Ups and downs in Japan

All the international businesses of Merrill Lynch’s GPC group made losses in 2000-02 but the Japanese business suffered most. Now, after a restructuring, and a shift in focus towards high-net-worth individuals, the business is back on track and in profit.

At the end of the fiscal year (end of first quarter 2004), the number of accounts held by high-net-worth individuals had grown 28% and assets had jumped 77%. Total assets under management for all accounts is now ¥1.3