Word: nomura
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Critics say that at any given time, Nomura pushes a few particular stocks, which invariably rise in value. The problem is that Nomura's decision to boost a stock becomes a self-fulfilling prophecy. For that reason, Nomura is sometimes accused of manipulating the market...
Other reasons for success are sophisticated research and state-of-the-art technology. Last January the Nomura Research Institute merged with Nomura Computer Systems Co., which develops financial software, to form NRI & NCC, which offers technical support for the company's brokers. NRI & NCC provides a wide range of studies, from detailed profiles of Japanese companies to analyses of worldwide interest-rate moves. The information is stored in $270 million worth of mainframe computers that feed data into 45,000 terminals in Nomura branch offices around the world...
...emphasis on technology is part of Tabuchi's plan to make Nomura a major force in Western countries, a goal first mapped out more than 60 years ago. In 1927 Nomura opened offices in New York City's Equitable Building, becoming the first Japanese securities firm with an overseas branch. That inspired proud lines in a 1929 company song: "The Japanese flag is hoisted in the morning breeze on Wall Street/ And the Statue of Liberty smiles upon/ Our truly global power." After World War II, Nomura was the first Japanese securities company to return to New York with...
...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...