Nomura Securities

The world's largest financial institution, an investment house handling about 20% of all transactions on the Tokyo stock exchange. In 1991 Nomura admitted to paying Y16.5 billion in compensation to favoured clients (including companies in London and Hong Kong) for losses sustained on the stock market since the beginning of 1990, resulting in tax evasion of Y9 billion. It was also shown to have links with organized crime.

Nomura's profits were down by 54% in 1990. In January 1991, its average daily earnings in commission were Y405 million. A criminal investigation into Nomura for allegedly manipulating the share price of the Tokyu railway group on behalf of a retired yakuza (gangster syndicate) boss began in July 1991.