Futoshi Sasaki: Thank you. This is Sasaki again. But if you have a recollection, when there was — when negative interest rate kicked in or people stopped purchasing JGB that had led to a big difference or change in the JGB prices. You had experienced such events. Were you able to book significant revenues as a result of those events in the past?
Takumi Kitamura: I apologize, I don’t have the data at hand. This is Kitamura speaking. But in principle, when there is market shock, rate-related business would be improvement — significant improvement in performance. That’s a general comment. But sorry, I do not have data at hand, but intuitively, that’s how it is.
Futoshi Sasaki: Thank you very much. Thank you for those responses. That is the end of my question this time around.
Operator: The next question is from Citigroup Securities, Niwa-san. Niwa-san, please go ahead.
Koichi Niwa: Thank you. This is Niwa from Citi. Two things. First is about retail and revenues, retail revenue. And the other is about the investment trusts and the launches of new investment trusts. And for retail revenue, in this quarter, the flow was strong. So things are quite good and it gives us more comfort. But I was wondering how to think about that period. And in the — if we look at the past nine months, the level, revenue level seems to be improving. And — but compared to the past, it’s still not there yet. So — and when compared to your peers, these three months, the recovery in this three months was quite strong at Nomura. So my question is, is there a difference in the client base between you and your peers?
And was that how we should assess the improvement in retail revenues or were your operations too conservative? And are you now shifting more towards risk taking? And are you becoming more active in covering your clients’ customers or are you getting used to the new business structure following the reforms? So could you give us some more color about the revenue improvement and whether we can have more comfort in revenues continuing to improve. So yes, the sustainability of the flow revenue, please? My first point. Second is this is based on the media coverage, but in the Asset Management division, there was successes in some of the inceptions of new investment trusts. This is especially for Japan equities. And my question is these newly launched funds are more popular in the markets.
Is that right or are you focused more on your existing funds and is that lineup sufficient? My interest is when it comes to new fund assumptions or when you provide new products? I think they are becoming more popular among corporate clients as well as retail investors. So I was wondering what the market sentiment is for investment trust products, please.
Takumi Kitamura: Thank you. This is Kitamura. Nomura’s retail business outperforms our peers or at least it looks that way. And the reason for that is your first question, I believe. The customer base and also our proposals to customers were also — were both factors. And previously, or I forgot maybe it was the previous one before that, but we learned from our past experience that we were somewhat hesitant in proposing to customers about our products. And in terms of proposing one product, we should propose various products, and that will deepen our discussions with our customers. So that’s what we decided to improve on. And since then, we have become more proactive in introducing and proposing products. And that has — we have got — there’s been a big improvement in terms of the contacts and the number of proposals with customers, there’s been steady improvement and growth there.
