Nomura Profit Fall Signals End of Brokers’ Abenomics Boom
This article is for subscribers only.
Nomura Holdings Inc.’s lowest profit in seven quarters signals the boost from Prime Minister Shinzo Abe’s economic stimulus policies for Japanese brokerages is over.
Shares of Japan’s largest securities firm sank the most in almost three weeks after the company yesterday posted a 70 percent drop in net income to 19.9 billion yen ($195 million) in the three months ended June, missing analysts’ estimates for 26 billion yen. Smaller Daiwa Securities Group Inc. also reported the second straight decrease in quarterly profit.