Research | Nomura Securities Financial & Economic Research Center

Research reports issued by the Financial & Economic Research Center reach customers through our branch offices in Japan and a number of other channels such as Nomura websites, including Nomura Home Trade, and information vendor sites that serve institutional investors. For foreign institutional investors, we translate reports into English and make them available through Nomura Group offices. Also, reports prepared by research staff outside Japan that are of interest to domestic investors are translated and edited for Japanese investor audiences.

Economic Research Department

A team of more than 20 economists in Japan works closely with economists in our international network to study and analyze macroeconomic and financial as well as foreign currency markets in Japan and major countries around the world. During fiscal 2005, ended March 31, 2006, the department wrote approximately 700 reports and held about 1,700 seminars for domestic and global investors. It also analyzes medium- and long-term social and economic structural issues, including demographic trends in Japan toward smaller families and aging of the population and regional economic differences. "Asset Formation in an Era of Declining Population", issued by Toyo Keizai, was very well received.

Asia and Emerging Markets Research Department

With a staff of around 10 economists and strategists, the Asia and Emerging Markets Research Department analyzes the economies and stock markets of Asia excluding Japan and other emerging markets. Along with receiving information from our overseas offices and conducting its own research in the region, the department issues a number of periodical publications, including "Economic Quarterly Asia-Pacific Outlook, Asian Equity Strategy", and China Weekly. It also holds seminars for institutional investors in Japan and at Nomura's branch offices throughout Japan to promote investments in Asia and other emerging markets.

Investment Strategy Department

Over 15 strategists of this department in Japan provide advice on investment strategies, mainly for stock markets in Japan. Their research spans many fields from the viewpoints of economic and corporate performance; the investment environment, including interest rates and foreign currency; demand and supply conditions for equities as well as trends among investors; and systematic analyses regarding financial, accounting, and capital policies. It works in collaboration with other departments of the Financial & Economic Research Center as well as with international research departments. Based on the results of its analyses, the department currently issues about 600 reports annually. In addition, it holds a range of seminars for institutional investors in Japan and overseas, including its annual strategists' seminar.

Equity Research Department

In this department, some 60 analysts in Japan follow listed companies, analyzing their corporate value and making judgments regarding their current and future value as investments. Analysts are assigned specific industries and companies and cover about 600 corporations that account for approximately 80% of the market capitalization that account for approximately 80% of the market capitalization of the first and second sections of the TSE and JASDAQ. Their activities include issuing more than 600 extensive background reports annually and about 3,500 flash reports on the companies they cover. The department also holds various seminars, including an annual forum for overseas institutional investors and three seminars a year for institutional investors in Japan. Other activities include meetings to provide timely information to domestic and foreign institutional investors.