TOKYO -- In a shocking move, Japan Post Holdings excluded Japan's top brokerage Nomura Securities from the role of lead underwriter of a secondary share sale in its insurance unit earlier this month. The decision, industry insiders say, may stem from a beef over a failed acquisition two years ago.
"It is not a penalty. We made our choices comprehensively based on past results," a spokesperson for Japan Post Insurance and its parent told reporters at a late-night press conference on April 4, the day the share sale was announced.
