Nomura, Daiwa other Japan big brokers reap profits on wealth push

Retail business, M&A help drive earnings not bound to stocks in first three quarters

20250205N Nomura

Nomura Holdings' group net profit for the April-December period more than doubled on the year. © Reuters

HARUKI KITAGAWA

TOKYO -- Total net profits at five major Japanese brokerages jumped 74% on the year in the first three quarters of fiscal 2024, underscoring the success of a pivot toward retail and high-net-worth customers that has created more consistent income streams, along with an M&A boom.

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