Japan

Best bank – Bank of Tokyo-Mitsubishi
Best equity house – Nomura Securities
Best debt house – Nomura
Best M&A house – Morgan Stanley

Japan’s banks are still having a dreadful time. Despite government reform promises and plans to restructure the financial sector, nothing much is happening to improve their condition. Bank of Tokyo-Mitsubishi is, however, healthier than the rest and takes the best bank in Japan award. It is attempting to clean itself up and dispose of the non-performing loans that blight so many of its peers.