Japan: operating revenues of securities companies by type 2023

In the fiscal year 2023, commissions accounted for the largest share of operating revenue of securities companies in Japan, amounting to around 2.8 trillion Japanese yen. The net income of securities firms increased compared to the previous year.

Securities companies in Japan

Securities companies in Japan are regulated under the Financial Instruments and Exchange Act and supervised by the Financial Services Agency (FSA). As of 2023, there were around 272 securities firms in Japan . Leading securities companies include Nomura Securities and Daiwa Securities, among others. Due to regulations in Japan’s financial sector, securities firms play a major role in investment banking.

Role of securities companies in investment banking

In Japan, investment banking activities must be separated from commercial banking activities by law. Therefore, commercial banks are restricted in their possibilities to engage in investment banking activities, and securities companies have become the primary providers of such services. Japan’s largest financial groups, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group, each have separate securities units under their umbrella. Recently, the Financial Services Agency has reportedly advocated lifting such restrictions to promote the global competitiveness of Japanese banks.

Operating revenues of securities companies in Japan from fiscal year 2014 to 2023, by type (in billion Japanese yen)

Characteristic	Commission	Trading gain	Financial revenue	Others
-	-	-	-	-
-	-	-	-	-
-	-	-	-	-
-	-	-	-	-
-	-	-	-	-
-	-	-	-	-
-	-	-	-	-
-	-	-	-	-
-	-	-	-	-
-	-	-	-	-

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Release date

October 2024

More information

Region

Japan

Survey time period

fiscal year 2014 to 2023; the Japanese fiscal year starts on April 1 of the stated year and ends on March 31 of the following year

Supplementary notes

*Preliminary figures.

Due to a revision of regulations for fiscal terms of financial instruments business operators, securities companies whose fiscal year term ends before March are included in the figures since fiscal year 2014.
The statistic represents figures for regular members of the Japan Securities Dealers Association, excluding those not in business as of the end of March.

100 Japanese yen equal 0.69 U.S. dollars or 0.62 euros as of October 2024.

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