Author: Takashi Nakamichi
Nomura Holdings CEO, Kentaro Okuda, publicly apologized for an employee’s alleged manipulation of the bond futures market. The investigative arm of the financial regulator recommended a fine against Nomura for manipulating Japanese government bond futures prices in 2021, leading to exclusion from underwriting deals by Toyota Finance and other firms. At a Nikkei financial forum in Tokyo, Okuda expressed regret for the trouble caused by the incident. This comes at a crucial time as Nomura aims to take advantage of Japan’s resurging bond market following changes in monetary policy. The Securities and Exchange Surveillance Commission advised a fine of ¥21.8…
The Japanese market is witnessing a historic sell-off of cross-shareholdings, presenting brokers with a potential windfall in fees. Nomura Holdings and Daiwa Securities Group are offering tailored solutions to assist clients in unloading these stocks, while Bank of America is leveraging its global network to facilitate the process. Mitsubishi UFJ Morgan Stanley Securities is also ramping up its equity financing team in anticipation of increased demand. With pressure mounting from both the government and investors to enhance corporate governance, Japanese firms are looking to divest an estimated $320 billion worth of cross-shareholdings. Over a thousand listed companies, including industry giants…
Citigroup is ramping up efforts to expand its customer base by focusing on midsize companies in Japan. The Wall Street bank has established a team in Tokyo under the brand of Citi Commercial Bank, offering tailored products such as global cash management and financing to meet the needs of firms with cross-border businesses. Led by Yutaka Naito, the group aims to provide similar tools from international banks as those available to large corporate clients. With Japan being home to approximately 9,000 midsize companies, Citigroup sees a significant opportunity to grow its business in the country. The government’s initiatives to support…