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Japanese brokerages face a negative outlook for at least another year as the sluggish economy, overseas expansion costs and global market uncertainty weigh on results, Moody’s Investors Service said Monday.

“The operating performance of Japan’s securities firms will continue to be weak and volatile over the next 12 to 18 months,” Moody’s wrote in a report maintaining its negative outlook on the Japanese securities industry. “Cost-cutting alone may not be sufficient to secure profitability.”

Nomura Holdings Inc., Japan’s biggest brokerage, and closest rival Daiwa Securities Group Inc. are among firms that are planning to trim costs that have swelled since they began expanding abroad.

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