He also described the timing as "interesting," given that it was made just days away from the closing of the financial year on March 31. "Nomura has actually had a stellar financial year so far," said Shenoi. He explained that the bank's reorganization in April 2019 has helped its Japan retail business — one of Nomura's "core franchises" — and the international wholesale business. The analyst warned that in the medium term, regulators and rating agencies would keep a close eye on how Nomura manages risk and the amount of capital it holds.