Nomura claimed the top spot in Institutional Investor's 2018 All-Japan Research Team, breaking last year's tie with Mizuho Securities.

Nomura captured 32 total positions to Mizuho's 27 in the second year since II began combining votes for individual analysts to form team-based rankings. The 2018 survey attracted responses from more than 1,200 investors, representing 482 firms, which together manage approximately $1.1 trillion in Japanese equities and $9 billion in Japanese fixed income.

This year, Daiwa Securities Group moved up one place to third, SMBC Nikko Securities came in fourth, and Mitsubishi UFJ Morgan Stanley Co. rounded out the top five. J.P. Morgan tied with Citi for sixth place and for the highest ranking of a non-domestic firm.

The Nomura-Mizuho duopoly extended to the individual analyst rankings where the firms placed first and second, respectively. The third-, fourth-, and fifth-place finishers remain unchanged from last year: SMBC Nikko Securities, Daiwa Securities Group, and Mitsubishi UFJ Morgan Stanley Co.