The tire industry is not limited to passenger cars, but spans a wide range of applications, including trucks, buses, construction vehicles, agricultural machinery, and industrial vehicles, and is closely tied to our daily lives. In recent years, Yokohama Rubber has pro-actively pursued acquisitions of large tire manufacturers overseas and is working to create new corporate value. On January 18, 2024, Mr. Masataka Yamaishi, Chairman & CEO, Chairman of the Board of The Yokohama Rubber Co., Ltd. and Hiroyasu Koike of Nomura Asset Management Co., Ltd. discussed strategies for success in the tire industry and approaches to improving corporate value.

Concordia Financial Group, which plans to evolve into a solutions company, is highly valued by investors for its clear vision and advanced information disclosure aimed at enhancing corporate value. Mr. Tatsuya Kataoka, President and Representative Director of the company, joined Mr. Hiroyasu Koike of Nomura Asset Management to discuss how Concordia will build its presence as the financial institution of choice for clients and investors, as interest rates are expected to rise hereafter.

Kyocera was founded in 1959 by Dr. Kazuo Inamori, the so-called "god of management", when he was 27 years old. The company has maintained stable growth based on its fine ceramic technology and strong financial foundation, and has consistently operated in the black. How will Kyocera pursue its future development? Mr. Hideo Tanimoto, President and Representative Director of Kyocera Corporation, joined Mr. Hiroyasu Koike of Nomura Asset Management to discuss current challenges and the company's medium-term growth vision.

Ajinomoto has continued to refine its ASV* management practices which supports the creation of both social and economic value through its business. Continuing to post strong performance since 2020, the company published a new "Medium-Term ASV Initiatives 2030 Roadmap". In the past, there have been times when performance volatility and failed plans drew scrutiny, however, the company's management reforms have earned it praise for its ability to achieve its goals and its awareness of share value. Ajinomoto Co., Inc.'s Mr. Taro Fujie joined Mr. Hiroyasu Koike of Nomura Asset Management to discuss in depth how reforms have changed the company.
*ASV: Ajinomoto Group Creating Shared Value

Mitsubishi Electric, a leading industrial electronics manufacturer, is strong in fields such as Factory Automation (FA) systems and electric power infrastructure. Since improper quality control practices came to light, the company has been promoting fundamental management reforms. Mr. Kei Uruma, who assumed the position of President of Mitsubishi Electric Corporation in July 2021, joined Mr. Hiroyasu Koike of Nomura Asset Management to speak about the progress of the reforms that have spanned more than 2 years and the direction the company's business should take in future transformation.

In addition to being a member of the Japanese government's "Council of New Form of Capitalism Realization", Mr. Ken Shibusawa of Shibusawa and Company has the distinction of being the great-grandson of Eiichi Shibusawa, the "father of Japanese capitalism". Mr. Shibusawa joined Mr. Hiroyasu Koike of Nomura Asset Management to discuss realizing the "new form of capitalism", the expansion of impact investing, disclosure of human capital information, and various other perspectives related to the government plan for Japan to become a leading asset management center by mobilizing individual financial assets from bank deposits to asset management.

Starting with "Chicken Ramen", the world's first instant noodles, in 1958, the Nissin Foods Group has been pursuing the possibilities of food. By focusing on non-instant noodles and their overseas business, the company has grown into a global company with a market capitalization of more than 1 trillion yen. How is the company working to maximize its human capital to polish its brand and increase its corporate value? Mr. Koki Ando, CEO of Nissin Foods Holdings, joined Mr. Hiroyasu Koike of Nomura Asset Management to discuss the future of Nissin Foods.

DMG MORI got its start in manufacturing and selling textile machinery in Nara Prefecture's Yamatokoriyama City in 1948. In the 2000s, the company increased its scale through M&A. In 2009, it began partnering with Germany's Gildemeister (DMG) ("AG"), before acquiring a controlling share in the company in 2016. Masahiko Mori, President and Group CEO of the world-class machine tool manufacturer, joined Hiroyasu Koike of Nomura Asset Management to discuss DMG MORI's sustainable growth and its reputation in the stock market.

The Japan Exchange Group (JPX Group) is the holding company for the equity market operator Tokyo Stock Exchange, the derivatives market operator Osaka Exchange, and the Tokyo Commodity Exchange. The company is pursuing growth as both the parent company of highly public exchanges and as a listed company itself. How will it achieve this growth? Mr. Hiromi Yamaji, who was appointed Group CEO in April 2023, joined Mr. Hiroyasu Koike of Nomura Asset Management to discuss various management issues.

Dentsu has more than 120 years of history in the advertising business. The company, which operates in about 145 countries and regions, is making major changes, including redefining its business domain. On July 31, 2023, Mr. Hiroshi Igarashi, president and CEO of Dentsu Group, joined Mr. Hiroyasu Koike of Nomura Asset Management to discuss Dentsu Group's growth strategy to evolve from a traditional advertising company into a convergence of marketing, technology and consulting.

As a company specialized in ophthalmology, Santen Pharmaceutical has set out toward new growth. Due to several years of decreased profitability, the company's share price has significantly decline since 2020. Mr. Takeshi Ito, who was appointed as top executive of Santen Pharmaceutical in September 2022 with the mission of structural reform, joined Nomura Asset Management's Mr. Hiroyasu Koike and Ms. Aya Torii, a medical sector analyst, to discuss the company's growth ambitions and reform efforts.

Paradigm shifts, such as digitalization and changing behaviors, are driving changes in the financial industry. Sumitomo Mitsui Financial Group (collectively the "SMBC Group") aims to achieve "Growth with Quality" in response to these environmental changes. What kind of value can be expected in the future from this major financial group, which operates a wide range of businesses including banking, securities, credit cards, consumer finance and leasing? Mr. Jun Ohta, Group CEO, joined Mr. Hiroyasu Koike of Nomura Asset Management to discuss this topic.

Under Mr. Masahiro Kihara, who assumed the position of Group CEO in February 2022, Mizuho Financial Group has been promoting transformation of its corporate culture. The preceding 5-Year Business Plan, which started in FY2019, was dissolved one year ahead of schedule, and a new medium-term business plan (FY2023 to 2025) was launched. Mr. Kihara joined Mr. Hiroyasu Koike of Nomura Asset Management to discuss the future of the bank and its business focus areas.

ANA Holdings achieved profitability for the first time in three fiscal years. As the company continues to build its financial base, it is steadily working on growth strategies, such as optimizing its international passenger business brands and growing its cargo business. Mr. Koji Shibata of ANA Holdings Corporation and Mr. Hiroyasu Koike of Nomura Asset Management discussed their future business prospects, including risk management, on May 29th.

As represented by ESG, corporations and investors are increasingly pursuing initiatives to increase corporate value through added focus on non-financial capital, such as human capital, intellectual property, and social contributions. However, the challenge of quantitatively representing non-financial capital remains. Dr. Ryohei Yanagi, Visiting Professor with Waseda University Graduate School and creator of the "Yanagi Model" of linking ESG and corporate value, joined Mr. Hiroyasu Koike, President and CEO of Nomura Asset Management, to discuss what is needed to realize the potential value of Japanese companies.

With the department store business facing a difficult consumption environment due to factors such as an aging population and diversified consumption, how does Isetan Mitsukoshi Holdings plan to achieve growth? Isetan Shinjuku main store is showing signs of record profits after the pandemic. Isetan Mitsukoshi Holdings' Mr. Toshiyuki Hosoya joined Mr. Hiroyasu Koike of Nomura Asset Management to discuss recent reforms and related prospects.

After transitioning to a holding company in 2011, Asahi Group Holdings has been actively working to restructure its business portfolio and transform itself from a mature company into a growing company. Mr. Atsushi Katsuki of Asahi Group Holdings, Ltd. sat down with Mr. Hiroyasu Koike of Nomura Asset Management to discuss the background of this strategic decision, the success factors of large-scale acquisition, and the group's future medium-term strategy.

Under the banner of "Japan Constructivism®," Misaki Capital aims to create a new shareholder model in Japan and improve the value of the companies it invests in as an engagement fund. The company is an independent investment advisory firm established in 2013 by Mr. Yasunori Nakagami, who has supported the growth of his client corporations as a management consultant for approx. 20 years. Mr. Nakagami joined Mr. Hiroyasu Koike of Nomura Asset Management to discuss engagement practices and the ideal form of corporate management.

Daiwa House Group boasts sales of 4,439.5 billion yen (fiscal year ended March 2022). Comprising 480 companies as of the end of March 2022, the group has increased its size by approx. six times since 2010. The company aims to create value by expanding its business beyond the framework of a housing manufacturer to include community development and lifestyle businesses. Mr. Keiichi Yoshii of Daiwa House Industry Co., Ltd. and Mr. Hiroyasu Koike of Nomura Asset Management Co., Ltd. discussed the prospects for further growth, the challenges Daiwa House faces, and the triggers for stock price improvement.

Headquartered in the town of Minowa in southern Nagano Prefecture and surrounded by the Central and Southern Japanese Alps, KOA is one of the world's leading manufacturers of resistors essential for electrical and electronic circuits. The company is particularly adept at manufacturing resistors for automobiles, which require strict quality standards, and is expected enjoy further growth with the spread of electric vehicles (EVs). Against the backdrop of the snow-covered Ina Valley, Mr. Koichi Mukaiyama and Mr. Tadao Hanagata of KOA Corporation joined Mr. Hiroyasu Koike of Nomura Asset Management to discuss the social values that the company has cherished since its establishment in 1940.

The Furukawa Electric Group, which has supported the development of social infrastructure in the areas such as optical fiber and electrical wiring, is promoting corporate reforms with an awareness of future survival. The company has identified growth businesses based on backcasting from 2030 and is restructuring its management to be more robust and emphasize ROIC (return on invested capital). Mr. Keiichi Kobayashi of Furukawa Electric Co., Ltd. (Furukawa Electric) and Mr. Hiroyasu Koike of Nomura Asset Management discussed Furukawa Electric's efforts to realize Vision 2030.

While Sumitomo Mitsui Trust Bank, Limited. (SuMi TRUST Bank) represents the core of the group, Sumitomo Mitsui Trust Holdings, Inc. (SuMi TRUST Holdings) is an institutional investor with a presence encompassing multiple asset management companies. What kind of engagement is necessary for the sound development of the equity market moving forward? Mr. Toru Takakura, Director, President of Sumitomo Mitsui Trust Holding, and Mr. Hiroyasu Koike, President and CEO of Nomura Asset Management (Nomura AM), discussed topics ranging from climate change to balancing stewardship and corporate governance of listed companies.

Adopting a new structure in April 2022, the Panasonic Group is now organized as seven operating companies under the umbrella of Panasonic Holdings. Nomura Asset Management CEO Mr. Hiroyasu Koike joined Panasonic Holdings' Mr. Yuki Kusumi to discuss the company's intentions behind its organizational structure called "operating company system", instead of "holdings company system", and its path toward corporate growth over the next 160 years.

Dai-ichi Life Holdings recently celebrated its 120 year anniversary. In 2010, it became the first major life insurance company to be incorporated and listed on the Tokyo Stock Exchange. Since then, Dai-ichi have been working to create new value through its business while maintaining a dialogue with investors. How will they achieve growth from the saturated domestic life insurance market? Mr. Seiji Inagaki, President and Representative Director (CEO) of Dai-ichi Life Holdings, Inc., joined Mr. Hiroyasu Koike, President and CEO of Nomura Asset Management Co., Ltd. to discuss Dai-ichi's initiatives toward reaching a new stage in its business.

Following the formation of Sony Group Corporation in April 2021, the group's founding business of electronics inherited the Sony Corporation name and the group architecture shifted to a flat framework encompassing six businesses including game, music, pictures, image sensors, and financial services, under the umbrella of the dedicated group management company Sony Group. Nomura Asset Management CEO Mr. Hiroyasu Koike joined Sony Group's Mr. Hiroki Totoki to discuss how the group will communicate its inherent corporate value to investors including the assessment of intangible assets.

While investment is indispensable for corporate growth, it is also important to maintain a balance in terms of financial foundation and shareholder returns. On the tail of announcing the company's 2022-2024 mid-term management strategy "GC2024" in February 2022, Mr. Masumi Kakinoki, President and CEO of Marubeni Corporation, sat down with Mr. Hiroyasu Koike, President and CEO of Nomura Asset Management Co., Ltd. to discuss investment, growth, and other topics.

Mr. Hiroyasu Koike, President and CEO of Nomura Asset Management (NAM) and Mr. Sandro Pierri, CEO of BNP Paribas Asset Management (BNPP AM) met in Paris to share their views and experience on important industry topics. During their conversation, they discussed the importance of ESG and the sustainability agenda, technology and the workplace, growth of the private asset space and the evolution of culture in asset management.

The MS&AD Insurance Group was formed in 2010 as a result of the merger of the Mitsui Sumitomo Insurance Group, Aioi Insurance, and Nissay Dowa General Insurance. As one of the world-leading insurance and financial groups, it offers a wide range of products and services for both individuals and businesses. As the scale of disasters increases and risks diversify, how is sustainable growth achievable? Mr. Noriyuki Hara of MS&AD and Mr. Hiroyasu Koike of Nomura Asset Management sat down to discuss the company's future prospects.

With "Transform and Grow" as the theme of its Medium-Term Management Plan through 2023, Mitsui is expanding its earnings with the aim of sustainably increasing shareholder value. How is the company confronting the rapidly changing business environment and envisioning new growth? Mr. Kenichi Hori of Mitsui, and Mr. Hiroyasu Koike of Nomura Asset Management sat down to discuss the company's business growth and ESG initiatives.

Reducing greenhouse gas (GHG) emissions is a common global issue. How can companies and investors work together to solve this problem? Mr. Katsuyuki Sawai, Senior Executive Officer of Daikin Industries, Ltd. (Daikin), a leading innovator and provider of advanced, high-quality air conditioning solutions, and Mr. Hiroyasu Koike, the CEO of Nomura Asset Management Co., Ltd. discussed initiatives to achieve carbon neutrality and corporate evaluation methods.