Exact Renormalization Group and Loop Equation

We propose a gauge invariant formulation of the exact renormalization group equation for nonsupersymmetric pure U(N) Yang-Mills theory, based on the construction by Tim Morris. In fact we show that our renormalization group equation amounts to a regularized version of the loop equation, thereby providing a direct relation between the exact renormalization group and the Schwinger-Dyson equations. We also discuss a possible implication of our formulation to the holographic correspondence of the bulk gravity and the boundary gauge theory.