new premises at Honcho-2chomeSuccess in war acted as a powerful stimulus to the stock market, tempered only briefly by Japan's failure to have a war indemnity clause included in the terms of the Treaty of Portsmouth, signed in 1905. The boom peaked in January 1907, when the shares of the Tokyo Stock Exchange reached ¥780, having stood at ¥165.95 in May 1905. Total trading volume for 1906 went over 10 million shares for the first time. By then, Nomura's sales had increased to such an extent that the decision in 1904 to build a bigger office proved well justified. The company moved to the new premises in 1906.
