Chief executive officer at Nomura Holdings Kentaro Okuda may not be able to rely on the boom being sustained, with United States banks, including Morgan Stanley, warning that transaction volumes are waning. (File pic shows the Nomura Securities headquarters in Tokyo)
TOKYO: Nomura Holdings Inc probably joined its Wall Street rivals in benefiting from a jump in trading during last quarter’s wild market swings, masking the challenge for its new chief as the coronavirus pandemic hammers the economy.
Japan’s biggest brokerage is likely to post a fourth straight quarter of profit growth on Friday, helping full-year earnings climb to the highest in more than a decade, analysts at Jefferies and Mitsubishi UFJ Morgan Stanley Securities Co predict.
The trading boost is expected to make up for weakness in the underwriting business, as Japanese companies grow cautious in anticipation of a deep recession.
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