Japan's securities industry is in a state of rapid transition. In the 1998 fiscal year, ending in March 1999, the industry's top three brokers - Nomura, Daiwa, and Nikko - all reported big after-tax losses, in part because of poor performance in overseas markets and bad debts accumulated by non-bank subsidiaries. But a sharp recovery in prices and trading volume on the Tokyo Stock Exchange between January and March resulted in a surge in earnings from brokerage commissions during the final quarter of the fiscal year....more

BANKS
Outside consultants welcomed  Jun 21

IBJ SECURITIES
Banking parent provides strength  Jun 21

INTERNET BUSINESS
'Big Three' brokers face online threat  Jun 21

OVERSEAS INSTITUTIONS
Visitors grab some juicy prizes  Jun 21

WESTERN INFLUENCE
Retail defences may start to fall  Jun 21