TOKYO, Mar 19: A set of loss warnings on Thursday from Japanese second-tier securities houses illustrated that the industry as a whole is still in trouble. Analysts said the road ahead looked bumpy especially because the nation's "Big Bang" financial reforms will move into high gear in April and further decontrol of stock brokerage commissions will eat into brokerage revenues.In a widely expected move, all seven brokerages announced outlooks that predicted hefty losses on both a group and parent basis for this business year to March 31. Four firms out of the seven -- Cosmo Securities Co Ltd, Yamatane Securities Co Ltd, Wako Securities Co Ltd and Okasan Securities Co Ltd -- made loss estimates after earlier profit or nil profit outlooks.
Dai-Ichi Securities Co Ltd and Kankaku Securities Co Ltd saw their losses greater than initially projected, and New Japan Securities Co Ltd predicted a slight improvement from its earlier hefty loss estimate.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
