Two of the nation's three main brokerages on Friday said they sank deep into the red in the year that ended March 31, as sluggish share prices and competition from online and bank-affiliated brokers sent retail revenues plunging.
Daiwa Securities Group Inc., Japan's second-largest brokerage, reported a consolidated net loss of 130.55 billion yen, in a dramatic turnaround from its 64.55 billion yen profit the previous year.
Total revenues fell 32 percent to 488.04 billion yen, reflecting sharp declines across the board in mainstay commissions revenue on securities transactions.