Nomura and Daiwa are joint No. 1 on Institutional Investor’s 27th Annual All-Japan Research Team Survey

Even with the uncertainty of the markets in the current situation, a light shines with excellence among Japanese sell-side researchers, as demonstrated by the leaders of the All-Japan Research Team Survey.

Daiwa Securities Group and Nomura achieve joint first place this year on Institutional Investor‘s exclusive annual firm-based rankings of Japan’s best sell-side analysts, weighted by commissions paid by the street.  

Both companies have a total of 28 firm-based positions as well as 32 (Daiwa) and 26 (Nomura) analyst positions. Mizuho Securities claims third place with 25 firm-based positions, closely followed by SMBC Nikko Securities which came in with 23 firm-based positions. Mitsubishi UFJ Morgan Stanley Co. follows in fifth place to round out this year’s winners.

J.P Morgan accomplishes sixth place on both rankings and earns the title of this year’s highest ranking non-domestic firm. UBS and Citi, two other non-domestic firms, closely follow suit in seventh and eighth positions on both rankings.

14 firms are represented in this year’s results, with Daiwa Securities jumping 3 spots to be equal first in the Team Leaders Table weighted by commission. Mitsubishi UFJ Morgan Stanley staged a comeback jumping two spots to fifth place whilst international brokers UBS, BofA Securities and Jefferies showed improvement.

“The Japanese brokers continue to consolidate their positions as we enter the second year of MiFID II,” said Cara Eio, Head of Asia Pacific, II Research. “We also saw an increased interest in II’s ranking results from the buy side as access to research becomes more selective.”

The 2020 All-Japan Research Team reflects the opinions of more than 800 portfolio managers and analysts at 365 institutions that collectively manage an estimated $1.1 trillion in Japanese equities and $9 billion in Japanese fixed income. 

A total of 160 firm positions and 164 analysts appear on this year’s roster, which is limited to the top three squads in each sector, plus runners-up where applicable. The full report names 784 researchers, representing 30 entities, who met minimum-vote and other eligibility criteria.

Complete results can be found at 

For more information contact Cara Eio, Head of Asia Pacific, II Research, at +852 2912 8051 or [email protected].

To share your winning position in the 2020 All-Japan Research Team ranking in your website content, advertisements, communications and marketing collateral, please contact [email protected]

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Institutional Investor Research provides independent sell-side and corporate performance research and rankings and aims to be the first-choice and independent validation source of qualitative market intelligence for all three sides of the investment community. Institutional Investor Research has a global presence, spanning Europe, All-Asia, the US and Latin America.

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