Foreign brokerages are leaving credit analyst positions in Tokyo unfilled as record central bank bond-buying stimulus makes it hard for them to make profits.
UBS Group AG, Barclays PLC, Morgan Stanley MUFG Securities Co. and Citigroup Inc. all had analysts at the start of 2013 that looked at Japan's corporate note market, but none now have such researchers that can speak to the media.
In a 2012 analyst ranking survey by Nikkei Veritas, five from non-Japanese banks were in the top 10, but that had decreased in March 2015 to three including Akihito Murata, who left Deutsche Securities Inc. in May to go to Prudential Financial Inc.