Based on what he had seen during his travels to the United States and Europe, Tokushichi firmly believed that brokerage firms could and should involve themselves in underwriting activities of this type. He therefore made it known that he would be willing to participate in a syndicate, and began negotiating with government representatives and members of the banking community to gain their support. At the same time, he also took the initiative to approach other Osaka brokerage firms interested in participating in a syndicate. Though ultimately not permitted to act as primary underwriters, the Nomura-led group of six Osaka brokerage houses, together with a similar Tokyo group, did act as secondary underwriters for the issue. The Osaka brokerage firms took up ¥2 million worth of bonds through the 34th Bank, and in a second issue they took up an additional ¥5 million. In retrospect, this first involvement in the underwriting of public bonds by private brokerage firms was an epoch-making event in the history of the nation's securities industry. As at so many key turning points in the future, Nomura was in at the beginning.
