SMFG Notes to Consolidated Financial Statements SMFG  2011 114 Contract amount Fair value Valuation gains (losses) March 31 Total Over 1 year Over-the-counter Currency swaps ....................................................................................... ¥20,597,671 ¥12,937,360 ¥(392,609) ¥ (28,299) Currency swaptions: Sold .................................................................................................... 711,681 672,001 (23,439) (23,439) Bought ............................................................................................... 948,904 695,468 38,789 38,789 Forward foreign exchange ....................................................................... 50,708,557 19,400,525 114,272 114,272 Currency options: Sold .................................................................................................... 3,054,155 1,996,329 (300,544) (300,544) Bought ............................................................................................... 2,935,419 1,894,947 420,803 420,803 Total ...................................................................................................... / / ¥(142,728) ¥221,581 Contract amount Fair value Valuation gains (losses) March 31 Total Over 1 year Over-the-counter Currency swaps ....................................................................................... ¥22,944,557 ¥15,000,880 ¥(197,861) ¥ (37,404) Currency swaptions: Sold .................................................................................................... 812,380 787,350 (14,820) (14,820) Bought ............................................................................................... 962,113 861,923 30,552 30,552 Forward foreign exchange ....................................................................... 34,515,123 3,923,138 116,047 116,047 Currency options: Sold .................................................................................................... 3,855,995 2,479,933 (313,707) (313,707) Bought ............................................................................................... 3,850,518 2,378,255 388,407 388,407 Other: Sold .................................................................................................... 51 — 1 1 Bought ............................................................................................... 42 — 0 0 Total ...................................................................................................... / / ¥ 8,620 ¥169,077 Contract amount Fair value Valuation gains (losses) March 31 Total Over 1 year Over-the-counter Currency swaps ....................................................................................... $247,717 $155,591 $(4,722) $ (340) Currency swaptions: Sold .................................................................................................... 8,559 8,082 (282) (282) Bought ............................................................................................... 11,412 8,364 466 466 Forward foreign exchange ....................................................................... 609,844 233,320 1,374 1,374 Currency options: Sold .................................................................................................... 36,731 24,009 (3,614) (3,614) Bought ............................................................................................... 35,303 22,790 5,061 5,061 Total ...................................................................................................... / / $(1,717) $2,665  2. Fair value is calculated using discounted present value and option pricing models. Notes: 1. The above transactions are valued at fair value and the valuation gains (losses) are accounted for in the consolidated statements of income. Millions of U.S. dollars 2011 Millions of yen 2010 Millions of yen 2011 (b) Currency derivatives