A quartet of domestic firms continues to dominate the All-Japan Sales Team — but that’s not to say the past year was without its obstacles for the country’s top teams.

“The past year, Japanese market volatility was low and the market remained range bound,” said Koji Yoshida, head of the multistrategy consulting department at Nomura Securities Co. “That said, it was a challenging market with cycles of upturns and downturns in a short period of time.”

The challenges included “unexpected events such as the conflict in Ukraine, rising interest rates in developed countries and persistent inflation, change of the yield curve control by the BOJ, and reopening after Covid-19,” Yoshia added.

Kazuhiko Sawanobori, head of APAC sales at SMBC Nikko Securities, confirmed that based on these macroeconomic factors, the “condition of the Japanese equity market was difficult to manage last year.”

And just like the market, the members of Institutional Investor’s All-Japan Sales Team have experienced some ups and downs as well.

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