Takumi Kitamura: Thank you very much. For Japan Retail, we were strong in all areas, wealth management, mass affluent, high net worth. We were strong, especially we did well in high net worth. And since the beginning of this month, this trend has followed on. We allocated — we assigned partners to high net worth, so we were quite strong. Not to say that we were not as strong in mass affluent, we did well in mass affluent as well. But — and then on NISA-related business, we are not only focusing on NISA, but the clients’ interest is heightening. We feel that from their reaction. Using NISA, in just three weeks, last year’s one-third is the progress rate in terms of sales. So, client sentiment is very warm, heating up. But while we will make use of NISA scheme, our objective is our clients’ increasing financial assets.
That’s the most important mission. So, portfolio allocation, equity, fixed income, distributed investment have long-term targets as they manage their investment. And if they experience successes that would lead to the next business opportunity, we’re not just trying to increase the number of accounts. That is not our goal. 3.6 million is quite an amount. We hope that they make use and detailed tailor-made consulting will be provided to our clients, which is our strength. And tax rate, it may appear to be high slightly, there are a few technical factors behind, which simultaneously occurred. So, if this trend continues, the tax rate may come down slightly. Thank you.
Koichi Niwa: I have a follow-up question. Recurring asset for Japan retail target in March 2025, ¥21.6 trillion, I believe, was your target. Haven’t you already reached that level? Or is it because of the increase in stock price? What is your forecast? Thank you very much.
Takumi Kitamura: The recurring revenue coverage — expense coverage is 55%. We want to further elevate this ratio. But in order to do that, recurring asset outstanding will have to be increased. That’s not the only factor behind the recurring revenue, but it is a very important component. So, we want to further increase recurring assets. At the CEO Forum, we said that it’s at 55%. We want to raise this to 80%, which means that it is indispensable for us to increase recurring assets. Thank you.
Koichi Niwa: Thank you very much. That gives me more nuance. Thank you.
Takumi Kitamura: Thank you, everyone, for attending the telephone conference, and we received various questions. But the last one year, we struggled and now wholesale is seeing a sign of recovery, so — towards the improvement. So, we feel a real sense of improvement, and we have capital buffer here. So this time, we’ve announced buyback. Without a doubt, in the background is our confidence on recovery of business. Still 6.2% is our ROE level. So, there is more work to be done. As a company-wide efforts, we would like to make efforts to improve our business. Thank you for your continued attention. Thank you.
