Word: nomura
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Dates: during 1980-1989
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Ford has promised Jaguar's officials a large degree of freedom in running the company. Even so, John Lawson, a London-based analyst for Nomura Research Institute, predicts that Ford will have to invest an additional $1.5 billion to improve Jaguar's production, which would bring the total investment to $4 billion. "That is going to be very hard for Ford to recover in the marketplace," Lawson warns. But then, status symbols seldom come cheap...
...Nomura tries to enter foreign markets quietly, a strategy called dochakuka, or "blending into the landscape." Explains Hitoshi Tonomura, co-chairman of Nomura's London-based European subsidiary: "We don't want to become an ) outpost of our Tokyo head office. We are here to become European." The most important tenet of this philosophy is that Nomura hires locally: only 300 of its 2,000 overseas employees are Japanese...
...City, London's financial center, blending in has meant hiring graduates of Oxford and Cambridge. Last year Nomura signed on more Oxbridge graduates than the Foreign Office. London has been the base for Nomura's enormously successful foray into the Eurobond business. In 1987 Nomura snared the leading share of the market: 13.2%, vs. 7.7% for Credit Suisse First Boston. Nomura won that battle with the same strategy that Japanese manufacturers employed to conquer world markets: innovative products and aggressive pricing. Among Nomura's most popular offerings are Eurobonds sold with so-called equity warrants, which give the purchaser...
...Even so, Nomura realizes that progress in the U.S. will be slow. Says a top officer in Tokyo: "The market in New York is very big, and it is going to take us a while before we really get a share. But we can be patient, even take some losses and develop it." Rivals on Wall Street know they cannot afford to be complacent. Says Eugene Atkinson, former head of the Tokyo branch of Manhattan's Goldman, Sachs investment firm: "Despite all our efforts to make long-term plans, we pale in comparison with Nomura's awesome strategic thinking...
...special report on Japan' s Nomura, the world' s largest securities firm, which has stunned Wall Street with a big deal to get into the merger game...