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    Makoto Arai

    Research Analyst at J.P. Morgan Securities Japan Co., Ltd.

    Makoto Arai is an Equity Research Bank Sector Associate at J.P. Morgan Securities Japan Co., Ltd., specializing in the analysis of major Japanese banking institutions. He has developed research coverage on leading financial companies, contributing critical insights for sector performance and investment strategy. Arai began his career as a macro economist focused on Japan before moving to equity research roles, and he is recognized for his methodological rigor and sector expertise. Although detailed performance metrics and professional credentials are not publicly disclosed, his responsibilities at J.P. Morgan are integral to bank sector research and client advisory.

    Makoto Arai's questions to Daiwa Securities Group (DSEEY) leadership

    Makoto Arai's questions to Daiwa Securities Group (DSEEY) leadership • Q3 2024

    Question

    Makoto Arai of JPMorgan Securities inquired about the M&A business, asking for a revenue breakdown between domestic and overseas operations and an update on personnel increases. He also asked for an outlook on costs for Q4 and the next fiscal year, considering both inflationary pressures and ongoing structural reforms.

    Answer

    Kotaro Yoshida, Executive, stated that overseas M&A accounts for 60-70% of the division's revenue and that headcount is being increased both domestically and overseas, with a slight emphasis on the latter. Regarding costs, he confirmed that the previous JPY 30 billion reduction target was met and efforts are ongoing to improve efficiency. He noted the company must balance these reforms with strategic investments and rising costs in the current inflationary environment.

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