日本证券行业市场前景及投资研究报告-外文版培训课件

INDUSTRIES

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MARKETSSecuritiesindustryinJapanCHAPTER

01OverviewAnnualperformanceofNikkei225indexfrom1980to2023AnnualNikkei225performance1980-202345,00040,00035,00030,00025,00020,00015,00010,0005,00004Description:In2023,theNikkei225indexclosedat33,464.17points.Nikkei225isthemostcommonlyknownJapanesestockindexandcomprises225stockslistedonthePrimeSectionoftheTokyoStockExchange.ReadmoreNote(s):Japan;1980to2023Source(s):MinkabuMonthlydevelopmentoftheNikkeiStockAverage(Nikkei225)inJapanfromJanuary2019toApril2024MonthlyNikkei225developmentJapan2019-202445,00040,00035,00030,00025,00020,00015,0005Description:TheNikkeiStockAverage(Nikkei225)closedat38,405.66pointsinApril2024.InFebruary,itsurpasseditsall-timehighof38,915.87recordedin1989.TheNikkei225isaprice-weightedstockmarketindexthathasbeencalculatedbytheNihonKeizaiShimbun(Nikkei)newspapersince1950.Itcomprises225constituentslistedonthePrimeMarketoftheTokyoStockExchange(TSE).ReadmoreNote(s):Japan;January2019toApril2024;asoftheendofeachmonthSource(s):MinkabuMarketcapitalizationofcompanieslistedontheTokyoStockExchange(TSE)inJapanfromJanuary2018toApril2024(intrillionJapaneseyen)MonthlymarketcapitalizationoftheTSEinJapan2018-20241,1001,0009008007006005006/statistics/1373075/japan-tokyo-stock-exchange-monthly-market-capitalizationAsofApril2024,thecombinedmonthlymarketcapitalizationofcompanieslistedontheTokyoStockExchange(TSE)inJapanamountedtoaround990.3trillionJapaneseyen.Therewerearound3.9thousandꢀcompanieslistedontheTSEasoftheendof2023.ReadmoreNote(s):Japan;January2018toApril2024;asoftheendofeachmonthSource(s):JPXTertiaryIndustryActivityIndexoffinancialproductsandfuturescommoditytransactiondealersinJapanfrom2014to2023IndustryActivityIndexoffinancialproductstransactiondealersinJapan2014-2023130125120126.4114.2113.111511010510095102.510097.497.494.187.89085.3858020142015201620172018201920202021202220237Description:In2023,thetertiaryindustryactivityindexoffinancialproductsandfuturescommoditytransactiondealersinJapanstoodat126.4points.Theindexreachedadecadehigh,upfrom114.2pointsinthepreviousyear.

ReadmoreNote(s):Japan;2014to2023;thesourceuses2015asbaseyearwithanindexof100pointsSource(s):METI(Japan)DistributionoffinancialassetsofhouseholdsinJapanasofMarch2023,byassettypeHouseholdfinancialassetsdistributioninJapan2023,bytypeOthers2.9%Debtsecurities1.3%Investmenttrusts4.4%Equity11%Currencyanddeposits54.2%Insurance,pension,andstandardizedguarantees26.2%8Description:AsofMarch2023,currencyanddepositsaccountedforthelargestshareoffinancialassetsheldbyhouseholdsinJapanwith54.2percent.Currencyanddepositswerefollowedbyinsurance,pension,andstandardizedguaranteeswithabout26.2percent.HouseholdfinancialassetsinJapanamountedtomorethantwoquadrillionJapaneseyenin2022.ReadmoreNote(s):Japan;endofMarch2023Source(s):BankofJapanNetprofitsofmajorsecuritiescompaniesinJapanfromfiscalyear2013to2022(inbillionJapaneseyen)NetprofitsofmajorsecuritiescompaniesinJapanFY2013-2022500450400350300250200150100504323853622852752412371271145802013201420152016201720182019202020212022*9Description:Inthefiscalyear2022,majorsecuritiescompaniesinJapangeneratednetprofitsof58billionyen.TheoverallnetprofitsofsecuritiesfirmsinJapandecreasedto335billionyen.

ReadmoreNote(s):Japan;fiscalyear2013to2022;theJapanesefiscalyearstartsonApril1ofthestatedyearandendsonMarch31ofthefollowingyear;*Preliminaryfigures.

Companieswithacapital100billionyenormore,suchasSMBCNikkoSecurities,[...]

ReadmoreSource(s):JapanSecuritiesDealersAssociationCHAPTER

02SecuritiesfirmsNumberofsecuritiescompaniesinJapanfrom2014to2023NumberofsecuritiescompaniesinJapan2014-2023300274273272268269265266260252252250200150100500201420152016201720182019202020212022202311Description:InDecember2023,therewerearound272securitiescompaniesinJapan.Afterfallingtoaround252in2013and2014,thenumberofsecuritiesfirmshadrisenagaininrecentyears,reachingadecadehighin2021.

ReadmoreNote(s):Japan;2014to2023;asofDecembereachyear;regularmembersoftheJapanSecuritiesDealersAssociationSource(s):JapanSecuritiesDealersAssociationNumberofcustomeraccountsofsecuritiescompaniesinJapanfrom2016to2023,bytype(in1,000s)NumberofcustomeraccountsofsecuritiescompaniesinJapan2016-2023,bytypeRetailaccountsCorporateaccounts40,00035,00030,000518.33497.42483.63466.3425,00020,00015,00010,0005,0000470.27450.22448.68441.134,497.2132,317.6529,328.9126,379.6224,581.9124,019.4523,539.3823,764.92016201720182019202020212022202312Description:AsofDecember2023,securitiescompaniesinJapanrecordedaround34.5millionretailcustomeraccounts.Thenumberofcorporateaccountsincreasedto518.3thousand.Theoverallnumberofcustomeraccountsatsecuritiesfirmsreachedover35million.ReadmoreNote(s):Japan;2016to2023;asofDecembereachyearSource(s):JapanSecuritiesDealersAssociationTotalassetsofsecuritiescompaniesinJapanfrom2016to2023(intrillionJapaneseyen)TotalassetsofsecuritiescompaniesinJapan2016-2023250235.11192.51200166.3163.31148.18149.41145.1915010050137.7802016201720182019202020212022202313Description:AsofDecember2023,thetotalassetsofsecuritiescompaniesinJapanamountedtoaround235.1trillionJapaneseyen.Thetotalassetsofsecuritiesfirmsincreasedfrom192.5trillionyeninthepreviousyear.

ReadmoreNote(s):Japan;2016to2023;asofDecembereachyearSource(s):JapanSecuritiesDealersAssociationOperatingrevenuesofsecuritiescompaniesinJapanfromfiscalyear2013to2022(intrillionJapaneseyen)OperatingrevenuesofsecuritiescompaniesinJapanFY2013-20224.54.194.164.134.114.094.043.963.864.03.53.02.52.01.51.00.50.03.793.732013201420152016201720182019202020212022*14Description:Inthefiscalyear2022,securitiescompaniesinJapangeneratedoperatingrevenuesof4.19trillionJapaneseyen,upfrom3.86trillionyeninthepreviousyear.CommissionsaccountedforthelargestpartofꢀoperatingrevenuesgeneratedbysecuritiesfirmsinJapan.ReadmoreNote(s):Japan;fiscalyear2013to2022;theJapanesefiscalyearstartsonApril1ofthestatedyearandendsonMarch31ofthefollowingyear;*Preliminaryfigures.

SecuritiescompanieswhosefiscalyeartermendsbeforeMarchareincludedin[...]

ReadmoreSource(s):JapanSecuritiesDealersAssociationOperatingrevenuesofsecuritiescompaniesinJapanfromfiscalyear2013to2022,bytype(inbillionJapaneseyen)OperatingrevenuesofsecuritiescompaniesinJapanFY2013-2022,bytypeCommissionTradinggainFinancialrevenueOthers4,5004,0003,5003,0002,5002,0001,5001,000500354657859324948049571562035693605808711,0076518649011,0971,2371,0881,0668671,0048621,1138687442,46120132,32020202,35620212,2862,29320142,29520152,26120172,13420162,01020182,017201902022*15/statistics/1219096/japan-operating-revenues-of-securities-companies-by-typeInthefiscalyear2022,commissionsaccountedforthelargestshareofoperatingrevenueofsecuritiescompaniesinJapan,amountingtoaround2.3trillionJapaneseyen.Thenetincomeofsecuritiesfirmsdeclinedcomparedtothepreviousyear.

ReadmoreNote(s):Japan;fiscalyear2013to2022;theJapanesefiscalyearstartsonApril1ofthestatedyearandendsonMarch31ofthefollowingyear;*Preliminaryfigures.

Duetoarevisionofregulationsforfiscaltermsoffinancialinstrumentsbusiness[...]

ReadmoreSource(s):JapanSecuritiesDealersAssociationCommissionsreceivedbysecuritiescompaniesinJapanfromfiscalyear2013to2022,bytype(inbillionJapaneseyen)CommissionsreceivedbysecuritiescompaniesinJapanFY2013-2022,bytypeBrokeragecommissionUnderwritingandofferingcommissionsSubscriptionanddistributioncomissionsOthercommissions3,0002,5002,0001,5001,0005009069781,0841,2251,1451,3401,1101,4851,0801,12251346534517617033213826916529816625518123118416268725215016512187068966064555857951349151302013201420152016201720182019202020212022*16Description:Inthefiscalyear2022,securitiescompaniesinJapanreceivedbrokeragecommissionsworth513billionJapaneseyen.Thetotalvalueofcommissionsreceivedbysecuritiesfirmsdecreasedyearonyear.

ReadmoreNote(s):Japan;fiscalyear2013to2022;theJapanesefiscalyearstartsonApril1ofthestatedyearandendsonMarch31ofthefollowingyear;*Preliminaryfigures.

Duetoarevisionofregulationsforfiscaltermsoffinancialinstrumentsbusiness[...]

ReadmoreSource(s):JapanSecuritiesDealersAssociationCHAPTER

03StockmarketTotalnumberofcompanieslistedontheTokyoStockExchange(TSE)inJapanfrom2014to2023NumberofenterpriseslistedontheTSEJapan2014-20234,5004,0003,9333,8693,8223,7563,7063,6553,6023,5393,5113,4683,5003,0002,5002,0001,5001,0005000201420152016201720182019202020212022*202318Description:Asoftheendof2023,around3.9thousandcompanieswerelistedontheTokyoStockExchange(TSE)inJapan.Thenumberofcompanieslistedattheendoftheyearincreasedby64comparedto2022.

ReadmoreNote(s):Japan;2014to2023;asofendofeachyear;*TheTokyoStockExchangewasrestructuredonApril4,2022.ReadmoreSource(s):JPXMarketcapitalizationofcompanieslistedontheTokyoStockExchange(TSE)inJapanfrom2014to2023(intrillionJapaneseyen)MarketcapitalizationoftheTokyoStockExchange(TSE)inJapan2014-20231,000900867.418007006005004003002001000753.02700.98705.43693.69672.51589.79579.6582.67524.9201420152016201720182019202020212022202319Description:AsofDecember2023,thecombinedmarketcapitalizationofcompanieslistedontheTokyoStockExchange(TSE)inJapanamountedtoaround867.4trillionJapaneseyen,reachingadecadehigh.

ReadmoreNote(s):Japan;2014to2023;asofDecembereachyearSource(s):JPXStocktradingvolumeoftheTokyoStockExchange(TSE)inJapanfrom2014to2023(inbillionshares)TradingvolumeoftheTokyoStockExchange(TSE)inJapan2014-2023800709.19709.767006005004003002001000666.17587.86488.88482.07466.3430.41425.32386.49201420152016201720182019202020212022202320Description:In2023,thestocktradingvolumeoftheTokyoStockExchange(TSE)inJapanreached488.9billionshares.ThecombinedmarketcapitalizationofcompanieslistedontheTokyoStockExchangetotaled867.4trillionyeninDecember2023.

ReadmoreNote(s):Japan;2014to2023;tradingvolumeofdomesticandforeignstocksSource(s):JPXStocktradingvalueoftheTokyoStockExchange(TSE)inJapanfrom2014to2023(intrillionJapaneseyen)TradingvalueoftheTokyoStockExchange(TSE)inJapan2014-20231,2001,0001,012.13872.56831.58794.058006004002000745.98741.43742.32691.71643.19640.39201420152016201720182019202020212022202321Description:In2023,thestocktradingvalueoftheTokyoStockExchange(TSE)inJapanamountedto1,021.1trillionJapaneseyen,reachingadecadehigh.ThecombinedꢀmarketcapitalizationofcompanieslistedontheTokyoStockExchangereached867.4trillionyeninDecember2023.ReadmoreNote(s):Japan;2014to2023;tradingvalueofdomesticandforeignstocksSource(s):JPXNumberofinitialpublicoffering(IPOs)ontheTokyoStockExchangeinJapanfrom2015to2023,bymarketdivisionNumberofIPOsontheTSEinJapan2015-2023,bymarketdivision1stsection2ndsectionMothersJASDAQPrimeStandardGrowthTOKYOPROMarket16014012010080604020020152016201720182019202020212022*202322/statistics/1193903/japan-number-of-ipos-on-tseIn2023,therewere65initialpublicofferings(IPOs)ontheTokyoStockExchange(TSE)GrowthmarketinJapan.Atthesametime,thereweretwonewlistingsontheTSEPrimemarket.ThetotalnumberofIPOsontheTSEamountedto120in2022.

ReadmoreNote(s):Japan;2015to2023;*TheTokyoStockExchangewasrestructuredonApril4,2022.ReadmoreSource(s):JPXValueofstockholdingsinJapanfromfiscalyear2013to2022,bytypeofinvestor(intrillionJapaneseyen)ValueofstockholdingsinJapanFY2013-2022,byinvestortypeIndividualsInsurancecompaniesGovernmentsBusinesscorporationsFinancialinstitutionsForeignersPensiontrustsSecuritiesfirmsInvestmenttrusts8007006005004003002001000201320142015201620172018201920202021202223Description:Attheendofthefiscalyear2022,businesscorporationsweretheleadingtypeofdomesticinvestorsinstocksinJapan,withstockholdingsofaround145.7trillionJapaneseyen.Foreigninvestors'stockholdingsamountedto224.2trillionyen.

ReadmoreNote(s):Japan;fiscalyears2013to2022;theJapanesefiscalyearstartsonApril1ofthestatedyearandendsonMarch31ofthefollowingyear;asoftheendofeachfiscalyear;marketvaluebasisSource(s):JPXCHAPTER

04BondmarketValueofbondissuancesinJapanfrom2013to2022,bycategory(intrillionJapaneseyen)ValueofbondsissuedinJapan2013-2022,bycategoryJapanesegovernmentbondsMunicipalbondsGovernment-guaranteedbondsFILPagencybondsStraightcorporatebondsOthers300250200150100500201320142015201620172018201920202021202225/statistics/1368958/japan-bond-issuance-amount-by-categoryIn2022,thevalueofbondissuancesinJapanreachedaround229.4trillionJapaneseyen.TheissuanceamountofJapanesegovernmentbondsdeclinedtocloseto205trillionyen,whiletheissuanceamountofcorporatebondsdecreasedto12trillionyen.ReadmoreNote(s):Japan;2013to2022Source(s):JapanSecuritiesDealersAssociationValueofover-the-counter(OTC)bondtradinginJapanfrom2013to2022(intrillionJapaneseyen)ValueofOTCbondtradinginJapan2013-202240,00035,00030,00025,00020,00015,00034,176.123,975.221,266.218,909.414,063.310,536.310,182.320149,716.720179,373.220169,058201310,0005,000020152018*201920202021202226Description:In2022,thevalueofover-the-counter(OTC)bondtradinginJapanreachedaround34.18quadrillionJapaneseyen.Thefigureincreasedfrom23.98quadrillionyeninthepreviousyear.

ReadmoreNote(s):Japan;2013to2022;*FromMay2018onwards,figuresincludeJGBbaskettradinginGCreposunderthesubsequentcollateralallocationmethod.

100Japaneseyenequal0.66U.S.dollarsor0.63eurosasofNovember2023.

Valueshave[...]

ReadmoreSource(s):JapanSecuritiesDealersAssociationValueofpubliclyofferedsustainabledevelopmentgoal(SDG)bondsissuedinJapanfrom2016to2023,bytype(inbillionJapaneseyen)PublicSDGbondsissuanceamountinJapan2016-2023,bytypeGreenSocialSustainabilitySustainability-linkedTransitionGreen&sustainability-linked7,0006,0005,0004,0003,0002,0001,00002016201720182019202020212022202327Description:In2023,socialbondsweretheleadingtypeofsustainabledevelopmentgoal(SDG)bondsissuedinJapan,withanissuanceamountofaround2.84trillionJapaneseyen.Thevalueofgreenbondissuancesreachedabout1.28trillionyen.

ReadmoreNote(s):Japan;2016to2023;publiclyissuedbondsSource(s):JapanSecuritiesDealersAssociation;JPXYieldsonnewlyissuedten-yearJapaneseGovernmentBonds(JGB)inJapanfrom2013to2022Yieldonten-yearJGBsinJapan2013-20220.8%0.74%0.7%0.6%0.5%0.4%0.3%0.2%0.1%0.0%-0.1%0.41%0.32%0.27%0.07%20210.05%20170.04%20160.02%2020-0.01%2018-0.03%2019201320142015202228Description:Asoftheendof2022,theyieldonnewlyissuedten-yearJapaneseGovernmentBonds(JGBs)was0.41percentperannum.Thisrepresentedanincreasefrom0.07percentinthepreviousyear.

ReadmoreNote(s):Japan;2013to2022;asoftheendofeachyearSource(s):BankofJapan;StatisticsBureauofJapanLeadingsecuritiescompaniesinJapaninfiscalyear2022,byvalueofdomesticbondsunderwritten(intrillionJapaneseyen)LeadingsecuritiescompaniesinJapanFY2022,byvalueofbondsunderwrittenValueofbondsunderwrittenintrillionJapaneseyen0.00.51.01.52.02.53.03.54.04.5MizuhoSecuritiesNomuraSecurities4.053.7DaiwaSecurities3.51MitsubishiUFJMorganStanleySecuritiesSMBCNikkoSecurities2.451.329Description:Inthefiscalyear2022,securitiesfirmMizuhoSecuritieswastheleadingunderwriterofdomesticbondsinJapan,withanunderwritingvalueofcloseto4.1trillionJapaneseyen.NomuraSecuritiesfollowed,withthevalueofbondssubscribedamountingto3.7trillionyen.ReadmoreNote(s):Japan;fiscalyear2022;theJapanesefiscalyearstartsonApril1ofthestatedyearandendsonMarch31ofthefollowingyearSource(s):CapitalEye;MizuhoSecuritiesCHAPTER

05FundmarketNumberofpubliclyofferedinvestmenttrustscurrentlymanagedinJapanfrom2014to2023NumberofpublicinvestmenttrustsinJapan2014-20237,0006,1526,1206,0606,0345,9135,9235,8885,9135,8436,0005,0004,0003,0002,0001,00005,404201420152016201720182019202020212022202331Description:AsoftheendofDecember2023,around5,913publiclyofferedinvestmenttrustsweremanagedinJapan.Thetotalnetassetsofpubliclyofferedinvestmentfundsroseto196.9trillionJapaneseyen.

ReadmoreNote(s):Japan;2014to2023;asofendofDecembereachyear;contractual-typeinvestmenttrustsSource(s):InvestmentTrustsAssociationJapanTotalnetassetsofinvestmenttrustsinJapanfrom2014to2023(intrillionJapaneseyen)TotalnetassetsofinvestmenttrustsinJapan2014-2023350300250200325.77289.26279.16258234.48207.16206.13180.35168147.58150100500201420152016201720182019202020212022202332Description:In2023,thetotalnetassetsofinvestmenttrustsinJapanamountedtoaround325.77trillionJapaneseyen.Thisrepresentedanincreasefrom279.16trillionyeninthepreviousyear.Publiclyofferedfundsaccountedforroughly60percentofthetotalnetassetsinfunds.ReadmoreNote(s):Japan;2014to2023;asofendofeachyear;totalofpublicandprivateinvestmenttrustsSource(s):InvestmentTrustsAssociationJapanTotalnetassetsofinvestmenttrustsinJapanfrom2014to2023,bytype(intrillionJapaneseyen)TotalnetassetsofinvestmenttrustsinJapan2014-2023,bytypePubliclyofferedsecuritiesinvestmenttrustsPrivatelyplacedsecuritiesinvestmenttrustsOther3503002502001501005015.513.914.5113.413.212.298.9110.7107.310.485.611.489.6105.29.58.262774.146.9196.92023164.52021157.22022139.42020123.22019111.22017105.2201897.896.693.5020142015201633Description:Asoftheendof2023,thetotalnetassetsofinvestmenttrustsinJapanamountedtoaround325.8trillionJapaneseyen.Publiclyofferedsecuritiesinvestmenttrustsaccountedforroughly60percentofthetotalnetassets.

ReadmoreNote(s):Japan;2014to2023;asofendofeachyearSource(s):InvestmentTrustsAssociationJapanTotalnetassetsofinvestmenttrustsinJapanfrom2014to2023,bydistributionchannel(intrillionJapaneseyen)TotalnetassetsofinvestmenttrustsinJapan2014-2023,bydistributionchannelSecuritiescompaniesRegisteredfinancialinsitutions(banks,etc.)Directmarketing350300250200150100506.327.186.486.97130.557.3122.99119.675.565.49113.155.01106.064.9395.1195.924.6884.8677.6464.66173.42023144.992021138.392022124.552020108.75201996.08201793.377.16201580.85201671.0320140201834Description:Asoftheendof2023,securitiescompaniesweretheleadingdistributionchannelforinvestmenttrustsinJapan,withthetotalnetassetsofinvestmenttrustsdistributedthroughthischannelamountingtoabout173.4trillionJapaneseyen.Registeredfinancialinstitutions,suchasbanks,followedwitharound130.6trillionyen.ReadmoreNote(s):Japan;2014to2023;asofendofeachyear;totalofcontractualstockandbondinvestmenttrusts,marketvalueSource(s):InvestmentTrustsAssociationJapanTotalnetassetsofpubliclyofferedstockinvestmenttrustsinJapanfrom2014to2023,bytypeofmanagement(intrillionJapaneseyen)NetassetsofpublicstockinvestmenttrustsinJapan2014-2023,bymanagementtypeActivefundsIndexfunds1201008060402003118.721.712.957.420206.87.88.711.355.320198.19.275.468.961.859.757.857.954.550.72014201520162017201820212022202335Description:Asoftheendof2023,thetotalnetassetsofactivelymanagedstockinvestmenttrustsinJapanamountedtoaround75.4trillionJapaneseyen.Netassetsofindexfundsamountedto31trillionyen.

ReadmoreNote(s):Japan;2014to2023;asofendofeachyear;excludingETFsSource(s):InvestmentTrustsAssociationJapanTotalnetassetsofexchangetradedfunds(ETFs)inJapanfrom2014to2023(intrillionJapaneseyen)TotalnetassetsofETFsinJapan2014-2023807060504074.9462.4359.1754.8143.3533.5630.793020.352010016.17201510.6220142016201720182019202020212022202336Description:Asoftheendof2023,thetotalnetassetsofexchangetradedfunds(ETFs)inJapanamountedtoaround74.9trillionJapaneseyen,upfrom59.2trillionyeninthepreviousyear.ThefirstETFsinJapanwerelaunchedin2001.

ReadmoreNote(s):Japan;2014to2023;asoftheendofeachyear;marketvalueSource(s):InvestmentTrustsAssociationJapanCHAPTER

06KeyplayersOperatingrevenueofNomuraSecuritiesCo.,Ltd.fromfiscalyear2014to2023(inbillionJapaneseyen)NomuraSecurities'operatingrevenueFY2014-2023900801.27770.398007006005004003002001000746.8689.81662.83647.86589.7587.19580.08575.06201420152016201720182019202020212022202338Description:Inthefiscalyear2023,theoperatingrevenueofNomuraSecuritiesCo.,Ltd.amountedtoaround770.4billionJapaneseyen.Thecompany'soperatingrevenueincreasedby31percentcomparedtothepreviousyear.NomuraSecuritiesisaJapanesesecuritiesfirmthatispartofthefinancialservicesgroupNomuraHoldings.ReadmoreNote(s):Japan;fiscalyears2014to2023;thecompany'sfiscalyearstartsonApril1ofthestatedyearandendsonMarch31ofthefollowingyear;non-consolidateddata;unauditedfiguresSource(s):NomuraHoldingsOperatingrevenueofMizuhoSecuritiesCo.,Ltd.fromfiscalyear2014to2023(inbillionJapaneseyen)MizuhoSecurities'operatingrevenueFY2014-2023700600605.945004003002001000471.95441.33441.02425.71424.98401.44381.47381.53381.78201420152016201720182019202020212022202339Description:Inthefiscalyear2023,theoperatingrevenueofMizuhoSecuritiesCo.,Ltd.amountedtoaround605.9billionJapaneseyen.Thefigureincreasedby42.6percentcomparedtothepreviousfiscalyear.MizuhoSecuritiesisaJapanesesecuritiesfirm.ThecompanyisasubsidiaryofMizuhoFinancialGroupandwasestablishedin2017.ReadmoreNote(s):Japan;fiscalyears2014to2023;thecompany'sfiscalyearstartsonApril1ofthestatedyearandendsonMarch31ofthefollowingyear;consolidatedfiguresSource(s):MizuhoSecuritiesOperatingrevenueofMitsubishiUFJMorganStanleySecuritiesCo.,Ltd.fromfiscalyear2015to2022(inbillionJapaneseyen)MitsubishiUFJMorganStanleySecurities'operatingrevenueFY2015-2022350302.53291.4300272.04270.07262254.5225020015010050227.93219.9102015201620172018201920202021202240Description:Inthefiscalyear2022,theoperatingrevenueofMitsubishiUFJMorganStanleySecuritiesCo.,Ltd.amountedtoaround291.4billionJapaneseyen.MitsubishiUFJMorganStanleySecuritiesisaJapanesesecuritiescompanythatispartofMitsubishiUFJSecuritiesHoldings.ReadmoreNote(s):Japan;fiscalyears2015to2022;thecompany'sfiscalyearstartsonApril1ofthestatedyearandendsonMarch31ofthefollowingyearSource(s):MitsubishiUFJMorganStanleyOperatingrevenueofSMBCNikkoSecuritiesInc.fromfiscalyear2014to2023(inbillionJapaneseyen)SMBCNikkoSecurities'operatingrevenueFY2014-2023450419.11397.41398.7540035030025020015010050377.4369.53361.23355.12352.61318.79279.490201420152016201720182019202020212022202341Description:Inthefiscalyear2023,theoperatingrevenueofSMBCNikkoSecuritiesInc.amountedtoaround419.1billionJapaneseyen,upby50percentcomparedtothepreviousfiscalyear.SMBCNikkoSecuritiesisaJapanesesecuritiesfirmthatispartofSumitomoMitsuiFinancialGroup.ReadmoreNote(s):Japan;fiscalyears2014to2023;thecompany'sfiscalyearstartsonApril1ofthestatedyearandendsonMarch31ofthefollowingyear;consolidatedfiguresSource(s):SMBCNikkoSecuritiesOperatingrevenueofDaiwaSecuritiesCo.Ltd.fromfiscalyear2013to2022(inbillionJapaneseyen)DaiwaSecurities'operatingrevenueFY2013-2022450399.88386.6640035030025020015010050369.16358.84334.91332.37326.04315.18298.65277.540201320142015201620172018201920202021202242Description:Inthefiscalyear2022,theoperatingrevenueofDaiwaSecuritiesCo.Ltd.amountedtoaround277.5billionJapaneseyen.DaiwaSecuritiesisaJapanesesecuritiesfirmthatispartofDaiwaSecuritiesGroup.

ReadmoreNote(s):Japan;fiscalyears2013to2022;thecompany'sfiscalyearstartsonApril1ofthestatedyearandendsonMarch31ofthefollowingyearSource(s):DaiwaSecurities;FinancialServicesAgency(Japan)CHAPTER

07OnlinetradingShareofsecuritiescompaniesofferingonlinebrokerageservicesinJapanfrom2014to2023Shareofsecuritiescompaniesofferingonl