~ Completion of "Phase 2” ~

A subsequent project of Blockchain / DLT applicability to the Post-Trade Processing

Daiwa Securities Group and the University of Tokyo Initiate Social Cooperation Program

Initiating research collaboration to develop next-generation financial services using forefront technology

Start of Stock Trading on Yangon Stock Exchange

Signing of Joint Venture Agreement to Establish Yangon Stock Exchange

Tokyo Financial City Vision

Vitalizing Japan’s Financial and Capital Markets as a Pillar to the New Growth Strategy

Japan’s Economy: Monthly Outlook (September 2019)

Thorough analysis of consumption tax hike countermeasures; estimate of effects of rising crude oil price

Thorough analysis of consumption tax hike countermeasures and their effects

Comprehensive examination of income effect and substitution effect by age group, and industry

Overseas Demand Worsens, but Domestic Demand Provides Support. In this report we examine the following: (1) Transferring Production due to US-China Trade Friction, (2) Personal Consumption, (3) Minimum Wage (No. 202 Update)[Summary]

Japan to see real GDP growth of +0.8% in FY19 and +0.4% in FY20, with nominal GDP growth of +1.3% in FY19 and +0.8% in FY20.

Overseas Demand Worsens, but Domestic Demand Provides Support. In this report we examine the following: (1) Transferring Production due to US-China Trade Friction, (2) Personal Consumption, (3) Minimum Wage(No. 202)[Summary]

Japan to see real GDP growth of +0.9% in FY19 and +0.4% in FY20, with nominal GDP growth of +1.5% in FY19 and +0.8% in FY20.

Japan’s Economy: Monthly Outlook (August 2019)

1.The statistical trick in the superior GDP results: last-minute shipping 2.The consumption tax hike and free education: some age groups will be winners, while others will lose out 3.Revised economic outlook: FY2019 +0.9%, FY2020 +0.4% 4.US-China negotiations break down again: moving toward additional tariff of 10% on remaining 300 billion dollars