The Securities Dealers Association of Japan announced Mar. 11 that its chairman, Masashi Suzuki, will resign Mar. 12.
Tsugio Yukihira, chairman of Yamaichi Securities Co., will replace Suzuki and serve as the acting chairman until the end of June, when an election will be held to select a new chairman, the association said. Suzuki, also chairman of Nomura Securities Co., expressed on Mar. 10 his desire to resign to take responsibility for trouble caused by Nomura’s involvement in alleged trading with “sokaiya” racketeers.