Brokers' woe

Article Abstract:

Japan's 14 largest brokerages suffered badly in the fiscal year ending Mar 31, 1993, with all but two of them posting losses. However, all 14 predicted on May 18 that their fortunes will improve as rising average daily trading volume boosts income from commissions. However, several factors should persuade investors to view these optimistic forecasts with skepticism. These factors include the recent 75% fall in commissions, the lack of liquidity, the brokerages' many contingent liabilities and increased foreign competition.

Stockbrokers

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Money to burn

Article Abstract:

Japan's Trust Fund Bureau (TFB) controls the investment of $28 billion dollars of postal savings funds each year. TFB intervention may be necessary to keep the Nikkei above 19,000 as the stock market reacts to the political confusion following the Jul 1993 election. There are few signs of a recovery during FY 1993 and a period of drift is likely with little to interest either arbitragers or individual investors. Cost-cutting by export companies could increase their profits and lead a recovery in late 1993 or 1994.

Finance, Stock-exchange, Stock exchanges, Japan. Trust Fund Bureau

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