"So, even a change in outlook from stable to negative will require Nomura to be more cautious in order to maintain its ratings. That said, the global [rating agencies] have not cut their ratings, so unless they do I think the impact won't be terribly huge." After Nomura flagged the potential losses and canceled the bond sale plan on March 29, Mitsubishi UFJ Morgan Stanley and J.P. Morgan cut their ratings on the Nomura stock to neutral from overweight, and to underweight from neutral, respectively. Mitsubishi UFJ Morgan Staley cut its earnings estimate for Nomura for the fiscal fourth quarter ended March 31 to a net loss of ¥ 145.1 billion, reversing a previous estimate of ¥ 74.9 billion of net profit. J.P. Morgan slashed its net profit forecast for Nomura for the entire fiscal year ended March 31 to ¥ 199.3 billion from ¥ 283.3 billion. As of April 21, US$1 was equivalent to ¥108.09.