Bad enough for Nomura, but far worse was the damage done to an already tarnished industry.
The president of AIJ Investment Advisors, Kazuhiko Asakawa, who was arrested last month for fraud, once worked for Nomura.
In fact, says Tony Volpon, a managing director and head of emerging markets Americas for Nomura Securities in New York.
FORBES: Brazil Gets More Expensive As Inflation Picture Worsens
There is an irony here, for Nomura had otherwise done more to clean up its act than had the other big securities firms.
There is more downside in Brazil than upside at this moment, said Tony Volpon, head of emerging markets Americas for Nomura Securities in New York.
Both factors for an inflation surge appear to be aligning, says Tony Volpon, head of Latin America Emerging Markets for Nomura Securities in New York.
There is no denying that inflation continues with surprisingly strong momentum, says Tony Volpon, head of emerging markets Americas for Nomura Securities in New York.
Steven Vinik, former head of equity sales for Nomura Securities in Hong Kong, says the markets have been so lousy lately that many traders have simply withdrawn.
Export weakness in July may have continued into August, which contributed to the decline of the HSBC PMI, which has a higher weight than the official PMI for export-oriented companies in the coastal region, noted Zhiwei Zhang, an analyst for Nomura Securities in Hong Kong.
Among them is Rebecca Woo, a Hong Kong-based analyst for the Nomura Research Institute.
Higher volumes are like water to parched throats for brokers like Nomura Securities (NYSE: NMR).
Two years and 3, 000 index points later, Nick Knight, the London-based global strategist for securities giant Nomura, is a convert.
For instance, Nomura, an investment bank, has been hiring foreign talent in Asia this year, including teams from Caspian, a defunct investment bank.
Both companies have been involved in scandals, Nomura for paying millions of yen to sokaiya, and Sumitomo for losing billions of yen trading copper.
Rather, he insists, they will transform the Japanese brokerage, though he declines to say whether he will bring in performance-based pay for everyone at Nomura.
For the Russian rouble, Nomura thinks the ruling tandem has perhaps chosen the worst possible moment to unveil its plans for a role reversal.
FORBES: Mixed Views On Russian Leaders' Role Reversal; Finance Minister Resigns
The Takeover Panel is now set to announce its reasons for rejecting an appeal by Japanese bank Nomura over the confused sealed bidding process for Welsh utility Hyder.
For sector watchers, Nomura likes China telecom service, oil and gas producers and healthcare.
Nomura, for instance, is trying to turn its salesforce into an army of financial planners, along Merrill Lynch lines.
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For most workers at Nomura wages are kept within a narrow band varying only by 30% to 40%, a practice common at most Japanese firms.
As a result, Brazil GDP will be better than Nomura initially forecast for 2012.
The problem is that market forces should lead firms to either lower wages, reduce hiring, or substitute capital for labor, explained the Nomura economist.
As for share buybacks, a Nomura Securities analysis finds that during the April-December 2010 period, stock buybacks were up by 30 percent to about JPY 700 billion.
Earnings are being flattered by falling non-performing loans: in credit cards, early delinquencies are the lowest for a decade, according to Nomura.
Nomura is also bidding for another 3, 000 pubs owned by Whitbread.
Last year may have been one to forget for these businesses but analysts at Nomura believe that banks will be lucky if income from them scrapes the same level in 2011.
As a result, Nomura has reduced its forecast for Russian GDP growth this year to 4.2% from 4.4%.
Although the Bank believes net outflows should stop in the coming months, Nomura says they little reason for such optimism given the lingering uncertainty about future tax policies under a new government.
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