MIDDLE-SIZED, NOT MEDIOCRE
In Japan, hierarchy matters. Just below the Japanese Big Four is a hard-running pack of second-tier securities companies bracing themselves for the consequences of financial deregulation and globalization.
These are firms whose images in the minds of foreigners may still be blurred and featureless — Nippon Kangyo Kakumaru (NKK), Sanyo, New Japan, Wako and Okasan. Close Behind them are a handful of firms such as Yamatane, Cosmo and Dai-Ichi.
Rapid financial liberalization is clearly disturbing to most second-tier firms.
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