corporate culture, promote the unity of the management team and employee growth, and achieve the sustained growth of Mizuho.
3) The Group CEO is required to gain empathy by communicating with a humble and sincere attitude, and build partnerships with diverse
stakeholders inside and outside the company.

Selection of the Group CEO
In addition to the personnel requirements above, in appointing the Group CEO, we select a candidate based on examination of required
qualifications or abilities that we emphasize or further take into consideration after considering the business environment surrounding
us at the time of succession, recognition of the era we are in based on such business environment as well as the direction of the group
strategies.

85

Mizuho Financial GroupCorporate governance

Executive messages

conducting repeated discussions in light of changes in the internal and external environment onwhether Mizuho’s executive compensation system is suited to the group’s business strategies, andwhether it functions as an incentive for executives to carry out their respective roles to the fullest. In
fiscal 2024, as in previous years, the committee is pursuing deeper discussion regarding theappropriateness of the group’s executive compensation system, while also continuously deliberating on

Risk governance / Cybersecurity

The Compensation Committee seeks to constantly review the executive compensation system,

Story of Mizuho's value creation

Compensation Committee

FY20238100%

Major topics discussed
・The process to verify the appropriateness of the design and operation of the executive compensation system
・Appropriateness of incentive functions of the executive compensation system
・Performance-linked compensation for FY2022
・The compensation for each individual director and executive officer (as defined in the Companies Act)

Reference: For more details on our executive compensation system, please refer to p. 89.

Audit Committee

Fiscal 2024 Chairperson

Ryoji Sato

Meetings in

FY2023The Audit Committee engages in dialogue with executive officers and employees to gain anunderstanding of the actual operating conditions. In addition, it verifies the effectiveness of theinternal control systems by conducting focused monitoring of the progress of key strategies,
identification of issues, and status of initiatives to strengthen the internal management system at
the group. In fiscal 2024, as in previous years, the committee is continuously gaining an
understanding of the actual operating conditions through on-site inspections of offices in andoutside Japan and dialogue with executive officers and employees, while also collaboratingclosely with the Internal Audit Group, the accounting auditors, and the Audit & Supervisory
Committees of core subsidiaries to contribute to establishing more robust managementfoundations.

Number ofmeetings

Average
attendance

18

100%

Function and role of the Audit Committee
・The Audit Committee audits the legality and appropriateness of the execution of duties by directors andexecutive officers (as defined in the Companies Act).
Major topics discussed・S tatus of the internal management systems on a global basis for establishing stable business operations・U nderstanding of the current status of frontlines through, among others, reporting from executive officers
and employees and exchanges of opinions, including on-site inspections of offices in and outside Japan・Responding to important issues in accounting audits and revisions to disclosure rules

Integrated Report 2024

86

Compliance

Average
attendance

Customer-oriented approach

Meetings in

Number ofmeetings

Governance for value creation

Function and role of the Compensation Committee
・The Compensation Committee determines the basic policy for determination of executive compensationand the compensation for each individual director and executive officer (as defined in the CompaniesAct) and conducts other matters.

Data section

Takashi Tsukioka

Appendix

governance in order to secure outstanding talent.
Fiscal 2024 Chairperson

Business strategies for value creation

how to build a competitive compensation system and establish appropriate compensation-relatedCorporate governanceStatus of activities of voluntary committees

Risk Committee (Chairperson: Hisaaki Hirama)
Activities in FY2023 ▶ We actively discussed, from a multifaceted perspective, the top risks that should be recognized by Mizuho and the status of risk
control in light of the global business environment and macroeconomic trends, as well as the status of initiatives to improve resilience in cybersecurity and,particularly in relation to sustainability, the responses to various issues related to climate change and natural capital in light of global trends, the status ofinitiatives for enhancement of human rights due diligence and for disclosure of sustainability information, and other matters.
Function and role of the Risk Committee

Meetings in

FY2023

Number ofmeetings

Average
attendance

9

100%

・The Risk Committee provides suggestions to the Board of Directors regarding decision-making andsupervision relating to risk governance.
Major topics discussed
・Selection of top risks, the operational status of the risk appetite framework
・Status of comprehensive risk management ・Status of sustainability initiatives
・Status of cybersecurity initiatives

IT / Digital Transformation Committee (Chairperson: Hiromichi Shinohara)
Background to establishment ▶ The IT / Digital Transformation Committee was established to replace the System Failure Response Evaluation Committee inJanuary 2024 to strengthen monitoring of IT and digital transformation, which are sources of competitiveness for our group, in addition to stable business operations.
Activities in FY2023 ▶ Through debate relating to IT strategies and the status of initiatives to promote digital transformation, we actively discussed,from a multifaceted perspective, the importance of working on digital transformation in harmony with business strategies, with the aim of establishing acompetitive advantage, as well as the concept of priorities related to IT investment in light of advances in technology and changes in the internal andexternal environment, the necessity for all management and employees to engage autonomously in systems risk management, and other matters.
Function and role of the IT / Digital Transformation Committee

Meetings in

FY2023

Number ofmeetings

Average
attendance

2

100%

・The IT / Digital Transformation Committee makes recommendations to the Board of Directors
regarding decisions and supervision related to IT and digital transformation and supervision of thestatus of system risk management.
Major topics discussed
・Policies for future initiatives regarding IT and systems, and management resource planning such as IT investments
・Policies for future initiatives to promote digital transformation ・Status of system risk management

Human Resources Review Meeting (Chairperson: Masahiro Kihara)
Activities in FY2023 ▶ We repeatedly discussed sustained strengthening of the group’s management in order to implement the Corporate
Identity, Purpose, and business strategies of the group, and repeatedly reviewed the development of personnel based on a variety of roles within
the group, the status of succession planning of key management, active appointment of candidates and the expansion of assignments, theappointment of officers in FY2024, and other matters.
Function and role of the Human Resources Review Meeting
Meetings in

FY202387

Mizuho Financial Group

Number ofmeetings

Average
attendance

12

100%

・T he Human Resources Review Meeting deliberates on plans for the appointment and dismissal of Mizuho
Financial Group’s executive officers (as defined in the Companies Act) determined by the Board of Directors.
Major topics discussed
・The succession planning of key management
・The appointment of executive officers for FY2024

Corporate governance

Executive messages

Policy Regarding Mizuho Financial Group's Cross-shareholdings of Other Listed Companies▶For reductions in cross-shareholdings, see p. 37 Financial highlights

Process for assessing whether cross-shareholding is meaningful
Taking into account our Policy Regarding Mizuho Financial Group's Cross-shareholdings of Other Listed Companies, we assess whether crossshareholding is meaningful using the process outlined below.

meet thecriteria

Negotiate sale of holdings(including partial sale)

Regularly
monitorprogress

Criteria of comprehensive assessment:

・Whether or not it is possible to improve profitability
and to meet the criteria through dialogue with theclient・Consideration is given to cases where clients aretaking corporate revitalization measures◦ We will continue to hold the shares of clients if those shares meet certain profitability standards based on a quantitative assessment.
However, in light of factors including the changes in the environment surrounding Japan's Corporate Governance Code and the potential
impact on our financial position associated with stock market volatility risk, we are working to reduce our cross-shareholdings throughdialogue with our clients.
◦ For those shares that also fall short of profitability standards based on a comprehensive assessment, we will draw on our relationship oftrust with the client in order to engage with them in constructive dialogue. If improvements in profitability can be made as a result, we willcontinue to hold the shares, but if improvement is not possible, we will negotiate with the client regarding the sale of the shares.
◦ We periodically confirm the status of negotiations for the sale of cross-shareholdings, client efforts to improve profitability, and othermatters. Additionally, once per year at a meeting of the Board of Directors, we conduct an assessment of whether it is meaningful tomaintain shares of each of the stocks listed in Japan that we are holding.
◦ In our assessment of cross-shareholdings as of the end of March 2023, of stocks listed in Japan that we are holding (¥997.3 billion in total asof the end of March 2023), around 30% did not meet the standards for continued holding. The results of the assessment may vary based on
our business relationship with the client, the market environment, and other factors at the time of assessment, but we will continue to work
steadily to reduce our cross-shareholdings.
◦ Note that we also conduct a similar assessment for deemed holdings of shares (e.g., shares contributed to the employee retirement benefit trust).

Standards Regarding the Exercise of Voting Rights Associated with Cross-shareholdings◦ Mizuho Financial Group and the Three Core Companies will exercise voting rights after comprehensive consideration of whether an issuing
company has established effective corporate governance and is making appropriate decisions to improve its corporate value over the
medium to long term. We will also consider any impact to our own corporate value.
◦ Further, if we are unable to agree on proposals made by issuing companies, we may consider disposing of our shareholdings.
◦ We will consider specific proposals through dialogue with the issuing companies and studies conducted by our own specialized
departments. In particular, when these proposals could affect corporate value or shareholder interests, we will decide on the exercise of
voting rights after comprehensive consideration of the purposes of the proposals and the issuing company's approach to improving
corporate value.
Integrated Report 2024

88

Customer-oriented approach

×Fail toConsider potential
for improvementin profitability

Negotiate toimprove profitability

Governance for value creation

Profitability ofshareholding
per client

Maintain holdings

・We determine holdings to be meaningful when theclient’s total profit1 divided by risk capital2 exceeds
a hurdle rate based on the cost of capital plus a
premium
1. After deducting credit costs, expenses, funding
costs, etc.
2. “Risk” accounts for a combination of credit risk,
stock market volatility risk, etc.

Data section〇Meet the criteria

Criteria of quantitative assessment:

Comprehensive assessment

Appendix

Quantitative assessment

Risk governance / Cybersecurity◦ As a basic policy, unless we consider these holdings to be meaningful, Mizuho Financial Group and the Three Core Companies will not holdthe shares of other companies as cross-shareholdings. This reflects factors including the changes in the environment surrounding Japan’s
Corporate Governance Code and the potential impact on our financial position associated with stock market volatility risk.
◦ We consider cross-shareholdings to be meaningful if they contribute to the maintenance and improvement of the corporate value of issuers
and the Mizuho group based on their growth potential, outlook, or revitalization perspectives or as a result of studies on present and future
economic feasibility and profitability.
◦ We will regularly and continually examine whether shares held as cross-holdings are meaningful, and we will dispose of holdings
determined to be deficient in meaning with due regard to the impact on the market and other matters. Through dialogue with the issuing
companies, we will also reduce even those holdings we consider to be meaningful.

Compliance

Policy Regarding Mizuho Financial Group’s Cross-shareholdings of Other Listed Companies

Business strategies for value creation

Policy Regarding Mizuho Financial Group's Cross-shareholdings of Other Listed Companies https://www.mizuhogroup.com/who-we-are/governance/governance/structure/hold

Story of Mizuho's value creation

Mizuho Financial Group and Mizuho Bank, Mizuho Trust & Banking, and Mizuho Securities (Three Core Companies) have established andpublished a Policy Regarding Cross-shareholdings of Other Listed Companies and Standards Regarding the Exercise of Voting Rights Associatedwith Cross-shareholdings.

Corporate governanceCompensation for executive officers
Basic policy1
Our executive compensation system isdesigned to achieve the following objectives
and approaches pursuant to the basic policy
on management under the Mizuho Financial
Group’s Corporate Identity.

Objectives
Approaches⃝Management that contributes to value creation for various stakeholders⃝Improvement of corporate value through continuous and stable corporate growth⃝Incentive function encouraging each of the officers to fulfill their designated roles to the greatest extent⃝Compensation for the responsibilities assigned to, and the performance of, each of the officers

1. The full text of the Basic Policy for Executive Compensation is posted on the Mizuho Financial Group’s website.
https://www.mizuhogroup.com/binaries/content/assets/pdf/mizuhoglobal/who-we-are/governance/governance/g_report/compensation.pdf

Executive compensation system
The executive compensation system takes the basic policy into account and reflects our economic and social environment as well as our group’s
medium- and long-term business performance. In addition, the system is in accordance with global rules and guidelines concerning executive
compensation and effectively ensures objectivity, appropriateness, and fairness of the compensation determination process.
Compensation system
Compensation for our officers shall consist of Base Compensation and Incentive Compensation. Details of the compensation type, performancelinkage, payment timing and payment method of each compensation type are shown in the chart below.
The proportion of each type of compensation for officers is determined according to the functions and responsibilities of each of the officers
and the proportion of Incentive Compensation is determined so as to maximize the proportion of the Group CEO’s compensation. From theperspective of ensuring the effectiveness of the supervisory function, compensation for non-executive officers responsible for management
supervision shall, in principle, consist of only Base Compensation and Stock Compensation I, with respect to which the details of the payment is
not changed due to, among other reasons, our business results.
Example of composition of compensation
Performance-linked
or not (range)

Compensation type

Payment
timingPayment
methodExecutive officers responsible for business execution
Group CEOBase Compensation¹

Not linked

Monthly

Cash

40%

Group executive officers

40%

Incentive Compensation

55%

Medium- to Long-term
Incentive Compensation

Stock
Compensation I2

Not linked

Time ofresignation

Stock
Compensation II3

Linked(0 – 150%)

Deferred payment
over three years
starting the fiscal year
after next

Stock

Stock

Non-executive
officers

55%

5%

85%

85%

15%

15%

5%

30%
60%

17.5%
45%

Short-term Incentive Compensation4

Linked(0 – 150%)

Lump sumin the next
fiscal year5

Cash

25%

22.5%

Subject to malus and clawback6
1.	Payment will be made monthly in cash in accordance with the roles and responsibilities of each of the officers.
2.	Payment in accordance with the roles and responsibilities of each of the officers as an incentive to increase corporate value over the medium to long term and for other purposes.
3.	Payment in accordance with level of achievement of financial indicators emphasized by the Mizuho Financial Group and evaluation of indicators related to stakeholders as an incentive to increase
corporate value over the medium to long term and for other purposes.
4.	Payment in accordance with level of achievement of financial indicators emphasized by the Mizuho Financial Group and the evaluation of individual performance as an incentive for fiscal year
performance to increase corporate value.
5. Deferred payment over three years starting the fiscal year after next for payments above a certain amount.
6.	A system has been adopted that enables malus (forfeiture of compensation remaining unpaid) and clawback (request for return of compensation) by resolution of the Compensation Committee
depending on the performance of the group or the individual.

89

Mizuho Financial GroupCorporate governanceAs performance evaluation indicators for performance-linked compensation we set indicators for which the evaluation axes are Mizuho

Executive messages

Performance-linked compensation formula
Financial Group and stakeholders including “Customers”, “Economy and society”, and “Employees”.

BaseamountCustomers
Economy and society
Employees

Weight2

Consolidated ROE3

25%

Consolidated Net Business Profits4

25%

Total Shareholder Return (TSR)5

10%

Customer satisfaction6
Sustainable finance amount6
Assessments by ESG rating agencies7
Climate-related initiatives6
Engagement score8
Inclusion score8

10%

Relationship between achievement rateand evaluation factor(Example for the Consolidated ROE)

Evaluation factor (%)
150
100

0

100

150 Achievement
rate (%)

Sustainability-related
initiatives are reflectedin evaluations

10%
20%

40%

1.	The Compensation Committee makes the final decision (maximum 150%) based on target achievement rates for performance indicators considering the businessenvironment and the existence of events that should be reflected individually.
2. Group CEO as an example.
3. Excludes Net Unrealized Gains (Losses) on Other Securities.
4. Consolidated Net Business Profits + Net Gains (Losses) related to ETFs and Others.
5. Evaluated by means of relative comparison with other companies, including our competitors.
6. Evaluated on the target achievement rates on related internal indicators.
7. Evaluated by comparison with results of previous years and peers that have been assessed by four major ESG rating agencies (S&P Global, Sustainalytics, MSCI, and FTSE).
8. Evaluated on the target achievement rate for the positive response rate for four Staff Survey questions related to engagement and inclusion.

Compliance

Finances ofMizuho Financial Group

Performance indicators2

Business strategies for value creation

Evaluation axes

Risk governance / Cybersecurity

Evaluation of medium- to long-term performance indicators1

Story of Mizuho's value creation⃝ Medium- to Long-term Incentive Compensation (Stock Compensation II)

Evaluation axisBaseamountFinances ofMizuho Financial Group

Individual evaluation1

Performance indicators2

Weight2

Main evaluation perspectives2

Profit Attributable to
Owners of Parent3

50%Gross Profit RORA4

50%⃝Demonstrates leadership in improving thegroup’s corporate culture anddisseminating the group’s Purpose andCode of Conduct⃝Succession initiatives for the Group CEO
and management team

1.	The Compensation Committee makes the final decision based on target achievement rates for
performance indicators considering the business environment and the existence of events thatshould be reflected individually. Varies from 0 – 140% in the case of the Group CEO.
2.	Group CEO as an example. 3. Profit Attributable to Owners of Parent for the period.
4. RORA: Return on Risk-weighted Assets.

1.	The Compensation Committee makes the decision
based on the evaluation perspectives. Varies from0 – 110% in the case of the Group CEO.
2.	Group CEO as an example.

Individual 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 thecompensation for each officer, the Compensation Committee shalldetermine the compensation for each individual director andexecutive officer of Mizuho Financial Group as defined in the
Companies Act and approve the compensation of each individual
director of the Three Core Companies (Mizuho Bank, Mizuho Trust& Banking, and Mizuho Securities).
Appropriateness of compensation level and composition
We conduct a market survey each year with other companies inthe same industry and similar-scale corporate groups as the peergroup, and examine the appropriateness of the compensation level
and composition.

Individual compensation determination process diagram

Mizuho Financial Group
Compensation Committee (composed of outside directors)
Determination of compensation

President & Group CEO
Approval ofcompensation

Application ofcompensation

Approval ofcompensation

Application ofcompensation

CEO of each company
Determination of compensation

Directors

Directors

Executive officers as
defined in the Companies Act
Determination ofcompensation

Executive officers as
defined in our internal regulations

Mizuho Bank,
Mizuho Trust & Banking,and Mizuho Securities

AppendixCompensation governance

Data section

The evaluation factor for the short-term performance indicators and individual evaluation is capped at 150%.

Determination of compensation

Executive officers

Integrated Report 2024

90

Customer-oriented approach

Evaluation of short-term performance indicators1

Governance for value creation⃝ Short-term Incentive Compensation

Corporate governance

Board of Directors
Outside Directors

OutsideOutsideDirector

Ryoji Sato

Chairperson of theMember of the Human
Nominating Committee Resources Review Meeting

Chairperson of the
Audit Committee

Member of the
Chairperson of theMember of the IT / Digital
Member of the Human
Nominating Committee Compensation Committee Transformation Committee Resources Review Meeting

Brief personal record (major concurrent offices indicated in bold)

Brief personal record (major concurrent offices indicated in bold)

Brief personal record (major concurrent offices indicated in bold)

Dec 1974	Joined Mitsubishi Chemical Industries (current Mitsubishi
Chemical)Apr 2005	Managing Executive Officer of Mitsubishi Chemical
Apr 2007	Representative Director, Member of the Board, President of
Mitsubishi Chemical Holdings1
		Representative Director, Member of the Board, President andChief Executive Officer of Mitsubishi ChemicalJun 2012	Outside Director of Tokyo Electric Power (until Mar 2015)
Apr 2015	Chairperson, Japan Association of Corporate Executives (until
Apr 2019)
Jun 2015	Member of the Board, Chairperson of Mitsubishi Chemical
Holdings1
Sep 2015	Outside Director of Toshiba (until Jul 2020)
Jun 2018	Chairperson of Board of Directors, Outside Director of Toshiba(until Jul 2020)
Jun 2020	Member of the Board of Directors (Outside Director) of FG(current)
Jun 2021	Member of the Board of Mitsubishi Chemical Holdings1 (untilJun 2022)
		Chairman of the Board of Directors of Tokyo Electric Power
Company Holdings (current)

Apr 1969	Joined Nikko Securities (current SMBC Nikko Securities)
Oct 1971	Joined Tohmatsu Awoki & Co.2
Feb 1975	Registered as Certified Public Accountant
May 1983	Partner of Tohmatsu Awoki & Co.2
Jun 2007	Chief Executive Officer of Tohmatsu & Co.2
Nov 2010	Senior Advisor of Deloitte Touche Tohmatsu (until May 2011)
Sep 2015	Outside Director of Toshiba (until Jun 2019)
Jul 2016	Audit & Supervisory Board Member of Nippon Life Insurance
Company (Outside Director (Audit & Supervisory Committee
Member) from July 2022 (current))
Jun 2020	Member of the Board of Directors (Outside Director) of FG(current)

Apr 1975	Joined Idemitsu Kosan
Jun 2007	Executive Officer and General Manager of Supply & Logistics
Department of Idemitsu Kosan
Jun 2008	Managing Executive Officer and General Manager of Supply &Logistics Department of Idemitsu Kosan
Jun 2009	Director and General Manager of Supply & Logistics Departmentof Idemitsu Kosan
Jun 2010	Managing Director and Managing Executive Officer and General
Manager of Corporate Planning Department of Idemitsu Kosan
Apr 2011	Managing Director of Idemitsu Kosan
Jun 2012	Executive Vice President and Representative Director of
Idemitsu Kosan
Jun 2013	Representative Director, President and Chief Executive Officer
of Idemitsu Kosan
Apr 2018	Chairman and Representative Director of Idemitsu Kosan
Jun 2020	Special Advisor of Idemitsu Kosan
Jun 2021	Member of the Board of Directors (Outside Director) of FG(current)
Jun 2022	Honorary Advisor of Idemitsu Kosan (current)
Jun 2023	Outside Director of Mitsui-Soko Holdings (current)

2. Current Deloitte Touche Tohmatsu

Takashi Tsukioka

OutsideDirector

Yoshimitsu Kobayashi Director

1. Current Mitsubishi Chemical Group

OutsideDirector

Kotaro Ohno
Member of theNominating Committee

91

Member of the
Audit Committee

OutsideDirector

Izumi Kobayashi
Member of the
Risk Committee

OutsideDirector

Member of the
Chairperson of the IT / Digital
Member of the Human
Nominating Committee Transformation Committee Resources Review Meeting

Chairperson of theMember of theBoard of Directors Nominating Committee

Brief personal record (major concurrent offices indicated in bold)

Brief personal record (major concurrent offices indicated in bold)

Brief personal record (major concurrent offices indicated in bold)

Apr 1976	Appointed as Public Prosecutor
Jul 2009	Vice-Minister of JusticeAug 2011	Superintending Prosecutor at Sendai High Public Prosecutors
OfficeJul 2012	Superintending Prosecutor at Tokyo High Public Prosecutors
OfficeJul 2014	Prosecutor-GeneralNov 2016	Special Counsel of Mori Hamada & Matsumoto (until Dec 2022)
May 2017	Outside Director of Aeon (until May 2023)
Jun 2017	Outside Audit & Supervisory Board Member of Itochu (until Jun
2021)
		
Outside Audit & Supervisory Board Member of Komatsu (current)
Jan 2023	Advisor of Atsumi & Sakai (current)
Jun 2023	Member of the Board of Directors (Outside Director) of FG(current)

Apr 1978	Joined Nippon Telegraph and Telephone Public Corporation(current Nippon Telegraph and Telephone)Jun 2009	Senior Vice President, Head of Research and Development
Planning, Member of the Board of Nippon Telegraph andTelephoneJun 2012	Executive Vice President, Head of Research and Development
Planning, Member of the Board of Nippon Telegraph andTelephoneJun 2014	Senior Executive Vice President, Head of Research andDevelopment Planning, Representative Member of the Board of
Nippon Telegraph and TelephoneJun 2018	Chairman of the Board of Directors of Nippon Telegraph andTelephoneJun 2021	Outside Director of Yamaha (current)
Jun 2022	Executive Advisor of Nippon Telegraph and Telephone (current)
Jun 2023	Member of the Board of Directors (Outside Director) of FG(current)

Apr 1981	Joined Mitsubishi Chemical Industries (current Mitsubishi
Chemical)Jun 1985	Joined Merrill Lynch Futures JapanDec 2001	President and Representative Director of Merrill Lynch Japan
Securities (current BofA Securities Japan) (until Nov 2008)
Nov 2008	Executive Vice President, the Multilateral Investment Guarantee
Agency of the World Bank GroupJul 2013	
Outside Director of ANA Holdings (current)
Jun 2014	Outside Director of Mitsui & Co. (until Jun 2023)
Jul 2014	Member of the Risk Committee of FG (as an outside expert who
is not a director) (until Jun 2017)
Jun 2017	Member of the Board of Directors (Outside Director) of FG(current)
Jun 2020	Outside Director of Omron (current)

Mizuho Financial Group

Member of the Human
Resources Review Meeting

Hiromichi Shinohara

Member of the Human
Resources Review MeetingApr 1982	Joined Bank of America, Tokyo
Mar 1996	Deputy General Manager and Head of Structured Finance of theLong-Term Credit Bank of Japan, London
Jan 2000	Partner of PricewaterhouseCoopers Financial Advisory Services3
Jun 2007	Deputy Mayor of Yokohama CityJan 2011	Partner, Head of PPP and Infrastructure of PwC Advisory3
Oct 2017	President and Representative Director of Veolia JapanJun 2020	Chairman and Representative Director of Veolia Japan (current)
Jun 2021	Outside Director of Idemitsu Kosan (until Jun 2024)		Outside Director of Benesse Holdings (until Jun 2024)
Jun 2023	Member of the Board of Directors (Outside Director) of FG(current)
Jun 2024	Outside Director of East Japan Railway (current)		Outside Director of Sumitomo Chemical (current)

Brief personal record▪Project Manager of Risk Governance Enhancement Project Team
▪General Manager of Risk Management Department of SC▪Head of Financial Control & Accounting Group of SC▪Head of Global Products Unit
▪Head of Global Corporate Division of BK▪Head of Asia Oceania▪Head of Sogo Shosha, Realty & Financial Sponsor
Industry Group of BK▪Head of Corporate & Institutional Company and Headof Global Corporate Company

3. Current PwC Advisory LLC

Mitsuhiro Kanazawa
Member of the Board of Directors
Senior Executive Officer
Group CIO
Brief personal record▪General Manager of Risk Management Department▪Co-Head of IT & Systems Group▪Group Co-Chief Information Officer and Group Chief Process Officer

Member of theCompensation Committee

Brief personal record▪General Manager of Financial Planning Department▪Deputy Head of Financial Control & Accounting Group

OutsideDirector

Data section

Takakazu Uchida

Takefumi Yonezawa

Member of the Board of Directors
Senior Executive Officer
Group CFO and General Manager of International
Accounting Standards Project Team

Member of the
Audit Committee

Apr 1983	Joined Mitsui & Co.
Apr 2014	Managing Officer, General Manager, Finance Div. of Mitsui & Co.
Apr 2017	Executive Managing Officer, General Manager, Finance Div. of
Mitsui & Co.
Apr 2018	Executive Managing Officer, Chief Financial Officer of Mitsui &Co.
Jun 2018	Representative Director, Executive Managing Officer, Chief
Financial Officer of Mitsui & Co.
Apr 2019	Representative Director, Senior Executive Managing Officer,
Chief Financial Officer of Mitsui & Co.
Apr 2020	Representative Director, Executive Vice President, Chief
Financial Officer of Mitsui & Co.
Jul 2020	Governor of Government Pension Investment Fund (until Feb
2024)
Apr 2021	Member of Expert Panel on JFSA's Policy Evaluations (current)
Apr 2022	Director of Mitsui & Co.
Jun 2022	Counselor of Mitsui & Co. (until Jun 2024)
Jul 2022	Vice Chair and Public Board Member of Self-Regulation Boardof Japan Securities Dealers Association (until Jun 2024)
Jun 2024	Member of the Board of Directors (Outside Director) of FG(current)

Seiji Imai

Hisaaki Hirama

Chairperson (Kaicho)4 , Member of the Board of
Directors (Internal non-executive director)

Member of the Board of Directors (Internal
non-executive director)

Brief personal record

Brief personal record▪Head of Global Corporate Company▪Head of Corporate & Institutional Company▪Head of Global Products Unit

▪General Manager of Accounting Department▪General Manager of Nagoya Corporate Branch of BK▪Head of Internal Audit Group of BKMember of the
Audit Committee

4. Chairperson (Kaicho) Imai engages in the company's external activities, but does
not chair the Board. The Board is chaired by the outside director, Ms. Izumi Kobayashi.

Chairperson of the Member of the IT / Digital
Risk Committee
Transformation Committee

Appendix

Brief personal record (major concurrent offices indicated in bold)

Definitions: FG: Mizuho Financial Group BK: Mizuho Bank SC: Mizuho Securities
Integrated Report 2024

92

Corporate governance

Executive messages

Brief personal record

Risk governance / Cybersecurity

Chairperson of the Human
Resources Review Meeting

Compliance

Brief personal record (major concurrent offices indicated in bold)

Hidekatsu Take

Member of the Board of Directors
Deputy President & Senior Executive Officer(Representative Executive Officer)
Head of Global Corporate & Investment Banking
Company and In Charge of Specially Assigned Matters

Customer-oriented approach

Masahiro Kihara

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

Member of theMember of the Risk
Compensation Committee
Committee

Story of Mizuho's value creation

OutsideDirector

Business strategies for value creation

Yumiko Noda

Governance for value creation

Members of the Board of Directors

Risk governance

Basic approach
To fulfill our responsibility as a global financial institution, the Mizuho group integrates the implementation of risk management with theexecution of business strategy and financial strategy through our risk appetite framework, and we advance appropriate risk-taking andrisk control in order to grow and develop sustainably together with customers, economies, and society as a whole.

Our basic stance when dealing with risk is to understand its nature, tocommunicate openly across organizational borders, and to constantly
pursue appropriate risk-taking.
Shiro Shiraishi
Senior Executive Officer
Group Chief Risk Officer (Group CRO)

When selecting our top risks for fiscal 2024, in addition to our risk perception withregard to the macro-environment and monetary policy direction in Japan and globally,
we discussed the increased focus of society on environmental and social issues suchas climate change, loss of nature, and human rights violations, as well as the risks
posed by generative AI. We have addressed each top risk with a variety of controls,
three of which we will focus on here as they relate to the core topics of the medium-term business plan.
First, our readiness for an increasingly unpredictable global financial and economic environment. With regard to credit risk, we simulate andexamine the impact of rising interest rates on the macroeconomy and corporate earnings, and take risks based on an appropriate risk-returncalculation. In addition, despite the volatile market environment, with the yen at historic lows against the dollar, we are monitoring trends in
different countries’ financial policies and working to control market and liquidity risks with a forward-looking approach, drawing on lessons
learned from the market volatility caused by rapid interest rate hikes in the US and Europe in recent years.
Second is global risk management. The acquisition of Greenhill in the Americas is an example of our group’s expansion of the global CIB
business. We are also strengthening our risk management systems in the Americas, EMEA, and APAC to provide banking and securities
functions globally.
Finally, we are strengthening our corporate foundations. We must improve readiness in areas of growing risk, such as cybersecurity, and also
be vigilant against new risks due to the rapid spread of AI. In order to provide stable financial services, we will strive to improve risk
management also from the perspective of operational resilience.
In the context of unprecedented uncertainty around the globe, this will be an important year for us to assess the global environment in a
forward-looking manner under our risk appetite framework, and to execute our strategy through flexible and appropriate risk-taking and risk
control. We will comprehensively assess and evaluate risks and opportunities in order to proceed with appropriate risk management on agroup and global basis.

Top risks

93

Resurgence of inflation and economic slowdown in the US and Europe

Rising prices, interest rates, and expanding fiscal concerns in Japan

Escalating US-China conflict and sluggish Chinese economy

Global decoupling and growing geopolitical risks

Worsening impact of climate change

IT system failures

Cyberattacks

Money laundering / Financing of terrorism

Improper acts and omissions by executive officers/employees

Stagnation of sustainable growth due to talent shortages

Changes in the competitive environment

Mizuho Financial Group(As of March 2024)

Corporate governance

Executive messages

Risk appetite framework (RAF)
We have positioned our RAF as the corporate management framework to execute risk-taking in a manner that is consistent with our risk
appetite. Risk appetite refers to the types and levels of risk that we will accept in order to implement our business and financial strategies.

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 to the Board on matters concerning
the RAF and related topics. In business operations, the Group CRO, Group CFO, and Group CSO provide assistance overseen by the Group CEO,Risk appetite is determined through management discussions on top risks and other potential risk events, which are then incorporated into
baseline scenarios and risk scenarios that are shared internally. Based on our awareness of these internal and external environments, we thenformulate a risk appetite policy consistent with the medium-term and fiscal year business plans. Also, regarding capital adequacy, profitability,
and liquidity, we set the quantitative risk appetite indices and their levels. The risk appetite policy as well as the risk appetite indices and theirlevels are determined by the Board of Directors. The risk appetite operating conditions are regularly monitored and reported to the Board of
Directors. The risk appetite is also revised as necessary when there are changes in the environment or strategies.

Mizuho’s risk management system

Business strategies for value creationand implement business strategy, financial strategy, and risk management from an overall perspective.

Risk governance / Cybersecurity

In the actual implementation of our RAF, the Board of Directors determines basic matters concerning the RAF and also decides on a risk

Compliancerisk-taking and risk control.

Story of Mizuho's value creation

Through our RAF, we manage strategy and risk in an integrated manner and aim to achieve the optimal risk and return through appropriate

Board of Directors

Group CEOBusiness policy committees

Executive Management Committee(e.g., Risk Management Committee)●Deliberates on and coordinates operationand monitoring matters concerning
important risk management●Deliberates on and coordinates the basic policy for risk
management and the risk management system●Deliberates on and coordinates operation and monitoring mattersconcerning risk management●Determines top risks●Deliberates on important mattersconcerning risk management

Risk Committee

Risk appetite framework●Advises the Board of Directors
on decisions and supervision
regarding risk governance

Promotes appropriate risk-taking and risk control with an awareness of risk and return

Comprehensive risk management

IT / Digital Transformation Committee

Implements risk management in accordance with the characteristics of each risk

●Recommendations to theBoard on decisionmaking and supervision related
to IT and digital transformationand supervision of system risk
management status

Operational risk

Credit risk

Reputational risk

Information technology risk
Cybersecurity risk
Operations risk

Market risk

Model risk

Legal risk

Audit Committee

Human capital risk

●Audits the legality andappropriateness of theperformance of duties
by directors andexecutive officers

Regulatory risk

Give instructions and approval concerning risk management

Mizuho Trust & Banking

Third-party risk¹

Tangible asset risk

Liquidity risk

Set risk management policies
Mizuho Bank

Data section●Determines basic
matters regarding RAF
and comprehensive risk
management●Determines risk appetite
policies, indices, and RAS●Supervises businessexecution (risk management
conditions) by management

Governance for value creation

Management

Mizuho Securities

Report the risk management situation
Mizuho Americas

Climate-related risk²

Appendix

Supervision

Submit applications concerning risk management
Other core group companies

1. Complex risk spanning other risks. 2. Risk that could amplify other risks.

Integrated Report 2024

94

Customer-oriented approach

Mizuho Financial GroupRisk governanceStress testing
At Mizuho, we assess the suitability of our risk appetite and the validity of our business plans through stress testing, calculating and assessing
the financial effect on our capital adequacy ratio and on our performance.
We carry out stress testing based on scenarios formulated taking into account current economic conditions and future outlooks, vulnerabilities
in Mizuho’s business and finance structures, and other factors. We can confirm whether our capital adequacy ratio, performance, and otherindicators are sufficient in the case that stress events actually materialize. If such indicators fall below the necessary level, we reconsider andrevise our risk appetite and business plans. In addition, we calculate the impact on risk levels, including interest rate risk in the banking book,and confirm the balance between this risk capital and owned capital at the post-stress stage to assess the adequacy of the capital level.
In addition, to structure robust risk management systems, stress testing is also used to manage risk in various risk categories, such as liquidity
risk and market risk.

Mizuho’s capital adequacy stress testing
1. Preparing scenarios

2. Calculation of risk impact

3. Analysis and use of results●Current economic conditions and future outlook●Calculation of the impact on the group upon therisk scenario materializing●Assessment of the suitability of our risk appetiteand our business plans●Main items to calculate: Capital adequacy ratio,
losses, value at risk (VaR), etc.

●Assessment of capital adequacy●Vulnerabilities of Mizuho’s business andfinancial structure

Cybersecurity
Basic approach
Damage caused by increasingly sophisticated cyberattacks is on the rise. Breaches of personal information held by corporates and arecord amount of unauthorized money transfers from phishing are some examples witnessed in 2023. At Mizuho, we are continuously
pressing forward with cybersecurity measures as per our Declaration of Cybersecurity Management, to allow customers to use ourservices with the peace of mind that they are secure.
Declaration of Cybersecurity Management

https://www.mizuhogroup.com/who-we-are/activity/cybersecurity

Governance system
At Mizuho, we have established the position of Group Chief
Information Security Officer (Group CISO), who administers overall
group-wide / global cybersecurity management. In the interest of
clarifying how the check-and-balance system applies to the Group

Mizuho Financial Group
Supervision

Chief Information Officer (Group CIO) as part of our second line of

Risk Committee

defense, the Group CISO reports to both the Group CIO and GroupIT / Digital
Transformation
Committee

Chief Risk Officer (Group CRO). We are striving to enhance ourManagement

Board of Directors

Group CEO
Executive Management Committee

Group CIO

cybersecurity posture by implementing this system of double
reporting. The Group CISO, as the person responsible forcybersecurity risk management, reports to the Executive

Group CRO
Group CISO

Department
in charge

Cybersecurity
Management Department

Management Committee and Board of Directors the progress of thevarious measures taken, and works with management to review
cybersecurity policies and resource allocation in a timely andappropriate manner.
95

Mizuho Financial Group

Monitor and manage

Group companies

status of our cybersecurity measures and to quickly gather information when an incident occurs.

Corporate governance

We have appointed a person in charge of cybersecurity and have established a communication system at group companies, to monitor the

Executive messages

Cybersecurity

respond to cybersecurity incidents. SOC detects
suspicious activity to identify potential threats using a
24-hour, 365-day monitoring framework, while MizuhoCIRT shares information with internal and external
partners to better handle incident response,
received from SOC.
These specialist units have established a procedure forresponding to different cyberattack methods, and are
constantly conducting internal and external training anddrills to properly respond to any incident.

Surveillance at a location outside Japan

1. Security Operation Center (a specialized team that monitors and analyzes
threats to information systems in organizations such as other corporates)
2. Cyber Incident Response Team (incident response teams that specialize in
information security issues within the organization)

Cybersecurity measures
Our cybersecurity measures include group-wide, global, and supply chain scopes. In order to identify and prevent cybersecurity risks, wecollect threat intelligence from public institutions, trusted communities, the media, and other sources, and prioritize measures based on
potential impact on our company.

Governance for value creation

Business strategies for value creation

investigation, and recovery based on the information

Modern systems are constantly exposed to a wide variety of security threats. We take measures to ensure consistent security throughout thesystem development lifecycle, from planning through development and operation.

TLPT1 to test the effectiveness of these technical measures and the effectiveness of the response process.
In order to evaluate the maturity of these cybersecurity measures, we refer to third party assessment by the Cybersecurity Assessment Tool ofData section

Our systems have a virus analysis and a multi-layered defense mechanism, and we are working to strengthen our resilience by implementing

the Federal Financial Institutions Examination Council and the Cybersecurity Framework of the National Institute of Standards and Technology.
1. Threat-Led Penetration Testing (evaluation of systems and response processes by analyzing targeted threats and simulating attacks)

Cybersecurity personnel development
this process vital in order to strengthen individual and organizational incident response capabilities.
To ensure that every executive officer and employee has the necessary cybersecurity awareness, knowledge, and skills, we employ internal

Appendix

We periodically test the group’s ability to respond appropriately to a cyber incident, and thoroughly eliminate any issues identified. We consider

and external training, exercises, and drills including incident response training for management and other staff, role-specific cybersecurity
training, and biannual phishing email training for all executive officers and employees.
We actively support employees in acquiring professional qualifications and encourage professional development through external specialist
programs. In addition, we actively recruit professionals, and have established an IT system course for new graduates hired in Japan, in order toacquire and develop personnel with advanced expertise.

Integrated Report 2024

96

Compliancework closely with external specialized organizations to

Customer-oriented approach

Story of Mizuho's value creation

Our specialist units, particularly SOC1 and Mizuho-CIRT2,

Risk governance / Cybersecurity

Incident responseCompliance

Basic approach
One of our core business principles is the strict observance of all laws and regulations and the pursuit of fair and honest corporate
activities that conform to socially accepted norms, and as such we have established a compliance framework befitting a global
financial group.

We are committed to implementing a compliance framework to practice fairand honest corporate activities in order to live up to the trust of ourcustomers and society, and we are constantly aware of the weight of oursocial responsibility and public mission as a provider of economic and social
infrastructure.
⃝We are committed to enhancing our compliance framework in light of changes in the environment andincreasing demands globally. This includes the prevention of money laundering and other financial crimes,
the severance of relationships with organized crime, and the response to stricter global regulations
regarding market transactions and personal information management.
⃝We will strive to create a culture, through messages from management and training, in which each andevery employee practices compliance autonomously.

Makoto Matsubara
Senior Executive Officer
Group Chief Compliance Officer (Group CCO)

Compliance structure
Mizuho Financial Group and its core groupcompanies discuss important matters concerningcompliance at each company’s Compliance
Committee (chaired by their respective CCOs),and promote compliance under the leadership of
the Group Chief Compliance Officer (CCO) and thecompanies’ respective CCOs.
At each organizational unit (such as branches
and departments) in each company, the generalmanager, as the head of the organizational unit, is
responsible for guidance and implementation
related to compliance matters, and thecompliance officer or compliance administrator
at each organizational unit reviews the status ofcompliance.

Mizuho Financial Group
Supervision / Audit
Board of Directors
Audit Committee

Management
Group CEO

Executive Management Committee
Compliance Committee(Chairperson: Group CCO)

Group CCO (Department in charge: Compliance Department)
Every organizational unit
Head of each organizational unit
Compliance officer / compliance administrator

Monitoring / Management

Core group companies (e.g. Mizuho Bank, Mizuho Trust & Banking, and Mizuho Securities)
Monitoring / Management

Subsidiaries of the above group companies

Compliance practices
We have established the Mizuho Code of Conduct which sets forth standards of behavior to be followed by all executive officers and employees
when implementing the precepts of our Corporate Identity. We have also prepared the Conduct Guidelines for Compliance setting out the modelof conduct we are required to follow. Mizuho ensures that all executive officers and employees are fully acquainted with both the Code of
Conduct and the Conduct Guidelines for Compliance through ongoing training and messages from management.
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 formulates a compliance program which is aconcrete, practical plan for enhancing the compliance framework, conducting training, checks, and the like in light of changes in the global
market transaction environment and increasing demands such as for prevention of money laundering and protection and management of
personal information on a global basis. Progress on the compliance program is monitored every six months.
97

Mizuho Financial GroupIn order to prevent organized crime from being involved in our business activities and to prevent any harm caused by organized crime, the Mizuho
Code of Conduct includes an economic and social 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 order and safety of civil society.
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 have established departments dedicated to responding to organized crimes, appointed officers responsible
for responding to unreasonable demands, formulated a manual on how to manage such issues, and established a framework for conducting
training. If required, we consult with third-party experts and authorities on the handling of specific cases.

Measures for ensuring compliance
Education and training
At Mizuho, compliance-related education and training are key measures for ensuring appropriate compliance.

In addition to understanding the rules and procedures, the all-hands training is designed to deepen understanding and to provide points to noteregarding responding to compliance risks in a timely manner. We will continue to improve this content going forward with the objective that all staff
should be able to understand the principles of compliance based on the purpose and background of the law, and be prepared to take action proactively.
We are also dedicated to detecting potential compliance issues at the earliest stage possible and taking appropriate action. Therefore, eachgroup company has established an internal reporting system through which executive officers and employees can directly get in touch withdedicated persons in their company’s compliance department, an external law office or an external company specialized in internal reporting.

Data section

During fiscal 2023, Mizuho provided effective training tailored to a broad range of roles within the organization. We conducted e-learning training
sessions on specific compliance topics for all employees and role-specific training for each class of positions such as executive officers, generalmanagers, and compliance officers.

Internal reporting system (Compliance hotline)

Appendix

We have a group-wide internal reporting system that is available 24 hours a day, every day of the year that connects toexternal contact points. The system also offers service in English and accepts anonymous reports. In order to ensure that
executive officers and employees are fully acquainted with it, we provide in-house training to all staff, and hotline numbers
and other relevant information is included on posters within each workplace and distributed to all executive officers andemployees on wallet-sized cards. We are working to further improve the effectiveness of the system by regularly
disseminating information such as past internal reports without specifying the case, and by taking thorough measures toprotect staff who file reports. In fiscal 2023, we received a total of 175 reports through our hotlines via the internal andexternal contact points, with the response status reported to members of our Audit Committee.
Hotline for accounting and auditing
We have a hotline connecting to an external law office specifically for reporting inappropriate matters pertaining to the internal control andauditing of accounting and financial reports, which is also available to external personnel.
Integrated Report 2024

98

Corporate governanceRisk governance / Cybersecurity

Executive messages
Governance for value creation

Our stance towards organized crime

Business strategies for value creation

Recognizing the social importance of preventing bribery, corruption, and corrupt practices, Mizuho has formulated a Policy for Anti-Bribery andCorruption and put in place a framework to prevent bribery and other corrupt practices at all group companies.

Compliance

We have recently been working to prevent and contain damage due to special fraud and investment fraud, both of which are on the rise in Japan,
by improving customer awareness, monitoring transactions, and suspending transactions where necessary.

Customer-oriented approach

We ensure that everyone at Mizuho is trained to be aware of the importance of AML/CFT/CPF measures and their roles. By preventing thetransfer of criminal proceeds and cutting off the supply of funds to terrorist organizations through these efforts, we contribute to the protection of
our customers, the security of the international community, and the sound development of economic activities.

Story of Mizuho's value creation

Addressing financial crime
Financial crimes are becoming more diverse and sophisticated, and acts of terrorism continue to occur around the world. In light of these trends,
measures for anti-money laundering (AML), combating the financing of terrorism (CFT), and counter-proliferation financing (CPF) are extremely
important. Against this backdrop, the key challenge for financial institutions is the strengthening of their AML/CFT/CPF measures. Mizuho
considers money laundering / financing of terrorism to be one of our top risks, and we have formulated a framework to ensure compliance withthe related laws and regulations in each jurisdiction. We are also continually enhancing our AML/CFT/CPF measures through discussions at the
AML Enhancement Working Group and compliance inspections.

Customer-oriented approach

Basic approach
Mizuho regards adhering to integrity—or, in other words, acting as a trusted partner by always upholding solid moral
principles—as one of the values we pursue in realizing our stated Purpose, which is to “Proactively innovate together with ourclients for a prosperous and sustainable future”. We believe that garnering customers’ trust through our customer-oriented
approach will lead to garnering trust from all of our stakeholders and this will underpin our sustainable growth.

All of our business operations are connected to gaining the trust of ourcustomers. With this in mind, we will act with integrity and continue striving
to always thoroughly consider and pursue the best interest of our customers.

Minako Nakamoto
Senior Executive Officer
Group Chief Governance Officer (Group CGO)

Identifying customer needs and expectations and utilizing them in our corporate activities
Mizuho regards the customer comments that we receive through various channels as a valuable asset in our corporate activities. We work to
identify customers’ diverse and constantly changing needs and expectations, improving our service quality accordingly so that we can continue
to provide products and services preferred by customers. We have created a cycle whereby the current status of group companies’ efforts isreported to Mizuho Financial Group for verification and consultation, leading to further improvements.

Customers
Providing products
and services preferredby customers
Providingrecommendations andinformation promptly

Customer feedback
systems
Customer satisfaction
surveyIdentification ofeach customer’s needs
and expectations

Call centers
Website customer
feedback forms anda dedicated toll-freenumberConsulting services which
draw on our advanced
expertise
Enhancement of oursolutions capabilities

Group companies
Reporting and sharing

Direction and verification

Mizuho Financial Group (holding company)

99

Mizuho Financial Group

Customer feedback channels
Mizuho Bank, Mizuho Trust & Banking, and Mizuho
Securities collect customer feedback through multiple
channels:⃝Regular customer satisfaction surveys seeking
customer views on our products, services,
recommendations, etc.
⃝Call centers responding to customer opinions andrequests⃝Website feedback forms and a dedicated toll-freenumber to gather customer opinions and requests

Corporate governance

Executive messages

Asset management-related businessWe have released our Policies Regarding Mizuho’s Fiduciary Duties* as a set of group-wide policies to ensure we continue offering products
and services that genuinely serve the best interests of our customers. In addition, at our holding company and at relevant group companies, we

Our vision for the pursuit of customers’ best interests
Customer-oriented approach

MizuhoProvision of products and services
that are truly appropriate forthe customer's interests

Positive and trustworthy public image
Customers

Results

Protecting and growing financial assets
to help our customers achieve their goals

Enhancing customer satisfaction and trust

MizuhoMedium- to long-term growth

Expanding customer base and strengthening our brand

Key Performance Indicators (KPIs)● Number of personnel with professional qualifications● Number of funds with a rating of 4 stars or higher● TOPIX component ratio of the companies involved inour engagement activities● Number of publicly offered investment trusts indifferent balance ranges● Average balance per publicly offered investment trust● Number of website views● Number of participants enrolled in financial andeconomic education courses● Customer satisfaction surveys● Number of funds which have received awards● Survey of satisfaction among investment trust companies● Balance of assets under management frominvestment products● Number of customers using our investment products● Customer ratio by investment profit/loss frominvestment trusts● Customer ratio by investment performance of foreign
currency-denominated insurance products● Average holding period for publicly offered investment trusts● Balance of Asset Management One assets● Balance of asset formation-focused products● Balance of private pension plan assets under administration● Balance of publicly offered investment trust assets
under administration

In addition to the KPIs listed above, the following common KPIs have also been released.

CommonKPIs(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 undermanagement, (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 foreign
currency-denominated insurance products, (5) Cost vs. return of foreign currency-denominated insurance products.
Common KPIs are indicators based on the “Common Key Performance Indicators (KPIs) Comparable Across Investment Trust Distributors” published by Japan’s Financial Services Agency in June 2018
and the “Common Key Performance Indicators (KPIs) Comparable Across Foreign Currency-denominated Insurance Distributors” by Japan’s Financial Services Agency in January 2022.

Earned SS and S+ scores in R&I Customer-Oriented Financial Sales Company Evaluation

This evaluation represents R&I’s opinion on the customer-oriented business operations initiatives of financial institutions 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 the purchase, sale or holding of specific products or guarantee future performance. All intellectual property rights such as copyrights related to this evaluation andall other rights belong to R&I and are prohibited from reproduction or reprinting without permission. The evaluation of Mizuho Financial Group combines the evaluations of Mizuho Bank, Mizuho Trust & Banking, and Mizuho
Securities.

AppendixMizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, and Mizuho Securities obtainassessments from Rating & Investment Information (R&I) under the R&I Customer-Oriented Financial
Sales Company Evaluation. We received the latest results in February 2024. Three of the four
companies earned an S+ score for the fourth consecutive year, and Mizuho Trust & Banking received
an SS score. This places the four companies in the top tier of companies in the industry.

Initiatives regarding Mizuho’s fiduciary duties
https://www.mizuhogroup.com/binaries/content/assets/pdf/mizuhoglobal/news_release/2024/20240628release_eng.pdf
Integrated Report 2024

100

Risk governance / Cybersecurity
Compliance

At the same time, we aim to utilize the medium- to long-term growth of Mizuho to further
enhance our level of customer service by expanding our business base and establishing abrand based on customer satisfaction and trust.

Key Performance Indicators (KPIs)
We have established KPIs to confirm ourlevel of performance in customer-oriented
business conduct. We publicize progresson these KPIs periodically, along with thestatus of initiatives under our Action Plan.

Customer-oriented approach

Our vision for the pursuit of customers’ best interests
We believe that protecting and growing financial assets and helping our customers achieve
their goals by providing products and services that are truly appropriate for the customer's
interests will lead to the achievement of the customer's best interests.

Business strategies for value creation

https://www.mizuhogroup.com/binaries/content/assets/pdf/mizuhoglobal/news_release/2023/20230630release_eng_3.pdf

Governance for value creation

For more information on Policies Regarding Mizuho’s Fiduciary Duties, please see our website:

Data section* 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.

Story of Mizuho's value creation

have established, made public, and executed action plans based on these policies.

Eleven-year major financial data (FY2013 – 2023)



Summary of consolidated performance
FY2013

FY2014FY2015FY2016FY2017

Consolidated gross profits

2,035.2

2,247.7

2,221.6

2,092.7

1,915.3

Net interest income

1,108.3

1,129.4

1,003.6

867.8

807.3

Fiduciary income

52.0

52.6

53.4

50.6

55.4

Credit costs for trust accounts

—

—

—

—

—

Net fee and commission income

560.7

593.3

607.5

603.5

614.3

Net trading income

187.4

262.9

310.5

325.3

275.7

Net other operating income

126.7

209.3

246.4

245.4

162.4

General and administrative expenses(1,258.2)(1,351.6)(1,349.5)(1,467.2)(1,488.9)

Consolidated net business profits*

744.2

876.9

852.8

663.4

457.8

Credit-related costs

112.8

(4.6)

(30.4)(47.5)

156.3

Aggregate figures for the 2 banks

116.6

(7.8)

(26.7)(49.3)

153.2

Net gains (losses) related to stocks

77.0

131.9

205.6

242.1

272.0

Net gains (losses) on sales of stocks

81.5

143.7

225.3

261.1

288.3

Losses on impairment (devaluation) of stocks

(5.3)

(5.3)

(10.3)

(4.8)

(5.1)

15.4

15.0

24.2

18.8

21.4

Equity in income from investment in affiliates
Other
Ordinary profits
Net extraordinary gains (losses)
Income taxes – current– deferred
Profit5.1(27.5)(74.0)(101.5)(93.7)

987.5

1,010.8

997.5

737.5

782.4

(2.2)

(20.2)

10.7

46.6

17.5

(137.0)(260.2)(213.2)(196.5)(190.1)(77.9)(44.7)(69.2)

58.8

(1.4)

770.3

685.6

725.7

646.4

608.3

Profit attributable to non-controlling interests(81.9)(73.7)(54.7)(42.9)(31.7)

Profit attributable to owners of parent

688.4

611.9

670.9

603.5

576.5

* 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
FY2013

Assets

FY2014FY2015FY2016FY2017

175,822.8

189,684.7

193,458.5

200,508.6

205,028.3

Loans and bills discounted

69,301.4

73,415.1

73,708.8

78,337.7

79,421.4

Securities

43,997.5

43,278.7

39,505.9

32,353.1

34,183.0

Liabilities

167,518.3

179,884.2

184,105.3

191,235.2

195,207.0

Deposits

89,055.5

97,757.5

105,629.0

120,045.2

125,081.2

Negotiable certificates of deposit

12,755.7

15,694.9

11,827.5

10,631.2

11,382.5

8,304.5

9,800.5

9,353.2

9,273.3

9,821.2

Total shareholders’ equity

5,676.2

6,131.1

6,559.9

7,001.2

7,388.3

Retained earnings

2,315.6

2,769.3

3,197.6

3,615.4

4,002.8

Total accumulated other comprehensive income

781.0

2,029.9

1,607.8

1,520.9

1,677.5

Non-controlling interests

1,844.0

1,635.5

1,182.6

749.3

754.2

Net assets

Financial indicators
FY2013

FY2014FY2015FY2016FY2017

Common Equity Tier 1 capital ratio (consolidated)

8.80

9.43

10.50

11.34

12.49

Tier 1 capital ratio (consolidated)

11.35

11.50

12.64

13.30

15.44

Total capital ratio (consolidated)

14.36

14.58

15.41

16.28

18.24

Net assets per share (Yen)*

253.25322.86322.46335.96357.41

Profit attributable to owners of parent per share (Yen)*

28.18

24.91

26.94

23.86

22.72

Net return on equity (consolidated)

11.65

8.60

8.37

7.27

6.55

* 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.

101

Mizuho Financial Group

2,198.6

2,252.4

2,278.4

2,703.3

733.5

905.6

993.4

960.5

887.6

55.1

58.5

55.1

60.4

58.9

61.4

—

—

—

—

—

—

610.4

619.2

687.1

740.9

751.6

856.6

297.3

391.2

388.1

287.6

334.7

726.5

87.3

259.5

162.5

169.8

172.4

171.0

(1,430.8)(1,378.3)(1,414.6)(1,392.8)(1,445.2)(1,663.9)

393.3

661.9

797.7

851.2

805.2

1,036.8(19.5)(171.7)(204.9)(235.1)(89.3)(106.3)(22.7)(173.7)(201.5)(303.7)(36.2)(97.1)

274.8

137.1

12.1

(43.8)

86.4

23.6

305.2

153.7

56.8

29.5

98.0

61.1

(5.7)

(41.6)(5.8)(41.6)

(2.0)

(2.2)

51.2

30.3

19.9

25.4

11.8

26.2

(74.2)(41.7)(74.8)(46.1)(52.5)(68.8)
914.0

614.1

637.8

536.3

559.8

789.6

(497.8)(19.1)

115.8

44.0

(10.6)

40.9(161.3)(150.0)(165.6)(117.3)(170.8)(276.1)

163.8(11.4)

(9.0)

56.6

(48.0)

4.4

118.7

457.2

477.3

543.1

560.1

683.2

(22.1)

(8.6)

(6.3)

(12.7)

(4.6)

(4.3)

96.5

448.5

471.0

530.4

555.5

678.9

(¥ billion)
FY2019FY2020

FY2021

FY2023

FY2022200,792.2

214,659.0

225,586.2

237,066.1

254,258.2

278,672.1

78,456.9

83,468.1

83,704.6

84,736.2

88,687.1

92,778.7

29,774.4

34,907.2

43,697.2

44,641.0

37,363.1

38,245.4

191,598.1

205,995.2

216,224.0

227,865.1

245,049.7

268,360.0

124,311.0

131,189.6

133,312.4

138,830.8

150,498.9

159,854.6

13,338.5

13,282.5

17,192.5

16,868.9

13,788.3

11,590.5

9,194.0

8,663.8

9,362.2

9,201.0

9,208.4

10,312.1

7,303.0

7,561.0

7,807.2

8,130.1

8,471.1

8,915.9

3,915.5

4,174.1

4,421.6

4,756.4

5,093.9

5,538.8

1,445.7

992.9

1,449.0

947.1

662.1

1,316.5

444.5

109.6

105.7

123.5

75.1

79.5

Data section

FY2018(%)
FY2019FY2020

FY2021

FY2023

FY2022

12.76

11.65

11.63

12.46

11.80

12.73

15.94

14.52

14.37

15.00

13.91

14.85

18.85

17.25

16.87

17.53

16.05

16.93

345.003,372.96

3,650.87

3,581.39

3,603.98

4,037.28

3.80

176.87185.75209.27219.20267.88

1.08

5.18

5.29

5.78

6.10

7.01

Appendix

FY2018Integrated Report 2024

102

Eleven-year major financial data (FY2013 – 2023)

2,062.2

762.4

Review and analysis for fiscal 2023

1,812.7

Corporate profile

FY2023

FY2022

Story of Mizuho's value creation

FY2021Business strategies for value creation

FY2020Governance for value creation

FY2019

Executive messages(¥ billion)
FY2018

Review and analysis for fiscal 2023

Overview of balance sheet1

Profit and loss(¥ billion)

FY2023Year-on-year

Consolidated Gross Profits1

2,672.2+392.0G&A Expenses2-1,681.9-208.3

Consolidated Net Business Profits1

1,005.8+198.6

Of which customer divisions

791.4+47.74

Of which markets divisions

125.0+65.14-106.3-17.0

Net Gains (Losses) related to Stocks3

54.7

-29.9

Ordinary Profits

914.0+124.4Net Extraordinary Gains (Losses)

40.95

+51.6

Profit Attributable to Owners of Parent

678.9+123.4

Consolidated ROE6

7.6%

+1.0 pp

Expense ratio

62.9%-1.6 pps

Credit-related Costs(Ref.)

1. Including Net Gains (Losses) related to ETFs and Others of -¥31.0 billion (-¥32.8 billion on a
year-on-year basis).
2. Excluding Non-Recurring Losses and others.
3. Excluding Net Gains (Losses) related to ETFs and Others.
4. Figures for year-on-year are recalculated based on the fiscal 2023 management accounting rules.
5. Of which ¥52.7 billion is from the cancellation of the employee retirement benefit trust (+¥5.1 billion
on a year-on-year basis).
6. Excluding Net Unrealized Gains (Losses) on Other Securities.

Consolidated Net Business Profits
Consolidated Net Business Profits increased by ¥198.6 billion year-onyear to ¥1,005.8 billion, the highest since the formation of Mizuho in
2002. This was due to growth in interest income, solutions andinvestment banking-related income, and strong performance in bothcustomer and markets divisions, as well as tailwinds such as high USinterest rates and the depreciation of the yen.

Profit Attributable to Owners of Parent
Profit Attributable to Owners of Parent increased by ¥123.4 billion
year-on-year to ¥678.9 billion, exceeding the interim revised forecast of¥640 billion. This was due to the increase in Consolidated Net BusinessProfits and gains on sale of cross-shareholdings and despite recording
reserves for credit-related costs from a forward-looking perspective.

Consolidated ROE
Consolidated ROE improved by 1.0 percentage point year-on-year to
7.6%, due to the steady growth in Profit Attributable to Owners of Parent
as a result of greater capital efficiency. We will continue to focus on
enhancing ROE by improving capital efficiency, with the aim ofachieving a price-to-book ratio above 1 as soon as possible.

103

Mizuho Financial Group(¥ trillion)

Total Assets 278 (+24.4)

Loans

Deposits/NCDs

92 (+4.0)

171 (+7.1)

Securities
38 (+0.8)
JGBs11.4 (-5.7)
Foreign Bonds
15.8 (+5.0)
3.7 (+0.7)
Japanese Stocks

RBC Individual3
RBC Corporate3
CIBC3
GCIBC3

47.1 (+0.8)
32.6 (+1.7)
46.8 (+1.6)
27.8 (+1.0)

Other Liabilities
96 (+16.1)

Other Assets
147 (+19.4)
Cash and Due from Banks 72.9 (+5.8)
Of which Bank of Japan
Current Account Balance2 57.5 (+6.3)

Net Assets
10 (+1.1)

1. Figures in ( ) represent change year-on-year.
2. Mizuho Bank and Mizuho Trust & Banking.
3. Mizuho Bank and Mizuho Trust & Banking. FY2023 management accounting rules.

Overview of balance sheet
Total assets increased by ¥24.4 trillion year-on-year to ¥278 trillion due
to increased individual and corporate deposits and the effects of yen
depreciation.

Loans and Deposits
Loans in Japan had been on a downward trend due to repayments ofloans made during the COVID-19 pandemic, but rose again in fiscal 2023
due to increased demand for working capital from rising prices and anincrease in growth investments, such as capital investment, and M&A.
Loans outside Japan decreased in foreign currency-denominated terms
due to the general weakening of demand for financing as a result ofhigh US interest rates and other factors, and Mizuho’s selective lending
policy, which aims to improve profitability. In yen-denominated terms,
loans outside Japan increased due to the weak yen.
Deposits from both individual and corporate customers increased
inside and outside Japan.

Other Securities
With the end of the Bank of Japan’s negative interest rate policy,
the balance of investment in Japanese bonds decreased by ¥5.7 trillion
year-on-year, and the Bank of Japan current account balance
increased by ¥6.3 trillion year-on-year.
Foreign bonds increased by ¥5.0 trillion year-on-year, in part due to thedepreciation of the yen.

Japan3

March 31, 2023

12.73%

11.80%

11.83%

11.28%

Tier 1 Capital Ratio

14.85%

13.91%

Total Capital Ratio

16.93%

16.05%

Leverage Ratio

4.70%

4.46%

March 31, 2024

March 31, 2023

10.5%

9.9%

9.8%

9.5%

(excluding Net Unrealized Gains (Losses) on Other Securities)

1.15%

1.17%

1.05%

0.62%

0.51%

0.52%

March 31, 2022

March 31, 2023

March 31, 2024

1. Including trust accounts.
2. Mizuho Bank (including banking subsidiaries outside Japan), in-house company management
basis.
3. Representative main branch basis.

Reference: Basel III finalization fully effective basis
CET1 Capital Ratio(excluding Net Unrealized Gains (Losses) on Other Securities)

Non-performing loans (NPL) increased by ¥0.18 trillion year-on-year to¥1.25 trillion, and the NPL Ratio also rose by 0.12 percentage points, but
remains low. Credit-related Costs were generally in line with the annual
plan, despite the recording of reserves from a forward-looking
perspective, due to the reversal of preventative reserves recorded inprevious years. We will continue to properly assess the risks
surrounding the business environment and work to thoroughly identify
warning signs and take preventative measures.

All regulatory ratios, including the CET1 Capital Ratio, are well above
the required levels based on the current regulatory standards. In
addition, the CET1 Capital Ratio on a Basel III finalization fully effective
basis has risen to 9.8% excluding Net Unrealized Gains (Losses) on
Other Securities. We will continue to manage our capital in a
disciplined manner and enhance our financial soundness.

Other Securities portfolio1

Shareholder returns(¥ billion)

Acquisition cost basis
March 31,2024

Change fromMarch 31, 2023

March 31,2024

Change fromMarch 31, 2023

31,404.6-2,208.9

1,455.4+643.0Japanese Stocks

916.9

-80.3

2,133.2+651.4

Japanese Bonds

14,394.8-5,905.9

-34.5

+41.4

Of which JGBs

10,968.1-5,513.1

0.2

+46.6

Foreign Bonds

13,005.0+2,869.8-494.1-39.5

Of which Debt Securities
issued in US3

8,573.0+2,206.5-460.9

-46.9

Other

3,087.7+907.4-149.0

-10.2

Total

¥105

Cash dividend per share (annual)

Net Unrealized Gains (Losses)2

Bear Funds4

346.4

-82.8

-136.9-111.1

Investment Trust andothers2,741.3+990.3-12.0+100.8

1. Other Securities with readily determinable fair values, excluding Investments in Partnership.
2. Changes in value to be recorded directly to Net Assets. After applying net deferred gains/losses ofdeferred hedging accounting among hedging instruments.
3. US Treasury / government-sponsored enterprises (GSEs).
4. Hedges aiming to fix unrealized gains on Japanese stocks.

utive
d consec

Thir

ease

year incr

End of
FY2023 +¥5Interimperiod +¥5¥85

Beginningof FY2023
+¥10

¥80
¥75

Dividend
payout ratio

FY2020

FY2021

FY2022

FY2023

40.3%

38.2%

38.7%

39.1%

We decided to increase the cash dividend per share for fiscal 2023 by afurther ¥5 yen from the interim forecast, to ¥105 yen per share, anincrease of ¥20 yen year-on year. This is based on our shareholder
return policy of determining the amount of dividends based on theperspective of achieving steady growth of our stable earnings base,taking into consideration a dividend payout ratio of 40% as a guide.
AppendixIn addition to the year-on-year increase of ¥651.4 billion in Net
Unrealized Gains (Losses) on Japanese Stocks due to the effects of arise in stock prices, Mizuho also worked to improve the soundness of
its bond and other portfolios in light of market conditions. Net
Unrealized Gains (Losses) on the securities portfolio increased by¥643.0 billion year-on-year to ¥1,455.4 billion.
Integrated Report 2024

104

Eleven-year major financial data (FY2013 – 2023)

March 31, 2024
Common Equity Tier 1 (CET1) Capital Ratio

Business strategies for value creation

OutsideJapan3Governance for value creation

1.07

Data section

1.25

1.12

Story of Mizuho's value creation(¥ trillion)

NPL Ratio (entirely)
NPL Ratio outside Japan2

Review and analysis for fiscal 2023

BIS capital

Corporate profile

Executive messages

Asset quality1

Corporate profile(As of March 31, 2024)
Company name:
Stock listing (code):

Historical stock price data Tokyo Stock Exchange
Mizuho Financial Group

Mizuho Financial Group, Inc

Nikkei Index

200

Tokyo Stock Exchange (8411)
New York Stock Exchange (MFG)

180
160

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

140
120
100
80
60
40
March 2019

March 2020

March 2021

March 2022

March 2023

March 2024

The graph has been prepared as an index with the closing prices on March 29, 2019 as 100.
Mizuho Financial Group conducted a 1-for-10 share consolidation on October 1, 2020. The effect of the

Number of employees: 2,457(Total number of employees on a consolidated
basis: 52,307)

share consolidation is reflected in the stock price data given above.

Date of establishment: January 8, 2003
Websitewww.mizuhogroup.com

Website ratings

2023

Gold Award in the Gomez IR Site Ranking 2023
(Mizuho Financial Group)Award of Excellence in the Daiwa IR 2023
Internet IR Awards(Mizuho Financial Group)

Best Website in the Nikko Investor Relations
Fiscal 2023 All Japanese Listed Companies’
Website Ranking (Mizuho Financial Group)

Excellent Company in the Gomez ESG Site
Ranking 2023
(Mizuho Financial Group)

Platinum Kurumin (Five group companies1)

Gold rating in PRIDE Index for LGBT+-related
initiatives (Five group companies1)

Best Workplace Accreditation2 in the D&I
Award 2023 (Five group companies1)

D&I Award Semi-Grand Prize3(Large enterprise category with more than 3,001
employees) (Five group companies1)

Second Prize in J-Win Diversity Award 2024
(Corporate Awards advanced category)(Five group companies1)

Grand prize at Japan Alumni Awards 2023
(Five group companies1)

Five stars in the Nikkei Smart WorkManagement Survey 2024
(Mizuho Financial Group)

Certified Health & Productivity Management
Outstanding Organization 2024 (Large enterprise
category) (Five group companies1)

Awards and certifications, etc.

1. Mizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities, and Mizuho Research & Technologies.
2. Achieved the highest of the four levels certified: Beginner, Standard, Advanced, and Best Workplace.
3. This prize is awarded to companies certified at Advanced and Best Workplace level whose initiatives are judged especially noteworthy.

ESG indices which include Mizuho (as of June 2024)
ESG indices selected by the Government Pension Investment Fund of Japan
General indices105

Mizuho Financial Group

UNEP Finance Initiative (UNEP FI)(Mizuho Financial Group)

Principles for Responsible Banking(Mizuho Financial Group)

Principles for Responsible Investment (PRI) (Mizuho
Trust & Banking and Asset Management One)Principles for Financial Action towards a
Sustainable Society(Mizuho Bank)

Equator Principles(Mizuho Bank)

Impact Consortium(Mizuho Financial Group)

Sustainability Data Standardization Consortium(Mizuho Financial Group and Mizuho–DL
Financial Technology)

Partnership for Carbon Accounting Financials(Mizuho Financial Group)

CDP Climate Change Program (Mizuho
Financial Group and Asset Management One)

Net-Zero Banking Alliance(Mizuho Financial Group)
Net Zero Asset Managers initiative(Asset Management One)

Asia Investor Group on Climate Change(Asset Management One)

Climate Action 100+
(Asset Management One)GX League(Mizuho Financial Group)

Keidanren Initiative for Biodiversity
Conservation (Mizuho Financial Group)

Cross-Sector Biodiversity Initiative (CSBI)(Mizuho Bank)

Taskforce on Nature-related Financial
Disclosures Forum (Mizuho Financial Group,
Mizuho Research & Technologies, and AssetManagement One)

30% Club Japan(Mizuho Financial Group)

Human Capital Management Consortium(Mizuho Financial Group and AssetManagement One)

Japan Center for Engagement and Remedy on
Business and Human Rights(Mizuho Financial Group)

Governance for value creation

United Nations Global Compact(Mizuho Financial Group)

Data section

All figures contained in this report are calculated using accounting principles generally accepted in Japan (“Japanese GAAP”).
Forward-Looking Statements

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.
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: incurrenceof significant credit-related costs; declines in the value 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; the effect 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 medium-term business plan, realize thesynergy 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 ofchanges in general 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 31, 2024, both of which are available in the Financial Information section of our website atwww.mizuhogroup.com and also at the SEC’s website at www.sec.gov.

Appendix

This 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 forward-looking statements do not represent any guarantee by management of future performance.

The content of this Integrated Report was prepared prior to the announcement of our financial results for the first quarter of fiscal 2024.
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.
Integrated Report 2024

106

Eleven-year major financial data (FY2013 – 2023)
Review and analysis for fiscal 2023

Participation in international and other initiatives

Business strategies for value creation

Story of Mizuho's value creation

Themed indices

Corporate profile

Executive messages

ESG indices selected by the Government Pension Investment Fund of Japan (continued)

Group companies
Mizuho Financial Group
Date of establishment

January 8, 2003

Capital¥2,256.7 billion（

As of March 31, 2024, except for the rating information and each company's network, which are as of June 30, 2024.
The representatives of each company have representation rights.
The 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 employees hired outside Japanbut excludes executive officers and temporary employees.
Mizuho’s network consists of our Head Office and branches in Japan, and branches, representative offices, and subsidiaries
outside Japan.

Location of head office 1-5-5, Otemachi, Chiyoda-ku, Tokyo 100-8176,
Japan

Rating information）

S&P

Moody’s

Fitch

R&I

JCR

Mizuho Financial Group

A-

A1

A-

AA-

AA

Mizuho Bank

A

A1

A

AA

AA

Mizuho Trust & Banking

A

A1

A

AA

AA

Representative

Masahiro Kihara, President & Group CEO

Mizuho Securities

A

A1

A-

AA

AA

Number of employees

2,457

Reference: Japanese government

A+

A1

A

AA+

AAA

Websitewww.mizuhogroup.com

Mizuho Bank
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

Number of employees

24,784

Network in Japan

463

Network outside Japan 81
Websitewww.mizuhogroup.com/bankMizuho Trust & Banking
Date of establishment

March 12, 2003

Capital¥247.3 billion

Location of head office 1-3-3, Marunouchi, Chiyoda-ku, Tokyo 100-8241,
Japan
Representative

Kenichi Sasada, President & CEO(Appointed on April 1, 2024)

Number of employees

2,946

Network in Japan

57

Otemachi Tower

Network outside Japan 1
Websitewww.mizuhogroup.com/trust-and-banking

Mizuho Securities
Date of establishment

January 4, 2013

Capital¥125.1 billion

Location of head office Otemachi First Square, 1-5-1, Otemachi,
Chiyoda-ku, Tokyo 100-0004, Japan
Representative

Yoshiro Hamamoto, President & CEO

Number of employees

6,820

Network in Japan

224

Network outside Japan 21
Website107

Mizuho Financial Group

www.mizuhogroup.com/securities

Mizuho Marunouchi TowerAs a core group company, Mizuho Research & Technologies provides
clients and society with new added value.
Mizuho Research & Technologies holds wide-ranging research andanalysis capabilities covering social and economic trends as well as thechallenges our clients face, advisory and consulting capabilities to solve
problems, advanced technical knowledge of digital technologies, andstrength in IT system design and implementation based on an extensive
experience and track record. Through the fusion of these capabilities,
Mizuho Research & Technologies is able to offer a full range of services
and solutions to meet our clients’ true needs.

Date of establishment April 1, 2021
Capital¥1,627 million
Location of head office 2-3, Kanda-Nishikicho, Chiyoda-ku, Tokyo
Representative
Masatoshi Yoshihara, President & CEO
Number of employees 3,539
Network outside Japan 3
Websitewww.mizuhogroup.com/information-andresearch

Executive messages

Mizuho Research & Technologies Mizuho Innovation Frontier is a venture capital firm with the purpose ofadvancing Mizuho’s business and technology developments.
Mizuho Innovation Frontier pursues more than just simple financial
return; it encourages the creation of new value through selective
investments that are strategically relevant to Mizuho. It also actively
facilitates the realization of business strategies conceived by Mizuho
employees in in-house creation programs.

Date of establishment
CapitalLocation of head office
Representative

April 3, 2023
¥2,100 million
1-5-5, Otemachi, Chiyoda-ku, Tokyo
Junichi Ikeda, President & CEO

Mizuho Americas Mizuho Americas is a US bank holding company with Mizuho’s primaryUS-based banking, 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 necessary for expanding its
profit base.

Date of establishment June 20, 2016
Capital$4,131 million (As of April 1, 2024)
Location of head office 1271 Avenue of the Americas, New York, NY
10020, USA
Representative
Shuji Matsuura, CEO
Websitewww.mizuhogroup.com/americas/

Custody Bank of Japan 
As an asset administration bank representing Japan, the Custody Bankof Japan handles overall management operations for securities andother financial instruments entrusted by clients. While providing stable,
high-quality services as a part of the financial infrastructure, the Custody
Bank of Japan is aiming to become the best partner for clients’ diverse
needs.

Date of establishment July 27, 2020
Capital¥51,000 million
Location of head office Harumi Island Triton Square Tower Z, 1-8-12,
Harumi, Chuo-ku, Tokyo
Representative
Masahiro Tsuchiya, President & CEO
Number of employees 1,906
Websitewww.custody.jp/english/

MI Digital Services MI Digital Services is a joint venture between Mizuho and IBM Japan
Ltd. that provides high-quality and highly efficient system management
services by integrating its expertise in operating core IT systems with
cutting-edge technologies.

Date of establishment
CapitalLocation of head office
Representative
Number of employees

June 30, 2020
¥20 million
IBM Japan Headquarters 11F, 19-21, Nihonbashi,
Hakozaki-cho, Chuo-ku, Tokyo
Kazuo Fujiwara, President & CEO
669

Business strategies for value creation

Mizuho Innovation Frontier Governance for value creation

Date of establishment October 1, 2016
Capital¥2,000 million
Location of head office Tekko Building, 1-8-2, Marunouchi, Chiyoda-ku,
Tokyo
Representative
Noriyuki Sugihara, President & CEO
Number of employees 809
Network outside Japan 3
Websitewww.am-one.co.jp/english/

Data section

Asset Management One is an asset management company in which
Mizuho and Dai-ichi Life Holdings, Inc. both have equity holdings. AssetManagement One collaborates with its offices in Europe, the US, andAsia to offer investment trust products to individuals and corporations,as well as provide investment advisory services to customers including
Japanese and non-Japanese pension funds.

Story of Mizuho's value creation

Asset Management One 

Mizuho Leasing leverages its expertise in equipment and properties,
in-depth understanding of commercial distribution, and sophisticatedfinancial knowledge to provide a wide range of financial and businessservices.
Through combining its new business strategy to increase thesophistication of client business models, its initiatives in core businessareas 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 withclients, and develop new business areas.

Date of establishment1 December 1, 1969
Capital¥26,088 million
Location of head office 1-2-6, Toranomon, Minato-ku, Tokyo
Representative
Akira Nakamura, President & CEO
Number of employees 811
Network outside Japan 12
Websitewww.mizuho-ls.co.jp/en/

AppendixMizuho Leasing 

1. The establishment date indicated for Mizuho Leasing is based on the date the leasing business
was set up.
Integrated Report 2024

108

Three lines of defense
In accordance with the “three lines of defense” approach in the Corporate Governance Principles for Banks released by the Basel Committee on Banking
Supervision and the definitions and roles outlined below, we ensure appropriate and effective risk governance through autonomous controls (first line;
business lines) and a check-and-balance system (second line; Department(s)in charge of risk management/compliance), along with an independent third line ofinternal auditing (Internal Audit Group). In addition, Mizuho Financial Group (holding company) sets group strategies and allocates resources, monitoring theautonomous controls in the first line at core group companies* in order to strengthen the system providing appropriate responses.

Third line

Second line

First line

Our definition of the three lines of defense and their roles
Autonomous control function
The first line-of-defense involves daily operations based on the rules, procedures, and risk appetite, and has a primary responsibility for risks and compliance matters accompanying the conduct ofbusiness as a risk owner, and for performing autonomous control activities (to identify, assess, and manage/control risks and compliance matters).

Risk management and compliance function
The second line-of-defense oversees (monitors), measures, and assesses the first line´s autonomous 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.

Our risk management and compliance framework

Mizuho Financial Group
3rd
line

Internal Audit Group

Core group companies*
Basic policies
Submit/report

3rd
line

Internal audit

2nd
line

Department(s)in charge ofrisk management/complianceInternal audit
Internal
audit

Monitoring

1st
line

Internal Audit Group

In-house companies/unitsFirst line-of-defense autonomous control

Basic policies
Submit/report

Report regarding
the first line-of-defense
autonomous control
Formulate strategies,
allocate business resources, etc.

2nd
line

Department(s)in charge ofrisk management/complianceInternal
audit

Monitoring

1st
line

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 “threelines of defense” concept.

109

Mizuho Financial GroupTop risks

Primary risk control measures

Risk event

Risk scenario

Resurgence of inflationand economic slowdown
in the US and Europe⃝‌Cooling of the economic climate, with demand in decline as the impact of high interest rates
becomes more pronounced; concurrent resurgence of inflation driven by rising resource
prices as geopolitical conditions worsen⃝‌Expansion of market-related losses and increasing difficulty of foreign currency procurement
as a consequence of further interest rate rises in the US and Europe; tightening of the fiscal
environment, triggering an economic slowdown and increase in credit costs and RWA

Rising prices, interest
rates, and expanding
fiscal concerns in Japan⃝‌Rising prices as a consequence of resource price increases, talent shortages, and the weak
Japanese yen, leading to sluggish consumption rather than a positive cycle of wages andprices; concurrent raising of interest rates and slowdown of the economy⃝‌Increased credit costs and worsening market-related losses resulting from economic
slowdown and interest rate rises in Japan; consequent rise in interest payments on
government bonds, heightening financial concerns.

Escalating US-China
conflict and sluggish
Chinese economy⃝‌US-China conflict reflecting economic security and human rights and the Taiwan situation in
the context of growing global instability, restraining investment in China and nearby regions
and obstructing continuous economic growth⃝‌Credit-related expenses increasing through worsening corporate performance with thestagnation of the Chinese economy due to the delayed response to the prolongation of thereal estate market slump, excessive debt, and other structural problems

Global decoupling andgrowing geopoliticalrisks⃝‌Acceleration of global decoupling and destabilization of the international order withconditions worsening in Ukraine and the Middle East, countries sharpening their “owncountry first” stances, and public sentiment inflamed by the spread of misinformation, leading
to heightened military tension in each region of the world⃝‌Downward pressure on growth potential of the global economy and profitability of companies
due to disruption of supply chains and obstacles to the international business development of
global companies

Worsening impact ofclimate change⃝‌Increasing climate-related risks due to delayed response to climate change by each country
and company, the return to coal-fired thermal power, and the loss of nature, leading to stricter
regulation and supervision of financial institutions⃝‌Loss in corporate value attributable to increased criticism from insufficient efforts by theMizuho group to respond to environmental and social issues such as loss of nature, and to
manage transition and physical risks

IT system failures⃝‌System failures resulting from factors such as human negligence, hardware failures, ordisasters causing wide-spread inconvenience or disadvantage to customers and damaging
trust, leading to the loss of business opportunities

Cyberattacks⃝‌Attacks by specific countries for intelligence activities or sabotage, by criminal or terrorist
organizations for monetary demands, or through the malicious use of AI, that result insuspension of services, exposure of information, and/or unauthorized fund transfers, causing
wide-spread inconvenience or disadvantage to customers and damaging trust, leading to theloss of business opportunities

Money laundering /Financing of terrorism⃝‌Financial services being misused for criminal acts, resulting in criticism from the international
community, damaging trust with customers and with other financial institutions, and leading
to the loss of global business opportunities⃝‌Improve the ability to grasp risk conditions, strengthen risk mitigation
measures for high-risk customers, products, and services, strengthen
the control system for offices outside Japan, and otherwise promoteupgrading of the structure for countermeasures to money laundering,etc.

Improper acts andomissions by executive
officers/employees⃝‌Damage to trust and loss of business opportunities stemming from criticism accompanying
the occurrence in or outside Japan of legal/regulatory infractions, business operations thatare not customer-oriented, and other improper acts and omissions that are not consistent
with the social responsibility and duty sought by the Mizuho group, or out of line with social
norms⃝‌Analyze the causes when an incident occurs and formulate
improvement measures⃝‌Enhance predictive management toward reducing instances of
misconduct

Stagnation of sustainablegrowth due to talent
shortages⃝‌Decline in human capital due to outflow of talent in a more active labor market, slump in
recruitment as the working-age population declines, and delayed cultivation of specialized
talent, leading to inadequate talent portfolio development⃝‌Promote efforts to improve employees’ sense of fulfillment throughreducing long working hours and career development support, andstrengthen recruitment from outside the company⃝‌Revise the definition of human capital risk and improve monitoring
methods for the management of human capital risk

Changes in thecompetitive environment⃝‌Changes in the competitive environment due to the emergence of new services along with
deregulation and technological innovations such as the use of generative AI, the entry ofcompanies from other industries, and the changing needs of customers with heightenedawareness of sustainability, damaging the Mizuho group’s business foundations⃝‌Strengthen talent development, formulate AI ethics policies toward
the utilization of AI, and establish governance systems⃝‌Credit risk: Monitor real estate-related credit conditions in Japan andinternationally, and conduct trial calculations of the impact ofchanges in monetary policy in Japan and emergence of geopoliticalrisk⃝‌Market risk: Conduct sound risk monitoring and dynamic reviews ofinvestment policies associated with rising US interest rates⃝‌Foreign currency liquidity risk: To ensure early detection of shifts in
the global environment, conduct multifaceted daily monitoring throughforeign currency liquidity stress tests using early warning indicatorsand currency- and location-specific data, and pursue continued
improvement thereof

Business strategies for value creation

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 p. 93 for more on our management of top risks.)⃝‌Formulate plans for climate-related risk management⃝‌Implement risk control of carbon-related sectors⃝‌Monitor regulatory trends, trends at other banks, and other mainchanges in the external environment⃝‌Revise our Environmental and Social Management Policy for
Financing and Investment Activity⃝‌Framework for the firm establishment of initiatives to prevent system
failures and strengthen response capabilities, and further measuresfor enhancement⃝‌System risk monitoring from multifaceted perspectives⃝‌Promote the sophistication of cybersecurity management systems,
including those of the group, the global, and third parties, throughmeasures such as identifying vulnerabilities, strengthening monitoring
systems, strengthening incident response capabilities, and developing
governance systems.

Data section

In fiscal 2024, we face the prospect of an acceleration in global
decoupling due to election results in various countries andheightened geopolitical risks, as well as lingering uncertainty
regarding global inflation and the direction of monetary policy. In
this context, we have carried out a revision of our risk scenarios,changing “continuation of high inflation and spillover to credit risk”
and “a shift in monetary policy and growing fiscal concerns” to”resurgence of inflation and economic slowdown in the US andEurope” and “rising prices, interest rates, and expanding fiscal

concerns in Japan” respectively, as well as revising the scenariosfor ”escalating US-China conflict and sluggish Chinese economy”
and “global decoupling and growing geopolitical risks”. We are also
revising risk scenarios for related top risks in light of the potential
medium to long-term emergence of risks associated with elevateddemands and expectations for financial institutions with regard toloss of nature, and risks arising from the expanding use of AI.

Appendix

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, and risks with the potential tomanifest in the future (emerging risks).

Governance for value creation

Management of top risks

Story of Mizuho's value creation

Executive messages

Risk management structure

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.
Integrated Report 2024

110

Risk culture
Through our risk appetite framework (RAF), we manage strategy
and risk in an integrated manner and aim to achieve the optimal risk
and return through appropriate risk-taking and risk control.
Implementing appropriate risk-taking and risk control requires thata sound risk culture is firmly established among executive officers
and employees. In order to enable all of our people to act on thebasis of accurate judgments informed by high sensitivity to andknowledge of risk, Mizuho has prescribed the “basic stance toward

dealing with risk” in the Mizuho Code of Conduct as a guideline forbehavior when dealing with risk.
We are conducting training programs for all employees to makethese initiatives known and foster a healthy risk culture. We arealso providing a framework for soliciting feedback on risk
management from employees during training, and striving to
improve our approach to risk management.

Comprehensive risk management
Comprehensive risk management systems
At Mizuho, under the basic approach to the implementation of ourRAF, we maintain a comprehensive risk management structure
ascertaining and assessing overall risk and restricting risk to withina range that is permissible for business.
Under the comprehensive risk management structure, we classify
and manage the risks that arise in our businesses according to thevarious kinds of risk, including credit risk, market risk, liquidity risk,
and operational risk. Moreover, our group companies manage risk
appropriately according to the nature of their risk, such as
settlement risk, trust banking operations risk, and similar. Whenconsidering the adoption of new products and services, we checkpredetermined specific criteria relating to the characteristics ofeach risk, and institute countermeasures as required.
We have also put in place a system whereby each Mizuho Financial
Group company conducts risk management appropriate for thecompany's business operations and scope and status of risk, andMizuho Financial Group, as the holding company, oversees risk
management across the whole group.
The Risk Management Committee chaired by the Group Chief Risk
Officer (Group CRO), which meets monthly, provides integrated
monitoring and management of the overall risk for the Mizuho
group. The Group CRO reports the risk management situation to theBoard of Directors, the Risk Committee, and the Executive
Management Committee regularly and as necessary. In addition,
Mizuho Financial Group receives reports and applications forapproval concerning the risk management situation from our coregroup companies* and gives them appropriate instructions
concerning risk management as necessary.
* Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities, Mizuho Research &Technologies, Asset Management One, Mizuho Innovation Frontier, Mizuho
Americas, Custody Bank of Japan, MI Digital Services, and Mizuho Leasing.

Risk capital allocation
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 as necessary the manner in whichrisk capital is being used in order to obtain an accurate grasp of therisk profile within this framework. Reports are also submitted to theboard of directors and other committees of each company. Risk
capital is allocated to Mizuho Bank, Mizuho Trust & Banking,Mizuho Securities, and Mizuho Americas by risk category, and isfurther allocated within their respective business units.

■ Framework for allocating risk capital
ExamplesMizuho Financial Group

Setting of upper limits based on risk capital and exercise ofcontrol over various risks

Risk exposure ofcore group companies*

Mizuho Bank

CapitalMizuho Bank

Risk exposure of the group

Mizuho Trust & Banking
Mizuho Securities

Allocated risk capital

Financial strengthof the group

Credit risk
Market risk
Stock price risk
Operational risk
Group companies

Mizuho Americas
Mizuho Trust & Banking
Mizuho Securities
Other risks
Mizuho Americas*Includes the risk exposure of group companies that are managed by core group companies

111

Mizuho Financial Group

Allocatedtobusinessunits

Executive messages

Credit risk management

Credit Risk Management Method
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.

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.
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

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 CRO.

Business strategies for value creation

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 (CRO) of our principal banking subsidiaries are responsible
for matters 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.

Governance for value creation

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
CRO, 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.

Data section

Mizuho Financial Group manages credit risk for the group as awhole. Specifically, Mizuho Financial Group establishes the group’s
fundamental credit risk policy to manage major group companies,
and monitors and manages the credit risks of the group as a whole.

Appendix

We define credit risk as the Mizuho group’s exposure to the risk oflosses that may be incurred due to a decline in, or total loss of, thevalue of assets (including off-balance-sheet instruments), as aresult of deterioration in obligors’ financial position.

Story of Mizuho's value creation

Basic approach

Pool allocations are applied to small claims that are less than aspecified amount by pooling obligors and claims with similar risk
characteristics and assessing and managing the risk for each such

Integrated Report 2024

112

■	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)
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.

Normalobligors

E1

Watch
obligors

Intensive
control
obligors

Substantiallybankrupt
obligors

Bankrupt
obligors

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.

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

113

Mizuho Financial Group

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.

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.

Credit portfolio management
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”).
The risk measurement system covers the following account items

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.

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.

Credit VAR
Unexpected Loss

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.
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 2024

Executive messages
Appendix

Frequency

Data section

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.

■ Loss distribution

ExpectedLossreported 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.

Story of Mizuho's value creation

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, which carry out timely and specialized examinations
based on the characteristics of the client and its market, andprovide appropriate advice to the business department.

Business strategies for value creation

4. Credit review
Prevention of new impaired loans through routine credit
management is important in maintaining the quality of our overallloan assets.

Governance for value creation

3. Self-assessment, provision for credit losses on loans and offbalance-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.

114

Market risk management
Basic approach
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.

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 is responsible for matters relating 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.

As for the situation of market risk, the Risk Management
Department submits reports to our President & Group CEO on adaily basis and to our 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 theirboards of directors determine important matters relating to market
risk management.

Market risk management method
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(VAR) and additional costs that may arise in order to close relevant
positions.

Setting limits
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 determined after being
discussed and coordinated by the Risk Management Committee,

discussed further by the Executive Management Committee. For
trading and banking activities, we set limits for VAR and for losses.
For banking activities, we set position limits based on interest ratesensitivity (10 BPV) as needed. An excess over any of these limits isimmediately reported and addressed according to a pre-determined
procedure.

Monitoring
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

115

Mizuho Financial Grouprisk, 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.

Executive messages

Status of Mizuho Financial Group’s market risk
Value-at-risk

VAR by risk category (trading activities)

Story of Mizuho's value creation(VAR: billions of yen)
10
9
8
7
6
5
4
3
2
1
0

Business strategies for value creation

The following tables show the VAR figures for our trading activities
by risk category for the fiscal years ended March 31, 2022, 2023, and2024 and as of March 31, 2022, 2023, and 2024:

Fiscal 2023 VAR (trading activities)(¥ billion)
Fiscal 2021
Maximum

Minimum

As of March 31

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

Fiscal 2022

The following table shows VAR figures for our trading activities forthe fiscal years indicated:
VAR (trading activities)(¥ billion)
Fiscal 2021

Fiscal 2022

Fiscal 2023

As of fiscal year end

5.3

7.0

3.4

(3.6)

Maximum

10.2

8.3

9.2

0.9

2.9

3.1

3.3

0.1

4.3

5.3

5.6

0.2

As of March 31

MinimumInterest rate

4.6

7.2

2.7

7.2

Average

Foreign exchange

0.8

1.6

0.4

0.9

Daily average

Maximum

Minimum

Equities

1.1

2.0

0.4

1.0

Commodities

0.1

0.7

0.0

0.7

Total

5.3

8.3

3.1

7.0

ChangeData section

Daily average
Interest rate

Governance for value creation

Trading activities
VAR figures for our trading activities are 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.

The following graph shows VAR figures for our trading activities forthe fiscal year ended March 31, 2024:

04/03/2023
04/22/2023
05/11/2023
05/30/2023
06/18/2023
07/07/2023
07/26/2023
08/14/2023
09/02/2023
09/21/2023
10/10/2023
10/29/2023
11/17/2023
12/06/2023
12/25/2023
01/13/2024
02/01/2024
02/20/2024
03/10/2024
03/29/2024

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).

Fiscal 2023
Maximum

Minimum

As of March 31

4.4

9.1

2.7

3.3

Foreign exchange

0.9

1.9

0.2

0.6

Equities

2.0

4.6

0.3

0.5

Commodities

0.3

0.5

0.1

0.4

Total

5.6

9.2

3.3

3.4

Appendix

Daily average
Interest rate

Integrated Report 2024

116

Non-trading activities
The VAR figures for our banking activities are 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 rate risk using appropriate methods such as recognizing demand
deposits as “core deposits”.
The following graph shows the VAR figures for our banking activities
excluding our cross-shareholdings portfolio for the fiscal year ended
March 31, 2024:
Fiscal 2023 VAR (banking activities)
VAR
Interest rate on five-year government bonds(VAR: billions of yen)
400
350

(%)
0.5

250

0.3

200
0.2

150
100

0.1

50
0

04/03/2023
04/22/2023
05/11/2023
05/30/2023
06/18/2023
07/07/2023
07/26/2023
08/14/2023
09/02/2023
09/21/2023
10/10/2023
10/29/2023
11/17/2023
12/06/2023
12/25/2023
01/13/2024
02/01/2024
02/20/2024
03/10/2024
03/29/2024

0.0

The following table shows the VAR figures for our banking activities forthe fiscal years indicated:
VAR (banking activities)
Fiscal2021(¥ billion)
Fiscal2022

Fiscal2023

ChangeAs of fiscal
year end

209.7

223.5

319.0

95.5

Maximum

321.9

392.2

336.5

(55.7)

Minimum

191.0

152.1

185.9

33.8

Average

266.0

217.6

281.2

63.5

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.

Mizuho Financial Group

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 of 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.

0.4

300

117

• VAR does not capture all complex effects of various risk factors
on the value of positions and portfolios and could underestimate
potential losses.

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.

Executive messages

Liquidity risk management

Liquidity risk management structure
to funds management to maintain appropriate funding liquidity. Reportson the liquidity risk management are submitted to our Board of Directors,
the Risk Committee, the Executive Management Committee, our
President & Group CEO, and the business policy committees,
respectively on a regular basis.
For the purpose of managing the liquidity risk of our principal banking
subsidiaries and other core group companies, Mizuho Financial Groupregularly receives reports from each of them to properly identify andmanage their liquidity risk. These subsidiaries and core group companies,
which account for most of the Mizuho group’s exposure to liquidity risk,
establish their basic policies based on ours, and their boards of directors
determine important matters relating to liquidity risk management.

Governance for value creation

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. Our Group CRO is
responsible for matters relating to liquidity risk management planning andoperations. Our Risk Management Department 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, our Group CFO is
responsible for matters relating to the planning and operation of funds
management, and the Financial Planning Department is responsible forits monitoring and also for planning and implementing measures relating

Liquidity risk management method
We mainly manage liquidity risk through the frameworks of "liquidity
categorization" and "liquidity risk management indicators".

Liquidity categorization
daily basis to manage the funding conditions. The EWIs include
stock prices, credit ratings, amount of liquidity reserve assets such
as Japanese government bonds, our funding situations, etc.

Data section

We have established a group-wide framework of assessing thelevels 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

Liquidity risk management indicators
As for Japanese yen, we set limits on funds raised in the market for eachof our principal banking subsidiaries and other core group companies
based on a number of time horizons taking into account thecharacteristics and strategies of each company. As for foreign
currencies, we conduct daily stress tests based on a combination ofmarket-wide factors and idiosyncratic factors of the group for eachcompany to verify the sufficiency of liquidity reserve assets and theBusiness strategies for value creation

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.

effectiveness of our liquidity contingency funding plans.
The thresholds for liquidity risk management indicators are discussed
and coordinated by the Risk Management Committee, discussed further
by the Executive Management Committee, and determined by our
President & Group CEO. A violation of threshold is immediately reported
and addressed in accordance with pre-determined procedures.

Integrated Report 2024

Appendix

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.

Story of Mizuho's value creation

Basic approach118

Operational risk management
Basic approach
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, and regulatory 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

Principal risk management methods

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 in these systems, which cause disruptions of theservices provided to customers, or have significant impact on settlement systems,etc.

• Identify and evaluate the risk by setting specific standards that need to becomplied with and implementing measures tailored based on evaluation results to
reduce the risk.
• Ensure ongoing project management in systems development and quality control.
• Improve effectiveness of emergency responses by improving backup systems andholding drills.

Risk that Mizuho group may incur tangible or intangible losses due to cybersecurityrelated problems that occur at the group and/ or at its clients, along withorganizations, etc. that have a business relationship with the group, such as outside
vendors and goods/ services suppliers.

• Promote the sophistication of cybersecurity management systems, including thoseof the group, the global, and third parties, through measures such as identifying
vulnerabilities, strengthening monitoring systems, strengthening incident response
capabilities, and developing governance systems.

Operations risk

Risk that customers may incur losses or the group may incur losses due to thedisruption 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., of senior executives or employees, or inadequacies in theoperational 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, and centralization 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 and regulations, breachof 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 of damages to employees due to inappropriate working conditions, workplaces,or safety conditions, and that the group may suffer tangible and/or intangible losses
due to not being able to build an adequate talent portfolio resulting from humancapital losses following outflow of talent and decline in abilities and skills, and/or not
being able to make extensive use of human capital following a decline in employee
engagement.

• Status of talent outflow (status of voluntary resignations, mid-career hiring)• Working conditions (status of incidences of harassment or bullying, employee
engagement)• Status of maintaining adequate staffing (status of maintaining adequate personnel
with specific abilities and/or skills)

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 a result of disasters, criminal actions, ordefects in asset maintenance.

• Manage the planning and implementation of construction projects related to therepair 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, and accounting.

• Understand important changes in regulations or systems that have 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.

Information
technology risk

Cybersecurity risk

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.

119

Mizuho Financial GroupMizuho Financial Group manages the operational risk conditions of theentire group based on reports from the core group companies regarding
their operational risk management. In particular, companies for which theimpact of operational risk is deemed to be high set their own basic
policies, similar to Mizuho Financial Group itself, and the board of
directors of the individual company determines important mattersregarding 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 on a regular basis, applying business indicators based on financial
statements and internal loss data related to operational risk
appropriately. We have established and are strengthening management
methods and systems to appropriately identify, assess, measure,monitor, and control the operational risks that arise from the growing
sophistication and diversification of financial operations anddevelopments relating to information technology by utilizing control

self-assessments and improving quantitative management of operationalrisk.
• 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.

Executive messages

analyzing, making proposals, setting limits and guidelines, and formulating
and implementing plans relating to operational risk management.

Story of Mizuho's value creation

Our 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 GroupCRO is responsible for matters relating to operational risk management
planning and operations. The Risk Management Department of Mizuho
Financial Group is responsible for monitoring market risk, reporting andBusiness strategies for value creation

Operational risk management structure

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

Data section

The measurement results under the SMA are used not only as theoperational risk equivalent in the calculation of capital adequacy
ratios but also, for internal management purposes, as theoperational risk amount that is calculated by applying a set
multiplier to the operational risk equivalent.

Appendix

We have adopted the Standardized Measurement Approach (SMA)
for the calculation of operational risk equivalent in association withcapital adequacy ratios based on the Basel Accords. However, we
use the Basic Indicator Approach for entities that are deemed to beless important in the measurement of operational risk equivalent.

Governance for value creation

Definition of risks and risk management methods

Integrated Report 2024

120

Cybersecurity risk management
Basic approach
We define cybersecurity risk as the risk that the group may incur

Mizuho Financial Group manages cybersecurity risk for thetangible or intangible losses due to cybersecurity-relatedgroup as a whole. Specifically, Mizuho Financial Group

problems that occur at the group and/or at its clients, along withestablishes the group’s fundamental cybersecurity risk policy toorganizations, etc., that have a business relationship with the

manage major group companies, and monitors and manages thegroup, such as outside vendors and goods/services suppliers.

cybersecurity risks of the group as a whole.

Cybersecurity risk management structure
At Mizuho Financial Group, the Board of Directors deliberates

Based on the instructions of the Group CISO, the Cybersecurity

and resolves fundamental issues related to cybersecurity risk

Management Department identifies the location and magnitude

management. The Board of Directors receives reports from theof possible cybersecurity risks through evaluation informed byGroup Chief Information Security Officer (CISO) on cybersecurity

the characteristics of our business and systems. It formulates

risks that may have an impact on management policies andappropriate measures in light of the risks identified, and builds

strategies, annual business plans, medium- to long-term

capacity for rapid response in the event of cyberattacks. The

business plans, etc., other cybersecurity risks that the Board ofdepartment also gathers day-to-day information on increasingly

Directors should be aware of from a medium- to long-term

serious cyberattacks and developments in defensive

perspective, and important matters such as the status of risk

technologies, and works ceaselessly to implement the plans it

control.

has formulated for the further enhancement of cybersecurity.

The Risk Committee and the IT / Digital Transformation

The Cybersecurity Management Department reports to theCommittee, both of which are advisory bodies to the Board ofGroup CISO on the status of cybersecurity risk management, andDirectors, each receive reports from the Group CRO on the

the Group CISO reports, and if applicable, submits proposals forstatus of comprehensive risk management and from the Groupdeliberation, to the Management Committee via the IT Strategy

CISO on basic matters related to cybersecurity risk

Promotion Committee and to the Board of Directors, each on the

management, evaluate conformity with our basic management

status of our cybersecurity measures, with the aim of developing

policies and the appropriateness of our cyber initiatives, andand strengthening a system for ensuring cybersecurity.

present recommendations or opinions to the Board of Directors.

Cybersecurity risk management method
Mizuho Financial Group promotes cybersecurity risk

when there is concern about the impact on the group, as well as

management measures across the group, globally and in ourcarrying out periodic assessments to ensure that full

supply chains. Specifically, the Mizuho-CIRT1 and other highly

preparedness is maintained.

qualified professionals are deployed, and a 24-hour, 365-day a
year monitoring system is in place using an integrated SOC2,
while making full use of intelligence and advanced technologies
in cooperation with external specialized agencies.
Our systems have a virus analysis and a multi-layered defense

measures, we refer to third party assessment by the
Cybersecurity Assessment Tool of the Federal Financial
Institutions Examination Council (FFIEC) and the Cybersecurity
Framework of the National Institute of Standards andmechanism, and we are working to strengthen our resilience byTechnology (NIST). In the unlikely event that a cyber incident is

implementing TLPT3 to test the effectiveness of these technicaldetected, or if it is determined on firm grounds that the likelihood

measures and the effectiveness of the response process.

of a cyber incident occurring is very high, the Cybersecurity

We confirm in advance the security management preparednessof third parties such as cloud service providers that provide
outsourcing and cloud services, including their preparedness to
respond in the event of a cyber incident. In our day-to-day

121

In order to evaluate the maturity of these cybersecurity

Management Department will report the cyber incident to theGroup CISO. The Group CISO reports to the Executive
Management Committee and the Board of Directors whenparticularly important incidents occur or are likely to occur.

security management we strive to monitor the occurrence ofBased on the instructions from the Group CISO, thethird-party cyber incidents and respond appropriately to risks

Cybersecurity Management Department monitors the cause ofMizuho Financial GroupDepartment monitors changes that could lead to cyber incidents

the nature and extent of the damage or expected damage, andin the group and promptly reports to the Group CISO when asupports the formulation of effective containment, eradication,breach of the threshold is identified. In addition, theand recovery measures, analyzes attack methods or expected

Cybersecurity Management Department analyzes and evaluatesattack methods based on cyber-incident information, andthe status of causes and risks, and implements necessary

conducts incident response.

measures after consulting with the Group CISO on the response
policy.

1. Cyber Incident Response Team (incident response teams that specialize in information security issues within the organization)
2. Security Operation Center (a specialized team that monitors and analyzes threats to information systems in organizations such as other corporates)
3. Threat-Led Penetration Testing (evaluation of systems and response processes by analyzing targeted threats and simulating attacks)

Executive messages

Even after incident recovery, the Cybersecurity Management

Story of Mizuho's value creation

the incident (including incidents for which the likelihood of
occurrence is determined on firm grounds to be very high) and

Basic approach
We define reputational risk as the risk that the Mizuho group may

We supervise reputational risk management for the Mizuho group.

incur tangible or intangible losses due to adverse effect to ourSpecifically, we establish the group’s basic policies pertaining to

reputation or Mizuho’s brand when services provided by or

reputational risk management, manage core group companies, andactivities conducted by the Mizuho group, officers, or employees,

monitor how the group’s reputational risks are being managed as aare recognized as deviating from the expectations and requirements

whole.

of stakeholders, including customers, employees, the economy, andBusiness strategies for value creation

Reputational risk management

Reputational risk management structure
Our Board of Directors determines the Mizuho group’s basic matters

Reports on reputational risk situations are made on a regular basis topertaining to reputational risk management. In addition, the businessthe Group CSO and the business policy committees. Regarding thepolicy committees (specifically the Risk Management Committee)

reputational risk management of the core group companies, we

comprehensively deliberate and coordinate basic policies pertaining

identify and manage reputational risks appropriately by receiving

to reputational risk management, and matters relating to operations

their reports on a regular basis. In particular, individual companies

and monitoring. The Group Chief Strategy Officer (Group CSO) is

which account for a large part of the group’s reputational risks

responsible for matters relating to planning and operation of

establish their own basic policies, and the board of directors of thereputational risk management. The Public Relations Office conducts

individual company determines important matters pertaining tomonitoring and reporting of reputational risks and analyses andreputational risk management.
Data section

suggestions thereof, and carries out planning and promotion of basic

Governance for value creationsociety.

matters pertaining to reputational risk management.

Reputational risk management method
We control reputational risks by carrying out centralized monitoring and

We endeavor to prevent the materialization of reputational risks

management of the information that is deemed to have a great impact on

beforehand and minimize losses by identifying reputational risks earlier

our group management, and creating an appropriate management

and responding appropriately in terms of urgency and impact.

Appendix

structure suited to the scale and nature of risks, etc.

Integrated Report 2024

122

Model risk management
Basic approach
We define model risk as the risk of the Mizuho group incurring tangible

We supervise model risk management for the Mizuho group and are

and intangible losses due to decision-making based on an inadequate or

promoting comprehensive and effective model risk management

failed model and/or inappropriate use of a model.

throughout the group. Specifically, we have finalized a complete model
survey on a group and global basis covering all business categories,

In recent years, against the backdrop of the wider and more complex

including banking, trust banking, and securities businesses, and coveringbusiness operations of financial institutions and technological innovations

all of the regions of Japan, the Americas, EMEA and Asia-Pacific. With

such as artificial intelligence, the opportunities to use models in thethe commitment of senior management, we have introduced aoperations of financial institutions have been expanding, and theirframework to visualize and manage the status of model risk, and wemateriality and impact have been increasing. Under such circumstances,continue to promote effective model risk management on a risk-based

there is a growing need to manage model risk by focusing on the risk ofapproach.

tangible and intangible losses arising from decisions based on improperdevelopment and inappropriate use of these models.

Model risk management structure
Our Board of Directors determines the Mizuho group’s basic

monitoring model risks, making reports, analyses, and proposals,

matters pertaining to model risk management. In addition, theetc., and makes and promotes plans for model risk management.

business policy committees (specifically the Risk Management
Committee) comprehensively deliberate and coordinate basic

We manage model risk situations for the entire group based on thepolicies pertaining to model risk management, and matters relating

reports received from the core group companies on their model risk

to administration and monitoring. Our Group CRO is responsible formanagement. In particular, individual companies which arematters relating to planning and administration of model risk

determined to be highly susceptible to model risks establish their

management. The Risk Management Department is responsible forown basic policies, and their respective boards of directors
determine important matters pertaining to model risk management.

Model risk management method
Our model risk management is carried out through model testing,step of model identification, development, use, change, and exit.

monitoring, etc. by the first line of defense, which consists of model

Furthermore, we carry out model risk management based on aowners, users, developers, etc. and through model validation andrisk-based approach with weighting according to the materiality

other methods by the second line of defense, which controls modeland impact of the models.

risk via reviewing and challenging the first line of defense in every

Third-party risk management
Basic approach123

At Mizuho Financial Group, third-party risk is defined as “risk thatas the risk of the company and the group itself, and we ascertain,

emerges at the company or the group arising from third parties withassess, and respond to risk appropriately from the perspectives ofwhich the company or the group has business contractual

sound management, appropriate operations, customer protection,

relations”, and it is positioned as complex risk comprising each risk

and business continuity, and thus ensure the proper execution ofof market risk, credit risk, liquidity risk, and operational risk. Based

operations via third parties and other sound and appropriate

on the importance of relations with third parties in the group’s

operations. Mizuho Financial Group oversees the third-party risk

operations, the company recognizes risk pertaining to third parties

management of the group.

Mizuho Financial GroupMizuho Financial Group manages the third-party risk conditions of
the entire group based on reports from the core group companies
regarding third-party risk management. In particular, individualcompanies that account for a large part of the group’s third-party
risks establish their own basic policies, and the board of directorsof the individual company determines important matters pertaining
to third-party risk management.

Third-party risk management method
As a third-party risk management method, we identify third-party
risk in a timely and accurate manner and respond appropriately
through appropriate contracts with third parties, third-party
assessment, and monitoring, and we monitor any concentration ofrisks in particular corporate groups.

At Mizuho Financial Group, the assessment and monitoring
conditions of third-party risk and monitoring of any concentration ofrisks in particular corporate groups are reported to the business
policy committees (Risk Management Committee), the Executive
Management Committee, and the President & Group CEO on aregular basis.

Climate-related risk management
Basic approach
Mizuho Financial Group defines climate-related risk as “the risk of
suffering tangible or intangible losses when transition risk andphysical risk arising from climate change manifest or amplify
various other risks”. Transition risk refers to “risk caused bychanges in the business environment with the transition to a
decarbonized society”, and physical risk refers to “risk caused bychanges in the physical impact accompanying climate change”.
Mizuho Financial Group oversees the group’s climate-related risk
management. Specifically, we set the basic policy regarding

climate-related risk management for the entire group and manage
the core group companies.
We continuously enhance our ability to predict various changes
related to climate change, pay attention to the potential impact ofclimate change, and manage climate-related risk from short-term
and middle- to long-term perspectives. Also, to respond to the highexpectations and demands of wide-ranging stakeholders, we
conduct appropriate risk management based on the Mizuho Code of
Conduct, Environmental Policy, and Basic Policy on Sustainability
Initiatives.

Executive messages
Story of Mizuho's value creation

proposals in connection with third-party risk, and formulating andimplementing plans relating to third-party risk management.

Business strategies for value creation

Our Board of Directors determines the Mizuho group’s basic
matters pertaining to third-party risk management. The Risk
Management Committee of Mizuho Financial Group broadly
discusses and coordinates matters relating to basic policies inconnection with third-party risk management, third-party risk
operations, and third-party risk monitoring. The Group CRO of
Mizuho Financial Group is responsible for matters relating to thirdparty risk management planning and operations. The Risk
Management Department of Mizuho Financial Group is responsible
for monitoring, reporting and analyzing liquidity risk, making

Governance for value creation

Third-party risk management structure

and the scale of its impact in a timely manner and responds
appropriately.
The climate-related risk conditions are compiled by the Risk
Management Department and reported by the Group CRO to theBoard of Directors and the Executive Management Committee, etc.
Mizuho Financial Group manages the conditions of the group’s
overall climate-related risk through reports on climate-related risk
management from each core group company. In particular,
individual companies which account for a large part of the group’s
climate-related risk set their own basic policies, similar to Mizuho
Financial Group itself, and the board of directors of the individualcompany determines important matters pertaining to climaterelated risk management.

Appendix

Our Board of Directors determines the Mizuho group’s basic
matters pertaining to climate-related risk management. The Risk
Management Committee of Mizuho Financial Group broadly
discusses and coordinates matters relating to basic policies inconnection with climate-related risk management, climate-related
risk operations, and climate-related risk monitoring. The Group CRO
is responsible for matters pertaining to the planning and operationof climate-related risk management. The Risk Management
Department is responsible for the unitary identification of climaterelated risk, and conducts and advances basic planning regarding
climate-related risk. Each office responsible for risk management
ascertains where the climate-related risk it is responsible for exists

Data section

Climate-related risk management structure

Climate-related risk management method
As the climate-related risk management method, we assess theimportance of the identified climate-related risks based on theirimpact and likelihood, and manage and respond appropriately as

needed to highly important climate-related risks both qualitatively
and quantitatively.
Integrated Report 2024

124

Business continuity management

125

In light of our social responsibility and the important role Mizuho

emergency that may materially impact business management, by

plays within the social infrastructure as a financial institution,collecting and analyzing information, formulating countermeasures,

ensuring the continuity of financial settlement functions and theand taking other necessary action. In addition, their role includes

swift and efficient recovery of operations in the event of ancollecting and analyzing signs and indicators of a potential crisis,

emergency is one of our top priorities within the group.

and reporting their findings promptly to management.

To improve business continuity management practices across theParticular focus is placed on continuous efforts to confirm thegroup, we assess the potential impact of emergencies beforehandcontent and processes of our system and business contingency

and formulate necessary countermeasures in order to minimize

plans and strengthen our group-wide, hands-on training and drills

such impact, and to ensure the swift and efficient recovery ofwith management participation, in order to minimize the impact on

operations.

customers in the event of an IT system failure.

One of the ways in which we are working to achieve this is by

We are also strengthening our first response to natural disasters,

establishing Crisis Management Offices within Mizuho Financial

covering not only earthquakes and tsunamis but also large-scaleGroup, Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities,

wind or water damage, and improving readiness against terrorism

and Mizuho Research & Technologies that are responsible forand conflict as well as cyberattacks in order to improve thebusiness continuity management and our responses in the event ofeffectiveness of our business continuity management system for

emergency. These offices function as a controller in the event of an

securing operational resilience.

Mizuho Financial GroupInternal control and audit hotline
A system designed for reporting questionable accounting or
auditing matters

Approaches to financial alternative dispute
resolution (ADR)

Executive messages

Compliance contacts

and other feedback from customers, Mizuho Bank and Mizuho Trust &receive reports from in and outside the company inBanking have concluded a contract for the implementation of disputeconnection with problems concerning internal control

resolution procedures with the Japanese Bankers Association, which is a

Trust Companies Association of Japan, which is a designated dispute
resolution organization as defined in Japan’s Trust Business Act and Act

Kasumigaseki 3-2-5, Chiyoda-ku, Tokyo

on Engagement in Trust Business by Financial Institutions. In addition,

100-6012

Mizuho Securities has concluded a contract for the implementation ofMizuho Accounting Hotline, c/o Daiichi Fuyo

dispute resolution procedures with the Financial Instruments Mediation

Law Office
Email: kaikei-mizuho@daiichifuyo.gr.jp○ When a report is received concerning the reporting items stipulated
above, Mizuho Financial Group will make a reasonable effort toinvestigate the facts behind the information received and report backon 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 toconstraints on investigations and the inability to report back.
○ Information on persons making such reports is not disclosed to third

Assistance Center, which is a designated dispute resolution organization
as defined in Japan’s Financial Instruments and Exchange Act.
The designated dispute resolution organization takes the steps toward
resolution from a fair and neutral perspective in cases where the solutions
to customers’ complaints adopted by our group companies are notBusiness strategies for value creation

Postal mail: 12th Floor, Kasumigaseki Bldg.,

contract for the implementation of dispute resolution procedures with theaccepted.
The designated dispute resolution organization for banking
services as defined in Japan’s Banking Act with which Mizuho
Bank and Mizuho Trust & Banking have contracted
Designated Dispute Resolution Organization for Banking Services:Japanese Bankers Association

parties other than the group companies except in cases where theContact: Japanese Bankers Association Customer Relations Center

assent of the person in question has been obtained or such disclosure

Tel: +81-(0)3-5252-3772

is required under laws and ordinances.

The designated dispute resolution organization as defined inGovernance for value creation

office. Reports can be made via postal mail or email.

in Japan’s Banking Act. Mizuho Trust & Banking has also concluded aJapan’s Trust Business Act and Act on Engagement in TrustBusiness by Financial Institutions with which Mizuho Trust &Banking has contracted
The Designated Dispute Resolution organization:
Trust Companies Association of Japan
Contact: Trust Consultation Center of the Trust Companies Association of

Data section

Contact point: This hotline has been established within an external law

designated dispute resolution organization for banking services as definedJapan
Tel: +81-(0)3-6206-3988
The designated dispute resolution organization as defined inJapan’s Financial Instruments and Exchange Act with which
Mizuho Securities has contracted
The Designated Dispute Resolution organization:
Financial Instruments Mediation Assistance Center
Contact: Financial Instruments Mediation Assistance Center consultation

Appendix

and audits of accounts and financial reports.

Story of Mizuho's value creation

In order to deal expeditiously, fairly, and appropriately with complaints
Reporting items: Mizuho Financial Group has established a hotline tocenterTel: +81-(0)120-64-5005 (within Japan only)

Integrated Report 2024

126

Internal audit structure
Basic approach
Internal audit refers to a series of activities, ranging from the objective andcomprehensive evaluation of the effectiveness and appropriateness of each process
relating to governance, risk management, and control to the provision ofrecommendations and corrective guidance, etc. toward the resolution of problems,
under the supervision of the Board of Directors, with organizational independence
ensured.
Through this series of activities, internal audits assist the Board of Directors of eachof our group companies to fulfill their role of supervising management efficiently andeffectively. In line with the Basic Policy for Internal Audit established by Mizuho
Financial Group, our principal banking subsidiaries and other core group companies
conduct internal audits, which include the internal auditing of their respective
subsidiaries.
In addition, with respect to the management of risks applicable across the Mizuho
group, we coordinate internal audits throughout the group to assess the risk
management status of the group as a whole.

Internal audit management structure
Mizuho Financial Group (holding company)
Our Internal Audit Group is independent from other departments and businessprocesses at Mizuho Financial Group.
The Internal Audit Group conducts internal audits of Mizuho Financial Group, andcentrally monitors and manages the status of internal audits at our core groupcompanies, by verifying the internal audits and internal control structure at eachcompany based on reports submitted by those companies.
The Group Chief Audit Executive (Group CAE) reports functionally to the Board of
Directors and the Audit Committee on important matters related to internal audits.
Also, as the person in charge of internal audit, the Group CAE reports
administratively on the status of internal audit operation management to the GroupCEO directly or through the Internal Audit Committee.

In addition, they have also both established Internal Audit Committees that discussand make decisions on all important matters regarding their respective internal
audits.
Both banks have established internal audit departments to conduct internal audits attheir respective business offices in and outside Japan, head office departments, andgroup companies. Specifically, the internal audit departments assess the suitability
and effectiveness of business activities associated with compliance and risk
management.

Other core group companies
Other core group companies have also established effective and efficient internal
audit structures adapted to the characteristics of their respective businesses.

Mizuho Bank and Mizuho Trust & Banking
The Internal Audit Groups at both Mizuho Bank and Mizuho Trust & Banking are
independent from their respective other departments and business processes.
The progress and results of individual audits and plans are reported to theirrespective Audit & Supervisory Committees, and their respective Internal Audit
Groups respond to requests for inspections and receive specific instructions fromtheir respective Audit & Supervisory Committees.
Internal audit management structure

Board of Directors

Audit Committee

Management
President & Group CEO (Group CEO)
Administrative guidance
and reporting

Internal Audit Committee

All organizational units

Internal audit

Functional guidance
and reporting

Managed by
Mizuho Financial Group

Advice, guidance,and remedialrecommendations

Internal Audit GroupInternal Audit Department

Report the resultsof internal audits

Subsidiaries of the group companies

Supervision / Audit

Mizuho Bank, Mizuho Trust & Banking,Mizuho Securities, and other core group companies

Mizuho Financial Group(As of June 30, 2024)

127

Mizuho Financial GroupExecutive messages

Support for SMEs and regional revitalization in Japan
Support for small and medium–sized enterprises (SMEs)
By drawing on our consulting capabilities to provide proposals and solutions thatbusiness expansion and succession, and support the growth of innovative

address the issues SMEs face, we ensure that clients' perspectives are prioritizedcompanies with exceptional technologies or ideas.

provides support for SMEs' business improvement and reorganization needs. In
addition, our Head Office collaborates with frontline offices to provide

In particular, by providing consulting and support for SMEs' growth strategies, weconsultations and support for clients through partnerships with external

can introduce clients to potential M&A opportunities from the standpoint oforganizations, external specialists, and other financial institutions.

Regional revitalization initiatives
In Japan, as a result of the trend toward concentration of businesses and otherdraw people back to local areas and population growth creates more jobs.

economic activity solely in Tokyo, rural populations are expected to decline andUtilizing our office network in Japan, we are striving to promote the revitalization

regional economies are expected to shrink in the future. As a nation, Japan mustof regional economies by providing our clients with funding, supporting thelook for ways to revitalize regional areas through a virtuous cycle in which jobs

operations of local businesses, and collaborating with regional governments.

Case study: Efforts to revitalize local economies through business revitalization support
At Mizuho Bank, we are drawing on our strengths as a group with offices

the maintenance and development of the regional economy and supportingin all 47 prefectures of Japan to support regional industry revitalization.

local employment.

This involves co-creation with startups and local companies, businessmatching and business succession between local companies, assistanceto companies seeing declining performance, and other efforts. The mainorganizational body driving our support is our Regional Revitalization Desk,
which houses our headquarters functions for planning and promoting
initiatives towards resolving issues faced by local communities.
For example, in May 2024 we provided support including loan and capitalfinancing of ¥4.5 billion to the Nobels Group, a large agricultural
corporation in Hokkaido’s Tokachi region, in collaboration with theRegional Economy Vitalization Corporation of Japan, government-affiliated

Story of Mizuho's value creationof fulfilling our social responsibility as a financial institution.

Furthermore, a specialized business reorganization section within our Head OfficeBusiness strategies for value creation

other client needs. We also believe that proactively supporting SMEs is a key part

Going forward, we will help to revitalize regional economies throughtargeted support for companies that are of importance to local
communities.
Challenges faced by local economies and industries
Outflows of people

Decreasing sales

Increasing costs

Hollowing out of industry

Valuable
management
resources

Nobels Group Contributions to the local economy

Loan and capitalfinancing:¥2.5 billion

Loan financing:Stability of food supply

Governance for value creation

when providing support for business expansion, succession, reorganization, and¥2.0 billion
Revitalization support(Loan finance, capital finance, management reform support, etc.)

financial institutions, regional financial institutions, and others. The
Nobels Group faced a challenging business environment due to rising feed
resources as one of the largest agricultural businesses in Japan, withadvanced technological capabilities and a circular business model. Our
support for its revitalization has profound significance in contributing toPartnership
Regional Economy Vitalization
Corporation of Japan(REVIC)
Regional financial
institutions

Data section

prices, falling beef prices, and other factors, but has significant businessGovernment-affiliatedfinancial institutions

Finance facilitation and response to the Guidelines for Personal Guarantee Provided by Business Owners
Owners established by the Japanese Bankers Association and the Japan Chamberof Commerce and Industry, as well as the associated special provisions that came

fundamental policies. This includes ensuring that we respond appropriately tointo effect on April 1, 2020.

requests for new loans or loan condition adjustments, and provide tailoredconsulting.

Guidelines for Personal Guarantee Provided by Business Owners
We are committed to establishing and maintaining good relationships with our

We provide the option for a joint guarantee with a termination clause and multiple
other lending methods as alternatives to personal guarantee provided by business

Appendix

Finance facilitation
Mizuho works to promote finance facilitation in accordance with group-wide

owners. Also, we have established a structure for cooperation between ourfrontline offices and Head Office to encourage the utilization of these methods.

clients in line with the Guidelines for Personal Guarantee Provided by Business

Integrated Report 2024

128

Compliance with international financial regulations

Global developments

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
1982 Latin American debt crisis

Increase in trading activity

Basel standards

1988

Basel I

●Introductionof the capital ratio

Increasing diversity andcomplexity of financial systems
More sophisticated risk
management systems

1996

Basel I

●Market risk incorporated
into RWA calculation

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).
2008 Global financial crisis

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 and market risk
Basel III●Strengthening qualitative andquantitative requirements forcapital (numerator of thecapital ratio)●Introduction of leverage ratio
and liquidity requirements●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●Finalization of minimum capitalrequirements for market risk

Principal requirements under Basel III andstate of compliance
As a Global Systemically Important Bank (G-SIB), Mizuho Financial
Group must meet some regulatory standards at a higher level. We
maintain full compliance with all the requirements in the standards
and, going forward, we will steadily accumulate capital and control
our balance sheet to ensure that we can satisfy any new
requirements that are introduced.

CapitalCapital ratio

RWA (calculated by taking accountof the risk of assets held)

Leverage ratio

Exposure (calculated without taking accountof the risk of assets held)

CapitalLiquidity
coverage ratio
Net stable
funding ratio

Stock of high-quality liquid assets
Total net cash outflows under severe stress conditions overa specified short-term period (30 days)
Available amount of stable funding(capital, deposits, market funding, etc.)
Required amount of stable funding (loans, securities, etc.)

International financial regulations going
forwardWith 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). Recently,
responding to the banking turmoil of 2023, the Basel Committee on
Banking Supervision reaffirmed their expectation of implementing
all aspects of the Basel III framework in full, consistently, and assoon as possible.

129

Mizuho Financial GroupIn 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, theopportunities 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 risks related to digital assets and climaterelated financial risk.
To address these various risks, we will work closely withgovernment, academia, and industry, while also holding proactive
internal discussions.

Executive messages

Non-financial data
Corporate governance
June 2024
14

14

46%

46%

50%

57%

57%

8%

8%

8%

14%

14%

100%

100%

100%

99%

－

Nominating Committee

Compensation Committee

Audit Committee

100%

100%

75%

Percentage of outside directors (June 2024)

Story of Mizuho's value creation

Average attendance rate for Board of Directors meetings*

June 2023
12* Fiscal year basis

Human capital
FY2019Total number of employees

Employees1
Average employee age

FY2020

FY2021

FY202254,05551,05649,06849,107

Employees in Japan

50,244

48,25345,66744,00843,745

Employees hired outside Japan

4,917

4,728

4,449

4,207

4,547

Employees dispatched to ouroffices from other organizations,and similar

1,064

1,074

940

853

815

40

40

40

40

41

14

15

15

16

16

1,956,513

1,849,186

3

Average employee length ofservice3
Total number of participants4
Training

Training organized by Human Resources Group

158,448

227,101

354,846

153,322

1,689,113

2,717,657

480,125

513,447

506,486

652,048

665,079

Engagement score5

／

／

／

51%

59%

Percentage of employees who are women1,6

57%

57%

57%

57%

56%

5%

6%

7%

9%

10%

General manager equivalent (general
Percentage of management managers and equivalent roles)
positions filled by women7
Manager equivalent and above8
Diversity, Equity &Inclusion / Well-being

48,868Training hours4
Training organized by Human Resources GroupEngagement

FY202356,225

15%

16%

16%

19%

20%

Percentage of eligible male employees who take childcare
leave9

93%

98%

97%

104%

105%

Percentage of management positions outside Japan filled by
employees hired outside Japan10

64%

64%

66%

84%

85%

Inclusion score5

／

／

／

55%

60%

Presenteeism11

／

／

／

／

20%

Percentage of paid annual leave taken by employees12

77%

70%

76%

78%

83%

Appendix

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
2. Data up to FY2020 reflects figures for the former Mizuho Information & Research Institute.
3. Figures are for employees in Japan only, excluding temporary and contract employees.
4. In Japan (aggregate for Mizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities, and Mizuho Research & Technologies2). Up until FY2021, the scope for training was training organized by
the Human Resources Group, but this has been changed as of FY2022 to training organized by all departments, the Human Resources Group included.
5. Based on the positive response rate (selection of 4 or 5 on a scale from 1 to 5) for four Staff Survey questions related to engagement and inclusion.
6. Figures are for employees in Japan only.
7. From FY2022, target, scope, and base date have been changed in conjunction with revision of the medium-term business plan. As of March 31. In Japan, Mizuho Financial Group (including employees seconded toMizuho Securities), Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities, and Mizuho Research & Technologies.2 Figures for FY2021 and after are based on the new criteria.
8. From FY2023 onward, due to a change in the scope of calculation, employees seconded to affiliates outside Japan are excluded.
9. Due to revisions to relevant laws, from FY2022 results have been calculated using legally defined rules (percentages of employees who take childcare leave), while results for FY2021 and before have been
calculated using Mizuho’s own methods. In Japan, Mizuho Financial Group (including employees seconded to Mizuho Securities), Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities, and Mizuho Research& Technologies.2
10. Ratio of locally hired employees in management positions at offices outside Japan. Criteria for management positions changed as of FY2022. Outside Japan. Figures up to FY2022 are aggregate for Mizuho Bank,
Mizuho Trust & Banking, and Mizuho Securities; from FY2023 onward, Mizuho Research & Technologies was added to this tabulation.
11. Assuming the condition of no illness or injury to be 100%, this asks the employee to assess as a percentage their condition for the past four weeks. The shortfall from 100% (percentage lost) is calculated.
12. Figures up to FY2021 are the total of Mizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, and Mizuho Securities. Mizuho Research & Technologies2 added as of FY2022.

Business strategies for value creation

Percentage of director positions filled by women

June 2022
13

Governance for value creation

Directors

Percentage of outside directors

June 2021
13

Data section

June 2020
Number of directors

Integrated Report 2024

130

Environment
FY2019FY2020

FY2021

FY2022

179,664

164,394

150,987

106,750

Scope 1 (kgCO2e/MWh)

／

388

353

368

ー

Scope 1 and 2 (gCO2e/MJ)

6.6

／

6.5

5.6

ー

Oil and gas sector

Scope 3 (MtCO2e)(Rate of reduction compared to FY2019)

60.6

／

43.2
-29%

34.8
-43%

ー

Thermal coal mining sector

Scope 1 and 2, Scope 3 (MtCO2e)

／

5.1

1.7

0.6

ー

Steel sector

Scope 1 and 2 (MtCO2e)(Rate of reduction compared to FY2021)

／

／

17.3

14.1
-18%

ー

Scope 1 and 2 (ktCO2e)

／

／

934

831
-11%

ー

Scope 3 (gCO2e/vkm）(Rate of reduction compared to FY2021)

／

／

198

184
-7%

ー

Maritime transportation sector

Portfolio climate alignment score

／

／

1.82%

-1.55%

ー

Real estate sector

Scope 1 and 2, Scope 3 Category 13(kgCO2e /m2)

／

／

69

65

ー

299.5

289.1

248.6

235.5

240.8

／

1.8

1.6

1.6

1.5

Scope 1 and 2 (tCO2)1, 2
Electric power sector

Scope 3(emissions from financing andinvestment)

Automotive sector

Outstanding credit balance for coal-fired power plants based on our Environmental and Social Management Policy for Financing
and Investment Activity (¥ billion)
Exposure to high-risk areas in transition risk sectors (¥ trillion)

FY202358,272

1. These data items include all the facilities of seven group companies: Mizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities, Mizuho Research & Technologies3, Asset Management
One, and Mizuho Americas. Data up to FY2021 are for eight group companies including the former Mizuho Private Wealth Management4. Our FY2023 performance, consolidated subsidiaries included, was 66 ktCO2(provisional figure).
2. The FY2023 figure is provisional.
3. Data up to FY2020 combines figures for the former Mizuho Information & Research Institute and former Mizuho Research Institute.
4. Company liquidated on March 23, 2022; functions taken over by Mizuho Bank.

Sustainable finance and environment and climate-related finance
FY2019FY2020

FY2022

FY2023

2.4

4.7

6

8.1

9.8

(of which, environment and climate-related finance)

(1.1)

(1.5)

(2.0)

(3.6)

(5.9) ** Of which, Mizuho Bank accounts for ¥4.4 trillion and Mizuho Trust & Banking accounts for ¥35.2 billion.

131

FY2021

Sustainable finance (¥ trillion)

Mizuho Financial GroupTakashi Tsukioka

Member of the Board of Directors(Outside Director)

Kotaro Ohno

Member of the Board of Directors(Outside Director)

Hiromichi Shinohara

Member of the Board of Directors(Outside Director)

Izumi Kobayashi

Member of the Board of Directors(Outside Director, Audit & Supervisory
Committee Member)

Tsutomu Yamamoto

Kyoichiro Uenishi

Senior Executive Officer
Head of Global Transaction Banking Unit

Yasuhiko Ushikubo

Naoko Nemoto

Naoshi Inomata

Masahiko Tezuka

Senior Executive Officer
Group Chief Strategy Officer (Group CSO)

Minako Nakamoto

Senior Executive Officer
Group Chief Governance Officer (Group CGO)
Senior Executive Officer
Group Chief Risk Officer (Group CRO)

Yumiko Noda

Nobuhiro Kaminoyama

Takakazu Uchida

Member of the Board of Directors(Outside Director)

Shiro Shiraishi

Senior Executive Officer
Group Chief Human Resources Officer(Group CHRO) /Group Chief Digital Officer (Group CDO)

Natsumi Akita

Seiji Imai

Member of the Board of Directors
Chairperson (Kaicho)*

Senior Executive Officer
Group Chief Culture Officer (Group CCuO) /Group Chief Branding Officer (Group CBO)

Hisaaki Hirama

Shinichiro Hihara

Member of the Board of Directors

Masahiro Kihara

Senior Executive Officer
Group Co-Chief Information Officer(Group Co-CIO)

Member of the Board of Directors
President & Group CEO(Representative Executive Officer)
Group CEOSenior Executive Officer
Group Chief Process Officer (Group CPrO)

Hidekatsu Take

Makoto Matsubara

Member of the Board of Directors
Deputy President & Senior Executive Officer(Representative Executive Officer)
Head of Global Corporate & Investment Banking Company /In Charge of Specially Assigned Matters

Mitsuhiro Kanazawa

Member of the Board of Directors
Senior Executive Officer
Group Chief Information Officer (Group CIO)

Takefumi Yonezawa

Member of the Board of Directors
Senior Executive Officer
Group Chief Financial Officer (Group CFO) /General Manager of International
Accounting Standards Project Team

Kazutoshi Isogai

Hideki Tsujimori

Mitsue Kurihara

Member of the Board of Directors(Outside Director, Audit & Supervisory
Committee Member)

Executive Officers(Head of each region outside Japan)
Shuji Matsuura

Managing Executive Officer
CEO for the Americas

Fumiro Suzuki

Managing Executive Officer
CEO for Europe, Middle East and Africa

Koichi Zaiki

Managing Executive Officer
CEO for Asia-PacificYasuhiro Kubota

Managing Executive Officer
Co-CEO for Asia-PacificMizuho Trust & Banking
Members of the Board of Directors
Kenichi Sasada **Hisashi Kikuchi

Kei Umeda

Senior Executive Officer
Group Chief Audit Executive (Group CAE)

Member of the Board of Directors
Chairperson

Mizuho Bank
Members of the Board of Directors

Naoshi Inomata **Deputy President (Representative Director)
Chief Strategy Officer (CSO)

Masahiko Kato **Masahiro Kihara

President & CEO (Representative Director)

Masayuki Sugawara **Deputy President (Representative Director)
Head of Corporate & Investment Banking
Division

Shiro Shiraishi **Masayuki Sugawara

Koichi Iida

Senior Executive Officer
Co-Head of Global Markets Company

Member of the Board of Directors(Outside Director, Audit & Supervisory
Committee Member)President & CEO (Representative Director)

Executive Managing Director
Chief Risk Officer (CRO)

Kenya Koshimizu

Member of the Board of Directors(Outside Director, Audit & Supervisory
Committee Member)

Senior Executive Officer
Group Chief Compliance Officer (Group CCO)

Senior Executive Officer
Head of Retail & Business Banking Company

Senior Executive Officer
Head of Corporate & Investment Banking
Company

Member of the Board of Directors(Outside Director, Audit & Supervisory
Committee Member)

Senior Executive Officer
Head of Research & Consulting Unit /Group Chief Sustainability Officer(Group CSuO)

Chairperson, member of the Board of
Directors(Outside Director)
Member of the Board of Directors(Outside Director)

Shotaro Tochigi

Senior Executive Officer
Head of Asset Management Company /In Charge of Specially Assigned Matters

Member of the Board of Directors(Audit & Supervisory Committee Member)

Hisashi Kikuchi

Member of the Board of Directors(Audit & Supervisory Committee Member)

Story of Mizuho's value creation

Member of the Board of Directors(Outside Director)

Member of the Board of Directors(Audit & Supervisory Committee Member)Business strategies for value creation

Ryoji Sato

Noriyuki Sato

Masatsugu Shimono

Governance for value creation

Member of the Board of Directors(Outside Director)

Senior Executive Officer
Co-Head of Global Markets Company

Data section

Yoshimitsu Kobayashi

Daishi Sasaki

Member of the Board of Directors

Hiroaki Ehara

Member of the Board of Directors(Audit & Supervisory Committee Member)

Hisashi Kikuchi

Member of the Board of Directors(Audit & Supervisory Committee Member)

Mikinao Kitada

Member of the Board of Directors(Outside Director, Audit & Supervisory
Committee Member)

AppendixMizuho Financial Group
Members of the Board of Directors
Executive Officers as Defined in
the Companies Act

Executive messages

Senior executives

Tsutomu Takahashi

Member of the Board of Directors(Outside Director, Audit & Supervisory
Committee Member)

Integrated Report 2024

132

Toshihiro Teshima

Member of the Board of Directors(Outside Director, Audit & Supervisory
Committee Member)

Mizuho Securities
Members of the Board of Directors
Yoshiro Hamamoto **President & CEO (Representative Director)

Masaki Seki

Member of the Board of Directors
Chairperson

Itaru Shirakawa **Deputy President (Representative Director)
Chief Compliance Officer (CCO) / In Chargeof Due Diligence Department / Head of
Global Compliance / Internal Administration
Supervisor

Masahiro Kihara

Member of the Board of Directors

Yutaka Wakabayashi

Member of the Board of Directors(Audit & Supervisory Committee Member)

Hisashi Kikuchi

Member of the Board of Directors(Audit & Supervisory Committee Member)

Yasuhisa Hashimoto

Member of the Board of Directors(Outside Director, Audit & Supervisory
Committee Member)

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)

Miwa Ohmori

Member of the Board of Directors(Outside Director, Audit & Supervisory
Committee Member)
Notes:

1. * indicates that Chairperson (Kaicho) Imaiengages in our external activities, but does notchair 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 26, 2024)

133

Mizuho Financial Group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.
21F (Operation Counter), 23F (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
Unit1, Unit4, Unit5 & Unit6, 8F, 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
23F (2303A), 24F-A, Shenmao Building,
147 Zhongshan Road, Xigang District,
Dalian 116011, Liaoning Province,
The People’s Republic of China
Tel 86-411-8360-2543

Mizuho Bank (China), Ltd.
Guangzhou Branch
25F, International Finance Place, No.8 Huaxia Road,
Zhujiang New Town, Tianhe District,
Guangzhou 510623, Guangdong Province,
The People’s Republic of China
Tel 86-20-3815-0888

Mizuho Bank (China), Ltd.
Hefei Branch
Room1902-1907, 19F, No.7 Office Building Wanda Plaza,
130 Maanshan Road, Baohe District, Hefei 230011,
Anhui Province, The People’s Republic of China
Tel 86-551-6380-0690

Mizuho Bank (China), Ltd.
Qingdao Branch
44F, Qingdao International Finance Center,
59 Hong Kong Middle Road, Shinan District,
Qingdao 266071, Shandong Province,
The People’s Republic of China
Tel 86-532-8097-0001

Mizuho Bank (China), Ltd.
Shenzhen Branch3001-3010, Huanggang Business Center Tower 1,
Jintian Road, Futian District, Shenzhen 518046,
Guangdong Province, The People’s Republic of China
Tel 86-755-8282-9000

Mizuho Bank (China), Ltd.
Suzhou Branch
Room1701, 17F, Genway Building, 188 Wangdun Road,
Suzhou Industrial Park, Suzhou 215123, Jiangsu Province,
The People’s Republic of China
Tel 86-512-6733-6888

5F, Tower A, New World Center Tower,
634 Jiefang Avenue, Hankou, Wuhan 430032,
Hubei Province, The People’s Republic of China
Tel 86-27-8342-5000

Mizuho Bank (China), Ltd.
Wuxi Branch
8F, No.16 Changjiang Road, New District,
Wuxi 214028, Jiangsu Province,
The People’s Republic of China
Tel 86-510-8522-3939

Mizuho Bank (China), Ltd.
Changshu Sub-Branch
Room 701-704, Kechuang Building, No.33 Dongnan Road,
Changshu New & Hi-tech Industrial Development Zone
215500, Jiangsu Province, The People’s Republic of China
Tel 86-512-6733-6888

Mizuho Bank (China), Ltd.
Kunshan Sub-Branch
Room1801 (18F Block D&E), Dongan Building,No.258 Chunxu Road, Kunshan Development Zone 215300,
Jiangsu Province, 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 210005,
The People’s Republic of China
Tel 86-25-8332-9379

Xiamen Representative Office

Korea
Seoul Branch
5th Floor, Seoul Finance Center, 136,
Sejong-daero, Jung-gu, Seoul, 04520, Korea
Tel 822-3782-8500

Malaysia
Labuan Branch
Level 9 (B) & (C), Main Office Tower,
Financial Park Labuan, Jalan Merdeka,
87000 Federal Territory of Labuan, Malaysia
Tel 60-87-417766

Labuan Branch, Kuala Lumpur
Co-Located Office
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

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

Philippines
Manila Branch

Hong Kong
Hong Kong Branch

25th Floor, Zuellig Building, Makati Avenue corner Paseo deRoxas, Makati City 1225, Metro Manila, Philippines
Tel 63-2-8860-3500

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

Singapore
Singapore Branch

India
Bangalore - Devanahalli Branch

12 Marina View, #08-01 Asia Square Tower 2,
Singapore 018961, Republic of Singapore
Tel 65-6805-2000#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

TaiwanKaohsiung Branch

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

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

12th Floor, No. 2, Chung Cheng 3rd Road,
Kaohsiung 800, Taiwan
Tel 886-7-230-6800

Taichung Branch
8th Floor, No. 169, Fuhui Parkway, Taichung 407, Taiwan
Tel 886-4-2374-6300

Story of Mizuho's value creation

CambodiaPhnom Penh Branch

Mizuho Bank (China), Ltd.
Wuhan BranchBusiness strategies for value creation

Level 29, 60 Martin Place, Sydney NSW 2000 Australia
Tel 61-2-8273-3888

Menara Astra, 53rd Floor, Jl. Jend. Sudirman Kav.
5-6, Jakarta 10220, Republic of Indonesia
Tel 62-21-5091-0888

Governance for value creation

Australia
Sydney Branch

11F 1109B, 1107, 1105, 1103, 1101B,
International Financial Center Building,No.136 Chifeng Road, Heping District, Tianjin 300022,
The People’s Republic of China
Tel 86-22-6622-5588

Indonesia
PT. Bank Mizuho Indonesia

Data section

Asia and Oceania(Country/Region)

Mizuho Bank (China), Ltd.
Tianjin BranchTaipei Branch
8-9th Floor, Cathay Landmark Square,
68 Zhong Xiao East Road, Xinyi District,Taipei, Taiwan
Tel 886-2-8726-3000

Thailand
Bangkok Branch
98 Sathorn Square Office Tower 32nd – 35th floor,
North Sathorn Road, Silom, Bangrak, Bangkok 10500,
ThailandTel 66-2-163-2999, 2-002-0222

Eastern Seaboard BranchAppendix

Network of Mizuho Bank

Executive messages

Location of offices outside Japan (As of June 30, 2024)

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

Integrated Report 2024

134

VietnamHanoi Branch

UAE
Abu Dhabi Branch

4th Floor, 63 LTT Building, 63 Ly Thai To Street, Hanoi,
Socialist Republic of Vietnam
Tel 84-24-3936-3123/3124

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

Ho Chi Minh City Branch

DIFC Branch-Dubai

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

The Gate Building, East Wing, Level 5, Dubai International
Financial Centre, P.O. Box No: 506607, Dubai, UAE
Tel 971-4-279-4400

Europe, the Middle East and Africa(Country/Region)

Bahrain
Bahrain Representative Office
Unit 48d, 48th Floor, Harbour Towers - West, Bahrain
Financial Harbour, King Faisal Highway, Municipality No. 4801,
Building 1459, Road 4626, Block 346, Manama, Kingdom of
Bahrain(P.O.BOX 5759, Manama, Bahrain)
Tel 973-17-224522

FranceParis Branch
Washington Plaza, 40, rue Washington,
75008 Paris, France
Tel 33-1-5383-4000

GermanyDuesseldorf 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

The Americas(Country/Region)

BrazilBanco Mizuho do Brasil S.A.
Avenida Presidente Juscelino Kubitschek,
2041-Torre E-7 andar, Vila Olimpia, Sao Paulo, SP,
CEP. 04543-011, Brazil
Tel 55-11-5504-9844

Benrather Strasse 18-20, 40213 Duesseldorf, Germany
Tel 49-211-13020

CanadaCanada BranchFrankfurt Branch

100 Yonge Street, Suite 1102, Toronto, Ontario,
Canada, M5C 2W1
Tel 1-416-874-0222

TaunusTurm 34th Floor, Taunustor 1, 60310 Frankfurt am
Main, Germany
Tel 49-69-29-72-95-0

Calgary Office

Iran
Tehran Representative Office

Suite 1000, 888 3rd Street, South West, Calgary, Alberta,
Canada, T2P 5C5
Tel 1-403-444-5375

c/o Pars Associates
3rd Floor, No. 10, Shahid Alishah Alley, 4th St.,
Dr. Fatemi Ave., Tehran, Iran
Postal Code: 1615755955

Italy
Milan Branch

Chile
Santiago Representative Office
Av. Apoquindo 3650, Oficina 1201, Las Condes,
Santiago, Chile
Tel 56-2-3203-5773

6th Floor, Largo Augusto 7, 20122 Milan, Republic of Italy
Tel 39-02-778-0001

Mexico
Mexico Representative Office

Saudi Arabia
Mizuho Saudi Arabia Company

Paseo de la Reforma 342, Piso 10, Colonia Juarez,
Delegacion Cuauhtemoc, 06600, Ciudad de Mexico, MexicoTel 52-55-5281-5037

North Lobby 1st Floor, Al Faisaliah Tower,
King Fahd Road, Olaya District, P.O.Box 55934, Riyadh 11544,
Kingdom of Saudi Arabia
Tel 966-11-273-4111

South Africa
Johannesburg Representative Office
2nd Floor, West Tower, Maude Street,
Nelson Mandela Square, Sandton 2196, South Africa,
P.O. Box 785553, Sandton 2146
Tel 27-11-881-5410

Spain
Mizuho Bank Europe N.V.
Madrid Branch

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

135

United Kingdom
London Branch

Mizuho Financial Group

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
Note: Address changed to the following as of July 26, 2024.
One Galleria Tower, 13355 Noel Road, Suite 1610, Dallas, TX 75240,
USA

Houston Representative Office
2 Houston Center, 909 Fannin Street, Suite 1600, Houston,
TX 77010, 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 Office1275 Pennsylvania Avenue, NW, Suite 310, Washington,
DC 20004, USA
Tel 1-202-292-5080

Mizuho Bank (USA)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
Note: Address changed to the following as of July 26, 2024.
One Galleria Tower, 13355 Noel Road, Suite 1610, Dallas, TX 75240,
USA

Mizuho Bank (USA)
Houston Representative Office
2 Houston Center, 909 Fannin Street, Suite 1600, Houston,
TX 77010, 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

Mizuho Bank (USA)1251 Building Branch
1251 Avenue of the Americas, New York, NY 10020, USA
Tel 1-212-282-3000

Mizuho Bank (USA)San Francisco Representative Office
235 Pine Street, 19th Floor, San Francisco, CA 94104, USA
Tel 1-415-365-1750
Note: The Mizuho Bank Europe N.V. Vienna and Brussels
branches have ceased their operations and are undergoingclosing procedures.

Mizuho Trust & Banking(Luxembourg) S.A.

Network of Mizuho Securities
Beijing Representative Office8011, Chang-Fu-Gong Office Building, Jia 26,
Jianguomenwai Street, Chaoyang District,
Beijing 100022, The People’s Republic of China
Tel 86-10-6523-4779

Shanghai Representative Office
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 Asia Limited
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)Mizuho Securities USA LLC
Boston Office
125 High Street, 23rd Floor, Boston, MA 02110, USA
Tel 1-617-235-1722

Mizuho 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 Office
2 Houston Center, 909 Fannin Street, Suite 1600, Houston,
TX 77010, 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

Mizuho Securities USA LLC
San Francisco Office
235 Pine Street, 19th Floor, San Francisco, CA 94104, USA
Tel 1-415-268-5500

Mizuho Securities Canada Inc.
1271 Avenue of the Americas, New York, NY 10020, USA
Tel 1-212-209-9300

Level 29, 60 Martin Place, Sydney NSW 2000 Australia
Tel 612-7904-3555

Mizuho Securities India Private Limited
Governance for value creation

Level-17, 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, #25-02/03, Asia Square Tower 2,
Singapore 018961, Republic of Singapore
Tel 65-6603-5688

Mizuho Markets Futures Singapore Pte. Ltd.
12 Marina View, #25-02/03, Asia Square Tower 2,
Singapore 018961, Republic of Singapore
Tel 65-6603-5688

Mizuho International plc
30 Old Bailey, London EC4M 7AU, UK
Tel 44-20-7236-1090

Mizuho International plc(DIFC Branch)

Data section“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.)

1B, rue Gabriel Lippmann, L-5365 Munsbach,Grand Duchy of Luxembourg
Tel 352-42-16-17-1

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
Appendix

Japan Desk, Plot No. 345, Umniyati Street(off Al Asayel Street), Burj Khalifa
Community PO Box 1250, Dubai, UAE
Tel 971-4-363-2053

1271 Avenue of the Americas, New York, NY 10020, USA
Tel 1-212-209-9300

Executive messages

UAE
Mashreqbank psc

Mizuho Securities USA LLC

Story of Mizuho's value creation

Network of Mizuho Trust & Banking(Country/Region)

Business strategies for value creation

Mizuho Desk

Mizuho Securities Europe GmbH
Paris Branch
Washington Plaza, 40, rue Washington,
75008 Paris, France
Tel 33-1-7037-2700

Mizuho EMEA Corporate Services Limited
30 Old Bailey, London, EC4M 7AU, UK
Tel 44-20-7236-1090

Integrated Report 2024

136

Investor information
Date of establishment
January 8, 2003

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.

Paid-in capital¥2,256.7 billion
Issued shares
2,539,249,894 shares
Number of shareholders
Common stock: 629,354
Major shareholders (common stock)
Shares held

Percentageof shares
outstanding(%)

1

The Master Trust Bank of Japan, Ltd.
(Trustee account)

392,039,100 15.44

2

Custody Bank of Japan, Ltd.
(Trustee account)

131,550,520

5.18

3

JPMorgan Securities Japan Co., Ltd.

52,063,113

2.05

4

State Street Bank West Client- Treaty 505234

51,986,845

2.04

5

JPMorgan Chase Bank 385781

35,228,542

1.38

6

SMBC Nikko Securities Inc.

32,100,612

1.26

7

SSBTC Client Omnibus Account30,016,092

1.18

8

Goldman Sachs Japan, Co., Ltd. BNYM 27,539,848

1.08

9

Custody Bank of Japan, Ltd.
(Taxable trust money account)

25,903,050

1.02

24,371,300

0.96Bank of Japan, Ltd.
10 Custody(Trustee account 4)

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 (881,823 shares).
(As of March 31, 2024)

Stock listing(common stock)
Tokyo Stock Exchange
Accounting auditors
Ernst & Young ShinNihon LLC
Shareholder register manager
Mizuho Trust & Banking Co., Ltd.
Share unit
100 sharesFiscal year
April 1 to March 31

137

Mizuho Financial Group

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.

Financial Analysis[Under Japanese GAAP]

139
141

Key Indicators of Mizuho Financial Group, Inc.
Status of Asset Quality

138

Financial Analysis

Key Indicators of Mizuho Financial Group, Inc.
○ Key Indicators of Mizuho Financial Group, Inc. (Consolidated)
Billions of yen

2024

As of or for the Fiscal Years ended March 31,
Total Income
Profit Attributable to Owners of Parent¥

8,803.1

2023¥

5,829.62022¥

4,041.22021¥

3,360.2

2020¥

3,988.9

678.9

555.5

530.4

471.0

Comprehensive Income

1,345.0

277.6

47.1

931.8

448.5
7.6

Net Assets

10,312.1

9,208.4

9,201.0

9,362.2

8,663.8

Total Assets

278,672.1

254,258.2

237,066.1

225,586.2

214,659.0

Deposits

171,445.2

164,287.3

155,699.8

150,504.9

144,472.2

Loans and Bills Discounted

92,778.7

88,687.1

84,736.2

83,704.6

83,468.1

Securities

38,245.4

37,363.1

44,641.0

43,697.2

34,907.2

Net Assets per Share (Yen) (Note 1)

4,037.28

3,603.98

3,581.39

3,650.87

3,372.96

267.88219.20209.27185.75176.87267.88219.19209.26185.75176.8616.93%

16.05%

17.53%

16.87%

17.25%

14.85%

13.91%

15.00%

14.37%

14.52%

12.73%

11.80%

12.46%

11.63%

11.65%

7.0%

6.1%

5.7%

5.2%

5.1%

PER (Times)

11.37x

8.56x

7.48x

8.60x

6.98x

Cash Flow from Operating Activities

1,884.9

8,867.2

4,917.1

16,613.2

1,901.8

Cash Flow from Investing Activities

1,982.2

6,605.6(1,860.4)(9,763.7)(5,808.5)

Profit Attributable to Owners of Parent
per Share (Yen) (Note 1)
Diluted Profit Attributable to Owners of Parent
per Share (Yen) (Note 1)
Total Capital Ratio(International Standard (Basel III)) (Note 2)
Tier 1 Capital Ratio(International Standard (Basel III)) (Note 2)
Common Equity Tier 1 Capital Ratio(International Standard (Basel III)) (Note 2)
Net Return on Equity

Cash Flow from Financing Activities
Cash and Cash Equivalents at the end of the fiscal year

(230.9)(611.1)(522.0)40.8(281.8)71,165.8

65,825.6

50,136.2

46,981.3

39,863.6

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 considerationof assets held by a bank holding company and by its subsidiaries, in accordance with Banking Law Article 52-25" (Financial Services Agency Ordinance Announcement No.20,
March 27, 2006)

139

Executive messages○ Key Indicators of Mizuho Financial Group, Inc. (Non-Consolidated)
Billions of yen

2024

As of or for the Fiscal Years ended March 31,
Operating Income¥

Net Income
Common Stock and Preferred Stock

611.4

2023
¥

316.3

2022
¥

320.8

2021
¥

268.9

2020
¥

75.4

552.9

265.6

405.5

226.6

34.0

2,256.7

2,256.7

2,256.7

2,256.7

2,256.7

Number of Shares Issued and Outstanding

5,397.7

5,362.4

14,169.2

12,823.7

Net Assets per Share (Yen) (Note 1)

2,358.14

2,233.01

2,210.76

2,128.26

2,113.67

Dividends per Share (Yen) (Interim Dividends per Share) (Yen)Common Stock (Note 2)

105.00

85.00

80.00

41.25

7.50

(Common Stock)(50.00)(42.50)(40.00)(3.75)(3.75)Net Income per Share (Yen) (Note 1)

218.08104.77159.92

89.36

13.42

Diluted Net Income per Share (Yen) (Note 1)

218.08104.77159.91

89.36

13.42

PER (Times)

13.96x17.92x9.79x

17.89x92.07xDividend Propensity

48.14%

81.12%

50.02%

83.92%

558.69%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.

Business strategies forvalue creation

5,605.4
14,364.2

Governance for value
creation

5,661.1
15,323.1

Data section

5,978.9
16,290.4

Appendix

Net Assets
Total Assets

Story of Mizuho'svalue creation(Common Stock) (2,539,249,894shares) (2,539,249,894shares) (2,539,249,894shares) (2,539,249,894shares) (25,392,498,945shares)140

Financial Analysis

Status of Asset Quality○ Credit-related Costs
Credit-related Costs (Consolidated)

Billions of yen

2024

For the Fiscal Years ended March 31,
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 and others
Credit Costs for Trust Accounts

106.3

2023
89.3

¥

Change
17.0

¥

114.0

96.7

17.3

22.3
(7.6)

16.2
(7.4)

6.1
(0.2)

―

―

―

○ Overview of Non-performing Loans (NPLs) as of March 31, 2024 (the Two Banks) (Banking Accounts)(Billions of yen)

1.SELF-ASSESSMENT
Categorization

ObligorBankrupt and Substantially
Bankrupt Obligors
26.6

Non-Categorization

Category II

26.6
Collateral, Guarantees, etc.:
Reserves for Possible Losses:

26.0
0.5

Category III

Category IV

Reserve
Ratio
100%

DirectWrite-offs

Intensive Control Obligors
708.6

Watch Obligors
Claims for Special
Attention
520.9

570.2

138.4

Collateral, Guarantees, etc.: 161.7
Reserves for Possible Losses: 408.5

Reserve
Ratio
74.6%

Reserve Ratio against
Uncovered Portion
38.4%
Collateral, Guarantees, etc.: 146.2
Reserves for Possible Losses: 144.1

2.Status of Non Performing Loans based on the
Banking Act ("BA") and the Financial
Reconstruction Act ("FRA")
Claims against Bankrupt and Substantially Bankrupt
Obligors
26.6
Coverage Ratio
100%

Amounts forreserves arerecorded under
NonCategorization

Claims with Collection Risk
708.6
Coverage Ratio
80.4%

520.9

Restructured Loans

Coverage Ratio
55.7%

Special Attention Obligors

520.4

Total Coverage Ratio
70.6%

Other Watch Obligors

Normal Obligors

Loans Past Due for 3
Months or More
0.4

Claims for Special
Attention (Note)

Claims against Special Attention Obligors-Coverage Ratio: 54.5%-Reserve Ratio for Uncovered Portion: 37.0%-Reserve Ratio against Total Amount of Claims: 26.7%
Reserve Ratio against Total Amount of Claims·Other Watch Obligors: 4.08%·Normal Obligors:
0.05%

Total
110,137.9

Total
1,256.2

Note: 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.

141

Executive messages○ Status of Non Performing Loans based on the Banking Act ("BA") and the Financial Reconstruction Act ("FRA")Non Performing Loans based on the BA and the FRA (Consolidated)(Consolidated)

Billions of yen

As of March 31,
Claims against Bankrupt and Substantially Bankrupt Obligors

¥

36.4

2023
¥

43.8

Change¥(7.3)

Claims with Collection Risk

700.7

655.3

45.3

Claims for Special Attention

515.5

372.4

143.0

0.4

0.2

0.1

515.0

372.1

142.9

Loans Past Due for 3 Months or More
Restructured Loans
Sub-total [1]¥Normal Claims
Total [2]1,252.7¥

105,380.8¥

106,633.5

1,071.6¥

100,457.0¥

101,528.7

181.0
4,923.8¥

5,104.8

Note: Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

Story of Mizuho'svalue creation

2024

107.2

¥

87.2

Change¥19.9%

NPL ratio [1] / [2]

1.17%

1.05%

0.11%

(Trust Accounts)

Billions of yen

2024

As of March 31,
¥

—

2023
¥

—

Change¥—Claims with Collection Risk

—

—

—

Claims for Special Attention

—

—

—
—

Loans Past Due for 3 Months or More——

Restructured Loans——

Sub-total

¥

—

¥

2.1

Normal Claims
Total

¥

2.1

—

—
¥

—

¥

(0.7)

2.8
¥

2.8

(0.7)

(Consolidated and Trust Accounts)

Billions of yen

2024

As of March 31,
Claims against Bankrupt and Substantially Bankrupt Obligors

¥

36.4

2023
¥

43.8

Change¥(7.3)

Claims with Collection Risk

700.7

655.3

45.3

Claims for Special Attention

515.5

372.4

143.0

0.4

0.2

0.1

515.0

372.1

142.9

Loans Past Due for 3 Months or More
Restructured Loans
Sub-total¥

Normal Claims
Total

1,252.7¥

105,382.9¥

106,635.6

1,071.6¥

100,459.8¥

101,531.5

Data section

Claims against Bankrupt and Substantially Bankrupt Obligors

Governance for value
creation¥

181.0
4,923.1¥

5,104.1

Appendix

Amount of Partial Direct Write-offs

2023

Business strategies forvalue creation

Billions of yen

2024

142

Financial Analysis

Status of Asset Quality
Reserves for Possible Losses on Loans

Billions of yen

2024

As of March 31,
Reserves for Possible Losses on Loans

¥

787.8

2023
¥

720.4

Change¥

67.4

General Reserve for Possible Losses on Loans

329.7

313.0

16.7

Specific Reserve for Possible Losses on Loans

423.9

363.4

60.4

Reserve for Possible Losses on Loans to Restructuring Countries

34.1

43.9

(9.7)

Note: Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

Billions of yen

2024
Amount of Partial Direct Write-offs

¥

107.6

2023
¥

87.5

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.

143

Change
¥

20.0

%

2024

2023

Change62.89%

67.22%(4.33)%

Executive messages○ Status of Loans by Industry
Outstanding Balances by Industry (Consolidated)
Outstanding
Balance Composition

Outstanding
Balance Composition

58,949.4

100.00%56,142.8

100.00%2,806.6/

9,885.6

16.77¥

9,847.2

17.54

¥

38.3

(0.77)

Agriculture & Forestry

46.8

0.08

47.5

0.08

(0.7)

0.00

Fishery

10.4

0.02

2.7

0.01

7.6

0.01
(0.04)

194.3

0.33

205.5

0.37

(11.1)

Construction

Mining, Quarrying Industry & Gravel Extraction Industry

1,110.3

1.88

902.2

1.61

208.1

0.27

Utilities

3,311.9

5.62

3,398.3

6.05(86.4)(0.43)

Communication
Transportation & Postal Industry

968.6

1.64

977.3

1.74

(8.7)

(0.10)

2,359.3

4.00

2,436.0

4.34(76.7)(0.34)

Wholesale & Retail4,822.6

8.18

4,912.7

8.75(90.0)(0.57)

Finance & Insurance

6,279.8

10.65

4,609.2

8.21

1,670.6

2.44

Real Estate

11,706.5

19.86

10,931.2

19.47

775.2

0.39

Commodity Lease

3,129.8

5.31

3,136.3

5.59

(6.5)

(0.28)

Service Industries

3,075.9

5.22

2,983.7

5.31

92.1

(0.09)

Local Governments

486.9

0.83

540.3

0.96

(53.4)(0.13)

Governments

1,425.3

2.42

1,079.3

1.92

345.9

0.50

Other

10,134.6

17.19

10,132.5

18.05

2.1

(0.86)

33,829.3

100.0032,544.3

100.0

1,284.9

272.2

0.80

148.1

0.45

124.1

Financial Institutions

12,868.6

38.04

11,448.4

35.18

1,420.1

2.86

Other

20,688.3

61.16

20,947.6

64.37(259.2)(3.21)

92,778.7/

88,687.1/

4,091.6/

Overseas Total (including Loans Booked Offshore)
Governments

Total

¥

¥

¥

/
0.35

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, 2024

Billions of yen, %As of March 31, 2023

Billions of yen, %Russia¥123.9

Russia¥8.9

Myanmar

Myanmar
Total
Ratio to Total Assets

¥

132.9
0.04%

Ratio to Total Assets

161.4
7.9

Laos
Total

Story of Mizuho'svalue creation

Outstanding
Balance Composition

Business strategies forvalue creation¥

Manufacturing

ChangeGovernance for value
creation

Domestic Total (excluding Loans Booked Offshore)

2023

0.0
¥

Data section

As of March 31,

Billions of yen, %

2024

169.4
0.06%

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

Appendix

stipulated under the Japanese Institute of Certified Public Accountants (JICPA) Banking Audit Committee Report No.4.

144

145

Basel Regulatory Disclosures

147
149
149
150
162
165
166
172
198
210
212
219
222
223
226
231
237
238
239
239
240
242
242
243

Key Metrics
Status of Mizuho Financial Group's
Consolidated Capital Adequacy
Scope of Consolidation
Risk-based Capital
Summary of Risk Management and Risk-weighted
Assets (RWA)
Comparison of Modelled and Standardized RWA
Linkages between Financial Statements
and Regulatory Exposures
Credit Risk
Counterparty Credit Risk
CVA Risk
Securitization Exposures
Market Risk
Investment or Equity Exposure
Operational Risk
Composition of Leverage Ratio
TLAC Regulations
Geographical Distribution of Credit Exposures Usedin the Countercyclical Buffer
Indicators for Assessing Global Systemically
Important Banks (G-SIBs)
Status of Sound Management of Liquidity Risk
Liquidity Coverage Ratio
Net Stable Funding Ratio
Status of Major Liquid Assets
Status of Major Funding
Compensation of Directors and Employees
146

Basel Regulatory Disclosures
Key Metrics
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 aconsolidated basis based on "the criteria used by a bank holding company for deciding whether or not theadequacy 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" (Financial
Services Agency, or FSA, Notice No. 20 issued in 2006).
We also calculate our leverage ratio on a consolidated basis according to "the criteria for evaluating thesoundness of the leverage, 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.)
Liquidity ratio regulations agreed upon by the Basel Committee on Banking Supervision require our liquidity
coverage ratio and net 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 the Criteria for Bank Holding Companies to Evaluate theSoundness of Their Management and the Ones of Their Subsidiaries and Others, which is also One of the
Evaluation Criteria on the Soundness of the Banks' Management" (the FSA Notice No. 62 of 2014 (the "NoticeNo. 62")).

147

Executive messages■ Key Metrics
KM1: Key Metrics(Millions of yen, except percentages)aBasel III
TemplateNo.

As ofMarch 31,
2024

b

c

As of
As of
December 31, September 30,
2023
2023

d

e

As of
June 30,
2023

As of
March 31,2023

Capital1

Common Equity Tier 1 capital

9,259,977 ¥

9,044,268 ¥

8,885,340 ¥

8,848,730 ¥2

Tier 1 capital

10,801,836

10,601,511

10,636,388

10,338,763

9,803,395

3

Total capital

12,314,615

12,146,151

12,228,219

11,707,585

11,306,965

8,315,525

Story of Mizuho'svalue creation¥

Risk weighted assets
4

Risk weighted assets

72,720,245

76,039,413

77,063,504

73,859,172

70,434,154

4a

Risk weighted assets (pre-floor)

72,720,245

/

/

/

/

Fully loaded ECL accounting model
Risk weighted assets

87,535,098

/

/

/

/

Common Equity Tier 1 capital ratio

12.73%

11.89%

11.52%

11.98%

11.80%

5aCommon Equity Tier 1 capital ratio(pre-floor ratio)

12.73%////

Fully loaded ECL accounting model
Common Equity Tier 1 capital ratio

10.57%

/

/

/

/

6

Tier 1 capital ratio

14.85%

13.94%

13.80%

13.99%

13.91%

6aTier 1 capital ratio (pre-floor ratio)

14.85%////

Fully loaded ECL accounting model
Tier 1 capital ratio

12.33%

/

/

/

/

7

Total capital ratio

16.93%

15.97%

15.86%

15.85%

16.05%

7a

Total capital ratio (pre-floor ratio)

16.93%////

Fully loaded ECL accounting model
Total capital ratio

14.06%

/

/

/

/
2.50%

Governance for value
creation

5

Business strategies forvalue creation

Capital ratio

Capital buffer8

Capital conservation buffer requirement

2.50%

2.50%

2.50%

2.50%

9

Countercyclical buffer requirement

0.09%

0.10%

0.10%

0.07%

0.06%

10

Bank G-SIB/D-SIB additional requirements

1.00%

1.00%

1.00%

1.00%

1.00%

11

Total of bank CET1 specific buffer
requirements

3.59%

3.60%

3.60%

3.57%

3.56%

12

CET1 available after meeting the bank's
minimum capital requirements

8.23%

7.39%

7.02%

7.48%

7.30%

229,376,808

235,869,008

242,406,179

234,765,127

219,441,116

4.70%

4.49%

4.38%

4.40%

4.46%

81,168,379

78,185,594

80,465,169

80,351,567

77,599,942

13

Total exposures

14

Leverage ratio

Data section

Leverage ratio

Liquidity coverage ratio (LCR)
15

Total HQLA allowed to be includedin the calculation

16

Net cash outflows

17

LCR

¥ 62,571,601 ¥ 61,437,087 ¥ 60,670,185 ¥ 58,752,554 ¥ 59,419,441
129.7%

127.3%

132.7%

136.9%

130.6%

116,744,763

114,039,374

114,845,288

115,064,705

112,497,787

Net stable funding ratio (NSFR)
Available stable funding

19

Required stable funding

20

NSFR

¥ 98,606,255 ¥ 96,942,288 ¥ 97,604,401 ¥ 96,388,976 ¥ 91,786,308
118.3%

117.6%

117.6%

119.3%

122.5%

Appendix18

Note: Figures of No. 15 to 17 in the table above are calculated based on the average values for the quarter.

148

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy
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, Sub-item (d), etc. of the Ordinance for Enforcement of the Banking Law" (the FSA Notice No. 7 issued
in 2014).

■ Scope of Consolidation(1) Scope of Consolidation for Calculating Consolidated Capital Adequacy Ratio(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, 2024 and 2023(b) Number of Consolidated Subsidiaries
As of March 31, 2024

As of March 31, 2023

219

178

Consolidated subsidiaries

Our major consolidated subsidiaries are Mizuho Bank, Ltd., Mizuho Trust & Banking Co., Ltd. and Mizuho
Securities Co., Ltd.
The following table sets forth information with respect to our principal consolidated subsidiaries as of March 31,
2024:
Name

Country oforganization

Domestic
Mizuho Bank, Ltd. …………………………………………
Mizuho Trust & Banking Co., Ltd. ………………………
Mizuho Securities Co., Ltd. ………………………………
Mizuho Research & Technologies, Ltd. ………………

Japan
Japan
Japan
Japan

Asset Management One Co., Ltd. ………………………
Mizuho Innovation Frontier Co., Ltd. .......………………
Mizuho Credit Guarantee Co., Ltd. ……………………
Defined Contribution Plan Services Co., Ltd. …………

Japan
Japan
Japan
Japan

Mizuho Factors, Limited …………………………………
UC Card Co., Ltd. …………………………………………
Mizuho Realty One Co., Ltd. ……………………………
Mizuho Business Service Co., Ltd. ……………………
Mizuho Realty Co., Ltd. …………………………………
Mizuho-DL Financial Technology Co., Ltd. ……………

Japan
Japan
Japan
Japan
Japan
Japan

Mizuho Capital Co., Ltd. ………………………………… Japan
J.Score CO., Ltd. ………………………………………… Japan

149

Main businessBanking
Trust and banking
Securities
Information technology
and think tank consulting
Investment management
Investment
Credit guarantee
Pension plan-related
business
Factoring
Credit card
Holding company
Subcontracted operations
Real estate agency
Application andSophisticationof Financial Technology
Venture capital
Lending

Proportion ofownership
interest (%)

Proportion of
votinginterest (%)

100.0%
100.0
100.0
100.0

100.0%
100.0
100.0
100.0

70.0
100.0
100.0
100.0

51.0
100.0
100.0
100.0

100.0
100.0
100.0
100.0
99.5
60.0

100.0
100.0
100.0
100.0
95.1
60.0

50.0
50.0

50.0
50.0

U.S.A.
China
U.S.A.
U.K.
China
U.S.A.
Netherlands
BrazilU.S.A.
Luxembourg
Germany
Indonesia

Holding company
Banking
Derivatives
Securities and banking
Securities
Securities
Banking and securities
Banking
Banking and trust
Trust and banking
Securities
Banking

Proportion of
votinginterest (%)

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
99.0

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
99.0

Executive messages

Main business

Overseas
Mizuho Americas LLC ……………………………………
Mizuho Bank (China), Ltd. ………………………………
Mizuho Capital Markets LLC ……………………………
Mizuho International plc …………………………………
Mizuho Securities Asia Limited …………………………
Mizuho Securities USA LLC ……………………………
Mizuho Bank Europe N.V. ………………………………
Banco Mizuho do Brasil S.A. ……………………………
Mizuho Bank (USA) ………………………………………
Mizuho Trust & Banking (Luxembourg) S.A. …………
Mizuho Securities Europe GmbH ………………………
PT. Bank Mizuho Indonesia ……………………………

Proportion ofownership
interest (%)

Story of Mizuho'svalue creation

Name

Country oforganization

Business strategies forvalue creation(c) Corporations Providing Financial Services for Which Article 9 of the FSA Notice No. 20 is Applicable
None as of March 31, 2024 and 2023.
(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 Groupbut Included in the Scope of Accounting Consolidation
None as of March 31, 2024 and 2023.
(e) Restrictions on Transfer of Funds or Capital within the Bank Holding Company’s Corporate Group
None as of March 31, 2024 and 2023.

Governance for value
creation(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, 2024 and 2023.

■ Risk-based Capital(1) Summary of Approach to Assessing Capital Adequacy
In order to ensure that risk-based capital is sufficiently maintained in light of the risk held by us, we regularly
conduct the following assessment of capital adequacy in addition to adopting a suitable and effective capital
adequacy monitoring structure.

Data section

Maintaining a sufficient BIS capital ratio
We 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, which enables capitalutilization and an increase in risk-weighted assets in accordance with our management strategies, in addition tomaintaining our capital above the minimum requirements of common equity Tier 1 capital ratio, Tier 1 capital ratio,
total capital ratio, capital buffer ratio, leverage ratio and TLAC ratio.

Appendix

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 bymeans of allocating
capital that corresponds to the amount of risk to the principal banking subsidiaries, etc., within the bounds of ourcapital, and we 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 eventsand risk volumes, which we assess whether they balance with the group’s capital. Stress events are based onrisk scenarios that are formulated based on the current economic condition and the economic outlook, etc. In
addition, we examine whether an appropriate return on risk is maintained in the assessments.

150Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(2) Composition of Capital, etc.
(a) CC1: Composition of Capital Disclosure(Millions of yen, except percentage)

Basel III
Template
Common Equity Tier 1 capital: instruments and reserves

a

b

c

As of March
31, 2024

As of March
31, 2023

Reference
to Template
CC2

(1)

Directly issued qualifying common share capital plus related stock surplus
1a+2-1c-26¥
and retained earnings

8,363,216

1aof which: capital and stock surplus

3,386,498

3,386,035

2

of which: retained earnings

5,538,891

5,093,850

1cof which: treasury stock (-)

9,402

8,786

26

of which: national specific regulatory adjustments (earnings to be
distributed) (-)

139,610

107,882――of which: other than above
1b

Subscription rights to common shares

3

Accumulated other comprehensive income and other disclosed reserves

5

Common share capital issued by subsidiaries and held by third parties(amount allowed in group CET1)

6

Common Equity Tier 1 capital: instruments and reserves

Common Equity Tier 1 capital: regulatory adjustments

(A)

5

5

1,316,550

662,133469

441

10,093,402

9,025,797

(2)

8+9

Total intangible assets (net of related tax liability, excluding those relating tomortgage servicing rights)

602,331453,5878of which: goodwill (net of related tax liability, including those equivalent)

177,692

87,9449of which: other intangibles other than goodwill and mortgage servicing
rights (net of related tax liability)

424,639

365,643

10

Deferred tax assets that rely on future profitability excluding those arisingfrom temporary differences (net of related tax liability)

13,146

10,835

11

Deferred gains or losses on derivatives under hedge accounting(424,386)(399,086)

Shortfall of eligible provisions to expected losses――

Securitization gain on sale――
43,85312
13

151

8,776,377 ¥14

Gains and losses due to changes in own credit risk on fair valued liabilities

45,90415

Net defined benefit asset

587,751

596,185

16

Investments in own shares (excluding those reported in the net assets
section)

8,676

4,896

17

Reciprocal cross-holdings in common equity

―

―

18

Investments in the capital of banking, financial and insurance entities thatare 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)

― ¥

―

(a)

As of March
31, 2024¥bc

As of March
31, 2023

Reference
to Template
CC2

― ¥

―

19

of which: significant investments in the common stock of financials

―

―

20

of which: mortgage servicing rights

―

―

21

of which: deferred tax assets arising from temporary differences (net of
related tax liability)――

Amount exceeding the 10% threshold on specified items――of which: significant investments in the common stock of financials

―

―

24

of which: mortgage servicing rights

―

―

25

of which: deferred tax assets arising from temporary differences (net of
related tax liability)

―

―

27

Regulatory adjustments applied to Common Equity Tier 1 due to insufficient
Additional Tier 1 and Tier 2 to cover deductions

―

―

28

Common Equity Tier 1 capital: regulatory adjustments(B)

833,424710,271(C)

9,259,977

8,315,525

Directly issued qualifying Additional Tier 1 instruments plus related stock
surplus of which: classified as equity under applicable accounting standards
and the breakdown

―

―

22

Amount exceeding the 15% threshold on specified items

23

Business strategies forvalue creation

Basel III
Template

Story of Mizuho'svalue creation(Millions of yen, except percentage)a19+20+21

Executive messages(a) CC1: Composition of Capital Disclosure

Common Equity Tier 1 capital (CET1)
Common Equity Tier 1 capital (CET1) ((A)-(B))

Additional Tier 1 capital: instruments

(3)

30

31a

30

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 applicable accounting
standards

1,551,000

1,485,000

Qualifying Additional Tier 1 instruments plus related stock surplus issued by
special purpose vehicles and other equivalent entities

―

―

34

Additional Tier 1 instruments issued by subsidiaries and held by third parties(amount allowed in group AT1)

19,33816,38736

Additional Tier 1 capital: instruments

1,570,338

1,501,387

9,000

1,500

30
30

(D)

Governance for value
creation

29

Additional Tier 1 capital: regulatory adjustments
Reciprocal cross-holdings in Additional Tier 1 instruments

¥

― ¥

―

Data section

Investments in own Additional Tier 1 instruments

38

Appendix37

152

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(a) CC1: Composition of Capital Disclosure(Millions of yen, except percentage)a

Basel III
Template

As of March
31, 2024bc

As of March
31, 2023

Reference
to Template
CC2

39

Investments in the capital of banking, financial and insurance entities thatare 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 (amount above 10% threshold)40

Significant investments in the capital of banking, financial and insurance
entities that are outside the scope of regulatory consolidation (net of eligible
short positions)

19,48012,01742

Regulatory adjustments applied to Additional Tier 1 due to insufficient Tier 2
to cover deductions

―

―

43

Additional Tier 1 capital: regulatory adjustments(E)

28,48013,517(F)

1,541,858

1,487,870(G)

10,801,836

9,803,395― ¥―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
46

Directly issued qualifying Tier 2 instruments plus related stock surplus ofwhich: classified as equity under applicable accounting standards and thebreakdown

―

―

46

Subscription rights to Tier 2 instruments

―

―

46

Directly issued qualifying Tier 2 instruments plus related stock surplus ofwhich: classified as liabilities under applicable accounting standards

1,409,972

1,355,807

46

Tier 2 instruments plus related stock surplus issued by special purpose
vehicles and other equivalent entities―

39,68948

Tier 2 instruments issued by subsidiaries and held by third parties (amountallowed in group Tier 2)

4,099

3,516

50

Total of general allowance for loan losses and eligible provisions included inTier 2

105,973

107,325

50aof which: general allowance for loan losses

6,717

5,641

50b

of which: eligible provisions

99,255

101,684

1,520,045

1,506,338

3,773

1,993
―

―

51

Tier 2 capital: instruments and provisions

Tier 2 capital: regulatory adjustments
52

153

(4)

(H)
(5)

Investments in own Tier 2 instruments

53

Reciprocal cross-holdings in Tier 2 instruments and other TLAC liabilities―

54

Investments in the capital and other TLAC liabilities of banking, financial andinsurance entities that are outside the scope of regulatory consolidation, netof eligible short positions, where the bank does not own more than 10% of ¥the issued common share capital of the entity (amount above the 10%threshold)― ¥Executive messages(a) CC1: Composition of Capital Disclosure
Basel III
Template

As of March
31, 2024bc

As of March
31, 2023

Reference
to Template
CC2

54a

Investments in the other TLAC liabilities of banking, financial and insurance
entities that are outside the scope of regulatory consolidation, where thebank does not own more than 10% of the issued common share capital of ¥the entity: amount previously designated for the 5% threshold but that nolonger meets the conditions

3,493 ¥

775

55

Significant 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)

―

―

57

Tier 2 capital: regulatory adjustments

(I)

7,266

2,769

(J)

1,512,779

1,503,569(K)

12,314,615

11,306,965

Story of Mizuho'svalue creation(Millions of yen, except percentage)aTier 2 capital (T2)58

Tier 2 capital (T2) ((H)-(I))

Total capital (TC = T1 + T2)

Risk weighted assets(L)¥ 72,720,245 ¥ 70,434,154

(7)

61

Common Equity Tier 1 capital ratio (consolidated) ((C)/(L))

12.73%

11.80%

62

Tier 1 capital ratio (consolidated) ((G)/(L))

14.85%

13.91%

63

Total capital ratio (consolidated) ((K)/(L))

16.93%

16.05%

64

Total of bank CET1 specific buffer requirements

3.59%

3.56%

2.50%

2.50%

65

of which: capital conservation buffer requirement66of which: countercyclical buffer requirement

0.09%

0.06%

67

of which: bank G-SIB/D-SIB additional requirements

1.00%

1.00%

8.23%

7.30%

68

CET1 available after meeting the bank's minimum capital requirements

Regulatory adjustments

(8)

72

Non-significant investments in the capital and other TLAC liabilities of other¥financials that are below the thresholds for deduction (before risk weighting)633,643 ¥434,394

73

Significant investments in the common stock of financials that are below thethresholds for deduction (before risk weighting)533,689

404,41074

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)

Provisions included in Tier 2 capital: instruments and provisions

Business strategies forvalue creation

60

Capital ratio and buffers (consolidated)(6)

Governance for value
creation

Total capital (TC=T1+T2) ((G)+(J))

508,864 ¥662,332(9)

76

Provisions (general allowance for loan losses)

6,717 ¥

5,641

77

Cap on inclusion of provisions (general allowance for loan losses)¥

67,94058,12878

Provisions eligible for inclusion in Tier 2 in respect of exposures subject tointernal ratings-based approach (prior to application of cap) (if the amount isnegative, report as "nil")

99,255

101,684

79

Cap for inclusion of provisions in Tier 2 under internal ratings-based
approach

332,152

346,492

Data section

59

Risk weighted assets

Appendix

Notes: 1. The above figures are calculated based on the international standard applied on a consolidated basis under the FSA NoticeNo. 20.
2. As an external audit of calculating the consolidated capital adequacy ratio, we underwent an examination under theprocedures agreed with by Ernst & Young ShinNihon LLC, on the basis of "Practical guidance on agreed-upon proceduresfor the calculation of capital adequacy ratio and leverage ratio" (Practical Guideline for specialized fields No.4465 of theJapanese Institute of Certified Public Accountants). Note that this examination is not a part of the audit performed on ourconsolidated financial statements or internal 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 thecapital adequacy ratio. Instead, it performs an examination to the extent both of us agreed to and reports the results to us.

154Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(b) CC2: Reconciliation of regulatory capital to consolidated balance sheet(Millions of yen)

a
Items

(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 Laws

155b

Consolidated balance Consolidated balance
sheet as in published sheet as in publishedfinancial statements financial statements
As of March 31,
2024¥

72,968,900 ¥
1,259,964
20,533,096

Reference toTemplate CC1

Cross-reference toAppended template

67,152,100
1,386,895
11,693,419

2,357,463

1,897,429
3,836,735
17,404,494
514,60737,363,140
88,687,155
2,408,587
2,184,875
8,689,547
1,105,851
572,719859,271
316,168

10,098,502

8,905,643(787,848)(720,437)

6-a2-b, 6-b
6-c
6-d
6-e
2-a
3
4-a

(1)

¥

278,672,151 ¥

254,258,203¥

159,854,668 ¥
11,590,532
1,660,682
38,103,216

150,498,976
13,788,347
1,814,873
25,735,560¥d

As of March 31,
2023

4,174,891
21,381,444
583,647
38,245,422
92,778,781
2,259,701
2,606,667
7,364,363
1,139,470
725,142
847,116
135,428(4)c1,306,422

757,842

1,165,988
13,836,028
5,449,852
900,034
565,736
11,999,712
983,877
3,818,518
6,618,151
185,977
2,527
67,151

1,782,111
12,698,007
4,155,480
671,552
477,141
11,371,189
1,534,097
2,749,138
7,777,025
126,694
2,381
68,429

541

539

8,645

15,04919,321
10,37825,125
3,781 ¥

13,706
13,695
7,798
3,352

6-f
8-a

8-b
6-g

Executive messages(b) CC2: Reconciliation of regulatory capital to consolidated balance sheet(Millions of yen)dReference toTemplate CC1

Cross-reference toAppended template

As of March 31,
As of March 31,
2024
2023
27,058 ¥22,391¥
57,5834-b

58,711¥

10,098,502
268,360,016 ¥

8,905,643
245,049,740¥

2,256,767
1,129,730
5,538,891(9,402)
8,915,987 ¥

2,256,767
1,129,267
5,093,911(8,786)
8,471,160

929,815564,495(298,280)
126,879
344,250214,337(452)(358,102)
129,321
144,093
182,30619¥

1,316,550 ¥

662,133¥¥

5
79,591
10,312,135 ¥
278,672,151 ¥5
75,1639,208,463
254,258,203

4-c

Story of Mizuho'svalue creation

Deferred Tax Liabilities
Deferred Tax Liabilities for Revaluation
Reserve for Land
Acceptances and Guarantees
Total Liabilities(Net Assets)
Common Stock
Capital Surplus
Retained Earnings
Treasury Stock
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 Accumulated Other Comprehensive
IncomeStock Acquisition Rights
Non-Controlling Interests
Total Net Assets
Total Liabilities and Net Assets

Consolidated balance Consolidated balance
sheet as in published sheet as in publishedfinancial statements financial statements

c

1-a
1-b
1-c
1-d

Business strategies forvalue creation

Items

b

5

(a)
7

Governance for value
creationaAppendix

Data section

Note: The regulatory scope of consolidation is the same as the accounting scope of consolidation.

156

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy
Appended template
1. Shareholders' Equity(1) Consolidated Balance Sheet
Ref.

(Millions of yen)
As of March
31, 2024

Consolidated balance sheet items

1-aCommon stock

2,256,767 ¥2,256,767

1-b

Capital surplus

1,129,730

1,129,267

1-cRetained earnings

5,538,891

5,093,911

1-dTreasury stock
Total shareholders' equity¥¥(9,402)(8,786)

8,915,987 ¥

8,471,160(2) Composition of CapitalBasel III
template(Millions of yen)
As of March
31, 2024

Composition of capital disclosure
Directly issued qualifying commonshare capital plus related stock surplus
and retained earnings¥

8,915,987 ¥As of March
Remarks
31, 2023

8,471,099

1aof which: capital and stock surplus

3,386,498

3,386,035

2

of which: retained earnings

5,538,891

5,093,850

1cof which: treasury stock (-)

9,402

8,786

of which: other than above――

Directly issued qualifying additional
Tier 1 instruments plus related stock
surplus of which: classified as equity
under applicable accounting standards
and the breakdown

―

―

31a

2. Intangible Fixed Assets(1) Consolidated Balance Sheet
Ref.

As of March
31, 2024

Consolidated balance sheet items

2-aIntangible fixed assets

2-b

Securities

Income taxes related to above¥

725,142 ¥
38,245,422
61,274¥(184,085) ¥(2) Composition of CapitalBasel III
template

Composition of capital disclosure

8

Goodwill (net of related tax liability,
including those equivalent)

9

Other intangibles other than goodwill
and mortgage servicing rights (net of
related tax liability)

Shareholders' equity attributable
to common shares (before
adjusting national specificregulatory adjustments(earnings to be distributed))(Millions of yen)of which: share of goodwill ofcompanies accounted for using theequity method

157

As of March
Remarks
31, 2023

As of March
Remarks
31, 2023
572,719
37,363,140
Share of goodwill of
38,330 companies accounted forusing the equity method(157,462)(Millions of yen)

As of March
31, 2024¥

As of March
Remarks
31, 2023

177,692 ¥

87,944

424,639

365,643 Software and otherMortgage servicing rights (net of
related tax liability)

―

―

20

Amount exceeding the 10%threshold on specified items

―

―

24

Amount exceeding the 15%threshold on specified items

―

―

74

Mortgage servicing rights that are
below the thresholds for deduction(before risk weighting)――As of March
31, 2024

Consolidated balance sheet items
Net defined benefit asset¥

847,116 ¥859,271

Income taxes related to above¥(259,365) ¥(263,085)(2) Composition of CapitalNet defined benefit asset¥

587,751 ¥4. Deferred Tax Assets(1) Consolidated Balance Sheet
Ref.
4-a

Deferred tax assets
Deferred tax liabilities
Deferred tax liabilities for revaluation
reserve for land

4-cTax effects on intangible fixed assets

As of March
31, 2024¥¥

Tax effects on net defined benefit asset

10

Deferred tax assets that rely on future
profitability arising from temporary
differences (net of related tax liability)

As of March
Remarks
31, 2023
316,168

27,05822,391

57,58358,711

184,085 ¥

157,462259,365

263,085(Millions of yen)

As of March
31, 2024

Composition of capital disclosure
Deferred tax assets that rely on future
profitability excluding those arisingfrom temporary differences (net of
related tax liability)

596,185

135,428 ¥(2) Composition of CapitalBasel III
template

As of March
Remarks
31, 2023(Millions of yen)

Consolidated balance sheet items

4-b

Story of Mizuho'svalue creation

As of March
31, 2024

Composition of capital disclosure

Business strategies forvalue creation

15(Millions of yen)¥

As of March
Remarks
31, 2023

13,146 ¥This item does not agreewith the amount reported on
10,835 the consolidated balance
sheet due to offsetting ofassets and liabilities.

508,864

This item does not agreewith the amount reported on
662,332 the consolidated balance
sheet due to offsetting ofassets and liabilities.

21

Amount exceeding the 10%threshold on specified items

―

―

25

Amount exceeding the 15%threshold on specified items

―

―

75

Deferred tax assets arising from
temporary differences that are below
the thresholds for deduction (before
risk weighting)508,864

662,332

Governance for value
creation

Basel III
template

As of March
Remarks
31, 2023

Data section

3(Millions of yen)

Appendix

Ref.

Executive messages

3. Net defined Benefit Asset(1) Consolidated Balance Sheet

158Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy
5. Deferred Gains or Losses on Derivatives under Hedge Accounting(1) Consolidated Balance Sheet(Millions of yen)
Ref.

Consolidated balance sheet items

5

Deferred gains or losses on hedges

As of March
31, 2024¥(298,280) ¥(2) Composition of CapitalBasel III
template

11(358,102)(Millions of yen)

As of March
31, 2024

Composition of capital disclosure

Deferred gains or losses on derivatives
under hedge accounting

As of March
Remarks
31, 2023¥(424,386) ¥As of March
Remarks
31, 2023
Excluding those items whose
valuation differences arising(399,086) from hedged items arerecognized as "Total
accumulated othercomprehensive income"

6. Items Associated with Investments in the Capital of Financial Institutions(1) Consolidated Balance Sheet(Millions of yen)

159

Ref.

Consolidated balance sheet items

6-a

Trading assets

As of March
31, 2024

As of March
Remarks
31, 2023

6-b

Securities

38,245,422

Including trading account
17,404,494 securities and derivatives for
trading assets
37,363,140

6-cLoans and bills discounted

92,778,781

88,687,155 Including subordinated loans

6-dDerivatives other than for trading
assets2,606,667

2,184,875

6-eOther assets

7,364,363

8,689,547 Including money invested

6-fTrading liabilities

13,836,028

12,698,007

6-g

Derivatives other than for trading
liabilities

3,818,518

2,749,138¥

21,381,444 ¥Including trading accountsecurities sold

8,390

8,676

4,896

37

Additional Tier 1 capital

9,000

1,500

52

Tier 2 capital

3,773

1,993

―

―

Reciprocal cross-holdings in the capitalof banking, financial and insurance
entities
17

Common equity Tier 1 capital

―

―

38

Additional Tier 1 capital

―

―

53

Tier 2 capital and other TLAC
liabilities――

637,137

435,170

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)18

Common equity Tier 1 capital

―

―

39

Additional Tier 1 capital

―

―

54

Tier 2 capital and other TLAC
liabilities

―

―

54a

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 morethan 10% of the issued commonshare capital of the entity: amountpreviously designated for the 5%
threshold but that no longer meets theconditions

3,493

775

72

Non-significant investments in thecapital and other TLAC liabilities ofother financials that are below thethresholds for deduction (before risk
weighting)633,643434,394

Significant investments in the capital ofbanking, financial and insurance entities
that are outside the scope of regulatory
consolidation, net of eligible short positions

553,169

416,428

19

Amount exceeding the 10%threshold on specified items

―

―

23

Amount exceeding the 15%threshold on specified items――

19,48012,017――

533,689

404,41040Additional Tier 1 capital

55

Tier 2 capital and other TLAC
liabilities

73

Significant investments in the common
stock of financials that are below thethresholds for deduction (before risk
weighting)

Story of Mizuho'svalue creation

21,450 ¥Business strategies forvalue creation¥

Governance for value
creation

Common equity Tier 1 capital

As of March
Remarks
31, 2023

Data section

As of March
31, 2024

Composition of capital disclosure
Investments in own capital instruments

16(Millions of yen)

Appendix

Basel III
template

Executive messages(2) Composition of Capital160

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy
7. Non-Controlling Interests(1) Consolidated Balance Sheet
Ref.
7(Millions of yen)
As of March
31, 2024

Consolidated balance sheet items
Non-Controlling interests¥

79,591 ¥(2) Composition of CapitalBasel III
template

Composition of capital disclosure

5

Common share capital issued bysubsidiaries and held by third parties(amount allowed in group CET1)

As of March
31, 2024¥

After reflecting amounts― eligible for inclusion (noncontrolling interest after
adjustments)

34-35

Additional Tier 1 instruments issued bysubsidiaries and held by third parties(amount allowed in group AT1)

19,33846

Tier 2 instruments plus related stock
surplus issued by special purpose
vehicles and other equivalent entities

―

48-49

Tier 2 instruments issued bysubsidiaries and held by third parties(amount allowed in group Tier 2)

4,099

8. Other Capital Instruments(1) Consolidated Balance Sheet

Borrowed money
Total

¥
¥

161

Directly issued qualifying additional
Tier 1 instruments plus related stock
surplus of which: classified as liabilities
under applicable accounting standards

46

Directly issued qualifying Tier 2
instruments plus related stock surplusof which: classified as liabilities underapplicable accounting standards

After reflecting amounts
3,516 eligible for inclusion (noncontrolling interest after
adjustments)

As of March
Remarks
31, 2023

5,449,852 ¥

4,155,480
11,371,189

17,449,565 ¥

15,526,670(Millions of yen)

As of March
31, 2024

Composition of capital disclosure

32

After reflecting amounts
eligible for inclusion (noncontrolling interest after
adjustments)

After reflecting amounts
39,689 eligible for inclusion(non-controlling interest
after adjustments)

11,999,712(2) Composition of CapitalBasel III
template

16,387(Millions of yen)
As of March
31, 2024

Consolidated balance sheet items

Bonds and notes

After reflecting amounts
eligible for inclusion (noncontrolling interest after
adjustments)

441

―

8-a

As of March
Remarks
31, 2023

469 ¥Qualifying additional Tier 1 instruments
plus related stock surplus issued by
special purpose vehicles and otherequivalent entities

8-b

75,163(Millions of yen)30-31ab-32

Ref.

As of March
Remarks
31, 2023¥

As of March
Remarks
31, 2023

1,551,000 ¥

1,485,000

1,409,972

1,355,807

Executive messages■ Summary of Risk Management and Risk-weighted Assets (RWA)(1) Summary of Our Group’s Risk Profile, Risk Management Policies/ Procedures and Structure
See pages 93 to 95 for a summary of our group’s risk profile and risk management policies, etc.
(2) Summary of RWA(A) OV1: Overview of Risk-weighted Assets (RWA)

As of March
31, 2024

As of March
31, 2024of which: standardized approach (SA)5,451,469

436,1173

of which: foundation internal ratings-based (F-IRB) approach

23,648,632

1,891,890

4of which: supervisory slotting criteria approach5of which: advanced internal ratings-based (A-IRB) approach

51,502
1,115,287

of which: significant investments――of which: estimated residual value of lease transactions――

1,970,594

157,647

3,391,832

271,346others6643,779
13,941,090

Counterparty credit risk (CCR)

7of which: SA-CCR

667,41253,3938of which: expected positive exposure (EPE) method

676,498

54,119

9Othersof which: central counterparty-related
10

Credit valuation adjustment (CVA) risk

283,152

22,651

1,764,768

141,181

1,913,735

153,098of which: standardized approach (SA-CVA)

504,875

40,390of which: full basic approach (Full BA-CVA)

823,945

65,915of which: reduced basic approach (Reduced BA-CVA)

584,914

46,793Equity positions in banking book under market-based
approach during the five-year linear phase-in period

4,506,494

360,51912Equity investments in funds - Look-through approach

3,957,323

316,585

13

Equity investments in funds - Mandate-based approach――

Equity investments in funds - Simple approach(subject to 250% RW)

365,350

29,228Equity investments in funds - Simple approach(subject to 400% RW)

123,723

9,897

Equity investments in funds - Fall-back approach(subjec t to 1250% RW)

67,030

5,362

11

14
15

Settlement risk

16

Securitization exposures in banking book

18,4971,479

2,465,934

197,27417

of which: Securitization internal ratings-based approach(SEC-IRBA)

1,895,710

151,656

18

of which: Securitization external ratings-based approach(SEC-ERBA) or internal assessment approach (IAA)

131,628

10,530of which: Securitization standardized approach (SEC-SA)

437,682

35,01419

of which: 1250% risk weight is applied
20

Market risk

21of which: standardized approach (SA)22of which: internal model approach (IMA)

26

of which: simplified standardized approach (SSA)
Capital charge for switch between trading book and banking
book
Operational risk
Exposures of specified items not subject to regulatory
adjustments
Floor adjustment

27

Total

23
24
25

913

73

3,573,200

285,856

3,554,448

284,355――

18,751

1,500

―

―

4,075,171

326,0132,606,384

208,510―¥72,720,245 ¥Business strategies forvalue creation

3,652,445

2

Governance for value
creation

45,655,567 ¥Story of Mizuho'svalue creation

RWA

Data section¥b
Minimum capitalrequirements

Appendix

Basel III
Template
No.
1 Credit risk (excluding counterparty credit risk)(Millions of yen)a―5,817,619

Note: For equity exposures , when the risk weight applied under the internal ratings-based approach and the risk weight applied under
the standardized approach are the same, the standardized approach is deemed to be applied.

162

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(Millions of yen)

Basel III
Template
No.
1 Credit risk (excluding counterparty credit risk)

¥

b

RWA

capital requirements

As of March
31, 2023

As of March
31, 2023

42,805,132 ¥3,610,442

2of which: standardized approach (SA)2,312,405

184,992

3

of which: internal rating-based (IRB) approach

38,756,705

3,286,568

of which: significant investments――of which: estimated residual value of lease transactions――

1,736,021

138,881

4,779,126

388,728

others4
5Counterparty credit risk (CCR)
of which: SA-CCR
of which: current exposure method

6of which: expected positive exposure (EPE) methodof which: credit valuation adjustment (CVA) riskof which: central counterparty-related
Others――335,109

27,684935,12978,542

1,820,083

145,606

276,222

22,097

1,412,582

114,7967

Equity positions in banking book under market-based approach

3,954,016

335,300

8Equity investments in funds - Look-through approach

4,913,343

415,6799Equity investments in funds - Mandate-based approach――

Equity investments in funds - Simple approach (subject to250% RW)――

Equity investments in funds - Simple approach (subject to400% RW)

832,944

70,6336,490

10Equity investments in funds - Fall-back approach

79,74011

Settlement risk

4,785

396

12

Securitization exposures in banking book1,421,908

113,752

1,266,842

101,347

153,953

12,31613of which: Securitisation IRB approach (SEC-IRBA) orinternal assessment approach(IAA)

14

of whi ch: Securitisation external ratings-based
approach (SEC-ERBA)

15
16

of which: Securitisation standardised approach (SEC-SA)

204

16

of which: 1250% risk weight is applied

907

72

2,664,443

213,155

Market risk

17of which: standardized approach (SA)1,028,809

82,30418

of which: internal model approaches (IMA)

1,635,634

130,850

3,274,392

261,951

939,980

75,19819

163aOperational risk

20of which: basic indicator approach21

of which: standardized approach

22of which: advanced measurement approach――

2,334,411

186,752

2,666,857

218,201

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)¥

70,434,154 ¥5,634,732

(Billions of yen)¥

50,459.8

20.44

36,186.0

15.68¥

230,154.3

246,489.4

RWA
¥

Risk
Weight (%)

50,230.3

20.37

35,914.1

15.60
29.55

Corporate (except specialized lending)

90,764.0

28,324.7

31.20

109,165.4

32,261.4

Ratings A1-B2

64,982.8

14,305.2

22.01

80,686.8

16,325.6

20.23

Ratings C1-D3

23,038.6

12,133.0

52.66

25,702.2

13,699.3

53.30

Ratings E1-E2

1,390.1

1,778.4

127.93

1,361.2

1,696.6

124.64

Ratings E2R-H1

1,352.3

107.9

7.98

1,415.0

539.7

38.14

Sovereign

119,313.4

859.0

0.72

110,284.2

864.1

0.78

Ratings A1-B2

119,160.0

797.2

0.66

110,076.7

739.2

0.67

Ratings C1-D3

147.4

52.7

35.78

200.3

112.9

56.37

Ratings E1-E2

5.9

8.9

152.227.1

11.9

167.25
31.00

0.0

0.0

29.00

0.0

0.0

Bank

12,483.4

3,238.2

25.94

10,235.1

2,210.4

21.59

Ratings A1-B2

11,772.9

2,746.1

23.32

9,733.3

1,911.5

19.63

Ratings C1-D3

701.2

467.7

66.70

487.7

270.9

55.55

Ratings E1-E2

6.3

24.4

383.385.8

23.5

400.00Ratings E2R-H1

Ratings E2R-H1
Specialized lending

2.9

―

―

8.1

4.3

53.92

8,195.3

3,763.9

45.92

469.4

578.1

123.16

Retail

8,723.7

2,330.6

26.71

9,293.3

2,657.5

28.59

Residential mortgage

7,220.9

1,583.6

21.93

7,565.8

1,820.5

24.06
84.32

Qualifying revolving loan

513.5

419.6

81.71

530.1

446.9

Others

989.2

327.3

33.08

1,197.4

389.9

32.56

Equities

5,265.4

9,579.9

181.934,590.3

8,948.5

194.94

PD/LGD approach
Market-based approach

553.8

1,393.6

251.603,158.9

4,362.1

138.08

1,674.0

5,105.7305.001,431.3

4,586.4

320.42Standardized approach

3,037.5

3,080.5

101.41―――Others2,057.6

2,363.3

114.852,451.4

2,710.0

110.54Standardized approach

7,870.9

5,435.7

69.06

6,867.3

4,586.7

66.79

Equity investments in funds

3,075.6

4,513.4

146.742,424.4

6,160.0

254.08

Securitization exposures

21.35

10,934.4

2,465.9

22.55

6,659.6

1,421.9

CVA risk/

1,913.7//

1,820.0/

Central counterparty-related

/

283.1

/

/

276.2

/

65,071.8

24.21

64,495.3

23.77

Total

¥

268,684.1¥¥

262,440.8¥

Story of Mizuho'svalue creation

246,803.1
230,756.3

EAD

Business strategies forvalue creation¥

Corporate, etc.

Risk
Weight (%)

Governance for value
creationInternal ratings-based approach

RWA

As of March 31, 2023

Data section

As of March 31, 2024
EAD

Executive messages(B) Credit Risk Weighted Assets by Asset Class and Ratings Segment

Appendix

Note: For equity exposures as of March 31, 2024, when the risk weight applied under the internal ratings-based approach and the risk
weight applied under the standardized approach are the same, the standardized approach is deemed to be applied.

164

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy■ Comparison of Modelled and Standardized RWA(A) CMS1: Comparison of Modelled and Standardized RWA at Risk Level(Millions of yen)

As of March 31, 2024
a

b

c

d

RWA

No.
1
2
3
4
5
6
7
8

Total actual RWA calculatedusing fullRWA (a+b),
RWA for(i.e. RWA which standardized
RWA formodelled
approach
the bank
approach that portfolios wherereports as a (i.e. RWA used
standardized
the bank has
current
in capital floor
approaches aresupervisory
requirement)
computation)usedapproval to use
Credit risk (excluding counterparty credit risk)
Counterparty credit risk
Credit valuation adjustment risk
Securitization exposures in the banking bookMarket risk
Operational risk
Residual RWA
Total

38,233,502
1,597,044
1,895,710―

41,726,257

5,451,469
1,794,788
1,913,735
570,224
3,573,200
4,075,171
13,615,398
30,993,988

43,684,972
3,391,832
1,913,735
2,465,934
3,573,200
4,075,171
13,615,398
72,720,245

86,781,412
6,693,371
1,913,735
2,511,083
3,573,200
4,075,171
8,864,722
114,412,697

Note: For equity exposures, when the risk weight applied under the internal ratings-based approach and the risk weight applied under
the standardized approach are the same, the standardized approach is deemed to be applied.

(B) CMS2: Comparison of Internal Ratings-based and Standardized RWA for Credit Risk at Asset Class Level(Millions of yen)

As of March 31, 2024
a

b

c

d

RWA

No.
1

2
3
4
5

6

7
8
9
10

11

Sovereignof which: Japanese non-central governmental PSEs
of which: Foreign non-central governmental PSEs
of which: International development banksof which: Japan Finance Organization for Municipalitiesof which: Japanese government institutionsof which: Three regional public sectors of Japan
Banks and other financial institutions
EquityPurchased receivables
Corporates (except SMEs and specialized lending)of which: foundation internal ratings-based (F-IRB)
approach is appliedof which: advanced internal ratings-based (A-IRB)
approach is applied
SMEs
of which: foundation internal ratings-based (F-IRB)
approach is appliedof which: advanced internal ratings-based (A-IRB)
approach is applied
Retail - residential mortgage exposures
Retail - qualifying revolving retail exposures (QRRE)
Other retail exposures
Specialized Lendingof which: general commercial real estate and highvolatility commercial real estate
Total

RWA forinternal
ratings-based(IRB) approachthat the bankhas supervisory
approval to use

RWA forcolumn (a) if
re-computed
using thestandardized
approach

656,439―
151,786―613
113,752
7,568
2,657,263
730,336
933,024
26,200,018

1,453,708―
875,559―
1,150
137,5395,265
2,541,940
288,572
2,226,150
60,388,637

Total actual RWA calculatedusing fullRWA
standardized(i.e. RWA
approachwhich the bankreports as a (i.e. RWA usedcurrent
in capital floor
requirement)
computation)
862,628―
162,900―
616
113,956
7,568
2,842,339
3,739,203
933,465
28,225,352

20,371,935

20,371,935

5,828,083

5,828,083

1,094,604

2,400,512

1,120,167――

1,094,604

1,094,604

1,659,898―
886,673―
1,152
137,7435,265
2,727,017
3,297,439
2,226,591
62,413,970

2,426,075

1,583,600
419,655
327,242
3,631,317

3,489,691
336,013581,4097,623,305

1,583,600
419,655
327,242
3,631,317

3,489,691
336,013581,4097,623,305

1,348,218

3,917,366

1,348,218

3,917,366

38,233,502

81,329,942

43,684,972

86,781,412

Note: For equity exposures, when the risk weight applied under the internal ratings-based approach and the risk weight applied under
the standardized approach are the same, the standardized approach is deemed to be applied.

165

Executive messages■ Linkages between Financial Statements and Regulatory Exposures(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, 2024
a

b

c

d

e

f

g

Carrying values of items:
Subject tocreditrisk
framework¥

72,968,900¥ 72,968,900 ¥

―¥

―¥

―¥

―

Call Loans and Bills Purchased

1,259,964

1,259,964

―

―

―

―

Receivables under Resale
Agreements

20,533,096―

20,533,096

―

―

―

Guarantee Deposits Paid under
Securities Borrowing
Transactions

2,357,463―

2,357,463―――

Other Debt Purchased

4,174,891

2,531,628―

1,615,370―

27,892

Trading Assets

21,381,444―

11,015,837―

21,381,444―

583,647

583,647――――
80,754

Story of Mizuho'svalue creation

Not subject tocapitalSubject to
Subject to requirements
counterparty Subject to the the market or subject todeduction
credit risk securitization
risk
framework
framework from capitalframework

Carrying
Carrying
values asreported in values underpublishedscope offinancial
regulatory
statements consolidation

38,245,422

37,202,542―

962,125―

92,778,781

88,086,122―

4,692,658――

Foreign Exchange Assets

2,259,701

2,259,701

―

―

―

―

Derivatives Other than for
Trading Assets

2,606,667―

2,606,667―――

Other Assets

7,364,363

2,722,400

4,616,920

22,170―2,872

Tangible Fixed Assets

1,139,470

1,139,470

―

―

―

―

Intangible Fixed Assets

725,142

184,085―――

541,057

Net Defined Benefit Asset

847,116

259,365―――

587,751

Deferred Tax Assets

135,428

122,282―――

13,146

Customers' Liabilities for
Acceptances and Guarantees

10,098,502

9,960,178

454

137,869――

Reserves for Possible Losses on
Loans(787,848)(787,839)

―

―

―

(9)

Reserve for Possible Losses on
Investments

(4)

(4)

―

―

―

―

Total assets¥

278,672,151¥ 218,492,445 ¥ 41,130,439 ¥

7,430,194 ¥ 21,381,444 ¥Governance for value
creation

Securities
Loans and Bills Discounted

Data section

Money Held in Trust

1,253,465

Appendix

Cash and Due from BanksBusiness strategies forvalue creation

Assets166

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy
LI1-(Continued)(Millions of yen)
As of March 31, 2024
a

b

c

d

e

f

g

Carrying values of items:
Carrying
Carrying
values asreported in values underpublishedscope offinancial
regulatory
statements consolidation

Subject tocreditrisk
framework¥¥

Not subject tocapitalSubject to
Subject to requirements
counterparty Subject to the the market or subject tocredit risk securitization
deduction
risk
framework
framework from capitalframework

Liabilities
159,854,668

―¥

―¥

―¥

― ¥ 159,854,668

Negotiable Certificates of Deposit

11,590,532

―

―

―

―

11,590,532

Call Money and Bills Sold

1,660,682

―

―

―

―

1,660,682

Payables under Repurchase
Agreements

38,103,216―

38,103,216

―

―

―

Guarantee Deposits Received under
Securities Lending Transactions

1,306,422―

1,306,422―――
1,165,988

Deposits

Commercial Paper

1,165,988

―

―

―

―

Trading Liabilities

13,836,028―

9,833,152―

13,836,028―

Borrowed Money5,449,852

―

―

―

―

5,449,852

Foreign Exchange Liabilities

900,034

―

―

―

―

900,034

Short-term Bonds

565,736

―

―

―

―

565,736

Bonds and Notes

11,999,712

―

―

―

―

11,999,712

Due to Trust Accounts

983,877

―

―

―

―

983,877

Derivatives other than fortrading liabilities

3,818,518―

3,818,518―――

Other Liabilities

6,618,151―

1,066,238――

5,551,912

185,977

―

―

―

―

185,977

Reserve for variable compensation

2,527

―

―

―

―

2,527

Net Defined Benefit Liability

67,151――――

67,151

Reserve for Director and Corporate
Auditor Retirement Benefits

541

―

―

―

―

541

Reserve for possible losses onsales of loans

8,645

―

―

―

―

8,645

Reserve for Bonus Payments

Reserve for contingencies

19,321

12,215

―

―

―

7,105

Reserve for reimbursement ofdeposits

10,378――――

10,378Reserve for reimbursement ofdebentures

25,125――――25,125Reserves under Special Laws

3,781

―

―

―

―

3,781

Deferred Tax Liabilities

27,058――――27,058Deferred Tax Liabilities for
Revaluation Reserve for Land57,583――――57,583――――

10,098,502

10,098,502

Acceptances and Guarantees
Total liabilities¥

268,360,016¥

12,215 ¥ 54,127,548 ¥― ¥ 13,836,028 ¥ 210,217,376

Notes: 1. Since the scope of accounting consolidation and that of regulatory consolidation are the same, the column (a) and (b) havebeen combined.
2. Market risk includes foreign exchange risk and commodities risk in the banking book, but only those items in the tradingbook are recorded.

167

Executive messages(Millions of yen)
As of March 31, 2023
a

b

c

d

e

f

g

Carrying values of items:
Carrying
Carrying
values asreported in values underpublishedscope offinancial
regulatory
statements consolidation

Subject tocreditrisk
framework¥

Not subject tocapitalSubject to
Subject to requirements
counterparty Subject to the the market or subject tocredit risk securitization
deduction
risk
framework
framework from capitalframework
―¥

―¥

―¥

―

1,386,895

―

―

―

―

Receivables under Resale
Agreements

11,693,419―

11,693,419

―

―

―

Guarantee Deposits Paid under
Securities Borrowing Transactions

1,897,429―

1,897,429―――

Other Debt Purchased

3,836,735

2,457,064―

1,348,412―

31,258

Trading Assets

17,404,494―

9,794,144―

17,404,494―

514,607514,607

―

―

―

―

Securities

37,363,140

36,191,863―

1,120,928―

50,348Loans and Bills Discounted

88,687,155

86,041,368

813

2,644,973――

Foreign Exchange Assets

2,408,587

2,408,587

―

―

―

―

Derivatives Other than for
Trading Assets

2,184,875―

2,184,875―――
130,165

Other Assets

8,689,547

2,333,632

6,212,341

13,408―

Tangible Fixed Assets

1,105,851

1,105,851

―

―

―

―

Intangible Fixed Assets

572,719

157,462―――

415,257

Net Defined Benefit Asset

859,271

263,085―――

596,185

Deferred Tax Assets

316,168

305,332―――

10,835

Customers' Liabilities for
Acceptances and Guarantees

8,905,643

8,874,995

507

30,140――Reserves for Possible Losses on
Loans(720,437)(720,465)

―

―

―

27

Reserve for Possible Losses on
Investments

(1)

―

―

―

―

―

¥

254,258,203¥ 208,472,382 ¥ 31,783,531 ¥

5,157,864 ¥ 17,404,494 ¥

1,234,077

Data section

Total assets

Appendix

Money Held in TrustBusiness strategies forvalue creation¥ 67,152,100 ¥

1,386,895

Governance for value
creation

67,152,100

Call Loans and Bills Purchased

Cash and Due from Banks

Story of Mizuho'svalue creation

Assets168

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy
LI1-(Continued)(Millions of yen)
As of March 31, 2023
a

b

c

d

e

f

g

Carrying values of items:
Carrying
Carrying
values asreported in values underpublishedscope offinancial
regulatory
statements consolidation

Subject tocreditrisk
framework¥¥

Not subject tocapitalSubject to
Subject to requirements
counterparty Subject to the the market or subject tocredit risk securitization
deduction
risk
framework
framework from capitalframework

Liabilities
150,498,976

―¥

―¥

―¥

― ¥ 150,498,976

Negotiable Certificates of Deposit

13,788,347

―

―

―

―

13,788,347

Call Money and Bills Sold

1,814,873

―

―

―

―

1,814,873

Payables under Repurchase
Agreements

25,735,560―

25,735,560

―

―

―

Guarantee Deposits Received
under Securities Lending
Transactions

757,842―

757,842―――
1,782,111

Deposits

Commercial Paper

1,782,111

―

―

―

―

Trading Liabilities

12,698,007―

9,142,179―

12,698,007―

Borrowed Money

4,155,480

―

―

―

―

4,155,480

Foreign Exchange Liabilities

671,552

―

―

―

―

671,552

Short-term Bonds

477,141

―

―

―

―

477,141

Bonds and Notes

11,371,189

―

―

―

―

11,371,189

Due to Trust Accounts

1,534,097

―

―

―

―

1,534,097

Derivatives other than fortrading liabilities

2,749,138―

2,749,138―――

Other Liabilities

7,777,025―

101,235――

7,675,790

126,694

―

―

―

―

126,694

Reserve for variable
compensation

2,381

―

―

―

―

2,381

Reserve for Bonus Payments

Net Defined Benefit Liability

68,429――――68,429Reserve for Director andCorporate Auditor Retirement
Benefits

539

―

―

―

―

539

Reserve for possible losses onsales of loans

15,049――――15,049Reserve for contingencies

13,706

8,952

―

―

―

4,753

Reserve for reimbursement ofdeposits

13,695――――

13,695Reserve for reimbursement ofdebentures

7,798

―

―

―

―

7,798

Reserves under Special Laws

3,352

―

―

―

―

3,352

Deferred Tax Liabilities

22,391――――

22,391

Deferred Tax Liabilities for
Revaluation Reserve for Land58,711――――

58,711――――

8,905,643

8,905,643

Acceptances and Guarantees
Total liabilities¥

245,049,740¥

8,952 ¥ 38,485,956 ¥― ¥ 12,698,007 ¥ 202,999,002

Notes: 1. Since the scope of accounting consolidation and that of regulatory consolidation are the same, the column (a) and (b) havebeen combined.
2. Market risk includes foreign exchange risk and commodities risk in the banking book, but only those items in the tradingbook are recorded.

169

Executive messages(B) LI2: Main Sources of Differences between Regulatory Exposure Amounts and Carrying Values in
Financial Statements(Millions of yen)

As of March 31, 2024
a

b

c

d

e

Items subject to:Counterparty
credit risk Securitization
framework
framework

Market risk
framework

1

Asset carrying value amount under scope of
regulatory consolidation (as per template LI1)

2

Liabilities carrying value amount under regulatory
scope of consolidation (as per template LI1)

58,142,639

12,21554,127,548―

13,836,028

3

Total net amount under regulatory scope of
consolidation

219,276,045

218,480,229(12,997,108)

7,430,194

7,545,415

4Off-balance sheet amounts

17,793,398

14,288,985―

3,504,413―

5Differences due to consideration of provision forloan losses and write-offs

894,683

894,683

―

―

―

6

¥ 218,492,445 ¥ 41,130,439 ¥

7,430,194 ¥ 21,381,444

Differences due to derivative transactions, etc.

2,377,499―

2,377,499――

7

Differences due to repurchase transactions

39,026,666―

39,026,666

―

―

8

Other differences

607,739(574,763)

(0)

(182)

―

9

Exposure amounts considered for regulatory
purposes¥ 279,976,034¥ 233,089,135 ¥ 28,407,057 ¥ 10,934,425 ¥Story of Mizuho'svalue creation¥ 277,418,685

Business strategies forvalue creation

Total

No.

Credit risk
framework

7,545,415

Appendix

Data section

Governance for value
creation

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 tooff-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 generalprovisions 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 andthe effect of netting into regulatory exposure amounts. 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 of hedging and making regulatory prudential adjustments.

170Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(Millions of yen)
As of March 31, 2023
a

b

c

d

e

Items subject to:

Total

No.

Credit risk
framework

Counterparty
credit risk Securitization
framework
framework

Market risk
framework

1

Asset carrying value amount under scope of
regulatory consolidation (as per template LI1)

2

Liabilities carrying value amount under regulatory
scope of consolidation (as per template LI1)

42,050,737

8,952

38,485,956―

12,698,007

3

Total net amount under regulatory scope of
consolidation

210,973,388

208,463,429(6,702,424)

5,157,864

4,706,486

4Off-balance sheet amounts

27,196,623

25,692,847―

1,503,775―

5

Differences due to consideration of provision forloan losses and write-offs

807,273807,273―――¥ 253,024,126¥ 208,472,382 ¥ 31,783,531 ¥

5,157,864 ¥ 17,404,494

6

Differences due to derivative transactions, etc.

(218,113)―(218,113)――7

Differences due to repurchase transactions

31,794,713―

31,794,713

―

―

8

Other differences(226,981)(878,945)

―

―

―

9

Exposure amounts considered for regulatory
purposes¥ 270,326,903¥ 234,084,604 ¥ 24,874,174 ¥6,661,639 ¥

4,706,486

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 tooff-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 generalprovisions 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 andthe effect of netting into regulatory exposure amounts. 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 of hedging and making regulatory prudential adjustments.

171

Executive messages■ Credit Risk
(1) Summary of Risk Profile, Risk Management Policies/ Procedures and Structure
See pages 112 to 114 for a summary of our credit risk profile and credit risk management policies, etc.
(2) Summary of Provision for Loan Losses and Write-offs
See page 113 for a summary of our provision for loan losses and write-offs.

(A) CR1: Credit Quality of Assets

Story of Mizuho'svalue creation(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.
(Millions of yen)
As of March 31, 2024
a

b

c

d

Reserve

Net values(a+b-c)Defaulted
exposuresNo.

Non-defaulted
exposures

Business strategies forvalue creation

Gross carrying values of

On-balance sheet exposures
1

Loans

2

Debt securities

3

Other on-balance sheet debt exposures

4

Total on-balance sheet exposures (1+2+3)¥

1,307,935 ¥

86,771,915 ¥

668,288 ¥

87,411,561

6,586

29,949,110―

29,955,697

31,122

78,120,261

14,09978,137,283

1,345,644

194,841,287

682,388

195,504,542

Off-balance sheet exposures
5

Guarantees

22,034

10,060,066

36,387

10,045,713

6Commitments

155,428

39,929,234―

40,084,662

Total off-balance sheet exposures (5+6)

177,462

49,989,300

36,38750,130,375

1,523,106 ¥244,830,588 ¥

718,775 ¥

245,634,918

7
8

Total assets (4+7)¥

Governance for value
creation

Total
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 andso on.
3. Reserve corresponds to the amount of reserves for possible loan losses(Millions of yen)
As of March 31, 2023
a

b

c

d

Reserve

Net values(a+b-c)Defaulted
exposuresNo.

Non-defaulted
exposures

Data section

Gross carrying values of

On-balance sheet exposures
1

Loans

1,336,118 ¥

84,707,765 ¥

670,527 ¥2

Debt securities

9,135

30,882,450―

30,891,586

3

Other on-balance sheet debt exposures

43,74572,583,019

7,138

72,619,626

1,388,999

188,173,235

677,666

188,884,568

4¥Total on-balance sheet exposures (1+2+3)

85,373,356

5

Guarantees

31,417

8,874,486

35,4768,870,428

6

Commitments

128,546

38,140,209―

38,268,756

Total off-balance sheet exposures (5+6)

159,964

47,014,696

35,476

47,139,185

1,548,964 ¥

235,187,932 ¥7 13,142 ¥236,023,754

7

Appendix

Off-balance sheet exposures

Total
8

Total assets (4+7)¥

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 andso on.
3. Reserve corresponds to the amount of reserves for possible loan losses

172

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(B) Breakdown of Credit Risk Exposures(a) Breakdown by Geographical Area
Loans,
commitments
and other
non-derivative
off-balancesheet
exposures
Domestic(Billions of yen)
As of March 31, 2024

Securities

OthersLoans,
commitments
and other
non-derivative
off-balancesheet
Total exposures

As of March 31, 2023

Securities

OthersTotal¥ 73,241.6 ¥ 19,103.9 ¥ 60,998.3 ¥ 153,343.9 ¥ 71,121.6 ¥ 23,555.3 ¥ 56,291.5 ¥ 150,968.6

Overseas

63,362.2

15,717.2

18,231.3

97,310.8

61,149.7

10,811.2

18,850.0

90,811.0

Asia

12,757.0

2,587.92,202.7

17,547.7

12,669.7

2,255.0

2,237.3

17,162.1

Central and South America

3,965.8

60.3

1,785.7

5,811.9

4,437.9

32.4

1,724.5

6,194.9

North America

27,779.2

11,867.4

11,951.9

51,598.6

25,317.3

7,249.0

12,394.8

44,961.2

Eastern Europe

342.7

―

39.7

382.4

392.9

―

11.1

404.1

Western Europe

11,982.1

883.8

1,842.5

14,708.6

12,072.7331.4

2,251.6

14,655.7

6,535.2

317.5

408.5

7,261.4

6,259.0

943.2

230.4

7,432.8

Other areas
Total
Standardized approach portion¥ 136,603.8 ¥ 34,821.1 ¥ 79,229.6 ¥ 250,654.7 ¥ 132,271.4 ¥ 34,366.6 ¥ 75,141.5 ¥ 241,779.6///

5,334.8///

4,831.4

Notes: 1. Standardized approach portion represents the amount calculated using the standardized approach for business units andasset classes that are immaterial for the purpose of 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 otherassets, etc.
4. Reclassification of Geographical Area type has been made on the above table as of March 31,2019 for consistency withcurrent figures.

(b) Breakdown by Industry(Billions of yen)
As of March 31, 2024
Loans,
commitments
and other
non-derivative
off-balancesheet
exposures

Manufacturing¥ 30,346.4 ¥Securities
1,761.1 ¥Others

As of March 31, 2023
Loans,
commitments
and other
non-derivative
off-balancesheet
Total exposures

515.1 ¥ 32,622.8 ¥ 29,962.6 ¥Securities
1,503.3 ¥OthersTotal

646.3 ¥ 32,112.3

Construction

2,771.7

176.3

11.9

2,960.0

2,483.4

161.7

6.6

2,651.8

Real estate

16,672.2

1,069.5

70.0

17,811.7

15,112.4

1,115.1

74.4

16,302.0

Service industries

6,789.1

248.1

37.2

7,074.5

6,591.2

272.4

753.0

7,616.7

Wholesale and retail12,815.2

834.1

660.4

14,309.7

12,205.6

703.2

723.0

13,631.8

Finance and insurance

22,936.2

10,848.6

16,903.7

50,688.6

21,997.2

7,543.5

18,674.6

48,215.4

Individuals

9,713.3―

1.5

9,714.9

10,054.2―

6.2

10,060.5

Other industries

33,134.1

8,400.3

3,478.4

45,012.9

32,785.1

5,829.8

3,091.7

41,706.7

Japanese Government; Bank of Japan

1,425.3

11,482.7

57,551.1

70,459.2

1,079.3

17,237.3

51,165.3

69,482.0

Total
Standardized approach portion¥ 136,603.8 ¥ 34,821.1 ¥ 79,229.6 ¥ 250,654.7 ¥ 132,271.4 ¥ 34,366.6 ¥ 75,141.5 ¥ 241,779.6///

5,334.8///

4,831.4

Notes: 1. Standardized approach portion represents the amount calculated using the standardized approach for business units andasset 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 otherassets, etc.

173

(Billions of yen)Less than one year

Securities

As of March 31, 2023
Loans,
commitments
and other
non-derivative
off-balancesheet
Total exposures

OthersSecurities¥ 38,460.6 ¥ 13,794.0 ¥ 76,199.3 ¥ 128,454.0 ¥ 31,846.8 ¥ 17,512.0 ¥OthersTotal

8,945.5 ¥ 58,304.4

From one year to less than three years

38,400.6

1,807.5

39.4

40,247.6

40,857.8

2,463.2

87.0

43,408.0

From three years to less than five years

28,527.2

2,209.2

5.2

30,741.7

27,932.3

1,223.9

12.4

29,168.7

Five years or more

29,868.3

11,866.9

12.2

41,747.4

30,586.9

9,342.5

90.9

40,020.4

Other than above

1,346.9

5,143.3

2,973.4

9,463.8

1,047.6

3,824.8

66,005.5

70,877.9

Total

Story of Mizuho'svalue creation

As of March 31, 2024
Loans,
commitments
and other
non-derivative
off-balancesheet
exposures

Executive messages(c) Breakdown by Residual Contractual Maturity¥ 136,603.8 ¥ 34,821.1 ¥ 79,229.6 ¥ 250,654.7 ¥ 132,271.4 ¥ 34,366.6 ¥ 75,141.5 ¥ 241,779.6

Standardized approach portion

/

/

/

5,334.8///

4,831.4

Business strategies forvalue creation

Notes: 1. Standardize1. d approach portion represents the amount calculated using the standardized approach for business units andasset 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 otherassets, etc.

(C) Exposure to Obligors Claims of Whom Meet the Stipulations in the Article 4 Paragraph 2, 3 or 4 of
the Ordinance for Enforcement of the Act on Emergency Measures for the Revitalization of the Financial
Functions Enacted in Japan(a) Breakdown by Geographical Area

(Billions of yen)

Exposure
Domestic¥

Reserve

As of March 31, 2023

Write-offs

Exposure

Reserve

Write-offs

1,311.0 ¥442.2 ¥

19.4 ¥

1,340.8 ¥384.9 ¥

Overseas

343.0

142.2

2.7

299.9

113.7

10.2
6.4

Asia

111.5

28.2

0.7

109.3

37.2

2.7

Central and South America

43.7

18.5

0.0

60.0

10.3

0.0

North America

107.5

68.5

―

30.8

6.8

3.6

Eastern Europe

7.9

6.3

―

40.7

32.8

―

Western Europe

59.1

17.5

0.0

49.9

21.3

―

Other areas
Total

¥

Standardized approach portion

13.1

3.1

1.9

9.0

5.1

―

1,654.1 ¥584.5 ¥

22.1 ¥

1,640.7 ¥498.7 ¥

16.6

8.9

5.6

0.1

8.4

4.4

(0.4)

Governance for value
creation

As of March 31, 2024

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¥

Construction

Reserve

As of March 31, 2023

Write-offs

Exposure

Reserve

Write-offs

872.8 ¥

354.4 ¥

0.6 ¥

846.6 ¥

302.4 ¥

0.8

29.8

2.9

0.6

25.9

5.8

2.7

Real estate

42.7

2.6

0.0

42.9

2.4

0.0

Service industries

189.9

42.7

2.7

267.5

54.2

5.1

Wholesale and retail

186.5

43.8

14.6

169.2

33.3

2.3

Finance and insurance

60.8

24.6

0.0

56.7

11.4

1.0

Individuals

45.3

4.4

1.2

52.0

5.5

1.5

Other industries

226.0

108.5

2.1

179.7

83.4

2.8

1,654.1 ¥584.5 ¥

22.1 ¥

1,640.7 ¥498.7 ¥

16.6

8.9

5.6

0.1

8.4

4.4

(0.4)

Total
Standardized approach portion¥

Appendix

Exposure
Manufacturing

Data section(Billions of yen)
As of March 31, 2024

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.

174

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(D) Exposure by Past Due Period(Billions of yen)
As of March 31, 2024

From one month to less From two months to lessLess than one monthThree months or morethan two months
than three months¥
240.5 ¥
44.1 ¥
49.3 ¥
28.6 ¥

Total

362.5

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, 2023
From one month to less From two months to lessLess than one monthThree months or morethan two months
than three months¥
155.3 ¥
42.1 ¥
10.1 ¥
34.4 ¥

Total
242.2

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, 2024
Amount of exposure for which loss
reserve has increased as a result of
restructuring of lending terms

Exposure¥

786.9 ¥

Others

764.5 ¥

22.4

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 4 paragraph 4.
(Billions of yen)
As of March 31, 2023
Amount of exposure for which loss
reserve has increased as a result of
restructuring of lending terms

Exposure¥

856.3 ¥

Others826.2 ¥

30.1

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 4 paragraph 4.

(F) CR2: Changes in Defaulted Loans and Debt Securities(Millions of yen)

No.
1
2
3
4
5
6

Exposure
Defaulted loans and debt securities as of March 31, 2023
Defaulted
Breakdown of changes in loans
Returned to non-defaulted status
and debt securities during thisAmounts written off
reporting period
Other changes
Defaulted loans and debt securities as of March 31, 2024 (1+2-3-4+5)¥

1,388,999
327,566
108,138
41,153(221,630)
1,345,644¥

Note: Other changes corresponds to the amount of variation in defaulted exposures arising from debt recovery and additional credit todefaulted obligors, etc.
(Millions of yen)
No.
1
2
3
4
5
6

Exposure
Defaulted loans and debt securities as of March 31, 2022
Defaulted
Breakdown of changes in loans
Returned to non-defaulted status
and debt securities during thisAmounts written off
reporting period
Other changes
Defaulted loans and debt securities as of March 31, 2023 (1+2-3-4+5)¥¥

1,200,747
554,032
119,995
19,900(225,884)
1,388,999

Note: Other changes corresponds to the amount of variation in defaulted exposures arising from debt recovery and additional credit todefaulted obligors, etc.

175

Executive messages(4) Credit Risk under Internal Ratings-Based (IRB) Approach(i) Summary of Internal Ratings-Based (IRB) Approach

Story of Mizuho'svalue creation

We have adopted the 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 the AIRB approach: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., Mizuho Capital Markets LLC., Mizuho Markets Cayman LP., and Mizuho Markets Americas
LLC.
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.

Furthermore, the following business units will adopt the AIRB approach in phases: Mizuho Securities Co., Ltd.
and Mizuho Securities USA LLC.

Business strategies forvalue creation

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 forthe 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 is applied except for cases where it is difficult toaccurately 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 to any of thosebusiness units and asset classes that do not meet the above conditions.
(ii) Summary of Our Internal Rating System

Governance for value
creation

See pages 112 to 114 for a summary of our internal rating system and rating assignment procedures.
Estimation of parameters and validation
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

Probability of default (likelihood of default of an obligor over a period of one year)

LGD

Loss given default

EAD

Exposure at default

The definition of default conforms to the Notice issued by Japan’s Financial Services Agency.

Data section

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 (0.05%) to A1-rated , A2-rated and A3-rated obligors in the measurement ofcredit RWA, except for sovereign exposures. Almost all of estimated parameters exceeded actual defaults inthis year. The differences stemmed from such reasons as: defaults in this year were lower than the long-term
average in the entire period; and conservative adjustments have been made to estimated parameters.

Appendix

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 priordefaulted obligor data, making adjustments in consideration of periods of economic downturn using stochastic
methods. Our estimation 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 typeof collateral using some external data.
We estimate EAD based on prior defaulted obligor data.

176

Basel Regulatory Disclosures
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, 2024
Internal Ratings-based Approach
Corporate

98.17%

89.33%

89.62%

Retail

3.79%

4.02%

Equities

0.96%

1.98%

Purchase Receivables

1.43%

1.48%

Others

0.94%

1.06%

Standardized Approach
Total

As of March 31, 2023

96.47%

3.52%

1.82%

100.00%100.00%Notes: 1. Counterparty credit risk exposures, securitization exposures, and regarded-method exposures are excluded from the amountof credit risk exposures above.
2. As for any portfolio to which the standardized approach is applied, exposure instead of EAD is used for calculation.
3. For equity exposures as of March 31, 2024, when the risk weight applied under the internal ratings-based approach andthe risk weight applied under the standardized approach are the same, the standardized approach is deemed to be
applied.

177

Executive messages(iv) Quantitative Disclosure on Credit Risk under Internal Ratings-based Approach(A) CR6: IRB - Credit Risk Exposures by Portfolio and PD Range (Advanced internal ratings-based (A-IRB)
approach)(Millions of yen, %, number in the thousands, year)aNo.

PD scalebOriginal
Off-balanceon-balancesheet
sheet gross exposures
exposure
pre CCF

c

d

e

f

g

h

i

j

k

l

Average
CCF
(%)

EAD
post CRM
andpost-CCF

AveragePD(%)

Numberofobligors

Average
LGD(%)

Averagematurity

RWA

RWA
density(%)

EL

Provisions

As of March 31, 2024
0.00 to <0.15

―

0.2

36.82

0.9 ¥

597,402

0.58 ¥

951/

2

0.15 to <0.25¥100,964,115 ¥ 4,389,520
16,866―19.43 ¥101,817,265―

16,866

0.18

0.0

36.44

1.2

4,189

24.83

11

/

3

0.25 to <0.50

109,675――

109,675

0.41

0.0

36.74

0.2

34,767

31.70

165

/

4

0.50 to <0.75

―

―

―

―

―

―

―

―

―

―

―

/

5

0.75 to <2.50

13,49850

10.00

13,503

0.87

0.0

35.80

1.1

7,311

54.14

42

/

6

2.50 to <10.00

3,832

―

―

3,832

2.70

0.0

36.78

2.1

3,769

98.35

38

/
/

7

10.00 to <100.00

5,910

―

―

5,910

12.95

0.0

36.78

0.2

8,998

152.22281

8100.00 (Default)

0

―

―

0

100.00

0.0

93.83

1.0

0

29.00

0

/

9

Sub-total

101,113,899

4,389,570

19.43

101,967,055

0.00

0.3

36.82

0.9

656,439

0.64

1,490

1,743

Story of Mizuho'svalue creation

Sovereign10.00 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

―

―

―

―

―

―

―

―

―

―

―

―

Business strategies forvalue creation

Banks
1

0.00 to <0.15

4,416,699

1,937,951

38.93

5,171,276

0.08

1.2

34.90

2.7

1,144,017

22.12

1,504

/

2

0.15 to <0.25

1,993,292

623,63535.78

2,216,463

0.18

3.9

31.89

2.7

711,534

32.10

1,331

/

3

0.25 to <0.50

1,877,422

523,11842.74

2,101,047

0.41

2.8

31.46

2.8

989,077

47.07

2,718

/

4

0.50 to <0.75

―

―

―

―

―

―

―

―

―

―

―

/

5

0.75 to <2.50

2,410,156

675,608

39.21

2,675,085

1.11

3.2

30.28

2.8

1,728,420

64.61

8,968

/

6

2.50 to <10.00

984,548

225,995

35.86

1,065,610

3.06

1.2

29.20

2.6

901,771

84.62

9,686

/

7

10.00 to <100.00

213,655

11,40338.70

218,068

12.95

0.4

26.39

2.6

271,737

124.61

7,458

/

8

100.00 (Default)

314,193

15,361

38.91

320,171

100.00

0.6

45.76

2.4

81,52525.46

146,526/

12,209,968

4,013,074

38.81

13,767,723

3.10

13.7

32.67

2.7

5,828,083

42.33

178,194

208,432

9

Sub-total

Governance for value
creation

Corporate (except SME and specialized lending)1

10.00 to <0.15

195,544546,455

13.29

268,195

0.09

0.0

33.75

2.7

57,266

21.35

83

/

2

0.15 to <0.25

585,141

67,612

43.61

614,627

0.18

2.8

26.81

2.9

142,442

23.17

310

/

3

0.25 to <0.50

558,328

35,44541.79

573,141

0.41

2.4

23.94

3.3

180,378

31.47

564

/

4

0.50 to <0.75

―

―

―

―

―

―

―

―

―

―

―

/

5

0.75 to <2.50

826,994

70,83843.64

857,911

1.09

3.4

24.10

3.3

387,897

45.21

2,292

/

6

2.50 to <10.00

354,527

33,08027.60

363,660

2.92

1.0

23.02

3.5

209,119

57.50

2,524

/

7

10.00 to <100.00

111,953

3,981

51.23

113,993

12.95

0.4

20.24

2.9

91,330

80.11

2,990

/

8

100.00 (Default)

101,526

951

69.86

102,191

100.00

0.4

34.41

1.9

26,16925.60

35,168/2,734,016

758,36421.05

2,893,721

4.86

10.8

25.61

3.1

1,094,604

37.82

43,934

51,3899Sub-total

Data sectionSME

10.00 to <0.15

4,992,857

648,04944.08

5,278,518

0.08

0.6

30.22

3.9

1,284,718

24.33

1,349

/

2

0.15 to <0.25

352,094

189,12744.35

435,985

0.18

0.0

32.33

3.7

165,317

37.91

265

/

3

0.25 to <0.50

631,261

122,392

50.94

693,617

0.41

0.0

32.90

4.2

425,349

61.32

938

/

4

0.50 to <0.75

―

―

―

―

―

―

―

―

―

―

―

/

5

0.75 to <2.50

621,224

175,07050.08

708,902

1.02

0.1

40.41

4.0

735,252

103.71

3,053

/

6

2.50 to <10.00

167,060

69,65345.29

198,611

3.39

0.0

47.23

4.0

331,033

166.67

3,553

/

7

10.00 to <100.00

14,739

1,452

49.05

15,452

12.95

0.0

57.05

3.5

43,986284.65

1,142

/

8

100.00 (Default)

35,140659

40.00

35,404100.00

0.0

71.40

4.5

1,879

5.30

25,280/6,814,379

1,206,406

45.76

7,366,492

0.80

0.9

32.29

3.9

2,987,537

40.55

35,582

41,6209Sub-total

Appendix

Specialized Lending

Equities (PD/LGD approach)1

0.00 to <0.15

109,252――

109,252

0.13

0.2

90.00

5.0

126,365

115.66//2

0.15 to <0.25

40,543――40,543

0.18

0.3

90.00

5.0

53,779132.64//3

0.25 to <0.50

27,901――

27,901

0.41

0.1

90.00

5.0

52,442187.95//40.50 to <0.75

―

―

―

―

―

―

―

―

―

―

/

/

5

0.75 to <2.50

28,270――28,270

1.24

0.1

90.00

5.0

76,378270.17//6

2.50 to <10.00

54,356――54,356

4.61

0.0

90.00

5.0

232,782428.25//7

10.00 to <100.00

25,861――

25,861

12.95

0.0

90.00

5.0

161,731625.37//8100.00 (Default)

2,387

―

―

2,387

100.00

0.1

90.00

5.0

26,857

1,125.00//

9

Sub-total

288,572 ¥―― ¥288,572

3.09

1.1

90.00

5.0 ¥

730,336//¥253.08 ¥178

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy
CR6-(Continued)(Millions of yen, %, number in the thousands, year)aNo.

PD scalebOriginal
Off-balanceon-balancesheet
sheet gross exposures
exposure
pre CCF

c

d

e

f

g

h

Average
CCF
(%)

EAD
post CRM
andpost-CCF

AveragePD(%)

Numberofobligors

Average
LGD(%)

Averagematurity

i

j

k

l

RWA

RWA
density(%)

EL

Provisions

As of March 31, 2024
Purchased receivables (Corporate, etc.) - Default Risk Equivalent
0.00 to <0.15 ¥ 1,053,620 ¥ 128,936
17.45 ¥ 1,076,124
0.15 to <0.25
24,4406,000
96.01
30,2020.25 to <0.50
27,906――27,9060.50 to <0.75――――
0.75 to <2.50
64,67029,03840.00
76,2852.50 to <10.00
6,682
2,390
33.90
7,493
10.00 to <100.00
5,636
―
―
5,636
100.00 (Default)
387
―
―
387
Sub-total
1,183,343
166,36724.45
1,224,036
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 0.00 to <0.15
256,562162
100.00256,724
2 0.15 to <0.25
22,477――22,477
3 0.25 to <0.50
9,590
―
―
9,590
4 0.50 to <0.75――――
5 0.75 to <2.50
18,510――18,5106 2.50 to <10.00
24,026――24,026
7 10.00 to <100.00
13,015――13,0158 100.00 (Default)
8,018
―
―
8,018
9 Sub-total
352,200
162
100.00352,363
Retail – qualifying revolving retail exposures (QRRE)
1 0.00 to <0.15――――
2 0.15 to <0.25――――
3 0.25 to <0.50
2
62
3.02
4
4 0.50 to <0.75
0
75
3.52
3
5 0.75 to <2.50
108,564
502,467
13.37
175,776
6 2.50 to <10.00
200,004
1,126,832
8.87
300,035
7 10.00 to <100.00
30,92824,94725.25
37,2288 100.00 (Default)
414
938
8.12
491
9 Sub-total
339,915
1,655,324
10.48
513,538
Retail – Residential mortgage
1 0.00 to <0.15
1,571,498――
1,571,498
2 0.15 to <0.25
1,210,771――
1,210,771
3 0.25 to <0.50
1,439,296――
1,439,296
4 0.50 to <0.75
1,719,067
19,598100.001,738,666
5 0.75 to <2.50
1,157,154――
1,157,154
6 2.50 to <10.00
50,213596
100.0050,8097 10.00 to <100.00
16,012608
100.0016,6208 100.00 (Default)
35,865312
100.0036,1789 Sub-total
7,199,879
21,115100.007,220,995
Other retail
1 0.00 to <0.15
117,390――
117,390
2 0.15 to <0.25
128,281――
128,281
3 0.25 to <0.50
153,251――
153,251
4 0.50 to <0.75
41,503――41,503
5 0.75 to <2.50
457,978
8,395
25.89
460,152
6 2.50 to <10.00
26,0094,065
27.88
27,1437 10.00 to <100.00
21,518
4,620
78.40
25,1418 100.00 (Default)
34,996
1,262
88.37
36,1119 Sub-total
980,930
18,34343.86
988,976
Total (all portfolios) ¥133,217,108 ¥12,228,730
27.52 ¥136,583,475
1
2
3
4
5
6
7
8
9

116
19
40
―
242
84
485
298
1,287

/
/
/
/
/
/
/
/
1,506

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―

/
/
/
/
/
/
/
/
―

42,844
6,488
4,486
―
14,131
25,48325,342―
118,777

16.68
28.86
46.78
―
76.34
106.06
194.71
―
33.70

97
19
17
―
97
292
758
3,608
4,891

/
/
/
/
/
/
/
/
/

/
/
/
/
/
/
/
/
/

―
―
0
0
107,021244,670
67,318643
419,655

―
―
13.63
19.47
60.88
81.54
180.82131.12
81.71

―
―
0
0
3,515
9,369
5,428
312
18,626

/
/
/
/
/
/
/
/
21,786

/
/
/
/
/
/
/
/
/

92,860142,100
267,224
493,045457,345
73,85129,73627,437
1,583,600

5.90
11.73
18.56
28.35
39.52
145.34178.91
75.83
21.93

378
709
1,549
3,298
3,689
1,495
2,914
13,114
27,149

/
/
/
/
/
/
/
/
31,756

9.14
18.60
25.69
51.84
39.77
56.92
70.50
42.98
33.08
10.20 ¥

43
119
224
176
2,247
457
1,586
14,997
19,855331,012

/
/
/
/
/
/
/
/
23,224381,461

1.5 ¥
0.9
2.4
―
4.0
2.1
5.0
1.0
1.7

81,9196,505
13,064―65,462
7,781
19,950129
194,813

0.02
0.18
0.41
―
0.86
2.97
12.95
100.00
0.20

0.3
0.1
0.0
―
0.0
0.0
0.0
0.0
0.6

36.97
34.78
35.00
―
36.51
37.97
66.46
77.09
37.00

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―

0.08
0.18
0.41
―
1.17
2.70
12.95
100.00
3.08

0.0
0.0
0.0
―
0.0
0.0
0.0
0.0
0.0

45.00
45.00
45.00
―
45.00
45.00
45.00
45.00
45.00

―
―
―
―
―
―
―
―
―

―
―
0.34
0.53
2.43
3.79
17.72
100.00
4.43

―
―
0.0
0.1
276.5
1,823.5135.2
1.5
2,236.9

―
―
82.25
82.25
82.24
82.24
82.24
63.71
82.23

0.08
0.20
0.35
0.59
1.03
8.66
47.16
100.00
1.10

118.7
86.7
117.0
163.9
92.6
4.8
1.8
2.7
588.6

29.37
29.38
30.95
32.41
31.08
33.96
37.05
36.24
30.78

0.08
0.20
0.30
0.68
1.39
3.99
17.43
100.00
4.96
0.59

15.5
10.2
4.6
43.3
84.5
9.4
6.8
1.6
176.1
3,029.4

45.64
44.66
48.12
59.58
36.44
39.24
33.71
41.53
41.58
35.75

/
10,741/
23,861/
39,382/
21,516/
183,038/
15,451/
17,726/
15,523/327,242
1.5 ¥13,941,090

7.61 ¥
21.53
46.81
―
85.81
103.84353.9533.46
15.91

Notes: 1. On-balance sheet exposures, CCF and CRM off-balance sheet exposures, and the average CCF are allocated to the PD
ranges based on post- CRM PD estimates.
2. 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. From the fiscal year ended March 31, 2023, the amount of accrued interest on
business credit for which the specific obligor is unknown in the data are excluded.
3. For equity exposures, when the risk weight applied under the internal ratings-based approach and the risk weight applied
under the standardized approach are the same, the standardized approach is deemed to be applied.

179

Executive messages(A) CR6: IRB - Credit Risk Exposures by Portfolio and PD Range (Foundation internal ratings-based(F-IRB) approach)(Millions of yen, %, number in the thousands, year)aNo.

PD scalebOriginal
Off-balanceon-balancesheet
sheet gross exposures
exposure
pre CCF

c

d

e

f

g

h

Average
CCF
(%)

EAD
post CRM
andpost-CCF

AveragePD(%)

Numberofobligors

Average
LGD(%)

Averagematurity

i

j

k

l

RWA

RWA
density(%)

EL

Provisions

As of March 31, 2024
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)

―

―

―

―

―

―

―

―

―

―

―

/

Sub-total

―

―

―

―

―

―

―

―

―

―

―

―
/

9

¥

Story of Mizuho'svalue creation

Sovereign1

10.00 to <0.15

7,579,221

5,000,816

27.94

8,976,853

0.05

0.5

45.07

2.1

2,198,138

24.48

2,293

2

0.15 to <0.25

103,796

142,599

20.58

133,148

0.18

0.0

44.88

2.5

59,632

44.78

112

/

3

0.25 to <0.50

98,629316,59328.00

187,296

0.41

0.0

44.25

1.1

98,395

52.53

340

/

4

0.50 to <0.75

―

―

―

―

―

―

―

―

―

―

―

/

5

0.75 to <2.50

180,022

121,60744.37

233,984

0.89

0.0

44.06

1.3

175,004

74.79

925

/

6

2.50 to <10.00

77,601

163,573

11.47

96,363

2.71

0.0

43.80

1.0

101,788105.62

1,142

/

7

10.00 to <100.00

6,115

―

―

6,115

12.95

0.0

74.71

4.9

24,304397.46591/

8100.00 (Default)

2,951

―

―

2,951

100.00

0.0

―

2.8

―

―

1,328

/

8,048,338

5,745,191

27.64

9,636,712

0.15

0.7

45.02

2.1

2,657,263

27.57

6,734

7,877

9

Sub-total

Business strategies forvalue creation

Banks

1

0.00 to <0.15

39,929,554

42,100,223

37.55

55,711,583

0.07

5.4

40.50

2.4

12,584,890

22.58

16,694/2

0.15 to <0.25

4,703,246

2,746,297

46.54

5,981,544

0.18

1.2

39.48

2.3

2,197,871

36.74

4,449

/

3

0.25 to <0.50

1,600,466

1,305,508

41.47

2,141,976

0.41

0.6

38.66

2.4

1,177,661

54.98

3,406

/

4

0.50 to <0.75

―

―

―

―

―

―

―

―

―

―

―

/

5

0.75 to <2.50

2,235,186

1,527,219

42.12

2,878,473

1.24

0.8

38.09

2.3

2,301,497

79.95

13,439/6

2.50 to <10.00

1,236,763

604,33540.31

1,480,415

3.77

0.5

38.60

1.9

1,678,248

113.36

21,611/

7

10.00 to <100.00

171,996

145,382

43.96

235,918

12.95

0.1

37.46

3.2

431,766

183.01

11,452/8100.00 (Default)

858,870

160,09243.33

928,241

99.99

0.0

0.00

2.6

―

0.00

354,705/

50,736,084

48,589,059

38.38

69,358,153

1.60

9.0

39.66

2.4

20,371,935

29.37

425,759

498,007

9

Sub-total

Governance for value
creation

Corporate (except SME and 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

―

―

―

―

―

―

―

―

―

―

―

―

Data section

SME

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

―

―

―

―

―

―

―

―

―

―

―

―

Appendix

Specialized Lending
1

Equities (PD/LGD approach)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

― ¥

―

― ¥

―

―

―

―

― ¥

―

― ¥

―

―

¥

180

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy
CR6-(Continued)(Millions of yen, %, number in the thousands, year)aNo.

PD scalebOriginal
Off-balanceon-balancesheet
sheet gross exposures
exposure
pre CCF

c

d

e

f

g

h

Average
CCF
(%)

EAD
post CRM
andpost-CCF

AveragePD(%)

Numberofobligors

Average
LGD(%)

Averagematurity

i

j

k

l

RWA

RWA
density(%)

EL

Provisions

As of March 31, 2024
Purchased receivables (Corporate, etc.) - Default Risk Equivalent
0.00 to <0.15 ¥ 1,600,150 ¥ 263,078
38.20 ¥ 1,700,666
0.15 to <0.25
143,981
22,53639.93
152,9810.25 to <0.50
42,047
12,95245.77
47,9760.50 to <0.75――――
0.75 to <2.50
72,456
7,473
41.44
75,5532.50 to <10.00
79,20458,852
40.00
102,745
10.00 to <100.00
240
―
0.00
240
100.00 (Default)――――
Sub-total
1,938,081
364,89238.93
2,080,163
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 0.00 to <0.15
737,840
73,000100.00810,840
2 0.15 to <0.25
60,496
4,722
100.0065,2193 0.25 to <0.50
3,667
―
―
3,667
4 0.50 to <0.75――――
5 0.75 to <2.50
3,778
―
―
3,778
6 2.50 to <10.00
7,142
―
―
7,142
7 10.00 to <100.00――――
8 100.00 (Default)
3,656
―
―
3,656
9 Sub-total
816,581
77,722100.00894,304
Retail – qualifying revolving retail exposures (QRRE)
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――――
Retail – Residential mortgage
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――――
Other retail
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) ¥61,539,085 ¥54,776,866
37.34 ¥81,969,333
1
2
3
4
5
6
7
8
9

589
115
78
―
368
1,956
12
―
3,121

/
/
/
/
/
/
/
/
3,651

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―

/
/
/
/
/
/
/
/
―

132,293
18,974
1,715
―
2,634
7,935
―
―
163,552

16.31
29.09
46.78
―
69.71
111.09
―
―
18.28

282
55
6
―
16
86
―
1,645
2,093

/
/
/
/
/
/
/
/
/

/
/
/
/
/
/
/
/
/

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―

/
/
/
/
/
/
/
/
―

/
/
/
/
/
/
/
/
/

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―

/
/
/
/
/
/
/
/
―

―
―
―
―
―
―
―
―
―
437,709

/
/
/
/
/
/
/
/
―
509,536

0.7 ¥
0.4
0.7
―
1.3
0.8
0.0
―
0.7

234,291
31,946
18,849―54,206116,193394―
455,881

0.08
0.18
0.41
―
1.20
4.76
12.95
―
0.37

0.4
0.0
0.0
―
0.0
0.0
0.0
―
0.5

40.14
40.01
40.00
―
40.70
40.00
40.00
―
40.14

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―

0.07
0.18
0.41
―
0.94
2.70
―
100.00
0.51

0.0
0.0
0.0
―
0.0
0.0
―
0.0
0.1

45.00
45.00
45.00
―
45.00
45.00
―
45.00
45.00

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―
1.38

―
―
―
―
―
―
―
―
―
10.3

―
―
―
―
―
―
―
―
―
40.36

/
―
/
―
/
―
/
―
/
―
/
―
/
―
/
―
/
―
2.3 ¥23,648,632

13.77 ¥
20.88
39.28
―
71.74
113.08164.03
―
21.91

―
―
―
―
―
―
―
―
―
28.85 ¥

Notes: 1. On-balance sheet exposures, CCF and CRM off-balance sheet exposures, and the average CCF are allocated to the PD
ranges based on post- CRM PD estimates.
2. For equity exposures, when the risk weight applied under the internal ratings-based approach and the risk weight applied
under the standardized approach are the same, the standardized approach is deemed to be applied.

181

Executive messages(Millions of yen, %, number in the thousands, year)aNo.

PD scalebOriginal
Off-balanceon-balancesheet
sheet gross exposures
exposure
pre CCF

c

d

e

f

g

h

i

j

k

l

Average
CCF
(%)

EAD
post CRM
andpost-CCF

AveragePD(%)

Numberofobligors

Average
LGD(%)

Averagematurity

RWA

RWA
density(%)

EL

Provisions

As of March 31, 2023
Sovereign0.00 to <0.15

0.00

0.2

37.05

1.3 ¥

2

0.15 to <0.25

140

―

―

1

0.18

0.0

37.03

1.0

0

23.85

0

/

3

0.25 to <0.50

62,999――59,712

0.41

0.0

36.88

1.0

23,171

38.80

91

/

4

0.50 to <0.75

―

―

―

―

―

―

―

―

―

―

―

/

5

0.75 to <2.50

143,896――

123,468

0.78

0.0

36.98

1.1

68,177

55.21

357

/

6

2.50 to <10.00

44,434

2,853

75.00

10,091

2.70

0.0

37.03

1.9

9,827

97.38

101

/

7

10.00 to <100.00

12,762

―

―

7,173

12.97

0.0

36.44

1.0

11,318157.79339/

8100.00 (Default)

545

―

―

0

100.00

0.0

96.18

1.0

0

29.25

0

/

92,952,620

419,548

77.45

95,192,846

0.00

0.2

37.05

1.3

670,063

0.70

1,777

1,852

9

Sub-total¥ 92,687,843 ¥

416,695

77.47 ¥ 94,992,398

557,569

0.58 ¥

887/

Story of Mizuho'svalue creation

1

1

0.00 to <0.15

5,926,492

895,15858.28

7,022,409

0.04

0.3

37.17

2.5

1,237,314

17.61

1,097

/

2

0.15 to <0.25

48,91076,29825.72

106,769

0.18

0.0

36.82

1.6

21,673

20.29

48

/

3

0.25 to <0.50

93,564

95,88873.34

180,499

0.41

0.0

36.74

1.6

75,697

41.93

240

/

4

0.50 to <0.75

―

―

―

―

―

―

―

―

―

―

―

/

5

0.75 to <2.50

164,000

99,135

65.56

203,444

0.96

0.0

35.70

1.5

137,482

67.57

698

/

6

2.50 to <10.00

39,532

5,376

71.15

16,571

2.71

0.0

33.52

0.9

13,857

83.62

151

/
/

7

10.00 to <100.00

5,416

534

75.00

5,817

12.97

0.0

71.89

4.6

22,107380.04542

8100.00 (Default)

8,119

―

―

8,119

100.00

0.0

58.75

1.5

4,130

50.87

4,440

/

9

Sub-total

6,286,037

1,172,391

58.08

7,543,631

0.20

0.5

37.16

2.4

1,512,263

20.04

7,218

7,524
/

Business strategies forvalue creation

Banks

0.00 to <0.15

45,650,841

34,179,345

73.78

71,083,785

0.06

7.6

37.16

2.3

13,383,361

18.82

17,8732

0.15 to <0.25

6,133,416

2,529,373

75.46

7,742,073

0.18

5.0

33.49

2.4

2,449,699

31.64

4,917

/

3

0.25 to <0.50

4,010,597

1,656,556

75.96

4,859,123

0.41

3.3

32.61

2.5

2,295,917

47.24

6,555

/

4

0.50 to <0.75

―

―

―

―

―

―

―

―

―

―

―

/

5

0.75 to <2.50

4,320,608

1,838,067

74.29

5,326,215

1.17

3.9

31.16

2.6

3,538,502

66.43

19,220/6

2.50 to <10.00

2,372,169

931,71073.52

2,439,705

3.34

1.5

32.40

2.4

2,295,135

94.07

26,272/710.00 to <100.00

683,989

122,41978.15

529,213

12.97

3.2

30.45

2.7

767,154144.96

20,912/8100.00 (Default)

1,147,106

153,761

72.82

1,239,812

100.00

0.6

36.71

2.7

452,073

36.46

419,046/

Sub-total

64,318,729

41,411,234

74.00

93,219,930

1.64

25.3

36.11

2.4

25,181,844

27.01

514,797

536,620

9Governance for value
creation

Corporate (except SME and specialized lending)1

10.00 to <0.15

281,458

38,051

72.61

334,962

0.06

0.0

34.66

2.2

43,959

13.12

66

/

2

0.15 to <0.25

700,281

50,40974.09

711,643

0.18

3.2

23.67

2.9

143,801

20.20

319

/

3

0.25 to <0.50

636,329

31,584

74.18

636,356

0.41

2.9

22.69

3.1

185,357

29.12

597

/

4

0.50 to <0.75

―

―

―

―

―

―

―

―

―

―

―

/

5

0.75 to <2.50

1,037,210

59,82381.51

1,057,743

1.08

4.1

20.93

3.4

412,356

38.98

2,422

/

6

2.50 to <10.00

463,972

20,94878.54

464,214

2.81

1.4

19.30

3.5

214,533

46.21

2,581

/

7

10.00 to <100.00

177,940

4,110

73.93

169,405

12.97

1.5

17.22

3.1

116,764

68.92

3,786

/

8

100.00 (Default)

135,732

1,326

73.85

124,788

100.00

0.7

36.19

2.1

38,67530.99

42,079/3,432,924

206,25376.43

3,499,113

5.01

14.2

23.27

3.1

1,155,446

33.02

51,85254,0509Sub-total

Data section

SME

Specialized Lending1

0.00 to <0.15

5,147,398

447,87876.24

5,218,950

0.07

0.6

31.74

4.1

1,288,790

24.69

1,333

/

2

0.15 to <0.25

498,544

235,57876.42

638,543

0.18

0.1

36.67

4.0

296,314

46.40

444

/

3

0.25 to <0.50

461,708250,37875.94

531,250

0.41

0.0

36.58

4.0

350,304

65.93

803

/

4

0.50 to <0.75

―

―

―

―

―

―

―

―

―

―

―

/

5

0.75 to <2.50

580,753

209,880

72.46

611,323

1.14

0.0

39.48

3.5

562,740

92.05

7,549

/

6

2.50 to <10.00

125,365

157,189

75.00

130,151

3.65

0.0

35.93

4.2

162,692

125.00

1,723

/

7

10.00 to <100.00

22,853

1,565

78.23

24,078

12.97

0.0

32.91

3.1

38,534160.03

1,028

/

8

100.00 (Default)

45,531

1,682

50.00

23,347100.00

0.0

54.74

4.6

12,37953.02

11,792/

6,882,155

1,304,152

75.43

7,177,645

0.63

0.9

33.35

4.0

2,711,756

37.78

24,67525,721

9

Sub-total

10.00 to <0.15

2,604,374

114,516100.002,718,890

0.04

0.9

90.00

5.0

2,851,079

104.86//2

0.15 to <0.25

48,963――

48,963

0.18

0.3

90.00

5.0

64,559131.85//3

0.25 to <0.50

21,520――21,520

0.41

0.1

90.00

5.0

40,063186.17//40.50 to <0.75

―

―

―

―

―

―

―

―

―

―

/

/

5

0.75 to <2.50

25,418――25,418

1.08

0.1

90.00

5.0

66,391

261.18//6

2.50 to <10.00

56,113――

56,113

4.28

0.0

90.00

5.0

231,793413.08//7

10.00 to <100.00

21,730――21,730

12.97

0.0

90.00

5.0

135,841625.13//8100.00 (Default)

7,757

―

―

7,757

100.00

0.1

90.00

5.0

87,273

1,124.99//

9

Sub-total

100.00 ¥ 2,900,394

0.50

1.8

90.00

5.0 ¥ 3,477,002//¥ 2,785,877 ¥

114,516119.88 ¥Appendix

Equities (PD/LGD approach)182

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy
CR6-(Continued)(Millions of yen, %, number in the thousands, year)aNo.

PD scalebOriginal
Off-balanceon-balancesheet
sheet gross exposures
exposure
pre CCF

c

d

e

f

g

h

Average
CCF
(%)

EAD
post CRM
andpost-CCF

AveragePD(%)

Numberofobligors

Average
LGD(%)

Averagematurity

i

j

k

l

RWA

RWA
density(%)

EL

Provisions

As of March 31, 2023
Purchased receivables (Corporate, etc.) - Default Risk Equivalent
0.00 to <0.15 ¥ 2,450,340 ¥ 244,416
75.76 ¥ 2,635,346
0.15 to <0.25
289,263
29,77777.99
312,488
0.25 to <0.50
81,867
12,51280.47
91,9350.50 to <0.75――――
0.75 to <2.50
55,30180,983
75.66
116,580
2.50 to <10.00
206,796
60,21575.00
251,957
10.00 to <100.00
6,084
―
―
6,084
100.00 (Default)
9,840
―
―
9,840
Sub-total
3,099,494
427,904
75.93
3,424,234
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 0.00 to <0.15
983,620
86,58678.92
1,051,956
2 0.15 to <0.25
161,041
5,841
100.00166,882
3 0.25 to <0.50
37,144――
37,144
4 0.50 to <0.75――――
5 0.75 to <2.50
25,870――25,8706 2.50 to <10.00
23,235――23,235
7 10.00 to <100.00――――
8 100.00 (Default)
7,294
―
―
7,294
9 Sub-total
1,238,206
92,42780.25
1,312,384
Retail – qualifying revolving retail exposures (QRRE)
1 0.00 to <0.15――――
2 0.15 to <0.25――――
3 0.25 to <0.50―――
8
4 0.50 to <0.75―――
10
5 0.75 to <2.50
173,923
800,31213.01
278,079
6 2.50 to <10.00
144,821849,8138.26
215,059
7 10.00 to <100.00
29,67623,17328.92
36,3798 100.00 (Default)
429
1,126
13.25
576
9 Sub-total
348,851
1,674,426
10.82
530,113Retail – Residential mortgage
1 0.00 to <0.15
1,647,412――
1,685,823
2 0.15 to <0.25
1,260,428――
1,277,625
3 0.25 to <0.50
1,536,340
12,702100.001,570,330
4 0.50 to <0.75
1,744,835
17,27891.19
1,682,251
5 0.75 to <2.50
1,212,41188
100.001,213,952
6 2.50 to <10.00
76,511696
100.0077,236
7 10.00 to <100.00
16,945794
100.0017,7428 100.00 (Default)
40,574309
100.0040,8479 Sub-total
7,535,461
31,86995.22
7,565,808
Other retail
1 0.00 to <0.15
19――204,221
2 0.15 to <0.25
36――
164,537
3 0.25 to <0.50
96,2588100.0096,743
4 0.50 to <0.75
50,974252
75.00
49,368
5 0.75 to <2.50
596,919
2,771
77.22
511,952
6 2.50 to <10.00
321,461
1,623
53.23
102,199
7 10.00 to <100.00
67,001
5,066
50.62
25,3438 100.00 (Default)
56,953
1,756
95.64
42,7049 Sub-total
1,189,623
11,47964.87
1,197,071
Total (all portfolios) ¥190,069,983 ¥46,866,203
71.53 ¥223,563,172
1
2
3
4
5
6
7
8
9

677
219
140
―
475
2,529
292
2,977
7,312

/
/
/
/
/
/
/
/
7,622

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―

/
/
/
/
/
/
/
/
/

130,563
39,81014,455―
16,553
20,290―2,617
224,290

12.41
23.85
38.91
―
63.98
87.32
―
35.88
17.09

271
117
56
―
120
232
―
2,191
2,990

/
/
/
/
/
/
/
/
/

/
/
/
/
/
/
/
/
/

―
―
1
1
167,398
188,340
65,282671
421,694

―
―
13.50
19.24
60.19
87.57
179.44116.37
79.54

―
―
0
0
5,500
7,477
5,239
369
18,587

/
/
/
/
/
/
/
/
19,375

/
/
/
/
/
/
/
/
/

96,417
154,882309,202491,062492,668
114,041
31,70827,547
1,717,529

5.71
12.12
19.69
29.19
40.58
147.65178.71
67.43
22.70

393
778
1,818
3,356
3,993
2,333
3,175
15,05030,899

/
/
/
/
/
/
/
/
32,209

8.30
17.70
26.78
54.45
41.41
17.70
67.89
50.32
30.71
17.09 ¥

65
142
148
219
2,576
549
1,527
17,08322,314682,425

/
/
/
/
/
/
/
/
23,260708,237

1.3 ¥
0.5
1.5
―
3.8
0.9
4.5
1.7
1.3

329,916
64,98839,861―
104,201
218,056
11,741
3,438
772,204

0.06
0.18
0.41
―
1.10
2.71
12.97
100.00
0.62

0.7
0.1
0.0
―
0.0
0.0
0.0
0.0
1.1

37.03
37.03
37.03
―
37.03
37.03
37.03
33.05
37.01

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―

―
―
―
―
―
―
―
―
―

0.06
0.18
0.41
―
1.25
2.70
―
100.00
0.72

0.1
0.0
0.0
―
0.0
0.0
―
0.0
0.1

36.98
37.03
36.62
―
37.03
37.03
―
32.90
36.95

―
―
―
―
―
―
―
―
―

―
―
0.35
0.53
2.43
4.27
17.72
100.00
4.33

―
―
0.0
0.3
508.1
1,910.3
208.5
1.7
2,629.3

―
―
79.55
81.25
81.25
81.25
81.25
73.31
81.24

0.08
0.20
0.36
0.61
1.05
8.82
47.79
100.00
1.17

195.0
141.4
216.9
224.1
148.0
11.0
2.9
3.9
943.6

29.29
29.81
31.79
32.42
31.65
34.23
37.33
42.24
31.11

0.07
0.19
0.30
0.68
1.38
6.59
16.90
100.00
5.17
0.89

23.6
9.4
2.6
55.9
17.1
7.5
10.3
1.8
128.5
3,746.1

45.67
45.01
49.67
62.91
38.13
12.16
33.21
44.03
40.20
36.94

/
16,970/29,131/
25,912/
26,883/
212,030/
18,099/17,207/
21,491/
367,726
2.0 ¥38,211,823

12.51 ¥
20.79
43.35
―
89.38
86.54
192.9734.94
22.55

Notes: 1. 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.
2. 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.

183

(Billions of yen)

No.

RWA
RWA as of March 31, 2022¥

42,778.2

2

Asset size

2,461.0

3

Portfolio quality(284.3)4

Model updates―

Methodology and policy―

5
6

Breakdown of changes during thisreporting period

7―

Foreign currency fluctuations

8
9Acquisitions and disposals

1,259.9

Other
RWA as of March 31, 2023

Story of Mizuho'svalue creation

1

Executive messages(B) CR8: RWA flow statements of credit risk exposures under IRB approach(55.8)¥

46,159.0

Business strategies forvalue creation

Notes: 1. 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.
2. 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.
3. 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.
4. Foreign currency fluctuations correspond to the amount of variation in RWA arising from the effect of fluctuations in foreignexchange rates involving exposures to transactions denominated in foreign currencies.
(Billions of yen)No.
RWA as of March 31, 2023¥

46,159.0

2

Asset size

2,544.5

3

Portfolio quality(645.9)4

Model updates

5
6

Breakdown of changes during thisreporting period

7(3,958.8)

Acquisitions and disposals―

Foreign currency fluctuations

8
9―

Methodology and policy

1,977.3

Other
RWA as of March 31, 2024

Governance for value
creation

1

RWA

7.4
¥

46,083.5

Appendix

Data section

Notes: 1. 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.
2. 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.
3. 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.
4. Foreign currency fluctuations correspond to the amount of variation in RWA arising from the effect of fluctuations in foreignexchange rates involving exposures to transactions denominated in foreign currencies.
5. For equity exposures, when the risk weight applied under the internal ratings-based approach and the risk weight applied
under the standardized approach are the same, the standardized approach is deemed to be applied.

184

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(C) CR9: IRB - Backtesting of Probability of Default (PD) per Portfolio(%, the number of data)

As of March 31, 2024aPortfolio

b
PD
Range
(%)

0.00 to<0.10
0.10 to<0.20
Corporate, 0.20 to
etc.
<1.00
1.00 to<5.00
5.00 to<100.00
0.00 to<0.10
0.10 toRetail –qualifying <0.20
revolving 0.20 to<1.00
retailexposures 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 toretail<1.00
1.00 to<5.00
5.00 to<100.00cd

Moody’s

Fitch

R&I

f

g

h

i
AverageArithmeticof which:historical
Weighted
Defaulted new
averageannualaveragePD bydefaulted
obligors
As of
As of
defaultPD
obligors Marchobligors
in
the
year
March
rate
(%)
(%)
in the year
31, 2023 31, 2024(%)
Number ofobligors

External rating equivalent
S&P

e

JCR

AAA〜A- Aaa〜A3 AAA〜A- AAA〜A- AAA〜A-

0.05

0.06

5,360

5,424

1

―

0.02

BBB+〜BBB- Baa1〜Baa3 BBB+〜BBB- BBB+〜BBB- BBB+〜BBB-

0.15

0.17

11,17010,6508

1

0.10

BB+〜BB- Ba1〜Ba3 BB+〜BB- BB+〜BB- BB+〜BB-

0.56

0.56

10,986

10,747

60

1

0.45

B+〜B-

B+〜B-

2.07

2.69

6,711

6,301

118

1

2.18

CCC+〜CCC- Caa1〜Caa3 CCC+〜CCC- CCC+〜CCC- CCC〜C

9.64

12.43

1,905

1,728

140

4

8.25

B1〜B3 B+〜B-

B+〜B-

/

/

/

/

/

―

―

―

―

―

―

―

/

/

/

/

/

―

―

―

―

―

―

―

/

/

/

/

/

―

―

―

―

―

―

―

/

/

/

/

/

2.89

3.00

257,574

248,713

4,545

440

1.72

/

/

/

/

/

12.88

9.66

137,197

137,696

7,866

438

6.02

/

/

/

/

/

0.06

0.06

67,76562,718

14

―

0.02

/

/

/

/

/

0.14

0.13

78,34775,328

33

1

0.05

/

/

/

/

/

0.46

0.48

352,627

346,572

529

1

0.21

/

/

/

/

/

1.14

1.12

83,33884,361

232

―

0.38

/

/

/

/

/

15.47

16.47

8,361

6,221

710

―

9.93

/

/

/

/

/

―

―

―

―

―

―

―

/

/

/

/

/

―

―

―

―

―

―

―

/

/

/

/

/

0.73

0.71

157,717

151,805

474

14

0.28

/

/

/

/

/

2.72

2.99

25,731

23,157

326

7

1.07

/

/

/

/

/

14.63

22.09

8,852

7,925

630

3

5.84

Notes: 1. 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 the respective portfolios is not separately used
for PD estimation. Since purchased receivables (retail) account for a small portion of the entire exposure, they areincorporated with any one of QRRE, residential mortgage or other retail depending on the portfolio classification of thepurchased receivables.
2. PD Range indicates the ranges of PD estimates for multiple consolidated internal ratings groups.
3. The following shows the percentages accounted for by the respective portfolios among the credit RWA calculated by the
AIRB: Corporate, etc. : 73%, QRRE: 1%, Residential mortgage : 4%, Other retail : 1%.
4. 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.
5. The back testing covers the period from September 30, 2022 to September 30, 2023.
6. For equity exposures, when the risk weight applied under the internal ratings-based approach and the risk weight applied
under the standardized approach are the same, the standardized approach is deemed to be applied.

185

Executive messages(%, the number of data)
As of March 31, 2023

Moody’s

Fitch

R&I

f

g

h

i
AverageArithmeticof which:historical
Weighted
Defaulted new
averageannualaveragePD bydefaulted
obligors
As of
As of
defaultPD
obligors Marchobligors
in
the
year
March
rate
(%)
(%)
in the year
31, 2022 31, 2023(%)
Number ofobligors

External rating equivalent
S&P

e

JCR

AAA〜A- Aaa〜A3 AAA〜A- AAA〜A- AAA〜A-

0.05

0.06

5,290

5,359

2

―

0.01

BBB+〜BBB- Baa1〜Baa3 BBB+〜BBB- BBB+〜BBB- BBB+〜BBB-

0.13

0.13

2,624

2,710

4

1

0.07

BB+〜BB- Ba1〜Ba3 BB+〜BB- BB+〜BB- BB+〜BB-

0.47

0.48

19,563

19,445

61

3

0.37

B+〜B-

B+〜B-

2.19

3.09

7,636

6,711

152

1

1.91

CCC+〜CCC- Caa1〜Caa3 CCC+〜CCC- CCC+〜CCC- CCC〜C

11.47

14.35

2,199

1,905

190

5

7.93

B1〜B3 B+〜B-

B+〜B-

/

/

/

/

/

―

―

―

―

―

―

―

/

/

/

/

/

―

―

―

―

―

―

―

/

/

/

/

/

―

―

―

―

―

―

―

/

/

/

/

/

2.86

3.00

272,011257,573

4,816

412

1.78

/

/

/

/

/

12.55

9.64

139,028

137,197

7,317

362

7.02

/

/

/

/

/

0.06

0.06

72,452

67,765

10

―

0.03

/

/

/

/

/

0.14

0.13

66,46765,449

16

―

0.05

/

/

/

/

/

0.45

0.46

372,274

365,777

617

2

0.22

/

/

/

/

/

1.17

1.14

82,547

83,338

250

―

0.42

/

/

/

/

/

16.51

17.46

8,170

8,361

808

―

10.48

/

/

/

/

/

―

―

―

―

―

―

―

/

/

/

/

/

―

―

―

―

―

―

―

/

/

/

/

/

0.75

0.64

192,586

157,717

525

8

0.29

/

/

/

/

/

1.01

1.33

29,12325,731

277

10

0.90

/

/

/

/

/

7.08

17.19

11,424

8,852

671

1

5.44

Story of Mizuho'svalue creation

0.00 to<0.10
0.10 to<0.20
Corporate, 0.20 to
etc.
<1.00
1.00 to<5.00
5.00 to<100.00
0.00 to<0.10
0.10 toRetail –qualifying <0.20
revolving 0.20 to<1.00
retailexposures 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 toretail<1.00
1.00 to<5.00
5.00 to<100.00d

Business strategies forvalue creation

PD
Range
(%)

c

Governance for value
creation

PortfoliobData sectionaAppendix

Notes: 1. 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 the respective portfolios is not separately used
for PD estimation. Since purchased receivables (retail) account for a small portion of the entire exposure, they areincorporated with any one of QRRE, residential mortgage or other retail depending on the portfolio classification of thepurchased receivables.
2. PD Range indicates the ranges of PD estimates for multiple consolidated internal ratings groups.
3. The following shows the percentages accounted for by the respective portfolios among the credit RWA calculated by the
AIRB: Corporate, etc. : 76%, QRRE: 1%, Residential mortgage : 4%, Other retail : 1%.
4. 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.
5. The back testing covers the period from September 30, 2021 to September 30, 2022.

186

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(D) CR10: IRB -Specialized Lending under the Slotting Criteria Approach and Equity Exposures under theMarketbased Approach etc.
(Millions of yen, %)As of March 31, 2024
a

b

c

d

e

f

g

h

i

j

IPRE

Total

k

l

RWA

Expected
lossesSpecialized lending under slotting criteria approach
Other than HVCRE
Regulatory
categories

StrongGood

Remainingmaturity

Onbalance
sheet
amountLess than 2.5 years ¥Equal to or morethan 2.5 years
Less than 2.5 years
Equal to or morethan 2.5 years

Offbalance
sheet
amount― ¥―RW

Exposure amount
PF

OF

50% ¥

― ¥

CF
― ¥

― ¥

― ¥

― ¥

― ¥

―

6,000

3,833

70%

―

7,534

―

―

7,534

5,273

30

795

―

70%

―

795

―

―

795

556

3

0

―

90%

―

0

―

―

0

0

0

Satisfactory

19,195

5,881

115%

―

21,547――

21,547

24,780603

Weak60,19541,251

250%―

76,695――76,695

191,739

6,135

Default

6,787

―

―

―

7,983

―

―

7,983

―

3,991

Total

92,97450,966――

114,556――

114,556

222,349

10,763

ExposureamountRWA

HVCRE
OnOffRegulatory
Remainingbalance balance
categories
maturity
sheet
sheet
amount amountLess than 2.5 years
75,6056,284
StrongEqual to or more
251,639 186,138
than 2.5 years

Expected
losses70%

78,11854,683

312

95%

326,094309,789

1,304

Less than 2.5 years

28,891

20,88395%

31,37829,809125

Equal to or morethan 2.5 years

20,624

4,996

120%

22,62327,147

90

Satisfactory

―

―

140%

―

―

―

Weak

―

―

250%

―

―

―

Default

―

―

―

―

―

―

376,759

218,302―458,214421,430

1,832

Good

Total

187

RW

Executive messages(Millions of yen, %)As of March 31, 2023
a

b

c

d

e

f

g

h

i

j

k

l

RWA

Expected
lossesSpecialized lending under slotting criteria approach
Other than HVCRE
RemainingmaturityLess than 2.5 years ¥StrongEqual to or morethan 2.5 years
Less than 2.5 years

Good

Equal to or morethan 2.5 years

― ¥

―

RW

Exposure amount
PF

OF

50% ¥

― ¥

CF
― ¥

IPRE

Total

― ¥

― ¥

― ¥

― ¥

―

―

3,744

70%

―

2,808

―

―

2,808

1,965

11

1,254

―

70%

―

1,255

―

―

1,255

878

5

0

―

90%

―

0

―

―

0

0

0

Satisfactory

3,460

―

115%

―

3,460

―

―

3,460

3,980

96

Weak

54,15135,443250%―

80,762――80,762201,905

6,460

Default

6,812

―

―

―

7,983

―

―

7,983

―

3,991

Total

65,68039,187――

96,269――96,269208,730

10,565

Story of Mizuho'svalue creation

Regulatory
categories

Offbalance
sheet
amountOnbalance
sheet
amountExposureamountExpected
lossesRWA

70%

108,52975,970434

95%226,650

215,317906

Less than 2.5 years

1,502

―

95%

1,502

1,426

6

Equal to or morethan 2.5 years

19,33822,463120%

36,19743,436

144

Satisfactory

―

―

140%

―

―

―

Weak

―

―

250%

―

―

―

Default

―

―

―

―

―

―

300,471

96,476―

372,878

336,151

1,491

Exposureamount

RWA

Good

Total

Governance for value
creation

RW

Business strategies forvalue creation

HVCRE
OnOffRegulatory
Remainingbalance balance
categories
maturity
sheet
sheet
amount amountLess than 2.5 years 102,544
7,964
StrongEqual to or more
177,086
66,048than 2.5 years

Equity exposures under the market-based approach etc.
Equity exposures under the market-based approach
Offbalance
RW
sheet
amountExchangetraded
equityexposures

751,030

420,590300%

Privateequityexposures

106,906

2,038

400%

108,417433,669

Other
equityexposures

―

―

―

―

―

857,936

422,629―

Total

1,171,620 3,514,862

Data section

Categories

Onbalance
sheet
amount1,280,038 3,948,531

Equity exposures to which a risk weight of 100% is applied
5,484

―

100%

5,484

5,484

Appendix

Equity exposures to which
a risk weight of 100% isapplied188

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(5) Credit Risk under Standardized Approach(i) Determination of Risk Weights under Standardized Approach
We use the following five rating agencies as eligible external credit assessment institutions to determine risk
weights of the portfolios managed under the standardized approach: Moody's Investors Service, Inc. (Moody's),
S&P Global Ratings (S&P), Fitch Ratings, Ltd. (Fitch), Rating and Investment Information, Inc. (R&I) andJapan Credit Rating Agency, Ltd. (JCR).
(ii) Standards for Classifying Exposures to Which the Standardized Approach is Applied into the Portfolios
Managed under the Internal Ratings-based Approach
We adopt the standardized approach for the assets excluded from the application of the internal ratings-based
approach and for the assets to be phased into the internal ratings-based approach. The assets excluded arecertain non-customer assets and some retail exposures for which it is difficult to obtain actual data forparameter estimation, while the assets to be phased in are the claims held by Mizuho Securities Co., Ltd.
and Mizuho Securities USA LLC. We calculate risk-weighted assets using the standardized approach for theseassets.
With respect to equity exposures, we adopt the transitional arrangements as stipulated in Article 11,
Paragraph 2 of the Supplementary Provisions to the FSA Notice No. 20. During this transitional period, we
calculate risk weights under both the standardized approach and the method prescribed in the previous
provisions of Article 144, Paragraph 1, each item of the FSA Notice No. 20, and apply the higher of the tworisk weights. If the risk weights are the same, the standardized approach is used.
(iii) Quantitative disclosure on credit risk under standardized approach

189

Executive messages(A) CR5: Standardized Approach - Exposures by Asset Classes and Risk Weights(Millions of yen)

As of March 31, 2023
a

b

c

d

e

f

g

h

i

j

k

1,250%

Total

Credit exposures amount (post CCF and post-CRM)
Risk weight

0%

10%

20%

35%

50%

75%

100%

150%

250%

― ¥

― ¥

― ¥

― ¥

― ¥

― ¥

― ¥

― ¥

― ¥

274

2 Japanese sovereigns and Bank of Japan

915,971

―

―

―

―

―

―

―

―

―

915,971

3 Foreign central sovereigns and

113,515―

113,733―

162,565―

82,503―――472,317

4 Bank for International Settlements,etc.

―

―

―

―

―

―

―

―

―

―

―

5 Japanese non-central governmental PSEs

1,326

―

―

―

―

―

―

―

―

―

1,326

6 Non-central governmental PSEs other

―

―

4,234

―

16

―

2

―

―

―

4,254

7 International development banks

―

―

―

―

―

―

―

―

―

―

―

8 Japan Finance Organization for

―

―

―

―

―

―

―

―

―

―

―

1 Cash¥274 ¥Story of Mizuho'svalue creation

No. Asset classes

central banks

than foreign central sovereigns, etc.

9 Japanese government institutions

―

―

―

―

―

―

―

―

―

―

―

10 Three regional public sectors of Japan

―

1,773

―

―

―

―

―

―

―

―

1,773

11 Financial institutions and business

―

―

―

―

―

―

―

―

―

―

―

12 Corporates, etc.

――

351,161―

166,388―

24,604―――542,154

13 Regulatory retail portfolios and individuals

―

―

―

―

―

―

1,946,740―――

1,946,740

Business strategies forvalue creation

Municipalities

operators conducting the type I

14 Mortgage housing loan

―

―

―

―

―

―

―

―

―

―

―

15 Real estate acquisition business, etc.

―

―

―

―

―

―

―

―

―

―

―

16 Claims past due for 3 months or more

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

25

―

9

28

―

―

63

Governance for value
creation

financial instruments business(excluding mortgage housing loan)
17 Claims past due for 3 months or moreregarding mortgage housing loan
18 Bills in process of collection

―

―

―

―

―

―

―

―

―

―

―

19 With guarantee of Credit Guarantee

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

28 ¥

― ¥

― ¥3,884,877

Corporations, etc.
20 With guarantee of Regional Economy
Vitalization Corporation of Japan
21 Investments, etc.(excluding significant¥1,031,087 ¥

1,773 ¥ 469,130 ¥― ¥ 328,995 ¥― ¥2,053,861 ¥Appendix

22 Total

Data section

investments)

190

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(B) CR5a: Standardized Approach - Exposures by Asset Classes and Risk Weights(Millions of yen)

As of March 31, 2024
Credit exposures amount (post CCF and post-CRM)
No.

Asset classes

Risk weight

0%

20%

100%

150%

Other

Total

1a

Japanese sovereigns andBank of Japan

713,154

―

―

―

―

―

713,1541bForeign central sovereigns
and central banks

116,323

90,127

152,646

100,520――459,6171cBank for International
Settlements, etc.

―

―

―

―

―

―

―

100%

150%

Other

2a

Japanese non-central
governmental PSEs

941

―

―

―

―

―

―

941

2b

Foreign non-central
governmental PSEs

―

―

5,483

―

10,016――

15,5002c

Japan Finance Organization
for Municipalities

―

23

―

―

―

―

―

23

2d

Japanese government
institutions

―

2,042

1

―

―

―

―

2,044

2e

Three regional public sectorsof Japan

―

―

―

―

―

―

―

―

0%

10%

0%
3

International development
banks

4

Financial institutions, Type I
Financial Instruments
Business Operators, andinsurance companiesof which: Type I Financial
Instruments Business
Operators, and insurancecompanies

6―of which: specialised lending

7a
7b

Equity8

SMEs and individuals

30%
―

50%
―

100%

150%

Total

Other

Total

―

―

―

―

75%

100%

150%

Other

―

30%

40%

50%

353,908

98,768114,069

53,102

―

75

8,273

―

628,197

558

221

3

34

―

11

305

―

1,133

15%
―

20%
―

25%
―

35%

100%

Other

Total

―

―

―

―

―

85%

100%

130%

150%

Other

Total

―
80%

50%

Total

20%

50%

75%

16,72739,61774,755―30,073

1,939,185―――

2,100,358

―

―

―

―

―

―

―

―

―

―

100%
Subordinated debt and othercapital50%

20%

Covered bonds

Corporates, etc. (including
specialised lending)

20%

20%

10%
5

150%

250%

400%

Other

Total

―

―

―

―

―

―

3,008,866

―

―

―

―

3,008,866

45%

191

50%

75%
―

100%
―

Other
―

Total
―

―

Executive messages(Millions of yen)
As of March 31, 2024
Credit exposures amount (post CCF and post-CRM)

20%
of which: second and lower
ranking liens that meet theeligibility requirements
30%
9b

―

31.25%

37.5%

―

―

35%
―

30%
of which: second and lower
ranking liens that meet theeligibility requirements――

Real estate - of which:income-producing residential
real estate (IPRRE)

45%―43.75%

56.25%

―

―

70%
9c

90%

―
50%

―

―

―

105%
―

150%

―

―

―

―

Other
―

―

―

―
Total

―

―
Total

―

―

60%

Total

Other
―

―

―
150%

―
50%

Total

Total

Other

100%

―

―

―

―

Real estate - of which: landacquisition, development andconstruction (ADC)

Total

Other

150%

―

Other

Other

of which: second and lower
ranking liens that meet theeligibility requirements

Total

93.75%――――

Real estate - of which:income-producing commercial
real estate (IPCRE)

Total

―

112.5%
―

Other

Other

75%

75%

75%

62.5%

―

60%

9e

―

―

―

70%

9d

70%

110%

―

of which: second and lower
ranking liens that meet theeligibility requirements

50%

60%

―

―

Real estate - of which:general commercial realestate (general CRE)

40%

Other
―

100%

Total
―

―

150%

Other

Total

Claims past due (excluding
10ageneral RRE)

0

0

4,912

―

4,912

Claims past due relating to
general RRE

―

―

―

―

―

10b

0%

10%

20%

Other

Total

1,201

―

―

―

1,201

11b Bills in process of collection

―

―

―

―

―

With guarantee of Credit
Guarantee Corporation, etc.

―

―

―

―

―

With guarantee of Regional
Economy Vitalization
Corporation of Japan

―

―

―

―

―

11a Cash

Story of Mizuho'svalue creation―

30%

Business strategies forvalue creation

Real estate - of which:general residential realestate (general RRE)

25%

Governance for value
creation

9a20%

Data section

Asset classes

Risk weight

AppendixNo.

Note: For equity exposures, when the risk weight applied under the internal ratings-based approach and the risk weight applied under
the standardized approach are the same, the standardized approach is deemed to be applied.

192

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(C) CR5b: Standardized Approach - Exposure Amounts and CCFs Applied to Off-balance Sheet Exposures
by Risk Weight Bands(Millions of yen)

As of March 31, 2024ab

Off-balanceOn-balance
sheet exposure
sheet exposure(pre-CCF)

cd

Weighted
average CCF

Exposure(post-CCF andpost-CRM)

No.

Risk weight1Less than 40%

1,360,072

101,843

10.25

1,398,703

2

40% - 70%

354,905

28,812

12.98

359,4363

75%

66,24521,30239.94

74,755

80%

―

―

―

―

4

85%

30,04924

100.0030,073

590% - 100%

4,749,947

408,11348.12

5,058,664

6105% - 130%

―

―

―

―

7

150%

13,185――

13,185

8

250%

―

―

―

―

9

400%

―

―

―

―

10

1250%

11

Total exposures

―

―

―

―

6,574,405

560,09664.86

6,934,818

Note: For equity exposures, when the risk weight applied under the internal ratings-based approach and the risk weight applied under
the standardized approach are the same, the standardized approach is deemed to be applied.

193

Executive messages(6) Credit Risk Mitigation Techniques

Story of Mizuho'svalue creation(i) Summary of Risk Profile, Risk Management Policies/ Procedures and Structure
We obtain collateral and guarantees as a means of securing credit. In obtaining the collateral and guarantees,
we evaluate 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 corporate groups 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) andguarantees by "sovereign, banks or corporations above a certain credit rating" is reflected.
(ii) Quantitative Disclosure on Credit Risk Mitigation Techniques
Counterparty risk exposures, securitization exposures, and regarded-method exposures are excluded from theamount of credit risk exposures below.
(A) CR3: Credit Risk Mitigation Techniques - Overview(Millions of yen)
As of March 31, 2024

1

Loans

2

Debt securities

3

Other on balance debt assets

4

Total (1+2+3)

5

Of which defaulted

¥

¥

b

c

Exposures
unsecured

Exposures
secured

Exposures
securedby collateraldExposures
securedby financial
guaranteeseExposures
securedby credit
derivatives

69,490,161 ¥

17,921,399 ¥

7,269,142 ¥7,234,095 ¥―

29,073,875

881,821371,402396,803―78,011,645

125,638

1,350

100,570―

176,575,683 ¥

18,928,859 ¥

7,641,896 ¥

7,731,470 ¥―

316,896

369,182

125,81167,364―

Business strategies forvalue creation

No.

aGovernance for value
creation

Notes: 1. Other on-balance debt assets include deposits, call loans, bills purchased, monetary claims bought, money held in trust, andforeign exchange assets, etc.
2. Defaulted exposures include restructured loans, loans past due for three months or more, loans to bankrupt borrowers andso on.
(Millions of yen)
As of March 31, 2023

¥

b

c

Exposures
unsecured

Exposures
secured

Exposures
securedby collateraleExposures
securedby credit
derivatives

1

Loans

17,763,631 ¥

8,001,576 ¥

6,999,075 ¥813

2

Debt securities

29,907,285

984,300

388,878475,156―

3

Other on balance debt assets

72,504,486

115,139

3,153

83,789―4

Total (1+2+3)

170,021,496 ¥

18,863,072 ¥8,393,608 ¥

7,558,021 ¥813

5

Of which defaulted

393,206

508,536

188,081

66,562―¥

67,609,724 ¥dExposures
securedby financial
guarantees

Data section

No.

aAppendix

Notes: 1. Other on-balance debt assets include deposits, call loans, bills purchased, monetary claims bought, money held in trust, andforeign exchange assets, etc.
2. Defaulted exposures include restructured loans, loans past due for three months or more, loans to bankrupt borrowers andso on.

194

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(B) CR4: Standardized Approach - Credit Risk Exposure and Credit Risk Mitigation (CRM) Effects(Millions of yen, except percentages)

As of March 31, 2024
a

No. Asset classes

b

c

d

Exposures before CCF and
CRM

Exposures post-CCF andCRM

On-balance
sheet amountOn-balance
sheet amountOff-balance
sheet amountOff-balance
sheet amount

1a Japanese sovereigns and Bank of Japan ¥713,154 ¥― ¥713,154 ¥― ¥Foreign central sovereigns and central
1b
banks

459,617―459,6171c Bank for International Settlements, etc.

――

Japanese non-central governmental
2a
PSEs

941

2b

Foreign non-central governmental
PSEs

2c

e

f

RWA

RWA
density―――

194,868

42.39

―

―

―

―

―

941

―

―

―

15,500―15,500―11,113

71.69

Japan Finance Organization for
Municipalities

23

―

23

―

2

10.00

2d Japanese government institutions

10.00

2,044

―

2,044

―

204

2e Three regional public sectors of Japan

―

―

―

―

―

―

3

International development banks

―

―

―

―

―

―

4

Financial institutions, Type I Financial
Instruments Business Operators, andinsurance companies

586,027

128,659

586,027

42,169185,076

29.46

Financial institutions, Type I Financial
Instruments Business Operators, andinsurance companies

1,133

―

1,133

―

666

58.76

―

―

―

―

―

―

1,779,201

431,436

1,779,201

321,157

2,043,968

97.31

5

Covered bonds

6

Corporates, etc. (including specialised
lending) of which: specialised lendingof which: specialised lending

―

―

―

―

―

―

7a Subordinated debt and other capital

―

―

―

―

―

―
100.007bEquity3,011,780―

3,008,866―

3,008,866

8

SMEs and individuals

―

―

―

―

―

―

of which: transactors

―

―

―

―

―

―

9

Real estate

―

―

―

―

―

―

of which: general residential realestate (general RRE)

―

―

―

―

―

―

of which: income-producing residential
real estate (IPRRE)

―

―

―

―

―

―

of which: general commercial real estate(general CRE)

―

―

―

―

―

―

of which: income-producing commercial
real estate (IPCRE)

―

―

―

―

―

―

of which: land acquisition, development
and construction (ADC)

―

―

―

―

―

―

10a Claims past due (excluding general RRE)

4,912

―

4,912

―

7,368

149.9910b Claims past due relating to general RRE

―

―

―

―

―

―

1,201

―

1,201

―

―

―

11a Cash
11b Bills in process of collection

―

―

―

―

―

―

With guarantee of Credit Guarantee
Corporation, etc.

―

―

―

―

―

―

With guarantee of Regional Economy
Vitalization Corporation of Japan

―

―

―

―

―

―

5,451,469

78.61

12 Total¥

6,574,405 ¥

560,096 ¥6,571,491 ¥

363,327 ¥Note: For equity exposures, when the risk weight applied under the internal ratings-based approach and the risk weight applied under
the standardized approach are the same, the standardized approach is deemed to be applied.

195

Executive messages(Millions of yen, except percentages)

On-balance
sheet amountOn-balance
sheet amount

― ¥

―

0.00

915,971

―

―

0.00

Foreign central sovereigns and centralbanks

472,317―472,317―

186,532

39.49

4 Bank for International Settlements,etc.

―

―

―

―

―

―

Japanese non-central governmental
5
PSEs

1,326

―

1,326

―

―

0.00

4,254

―

4,254

―

858

20.16

7 International development banks

―

―

―

―

―

―

Japan Finance Organization for
8
Municipalities

―

―

―

―

―

―

9 Japanese government institutions

1,773

―

1,773

―

177

10.00

―

―

―

―

―

―

512,358

79,217501,990

40,164

178,030

32.83

1,668,197

375,198

1,667,299

279,441

1,946,740

100.00

―

―

―

―

―

―

10 Three regional public sectors of Japan
Financial institutions and business
11 operators conducting the type I
financial instruments business
12 Corporates, etc.
Regulatory retail portfolios and13
individuals

274 ¥

RWA
density―Non-central governmental PSEs otherthan foreign central sovereigns, etc.

― ¥

RWA

915,9716

274 ¥Off-balance
sheet amountf

2 Japanese sovereigns and Bank of Japan3¥

Off-balance
sheet amounte

14 Mortgage housing loan

―

―

―

―

―

―

15 Real estate acquisition business, etc.

―

―

―

―

―

―

16

Claims past due for 3 months or more
(excluding mortgage housing loan)

63

―

63

―

65

102.6817

Claims past due for 3 months or moreregarding mortgage housing loan

―

―

―

―

―

―

18 Bills in process of collection

―

―

―

―

―

―

With guarantee of Credit Guarantee
19
Corporation, etc.

―

―

―

―

―

―

20

With guarantee of Regional Economy
Vitalization Corporation of Japan

―

―

―

―

―

―

21

Investments, etc.(excluding significant
investments)

―

―

―

―

―

―

2,312,405

59.52

22 Total¥

3,576,537 ¥

454,415 ¥3,565,271 ¥

319,605 ¥Business strategies forvalue creationdGovernance for value
creation

1 Cashc

Exposures post-CCF andCRM

Data section

No. Asset classesb

AppendixaExposures before CCF andCRM

Story of Mizuho'svalue creation

As of March 31, 2023

196

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(C) CR7: IRB - Effect on RWA of Credit Derivatives Used as CRM Techniques(Millions of yen)
As of March 31, 2024abPre-credit
derivatives RWA
Actual RWA¥― ¥―No. Portfolios
1 Sovereign - FIRB
2Sovereign - AIRB

3

Banks - FIRB

545,303545,3032,496,465

2,496,465

4

Banks - AIRB

―

―

5

Corporate (except Specialized lending) - FIRB

20,544,558

20,532,921

6,966,889

6,966,889

6

Corporate (except Specialized lending) - AIRB

7Specialized lending - FIRB

643,779

643,7798

Specialized lending - AIRB

3,054,283

3,054,283

9

Retail - qualifying revolving retail exposures (QRRE)

10 Retail - residential mortgage exposures

419,655

419,655

1,583,600

1,583,600

11 Other retail exposures

327,242

327,242

12 Purchased receivables - FIRB

619,434

619,434

13 Purchased receivables - AIRB
14 Total¥

313,590313,590

37,514,802 ¥37,503,166(Millions of yen)
As of March 31, 2023abPre-credit
derivatives RWA
Actual RWA¥― ¥―No. Portfolios
1 Sovereign - FIRB
2Sovereign - AIRB

3

Banks - FIRB

540,327――

4

Banks - AIRB

1,420,323

1,420,323

5

Corporate (except Specialized lending) - FIRB

―

―

6

Corporate (except Specialized lending) - AIRB

26,505,064

26,504,979

7Specialized lending - FIRB

―

―

8

Specialized lending - AIRB

3,310,626

3,310,626

9

Retail - qualifying revolving retail exposures (QRRE)

10 Retail - residential mortgage exposures

421,694

421,694

1,717,529

1,717,529

367,726

367,726

11 Other retail exposures
12 Equity - FIRB――

13 Equity - AIRB

3,477,002

3,477,002

14 Purchased receivables - FIRB――

15 Purchased receivables - AIRB

996,494

996,494

38,756,790 ¥

38,756,705

16 Total¥(7) Equity investments in funds

Equity investments in funds - Look-through approach(Millions of yen)¥

Equity investments in funds - Mandate-based approach

As of March 31, 2024

As of March 31, 2023

Exposure

Exposure

2,892,542 ¥2,209,784――

Equity investments in funds - Simple approach (subject to 250% RW)

146,140―

Equity investments in funds - Simple approach (subject to 400% RW)

30,930208,236

Equity investments in funds - Fall-back approach

5,362

Total

197

540,327¥

3,074,975 ¥

6,379
2,424,399

Executive messages■ Counterparty Credit Risk
(1) Summary of Risk Profile, Risk Management Policies/ Procedures and Structure

Story of Mizuho'svalue creation

In managing the risk pertaining to counterparty credit risk (including central counterparty) in derivatives transactions
and repurchase transactions etc., we generally allocate risk capital together with loans, etc., (we take into accountwrong way risk for derivatives transactions). For derivatives transactions and repurchase transactions, in cases inwhich a bilateral netting agreement is valid in light of the legal system of the relevant jurisdiction, we take its
effect into consideration. As to derivatives transactions with financial institutions, etc., we periodically, where
necessary, deliver and receive collateral to and 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.
(2) Quantitative Disclosure on Counterparty Credit Risk
(A) CCR1: Analysis of Counterparty Credit risk (CCR) Exposure by Approach(Millions of yen)bcReplacement
cost

Potential
futureexposure

EEPE

1

SA-CCR

2

Expected Positive Exposure Method

35Simple Approach for credit risk mitigation
Comprehensive Approach for credit
risk mitigation
VAR for SFTs

/

/

6

Total

/

/

4

¥

492,862 ¥dAlpha usedforcomputingregulatory
EAD

600,812

/

/

/

/
/

e

f

EAD
post-CRM

RWA

1.4 ¥

1,530,721 ¥

2,469,131

1.4

3,456,784

667,412676,498///

348,638

124,321///

19,313,149

1,640,446

/

/

―

/

/

―
¥

Governance for value
creationNo.

aBusiness strategies forvalue creation

As of March 31, 2024

3,108,679

Notes: 1. The replacement cost and the potential future exposure do not exclude the CVA losses.
2. The EAD post-CRM excludes the CVA losses.
3. The Comprehensive Approach for credit risk mitigation includes a portion of the assets pledged as collateral.
(Millions of yen)
As of March 31, 2023

SA-CCR
Current Exposure MethodcReplacement
cost

Potential
futureexposure

EEPE

¥

― ¥
373,710dAlpha usedforcomputingregulatory
EAD

e

f

EAD
post-CRM

RWA

―

/

1.4 ¥

― ¥

521,124//

894,835

335,109―

2

Expected Positive Exposure Method//

2,469,562

1.4

3,457,387

935,129

3

/

/

/

/

129,099

59,739////17,214,494

1,352,842

5

Simple Approach for credit risk mitigation
Comprehensive Approach for credit
risk mitigation
VAR for SFTs

/

/

/

/

―

6

Total

/

/

/

/

4

―

/ ¥

(B) CCR2: Credit Valuation Adjustment (CVA) Capital Charge

Data section

1b2,682,821

AppendixNo.

a(Millions of yen)
As of March 31, 2023

No.
1
2

Total portfolios subject to the Advanced CVA capital charge¥(i) VAR component (including the 3 × multiplier)3(ii) Stressed VAR component (including the 3 × multiplier)4

All portfolios subject to the Standardized CVA capital charge

5

Total subject to the CVA capital charge

¥

a

b

EAD post-CRM

RWA
― ¥

―

/

―

/

―

4,321,419

1,820,083

4,321,419 ¥

1,820,083

198

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(C) CCR3: Standardized Approach - CCR Exposures by Regulatory Portfolio and Risk Weights(Millions of yen)

As of March 31, 2024
a

b

c

d

e

f

g

h

i

j

k

l

m

n

150%

Other

Total

Credit exposures amount (post CCF and post-CRM)
Risk weight

0%

10%

20%

30%

40%

50%

75%

80%

95%

100%

130%

No. Regulatory portfolio
1

Japanese sovereigns¥ 132,165 ¥and Bank of Japan― ¥2Foreign central sovereigns
and central banks

12,877―

3

Bank for International
Settlements,etc.

―

4Japanese non-central
governmental PSEs

― ¥

― ¥

7,041

―

―

―

―

―

7

―

―

Non-central governmental
5 PSEs other than foreign
central sovereigns, etc.

―

―

6

International
development banks

7,696

7

Japan Finance Organization
for Municipalities

8

Japanese government
institutions

Three regional public
sectors of Japan
Financial institutions
and business operators
10 conducting the type I
financial instruments
business
11 Corporates, etc.
Regulatory retail
12 portfolios andindividuals
13 Other assets
9

14 Total

― ¥

― ¥

― ¥

― ¥

6,854

―

―

―

1,043

―

8,563

―

36,380

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

7

32,675

―

―

1,116

―

―

―

0

―

―

―

33,792

―

―

―

―

―

―

―

―

―

―

―

―

7,696

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

5,087

―

―

―

―

―

―

―

―

―

―

―

5,087

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

341,796

390,373

186,207

28,671―――81,894―

183,993―

1,212,937――

39,436――70,047

12,629―423

1,208,332

―

870

―

1,331,740

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

605

―

―

―

605

― ¥

423 ¥1,291,876 ¥¥ 152,746 ¥ 5,087 ¥ 420,949 ¥ 390,373 ¥ 186,207 ¥ 106,689 ¥ 12,629 ¥

― ¥

― ¥

― ¥

― ¥ 132,165― ¥― ¥ 193,428 ¥― ¥2,760,411(Millions of yen)
As of March 31, 2023
a

b

c

d

e

f

g

h

i

Other

Total

Credit exposures amount (post CCF and post-CRM)
Risk weight

0%

10%

20%

50%

75%

100%

150%

No. Regulatory portfolio
15,173 ¥

― ¥

― ¥

― ¥

― ¥

15,173

12,280―7,862

23,524

―

550

5,226

―

49,4453 Bank for International Settlements,etc.

―

―

―

―

―

―

―

―

―

4 Japanese non-central governmental PSEs

―

―

―

―

―

―

―

―

―

Non-central governmental PSEs other than5
foreign central sovereigns, etc.

――

62,661

5,725

―

4,370

―

―

72,7576 International development banks

638

―

―

―

―

―

―

―

638

7 Japan Finance Organization for Municipalities

―

―

―

―

―

―

―

―

―

8 Japanese government institutions

―

703

―

―

―

―

―

―

703

9 Three regional public sectors of Japan

―

―

―

―

―

―

―

―

―

―

―

645,778

29,494―96,598――771,871

1 Japanese sovereigns and Bank of Japan¥

2 Foreign central sovereigns and central banks

Financial institutions and business operators
10
conducting the type I financial instruments business11 Corporates, etc.

― ¥

― ¥

―

―

―

―

―

1,157,102――

1,157,102

12 Regulatory retail portfolios and individuals

―

―

―

―

―

―

―

―

―

13 Other assets

―

―

―

―

―

―

―

―

―

28,092 ¥703 ¥716,302 ¥58,745 ¥14 Total

199

― ¥

¥

― ¥ 1,258,621 ¥

5,226 ¥

― ¥ 2,067,692

Executive messages(D) CCR4: IRB - CCR Exposures by Portfolio and PD Scale (Advanced internal ratings-based (A-IRB)
approach)(Millions of yen, %, number in the thousands,year)

As of March 31, 2024

No.

PD scale

a

b

c

d

e

EAD
post-CRM

AveragePD(%)

Number ofcounterparty

Average
LGD(%)

Averagematurity

f

g

RWA

RWA
density(%)

Sovereign0.00 to <0.15¥ 16,591,748

0.00

0.0

36.78

0.15 to <0.25

―

―

―

―

4.8 ¥
―

148,380
―

0.89
―

3

0.25 to <0.50

3,220

0.41

0.0

36.78

5.0

2,409

74.80

4

0.50 to <0.75

―

―

―

―

―

―

―

5

0.75 to <2.50

5

0.77

0.0

36.78

1.0

2

53.22
86.68

6

2.50 to <10.00

383

2.70

0.0

36.78

1.0

332

7

10.00 to <100.00

―

―

―

―

―

―

―

8

100.00 (Default)

―

―

―

―

―

―

―

16,595,358

0.00

0.0

36.78

4.8

151,1240.91

9Sub-total

Story of Mizuho'svalue creation

1
2

0.00 to <0.15

―

―

―

―

―

―

―

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)

―

―

―

―

―

―

―

Sub-total

―

―

―

―

―

―

―
13.45

9

Governance for value
creation

1
2

Business strategies forvalue creation

Banks

0.00 to <0.15

269,100

0.08

0.3

36.70

0.9

36,2150.15 to <0.25

35,688

0.18

0.6

35.97

1.0

8,502

23.82

3

0.25 to <0.50

59,562

0.41

0.5

36.54

1.0

22,76538.22

40.50 to <0.75

―

―

―

―

―

―

―

5

0.75 to <2.50

167,595

1.04

0.6

36.56

0.8

99,51659.37

62.50 to <10.00

13,363

2.86

0.2

34.71

0.8

10,87281.35

710.00 to <100.00

1,321

12.95

0.0

34.48

1.0

1,972

149.19463

100.00

0.0

26.88

1.0

547,095

0.60

2.5

36.53

0.8 ¥

8

100.00 (Default)

9

Sub-total

¥

82

17.92

179,928

32.88

Appendix12

Data section

Corporate

200Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy
CCR4-(Continued)

No.

(Millions of yen, %, number in the thousands,year)
As of March 31, 2024

PD scaleabEAD
post-CRM

Average
PD
(%)

c

d

Number ofcounterparty

Average
LGD(%)

e
Averagematurity

f

g

RWA

RWA
density(%)

SME
10.00 to <0.15

14,071

0.12

0.0

36.35

1.0 ¥

2,135

15.17

2

0.15 to <0.25

¥

3,290

0.18

0.4

32.33

1.0

618

18.80
41.42

3

0.25 to <0.50

17,416

0.41

0.3

35.43

1.0

7,213

4

0.50 to <0.75

―

―

―

―

―

―

―

5

0.75 to <2.50

4,862

1.54

0.4

31.67

0.8

2,336

48.04

6

2.50 to <10.00

1,543

2.73

0.1

29.73

1.0

916

59.38

7

10.00 to <100.00

645

12.95

0.0

21.43

1.0

480

74.40

82

100.00

0.0

24.90

1.0

13

16.77

41,912

0.90

1.4

34.61

0.9

13,71532.72

8100.00 (Default)

9

Sub-total
Specialized Lending1

0.00 to <0.15

66,092

0.11

0.2

40.74

1.0

11,59217.53

20.15 to <0.25

15,337

0.18

0.0

36.78

1.0

3,619

23.60
38.23

3

0.25 to <0.50

27,632

0.41

0.0

36.78

1.0

10,5664

0.50 to <0.75

―

―

―

―

―

―

―

5

0.75 to <2.50

37,178

0.84

0.0

36.78

1.0

20,44054.97

62.50 to <10.00

1,875

2.92

0.0

39.53

1.0

1,784

95.14

7

10.00 to <100.00

88

12.95

0.0

36.78

1.0

140

159.14

1,432

100.00

0.0

47.72

1.0

768

53.62

149,637

1.35

0.3

38.67

1.0

48,91232.68

8100.00 (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)

―

―

―

―

―

―

―

Sub-total

―

―

―

―

―

―

―

9

Retails
10.00 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

266

1.68

0.5

29.39

/

96

36.09

6

2.50 to <10.00

5

3.59

0.0

37.01

/

2

52.87

7

10.00 to <100.00

9

14.38

0.0

19.30

/

3

36.72

8

100.00 (Default)

9

Sub-total

Total (all portfolios)

201

0

100.00

0.0

42.03

/

0

38.37

281

2.39

0.6

29.20

/

102

36.41

¥ 17,334,286

0.03

5.0

36.78

4.6 ¥

393,783

2.27

Executive messages(D) CCR4: IRB - CCR Exposures by Portfolio and PD Scale (Foundation internal ratings-based (F-IRB)
approach)(Millions of yen, %, number in the thousands,year)

As of March 31, 2024

No.

PD scale

a

b

c

d

e

EAD
post-CRM

AveragePD(%)

Number ofcounterparty

Average
LGD(%)

Averagematurity

f

g

RWA

RWA
density(%)

10.00 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)

―

―

―

―

―

―

―

Sub-total

―

―

―

―

―

―

―

9

Story of Mizuho'svalue creation

Sovereign0.00 to <0.15

2,745,563

0.05

0.3

45.00

1.6

541,31419.71

0.15 to <0.25

7,845

0.18

0.0

45.00

1.0

2,291

29.21
49.01

3

0.25 to <0.50

21,626

0.41

0.0

44.99

1.0

10,6004

0.50 to <0.75

―

―

―

―

―

―

―

5

0.75 to <2.50

1,483

1.04

0.0

45.00

1.0

1,083

73.07
105.916

2.50 to <10.00

8,423

2.70

0.0

45.00

0.9

8,921

7

10.00 to <100.00

―

―

―

―

―

―

―

8

100.00 (Default)

―

―

―

―

―

―

―

2,784,942

0.06

0.4

45.00

1.5

564,21220.25

9Sub-total

Governance for value
creation

1
2

Business strategies forvalue creation

Banks

0.00 to <0.15

1,604,287

0.07

1.9

39.99

0.9

228,08314.21

2

0.15 to <0.25

57,968

0.18

0.3

39.95

1.0

15,857

27.35
43.15

3

0.25 to <0.50

20,498

0.41

0.1

39.99

1.0

8,845

4

0.50 to <0.75

―

―

―

―

―

―

―

5

0.75 to <2.50

31,724

1.34

0.1

39.88

1.0

22,74571.69

62.50 to <10.00

50,152

2.98

0.1

40.00

1.0

48,83997.38

710.00 to <100.00

4,149

12.95

0.0

40.00

1.0

7,184

173.14857

100.000.0―¥ 1,769,639

0.26

2.7

39.97

8

100.00 (Default)

9

Sub-total

1.0
0.9 ¥

―

―

331,555

18.73

Appendix1

Data section

Corporate202Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy
CCR4-(Continued)

No.

(Millions of yen, %, number in the thousands,year)
As of March 31, 2024

PD scaleabEAD
post-CRM

Average
PD
(%)

c

d

Number ofcounterparty

Average
LGD(%)

e
Averagematurity

f

g

RWA

RWA
density(%)

SME
10.00 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)

―

―

―

―

―

―

―

Sub-total

―

―

―

―

―

―

―
―

9

Specialized Lending1

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)

―

―

―

―

―

―

―

Sub-total

―

―

―

―

―

―

―

9

Retails
10.00 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)

203

―

―

―

―

¥ 4,554,581

0.14

3.1

43.04

/
1.3 ¥

―

―

895,768

19.66

Executive messages(Millions of yen, %, number in the thousands,year)
As of March 31, 2023

No.

PD scale

a

b

c

d

EAD
post-CRM

AveragePD(%)

Number ofcounterparty

Average
LGD(%)

e
Averagematurity

f

g

RWA

RWA
density(%)

Sovereign0.00 to <0.15¥ 14,650,473

0.00

0.0

37.03

0.15 to <0.25

―

―

―

―

4.8 ¥
―

82,414
―

0.56
―

3

0.25 to <0.50

6,442

0.41

0.0

37.03

4.9

4,860

75.44

4

0.50 to <0.75

―

―

―

―

―

―

―

5

0.75 to <2.50

166

0.77

0.0

37.03

1.2

93

56.22

6

2.50 to <10.00

434

2.70

0.0

37.03

1.6

410

94.41

7

10.00 to <100.00

―

―

―

―

―

―

―

8

100.00 (Default)

―

―

―

―

―

―

―

9

Sub-total

14,657,516

0.00

0.0

37.03

4.8

87,7780.59

Story of Mizuho'svalue creation

1
2

0.00 to <0.15

2,635,921

0.04

0.2

37.03

2.7

554,91021.05

20.15 to <0.25

35,236

0.18

0.0

37.03

1.6

12,428

35.27
65.98

3

0.25 to <0.50

4,591

0.41

0.0

37.01

3.0

3,029

4

0.50 to <0.75

―

―

―

―

―

―

―

5

0.75 to <2.50

508

1.28

0.0

36.34

1.0

329

64.90
87.32

6

2.50 to <10.00

126

2.70

0.0

37.03

1.0

110

7

10.00 to <100.00

―

―

―

―

―

―

―

8

100.00 (Default)

0

100.00

0.0

96.18

1.0

―

29.24

2,676,383

0.05

0.3

37.02

2.7

570,80821.32

9

Sub-total

Business strategies forvalue creation

Banks
1

1,801,432

0.06

2.4

37.00

2.9

392,386

21.78

82,824

0.18

1.0

36.21

2.6

29,779

35.95
55.19

3

0.25 to <0.50

58,334

0.41

0.7

36.30

2.8

32,19540.50 to <0.75

―

―

―

―

―

―

―

5

0.75 to <2.50

89,966

0.95

0.8

36.34

3.1

70,42078.27

62.50 to <10.00

66,042

2.82

0.2

36.64

1.7

40,59261.46

7

10.00 to <100.00

4,052

12.97

0.1

34.75

1.8

6,370

157.203,318

100.00

0.0

26.33

1.3

1,095

33.01

¥ 2,105,971

0.38

5.5

36.89

2.9 ¥

572,84227.20

8100.00 (Default)

9

Sub-total

Data section

0.00 to <0.15
0.15 to <0.25

Appendix

1
2

Governance for value
creation

Corporate204

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy
CCR4-(Continued)

No.

(Millions of yen, %, number in the thousands,year)
As of March 31, 2023

PD scaleabEAD
post-CRM

Average
PD
(%)

c

d

Number ofcounterparty

Average
LGD(%)

e
Averagematurity

f

g

RWA

RWA
density(%)

SME
10.00 to <0.15

240

0.13

0.0

21.55

3.5 ¥

46

19.44

2

0.15 to <0.25

¥

4,131

0.18

0.5

26.55

3.0

1,029

24.91
50.56

3

0.25 to <0.50

24,629

0.41

0.4

35.69

3.4

12,45440.50 to <0.75

―

―

―

―

―

―

―

5

0.75 to <2.50

3,702

1.04

0.6

24.09

2.8

1,621

43.80

6

2.50 to <10.00

2,150

2.78

0.1

19.65

3.5

1,014

47.18

7

10.00 to <100.00

587

12.97

0.1

20.02

2.4

455

77.54

261

100.00

0.0

39.59

2.7

106

40.57

35,704

1.52

2.0

32.14

3.3

16,72846.85

8100.00 (Default)

9

Sub-total
Specialized Lending1

0.00 to <0.15

66,411

0.10

0.2

41.30

4.1

25,00137.64

20.15 to <0.25

37,924

0.18

0.0

37.03

4.7

19,602

51.68
71.81

3

0.25 to <0.50

26,972

0.41

0.0

37.03

4.6

19,3704

0.50 to <0.75

―

―

―

―

―

―

―

5

0.75 to <2.50

15,920

1.14

0.0

37.33

4.3

15,40096.73

62.50 to <10.00

2,759

3.22

0.0

37.03

3.1

3,136

113.657

10.00 to <100.00

413

12.97

0.0

37.03

4.9

816

197.258100.00 (Default)

1,513

100.00

0.0

52.26

3.5

826

54.62

9

Sub-total

151,916

1.37

0.3

39.08

4.3

84,15555.39

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)

―

―

―

―

―

―

―

Sub-total

―

―

―

―

―

―

―

9

Retails
10.00 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

341

1.74

0.8

27.83

/

118

34.67

6

2.50 to <10.00

3

3.65

0.0

19.61

/

1

28.07

7

10.00 to <100.00

15

14.40

0.0

15.88

/

4

30.02

8

100.00 (Default)

9

Sub-total

Total (all portfolios)

205

1

100.00

0.0

29.23

/

0

27.42

362

2.63

0.9

27.25

/

124

34.38

¥ 19,627,854

0.06

9.2

37.02

4.3 ¥ 1,332,439

6.78

Executive messages(E) CCR5: Composition of Collateral for CCR Exposure(Millions of yen)
As of March 31, 2024

b

c

d

e

Collateral used in derivative transactions

SegregatedNo.
1

Cash – domestic currency

2

Cash – other currencies¥

Fair value of posted
collateral

UnsegregatedSegregatedFair value of Fair value ofcollateralpostedreceived
collateral
Unsegregated― ¥1,528,618 ¥

492,572 ¥

1,379,984 ¥

4,232,136 ¥

8,876,999―

3,260,284―

2,160,120

34,810,463

13,707,380

3Domestic sovereign debt

32,338801,911

185,806

623,783

8,142,078

10,585,326

4

Other sovereign debt

49,682

971,047―

436,559

13,831,536

18,824,116

5Government agency debt

―

4,124

―

2,066

235,804

6,348,922

6

Corporate bonds―

293,496―

2,688

1,988,873

4,121,245

7Equity securities―

158,961―

181,482

3,295,014

3,913,601

8

Other collateral―

41,604―

918,936

235,410

2,785,428

9

Total

82,020 ¥7,060,049 ¥

678,379 ¥¥Story of Mizuho'svalue creation

Fair value of collateral
receivedfCollateral used in SFTs

5,705,622 ¥ 66,771,317 ¥ 69,163,021

Business strategies forvalue creationa(Millions of yen)
As of March 31, 2023
b

c

d

e

Collateral used in derivative transactions

1

Cash – domestic currency

2

Cash – other currencies

3¥

Unsegregated

4,784 ¥

SegregatedFair value of Fair value ofcollateralpostedreceived
collateral
Unsegregated495,588 ¥59,179 ¥697,171947,507643,622

1,297,214 ¥676,237

19,124,102

5,531,882 ¥

3,851,531
9,829,580

Domestic sovereign debt

44,651

446,386

164,028

382,5133,059,219

6,835,251
14,573,241

4

Other sovereign debt

563,164

158,230

576,469

60,3027,514,463

5

Government agency debt

12

781

―

781

171,125

36,561

6

Corporate bonds

474

26,602386

1,172

1,322,845

3,106,921

7Equity securities

655

339,934―

178,7942,648,329

2,632,480

8

Other collateral

―

―

―

―

17,477

213,358

9

Total

¥

1,310,915 ¥

2,415,031 ¥

1,443,686 ¥Governance for value
creation

SegregatedNo.

Fair value of posted
collateral

2,597,016 ¥ 39,389,446 ¥ 41,078,925

Data section

Fair value of collateral
receivedfCollateral used in SFTs

Appendixa206Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(F) ENC1: Status of Encumbered Assets(Millions of yen)
As of March 31, 2024

No.
1
2
3
4
5
6
7
8
9

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

10 Foreign Exchange Assets
Derivatives other than for Trading
11
Assets
12 Other Assets
13 Tangi ble Fixed Assets
14 Intangible Fixed Assets
15 Net Defined Benefit Asset
16 Deferred Tax Assets
Customers' Liabilities for Acceptances17
and Guarantees
Reserves for Possible Losses
18
on Loans
Reserve for Possible Losses
19
on Investments
20 Totalab

The amount ofassets pledged ascollateral

The amount ofassets not pledged ascollateral

¥

c

Total

92,232 ¥――72,876,667 ¥
1,259,964
20,533,096

72,968,900 ¥
1,259,964
20,533,096

―
―
―

―

2,357,463

2,357,463――
6,481,346―
20,890,135
8,433,505

4,174,891
14,900,097
583,647
17,355,287
84,345,275

4,174,891
21,381,444
583,647
38,245,422
92,778,781

1,615,370――
962,125
4,692,475―

2,259,701

2,259,701――

2,606,667

2,606,667―

2,389,468――――

4,974,895
1,139,470
725,142
847,116
135,428

7,364,363
1,139,470
725,142
847,116
135,428

22,170―――――10,098,502

10,098,502――(787,848)(787,848)

―

―
¥

d
of which:
Securitization
exposures

38,286,688 ¥

(4)

(4)

240,385,462 ¥―

278,672,151 ¥(G) CCR6: Credit Derivatives Exposures

7,292,142(Millions of yen)
As of March 31, 2024

No.

a

b

Protection bought

Protection soldNotionals
1
2
3
4
5
6

Single-name credit default swaps
Index credit default swaps
Total return swaps
Credit options
Other credit derivatives
Total notionals¥¥

2,449,864 ¥
8,690,456
1,096,193
151,400―
12,387,913 ¥

1,950,443
8,374,227
452,875――
10,777,546

59,795(225,333)

203,981(10,325)

Fair values
7
8

Positive fair value (asset)
Negative fair value (liability)(Millions of yen)
As of March 31, 2023
No.

a

b

Protection bought

Protection soldNotionals
1
2
3
4
5
6

Single-name credit default swaps
Index credit default swaps
Total return swaps
Credit options
Other credit derivatives
Total notionals¥¥

2,807,446 ¥
8,139,561
368,520――
11,315,528 ¥2,419,988
7,844,865
1,172,962――
11,437,815

15,480(105,366)

139,676(22,246)

Fair values
7
8

207

Positive fair value (asset)
Negative fair value (liability)(Billions of yen)No.

Exposure¥

1,008.3

2

Asset size

(103.7)

3

Credit quality of counterparties(18.7)

4

Model updates (EPE only)―

Methodology and policy (EPE only)―

Breakdown of changes during thisreporting period

5
6
7
8

Acquisitions and disposals―

Foreign currency fluctuations

49.5

Other

(0.1)

RWA as of March 31, 2023

9

Story of Mizuho'svalue creation

RWA as of March 31, 2022

1

Executive messages(H) CCR7: RWA flow statements of CCR exposures under EPE method

¥

935.1
(Billions of yen)

No.
¥

935.1

Asset size

(165.9)3

Credit quality of counterparties(15.3)

4

Model updates (EPE only)

5
6

Breakdown of changes during thisreporting period789Business strategies forvalue creation

RWA as of March 31, 2023

2―

Methodology and policy (EPE only)(150.9)Acquisitions and disposals―

Foreign currency fluctuations

73.3

Other

0.2

RWA as of March 31, 2024

¥

676.4

(I) CCR8: Exposures to Central Counterparties(Millions of yen)

Governance for value
creation

1

Exposure

As of March 31, 2024

2

Exposures to QCCPs (total)
Exposures for trades at QCCPs (excluding initial margin anddefault fund contributions); of which

¥

b
RWA
/ ¥
2,329,919

276,857
46,5993(i) OTC derivatives

492,592

9,853

4(ii) Exchange-traded derivatives

442,110

8,842

1,395,216

27,904――

5(iii) Securities financing transactions

6(iv) Netting sets where cross-product netting has been approved

7

Segregated initial margin

657,330/

8

Non-segregated initial margin

779,439

16,0269Pre-funded default fund contributions

630,812214,231

10

Unfunded default fund contributions

―

―

/

6,294

―

―

11 Exposures to non-QCCPs (total)
12

Exposures for trades at non-QCCPs (excluding initial margin anddefault fund contributions); of which

13(i) OTC derivatives

―

―

14

(ii) Exchange-traded derivatives

―

―

15

(iii) Securities financing transactions

―

―

16

(iv) Netting sets where cross-product netting has been approved

―

―

17

Segregated initial margin18

Non-segregated initial margin

―

/

6,294

6,294

19

Pre-funded default fund contributions

―

―

20

Unfunded default fund contributions――

Data section

1a
EAD (post-CRM)

AppendixNo.

208

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(Millions of yen)
As of March 31, 2023
No.
1
2

Exposures to QCCPs (total)
Exposures for trades at QCCPs (excluding initial margin anddefault fund contributions); of which

b
RWA
/ ¥
1,807,262

276,222
18,5773(i) OTC derivatives

303,892

2,551

4(ii) Exchange-traded derivatives

390,059

8,034

1,113,310

7,991

―

―

5

(iii) Securities financing transactions

6(iv) Netting sets where cross-product netting has been approved

7

Segregated initial margin

1,208,150

8/

Non-segregated initial margin763,395

14,9049Pre-funded default fund contributions

606,874

242,740

10

Unfunded default fund contributions

―

―

/

―

―

―

11 Exposures to non-QCCPs (total)
12

209

¥

a
EAD (post-CRM)

Exposures for trades at non-QCCPs (excluding initial margin anddefault fund contributions); of which

13(i) OTC derivatives

―

―

14

(ii) Exchange-traded derivatives

―

―

15

(iii) Securities financing transactions

―

―

16

(iv) Netting sets where cross-product netting has been approved

―

―

17

Segregated initial margin

―

/

18

Non-segregated initial margin

―

―

19

Pre-funded default fund contributions

―

―

20

Unfunded default fund contributions――

Executive messages■ CVA Risk
(1) Summary of Approaches Used for the Measurement of CVA Risk Equivalent and Transactions Subject
to the Measurement

Story of Mizuho'svalue creation

CVA risk equivalent is the amount of capital requirement in response to the risk of fluctuations in the market
value of exposures primarily due to changes in the credit quality of counterparties. We use the SA-CVA, full
BA-CVA and reduced BA-CVA approaches to calculate CVA risk equivalent. The transactions subject to themeasurement of CVA risk equivalent are derivatives transactions with counterparties other than central
counterparties, etc., (as stipulated in Article 270-2, Paragraph 2, each item of the FSA Notice No. 20).
(2) Summary of CVA Risk Profile and CVA Risk Management Structure
CVA risk is primarily affected by the credit quality of counterparties to derivatives transactions, market factors, etc.
We calculate CVA risk equivalent on a quarterly basis as part of the calculation of the capital adequacy ratio, andcompare them with the values calculated in the previous quarter to check for any changes. We seek to mitigate
CVA risk through the delivery and receipt of collateral under CSA agreements and through hedging activities by
CVA desks.

Business strategies forvalue creation(3) Management of CVA Risk under the Standardized Approach (SA-CVA)(i) Summary of CVA Risk Management Structure
We manage CVA risk through our market risk management structure, in principle.

Appendix

Data section

Governance for value
creation(ii) Summary of Senior Management Governance for Effective Functioning of CVA Risk Management
Structure
In our market risk management structure, the Risk Management Committee of Mizuho Financial Group determines,
discusses and coordinates the matters relating to CVA risk management. The Group CRO is responsible formatters relating to the planning and operations of CVA risk management. The Risk Management Department ofMizuho Financial Group is responsible for CVA risk monitoring, reporting, analyzing, making proposals, setting
limits/guidelines, and formulating/implementing plans relating to CVA risk management. The CVA risk situation is,
as part of the market risk situation, reported to our President & Group CEO on a daily basis, and to our Boardof Directors and the Risk Management Committee of Mizuho Financial Group on a regular basis.

210Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(4) Quantitative Disclosure on CVA Risk
(A) CVA1: The Reduced Basic Approach for CVA (BA-CVA)(Millions of yen)
As of March 31, 2024
a

No.
1

b

Components

CVA risk equivalent

Aggregation of systematic components of CVA risk

136,4572Aggregation of idiosyncratic components of CVA risk

24,106

3

Total

46,793(B) CVA2: The Full Basic Approach for CVA (BA-CVA)(Millions of yen)
As of March 31, 2024a

No.

CVA risk equivalent

1

K Reduced

70,275

2

K Hedged

64,462

3

Total

65,915(C) CVA3: The Standardized Approach for CVA (SA-CVA)(Millions of yen, number)
As of March 31, 2024
a

No.
1

b

CVA risk equivalent

Number of counterparties

Interest rate risk

2,964
5,730

2

Foreign exchange risk

3

Reference credit spread risk―

4

Equity risk―

5

Commodity risk

6

Counterparty credit spread risk

31,695

―

7

Total

40,390(D) CVA4: CVA risk equivalent Flow Statements of CVA Risk Exposures

7,281(Millions of yen)
As of March 31, 2024

No.
1
2

CVA risk equivalent
CVA as of March31, 2023
CVA as of March31, 2024
Key drivers of the change

211

153,098

Executive messages■ Securitization Exposures
We classify transactions as securitization exposures based on two characteristics, "non-recourse" and"senior/subordinated structure," pursuant to the definitions set forth in the FSA Notice No. 20, etc.; provided thatthe transactions do not include those which fall within specialized lending exposure.

Story of Mizuho'svalue creation(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 and trading book.
(a) Securitization of our assets ("Securitization as originator")
For the purposes of mitigating credit risk and credit concentration risk, controlling economic capital andresponding to the needs of our investors, etc., we engage in securitization transactions, the underlying assetsof 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 of return on risk as well as the practical effects of risk transfers, andmake a comprehensive judgment on the structure and appropriateness of such transactions.

Business strategies forvalue creation(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 areon-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 addition to gaining firm understanding of the actual risk profile through due diligencefrom the viewpoint of investors, we assign internal ratings and make evaluations by assessing suchtransactions and carefully managing the exposure together with other direct loan assets.

Governance for value
creation(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, theunderlying 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 maintain a 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.

Data section

In addition, we undertake various securitization program arrangements such as ABL, ABCP and trust
schemes, etc., as a means 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 tothe 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 as originators 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 FUNDING CORPORATION, and PERPETUAL FUNDING CORPORATION.
There are no securitization conduits that provide credit enhancement beyond what is provided in agreements.

Appendix

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 ofthese products also contains risks related to the originators, the administrators, trustees and managers of theunderlying assets.
To address these risks, we also analyze the structure in terms of the underlying assets and credit events.
We monitor the ability, quality and operating performance of originators and managers in charge of controllingthe underlying assets as well 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 internal ratings to all products and review the rating at least once ayear. 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 the risk characteristics of
securitization exposures and manage these exposures.
We conduct credit risk measurements on all credit transactions, including securitization transactions.
Furthermore, we carry out periodic monitoring on investment amount and performance on securitizationtransactions and report the situations to our Risk Management Committee, etc.

212Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy
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 a certain asset and it has a rating obtained from an eligible external credit assessment
institution, we apply the External rating-based approach ("ERBA") We apply the standardized approach ("SA")in other cases pursuant to the FSA Notice No. 20. We apply a risk weight of 1250% under Basel III whenneither 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 thestandardized measurement method and calculate market risk equivalent amounts in connection withsecuritization 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), S&P Global Ratings(S&P) and Fitch Ratings, Ltd. in determining securitization exposure risk weight.
(2) Accounting Policies for Securitization Transactions
The point at which financial assets and liabilities relating to securitization transactions begin or cease to berecognized, 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(A) SEC1: Securitization Exposures in the Banking Book by Type of Underlying Assets(Millions of yen)

As of March 31, 2024
a

b

c

d

Bank acts as originatorNo.

type of underlying assets Traditional Synthetic

1

Retail (total) - of which ¥

― ¥

e

f

Sub-total Traditional Synthetic― ¥gBank acts as sponsor― ¥ 2,528,847 ¥hiBanks acts as investor

Sub-total Traditional Synthetic― ¥ 2,528,847 ¥ 2,708,885 ¥Sub-total― ¥ 2,708,885

2

residential mortgage

―

―

―

50,000―50,000506,127―

3

credit card

―

―

―

1,219,162―

1,219,162

60,569―506,127
60,5694other retail exposures

―

―

―

1,259,685―

1,259,685

2,142,188―

2,142,188

―

―

―

―

―

―

―

―

―

6

Wholesale (total) - of which

325,795―

325,795

500,086―

500,086

4,863,847―

4,863,847

7

loans to corporates

325,795―

325,795

113,870―

113,870

356,566―

356,566

8commercial mortgage

―

―

―

―

―

―

―

―

―

9

lease and receivables

―

―

―

172,264―

172,264

1,631,003―

1,631,003

5re-securitization

10

other wholesale

―

―

―

213,951―

213,951

2,876,277―

2,876,277

11re-securitization

―

―

―

―

―

―

―

―

―

(Millions of yen)
As of March 31, 2023
a

b

c

d

Bank acts as originatorNo.

type of underlying assets Traditional Synthetic

1

Retail (total) - of which ¥f

Sub-total Traditional Synthetic― ¥g― ¥ 2,242,683 ¥hiBanks acts as investor

Sub-total Traditional Synthetic― ¥ 2,242,683 ¥ 2,105,480 ¥Sub-total― ¥ 2,105,480

2

residential mortgage

―

―

―

―

―

―

568,648―3

credit card

―

―

―

1,029,428―

1,029,428

91,222―

91,2224other retail exposures

―

―

―

1,213,254―

1,213,254

1,445,609―

1,445,609

568,648

―

―

―

―

―

―

―

―

―

6

Wholesale (total) - of which

237,504

15,999253,503

212,469―

212,469

1,845,464―

1,845,464

7

loans to corporates

237,504

15,999253,503

200

―

200

320,889―

320,8898commercial mortgage

―

―

―

―

―

―

―

―

―

9

lease and receivables

―

―

―

212,268―

212,268

1,161,571―

1,161,571

5

213

― ¥

e

Bank acts as sponsor

re-securitization

10

other wholesale

―

―

―

―

―

―

363,002―363,002

11

re-securitization

―

―

―

―

―

―

―

―

―

Executive messages(B) SEC2: Securitization Exposures in the Trading Book by Type of Underlying Assets(Millions of yen)

As of March 31, 2024
c

d

No.

type of underlying assets Traditional Synthetic

1

Retail (total) - of which ¥2

residential mortgage

e

f

g

Bank acts as sponsor

Sub-total Traditional SynthetichiBanks acts as investor

Sub-total Traditional Synthetic

Sub-total

― ¥

― ¥

― ¥

― ¥

― ¥

― ¥

39,246 ¥― ¥39,246

―

―

―

―

―

―

26,683―

26,6833

credit card

―

―

―

―

―

―

904

―

904

4

other retail exposures

―

―

―

―

―

―

11,658―

11,658re-securitization

―

―

―

―

―

―

0

―

0

―

―

―

―

―

―

92,523―92,52392,4985
6Wholesale (total) - of which

7loans to corporates

―

―

―

―

―

―

92,498―8commercial mortgage

―

―

―

―

―

―

―

―

―

9

lease and receivables

―

―

―

―

―

―

25

―

25

10

other wholesale

―

―

―

―

―

―

―

―

―

11

re-securitization

―

―

―

―

―

―

―

―

―

Story of Mizuho'svalue creationb

Bank acts as originator

Business strategies forvalue creationa(Millions of yen)
As of March 31, 2023d

No.

type of underlying assets Traditional Synthetic

1

Retail (total) - of which ¥2

residential mortgage

e

f

g

Bank acts as sponsor

Sub-total Traditional SynthetichiBanks acts as investor

Sub-total Traditional Synthetic

Sub-total

― ¥

― ¥

― ¥

― ¥

― ¥

― ¥

13,624 ¥― ¥13,624

―

―

―

―

―

―

12,212―

12,2123

credit card

―

―

―

―

―

―

―

―

―

4

other retail exposures

―

―

―

―

―

―

1,412

―

1,412

re-securitization

―

―

―

―

―

―

0

―

0

―

―

―

―

―

―

31,282―

31,282
31,2825
6Wholesale (total) - of which

7loans to corporates

―

―

―

―

―

―

31,282―8commercial mortgage

―

―

―

―

―

―

―

―

―

9

lease and receivables

―

―

―

―

―

―

―

―

―

10

other wholesale

―

―

―

―

―

―

―

―

―

11

re-securitization

―

―

―

―

―

―

―

―

―

Governance for value
creationc

Data sectionb

Bank acts as originator

Appendixa214Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(C) SEC3: Securitization Exposures in the Banking Book and Associated Regulatory Capital Requirements Bank Acting as Originator or as Sponsor(Millions of yen)ab

As of March 31, 2024
d
e

c

f

g

h

Of which
Of which
Of which
Of which Of which
Total
Traditional Of which
retailresenior
non-senior
exposures securitization securitization underlying wholesale securitization

No.
Exposure values (by RW bands)
1 <20% RW¥ 2,733,916 ¥ 2,733,916 ¥ 2,733,916 ¥ 2,078,910 ¥
2 >20% to 50% RW
514,853514,853514,853
356,130
3 >50% to 100% RW
83,627
83,627
83,627
83,593
4 >100% to <1250% RW
29,22329,22329,223
15,1405 1250% RW
73
73
73
73
Exposure values (by regulatory approach)
6 Internal Ratings-Based Approach (SEC-IRBA) 3,176,371 3,176,371 3,176,371 2,483,774
External Ratings-Based Approach (SEC-ERBA)
750,00050,00050,00050,000or Internal Assessment Approach (IAA)
8 Standardized Approach (SEC-SA)
135,249
135,249
135,249―
9 1250%7373
7373
RWA (by regulatory approach)
10 Internal Ratings-Based Approach (SEC-IRBA)
704,865
704,865
704,865
522,189
External Ratings-Based Approach (SEC-ERBA)
11
10,00010,00010,00010,000or Internal Assessment Approach (IAA)
12 Standardised Approach (SEC-SA)
22,05522,05522,055―13 1250%
913
913
913
913
Capital charge after cap (by regulatory approach)
14 Internal Ratings-Based Approach (SEC-IRBA)
56,38956,38956,38941,775External Ratings-Based Approach (SEC-ERBA)
15
800
800
800
800
or Internal Assessment Approach (IAA)
16 Standardized Approach (SEC-SA)
1,764
1,764
1,764
―
17 1250%
73
73
73
73

i

655,005 ¥158,72233
14,083
―

― ¥
―
―
―
―

― ¥
―
―
―
―

―
―
―
―
―

692,596

―

―

―

―

―

―

―

135,249
―

―
―

―
―

―
―

182,676

―

―

―

―

―

―

―

22,055
―

―
―

―
―

―
―

14,614

―

―

―

―

―

―

―

1,764
―

―
―

―
―

―
―

As of March 31, 2024
k
l
m

j

n

o

Of which
Of which
Synthetic Of which
Of which
Of which Of which
retailresecuritization securitization underlying wholesale securitization
seniornon-senior

No.
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)―
External Ratings-Based Approach (SEC-ERBA)
7―
or Internal Assessment Approach (IAA)
8 Standardized Approach (SEC-SA)―
9 1250%―RWA (by regulatory approach)
10 Internal Ratings-Based Approach (SEC-IRBA)―
External Ratings-Based Approach (SEC-ERBA)
11―
or Internal Assessment Approach (IAA)
12 Standardised Approach (SEC-SA)―
13 1250%―
Capital charge after cap (by regulatory approach)
14 Internal Ratings-Based Approach (SEC-IRBA)―
External Ratings-Based Approach (SEC-ERBA)
15―
or Internal Assessment Approach (IAA)
16 Standardized Approach (SEC-SA)―
17 1250%
―

215

― ¥
―
―
―
―

― ¥
―
―
―
―

― ¥
―
―
―
―

― ¥
―
―
―
―

― ¥
―
―
―
―

―
―
―
―
―

―

―

―

―

―

―

―

―

―

―

―

―

―
―

―
―

―
―

―
―

―
―

―
―

―

―

―

―

―

―

―

―

―

―

―

―

―
―

―
―

―
―

―
―

―
―

―
―

―

―

―

―

―

―

―

―

―

―

―

―

―
―

―
―

―
―

―
―

―
―

―
―

Executive messages(Millions of yen)
a

c

g

h

― ¥
―
―
―
―

―
―
―
―
―

449,973
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

96,258
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

7,700
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

As of March 31, 2023
k
l
m

j

n

Business strategies forvalue creation

― ¥
―
―
―
―

Governance for value
creationi439,042 ¥
7,131
84
3,713
―

Story of Mizuho'svalue creation

Of which
Of which
Of which
Of which Of which
Total
Traditional Of which
retailresenior
non-senior
exposures securitization securitization underlying wholesale securitization

Exposure values (by RW bands)
1 <20% RW¥ 2,276,607 ¥ 2,261,865 ¥ 2,261,865 ¥ 1,822,823 ¥
2 >20% to 50% RW
315,259
315,260
315,260
308,128
3 >50% to 100% RW
58,30558,30658,30658,2214 >100% to <1250% RW
58,41857,161
57,16153,4475 1250% RW
62
62
62
62
Exposure values (by regulatory approach)
6 Internal Ratings-Based Approach (SEC-IRBA) 2,708,593 2,692,594 2,692,594 2,242,620――――
7 External Ratings-Based Approach (SEC-ERBA)
8 Standardised Approach (SEC-SA)――――
9 1250%6262
6262
RWA (by regulatory approach)
622,461
620,250
620,250
523,991
10 Internal Ratings-Based Approach (SEC-IRBA)――――
11 External Ratings-Based Approach (SEC-ERBA)
12 Standardised Approach (SEC-SA)――――
13 1250%
782
782
782
782
Capital charge after cap
49,796
49,62049,62041,91914 Internal Ratings-Based Approach (SEC-IRBA)――――
15 External Ratings-Based Approach (SEC-ERBA)
16 Standardised Approach (SEC-SA)――――
17 1250%
62
62
62
62

o

Of which
Of which
Of which
Of which Of which
Synthetic Of which
retailresecuritization securitization underlying wholesale securitization
seniornon-senior

Exposure values (by RW bands)
1 <20% RW¥
14,742 ¥2 >20% to 50% RW―
3 >50% to 100% RW―
4 >100% to <1250% RW
1,257
5 1250% RW―
Exposure values (by regulatory approach)
15,9996 Internal Ratings-Based Approach (SEC-IRBA)―
7 External Ratings-Based Approach (SEC-ERBA)
8 Standardised Approach (SEC-SA)―
9 1250%―RWA (by regulatory approach)
2,211
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
176
14 Internal Ratings-Based Approach (SEC-IRBA)―
15 External Ratings-Based Approach (SEC-ERBA)
16 Standardised Approach (SEC-SA)―
17 1250%―

14,742 ¥
―
―
1,257
―

― ¥
―
―
―
―

14,742 ¥
―
―
1,257
―

― ¥
―
―
―
―

― ¥
―
―
―
―

―
―
―
―
―

15,999
―
―
―

―
―
―
―

15,999
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

2,211
―
―
―

―
―
―
―

2,211
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

176
―
―
―

―
―
―
―

176
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

Data section

No.

fAppendixNo.

b

As of March 31, 2023
d
e

216

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(D) SEC4: Securitization Exposures in the Banking Book and Associated Regulatory Capital Requirements Bank Acting as Investor(Millions of yen)ab

As of March 31, 2024
d
e

c

f

g

h

Of which
Of which
Of which
Of which Of which
Total
Traditional Of which
retailresenior
non-senior
exposures securitization securitization underlying wholesale securitization

No.
Exposure values (by RW bands)
1 <20% RW¥ 6,619,402 ¥ 6,619,402 ¥ 6,619,402 ¥ 2,334,689 ¥ 4,284,712 ¥
2 >20% to 50% RW
326,600
326,600
326,600
176,823
149,776
3 >50% to 100% RW
537,769
537,769
537,769
140,543
397,225
4 >100% to <1250% RW
88,96088,96088,96056,82832,1315 1250% RW
―
―
―
―
―
Exposure values (by regulatory approach)
6 Internal Ratings-Based Approach (SEC-IRBA) 4,249,646 4,249,646 4,249,646 2,202,294 2,047,351
External Ratings-Based Approach (SEC-ERBA)
7
835,755
835,755
835,755
506,590329,164
or Internal Assessment Approach (IAA)
8 Standardized Approach (SEC-SA)
2,487,330 2,487,330 2,487,330― 2,487,330
9 1250%―――――RWA (by regulatory approach)
10 Internal Ratings-Based Approach (SEC-IRBA) 1,190,844 1,190,844 1,190,844
593,877
596,967
External Ratings-Based Approach (SEC-ERBA)
11
121,628
121,628
121,628
53,52968,099or Internal Assessment Approach (IAA)
12 Standardised Approach (SEC-SA)
415,626
415,626
415,626―
415,626
13 1250%―――――
Capital charge after cap (by regulatory approach)
14 Internal Ratings-Based Approach (SEC-IRBA)
95,267
95,267
95,26747,51047,757External Ratings-Based Approach (SEC-ERBA)
15
9,730
9,730
9,730
4,282
5,447
or Internal Assessment Approach (IAA)
16 Standardized Approach (SEC-SA)
33,25033,25033,250―33,25017 1250%
―
―
―
―
―

i

As of March 31, 2024
k
l
m

j

― ¥
―
―
―
―

― ¥
―
―
―
―

―
―
―
―
―

―

―

―

―

―

―

―
―

―
―

―
―

―

―

―

―

―

―

―
―

―
―

―
―

―

―

―

―

―

―

―
―

―
―

―
―

n

o

Of which
Of which
Synthetic Of which
Of which
Of which Of which
retailresecuritization securitization underlying wholesale securitization
seniornon-senior

No.
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)―
External Ratings-Based Approach (SEC-ERBA)
7―
or Internal Assessment Approach (IAA)
8 Standardized Approach (SEC-SA)―
9 1250%―RWA (by regulatory approach)
10 Internal Ratings-Based Approach (SEC-IRBA)―
External Ratings-Based Approach (SEC-ERBA)
11―
or Internal Assessment Approach (IAA)
12 Standardised Approach (SEC-SA)―
13 1250%―
Capital charge after cap (by regulatory approach)
14 Internal Ratings-Based Approach (SEC-IRBA)―
External Ratings-Based Approach (SEC-ERBA)
15―
or Internal Assessment Approach (IAA)
16 Standardized Approach (SEC-SA)―
17 1250%
―

217

― ¥
―
―
―
―

― ¥
―
―
―
―

― ¥
―
―
―
―

― ¥
―
―
―
―

― ¥
―
―
―
―

―
―
―
―
―

―

―

―

―

―

―

―

―

―

―

―

―

―
―

―
―

―
―

―
―

―
―

―
―

―

―

―

―

―

―

―

―

―

―

―

―

―
―

―
―

―
―

―
―

―
―

―
―

―

―

―

―

―

―

―

―

―

―

―

―

―
―

―
―

―
―

―
―

―
―

―
―

Executive messages(Millions of yen)
a

c

f

h

As of March 31, 2023
k
l
m

j

―
―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

n

Business strategies forvalue creation

― ¥
―
―
―
―

Governance for value
creation

i

― ¥
―
―
―
―

Story of Mizuho'svalue creation

Of which
Of which
Of which
Of which Of which
Total
Traditional Of which
retailresenior
non-senior
exposures securitization securitization underlying wholesale securitization

Exposure values (by RW bands)
1 <20% RW¥ 3,349,690 ¥ 3,349,690 ¥ 3,349,690 ¥ 1,746,626 ¥ 1,603,063 ¥2 >20% to 50% RW
428,506
428,506
428,506
232,181
196,324
3 >50% to 100% RW
162,245
162,245
162,245
126,672
35,573
4 >100% to <1250% RW
10,492
10,492
10,492―
10,4925 1250% RW
10
10
10
―
10
Exposure values (by regulatory approach)
6 Internal Ratings-Based Approach (SEC-IRBA) 3,063,437 3,063,437 3,063,437 1,538,147 1,525,290
886,134
886,134
886,134
567,333
318,801
7 External Ratings-Based Approach (SEC-ERBA)
8 Standardised Approach (SEC-SA)
1,362
1,362
1,362
―
1,362
9 1250%
10
10
10
―
10
RWA (by regulatory approach)
644,381644,381644,381334,317
310,063
10 Internal Ratings-Based Approach (SEC-IRBA)
153,953
153,953
153,953
61,132
92,82011 External Ratings-Based Approach (SEC-ERBA)
12 Standardised Approach (SEC-SA)
204
204
204
―
204
13 1250%
125
125
125
―
125
Capital charge after cap
51,55051,55051,55026,74524,805
14 Internal Ratings-Based Approach (SEC-IRBA)
12,316
12,316
12,3164,890
7,425
15 External Ratings-Based Approach (SEC-ERBA)
16 Standardised Approach (SEC-SA)
16
16
16
―
16
17 1250%
10
10
10
―
10

o

Of which
Of which
Of which
Of which Of which
Synthetic Of which
retailresecuritization securitization underlying wholesale securitization
seniornon-senior

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%

― ¥
―
―
―
―

― ¥
―
―
―
―

― ¥
―
―
―
―

― ¥
―
―
―
―

― ¥
―
―
―
―

― ¥
―
―
―
―

―
―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

―
―
―
―

Data section

No.

gAppendixNo.

b

As of March 31, 2023
d
e

218

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy■ Market Risk
See pages 115 to 117 for information regarding our market risk management structure, etc.
(1) Trading Activities
For the measurement of the market risk equivalent amount under the regulatory capital requirements of our group,
we adopt the standardized approach method in principle, measuring those of our consolidated companies. As forthe measurement of the market risk equivalent amount for certain consolidated subsidiary corporations, we adopt
the simplified standardized approach method, and calculate and report their entire market risk equivalent amount.
(A) MR1: Market risk under standardized approach(Millions of yen)
As of March 31, 2024

No.

Risk equivalent amount1

General interest rate risk

2

Equity risk¥

43,926
29,846

3

Commodity risk

9,785

4

Foreign exchange risk

39,691

5

Credit spread risk - non-securitizations

64,713

6

Credit spread risk - securitizations (non-correlation trading portfolio)

8,030

7

Credit spread risk - securitization (correlation trading portfolio)

8

Default risk - non-securitizations

39,393

9

Default risk - securitizations (non-correlation trading portfolio)

20,579―10 Default risk - securitizations (correlation trading portfolio)―

11 Residual risk add-on

28,388Other
12 Total―¥

284,355(Millions of yen)No.
1 Interest rate risk (general and specific)

As of March 31, 2023
RWA
(Risk equivalent / 8%)¥

537,6642Equity risk (general and specific)

3

Foreign exchange risk

17,176

4Commodity risk

14,868262,976

Options5

Simplified approach―

6

Delta-plus method

3,447

7

219

Scenario approach

8

Securitization

9

Total

―
192,675¥

1,028,809

Stressed
VAR
VAR
467.5 ¥
912.9 ¥

No.
1a

RWA as of March 31, 2022

1b

Adjustment to RWA as of March 31, 2022

2.56

1c

IMA values as of March 31, 2022

182.3

¥

(Billions of yen)
C

D

IRC

E

CRM

F

Other

Total
1,380.5

― ¥

―

/ ¥

2.55

―

―

/

2.56

356.7

―

―

/

539.0

2

Change in risk levels(164.7)(130.3)――/(295.0)3Model updates/changes

―

―

―

―

/

―

Methodology and policy

―

―

―

―

/

―

Acquisitions and disposals

―

―

―

―

/

―

(214.6)(144.1)――/(358.8)

Breakdown ofchanges during
this reporting
period456Foreign currency fluctuations

468.4

260.9

―

―

/

729.3

8a

IMA values as of March 31, 2023

271.3

343.1

―

―

/

614.4

8b

Adjustment to RWA as of March 31, 2023

2.49

2.79

―

―

/

2.66

8c

RWA as of March 31, 2023

676.6

959.0

―

―

/

1,635.6

7

Other(C) MR3: IMA values for trading portfolios

Story of Mizuho'svalue creation

B

Business strategies forvalue creationA

Executive messages(B) MR2: RWA flow statements of market risk exposures under IMA(Millions of yen)No.

As of March 31, 2023
VAR (10 day 99%)

1

Maximum value

2

Average value¥

25,643
17,104

3

Minimum value

9,303

4

Period end

21,704

5

Maximum value

35,088

6

Average value

25,213

7

Minimum value

16,2128

Period end

27,4549

Maximum value―

10 Average value―

Governance for value
creationStressed VAR (10 day 99%)

Incremental Risk Charge (99.9%)

11 Minimum value―

12 Period end―

Comprehensive Risk Capital Charge (99.9%)―

14 Average value―

15 Minimum value―

16 Period end―

17 Floor (standardized measurement method)―

Data section

13 Maximum value

Appendix

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 10-business 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 fullrevaluation method, a sensitivity-based approach and the like. We consider change width or rate as market volatility of risk
factors according to product attributes.
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, we select 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.

220Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(D) MR3: Market risk under the simplified standardized approach(Millions of yen)

As of March 31, 2024

a

b

c

d

Options

Outright products

Simplifed
approach

Delta-plus
methodScenario
approachNo.
1Interest rate risk

―

―

2

Equity risk

―

―

―

―

3

Commodity risk

―

―

―

―

4

Foreign exchange risk

¥1,500―――5

Securitisation

6

Total

―

―

―

―

―

―
¥1,500(E) MR4: Back testing results of IMA
As of March 31, 2023

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, 2023 (0 as of March 31, 2022).

(2) Banking Activities
To comply with Interest Rate Risk in our group's the Banking Book (IRRBB) requirements, we are required to
calculate expected changes in the economic value of equity (ΔEVE) arising from banking activities and expectedchanges in net interest income (ΔNII) from the reference date until the date no later than 12 months from thereference date under interest rate shock scenarios (i.e. parallel up and downwards shifts in the yield curve andthe like). ΔEVE and ΔNII change according to changes in the banking portfolio.

221

Executive messages(A) IRRBB1: Interest rate risk

(Millions of yen)
a

b

c

d

ΔEVE

1

Parallel up

2

Parallel down

9,112

0

844,684

3

Steepener

206,714110,826//

4

Flattener

167,074

106,377//

702,418

5

Short rate up

300,646

202,748//

6

Short rate down

53,36726,321//

7

Maximum

598,799

363,912844,684e8

Tier1 capital¥

As of March 31, 2024
10,801,836 ¥Story of Mizuho'svalue creation

No.

ΔNII
As of March As of March As of March As of March
31, 2024
31, 2023
31, 2024
31, 2023¥
598,799 ¥363,912 ¥(549,771) ¥(488,285)

702,418f

As of March 31, 2023
9,803,395

Governance for value
creation

Business strategies forvalue creation

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 money as desired on demand, we measure the interest rate risk associated withsuch deposits by applying an appropriate method after recognizing them as core deposits. The average repricing maturities
are 0.8 years for yen deposits and 0.6 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 andcancellation 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.

(3) Transfers between the trading book and the banking book, Risk transfer through internal transactions
In our group, no products were transferred between the trading book and the banking book. For risk transfer
through internal transactions (derivatives among the bank's internal organizations or books) from the banking bookto the trading book, such transfers are conducted through the internal transaction desk and hedged as needed.

■ Investment or Equity Exposure

Data section(1) Summary of Risk Profile, Risk Management Policies / Procedures and Structure

Appendix

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 weinvest, we manage their risks on a consolidated basis, and manage them appropriately in accordance with their
management classification. In addition, securities, a part of equity exposure, are valued as follows: Securities arestated at market price (cost of securities sold is calculated primarily by the moving average method). Stocks andothers without a quoted market price are stated at acquisition cost and determined by the moving averagemethod.

222

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy■ Operational risk
(1) Summary of Operational Risk Management and Procedures
See pages 119 to 120 for a summary of our operational risk management policies, etc.
(2) Calculation of BI
The Business Indicator (BI) is calculated by summing up Interest, Lease and Dividend Component (ILDC),
Services Component (SC) and Financial Component (FC) in accordance with the Consolidated Capital Adequacy
Ratio Notification, Article 283.
(3) Calculation of ILM
For Mizuho Financial Group, Inc., Mizuho Bank, Ltd., Mizuho Trust & Banking Co., Ltd. and Mizuho Securities
Co., Ltd., Internal Loss Multiplier (ILM) is calculated by the method stipulated in Article 284, Paragraph 1, Item 1of the Consolidated Capital Adequacy Ratio Notification.
For other consolidated subsidiaries, Internal Loss Multiplier (ILM) is calculated as conservative estimates by themethod stipulated in Article 284, Paragraph 1, Item 4 of the Consolidated Capital Adequacy Ratio Notification.
(4) Consolidated Subsidiaries or Business Units Excluded from the Calculation of BI for Calculating theAmount Equivalent to Operational Risk
Not applicable.
(5) Operational Risk Losses Excluded from the Calculation of ILM for Calculating the Amount Equivalent toOperational Risk
Not applicable.
(6) Quantitative Disclosure Items Concerning Operational Risk

223

Executive messages(A) OR1: Historical losses(Millions of yen, number)

a

b

c

T
T-1
Rows
Losses greater than 2 millions of yen

d

e

f

g

T-2

T-3

T-4

T-5

h

T-6

i

j

k
Ten-yearaverage

T-7

T-8

T-9

1

Total amount of operational
losses net of recoveries(no exclusions)

7,137

941

2,528

2,490

3,394

2,221

885

1,226

6,031

1,264

2,812

2

Total number ofoperational risk losses

175

140

115

88

87

75

47

65

156

83

103

3

Total amount of excluded
operational risk losses

―

―

―

―

―

―

―

―

―

―

―

4

Total number of exclusions

―

―

―

―

―

―

―

―

―

―

―

5

Total amount of operational
losses net of recoveries
and net of excluded losses

7,137

941

2,528

2,490

3,394

2,221

885

1,226

6,031

1,264

2,812

Story of Mizuho'svalue creation

As of March 31, 2024

6

Total amount of operational
losses net of recoveries(no exclusions)

6,549

442

2,213

2,226

3,119

2,041

753

1,001

5,631

973

2,495

7

Total number ofoperational risk losses

22

9

20

12

18

25

12

21

76

24

23

8

Total amount of excluded
operational risk losses

―

―

―

―

―

―

―

―

―

―

―

9

Total number of exclusions

―

―

―

―

―

―

―

―

―

―

―

10

Total amount of operational
losses net of recoveries
and net of excluded losses

6,549

442

2,213

2,226

3,119

2,041

753

1,001

5,631

973

2,495

Business strategies forvalue creation

Losses greater than 10 millions of yen

11

Are losses used to calculate
the ILM (yes/no)?

yes

yes

yes

yes

yes

yes

yes

yes

yes

yes

yes

12

If "no" in row 11, is the exclusionof internal loss data due tonon-compliance with the minimum
loss data standards (yes/no)?

―

―

―

―

―

―

―

―

―

―

―

Governance for value
creation

Details of operational risk capital calculation

Appendix

Data section

Note: For consolidated subsidiaries other than Mizuho Financial Group, Inc., Mizuho Bank, Ltd., Mizuho Trust & Banking Co., Ltd., andMizuho Securities Co., Ltd., conservative estimates are used for the ILM due to not meeting the standards stipulated in Article
288, Paragraph 1 of the Consolidated Capital Adequacy Ratio Notification.

224

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(B) OR2: Business Indicator and subcomponents(Millions of yen)
As of March 31, 2024

Rows
1

ILDC

a

b

c

T

T-1

T-2

1,061,009

2Interest and lease income

5,683,838

3,087,477

3Interest and lease expense

4,884,924

2,217,636

315,550

4Interest earning assets

173,302,063

159,608,000

161,312,521

88,69790,737

102,660

5
6

Dividend income
SC1,206,349

1,239,926

7

Fee and commission income

1,121,722

974,492

966,065

8

Fee and commission expense

203,627

163,841

164,579

9

Other operating income

154,474

140,175

146,418

10

Other operating expense

60,551

57,95057,25511

FC725,077

12

Net profit (loss) on trading book803,101

562,059

386,928

13

Net profit (loss) on non-trading book

24,233(50,657)(62,391)

14

BI

15

BIC

16

BI gross of excluded divested activities

17

Reduction in BI due to excluded divested activities

3,026,013
428,835
3,026,013―

Note: For each consolidated subsidiary using conservative estimates for the ILM as stipulated in Article 284, Paragraph 1, Item 4 of
the Consolidated Capital Adequacy Ratio Notification, the amounts of each component constituting the BIC are calculated
according to the formula provided in Article 283, Paragraph 2 of the same notification. Consequently, the values for items 1, 6,
and 11 do not match the amounts calculated from the values for items 2-5, 7-10, 12, and 13 using the same formula.

(C) OR3: Minimum required operational risk capital(Millions of yen)
As of March 31, 2024

225

Rows
1

BIC

2

ILM

3

Minimum required operational risk capital4

Operational risk RWA

428,8350.76
326,013
4,075,171

Executive messages■ Composition of Leverage Ratio(Millions of yen, except percentages)

1

Total assets reported in the consolidated balance sheet

1b

2

The amount of assets of subsidiaries that are not included in the scope ofthe leverage ratio on a consolidated basis (-)

1c

7

1d

3
7

3

―
―
35,527,399

The amount of adjustment items pertaining to Tier1 capital (-)

Exposures related to derivative transactions

1,079,022
(a)

¥

―

Replacement cost associated with derivatives transactions, etc.

3,144,682

PFE multiplied by 1.4 associated with derivatives transactions, etc.

―

Add-on amount associated with derivatives transactions, etc.

11,713,117

The amount of receivables arising from providing cash margin in relation toderivatives transactions, etc.

1,051,886

The amount of receivables arising from providing collateral, provided where
deducted from the consolidated balance sheet pursuant to the operative accounting
framework
The amount of receivables arising from providing cash margin, provided where
deducted from the consolidated balance sheet pursuant to the operative accounting
framework
The amount of deductions of receivables (out of those arising from providing cash
variation margin) (-)

6

7

165,674,736(2)

RC multiplied by 1.4 associated with derivatives transactions, etc.

5

166,753,759
202,281,158

The amount of assets of subsidiaries that are included in the scope of theleverage ratio on a consolidated basis (except those included in the total assets
reported in the consolidated balance sheet)
The amount of assets that are deducted from the total assets reported in the
consolidated balance sheet (except adjustment items) (-)
Total on-balance sheet exposures4¥―
158,919―

8

The amount of client-cleared trade exposures for which a bank holding
company acting as a clearing member is not obliged to make any indemnification (-)

9Adjusted effective notional amount of written credit derivatives

10,323,616

10

The amount of deductions from effective notional amount of written credit
derivatives (-)

9,986,163

11

4

Total exposures related to derivative transactions

Exposures related to repo transactions

(b)

/

¥

16,406,058

(3)

12

The amount of assets related to repo transactions, etc.

13

The amount of deductions from the assets above (line 12) (-)

3,689,303

14

The exposures for counterparty credit risk for repo transactions, etc.

1,075,669

15
16

13,590,848

The exposures for agent repo transactions
5

Total exposures related to repo transactions, etc.

Exposures related to off-balance sheet transactions

/
(c)

¥

10,977,214

(4)

17

Notional amount of off-balance sheet transactions

56,452,814

18

The amount of adjustments for conversion in relation to offbalance sheettransactions (-)

30,069,707

19

6

Total exposures related to off-balance sheet transactions

Business strategies forvalue creation

1a

Story of Mizuho'svalue creation(1)

On-balance sheet exposures before deducting adjustment items

1

Governance for value
creationOn-balance sheet exposures

2

As of March 31,
2023

Item

Data section

Corresponding line #on BaselIII
disclosure
template(Table 1)(d)¥26,383,107

Appendix

Corresponding line #on BaselIII
disclosure
template(Table 2)

226Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(Millions of yen, except percentages)
Corresponding line #on BaselIII
disclosure
template(Table 2)

Corresponding line #on BaselIII
disclosure
template(Table 1)

Leverage ratio on a consolidated basis
20
21
22

8

As of March 31,
2023

Item

(5)

The amount of capital (Tier1 capital)(e)

Total exposures ((a)+(b)+(c)+(d))(f)

9,803,395¥

219,441,116

Leverage ratio on a consolidated basis ((e)/(f))

4.46%

National minimum leverage ratio requirement

3.00%

Applicable leverage buffers

0.50%

Leverage ratio on a consolidated basis (excluding the impact of any applicable temporary
exemption of deposits with the Bank of Japan)
Total exposures

(6)
(f)

¥

The amount of deposits with the Bank of Japan
Total exposures (excluding the impact of any applicable temporary exemption(f ’)of deposits with the Bank of Japan)
Leverage ratio on a consolidated basis (excluding the impact of any applicable
temporary exemption of deposits with the Bank of Japan) ((e)/(f ’))

219,441,116
51,977,044¥

271,418,161
3.61%

Note: As an external audit of calculating the leverage ratio on a consolidated basis, we underwent an examination under theprocedures agreed with by Ernst & Young ShinNihon LLC, on the basis of "Practical guidance on agreed-upon procedures forthe calculation of capital adequacy ratio and leverage ratio" (Practical Guideline for specialized fields No. 4465 of the JapaneseInstitute of Certified Public Accountants). Note that this examination is not a part 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.

227

Executive messages(Millions of yen)
As of March 31,
2024

1

Total consolidated assets as per published financial statements¥

278,672,151

2Adjustment for investments in banking, financial, insurance or commercial entities that areconsolidated for accounting purposes but outside the scope of regulatory consolidation (-)―

3

Adjustment for securitized exposures that meet the operational requirements for the recognition ofrisk transference―

4

Adjustments for temporary exemption of central bank reserves(-)

5

Adjustment for fiduciary assets recognised on the balance sheet pursuant to the operative
accounting framework but excluded from the leverage ratio exposure measure (-)/

6

Adjustments for regular-way purchases and sales of financial assets subject to trade dateaccounting

699

7

Adjustments for eligible cash pooling transactions―

8

Adjustments for derivative financial instruments

8a

The leverage ratio exposure value related to derivative transactions

12,019,618

8b

The accounting value of derivatives recognised as assets (-)

13,622,504

9Adjustment for securities financing transactions (SFTs)(ie repurchase agreements and similar secured lending)

9a

The leverage ratio exposure value related to SFTs

17,049,791

9b

The accounting value of SFTs recognised as assets (-)

22,890,559

10Adjustment for off-balance sheet items(i.e conversion to credit equivalent amounts of off-balance sheet exposures)

27,956,450

11

Adjustments for prudent valuation adjustments and specific and general provisions which have
reduced Tier 1 capital (-)

12

Other adjustments

12a

Adjustments pertaining to Tier1 capital (excluding reserve for possible loan losses) (-)

1,240,386

12b

The accounting value of customers' liabilities for acceptances and guarantees (-)

10,098,502

12c

Gross-up for derivatives collateral provided where deducted from balance sheet assets pursuant to
the operative accounting framework

264,95212d

Deductions of receivable assets for cash variation margin provided in derivatives transactions (-)

621,732

12e

The assets of entities inside the scope of regulatory consolidation(except those included in the total assetsreported in the consolidated balance sheet)

13

Leverage ratio exposure measure

Story of Mizuho'svalue creation

Item

¥

(1,602,886)(5,840,768)

Governance for value
creation¥

Business strategies forvalue creation

58,113,170―(11,695,668)

Data section¥

Appendix

Basel III
Template
No.
(LR1)

―
¥

229,376,808

228

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(Millions of yen, except percentages)
Basel III
Template
No.
(LR2)
On-balance sheet exposures(1)

1

On-balance sheet exposures(excluding derivatives and securities financing transactions (SFTs), but including collateral)

2

Gross-up for derivatives collateral provided where deducted from balance sheet assets
pursuant to the operative accounting framework

264,952

3

Deductions of receivable assets for cash variation margin provided in derivatives transactions (-)

621,732

4

Adjustment for securities received under securities financing transactions that are recognised
as an asset (-)―

5

Specific and general provisions associated with on-balance sheet exposures that are deductedfrom Tier 1 capital (-)―

6

Asset amounts deducted in determining Tier 1 capital and regulatory adjustments (-)

7

Total on-balance sheet exposures (excluding derivatives and SFTs)

Derivative exposures¥

173,948,114

1,240,386(a)¥172,350,947(2)

8

Replacement cost associated with all derivatives transactions(where applicable net of eligible cash variation margin and/or with bilateral netting)

5,564,097

9

Add-on amounts for potential future exposure associated with all derivatives transactions

6,703,670

10

Exempted central counterparty (CCP) leg of client-cleared trade exposures (-)

1,152,339

11

Adjusted effective notional amount of written credit derivatives

10,988,347

12Adjusted effective notional offsets and add-on deductions for written credit derivatives(-)

10,084,157

13

Total derivative exposures

Securities financing transaction exposures(b)¥

12,019,618

(3)

14

Gross SFT assets (with no recognition of netting), after adjustment for sale accounting transactions

22,890,559

15

Netted amounts of cash payables and cash receivables of gross SFT assets (-)

7,578,640

16Counterparty credit risk exposure for SFT assets

1,737,872

17

Agent transaction exposures

18

Total securities financing transaction exposures

Other off-balance sheet exposures

/
(c)

¥

17,049,791

(4)

19

Off-balance sheet exposure at gross notional amount

71,920,327

20

Adjustments for conversion to credit equivalent amounts (-)

43,963,876

22

Off-balance sheet items

Leverage ratio on a consolidated basis229

As of March 31,
2024

Item

(d)

¥

27,956,450

(5)

23

Tier 1 capital(e)

10,801,836

24

Total exposures ((a)+(b)+(c)+(d))

(f)

25

Leverage ratio on a consolidated basis ((e)/(f))

4.70%

26

National minimum leverage ratio requirement

3.00%

27

Applicable leverage buffers

0.50%

¥

229,376,808

Executive messages(Millions of yen, except percentages)
As of March 31,
2024

Item

¥

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)

58,113,170(f ’) ¥

Leverage ratio on a consolidated basis(excluding the impact of any applicable temporary exemption of deposits with the Bank of Japan) ((e)/(f ’))
Disclosure of mean values
28

229,376,808

Story of Mizuho'svalue creation(f)

287,489,978
3.75%

(7)

Mean value of gross SFT assets, after adjustment for sale accounting transactions and nettedof amounts of associated cash payables and cash receivables ((g)+(h))¥

19,393,384

Mean value of gross SFT assets(g)

26,016,521

Mean value of netted amounts of cash payables and cash receivables of gross SFT assets (-)(h)

6,623,136

29

Quarter-end value of gross SFT assets, after adjustment for sale accounting transactions andnetted of amounts of associated cash payables and cash receivables ((i)+(j))

14

Quarter-end value of gross SFT assets(i)

22,890,559

15

Quarter-end value of Netted amounts of cash payables and cash receivables of gross SFT(j)asses (-)

7,578,640

30

Total exposures (including the impact of any applicable temporary exemption of central bankreserves) incorporating mean values from row 28 of gross SFT assets (after adjustment for(k)sale accounting transactions and netted of amounts of associated cash payables and cash
receivables)¥

233,458,273

30a

Total exposures (excluding the impact of any applicable temporary exemption of central bankreserves) incorporating mean values from row 28 of gross SFT assets (after adjustment for(l)sale accounting transactions and netted of amounts of associated cash payables and cash
receivables)¥

291,571,443

31

Leverage ratio on a consolidated basis (including the impact of any applicable temporary
exemption of central bankreserves) incorporating mean values from row 28 of gross SFT
assets (after adjustment for sale accounting transactionsand netted of amounts of associatedcash payables and cash receivables) ((e)/(k))

4.62%

31a

Leverage ratio on a consolidated basis (excluding the impact of any applicable temporary
exemption of central bankreserves) incorporating mean values from row 28 of gross SFT
assets (after adjustment for sale accounting transactionsand netted of amounts of associatedcash payables and cash receivables) ((e)/(l))

3.70%

¥

Business strategies forvalue creation

Total exposures(6)

15,311,919

Governance for value
creation

Leverage ratio on a consolidated basis(excluding the impact of any applicable temporary exemption of deposits with the Bank of Japan)

Data section

Basel III
Template
No.
(LR2)

Appendix

Note: As an external audit of calculating the leverage ratio on a consolidated basis, we underwent an examination under theprocedures agreed with by Ernst & Young ShinNihon LLC, on the basis of "Practical guidance on agreed-upon procedures forthe calculation of capital adequacy ratio and leverage ratio" (Practical Guideline for specialized fields No. 4465 of the JapaneseInstitute of Certified Public Accountants). Note that this examination is not a part 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.

230Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy■ TLAC Regulations(1) TLAC1: TLAC composition for G-SIBs (at resolution group level)
Basel III
Template
No.

(Millions of yen, except percentage)

Items

Preferred resolution strategyab

As of March
31, 2024

As of March
31, 2023(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
1
2
3
4
5
6
7
8
9

Common Equity Tier 1 capital (CET1)(A)

Additional Tier 1 capital (AT1) before TLAC adjustments(B)

9,259,977 ¥

8,315,525

1,541,858

1,487,870

(C)

―

―

Other adjustments(D)

19,33816,387

AT1 instruments eligible under the TLAC framework ((B)-(C)-(D))(E)

1,522,519

1,471,482

Tier 2 capital (T2) before TLAC adjustments(F)

1,512,779

1,503,569

Amortised portion of T2 instruments where remaining maturity > 1 year(G)

(252,563)(229,337)

T2 capital ineligible as TLAC as issued out of subsidiaries to third parties(H)―

39,689Other adjustments(I)

12,3703,516(J)1,752,972

1,689,701(K)

12,535,469

11,476,709

5,971,034

5,496,741//

T2 instruments eligible under the TLAC framework ((F)-(G)-(H)-(I))

11

TLAC arising from regulatory capital ((A)+(E)+(J))

Non-regulatory capital elements of TLAC
12

External TLAC instruments issued directly by the bank andsubordinated to excluded liabilities

13

External TLAC instruments issued directly by the bank which are not subordinatedto excluded liabilities but meet all other TLAC term sheet requirements

(3)
(L)

of 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)

2,545,208

2,465,195

TLAC arising from non-regulatory capital instruments before adjustments ((L)+(M))(N)

8,516,242

7,961,936

21,051,712

19,438,645――
12,53917

Non-regulatory capital elements of TLAC: adjustments

(4)

18

TLAC before deductions ((K)+(N))

(O)

19

Deductions of exposures between MPE resolution groups that correspond to items
eligible for TLAC (not applicable to SPE G-SIBs)

(P)

20

Deduction of investments in own other TLAC liabilities

(Q)

6,270

Other adjustments to TLAC

(R)

―

―

TLAC after deductions ((O)-(P)-(Q)-(R))(S)

21,045,441

19,426,106

21
22

Risk-weighted assets and leverage exposure measure for TLAC purposes(5)

Total RWA

(T)

72,720,245

70,434,154

Leverage ratio exposure measure(U)229,376,808

219,441,116

25

TLAC before deduction of CET1 specific buffer requirement (as a percentage ofRWA) ((S)/(T))

28.94%

27.58%

25a

TLAC as a percentage of RWA

25.35%

24.02%

26

TLAC as a percentage of leverage ratio exposure measure ((S)/(U))

9.17%

8.85%

27

CET1 available after meeting the bank's minimum capital requirements

8.23%

7.30%

28

Total of bank CET1 specific buffer requirements

23
24

TLAC ratios and buffers

231¥

AT1 ineligible as TLAC as issued out of subsidiaries to third parties

10

14

(2)

(6)

3.59%

3.56%

2.50%

2.50%

29

of which: capital conservation buffer requirement30

of which: countercyclical buffer requirement

0.09%

0.06%

31

of which: bank G-SIB/D-SIB additional requirements

1.00%

1.00%

Executive messages(Millions of yen, except percentage)
Items
(7)

TLAC as a percentage of leverage ratio exposure measure (excluding the impact of
any applicable temporary exemption of deposits with the Bank of Japan) ((S)/(U'))(U')

58,113,170

51,977,044

287,489,978

271,418,161

7.32%

7.15%

Story of Mizuho'svalue creation

Leverage ratio exposure measure (excluding the impact of any applicable temporary
exemption of deposits with the Bank of Japan)¥ 229,376,808 ¥ 219,441,116

Business strategies forvalue creation(U)

The amount of deposits with the Bank of Japan

Governance for value
creation

Leverage ratio exposure measureb
As of March
31, 2023

Data section

TLAC as a percentage of leverage ratio exposure measure (excluding the impactof any applicable temporary exemption of deposits with the Bank of Japan)aAs of March
31, 2024

Appendix

Basel III
Template
No.

232

Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(2) TLAC2: Material subgroup entity – creditor ranking at legal entity level(Millions of yen)Mizuho Bank (Non-consolidated)
As of March 31, 2023
Creditor ranking
Basel III
Template
1

Items
Is the resolution entity the creditor/investor?

2

Description of creditor ranking

3

Total capital and liabilities net of credit risk
mitigation (A)

4
5
6
7
8
9
10
11

1

2

most junior✓✓-Commonequity3✓-

Sum of
1 to 44
most senior✓-

Additional Tier 1
capitalinstruments

Tier 2 capital
instruments-

Other internal
TLAC eligible
instruments

3,663,453―

1,485,000―

1,785,505―

5,698,529

―

―

―

―

―

―

―

3,663,453―

1,485,000―

1,785,505―

5,698,529― 12,632,488

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

3,663,453―

1,485,000―

1,585,195―

5,496,741― 12,230,389

―

―

―

―

105,000―

996,157―

1,101,157

―

―

―

―

436,155―

1,953,695―

2,389,850

―

―

―

―

1,019,040―

2,100,682―

3,119,722

―

―

―

―

25,000―446,207―471,207

Subset of row 6 that is perpetual securities

3,663,453―

1,485,000

―

―

―

―

―

5,148,453

Subset of row 3 that are excluded liabilities (B)Total capital and liabilities less excluded
liabilities ((A)-(B))― 12,632,488――(Millions of yen)Mizuho Bank (Non-consolidated)
As of March 31, 2024
Creditor ranking
Basel III
Template
1

Is the resolution entity the creditor/investor?

2

Description of creditor ranking

3

Total capital and liabilities net of credit risk
mitigation (A)

4
5
6
7
8
9
10
11

233

Items

1

2

most junior✓✓-Commonequity3✓-

Sum of
1 to 44
most senior✓-

Additional Tier 1
capitalinstruments

Tier 2 capital
instruments-

Other internal
TLAC eligible
instruments

3,663,453―

1,551,000―

1,759,450―

6,256,774

―

―

―

―

―

―

―

3,663,453―

1,551,000―

1,759,450―

6,256,774― 13,230,677

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

3,663,453―

1,551,000―

1,654,450―

5,971,034― 12,839,937

―

―

―

―

148,550―

248,180―

396,730

―

―

―

―

316,000―

2,384,012―

2,700,012

―

―

―

―

1,174,900―

2,791,868―

3,966,768

―

―

―

―

15,000―546,974―

561,974

Subset of row 6 that is perpetual securities

3,663,453―

1,551,000

―

―

―

―

―

5,214,453

Subset of row 3 that are excluded liabilities (B)Total capital and liabilities less excluded
liabilities ((A)-(B))― 13,230,677――

Executive messages(Millions of yen)Mizuho Trust & Banking (Non-consolidated)
As of March 31, 2023
Creditor ranking
Items
Is the resolution entity the creditor/investor?

most junior✓most senior

Description of creditor ranking

Common equity

3

Total capital and liabilities net of credit risk mitigation (A)262,87456789Subset 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-

Other internal TLAC eligible
instruments―――

262,874

―

―

―

―

―

262,874―――

262,874

262,874―――

262,874

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

Subset of row 3 that are excluded liabilities (B)Total capital and liabilities less excluded liabilities ((A)-(B))

✓

-

2
4

Sum of
1 to 22

10Subset of row 6 with 10 years ≤ residual
maturity, but excluding perpetual securities

―

―

―

―

―

11

Subset of row 6 that is perpetual securities

262,874―――

262,874

Story of Mizuho'svalue creation

1

1

Business strategies forvalue creation

Basel III
Template(Millions of yen)Mizuho Trust & Banking (Non-consolidated)
As of March 31, 2024
Creditor ranking

3
4
5
6
7
8
9

Is the resolution entity the creditor/investor?

most junior✓most senior

Description of creditor ranking

Common equity

Total capital and liabilities net of credit risk mitigation (A)262,874

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✓-

Governance for value
creation2

Items

Sum of
1 to 2

2-

Other internal TLAC eligible
instruments―――

262,874

―

―

―

―

―

262,874―――

262,874

262,874―――

262,874

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

10

Subset of row 6 with 10 years ≤ residual
maturity, but excluding perpetual securities

―

―

―

―

―

11

Subset of row 6 that is perpetual securities

262,874―――

262,874

Data section

1

1

Appendix

Basel III
Template

234Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy(Millions of yen)Mizuho Securities (Non-consolidated)
As of March 31, 2023
Creditor ranking
Basel III
Template

Items

1

2

most junior

Sum of
1 to 33
most senior

1

Is the resolution entity the creditor/investor?

✓

2

Description of creditor ranking

Common equity

3

Total capital and liabilities net of credit risk mitigation (A)532,238

―

―

―

―

―

―

―

532,238―

444,000

90,000―― 1,066,238

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

532,238―

444,000―――

976,238

―

―

―

―

―

―

―

―

―

270,000―――

270,000――

174,000―――

174,000

―

―

―

―

―

―

―

Subset of row 6 that is perpetual securities

532,238

―

―

―

―

―

532,238

4
5
6
7
8
9
10
11

Subset of row 3 that are excluded liabilities (B)Total capital and liabilities less excluded liabilities ((A)-(B))-✓✓
Long-term
subordinated
Other internal TLAC
debt/Short-term
instruments
subordinated debt
444,000
90,000―― 1,066,238―(Millions of yen)Mizuho Securities (Non-consolidated)
As of March 31, 2024
Creditor ranking
Basel III
Template2

most junior

Sum of
1 to 33
most senior

1

Is the resolution entity the creditor/investor?

✓

2

Description of creditor ranking

Common equity

3

Total capital and liabilities net of credit risk mitigation (A)559,486

―

―

―

―

―

―

―

559,486―

444,000

90,000―― 1,093,486

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

559,486―

444,000――― 1,003,486――

90,000―――90,000――274,000―――

274,000――

80,000―――80,000

―

―

―

―

―

―

―

Subset of row 6 that is perpetual securities

559,486

―

―

―

―

―

559,486

4
5
6
7
8
9
10
11

235

Items

1

Subset of row 3 that are excluded liabilities (B)Total capital and liabilities less excluded liabilities ((A)-(B))-✓✓
Long-term
subordinated
Other internal TLAC
debt/Short-term
instruments
subordinated debt
444,000
90,000―― 1,093,486―

Executive messages(3) TLAC3: Resolution entity – creditor ranking at legal entity level(Millions of yen)Mizuho Financial Group (Non-Consolidated)
As of March 31, 2023
Creditor ranking

1

Description of creditor ranking

2

Total capital and liabilities net of credit risk
mitigation (A)34most junior3

most senior

Additional
Tier 2 capital
Tier 1
instruments
capital instruments

CommonequityUnsecuredsenior debts

3,453,427

1,485,000

1,785,505

5,706,109

12,430,041

―

―

―

7,579

7,579

3,453,427

1,485,000

1,785,505

5,698,529

12,422,461

Subset of row 2 that are excluded liabilities (B)Total capital and liabilities less excluded
liabilities ((A)-(B))

25Subset of row 4 that are eligible as TLAC

3,453,427

1,485,000

1,585,195

5,496,741

12,020,363

6

Subset of row 5 with 1 year ≤ residual
maturity < 2 years――

105,000

996,157

1,101,157

7

Subset of row 5 with 2 years ≤ residual
maturity < 5 years――

436,155

1,953,695

2,389,850

8

Subset of row 5 with 5 years ≤ residual
maturity < 10 years――

1,019,040

2,100,682

3,119,722

9

Subset of row 5 with 10 years ≤ residual
maturity, but excluding perpetual securities――

25,000446,207471,20710

Subset of row 5 that is perpetual securities

3,453,427

1,485,000――

4,938,427

Story of Mizuho'svalue creation

Items

Sum of
1 to 4

4

Business strategies forvalue creation

Basel III
Template

1*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(Millions of yen)Mizuho Financial Group (Non-Consolidated)
Creditor ranking
Items

1

Description of creditor ranking

2

Total capital and liabilities net of credit risk
mitigation (A)34Subset of row 2 that are excluded liabilities (B)Total capital and liabilities less excluded
liabilities ((A)-(B))

1most junior2

3

most senior

Additional
Tier 2 capital
Tier 1
instruments
capital instruments

CommonequitySum of
1 to 44

Unsecuredsenior debts

3,453,427

1,551,000

1,759,450

6,264,767

13,028,644

―

―

―

7,993

7,993

3,453,427

1,551,000

1,759,450

6,256,774

13,020,651

5Subset of row 4 that are eligible as TLAC

3,453,427

1,551,000

1,654,450

5,971,034

12,629,911

6Subset of row 5 with 1 year ≤ residual
maturity < 2 years――

148,550

248,180

396,730

7

Subset of row 5 with 2 years ≤ residual
maturity < 5 years――

316,000

2,384,012

2,700,012

8

Subset of row 5 with 5 years ≤ residual
maturity < 10 years――

1,174,900

2,791,868

3,966,768

9

Subset of row 5 with 10 years ≤ residual
maturity, but excluding perpetual securities――

15,000546,974

561,97410Subset of row 5 that is perpetual securities

3,453,427

1,551,000――

5,004,427

Data section

Basel III
Template

Governance for value
creation

As of March 31, 2024

Appendix*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

236Basel Regulatory Disclosures
Status of Mizuho Financial Group’s Consolidated Capital Adequacy

Geographical Distribution of Credit Exposures Used in the Countercyclical Buffer(1) CCyB1: Geographical distribution of credit exposures used in the countercyclical buffer(Millions of yen, except percentages)

As of March 31, 2024aGeographicalbreakdownb
Risk-weighted assets
used in thecomputation of thecountercyclical buffer

Countercyclical buffer
rate

c

d

Countercyclical buffer
requirements

Countercyclical buffer
amountAustralia

1.00%

678,753/

France1.00%

274,394///

Germany

0.75%

324,801//

Hong Kong SAR

1.00%

447,254//

Luxembourg

0.50%

298,474//

Netherlands

1.00%

401,934//

Sweden2.00%

66,650//

United Kingdom

2.00%

1,469,029//

Subtotal/

3,961,294

/

/

Total

/

53,105,716

0.09%

65,448Notes: Credit risk-weighted assets used in the computation of the countercyclical buffer of each country or region are calculated basedon where counterparties are located.
Some equity exposures, regarded-method exposures, securitization exposures and standardized approach portion which are
difficult to calculate based on the locations of counterparties, are calculated based on the country or region in which thereporting office is located.
(Millions of yen, except percentages)
As of March 31, 2023a
Geographicalbreakdownb
Risk-weighted assets
used in thecomputation of thecountercyclical buffer

Countercyclical buffer
rate

c

d

Countercyclical buffer
requirements

Countercyclical buffer
amountAustralia

1.00%

734,263//

Germany

0.75%

378,367//

Hong Kong SAR

1.00%

530,286//

Luxembourg

0.50%

362,665//

Sweden

1.00%

77,637//

United Kingdom

1.00%

1,649,423//

Subtotal/

3,732,644

/

/

Total

/

56,564,949

0.06%

42,260Notes: Credit risk-weighted assets used in the computation of the countercyclical buffer of each country or region are calculated basedon where counterparties are located.
Some equity exposures, regarded-method exposures, securitization exposures and standardized approach portion which are
difficult to calculate based on the locations of counterparties, are calculated based on the country or region in which thereporting office is located.

237

Executive messages■ Indicators for Assessing Global Systemically Important Banks (G-SIBs)(1) GSIB1: Disclosure of G-SIB indicators

68,719,652

58,777,726

3

Size

Total exposures

288,730,365

272,497,184

Intra-financial system assets

19,200,714

17,766,338

Intra-financial system liabilities

17,301,241

20,555,882

6

Securities outstanding

33,042,087

32,178,060

7Assets under custody

116,703,245

99,167,933

8

Payment activity

9,731,003,624

7,846,267,374

4
5

9
10
10a

Interconnectedness

Substitutability /Financial institution
infrastructure

11
13

Trading volume
Trading volume fixed income sub-indicator
Trading volume equities and other securities
sub-indicator
Notional amount of over-the-counter derivatives

10b
12

Underwritten transactions in debt and equity markets

Complexity

Level 3 assets
Trading and available for sale securities

84,517,838

19,711,965

17,396,622/

869,498,886

1,254,353,676/

203,733,266/

2,465,111,800

2,073,565,642

486,453

601,213

13,057,846

11,079,594

Story of Mizuho'svalue creation

Cross-jurisdictional liabilities

Business strategies forvalue creation

Cross-jurisdictional
activity

Cross-jurisdictional claims

2

Governance for value
creation

Individual indicator

Data section

1

Category

As of March 31,
2023
75,553,860

Appendix

No.

(Millions of yen)
As of March 31,
2024

238

Basel Regulatory Disclosures
Status of Sound Management of Liquidity Risk
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, Sub-item (e), and other related provisions of the Regulation for Enforcement of the Banking
Act" (the FSA Notice No. 7 of 2015).

■ Liquidity Coverage Ratio(1) Disclosure of quantitative information regarding the Liquidity Coverage Ratio (Consolidated)(Millions of yen, %, the number of data)

Item
High-Quality Liquid Assets
1

2

For the three months ended
December 31, 2023

/

/

(1)

Total high-quality liquid assets (HQLA)

Cash Outflows

For the three months ended
March 31, 2024
81,168,379 ¥¥(2)Cash outflows related to unsecured retailfunding

52,555,474

78,185,594
TOTAL
WEIGHTED
VALUE

TOTAL
UNWEIGHTED
VALUE

4,055,614

52,230,022

4,033,205

3

of which, Stable deposits

17,171,876

515,156

17,029,034

510,871

4of which, Less stable deposits

35,383,598

3,540,457

35,200,987

3,522,334

5

Cash outflows related to unsecured
wholesale funding

98,436,868

56,895,537

96,552,730

55,916,348

6of which, Qualifying operational deposits

―

―

―

―

7

of which, Cash outflows related to
unsecured wholesale funding other thanqualifying
operational deposits and debt securities

89,964,219

48,422,888

87,651,140

47,014,758

of w hich, Debt securities

8,472,648

8,472,648

8,901,590

8,901,590/

2,408,162/

2,736,747

43,975,352

14,682,894

44,083,471

14,649,395

3,982,246

3,982,246

4,113,399

4,113,399

41,36941,36933,19833,1988
9Cash outflows related to secured funding, etc.

Cash outflows related to derivative
10 transactions, etc. funding programs,
credit and liquidity facilitiesof which, Cash outflows related to11
derivative transactions, etc.
12of which, Cash outflows related tofunding programs

13of which, Cash outflows related to credit
and liquidity facilities

39,951,736

10,659,278

39,936,874

10,502,798

14

Cash outflows related to contractual funding
obligations, etc.

8,395,413

2,257,458

8,844,916

1,997,651

86,948,351

742,786

86,498,486

759,753/

81,042,453/

80,093,102

15 Cash outflows related to contingencies
16 Total cash outflows
Cash Inflows

(3)

TOTAL
WEIGHTED
VALUE

TOTAL
UNWEIGHTED
VALUE

TOTAL
WEIGHTED
VALUE

TOTAL
UNWEIGHTED
VALUE

17 Cash inflows related to secured lending, etc.

18,856,693

1,651,912

16,325,436

1,625,509

18 Cash inflows related to collections of loans, etc.

17,295,174

13,543,472

17,809,344

14,171,401

19 Other cash inflows

13,848,776

3,275,467

14,178,199

2,859,104

20 Total cash inflows

50,000,644

18,470,852

48,312,980

18,656,014/

81,168,379/

78,185,594

22 Net cash outflows/ ¥62,571,601/ ¥61,437,087

23 Consolidated liquidity coverage ratio (LCR)/

The number of data used to calculate the24
average value

58

Consolidated liquidity coverage ratio
Total HQLA allowed to be included in the21
calculation

239

TOTAL
WEIGHTED
VALUE

TOTAL
UNWEIGHTED
VALUE

(4)

/

/

129.7%/
62

127.3%

Executive messages(2) Disclosure of qualitative information regarding the Liquidity Coverage Ratio (Consolidated)(A) Chronological changes in the Liquidity Coverage Ratio (Consolidated)
Our Consolidated LCR has remained stable over the past two years.
(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.

Story of Mizuho'svalue creation(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
the total amount of the HQLA allowed to be included in the calculation and net cash outflow regarding maincurrencies (those currencies of which the aggregate liabilities denominated amount to 5% or more of our total
liabilities).

Business strategies forvalue creation(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 NoticeNo. 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 othercontracts" 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 other contracts" in Article 72 of the Notice No. 62. Monthlyor quarterly data is used for some of our consolidated subsidiaries.

■ Net Stable Funding Ratio

Governance for value
creation(1) Disclosure of quantitative information regarding the Net Stable Funding Ratio (Consolidated)(Millions of yen, %)As of March 31, 2024

As of December 31,2023

Unweighted value by residual maturity

Item

6 monthsNo< 6
maturity months to <1yr

≥ 1yr

Weighted
value

Unweighted value by residual maturityNo< 6
6 months
maturity months to <1yr

≥ 1yr

Weightedvalue

4

Funding from retail and small
business customers; of which:

52,725,784― ¥― ¥ 3,213,720 ¥ 13,435,307 ¥ 9,998,337 ¥― ¥― ¥ 3,212,315 ¥ 13,210,653――

2,960,972

13,182,559

9,998,337――

2,987,310

12,985,647――

252,747

252,747―――

225,005

225,005

14,69442,57636,336

48,400,499

53,110,836―

14,04574,351

48,761,810

5

Stable deposits

17,188,271

―

―

―

16,328,857

17,501,297

―

―

―

16,626,232

6Less stable deposits

35,537,513

14,69442,57636,33632,071,641

35,609,538―

14,04574,351

32,135,578

7 Wholesale funding; of which:72,070,508

83,029,749

7,318,572

10,792,370

54,794,461

61,273,506

83,580,916

5,185,758

11,931,647

51,953,365

―

―

―

―

―

―

―

―

―

―

72,070,508

83,029,749

7,318,572

10,792,370

54,794,461

61,273,506

83,580,916

5,185,758

11,931,647

51,953,365

―

―

―

―

―

―

―

―

―

―

8,178,291

2,801,674―

107,337

114,495

7,604,417

4,178,113―

127,701

113,545

/

/

/

―

/

/

/

/

―

/

8,178,291

2,801,674―

107,337

114,495

7,604,417

4,178,113―

127,701

113,545

/

/

/

/

116,744,763

/

/

/

/

114,039,374

8Operational deposits

9

Other wholesale funding

10

Liabilities with matchinginterdependent assets

11 Other liabilities; of which:
12

Derivative liabilities

13

All other liabilities and equity notincluded in the above categories

14 Total available stable funding

Appendix¥ 10,221,587 ¥1 Capital; of which:CommonEquityTier
1capital,Additional Tier 1 capital andTier 2 capital (excluding the
10,221,587
2
proportion of Tier 2 instrumentswith residual maturity of lessthan one year) before theapplication of capital deductions
Other capital instruments thatare not included in the above―3
category

Data section

Available stable funding (ASF) items (1)240Basel Regulatory Disclosures
Status of Sound Management of Liquidity Risk

(Millions of yen, %)As of March 31, 2024

As of December 31,2023

Unweighted value by residual maturity

Item

6 monthsNo< 6
maturity months to <1yr

≥ 1yr

Weighted
value

Unweighted value by residual maturityNo< 6
6 months
maturity months to <1yr

>1yr

Weighted
value

Required stable funding (RSF) items (2)15 HQLA

/

/

/

/

4,883,076

/

/

/

/

3,854,711

568,492―――

284,401

377,946―――

189,129

8,120,155

42,952,001

9,597,304

67,072,383

78,567,866

6,591,998

42,146,129

8,901,965

64,871,768

77,267,969

241,757

13,447,523

226,177―

113,237

277,570

9,354,342

712,075

104,122460,976

3,175,808

8,127,336

2,653,927

12,064,052

15,244,484

2,253,249

8,355,561

2,400,723

10,855,716

13,767,387

322,357

20,922,637

6,320,899

43,885,870

50,029,862

290,538

23,419,671

5,340,260

42,566,860

50,127,232

21

With a risk weight of less thanor equal to 35% under theStandardised Approach forcredit risk

2,517

3,041,538

756,949

3,921,139

4,191,801

3,908

2,492,838

579,9192,547,855

3,042,569

22

Residential mortgages; of which:

―

4,566

43,311

7,167,9785,550,451

―

4,018

40,727

7,270,997

5,344,249

23

With a risk weight of less thanor equal to 35% under theStandardised Approach forcredit risk

―

1,537

2,854

2,831,346

1,842,571

―

1,592

2,451

4,292,359

2,792,055

4,380,231

449,937

352,9883,954,481

7,629,829

3,770,639

1,012,536

408,178

4,074,071

7,568,123

―

―

―

―

―

―

―

―

―

―

8,863,137

2,856,285

125,274

6,433,133

11,984,066

8,339,307

3,587,175

118,240

7,136,400

12,918,419

―

/

/

/

―

―

/

/

/

―

/

/

/

1,436,883

1,221,350///

1,714,995

1,457,746///

316,724

316,724

/

/

/

―

―

/

/

/

3,639,297

181,964///

4,379,100

218,955

8,863,137

2,856,285

125,274

1,040,229

10,264,027

8,339,307

3,587,175

118,240

1,042,303

11,241,718

131,469,606

128,879,319

2,712,059

Deposits held at financial
16
institutions 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 transactionsrelated
20
assets (not included initem 18, 19 and 22); of which:

24
25
26
27

28
29
30
31

Securities that are not in default
and do not qualify as HQLA andother similar assets
Assets with matchinginterdependent liabilities
Other assets; of which:Physical traded commodities,
including gold
Assets posted as initial margin forderivative contracts and contributions
to default funds of CCPs (including
those that are not recorded on
consolidated balance sheet)
Derivative assets
Derivative liabilities (before
deduction of variation margin
posted)All other assets not includedin the above categories

32 Off-balance sheet items

/

/

/

2,886,844///

33 Total required stable funding

/

/

/

/ ¥ 98,606,255

/

/

/

/ ¥ 96,942,288

Consolidated net stable
funding ratio (NSFR)

/

/

/

/

/

/

/

/

34

118.3%

117.6%(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.
(B) Interdependent assets and liabilities
We do not apply the "exceptional treatment against interdependent assets and liabilities" in Article 99 of the NoticeNo. 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.

241

Executive messages■ Status of Major Liquid Assets(Billions of yen)

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

Business strategies forvalue creation

Item

Story of Mizuho'svalue creation

As of March 31,As of March 31,
2024
2023
¥
72,968.9 ¥67,152.1
10,365.5
7,610.3
36,608.9
36,179.8
4,045.1
2,048.1
32,563.7
34,131.6
3,102.6
2,515.7
14,366.3
20,239.2
10,974.3
16,449.2
583.7
554.6
2,808.2
3,235.3
15,094.7
11,376.6
12,293.4
9,554.5
2,801.3
1,822.1
119,943.3
110,942.3(27,463.7)(20,243.8)¥
92,479.6 ¥90,698.4

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 anddomestic 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 under the liquidity ratio regulation.

■ Status of Major Funding

Governance for value
creation(Billions of yen)
As of March 31, 2024
Within 1 year¥¥

156,875.6 ¥11,129.9
1,660.6
4,031.7565.7
1,243.8
983.8
176,491.4 ¥1-3 years
2,088.5 ¥
392.8
―
339.0
―
2,052.9―
4,873.3 ¥3-5 years
590.3 ¥
74.0
―
458.3
―
1,746.2―
2,868.8 ¥5-7 years
51.1 ¥――
190.7―
2,171.8―
2,413.7 ¥7-10 years

Over 10 years

101.0 ¥――
215.6―
1,853.6―
2,170.4 ¥

147.9
―
―
184.3
―
1,395.2―
1,727.5

Data section

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)
As of March 31, 2023
Within 1 year¥¥

147,305.9 ¥13,247.6
1,814.8
1,118.8
477.1
968.3
1,534.0
166,466.8 ¥1-3 years
2,393.8 ¥546.3―
2,267.1―
2,215.1―
7,422.4 ¥3-5 years
578.3 ¥――
249.9―
2,308.1―
3,136.4 ¥5-7 years
24.3 ¥――
106.5―
1,309.0―
1,439.9 ¥7-10 years

Over 10 years

59.8 ¥――
193.1―
1,863.8―
2,116.8 ¥

136.7
―
―
189.8
―
1,236.6―
1,563.2

Appendix

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

Notes: 1. Regarding Deposits, Demand deposits are included in "Within 1 year"
2. Borrowed money or issued bonds with open ended, ¥30.0 billion, ¥1,470.0 billion, respectively, at March 31, 2023, and ¥30.0
billion, ¥1,536.0 billion, respectively, at March 31, 2024, are excluded.

242

Basel Regulatory DisclosuresCompensation of Directors and Employees■ Compensation of Directors and Employees(1) Qualitative Disclosure(A) State of the Organizational System Relating to Compensation of "Subject Directors and Employees" ofMizuho Group
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 ofbusiness or the state of assets of Mizuho 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
of consolidated total assets exceeds 2% of a bank holding company or bank and (ii) who materiallyaffects the management of our group. Specifically, those are Mizuho Bank, Ltd. ("MHBK"), Mizuho Bank
(USA) and other subsidiaries 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 compensationthat exceeds 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 ofthe compensation of directors and executive officers (as defined in the Companies Act) of MHFG, MHBK
and MHTB for the last three fiscal years (excluding persons who resigned or retired during each of such
fiscal years), taking into account fluctuations 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 at each 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" meansa 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 whomaterially affects the state of assets by incurring 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."
2. Decisions on compensation of "Subject directors and employees" and the name, composition and duties of thecommittee to supervise business execution and other major organizations relating to payment of compensation andother compensation, 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 chairperson 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 orderto ensure objectivity and transparency in director and executive officer compensation. As of March 2024, allthree members of the Compensation Committee, including the chairperson, were outside directors. 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 addition, the president of each of MHBK, MHTB and MHSC determines the amount of compensation foreach of its executive officers and specialist officers.

243

Executive messages
Story of Mizuho'svalue creation(2) Decisions on compensation of "Subject employees, etc."
Matters relating to executive officers (as defined in our internal regulations) and specialist officers of MHFG
and directors, 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 thecompensation of directors of MHBK, MHTB and MHSC, it is determined through approval by theCompensation Committee, pursuant to each statutory 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 ofshareholders.
The compensation of subject employees, etc., is decided and paid in accordance with the salary and bonus
system established by MHFG and the "Major consolidated subsidiaries." Such system is designed and put
into writing by the human 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 or operation determines its own compensation policy based on local laws andregulations as well as employment relationships.
3. Total amount of compensation paid to members of the compensation committee and number of meetings heldby the Compensation Committee

Compensation Committee(MHFG)

Business strategies forvalue creation

Number of meetings held
(April 2023 – March 2024)
8

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 the compensation committee.

(B) Evaluating the Appropriateness of the Design and Operation of the System Relating to Compensationof "Subject Directors and Employees" of Mizuho GroupAppendix

Data section

Governance for value
creation

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 and executive 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 theperformance of each individual director and executive officer (the "Officers") and function as an incentive foreach of the Officers to exercise their designated function to the fullest in our effort to realize managementthat contributes to value creation for various stakeholders and improve corporate value through continuousand stable corporate growth, based on our basic 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 or stocks) 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 and guidelines concerning executive compensation.
(d) The executive compensation system shall reflect our economic and social environment as well as ourgroup’s medium- and long-term business performance, and we shall establish our system appropriately byreferring 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 in order to mitigate risks stemming from actions taken for short-term gains that are excessively risky
or could compromise value creation for various stakeholders.
(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. In addition, we have establishedand maintain a separate compensation recovery policy called the "Recovery Policy for Executive
Compensation" based on Section 303A.14 of the New York Stock Exchange Listed Company Manual.

244Basel Regulatory DisclosuresCompensation of Directors and Employees(iv) Governance(a) In order to effectively secure objectivity, appropriateness and fairness with respect to executive
compensation, the Compensation 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 andexecutive officer as defined in the Companies Act.
(b) All members of the Compensation Committee shall be in principle appointed from among outside directors(or at least non-executive directors), and the Chairperson 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,appropriate manner through suitable means.
b. Compensation System
I. Compensation for the Officers responsible for business execution shall, in principle, consist of Basic
Compensation and Incentive Compensation. Incentive Compensation consists of Medium- to Long-term
Incentive Compensation and Short-term Incentive Compensation, and Medium- to Long-term Incentive
Compensation consists of Stock Compensation I and Stock Compensation II. The proportion of each type ofcompensation for Officers is determined according to the functions and responsibilities of each of the
Officers and the proportion of Incentive Compensation is determined so as to maximize the proportion of
the Group CEO’s compensation. From the perspective of ensuring the effectiveness of the supervisory
function, compensation for Non-executive officers responsible for management supervision shall, in principle,
consist of only Base Compensation and Stock Compensation I, with respect to which the details of thepayment is not changed due to, among other reasons, our business results, and such composition shall be,in principle, 85% and 15%, respectively.
(i) "Basic Compensation" shall factor in the functions and responsibilities of each of the Officers, andpayment will be made monthly in cash.
(ii) "Medium- to Long-term Incentive Compensation" shall be paid in the form of shares of common stock ofMizuho Financial Group consisting of "Stock Compensation I" and "Stock Compensation II" acquired fromthe stock market through a trust, as an incentive for the enhancement of corporate value over the
medium to long term.
(a) "Stock Compensation I" shall be paid at the time of resignation of each Officer, etc., in the form ofshares of common stock of Mizuho Financial Group calculated based on the functions andresponsibilities of each of the Officers. A system shall be adopted which enables a decrease orforfeiture of the amount by resolution of the Compensation Committee, etc., depending on performanceof the company or the individual.
(b) "Stock Compensation II" shall be paid in accordance with level of achievement of financial indicatorsemphasized by the Mizuho Financial Group and evaluation of indicators related to stakeholders as anincentive to increase corporate value over the medium- to long-term and for other purposes. "Stock
Compensation II" shall be paid, in principle, within the range of 0% to 150% of the standard amountfor 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 a decrease or forfeiture of thedeferred amount by resolution of the Compensation Committee, etc., depending on performance of thecompany or the individual.
(iii) "Short-term Incentive Compensation" shall be made as a monetary incentive for Officers, etc., based on
the level of achievement of financial indicators emphasized by the Mizuho Financial Group and theevaluation of individual performance as an incentive for fiscal year performance to increase corporate
value. "Short-term Incentive Compensation" shall be paid, in principle, within the range of 0% to 150%of the standard amount for the functions and responsibilities of each of the Officers. A system shall be
adopted which, based on resolution by the Compensation Committee, etc., enables certain amounts ofdeferred payments of the Short-term Incentive Compensation over three years, as well as a decreaseor forfeiture of the deferred amount depending on performance, etc., of the company or the individual.
II. There are cases where compensation for some personnel, including those officers recruited locally incountries other than 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 inaccordance with the 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 deferredpayments 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.

245

Executive messages
Business strategies forvalue creation

Story of Mizuho'svalue creationc. 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 fordirectors 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
the compensation 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 byexternal specialized organizations.
IV. All members of the Compensation Committee shall be appointed from among outside directors (or at leastnonexecutive directors) and the Chairperson thereof shall be an outside director.
V. The Compensation Committee may have officers who are not members of the committee (including officersof MHBK, MHTB and MHSC) such as the President & CEO and external experts, etc., attend its meetingsand 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
and directors, 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 for other employees, etc., is determined in accordance with their duties and responsibilities.
Some bonuses that are linked to performance are determined after comprehensively evaluating theemployee’s contribution to business, including any qualitative contributions to the organization, in a mannerthat does not place an excessive emphasis on results.

Appendix

Data section

Governance for value
creation

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.

246

Basel Regulatory DisclosuresCompensation of Directors and Employees(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
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 areconclusively determined in accordance 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 theirsuperiors. The degree to which the objectives are achieved is evaluated by taking into account the degree ofthe employee's contribution to the establishment of a system for risk management, compliance and internal
audit.
2. Linking compensation of "Subject directors and employees" with performance
Stock Compensation II and Short-term Incentive 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.
The corporate performance linked factor for Stock Compensation II shall be determined by the Compensation
Committee within the range of 0% to 150% based on target achievement rates for medium- to long-term
performance indicators, with respect to which the evaluation axes are “ Finance of Mizuho Financial Group,”“ Customers,” “ Economy and society” and “ Employees.” For the medium-to long-term performanceindicators, we selected “ Consolidated ROE” (which indicates management efficiency), “ Consolidated Net
Business Profits + Net gains or losses related to ETFs and others” (which indicates the profitability of thecore operations) and “ Total Shareholder Return (TSR)” (which indicates overall shareholder returns), withrespect to which the evaluation axis is “ Finance of Mizuho Financial Group.” In addition, we selected, among
others, “ Sustainable finance amount” (which indicates the outcome of responding to capital demand for
resolution of environmental and societal issues), “ Assessments by ESG rating agencies” (which indicates theobjective assessments of sustainability promotion structure) and “ Engagement score” and “ Inclusion score”(which indicate the status of human capital enhancement and corporate culture transformation), with respect towhich the evaluation axes are “ Customers,” “ Economy and society” and “ Employees.”
The corporate performance linked factor for Short-term Incentive Compensation shall be determined by theCompensation Committee within the range of 0% to 150% based on the figure calculated by multiplying (i) the
factor of the evaluation based on the target achievement rates for short-term performance indicators weselected, with respect to which the evaluation axis is “ Finance of Mizuho Financial Group” (the “ short-term
performance indicators” and, along with the evaluation using such indicators, hereinafter the “ evaluation ofshort-term performance indicators” ) by (ii) the evaluation factor based on individual evaluation of each Officer.
For the short-term performance indicators, we selected the “ Profit Attributable to Owners of Parent” (which isthe final result of management’s performance) and the “ Gross Profit RORA” (which indicates the
management’s efficiency), with respect to which the evaluation axis is “ Finance of Mizuho Financial Group.”
In addition, individual evaluation shall be conducted based on perspectives of evaluation to be set based on
the functions and responsibilities of each of the Officers. In the case of the Group CEO, the factor of theevaluation of short-term performance indicators fluctuates within the range of 0% to 140%, the individual
evaluation factor fluctuates within the range of 0% to 110%, and the evaluation factor for the short-term
performance indicators and individual evaluation is capped at 150%.
The entire amount of the Stock Compensation II and a certain amount of the Short-term Incentive
Compensation shall be made or paid in deferred payments over three years, and a decrease or forfeiture of
the deferred amount may be made 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 bemade in accordance with the standard amount set for the functions and responsibilities of each of the Officers,
and the payment level shall not change based on the performance of each officer. With regard tocompensation for other employees, salary is determined according to their job duties and responsibilities. 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 theorganization, etc., so as not to become excessively performance based.

247

Executive messages(2) Quantitative Disclosure Items(A) REM1: Compensation Assigned to the Relevant Fiscal Year

2
3
4
5

Fixed
compensation

6
7
8
9
10
11
12
13

Variablecompensation

14
15
16
17
18

Retirement
benefits

19
20
21
22
23

Other
compensation

22

320

1,118 ¥

15,956925
24

14,531
―

193

24

193
―
―

24
1,399
―

19

320

602

25,913314
33

24,997
11,616

288

896

288
―
―

760
18
―

―

―

―

―

―

―

―

―

Other compensation amount――

Of which, deferred amount―¥

Cash compensation amount
Of which, deferred amount
Stock compensation amount or stock-based typecompensation 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
Stock compensation amount or stock-based typecompensation amount
Of which, deferred amount
Other compensation amount
Of which, deferred amount
Number of "Subject directors, etc." and "Subject
employees, etc."
Retirement benefits amount
Of which, deferred amount
Number of "Subject directors, etc." and "Subject
employees, etc."

Compensation amount (2+10+18+21)¥

1,721 ¥

Business strategies forvalue creation

Number of "Subject directors, etc." and "Subject
employees, etc."
Fixed compensation amount (3+5+7)

1b"Subject
employees, etc."

Governance for value
creationNo.

a"Subjectdirectors, etc."

Story of Mizuho'svalue creation(Millions of yen, except people)―
41,870Appendix

Data section

Notes: 1. Amounts of compensation of "Subject directors, etc." include amounts of compensation received for duties performed as adirector 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,
2024 and (b) for the compensation for the fiscal year ended March 31, 2023 for the payments made or anticipated payments
for which the amount became clear during the fiscal year ended March 31, 2024 are stated.
3. The stated amount is the total amount for the fiscal year ended March 31, 2024 and the fiscal year ended March 31, 2023.
4. No. 7, "Fixed compensation," "Other compensation amount," includes condolence money insurance premiums, based on thedecision of our Compensation Committee.
5. No. 11, "Variable compensation" "Cash compensation amount," includes the recorded performance payment for the fiscal year
ended March 31, 2023 for directors, executive officers (as defined in the Companies Act), and executive officers (as definedin our internal regulations) of MHFG, MHBK, MHTB and MHSC. For portions that exceed a certain amount, we plan to defer
payment over the three-year period from the fiscal year ending March 31, 2025.
6. No. 13, "Variable compensation" "Stock compensation amount or stock-based type compensation amount" includes theamount obtained by multiplying the stock compensation and performance-based stock compensation ownership points (withone 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, 2023 by the book value of MHFG's shares (2,229.193yen per share). For stock compensationand performance-based stock compensation for the fiscal year ended March 31, 2023, we plan to defer payment over thethree-year period from the fiscal year ending March 31, 2025.
7. Because the amounts of the stock compensation, performance payment and performance-based-type stock compensation forthe 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, 2024 have not been determined at thistime, 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 thestock option agreements, exercise of the options is postponed, even during the exercise period, until the time of retirement of
the director or employee.
Exercise period
Seventh Series of stock Acquisition Rights of MHFG

December 2, 2014 to December 1, 2034

248

Basel Regulatory DisclosuresCompensation of Directors and Employees(B) REM2: Special Compensation(Millions of yen, except people)
a

b

c

e

Lump sum payments
at the time of recruitment

Bonus guarantees
Peopled

JPY

Peoplef

Additional retirement benefits

JPY

PeopleJPY"Subject directors, etc."

―

―

―

―

―

―

"Subject employees, etc."

― ¥

―

― ¥

―

16 ¥

527

b

c

(C) REM3: Deferred Compensation(Millions of yen)a

Deferredcompensation
amountCash compensation
amount"Subjectdirectors,
etc.""Subject
employees,
etc."

Total amount

¥

d

e

Regarding
Regarding
Of which, thecompensationcompensation
after allocation, after allocation,deferredcompensation variable amounts variable amounts
adjusted andamount subject adjusted but notlinked totolinked toadjustment or variations for the variations for the
relevant fiscal
variation
relevant fiscal
year
year

Amount ofdeferredcompensation
paid in the
relavent fiscal
year

38 ¥

38 ¥

― ¥

― ¥

Stock compensation
amount or stockbased
type compensation
amount

512

512

―

295

159

Other compensation
amount

―

―

―

―

―

Cash compensation
amount23,064

20,135

(0)

―

8,693

Stock compensation
amount or stockbased
type compensation
amount

5,898

4,430

―

(1,292)

733

Other compensation
amount

79

33

4

―

―

29,592 ¥25,150 ¥4 ¥(997) ¥

¥

2

9,588

(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.

249

Disclosure Policy
1. Basic Principles
Our Corporate Philosophy is “Operating responsibly andtransparently with foresight, Mizuho is deeply committed toserving client needs, enabling our people to flourish, and helping
to improve society and the communities where we do business.”
We place one of the highest management priorities oncontinuing 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 executive 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 are striving 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 executive officers and employees
within Mizuho Financial Group who engage in financial
reporting, accounting or disclosure. We have also developed
the “Internal Controls and Audit Hotline”, a system designed
for reporting questionable accounting, internal control, orauditing matters from both inside and outside Mizuho
Financial Group.

follow 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 inand outside Japan such as shareholders, investors andsecurities analysts are conducted by the President & Group
CEO, Group CFO, Deputy Group CFO, Chief IR Officer, andexecutive officers 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 othermatters. In this way, we aim to earn 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.
As we respect various disclosure principles including fairdisclosure in regards to individual calls, private meetings orconferences hosted or attended by representatives ofMizuho Financial Group, we strive to limit 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 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 reputational risk
events or otherwise, we endeavor to investigate their causes
and correct 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 internationallaws and regulations as well as stock exchange rules, we
Integrated Report 2024

250

Mizuho Financial Group, Inc.
1-5-5, Otemachi, Chiyoda-ku, Tokyo 100-8176, Japan
www.mizuhogroup.com