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Message from the President & Group CEO of Mizuho Financial Group

Yasuhiro Sato

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

Global Economic Climate

Recently the world economy has continued to experience low growth, but growth in both developed and emerging economies is beginning to pick up. Going forward, there are expectations for a moderate recovery, centered on the US, however the policies of the new US administration, geopolitical issues in Europe, and trends in the Chinese economy will affect growth prospects.

The US economy has experienced continued recovery on the back of overall favorable employment indicators, supported by steady consumption and export growth. While the outlook is for a moderate expansion influenced by the policies of the new administration, there is also the potential for increased uncertainty depending on the new administration's exchange and trade policies.

The overall European economy has experienced moderate recovery, but the pace of recovery slowed due to increasing uncertainty surrounding the UK's decision to leave the EU. Growth is likely to be subdued going forward as companies remain cautious in consideration of potential geopolitical issues. In addition to the Brexit negotiations, it will be necessary to monitor other political developments such as elections or referendums and issues surrounding non–performing loans in southern Europe.

The Chinese economy has experienced a gradual slowdown. Progress is being made in addressing overcapacity in the manufacturing sector and government policies have managed to alleviate some of the downward pressure on the economy. Though the need to address overcapacity will likely continue to weigh on growth, the pace of the slowdown seems likely to remain moderate due to a probable recovery in exports and the government's efforts to prop up the economy.

In emerging economies, factors such as stability in the Chinese economy and a recovery in oil prices are helping to boost sentiment. Emerging economy expansion is expected to remain moderate based on projections for a strong dollar/weak emerging market currencies and increased capital outflow pressure in the case of a US interest rate hike.

The Japanese economy is gradually pulling out of a temporary lull due to increased exports, fiscal stimulus, and bottoming out of consumer spending. Recovery is expected to resume at a moderate pace due to public investment made in line with economic policy and the positive impact of the weak yen on exports.

Launch of the New Medium–term Business Plan

In our previous medium–term business plan, we positioned a customer–focused perspective as a cornerstone of the business plan and, under the banner of "One MIZUHO," advanced with an integrated strategy of close collaboration between our banking, trust banking and securities functions. Following reflection on both the achievements of the previous plan as well as the issues identified, we announced a new medium–term business plan for the next three–year period starting from fiscal 2016, entitled Progressive Development of "One MIZUHO" —The Path to a Financial Services Consulting Group.

Under this plan, by further emphasizing a customer–focused perspective, and by fully deploying the consulting capabilities of the group's asset management and research & consulting functions, in addition to the banking, trust banking and securities functions, Mizuho aims to become an indispensable partner in the sustainable development of corporate customers and in securing the future of individual customers.


Interim Results for Fiscal 2016

Profit Attributable to Owners of Parent in the first half of fiscal 2016 amounted to JPY 358.1 billion, which represents a steady progress of 59% toward the annual plan of JPY 600.0 billion. This was mainly due to the steady growth of solution business–related income for the Customer Groups as well as an increase in deferred tax assets resulting from the corporate restructuring of the group amid a difficult business environment including the negative interest rate policy and the appreciation of the Japanese Yen.

The common equity Tier 1 capital ratio on a fully–effective basis was 10.99%.

Looking Towards the Future

The management environment surrounding financial institutions is undergoing major reforms. Nevertheless, we are determined to fulfill our responsibility to society in every situation, with an awareness of the unchanging value we generate as a financial institution.

First and foremost we will always fulfill our fiduciary duties, and continue to provide products and services that are in our customers' best interests. At the same time, given the fast pace of technological innovation in the financial industry, we will work to create new value by leveraging the knowledge and technology of external partners, including FinTech companies.

All members of the group share the resolve exemplified in our brand slogan, One MIZUHO Building the future with you, and we will work together as a group to realize the commitment behind these words.

January 2017

File:Autograph–Yasuhiro Sato

Yasuhiro Sato

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


Yasuhiro Sato

Yasuhiro Sato

President and Group CEO
Member of the Board of Directors
Mizuho Financial Group, Inc.

Yasuhiro Sato has been President and Group Chief Executive Officer of Mizuho Financial Group since June 2011 and a Director since June 2009.

From April 2009 to March 2014, he was President and Chief Executive Officer of Mizuho Corporate Bank, which merged with Mizuho Bank in July 2013. From April 2007 to March 2009, he was Deputy President of Mizuho Corporate Bank.

Prior to becoming Deputy President, Mr. Sato served as Managing Director and Head of the Corporate Banking Unit and earlier positions included Senior Corporate Officer in the International Banking Unit.

Mr. Sato joined the Industrial Bank of Japan (IBJ) in 1976. The IBJ merged with Dai-Ichi Kangyo Bank and Fuji Bank to create Mizuho Financial Group in 2000. With Mr. Sato's wide network and extensive experience in international business, including a period based in New York, he has been a pivotal leader in terms of Mizuho's global strategies and expansion.

He has served two terms as Chairman of the Japanese Bankers Association (April 2012 to March 2013 and April 2015 to March 2016), providing leadership to a financial industry facing unprecedented challenges. From January to October 2013, Mr. Sato was a member of the Abe Cabinet's Industrial Competitiveness Council, where he was involved in developing the Japan Revitalization Strategy as part of the third arrow of Abenomics.

Mr. Sato graduated from the University of Tokyo in 1976 with a major in Economics.

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