Word: nikko
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Dates: during 1980-1989
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...services, including underwriting, money management and research. Nomura handles nearly 17% of all stock trades in Japan; its nearest rival, Daiwa Securities, has a 12% share of the market. Nomura claims an equally commanding slice of the bond market, 19%, vs. 12% for Daiwa. Nomura and Daiwa, along with Nikko Securities and Yamaichi Securities, are known in Japan as the Big Four. Says a Nomura director, with a mix of arrogance and pride: "It's not really the Big Four. It's Nomura and the Little Three...
Though Tokyo's stock market has long been among the most overheated in the world, featuring share prices as high as 64 times the value of earnings, Japanese investors were more wary than worried. "When a mountain is high," said Masao Maehara, a Nikko Securities official, "its ravines must be deep. We're seeing fluctuations, but the Japanese economy remains strong." Even so, future Prime Minister Takeshita faces the unhappy prospect of slower economic growth than the 3.4% previously anticipated for next year...
...stock market doesn't know what to do," said Robert Brusca, chief economist at Nikko Securities International Inc. in New York. "The message coming through clear, loud and strong is that the market is looking for greater coordination of economic policies that we haven't seen in a number of years...
...Japanese sun is also rising over the U.S. construction industry. Kumagai Gumi, a major Japanese construction firm, started $700 million in Hawaiian projects last year, an enormous sum in a state where all nongovernment construction for 1985 totaled $862 million. Nikko Hotels International is building a 425-room luxury hotel in Chicago's Riverfront Park Development and a 525-room hotel near Union Square in San Francisco. Aoki America Construction is building about 1,000 homes in Raleigh, N.C., in a joint venture with a local investor group...
...Nikko could hardly have picked a more knowledgeable man for the job. The 60-year-old Axilrod has been at the Federal Reserve since 1952 and for the past seven years has been Chairman Paul Volcker's right...