In fiscal year 2021, commissions accounted for the largest share of operating revenue of securities companies in Japan, amounting to around 2.3 trillion Japanese yen. That year, the net income of securities firms almost doubled compared to the previous year.
Securities companies in Japan
Securities companies in Japan are regulated under the Financial Instruments and Exchange Act and supervised by the Financial Services Agency (FSA). As of 2021, there were around 270 securities firms in Japan, with almost 90,000 employees. Leading securities companies include Nomura Securities and Daiwa Securities, among others. Due to regulations in Japan’s financial sector, securities firms play a major role in investment banking.
Role of securities companies in investment banking
In Japan investment banking activities must be separated from commercial banking activities by law. Therefore, commercial banks are restricted in their possibilities to engage in investment banking activities, and securities companies have become the primary providers of such services. Japan’s largest financial groups, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group, each have separate securities units under their umbrella. Recently, the Financial Services Agency has reportedly advocated lifting such restrictions to promote the global competitiveness of Japanese banks.
Operating revenues of securities companies in Japan from fiscal year 2012 to 2021, by type
(in billion Japanese yen)
fiscal years 2012 to 2021; the fiscal year ends on March 31 of the stated year
Supplementary notes
*Preliminary figures.
Due to a revision of regulations for fiscal terms of financial instruments business operators, securities companies whose fiscal year term ends before March are included in the figures since fiscal year 2014.
The statistic represents figures for regular members of the Japan Securities Dealers Association, excluding those not in business as of the end of March.
1 Japanese yen equals 0.0087 U.S. dollars or 0.0077 euros as of February 2022.
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Japan Securities Dealers Association. (September 15, 2021). Operating revenues of securities companies in Japan from fiscal year 2012 to 2021, by type (in billion Japanese yen) [Graph]. In Statista. Retrieved June 26, 2022, from https://www.statista.com/statistics/1219096/japan-operating-revenues-of-securities-companies-by-type/
Japan Securities Dealers Association. "Operating revenues of securities companies in Japan from fiscal year 2012 to 2021, by type (in billion Japanese yen)." Chart. September 15, 2021. Statista. Accessed June 26, 2022. https://www.statista.com/statistics/1219096/japan-operating-revenues-of-securities-companies-by-type/
Japan Securities Dealers Association. (2021). Operating revenues of securities companies in Japan from fiscal year 2012 to 2021, by type (in billion Japanese yen). Statista. Statista Inc.. Accessed: June 26, 2022. https://www.statista.com/statistics/1219096/japan-operating-revenues-of-securities-companies-by-type/
Japan Securities Dealers Association. "Operating Revenues of Securities Companies in Japan from Fiscal Year 2012 to 2021, by Type (in Billion Japanese Yen)." Statista, Statista Inc., 15 Sep 2021, https://www.statista.com/statistics/1219096/japan-operating-revenues-of-securities-companies-by-type/
Japan Securities Dealers Association, Operating revenues of securities companies in Japan from fiscal year 2012 to 2021, by type (in billion Japanese yen) Statista, https://www.statista.com/statistics/1219096/japan-operating-revenues-of-securities-companies-by-type/ (last visited June 26, 2022)
