Thank you very much for your patience, investors. We appreciate your participation today in the FY 2025 First Quarter Financial Results Conference Call of Daiwa Securities Group, despite your busy schedules. At this time, we will begin the conference call. Joining us today from Daiwa Securities Group is Executive Managing Director and CFO, Mr. Kotaro Yoshida. I am Kana Nakamura, head of the IR office, and I will be moderating today's proceedings. Thank you. First, CFO Yoshida will explain the financial results for the first quarter of FY 2025. We will accept questions from participants after the explanation is concluded. Please note that today's conference has also been streamed via the internet. It is open to the general investors. Now, we will let you begin the explanation. So this is Yoshida from Daiwa Securities Group. Thank you very much for taking the time to join our conference call today. I will now explain the financial results for the first quarter of FY 2025, which were disclosed today, using the presentation materials available on our website. Please turn to page four. First, I will provide a summary of our consolidated financial results. The percentage changes shown are compared with the fourth quarter of FY 2024. For Q1 of 2025, net operating revenues were JPY 155.2 billion, down 10.9%. Ordinary income was JPY 43.7 billion, down 14.3%. Although we saw a decline in both revenue and profit due to the absence of large primary deals that occurred in the previous quarter, base income, which we regard as the key indicator of stable earnings, remained high at JPY 34.1 billion. The Wealth Management Division continued to engage in comprehensive or total asset consulting, even in a volatile market environment, expanded net inflows of wrap account services. In addition, we responded carefully to unauthorized access incidents to ensure our customers could continue trading with peace of mind. In securities asset management, equity method income from Global X LLC also contributed to higher profits. In alternative asset management, provisions and impairments recorded in the previous quarter were no longer present, leading to improved profitability. In global markets, customer flows and credit recovered from May onward in the FICC business. Global investment banking performed strongly in DCM and domestic M&A, supported by multiple large deals. Profit attributable to owners apparent was JPY 31.2 billion, up 4.3%, and ROE was 7.7% on an annualized basis. Please turn to page 8. I'll explain the trends in consolidated ordinary income and base income. Base income was JPY 34.1 billion, an increase of 10.3% year on year, and accounted for 78.2% of consolidated ordinary income. Please turn to page 11. I will now explain the income statement. Commissions received amounted to JPY 100.3 billion, down 12.6%. The breakdown of commissions received is provided on page 24. Brokerage commissions were JPY 21.1 billion, down 8.2%. Underwriting and secondary offering commissions were JPY 8.9 billion, down 41.6%. Distribution commissions were JPY 4.7 billion, down 28.6%. M&A related commissions were JPY 11.1 billion, down 32.4%. Please turn to page 12. I will explain the status of SG and A. SG and A was JPY 119 billion, down 1.8%. Trading related expenses decreased due to a decline in payment fees and advertising expenses. Personnel expenses declined due to a reduction in performance link bonuses. Please turn to page 14. Next, I will explain the ordinary income from our overseas operations. Total ordinary income from overseas operations was JPY 3.8 billion, down 35.9% for the previous quarter. In Europe, M&A revenues declined, worsening overall profitability. In Asia and Oceania, equity method income from Wealth Management and SSI Securities contributed positively. The Americas, equity revenue and equity method income from Global X LLC contributed to higher profits. Next, I will explain the results by segment. Please turn to page 15. First, I will explain the revenues and income of the Wealth Management segment. Net operating revenues were JPY 62.9 billion, down 5.3%, and ordering income was JPY 19.7 billion, down 14.9%. Following the stock market decline in April, investors became increasingly cautious due to the uncertainties surrounding President Trump's tariff policy, which led to a decrease in flow revenues, including domestic equities and equity investment trusts. On the other hand, wrap related revenues and agency fees for investment trusts remained high, with asset-based revenues flat at JPY 27.5 billion. The Wealth Management Division's ratio to fixed cost was 103.7%, and its ratio to total cost was 70.1%. In addition, bond revenues increased due to the presence of multiple large primary deals. As retail investors adopted wait-and-see attitudes, we focused on offering solutions through total asset consulting, resulting in increased insurance sales. Please turn to page 16. Sales and distribution amount by product and topics this quarter in domestic wealth management. Wrap account service contract amount was JPY 194.9 billion, and net inflow expanded to JPY 100.3 billion. Stock investment trust sales amount was JPY 357.8 billion, and net increase amount was JPY 88.9 billion. Through total asset consulting, we captured the needs of customers who prefer diversified investments and robust portfolios, leading to sales of a wide range of investment trusts, mainly including the Invesco World Best Equity Open and the Daiwa Blackstone Private Credit Fund. At the bottom left of the slide shows the net inflows of wrap account service and stock investment trust. Please turn to page 17. This covers the status of Daiwa Next Bank. Net interest income was JPY 9.6 billion, up 7.1%, and ordinary income was JPY 4.3 billion, up 18.4%. The replacement of investment portfolios conducted in the previous quarter improved profitability, resulting in increased revenues and income. Please turn to page 18. I will now explain the asset management. management. Securities asset management net operating revenues were JPY 15.1 billion, up 1.5%, and ordinary income was JPY 7.5 billion, up 6.8%. Daiwa Asset Management secured a net increase of JPY 135.7 billion in public offered stock investment trusts, excluding ETFs. In addition, equity method income from Global X LLC, in which a 20% stake was acquired through the conversion of EB bonds in February, contributed to the increase in profits. Please turn to page 19. Next is real estate asset management. Net operating revenue was JPY 196 billion, up 57.3%, and ordinary income was JPY 6.9 billion, down 3.2%. Daiwa Real Estate Asset Management's AUM surpassed JPY 1.5 trillion, reaching a record high, while gains on the sales of properties at Daiwa Securities Realty and income from REITs under management contributed to the decrease, mainly due to the lower equity in earnings of Sensi. Please see page 20 now for alternative asset management. Net operating revenue was JPY 3.3 billion, down 62.5%, and ordinary income was positive JPY 4.3 billion. In Daiwa Energy Infrastructure, there were no provisions or impairments recorded in the previous quarter, and the results improved. In addition, the investment. Balance expanded mainly in renewable energy and infrastructure projects in Japan and overseas. Please continue on to page 21. Here I'd like to explain the global markets and the investment banking division. In global markets, net operating revenue was JPY 32.5 billion, down 9.6%, and ordinary income was JPY 2.6 billion, down 58.3%. In equities, Japanese equities continued to see strong order flows from overseas investors, but the retail investor order flow declined due to relatively heavy upside. On the other hand, foreign equities saw an increase in retail investor activities on the back of a recovery in share prices of semiconductor-related stock names. In the FICC, bond trading by Wealth Management Division clients increased in both yen and non-yen currencies due to the rise in domestic interest rates and the progress of yen appreciation in the month of April. In credit, revenues remained high as client order flows increased due to the rise in interest rates led by very long-term interest rates. In derivatives, position management was successful, although liquidity was reduced due to market turmoil. Now, please see page 22. Here is about the global investment banking. Net operating revenue was JPY 17.2 billion, down 33.1%, and ordinary income was JPY 0.9 billion, down 87.1%. Net underwriting revenue increased due to the contribution of large deals. In M&A, domestic sales remained strong, but overseas sales declined due to a decrease in deal execution. This is the end of my explanation of the Q1 results for FY 20 25. The announcement of the tariff policy by the Trump administration on April 2 triggered major turmoil in the financial markets. As you may recall, the midday 225 dropped more than 4,500 marks in the three days from April 3, and continued to rise and fall by more than JPY 1,000 the following day. Interest rates and credit spreads have fluctuated widely as well. Some even moved to reciprocate with retaliatory tariffs. Financial and capital markets were shrouded in considerable uncertainty for a period of time. The Q1 of the year started in such an environment. Such turmoil was overcome by a series of negotiated agreements between the U.S. and the U.K., and the U.S. and China in May, and the market gradually regained its composure. The Q1 results, even in the face of such major market fluctuations, once again demonstrated the strength of our earnings base, with the basic profit, which we emphasize as a stable profit indicator, remaining at a high level of JPY 34.1 billion. In order to carry out more efficient asset building and asset management in the age of inflation and the world with interest rates without being distracted by short-term market fluctuations, we believe it is important to understand midterm economic and financial trends, and we have created a strong market story, which we use as the basis for repeated conversations with our clients. We have been having a series of conversations with our clients based on this backbone in the strong market story. In addition, as in previous years, we have steadily evolved our proposal activities through consulting on customers' total assets. Although there were phases of lower client activity level during the quarter as clients took a wait-and-see attitude, the volume of activity of our consultant sales increased over the previous quarter. The results are also being confirmed. The level of activity has been increased over the previous quarter, as I said. In the asset management segment, the AUM grew steadily in both the securities and the real estate sectors, both reaching record highs. The inclusion of Global X and the U.S. as an equity method affiliate also made a contribution to record quarterly income. In the GM and IB segment, performance was slightly sluggish due to the impact of market volatility caused by reciprocal tariffs, but FICC credit, debt underwriting, and domestic M&A activities were all risk. As for the current situation, we have been off to a good start since July. Wealth Management Division product purchases were also well above the Q1 average, and the revenue levels have recovered to the Q4 average, which was the highest quarter ever of the last successful year. Global markets have also settled down. In July, the equity flows increased for both institutional and retail investors. FICC continues to see portfolio replacement needs as the interest rates remain at a high plateau. In order to maximize the value of client assets, as stated in the group management policy, it is extremely important for each business area within the group to have a deep understanding of the client's needs and the challenges, and to provide the best, most appropriate, and high-quality solutions. The day after the U.K. fell. The U.K. index fell sharply on April 3. The Apt Group Management meeting held on April 3, the day after the U.K. index fell, the CEO gave a clear message that this policy of the company will not change in any way. We will continue to pursue a virtuous cycle in which the strong trust of our customers is reflected in asset under custody and under management, as well as in-house base profits, thereby meeting the expectations of our shareholders. In addition, in response to the recent incident of unauthorized access, etc., we will continue our efforts to provide a trading environment where customers can trade with confidence by improving our systems and engaging in detail-oriented dialogues with our customers. We would ask you for your continued support in this endeavor. Thank you very much for your attention. That's all from the presentation from ourselves. Now, let us move on to the Q&A. Today's call is served with simultaneous interpretation so that English speakers are also able to participate. For both languages, should you have any questions, first press the star, and then after that, one. If you're going to take back your questions, press star and then two. First of all, we will take the questions in the Japanese floor, and then we will move to the English floor to take English questions. When we call your name, please state your questions. Let's move on to the queues. We would like to introduce the first questioner. Murak Chan from SMBC Nikko Securities. Murak Chan, please. This is Murakuchi from SMBC Nikko. I have two questions. First of all, slide 21 about the fixed income. Now we're at the phase of rate increase. You had some challenges in terms of the position management, but there was an increase in the flows. If you can actually give us more color, what were some of the challenges? Also, if you can give us the current state of flows as we see the interest rate hike. That is the first question. The second question also relates to the interest rate about the Daiwa Next Bank. I believe that is page 17 of the materials. As a way to enhance the yield, you have reduced the, decreased the lending for government by JPY 300 billion, and now you have, so you have made some measures related to some of the borrowings and also some of the deposit and BOJ as well. Going forward, as you fund for the deposit, let's just say BOJ. If the short-term rate is raised to 1%, for instance. What sort of plan do you have to the deposit? Right now, in terms of the ordinary deposit, it is on a slight decline. I think that is already happening in terms of the ordinary deposit. In terms of the interest rate of 1%, in terms of the average funding cost, what is the deposit data that you have in mind? If you can give us more color. Thank you very much for that question. In terms of the challenges in the position management and also the flow increase, we would like to give you more color. Especially for the month of April, we had interest rate volatility and credit spread volatility in place because of the market turmoil. FICC, within multiple products, there were some challenges in the position management. Also, the long-term bonds, the demand from domestic institutional investors has been on a gradual decline, and in lieu, we have some overseas investors coming in. Because of the turmoil in April, the overseas investors sold, and now the level has exceeded 3%. Now, even on the dollar basis from the overseas investors, it is much more attractive in terms of the interest rate. Now we have diverse investors making entries. That has been confirmed. In terms of the long-term bonds, up until now, the central player was more of the domestic institutions, but now, with the market change, we have seen diverse investors making an entry. In addition to that, the flows have been on the increase. As we see replacement of investors, we have these large flows, and in line with the order, we needed to actually conduct the position management accordingly. Of course, these customer flows were not really easy to read or anticipate, so that was the challenge. April was tough, but in terms of May, it started to recover. Also, June is flat from May, or maybe slightly weaker in June for FICC. That has been the case. Q1, April was weak, recovery in May, and June is similar to May, or maybe slightly weaker. If you look at it by products, credit, April was tough, but May and June, we had some primary, so we have seen some increase in the revenues. Also, related to the second part of the question about Daiwa Next Bank, last year, because of the rate hike, the spread has increased, so we have seen improvement in the net interest income. On the past of last year, we conducted some portfolio replacement of the securities investment, so we have seen an increase in the carry revenues. That is in the background. Going forward, about the deposit acquisition competition, we do believe it is going to be fairly challenging in terms of the deposit acquisition. Daiwa Next Bank will collaborate with Daiwa Securities to have more sticky funds, and various campaigns will be launched. That is the plan. Also, in terms of deposit interest rate, once the BOJ policy rate goes to 1%, what is the deposit data for the ordinary deposit related to that question? From 50 basis points to 1%, let's just say if it goes up by 50 basis points, then what could be anticipated? About 40% of the defensitivity or pass-through, so that may be the deposit rate. Of course, we need to look at the competitive climate as well. Accordingly, we would like to adjust the deposit rate. In terms of collaborating with Daiwa Securities, for instance, investment trusts and fund trusts, we could have a setup plan. We have some new customers, or perhaps a corporate customer-specific campaign interest rate could be presented, and also cross-sales. For instance, to the deposit customers, we may also introduce the bond management as well. Now we have a world with interest rates, we could engage in diverse marketing activities. Murakuchi, did you answer your question? Thank you very much. Related to the first part of the question, the state of July then, global markets, to mention, it is stabilized now. In comparison to the June quarter, the fixed income is also off to a good start then. Yes, for the month of July, that is the current state. Of course, we would like to continue this trend for August and September as well. Thank you very much. Murakuchi, thank you for your questions. Next, question from JP Morgan Sato Fund. Mr. Sato, please go ahead. Thank you so much. I am JP Morgan Sato. I have two questions too. My first question is about on page 14, about the overseas business ordinary income, especially Europe, and the Q1. Because of the M&A reduction, you saw the figures that dropped, actually, over the previous quarter. In fact, GID profit was also brought down. Last fiscal year, in Europe, you had the personnel replacement, so there was some one-off cost that you needed to shoulder. Still, you were talking about JPY 2.3 billion-JPY 2.4 billion in losses, including those one-off costs. This time, even with that, you have the losses of JPY 2 billion. By looking at this figure. You are not really making any improvement in the break-even point. The challenges today, maybe the cost control. Are there any things that you can talk more in detail? Please. That is my first question. The second is about the AM, especially the real estate and alternative. This time, the real estate, most of that income does not include the capital gain. Alternative, the same, I guess. After Q2, you might have both the alternative or the infrastructure asset equity possibility. Do you see that environment is going to be probably getting favorable? Especially throughout the year, when we look at where you are going to be landing at, do you think you will be able to get the same level of the capital gain as the other years? Or is it too much to hope for for this year? Thank you very much. Thank you for your questions. Your question number one about the overseas ordinary income in Europe. For the market of Europe, as you say, the M&A business or TC Europe, and also the securities business, TCM Daiwa Capital Market Europe, those two companies are the main players. Regarding the M&A for Europe and the U.S., this June quarter was impacted by the reciprocal tariffs by the Trump administration and also the uncertainty of the interest rate. That has led the M&A business to take longer time to execute, more than ever, more than the normal time. Especially just thinking about seasonality, normally the June quarter does not really get a lot of profit. One part of that reason is that top line did not grow that much. Also, the Daiwa Capital Market Europe, which is engaged in the securities business in Europe, equity just as well as normal, but the last, when we look at the last fiscal year, we saw some primary projects that have kicked in in the income, which did not recover the current fiscal year. That is the reason why we saw just a little losses in the Europe business. For TC Europe, cost control, we have been very careful about the cost control of course. Our original plan, the deployment of the recruitment or the replacement of the human capital, we have been working upon that right now by transferring some people or replacing some people. For the current M&A landscape, gradually, from this had started to go into the phase of execution, we do see that in the market of U.S. and the Americas and Europe. In Q2 and beyond, we want to make sure that we will be able to harvest the results. Moving on to your second question, the alternative and real estate capital gain, I think you were talking about. For the Q1, for the real estate, we had a more increased balance of the AUM, and also the rent revenue had increased. But the privately placed funds, the exit to the private fund had given us some capital gains, partly from those property sales. Also, together with the setting up of the private funds, we have been able to acquire some gains from the properties so that there are some movements that we are going to be monitoring and seeing continuously for the property business. The other part you were talking about is the prospect for the future after the Q2 and beyond. At this point of time, as we normally say, we think we'll be able to get the gains as we do normally generate. For the alternative, there are some fluctuations quarter by quarter. That really depends. We have to see what's going to happen. That's all. Thank you. Okay. Thank you so much. Thank you very much, Sato. Next question comes from DOJ Securities. Suzino-san, please. Suzino-san, please. Thank you very much. About FICC for the April and May, June, you've already shared with us the situation. The month of July, you've been facing challenges. May was recovery, June was weak, and July is weak, just as June. If that is the case, July, August, is it a similar case? Actually, we may see a rise here. If you look at it on a monthly basis, this is just on a hypothetical basis, so the 1st of April, and May is such, and July, if it actually continues that way, then Q2 is going to be very good in terms of the performance. Is that really the case? If you can give us some color as to how it is progressing as we proceed through the month. That is the first question. The second question relates to PE, the pipeline. You mentioned it really depends on the situation, you said. There are timings to divest, but there must be plans as well. As far as the plan goes, you have certain alignments for this fiscal term, but you mentioned that it depends on the situation. The reason you say that is because there are some changes in the appetite. Is that the case? For instance, April, the corporate administration's initiatives and so forth. Because of those, you are mentioning that that way. Or last year, it sold fairly well. In terms of the pipeline, with regard to PE, what should be divested. That is why there is a bit of a gap. If you can give us more colors in terms of the pipeline of the PE. Suzino-san, thank you very much. First of all, for FICC, on a monthly, the pitch. Just to give you an idea, on a monthly basis, FICC as a whole, for three months, let's just say three months is 100, then for April, May, and June, 25, 40-35. Maybe that is the breakdown. In terms of domestic and overseas, domestic, it is gradually, it is recovery as we progress through the progress. Overseas, May was good, but June, not so much. For the month of July, this is just temporarily for July only, but just to give you an idea, for domestic and overseas combined together, in comparison to June, it is progressing strongly in the months of July. The customers, the bond investors, are more diversified, become more diverse. That is favorable in terms of the flows. Various investors from both in and out of Japan, and also some of the middle corporate domestic, and also the retail investors as well, they are conducting the portfolio replacement. What institutional investors have sold, these retail investors are buying those under good terms. Those are the positive impacts that we are expecting. Surprisingly, if the market becomes volatile, that means the position management becomes more challenging. For instance, futures and debt, it may not be fully able to accommodate the current state, but we need to engage in dialogue with the customers. We need to capture the investment needs of the customers so we can, in the end, capture and make profit out of the flows. The situation is finally subsidized. We have been able to realize that in June. We hope that we have been able to realize that in July as well, and we are hoping that will continue for the months of August and September. Related to the second part of the question, PE, as you mentioned, in terms of divestiture, the timing or the plan, let's just say, for the divestiture, we do have those plans. Some of them are fairly small size or mid-size or large size in terms of the potential deals. Especially for mid to large size, sometimes we may be able to extend earlier than expected or maybe later than initially expected because there is always a counterpart involved. It depends on the negotiation. It is a case by case. That is why we cannot have the full visibility. That was the point I was trying to make. Of course, towards exit. We do have multiple potential candidates for exits. Also, for new investment opportunities. We like to continuously capture those as well. For the existing investees, exits, and basically have the profit secured on the alternative. That is still pursued. Last year, the second half of last year, I believe Q4, Daiwa Energy Infrastructure, about the energy, there are some gains and also some of the impairment and so forth. Also, for Daiwa PEA partners, about the PE investment of the corporate operating companies and funds, they are much more sort of proactive in terms of M&A. The exit pipelines, we do have visibility in this front. In the months of April, we see the Trump administration impact. It is hard to have that certainty or visibility, but how the deals have been executed, we do have better visibility. We definitely like to have continuous communication with you. Hopefully, I answered your question. Thank you very much. Suzino-san, thank you for your questions. Next question from Nomura Securities, Sasaki-san. Sasaki-san, over to you. This is Sasaki over Nomura. Thank you so much. I have also two questions. First one is about the earnings. I have some confirmation for the ex-profit. Disposal gains of the marketable securities, that is mainly the reduction of your equity held for the strategic basis and also the reduction of the effective tax rate. What is the reason for that reduction in tax rate? The second is about the fraudulent trading. You were talking about the recovery of the losses. Anything that happened in the first quarter? Can you talk about that, please? Thank you very much for your questions, Sasaki-san. First of all, about the extraordinary profit, as you say, this is the disposal gain of the strategically held shares. That is the main. The reduction in the effective tax rate, in Q4 and the Q1, in the comparison, the ex-loss was shown. That is one reason, the ex-loss in the Q1 over the Q4 of last fiscal year. Also, the equity massage investment, that is not subject to get the tax, is giving us the merit on the tax rate itself. That is the reason for the reduction in the tax level. On page three of the presentation material, we are showing Global X LLC Equity Methods Affiliation, and then Amotaji at the Goodwill of that has been said as a non-operational income about JPY 3 billion. That is counted as a part of the equity method investment gain. That's also reducing our effective tax rate. Talking about the fraudulent access or the cost to deal with that, the people who were affected or the customer who were affected by that, for making sure that we receive that those are not coming to the reason from the customer side, we are going to restore to the original position. That's our policy. Of course, that does not apply for all the customers. However, when we think about all the customers that have the influence by the end of June, we've been looking at trading one by one. That makes the estimate, and that has come to the expense of about JPY 3.6 billion. In the most recent P&L chart, we are showing that figures, but that's going to be basically the provision to be posted as JPY 600 million plus JPY 10 million. Depending upon how the stock price is going to be fluctuating, we might need to have a provision much bigger than that. However, it's not going to be that big if that could happen. Also, starting from the 6th of this month, we are asking for the customers to do the additional proof of oneself for the personal identification. For those people who are not doing that self-certification, it's no longer able to make the successful login. That's going forward. Even right now, probably the corporate is going to do a lot of measures trying to get fraudulent access or the legal access so that we want to do a lot of the multi-level of the certification for want to make sure that the customers are making the access. Okay, thank you very much. About system access, you're already making some disclosures, and the other companies are also making the disclosure of the estimate for the provisions. It seems that your company's provision is one drill left compared to the others, meaning that your customers are not really huge. Is that the reason why? We can't talk for the other peers. However, our policy, we have come to the test calculation of how much it's going to be, and we have come up to this figure. Okay, thank you so much. For my second question, when we look at the earnings call in the Q1, maybe it's not directly relevant, but on the 25th of July, the Jengue, the big theme park in Okinawa, was opened. In the meantime basis, how is it going to be influencing on your performance? Is it going to be a plus or a minus? The purpose of asking this question is because I think your portfolio company is the operator of this theme park. That probably you'll be able to gain the profit through the equity methods investment or the capital gain. There will be various options that we can think as a possible scenario. What kind of an impact do you think is going to be had on your business performance with the business of the Jengue theme park in Okinawa? Thank you very much for that question. As you say, the other day, Jengue, the theme park in Okinawa, just opened. That is operated by Japan Entertainment, and its parent company is called Katana. At Daiwa Securities Group, we do make a capital participation partly so that it's subject to the equity methods. This parent company, Katana, their profit is making a contribution to our profit. Of course, it just started, just opened. We think the meaning of the opening of this Jengue is, of course, to revitalize the local economy of the prefecture of Okinawa and also to bring back some new vitality for the tourism in Okinawa. We had agreed to that intention, and then we've been supporting that business. Of course, the expectation is changed. Not only Jengue or not only that parent company, Katana. We want to be supporting the revitalization of the entire macro of Japan. We want to be a contributor to that end. Let's say, looking at this Jengue, I think their operating expense is about JPY 70 billion for the opening. In the very beginning, of course, normally everything starts with the losses. Do you also need to take that for the depreciation and normalization? Are there going to be any periods that you're going to be taking that as a loss too? How their P&L is going to be evolving, we still have to wait and see. However, if they're going to be generating losses, then the losses to be generated by the parent company, Katana, is, of course, going to be captured partly by ourselves. Of course, when the profit is delivered, then we will be able to enjoy that too. Also, if possible, please tell me, will the Cool Japan Institute is also making the participation in the capital in Katana or Jengue? The Cool Japan Institute is also making the participation in this project. I think Sasaki is also making the management. He's the manager of this Cool Japan Institute. Do you have any cooperative relationship with them as well? Kawasaki-san, who is in the investment division of your company? Right. Thank you very much for that question. It is not that we are collaborating because of the relationship or the special relationship with that person. It is wherever we can collaborate with those projects, of course, we will be more than happy to, through the consultation and discussion. Okay. Thank you so much. Thank you very much, Sasaki-san. I would like to move on to the next question. SBI Securities. Otsuka-san, please. Otsuka-san, please start your question. This is Otsuka from SBI Securities. Can you hear me? Yes, we can hear you. Thank you very much. If you can, I would like to pose a question, and I would like you to respond to it one by one. The first question relates to page 22 of DMIP. I was looking at the numbers here. The Q1 profit is about JPY 900 million. As I look at this chart, in terms of the profit level, it is not so high, but in terms of the trend in the past couple of years, M&A and others, we have seen a steady accumulation, and in equity, there are some ups and downs. In terms of equity underwriting, some quarters it is not progressing well, and at those quarters, the profit level is low. Equity underwriting, if it is going well in certain quarters, the profit seems to be high. That appears to be the case. Am I reading this correctly? That is the first question. Thank you very much for that question. It may appear to be that way, but actually, M&A, as part of the question, the previous question as well, so DCUS and DC, the North America, the M&A advisory business, we did not see any large-sized projects, so the top line did not grow. It was in deficit. In terms of the domestic M&A, it was quite favorable, so basically, it offset each other. That is why the profit was near JPY 900 million. In terms of the equity underwriting, Q4, there was some reactionary downturn, and also, there were some seasonal factors related to this quarter. Because of the overlap of all these factors, equity underwriting, whenever it is low, the profit appears to be somewhat depressed. We do not think there is a specific correlation, though. Not really. Understood. Thank you very much. The second question relates to Daiwa Securities on its own and a standalone basis. Slides 33 and 34, please. My question is in terms of the 33, about this quarter. JPY 88.7 billion for this quarter. It is not really high in comparison to the previous quarters. That is in terms of the net operating revenues. I think all the domestic peers, such as Nomura Securities, are in a similar trend. It is not a surprise. Having said that, you have the other commissions like investment trusts and M&As and so forth. You are seeing some accumulation. That has led to a stable income. I think that was the explanation you provided. Having said that, still, the net operating revenues did not fare too well. I would like to pose the question again. Why is that the case? Is it because of lower brokerage commissions, or is it the underwriting and secondary offering commissions? Although we are seeing the other commissions have accumulated, still, the overall net operating revenues did not fare well. That is kind of a sub-question one. Now, in terms of the second part of my question, the ordinary income is JPY 21.6 billion. Basically, the cost is high. Personnel cost or the office cost. It is hovering at a high level. I am just looking at the domestic number here. Especially for the personnel cost, this cannot be helped in terms of the personnel cost staying at the high level. That is the second part of my question. Thank you very much for that question. Let's look at Daiwa Securities on a standalone basis. On a T1Q basis, this is slide 33. The underwriting and secondary offering commissions have been in decline. It is about JPY 5 billion. Aside from that, we have the agency fees for the investment trusts. All these items, basically, we were not able to offset the decline in those through the increase in the other commissions. Also, for investment trusts and fund wraps, the net inflows continued to expand in Q1. There was a net inflow. As you already compared Q4 and Q1, in terms of the average balance, Q1 was a decline in comparison to Q4. That is why the asset-based revenue saw a slight decrease. As far as this is concerned, since the end of June onwards, the market has recovered. The net increase that we have seen in Q1 is contributing to the recovery with the market recovery. What we are pursuing is total asset consulting to the customers. Basically, move away from other financial institutions, away from deposits to investment, and also establish a portfolio. We sell the fund wraps, so it would be the core part of their assets. If the fund drops will not be enough, we may actually combine the private asset with that in order to enhance the return. The total asset consulting will be conducted in hopes of gaining a long-term relationship with the customers. In that sense, Daiwa Securities, and for the wealth management segment, the flow revenue is JPY 5 billion or JPY 50 billion, rather. As we see an increase in the asset-based revenue, this percentage would be enhanced. We would like to have more of the asset management type of business or wealth management type of business. The share price has changed. The growth in the asset-based revenues, the growth has been somewhat more moderate. Actually, in terms of the peaks of the net inflows, it has been quite favorable. We do evaluate this positively. Also in terms of the profit level, as you rightly mentioned, the personnel cost, the wage increase, it is conducted on an every-year basis. The cost is definitely on the rise. Strategically, we need to acquire talents, capable talents. At the same time, we need to change the way we engage in business. AI and DX need to be embraced. The tasks that could be conducted through AI or DX, we could resort to them. We can have the administration more efficient. We can change the organization and allocate the people so they could be in the front line. Making use of AI to make our business more strategic. We intend to do restructuring of the income. Especially when it relates to wealth management segment, we need to enhance the stable income and also expand the customer base. This quarter, unfortunately, because there was a decline in flows for equity investment trusts, we do perceive this as an issue. Internally, we believe perhaps more could have been done. Again, we would like to pursue this going forward. In terms of cost control, as written here in the materials, for the wealth management, the fixed-rate ratio is over 100% right now. Also, the fixed-rate, the coverage rate, is 70%. We'd like to further enhance this. For Daiwa Securities as a whole, the personnel cost, especially given the inflationary period, the costs naturally increase going forward. Each business department or product division, we need to revisit the profit and loss on a continuous basis. Also, the state and the way we engage in business, we'd like to get involved in the discussion as well. We need to be more proactive and more strategic in controlling this. That is my response to you. Given the explanation, I think the last part you mentioned about the asset management decision, more could have been done, you mentioned. Are you talking about the flow, the revenues? You could have done more. Is that more specifically? Is that what you're referring to? Yes. Yes. That is the connotation here. Under the brokerage companies, it seems as if I think you're doing well in comparison on a relative basis given the operating environment. That may be the case if you compare it with peers, but internally, that has been the discussion. Depending on the customer's needs, customers may feel that this may be an excellent entry opportunity. Whether we were able to give appropriate advice, perhaps we could have done better. Thank you very much for that. Otsuka-san, thank you very much for the question. It seems that the questions are all being complete, so let us wrap up the Q&A session and the meeting for today. Everyone, thank you very much for joining today's earning call for the Q1 FY 2025. Thank you very much for your continued support. Thank you so much. This is the end of the presentation and the Q&A. Let us wrap up. Thank you. Thank you.