TOKYO — The big four Japanese stockbrokerages--whose overseas employment soared 35% this year--say foreign expansion is now likely to slow due to investors' diminished stock appetites since the October crash.
"Investors' attitudes worldwide to securities overall appear to have cooled and the market for corporate bond issues is also worsening," an official of one of the firms said Monday.
In addition, fierce competition abroad may contribute to slow growth or even profit declines for industry giants Nomura Securities, Yamaichi Securities, Nikko Securities and Daiwa Securities, sources at the companies said.
The Big Four's total overseas staff soared to roughly 5,200 in October from 3,800 a year earlier.
Industry leader Nomura reported that its overseas subsidiaries earned an estimated $291 million in the 1986-87 fiscal year, up just 1% from the year-earlier period. Yamaichi's foreign units took in $118.6 million, up 33%, during the same period from increased underwriting in the Euromarkets.