Japan brokers report sharp declines in profit

• Nomura Holdings and Daiwa Securities Group reported significant declines in net profit for the April-June quarter
• Commission income from stock trading and investment funds fell after a market boom last year
• Nomura saw a 70% year-on-year plunge to 19.8 billion yen ($192 million)
• Retail segment, which had boosted overall performance a year earlier, pretax profit dropped 61% from the record set back then to 31.6 billion yen
• Client assets under management, such as investment funds, increased 3.5 trillion yen between the end of March and the end of June to reach 95.3 trillion yen.
• Daiwa’s April-June net profit slid 40% on the year to 34.3 billion yen despite climbing 3% from the January-March quarter. Earnings from its retail segment decreased significantly.

More at the Nikkei: Nomura, Daiwa report sharp profit drops for April-June

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Stock brokers in Japan had a great run the previous year as Abenomics took hold … bit of a hangover now though.