Tokushichi's ambition was not limited to bond trading. He also had his eye on the underwriting business. Since underwriting in the real sense of guaranteeing that the whole issue would be taken up dated from only the late 1890s, Tokushichi doubtless thought there was room for participation by securities companies, even if as junior partners to the banks. In 1910 came a golden opportunity. The Japanese government invited 16 major Tokyo and Osaka banks to take part in negotiations for the refunding at 4 percent of ¥520 million in 5 percent government bonds that were soon to reach maturity. This marked the formation of Japan's first underwriting syndicate for public bonds.
