In the lead up to our centenary on December 25, 2025, we are releasing a series of videos highlighting Nomura’s history on our 100th Anniversary Website.
In the 1980s, amid a turbulent global economy, Japan asserted its financial presence on the world stage, entering an unprecedented economic boom later called the bubble. In 1987, Nomura became the world's top Eurobond underwriter while in Japan, the company continued to leverage its strong retail franchise to grow its business. However, Japan's bubble economy collapsed a few years later. Amid these rapidly changing economic conditions, Nomura continued to adapt and transform, navigating a period of both remarkable growth and intense upheaval.
Below are highlights from Episode 5: “Japan’s Meteoric Rise and Dramatic Descent.”
After surviving two oil crises, Japan achieved one of the most remarkable economic performances in history and emerged as the world’s top creditor nation. The country underwent a dramatic transformation, as financial liberalization and a savings revolution spurred rapid internationalization. During this time, Nomura Securities pursued globalization and expanded its business in Japan with the goal of becoming a full-service financial company.
In 1981, Nomura established a local subsidiary in the City of London, positioning itself to serve Japanese companies increasingly raising funds overseas and to take its global business to the next stage. Nomura was the world's top Eurobond underwriter for five consecutive years from 1987. Boosted by a strong retail franchise in Japan, Nomura's ordinary profit reached JPY 493.7 billion in the fiscal year ended September 1987, the highest of any Japanese company at the time.
The Nikkei stock average peaked at the end of 1989 and then began to fall, marking the start of the bubble’s collapse. During this period, scandals involving compensation of losses came to light in the securities industry. Nomura faced harsh criticism over two major scandals. To demonstrate management’s strong commitment to a complete transformation, the company implemented broad reforms to strengthen its management systems and establish asset management operations, effectively undertaking a fundamental reset.
Watch below to learn more.
