Nomura once again ranks as Japan’s top equity research provider — but this year, it’s not alone. The incumbent shares the honor with another domestic firm: Daiwa Securities Group.

Together, the two Tokyo-based firms lead Institutional Investor’s 2020 All-Japan Research Team. More than 800 investment professionals across 365 firms voted in the 27th annual survey, rating research providers across 29 industry sectors and three macro disciplines. For the second year, the scores were weighted by how much respondents paid in Japanese equity commissions, in order to better reflect evolving research spending.

Daiwa — which placed fourth in last year’s commission-weighted ranking — improved significantly this year, racking up 28 total team positions to match Nomura. Mizuho Securities, which ranked second in 2019, came in third place this year with 25 team positions. Despite being bumped down the leaderboard, Mizuho once again earned the most first-team positions of any provider, ranking first in eight sectors. Daiwa and Nomura, meanwhile, were each awarded six first-team positions.

Additional leaderboards reflect votes for individual analysts, as well as responses weighted by assets under management.