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    Watanabe

    Research Analyst at Daiwa Securities Group Inc.

    Kazuki Watanabe is an Equity Analyst at Daiwa Securities Co. Ltd., specializing in coverage of Japanese insurance companies such as Tokio Marine Holdings and Sompo Holdings. He is recognized by major corporations for his analytical insights and forecasts, though quantifiable performance metrics or analyst rankings are not publicly disclosed. Watanabe has a long-standing tenure at Daiwa Securities, with no prior firms explicitly mentioned in recent coverage lists. Professional credentials such as securities licenses or FINRA registration are not listed in available sources, but his inclusion in leading institutional analyst rosters indicates a strong reputation within the industry.

    Watanabe's questions to NOMURA HOLDINGS (NMR) leadership

    Watanabe's questions to NOMURA HOLDINGS (NMR) leadership • Q1 2026

    Question

    Watanabe of Daiwa Securities inquired about the JPY 6.6 billion compensation for phishing scams, asking if the cost reflects all damages up to June and where it is booked. He also asked for the drivers behind the relative weakness in FICC and strength in Equities, requesting monthly performance trends.

    Answer

    CFO Hiroyuki Moriuchi confirmed the phishing compensation cost was estimated for all trades up to June 28 and is included in "other expenses." He explained that FICC performance was impacted by a lag in Japan's rates product in April, while Equities were strong due to successful risk management and significant performance from U.S. derivatives, with April accounting for nearly 40% of the quarter's equity revenue.

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    Watanabe's questions to NOMURA HOLDINGS (NMR) leadership • Q1 2026

    Question

    Watanabe of Daiwa Securities inquired about the JPY 6.6 billion phishing scam compensation, asking if the cost was final for the period and where it was booked. He also asked for the reasons behind the relative weakness in FICC and strength in Equities within Global Markets.

    Answer

    Chief Financial Officer Hiroyuki Moriuchi confirmed the JPY 6.6 billion cost reflects all illegal trades up to June 28 and is booked under 'other expenses'. He explained that FICC performance was impacted by a lag in Japan's rates product in April, while Equities were strong due to the Americas derivatives business successfully capitalizing on market volatility.

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