Mizuho Financial Group announced plans to make brokerage and trust banking affiliates wholly-owned subsidiaries from September. Buyouts via share exchange will be undertaken for Mizuho Trust & Banking (currently 75% owned by Mizuho), Mizuho Securities (60%), and Mizuho Investors Securities (67%). We take a positive view of the potential impact in strengthening governance and balance-sheet effects

1Q business outlook survey — Amid increasing signs of rebounding economic activity, the BSI is likely to improve. We are paying attention to plans for sales, profits and business investment for fiscal 2011, which will be revealed for the first time.