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Message from the President & Group CEO of Mizuho Financial Group

Global Economic Climate

Yasuhiro Sato

As President & Group CEO of MHFG, I would like to express our deep appreciation for your continued interest in and support of our Group.

As to the recent economic environment, the gradual recovery in the global economy has continued, while weaknesses in the recovery have been seen in some regions. This recovery is expected to continue particularly in the United States, but it remains necessary to monitor downturn risks such as the United States' policy direction under its presidency, the political concerns in Europe, the economic outlook for China and heightening geopolitical risks.

In the United States, the economy continued to recover due to such factors as generally improved employment conditions and steady consumer spending, and it is expected that the gradual recovery in the economy will continue. However, such concerns require continued monitoring as increasing uncertainty regarding the effects of monetary and trade policies and the risks of a US stock market correction.

In Europe, the economy continued to recover gradually as consumer spending picked up and exports expanded. Although the gradual economic recovery of the region is expected to continue, the political situations in Europe, including negotiations regarding the United Kingdom's withdrawal from the European Union, require further monitoring.

In Asia, the Chinese economy remained stable, due partly to the effect of government policies. As for the future outlook, although support through fiscal policies such as investment in infrastructure is expected to continue, the Chinese economy is expected to slow down gradually due to structural changes and tightening of regulations. The economies in emerging countries are picking up because of China's enduring economy and the recovery in exports. It is expected that the growth of their economies will remain gradual due to such factors of concern as the depreciation of currencies in emerging countries and the increasing pressure of capital outflows.

In Japan, following the improvement of overseas economies, the economy has gradually been recovering in the areas of exports and capital investments as well as the pickup in consumer spending. As for the future outlook of the Japanese economy, it is expected to continue on its gradual recovery path, supported by the effects of government economic measures and growth in consumer spending and capital investments. However, increasing uncertainty in overseas economies requires continued monitoring.

Progress of the Medium–term Business Plan

A year–and–a–half has passed since we launched our medium–term business plan, "Progressive Development of 'One MIZUHO'—The Path to a Financial Services Consulting Group". Under this plan, we aim to further develop our One MIZUHO strategy to thoroughly align ourselves with our customers' needs and be their best financial solutions partner.

With this year marking the second year of that plan, we are focusing our attention on accelerating our One MIZUHO strategy by having the Group steadily promote strategies that allow us to further optimize our in–house company system through collaboration and optimization of personnel allocation among our in–house companies, reallocate management resources to focus on core competencies, establish a stronger financial position, and take initiatives to transition into the next–generation IT systems.

Interim Results for Fiscal 2017

Profit Attributable to Owners of Parent in 1H Fiscal 2017 amounted to JPY 316.6 billion, which represents progress of 57% toward the annual earnings plan of JPY 550.0 billion. This was due to a net reversal in credit–related costs and the progress in cross–shareholding disposal despite a decrease of Gross Profits from the previous fiscal year in the Customer Groups and the Trading segment under the difficult business environment resulting from the continuing negative interest rate policy.

The Common Equity Tier 1 Capital Ratio* was 9.56%.

  • *CET1 Capital Ratio on a Basel Ⅲ fully–effective basis, excluding Net Unrealized Gains on Other Securities.



  • *CET1 Capital Ratio on a Basel Ⅲ fully–effective basis, excluding Net Unrealized Gains on Other Securities. Including the Eleventh Series Class Ⅺ Preferred Stocks up to Mar–16 (the balance as of Mar–16: JPY 98.9 billion, mandatory conversion on Jul. 1, 2016)

Looking Towards the Future

The business environment surrounding financial institutions continues to be difficult, and major structural changes are anticipated. Under these circumstances, we will undertake fundamental reforms in our business structure and, with a view to ten years in the future, we will ensure the sustainable growth and continued competitive advantage of our Group. We aim to further develop our One MIZUHO strategy and increase Gross Profits by utilizing powerful advanced technology in accordance with our concept of open innovation. For example we are actively pursuing collaborative engagement with other companies, not limited to financial activities, in order to create new business opportunities, strengthen cost competitiveness and enhance productivity.

In addition, we will further reinforce our efforts to provide products and services that are in our customers' best interests and continue our goal of becoming a "financial services consulting group."

As President & Group CEO of MHFG, I would like to express our deep appreciation for your continued interest in and support of our Group.

January 2018

File:Autograph–Yasuhiro Sato

Yasuhiro Sato

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

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