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Securities Industry Japan

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BUSINESS
July 8, 1991 | LESLIE HELM, TIMES STAFF WRITER
As a deepening securities scandal continues to rock Japan, investigators are unearthing details of a stock scam that offers a rare glimpse of the shady back alleys behind Japan's stock exchanges--how Japan's top brokerage houses appear to play the Tokyo stock market as if they were running a private casino with the odds heavily favoring the house.
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BUSINESS
December 25, 1999 | Bloomberg News
Nasdaq Japan, the Japanese version of the dealer-run Nasdaq Stock Market in the U.S., will begin trading by mid-2000, six months earlier than planned, the U.S. National Assn. of Securities Dealers and Japan's Softbank Corp. said. The NASD-Softbank alliance signed an agreement with the Osaka Securities Exchange under which Japan's second-largest stock exchange will provide surveillance, trade settlement and company-listing services for Nasdaq Japan.
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BUSINESS
March 12, 1992 | LESLIE HELM, TIMES STAFF WRITER
In an eerie echo of last summer's financial scandals, the president of Daiwa Securities Co., Japan's second-largest brokerage, resigned Wednesday after admitting responsibility for shady deals that caused the company's clients hundreds of millions of dollars in losses. Daiwa President Masahiro Dozen announced his resignation at a press conference, saying he "apologizes" for a series of deals blamed for customer losses. Dozen's resignation came the same day as Tokyu Department Store Co.
BUSINESS
October 24, 1999 | MARK MAGNIER, TIMES STAFF WRITER
TOKYO Japanese consumers, long dismissed as an illogical breed that eschews risk and enjoys paying higher prices, are showing they will act as rationally as their counterparts anywhere else if given half a chance. On Oct. 1, Japan ended its high fixed commissions on retail stock trading under its "Big Bang" deregulation policy--replicating a move the United States made in 1975. Overnight, commissions dropped by as much as 90%.
BUSINESS
September 23, 1998 | From Times Wire Services
Maybe they'll call it the Trademan. Sony Corp., the company that brought the world the Walkman stereo, said Tuesday that it is considering a foray into the online stock brokerage business. The giant consumer electronics maker says it's in talks with U.S. broker Charles Schwab & Co. and others to enter the online brokerage business in Japan. "We're currently considering how to enter the business the Sony way," said Masayoshi Morimoto, corporate senior vice president at Sony.
BUSINESS
September 4, 1991 | From Associated Press
Japan's finance minister said Tuesday that his ministry is expanding its inquiry of Nomura Securities Co., which allegedly recommended a railway company's stock to customers after a client with underworld connections had made large purchases of it. Also Tuesday, a Socialist lawmaker said a Finance Ministry document he obtained shows that Nomura, the world's largest brokerage, illegally drove up the price of Tokyu Corp. shares, earning the underworld figure millions of dollars.
NEWS
June 20, 1992 | SONNI EFRON, TIMES STAFF WRITER
It was sheer boredom that drove Hisako Arai into the stock market. Her children were grown. Her husband was busy. And though she had a pharmacist's degree, he wouldn't let her work. The 61-year-old grandmother had fun riding the raging bull market of the 1980s. But as the market shed 56% of its value between December, 1989, and April, 1992, Arai managed to lose more than $4 million of her husband's money without his knowledge. Now he's threatening divorce. Creditors are circling.
BUSINESS
December 25, 1999 | Bloomberg News
Nasdaq Japan, the Japanese version of the dealer-run Nasdaq Stock Market in the U.S., will begin trading by mid-2000, six months earlier than planned, the U.S. National Assn. of Securities Dealers and Japan's Softbank Corp. said. The NASD-Softbank alliance signed an agreement with the Osaka Securities Exchange under which Japan's second-largest stock exchange will provide surveillance, trade settlement and company-listing services for Nasdaq Japan.
BUSINESS
January 19, 1999 | Reuters
Daiwa Securities, Japan's second-largest brokerage, plans to transform itself into a holding company in April and slash 3,000 jobs, or 20% of its work force, over two years. The brokerage made the announcement as it reported a 94.6% drop in earnings to $3.3 million for the first nine months of its fiscal year.
BUSINESS
October 24, 1999 | MARK MAGNIER, TIMES STAFF WRITER
TOKYO Japanese consumers, long dismissed as an illogical breed that eschews risk and enjoys paying higher prices, are showing they will act as rationally as their counterparts anywhere else if given half a chance. On Oct. 1, Japan ended its high fixed commissions on retail stock trading under its "Big Bang" deregulation policy--replicating a move the United States made in 1975. Overnight, commissions dropped by as much as 90%.
BUSINESS
October 4, 1999 | Bloomberg News
Stocks in Tokyo opened higher today on news that Japanese business confidence surged to a 21-month high in September in a strong signal that companies are benefiting from the economy's recovery from last year's recession. But companies remain reluctant to translate that optimism into increased investment, symptomatic of the uneven recovery. The Bank of Japan's quarterly tankan index of large manufacturers' confidence rose to minus 22 from minus 37 in June.
BUSINESS
September 22, 1999 | From Bloomberg News, Times Staff
The Bank of Japan put its foot down on Tuesday. But did it crush the country's hot stock market by doing so? Bank of Japan board members unexpectedly voted to keep monetary policy unchanged, resisting pressure from politicians to expand the nation's money supply to help slow the surging yen. The decision by Gov. Masaru Hayami and his fellow central bankers triggered another jump in a yen that some analysts say is already threatening the recovery of the world's second-largest economy.
BUSINESS
June 18, 1999 | MARK MAGNIER, TIMES STAFF WRITER
The Japanese stock market is in a steep climb, and there might actually be good reason for it. Despite all the country's woes and skepticism about its claims of progress, analysts say the market is responding to an accumulation of hopeful economic indicators, signs of true corporate restructuring and indications that Japan may be collecting dividends from Asia's early economic recovery. And surging stock prices themselves could further fuel the process by bolstering Japan's beleaguered banks.
BUSINESS
June 16, 1999 | Bloomberg News, Reuters
As expected, the Nasdaq Stock Market on Tuesday announced plans to create a Japanese version of the electronic Nasdaq trading system in a joint venture with Japanese Internet giant Softbank. New Japanese stocks that would list on the new market also would be listed on Nasdaq, said Frank Zarb, chairman of the National Assn. of Securities Dealers, Nasdaq's parent.
BUSINESS
January 19, 1999 | Reuters
Daiwa Securities, Japan's second-largest brokerage, plans to transform itself into a holding company in April and slash 3,000 jobs, or 20% of its work force, over two years. The brokerage made the announcement as it reported a 94.6% drop in earnings to $3.3 million for the first nine months of its fiscal year.
BUSINESS
September 23, 1998 | From Times Wire Services
Maybe they'll call it the Trademan. Sony Corp., the company that brought the world the Walkman stereo, said Tuesday that it is considering a foray into the online stock brokerage business. The giant consumer electronics maker says it's in talks with U.S. broker Charles Schwab & Co. and others to enter the online brokerage business in Japan. "We're currently considering how to enter the business the Sony way," said Masayoshi Morimoto, corporate senior vice president at Sony.
BUSINESS
October 4, 1999 | Bloomberg News
Stocks in Tokyo opened higher today on news that Japanese business confidence surged to a 21-month high in September in a strong signal that companies are benefiting from the economy's recovery from last year's recession. But companies remain reluctant to translate that optimism into increased investment, symptomatic of the uneven recovery. The Bank of Japan's quarterly tankan index of large manufacturers' confidence rose to minus 22 from minus 37 in June.
NEWS
August 1, 1998 | From Associated Press
Cracking down on corruption in Japan's financial industry, a new watchdog agency handed out penalties to nine major banks and four brokerages whose employees were accused of wining and dining public officials. The Financial Supervisory Agency announced Friday that it is banning Sanwa Bank from mutual fund sales for one year. It imposed lesser penalties on the other banks and brokerages. The agency was set up in June to root out widespread corruption in the financial industry.
NEWS
August 1, 1998 | From Associated Press
Cracking down on corruption in Japan's financial industry, a new watchdog agency handed out penalties to nine major banks and four brokerages whose employees were accused of wining and dining public officials. The Financial Supervisory Agency announced Friday that it is banning Sanwa Bank from mutual fund sales for one year. It imposed lesser penalties on the other banks and brokerages. The agency was set up in June to root out widespread corruption in the financial industry.
BUSINESS
July 28, 1998 | From Bloomberg News
Sumitomo Bank Ltd. and Daiwa Securities Co.--Japan's second-largest bank and brokerage--may combine their capital market and corporate client units in a joint venture, a Sumitomo Bank official said. The companies will meet the press today to discuss their plans, a Daiwa Securities spokesman said. The directors of Osaka-based Sumitomo Bank have not made a formal decision on the joint venture and will discuss it at a meeting today, the bank official said.
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