That helped triple the earnings of Nomura Holdings and Daiwa Securities Group Inc.
WSJ: Asian Brokers Benefit From Rising Stock-Trading Volumes
Credit Suisse, which named Southeast Asia deal maker Helman Sitohang as its Asia-Pacific investment-banking head, and Nomura Holdings Inc.
Japan's Nomura Holdings has been told to bolster internal controls after it admitted its role in an insider trading scandal.
Also in Japan, Nomura Holdings has been told to bolster internal controls after it admitted its role in an insider trading scandal.
Banking shares were among the gainers in Japan, with Sumitomo Mitsui Financial Group up 2.2%, Mizuho Financial Group up 2.9% and Nomura Holdings 2.8% higher.
To cope with the strain of managing Japan's biggest brokerage, Nomura Holdings Chief Executive Kenichi Watanabe snatches three-minute meditations when he's holed up in his Tokyo office.
On Oct. 28 Moody's rating service tweaked the outlook to negative from stable on the A3 long-term issuer rating of Nomura Holdings because the Lehman purchase will edge up operating expenses.
Financials also bounced after losses earlier in the week, with Nomura Holdings rising 4.7% and Mitsubishi UFJ Financial Group rising 2.7% in Tokyo, Commonwealth Bank of Australia gaining 0.8% and Chinatrust Financial Holding climbing 2.4% in Taipei.
Moody's (nyse: MCO - news - people ) rating service tweaked the outlook to negative from stable on the A3 long-term issuer rating of Nomura Holdings because the Lehman purchase will edge up operating expenses.
From Japan's Nomura Holdings Inc.
WSJ: Asian Brokers Benefit From Rising Stock-Trading Volumes
Still, Michael Kurtz, chief Asia strategist at Nomura Holdings, noted that Hong Kong's H-shares have reached the point where they are Asia's cheapest in terms of their forward price-to-earnings ratio, at 8.4 times, compared to a 10-year historical average of 12.6 times.
Third, the financial industry, and the major investment houses, in particular, are facing reputation issues that take time to repair, especially in the face new issues like the LIBOR scandal just take a look at Nomura Holdings (NYSE:NMR) and Mitsubishi UFJ (NYSE:MTU), which trade at a fraction of their 1989 all time highs.
Nomura notes that European banks' American subsidiaries have begun to shrink their securities holdings but, so far, not their loan books.
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