JAPAN: Slumping world securities markets cut deeply...

JAPAN: Slumping world securities markets cut deeply into consolidated profits at Japan’s Big Four brokerages in the year ended March 31, but the securities houses are hoping for relief in the current year. Japan’s largest brokerage, Nomura Securities Co., said net profit fell 57.7% in 1990-91 to $785 million. “Commissions were sharply down, and there was a halt on domestic equity financing,” a Nomura official said. Daiwa Securities Co. said its net profit dropped 62.7% to $433 million, while Yamaichi Securities Co. saw a decline of 63.3% to $283 million. Consolidated net profit at Nikko Securities Co. fell 66.3% to $310 million. The consolidated results were in line with revised forecasts issued by all the brokerages except Nomura last month when they announced 1990-91 profits for the parent companies.