CONTENTS
FACT BOOK 2014
Ⅰ
Ⅱ
Economy and Market Trends
3
Overview
1
Securities Industry Overview
13
Statistical Data
19
conomic
er iew
toc Mar et
ond Mar et
n estment rusts
n estor rends
3
5
7
9
11
umber of Member irms, etc.
erformance ummary
Overview
Overview
In 2013, the Japanese economy steadily improved, supported by “Abenomics” iscal and monetary initia-tives and other factors.
The economy maintained positive growth in real GDP throughout each quarter of 2013 for the first time since 2015, prior to the Lehman Shock. Looking at a breakdown, public and private demand remained at a high level compared with a year earlier. Net ex-ports, however, fell into the negative column starting with the third quarter after being positive for the irst two quarters. Nevertheless, net exports are expected to experience mild growth going forward, driven by recovery in the economies of other countries along with other factors.
These improvements were relected in proits. With the exception of the second quarter, corporate proits (ordinary proits) stayed high throughout 2013, reach-ing a 10-year high of ¥62,298.5 billion. The ratio of ordinary proits to sales also posted a 10-year record high, climbing to 4.7%.
The Consumer Price Index (CPI) became positive in 2013 after posting negative growth since 2009. The Corporate Goods Price Index (CGPI) also increased slightly year on year, affected by rising costs for im-ported raw materials because of exchange rate move-ments.
In 2013, the unemployment rate hovered around 4.0%, improved from the previous year on an annual basis, at 4.03%. The job-ofers to seekers ratio contin-ued to rise at a slow pace, improving to 0.93 times on an annual basis. Business categories such as the food service industry began to experience labor shortages because of the economic recovery.
In 2013, the Nikkei 225 Stock Average built on the rising trend of the previous year, beginning the year at ¥10,688 and moving upward, supported by the weak yen and the strong U.S. stock market. In addition, the April decision by the Bank of Japan to introduce “Quantitative and Qualitative Monetary Easing” drove the index up to ¥15,942 at one point. However, uncertainty about the direction of the global economy and a lull in the depreciation of the yen caused the market to reverse, with the index declining to ¥12,445 on June 13. After that, trading seesawed back and
forth over such factors as growing tensions over the political situation in Syria, Tokyo’s winning of the 2020 Summer Olympic and Paralympic Games, and the national debt ceiling crisis in the United States, with the index fluctuating between ¥13,000 and ¥15,000 until the middle of November. At year-end, however, the index rose to ¥16,291 —its highest level since November 2007 — on the strength of announce-ments of strong Japanese corporate performances and the U.S. market surging to a record high. Underpinned by the bull market, the average daily trading value for the First Section of the Tokyo Stock Exchange grew 111% year on year, to ¥2.61 trillion, also the highest level since 2007.
In 2013, equity inancing (paid-in capital increase) by publicly listed companies totaled ¥1,655.0 billion, contracting by ¥263.5 billion from a year earlier. The number of initial public oferings (IPOs) increased by 9 companies from a year earlier, to 75 companies. As a result of the inclusion of several major oferings, IP-Os totaled ¥193.4 billion, up 393% from last year.
In 2013, the long-term interest rate (simple interest yield on newly issued 10-year JGBs) began the year at 0.835%. However, the long-term interest rate then moved downward as concerns over deterioration in JGB demand-supply balance were dispelled by the Japanese government’s announcement of its fiscal 2013 JGB issuance plan. This event coupled with the Bank of Japan’s announcement of its “Quantitative and Qualitative Monetary Easing” policy helped push the rate down to 0.455% on April 4. However, the long-term interest rate fluctuated broadly after April and rose sharply in reaction to the jump in the U.S. long-term interest rate, hitting 0.935% on May 29. Fol-lowing that peak, the rate moved in the 0.8% band until the latter part of July, when the decision to in-crease the Japanese consumption tax rate in April 2014, an ease in the U.S. long-term interest rate hike and other factors caused the rate to again begin to decline. By the end of October, the long-term interest rate had fallen to 0.59%. The rate then rose until the end of the year under continued conditions of a weak yen and strong stock market, ending the year at 0.735%.
In 2013, the total OTC bond trading volume (in-cluding Repos) increased 2.2% year on year, to
Ⅰ
Economy and Market Trends
01
１
Economic Overview
2
Stock Market
Overview
Overview
FACT BOOK
2014
¥9,040.7 trillion. Within this amount, the trading vol-ume of JGBs expanded 2.4%, to ¥8,951.3 trillion. Pub-lic and corporate bond issuance increased 4.1% from the prior year, to ¥210.8 trillion.
Following the sharp drop in net assets of investment trusts under the impact of the Lehman Shock and oth-er factors in 2008, net assets of investment trusts have followed a steady recovery path. At the end of 2013, supported by favorable market conditions globally, net assets had risen to ¥128,014.4 billion, climbing 27.4% year on year. At the same time, the initial fund amount expanded substantially, increasing 88.8%, to ¥121,827.1 billion. Both these figures were record highs.
In iscal 2013, looking at investment trends by insti-tutional and individual investors, all categories other than stocks were positive. Investment in stocks and other equities, however, was negative. Moreover, in-stitutional investors reversed their stance on foreign securities, becoming net sellers, while individual inves-tors reduced their purchases, but still remain net buy-ers.
The composition of household financial assets has changed little over the past ten years. Looking at the breakdown at the end of March 2014, cash and de-posits accounted for 53.0%, bonds for 1.8%, stocks and other equities for 9.1%, investment trusts for 4.8%, and insurance and pension reserves for 27.1%.
As of March 31, 2014, the number of regular mem-bers (securities irms) totaled 255, declining by 6 from a year earlier. The number of special members (banks and other registered financial institutions) was 212, declining by 5 inancial institutions from last year. Ex-cluding cases of reorganizations, such as mergers, ive of the 7 members quitting the association did so with-in 10 years of jowith-inwith-ing.
At the end of 2013, despite the relatively good per-formance of member irms, their number of employees remained about the same as the prior year, at 82,000. In contrast, the number of domestic oices including head oices decreased by 51 oices, to 2,088, falling for the ifth consecutive year.
The number of sales representatives of member irms at the end of 2013 was approximately the same as a year earlier, at 520,000, down about 4,000 sales representatives year on year.
By membership category, the number of securities sales representatives registered by regular members was about 70,000, while the number of securities sales representatives belonging to special members was ap-proximately 350,000. Financial instruments intermedi-ary service providers had about 99,000 securities sales representatives.
In the iscal year 2013 ended March 2014, total op-erating revenues of the 249 irms＊ in the securities
in-dustry amounted to ¥4,086.5 billion, up 28.9%, from the previous year. The breakdown of operating reve-nues was ¥2,460.9 billion in commission, ¥1,098.7 bil-lion in trading gain, and ¥479.8 bilbil-lion in financial revenue.
Operating expenses rose 12.4%, year on year, to ¥2,912.4 billion. Among operating expenses, transac-tion expenses were ¥585.6 billion, employment cost was ¥1,096.3 billion, real estate and equipment ex-penses were ¥246.0 billion and data processing and office supplies expenses were ¥429.0 billion. As a whole, selling and general administrative costs totaled ¥2,623.7 billion. Financial expenses were ¥288.7 bil-lion.
As a result, the industry posted ordinary profits of ¥1,190.7 billion, a 96.7% increase from last year. Net income was up 101.6%, to ¥921.1 billion, as the in-dustry posted further growth in revenues and profit after moving into the black in the previous iscal year. Return on equity (ROE) was 14.2%, increasing 6.3 percentage points from the previous iscal year.
＊ : While there were a total of 255 securities irms at the end of March 2014, 6 domestic securities firms not operating because of business suspensions or other reasons were ex-cluded from industry igures.
Ⅱ
Securities Industry Overview
02
4
Investment Trusts
1
Number of Member Firms, etc.
2
Performance Summary
Economy and Market Trends
Economy and Market Trends
Ⅰ
03
１
Economic Overview
-5.0 -4.0 - .0 -2.0 -1.0 0.0 1.0 2.0 .0
1 12
11 10
0 0
0 06
05 04
, uarterly ublic demand eal et exports
ri ate demand
otes: 1. ata is seasonally ad usted.
2. eal igures are comparison with the pre ious uarter demand category igures are contribution ratios. ource: apanese abinet ce
eal
ro t ate
1 12
11 10
0 0
0 06
05 04
rillion yen
0 10 20 0 40 50 60 0
1.5 2.0 2.5 .0 .5 4.0 4.5 5.0 rdinary proits left scale
atio of ordinary proits to sales right scale
otes: 1. 201 ordinary proits and the ratio of ordinary proits to sales are on a preliminary report basis.
2. rdinary proits and the ratio of ordinary proits to sales exclude performances of the ban ing and insurance industries. ource: Ministry of inance
orporate ro ts all industries and all scales o usiness
▲
For numerical data, please see page 20.
▲
Economy and Market Trends
Economy and Market Trends
FACT BOOK
2014
Ⅰ
04
1 12
11 10
0 0
0 06
05 04
-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0
onsumer rice ndex excluding fresh food orporate oods rice ndex
ote: ata is annual a erage year on year .
ources: Ministry of nternal airs and ommunications, an of apan
onsumer rice and orporate oods rice ndices
1 12
11 10
0 0
0 06
05 04
0.0 1.0 2.0 .0 4.0 5.0 6.0
imes
0.0 0.2 0.4 0.6 0. 1.0 1.2 nemployment rate left scale
ob-o ers to see ers ratio excluding new school graduates but including part-time wor ers, right scale
ote: ata is annual a erage seasonally ad usted .
ources: Ministry of nternal airs and ommunications, Ministry of ealth, abour and Welfare
mplo ment onditions
▲
For numerical data, please see page 20.
▲
Economy and Market Trends
05
2
Stock Market
1 12
11 10
0 0
0 06
05 04
en
5,000 10,000 15,000 20,000
ource: i ei nc.
toc rice
i
ei 225 toc
erage
1 12
11 10
0 0
0 06
05 04
illion yen
0 500 1,000 1,500 2,000 2,500 ,000 ,500
ource: o yo toc xchange
ail
erage toc rading alue o
1st ection
▲
Economy and Market Trends
Economy and Market Trends
FACT BOOK
2014
Ⅰ
06
1 12
11 10
0 0
0 06
05 04
rillion yen
0 1 2 4 5 6
ublic o erings
hird-party allotments and others
ights o erings
otes: 1. hird-party allotments include pri ate placements.
2. nitial public o erings made in con unction with the listing of shares on exchanges before 200 are not included in the calculations. ources: o yo toc xchange, sa a ecurities xchange
uit Financing paid in capital increase
orporations
1 12
11 10
0 0
0 06
05 04
ompanies
0.0 0.1 0.2 0. 0.4 0.5 0.6
0 0 60 0 120 150 1 0
rillion yen amounts right scale
umber of newly listed companies left scale
otes: 1. s include public o erings made when foreign companies list on a apanese exchange.
2. he igures for the number of new listed companies are for the irst and econd ections, the Mothers and mar ets of the . igures for other domestic exchanges are not included.
ources: o yo toc xchange, apan ecurities ealers ssociation
um er o e l isted ompanies and
mounts
▲
For numerical data, please see page 21.
▲
Economy and Market Trends
07
3
Bond Market
1 12
11 10
0 0
0 06
0.0 0.1 0.2 0. 0.4 0.5 0.6 0. 0.
0.2 0. 1.2 1. 2.2 all rates uncollaterali ed o ernight, left scale
imple yield of newly issued 10-year s daily a erage, right scale
ources: an of apan, apan ond rading o., td.
ong term and
ort term nterest ates
1 12
11 10
0 0
0 06
05 04
undred trillion yen
0 20 40 60 0 100 120 140
hort-term s thers
uper-long-term, long-term, medium-term s
ote: hort-term s are the total of inancial bills, treasury bills and reasury iscount ills since 200 . ource: apan ecurities ealers ssociation
ond rading including epos
▲
Economy and Market Trends
Economy and Market Trends
FACT BOOK
2014
Ⅰ
08
1 12
11 10
0 0
0 06
05 04
rillion yen
0 2 4 6 10 12
otes: 1. traight corporate bonds include asset bac ed bonds.
2. on ertible-type bonds with subscription rights were pre iously termed con ertible bonds before being renamed in accordance with 2002 re isions in the ommercial ode.
ource: apan ecurities ealers ssociation
traight corporate bonds
on ertible-type bonds with subscription rights
orporate ond Financing
5. .4
2.2.
4.1 2.1
s Municipal bonds
o -guaranteed bonds
agency bonds traight corporate bonds thers
otes: 1. xcluding pri ate placement municipal bonds, pri ate placement special bonds and pri ate placement corporate bonds. 2. traight corporate bonds include asset bac ed bonds.
ource: apan ecurities ealers ssociation
omposition o ond ssuance 2013
▲
For numerical data, please see page 22.
▲
For numerical data, please see page 22. URL http://www.jsda.or.jp/shiryo/toukei/hakkou/index.html
URL http://www.jsda.or.jp/shiryo/toukei/inance/index.html
Economy and Market Trends
09
4
Investment Trusts
1 12
11 10
0 0
0 06
05 04
rillion yen
nd of 0
20 40 60 0 100 120 140
rillion yen
0 20 40 60 0 100 120 140 ublicly o ered in estment trusts
ri ate placement in estment trusts
eal-estate in estment trusts nitial fund amount
ote: nitial fund amount is the total of the annual issuance of publicly o ered and pri ate placement contractual-type securities in estment trusts.
ource: he n estment rusts ssociation
et ssets eld in n estment rusts
1 12
11 10
0 0
0 06
05 04
rillion yen
nd of 0
15 0 45 60 5 0
rillion yen
0 20 40 60 0 100 120 toc in estment trusts
Money management funds
ond in estment trusts nitial fund amount right scale
ote: nitial fund amount is the sum total of publicly o ered contractual-type securities in estment trusts issued during the year.
ource: he n estment rusts ssociation
et ssets eld in u licl
ered ontractual t pe ecurities n estment rusts
▲
For numerical data, please see page 23.
▲
Economy and Market Trends
Economy and Market Trends
FACT BOOK
2014
Ⅰ
10
1 12
11 10
0 0
0 06
05 04
rillion yen
nd of 0
10 20 0 40 50 60 0
rillion yen
0 10 20 0 40 50 60 0
ote: nitial fund amount is the sum total of publicly o ered contractual-type stoc in estment trusts issued during the year.
ource: he n estment rusts ssociation
nit type s
pen type excluding s nitial fund amount
et ssets eld in u licl
ered ontractual t pe toc n estment rusts
1 12
11 10
0 0
0 06
05 04
rillion yen
nd of 0
5 10 15 20 25 0 5 40
ote: nitial fund amount is the sum total of pri ately placed contractual-type securities in estment trusts issued during the year.
ource: he n estment rusts ssociation
rillion yen
0 2 4 6 10 12 14 16 toc in estment trusts
ond in estment trusts nitial fund amount right scale
et ssets eld in ri ate lacement ontractual t pe n estment rusts
▲
For numerical data, please see page 23.
▲
Economy and Market Trends
11
5
Investor Trends
1 12
11 10
0 0
0 06
05 04
rillion yen
-5 0 5 10 15
ecurities other than stoc s oreign securities
toc s and other e uities
ource: an of apan
n estment
nstitutional n estors nsurance ompanies and ension Funds
1 12
11 10
0 0
0 06
05 04
rillion yen
-6
-0 6 12 15
ecurities other than stoc s oreign securities
toc s and other e uities
ource: an of apan
n estments
ndi idual n estors
ouse old
▲
For numerical data, please see page 24.
▲
Economy and Market Trends
Economy and Market Trends
FACT BOOK
2014
Ⅰ
12
1 12
11 10
0 0
0 06
05 04
nd of 0
10 20 0 40 50 60 0 0 0 100
toc s and other e uities thers
onds
nsurance and pension reser es ash and deposits
n estment trusts
ote: onds include trust beneiciary rights. ource: an of apan
omposition o ouse old Financial ssets
1 12
11 10
0 0
0 06
05 04
nd of 0
20 40 60 0 100
inancial institutions oreigners o ernments
usiness corporations
n estment trusts ension trusts
ecurities irms ndi iduals
nsurance companies
otes: 1. o ernments include central and regional go ernments.
2. inancial nstitutions do not include pension trusts, in estment trusts and insurance companies. . igures co er all exchange-listed stoc s excluding foreign stoc s.
4. ension trusts include in estment assets of pension related funds of welfare pension funds, etc., for which ban s operating trust business are appointed as trustee, but do not include those of public pension funds.
5. reasury shares owned by each listed company are included under the in estor type in which the companies are categori ed.
ource: o yo toc xchange
toc
oldings
pe o n estors mar et alue asis
▲
For numerical data, please see page 24.
▲
Securities Industry Overview
Securities Industry Overview
Ⅱ
13
1
Number of Member Firms, etc.
1 12
11 10
0 0
0 06
05 04
irms
nd of - 0
-20 -10 0 10 20 0
irms
240 255 2 0 2 5 00 15 0 et enrollments and withdrawals left scale egular Members right scale
ote: he companies that withdrew e ecti e March 1 are included in the withdrawals of the next iscal year. ource: apan ecurities ealers ssociation
egular em ers ecurities Firms
1 12
11 10
0 0
0 06
05 04
nstitutions
nd of 0
50 100 150 200 250
econd-tier regional ban s ther
egional ban s
on-life insurance companies
hin in ban s ity ban s and trust ban s
ife insurance companies
ote: hin in ban s include shin in ban s and hin in entral an . ource: apan ecurities ealers ssociation
pecial em ers egistered Financial nstitutions
ategor
▲
For numerical data, please see page 26.
▲
For numerical data, please see page 26. URL http://www.jsda.or.jp/shiryo/toukei/kaiinsu.html
Securities Industry Overview
Securities Industry Overview
FACT BOOK
2014
Ⅱ
14
1 12
11 10
0 0
0 06
05 04
housands
nd of 5
0 5 0 5 100
um er o ecurities Firm mplo ees
ource: apan ecurities ealers ssociation
1 12
11 10
0 0
0 06
05 04
ces
nd of 0
500 1,000 1,500 2,000 2,500
usiness o ces ranches
ead o ce
ource: apan ecurities ealers ssociation
egular em ers omestic
ces
▲
For numerical data, please see page 26.
▲
For numerical data, please see page 27. URL http://www.jsda.or.jp/shiryo/toukei/jyugyoinsu/index.html
Securities Industry Overview
Ⅱ
15
0 100 200 00 400 500 600
nd of
ecurities ales epresentati es
housands
pecial Members egular Members
inancial instruments intermediary ser ice pro iders belonging to egular Members inancial instruments intermediary ser ice pro iders belonging to pecial Members
1 12
11 10
0 0
0 06
05 04
ote: xcluding representati es of inancial instruments intermediary ser ice pro iders that are indi iduals rather than companies.
ource: apan ecurities ealers ssociation
0 20 40 60 0 100 120 140 160
1 12
11 10
0 0
0 06
05 04
housands
ote: s of anuary 2012, lifted its restrictions must be an o cer or employee of an association member irm, must ha e ualiied as lass-2 ales epresentati e on eligibility for ta ing the lass-1 ales epresentati e examination. ource: apan ecurities ealers ssociation
0 10 20 0 40 50 60 0 0
ecurities ales epresentati e
am andidates
lass-1 o. of xaminees lass-1 ass rate
lass-2 o. of xaminees lass-2 ass rate
pecial Members lass-1 o. of xaminees pecial Members lass-1 ass rate
pecial Members lass-2 o. of xaminees pecial Members lass-2 ass rate
left scale right scale
▲
For numerical data, please see page 27.
▲
Securities Industry Overview
Securities Industry Overview
FACT BOOK
2014
Ⅱ
16
0.0 1.0 2.0 .0 4.0 5.0
14. 1 .
12. 11.
10. 0 .
0 . 0 .
06. 05.
rillion yen
ended rading gain thers ommission
inancial re enue
ote: 1. ecurities irms that were not in business as of the end of March in each year are excluded. 2. igures for iscal 201 ended March 2014 are on a preliminary report basis.
ource: apan ecurities ealers ssociation
perating e enues o em er ecurities Firms
0.0 0.5 1.0 1.5 2.0 2.5 .0 .5 4.0 4.5
14. 1 .
12. 11.
10. 0 .
0 . 0 .
06. 05.
rillion yen
ended ote: 1. ecurities irms that were not in business as of the end of March in each year are excluded.
2. igures for iscal 201 ended March 2014 are on a preliminary report basis. ource: apan ecurities ealers ssociation
eal estate e uipment costs thers
mployment cost inancial expenses ransaction expenses
ata processing o ce supplies costs
perating
penses o em er ecurities Firms
2
Performance Summary
▲
For numerical data, please see page 28.
▲
For numerical data, please see page 28. URL http://www.jsda.or.jp/shiryo/toukei/kessan/index.html
Securities Industry Overview
Ⅱ
17
-0.5 0.0 0.5 1.0 1.5 2.0
14. 1 .
12. 11.
10. 0 .
0 . 0 .
06. 05.
rillion yen
ended ote: 1. ecurities irms that were not in business as of the end of March in each year are
excluded.
2. igures for iscal 201 ended March 2014 are on a preliminary report basis. ource: apan ecurities ealers ssociation
rdinar ro ts osses o em er ecurities Firms
-1.0 -0.5 0.0 0.5 1.0 1.5 2.0
14. 1 .
12. 11.
10. 0 .
0 . 0 .
06. 05.
rillion yen
ended -10 -5 0 5 10 15 20 et income oss left scale
right scale
ote: 1. ecurities irms that were not in business as of the end of March in each year are excluded. 2. is after-tax proits di ided by a erage stoc holders e uity.
. igures for iscal 201 ended March 2014 are on a preliminary report basis. ource: apan ecurities ealers ssociation
et ncome oss and
o em er ecurities Firms
▲
For numerical data, please see page 29.
▲
For numerical data, please see page 29. URL http://www.jsda.or.jp/shiryo/toukei/kessan/index.html
Securities Industry Overview
Securities Industry Overview
FACT BOOK
2014
Ⅱ
18
- 00 -200 -100 0 100 200 00 400 500
14. 1 .
12. 11.
10. 0 .
0 . 0 .
06. 05.
illion yen
ended ote: 1. ecurities irms that were not in business as of the end of March in each year are excluded.
2. Ma or securities irms: M i o ecurities nc., aiwa ecurities, o., td., omura ecurities o., td., and other securities irms capitali ed at a hundred billion yen or more.
. igures for iscal 201 ended March 2014 are on a preliminary report basis. ource: apan ecurities ealers ssociation
ther domestic irms oreign irms
Ma or irms
et ncome oss
pe o em er ecurities Firms
-20 -10 0 10 20 0 40
14. 1 .
12. 11.
10. 0 .
0 . 0 .
06. 05.
ended Ma or irms oreign irms ther domestic irms
ote: 1. ecurities irms that were not in business as of the end of March in each year are excluded. 2. is after-tax proits di ided by a erage stoc holders e uity.
. Ma or securities irms: M i o ecurities nc., aiwa ecurities, o., td., omura ecurities o., td., and other securities irms capitali ed at a hundred billion yen or more. 4. igures for iscal 201 ended March 2014 are on a preliminary report basis.
ource: apan ecurities ealers ssociation
pe o em er ecurities Firms
▲
For numerical data, please see page 29.
▲
Statistica ata
Statistical Data
19
１
Economic Overview
Real GDP Growth Rate
Economy and Market Trends
(%)
CY, Quarterly （Quarter on quarter） Private demand Public demand Net exportsReal GDP
2004 １Q 0.9 0.3 0.3 0.4
２Q 0.1 0.2 －0.4 0.2
３Q 0.1 0.3 0.0 －0.2
４Q －0.3 0.0 －0.1 －0.1
2005 １Q 0.2 0.1 0.0 0.0
２Q 1.3 1.2 －0.3 0.4
３Q 0.4 0.2 0.1 0.1
４Q 0.2 －0.2 －0.1 0.5
2006 １Q 0.4 0.3 0.1 0.1
２Q 0.4 0.5 －0.1 0.1
３Q －0.1 －0.2 －0.2 0.3
４Q 1.3 1.1 0.0 0.1
2007 １Q 1.0 0.7 0.0 0.3
２Q 0.1 －0.1 0.1 0.2
３Q －0.4 －0.8 －0.1 0.5
４Q 0.9 0.3 0.2 0.3
2008 １Q 0.7 0.5 －0.2 0.3
２Q －1.2 －0.9 －0.5 0.1
３Q －1.0 －1.1 0.0 0.0
４Q －3.3 －0.5 0.1 －2.9
2009 １Q －4.0 －3.1 0.3 －1.2
２Q 1.7 －0.6 0.5 1.8
３Q 0.1 －0.7 0.2 0.6
４Q 1.7 0.9 0.2 0.7
2010 １Q 1.5 1.0 0.0 0.5
２Q 1.0 1.1 0.0 0.0
３Q 1.5 1.3 0.1 0.1
４Q －0.5 －0.4 －0.1 －0.1
2011 １Q －1.8 －1.3 －0.1 －0.3
２Q －0.8 0.1 0.2 －1.1
３Q 2.6 1.8 －0.1 0.9
４Q 0.2 1.1 －0.2 －0.8
2012 １Q 1.0 0.2 0.7 0.1
２Q －0.6 －0.1 －0.2 －0.3
３Q －0.8 －0.2 0.0 －0.6
４Q 0.0 0.1 0.1 －0.1
2013 １Q 1.3 0.5 0.4 0.4
２Q 0.9 0.4 0.4 0.1
３Q 0.4 0.4 0.4 －0.4
４Q 0.0 0.4 0.1 －0.6
Notes: 1. Data is seasonally adjusted.
Statistical Data
Statistica ata
FACT BOOK
2014
20
Corporate Proits (all industries and all scales of business)
FY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Ordinary proits
(Trillion yen) 44.7 51.6 54.3 53.4 35.4 32.1 43.7 45.2 48.4 62.2
Ratio of ordinary
proits to sales (%) 3.1 3.4 3.5 3.4 2.4 2.3 3.2 3.3 3.5 4.7
Notes: 1. FY 2013 ordinary proits and the ratio of ordinary proits to sales are on a preliminary report basis.
2. Ordinary proits and the ratio of ordinary proits to sales exclude performances of the banking and insurance industries. Source: Ministry of Finance
Consumer Price and Corporate Goods Price Indices
(%)
CY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Consumer Price Index
(excluding fresh food) －0.1 －0.1 0.1 0.0 1.5 －1.3 －1.0 －0.2 －0.1 0.4
Corporate Goods
Price Index 1.3 1.6 2.2 1.8 4.6 －5.3 －0.1 1.5 －0.9 1.3
Note: Data is annual average (year on year).
Sources: Ministry of Internal Afairs and Communications, Bank of Japan
(Billion yen)
CY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TSE 1st
Section 1,316 1,874 2,598 3,001 2,320 1,517 1,447 1,394 1,236 2,613
Source: Tokyo Stock Exchange
Employment Conditions
CY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Unemployment rate
(%) 4.7 4.4 4.1 3.8 4.0 5.1 5.1 4.6 4.4 4.0
Job-ofers to Seekers Ratio
(excluding new school graduates but including part-time workers) (Times)
0.83 0.95 1.06 1.04 0.88 0.48 0.52 0.65 0.80 0.93
Note: Data is annual average (seasonally adjusted).
Sources: Ministry of Internal Afairs and Communications, Ministry of Health, Labour and Welfare
Daily Average Stock Trading Value of TSE (1st Section)
Statistical Data
21
Number of Newly Listed Companies and IPO Amounts
CY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Number of newly
listed companies 152 98 113 65 54 23 26 50 66 75
IPO amounts
(Billion yen) 421 402 594 176 43 33 206 128 39 193
Notes: 1. IPOs include public oferings made when foreign companies list on a Japanese exchange.
2. The igures for the number of new listed companies are for the First and Second Sections, the Mothers and JASDAQ markets of the TSE. Figures for other domestic exchanges are not included.
Sources: Tokyo Stock Exchange, Japan Securities Dealers Association
(Trillion yen)
CY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 JGBs 6,178.6 6,428.0 8,881.6 11,890.1 11,118.4 8,458.1 7,452.4 7,860.2 8,737.8 8,951.3
Short-term JGBs 2,179.2 1,817.4 1,872.1 2,554.7 2,680.5 3,083.9 2,646.5 2,497.8 2,475.5 2,692.4 Super-long-term, long-term,
medium-term JGBs 3,999.1 4,610.3 7,009.3 9,335.1 8,437.6 5,374.0 4,805.8 5,362.2 6,262.1 6,258.7 Others 303.1 330.5 271.5 206.8 170.0 105.4 100.8 104.4 105.6 89.6 Total 6,481.4 6,758.2 9,152.9 12,096.6 11,288.1 8,563.3 7,553.1 7,964.4 8,843.2 9,040.7
Note: Short-term JGBs are the total of inancial bills, treasury bills and Treasury Discount Bills (since 2009). Source: Japan Securities Dealers Association
OTC Bond Trading (including Repos)
Equity Financing (paid-in capital increase) by Corporations
(Billion yen)
CY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Public oferings 994 884 1,659 511 362 4,968 3,320 1,014 473 1,134
Rights oferings 11 4 3 9 0 0 1 － 0 1
Third-party allotments
and others 2,150 2,509 1,220 1,626 1,116 1,366 655 510 1,444 519 Total 3,156 3,397 2,883 2,147 1,479 6,334 3,977 1,524 1,918 1,655
Notes: 1. Third-party allotments include private placements.
2. Initial public oferings made in conjunction with the listing of shares on exchanges before 2007 are not included in the calculations. 3. “—” indicates nil. “0” indicates an amount less than 1 unit amount.
Sources: Tokyo Stock Exchange, Osaka Securities Exchange
Statistical Data
Statistica ata
FACT BOOK
2014
22
Bond Issuance
(Billion yen)
CY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 JGBs 175,268 186,155 175,683 140,455 125,751 145,660 165,823 164,064 172,248 181,032 Municipal bonds 5,251 6,152 6,031 5,703 5,873 7,439 7,608 6,654 6,771 7,079 Gov-guaranteed
bonds 8,243 7,821 4,434 4,461 4,494 4,925 4,540 3,153 4,699 4,873 FILP agency
bonds 3,188 4,187 4,493 4,556 4,472 4,599 4,998 5,647 5,439 4,811 Straight
corporate bonds 5,878 7,088 6,857 9,258 9,125 11,493 9,678 8,483 8,409 8,708 Others 15,461 15,760 13,427 12,152 8,825 5,997 5,841 5,397 4,947 4,370 Total 213,289 227,163 210,925 176,585 158,540 180,113 198,488 193,398 202,513 210,873
Notes: 1. Excluding private placement municipal bonds. Since 2008, the igures have excluded private placement municipal bonds, private placement special bonds, and private placement corporate bonds.
2. Straight corporate bonds include asset backed bonds. 3. Issuance of FILP agency bonds began in 2001. Source: Japan Securities Dealers Association
Composition of Bond Issuance
（％）
CY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 JGBs 82.2 81.9 83.3 79.5 79.3 80.9 83.5 84.8 85.1 85.8 Municipal bonds 2.5 2.7 2.9 3.2 3.7 4.1 3.8 3.4 3.3 3.4 Gov-guaranteed
bonds 3.9 3.4 2.1 2.5 2.8 2.7 2.3 1.6 2.3 2.3 FILP agency
bonds 1.5 1.8 2.1 2.6 2.8 2.6 2.5 2.9 2.7 2.3 Straight
corporate bonds 2.8 3.1 3.3 5.2 5.8 6.4 4.9 4.4 4.2 4.1 Others 7.2 6.9 6.4 6.9 5.6 3.3 2.9 2.8 2.4 2.1 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Notes: 1. Excluding private placement municipal bonds. Since 2008, the igures have excluded private placement municipal bonds, private placement special bonds, and private placement corporate bonds.
2. Straight corporate bonds include asset backed bonds. 3. Issuance of FILP agency bonds began in 2001. Source: Japan Securities Dealers Association
Corporate Bond Financing
(Billion yen)
CY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Straight
corporate bonds 5,878 7,088 6,857 9,258 9,125 11,493 9,678 8,483 8,409 8,708 Convertible-type
bonds with
subscription rights 561 889 1,424 127 653 287 171 39 36 97 Corporate bonds
with share options － － － － － － － － － －
Total 6,439 7,977 8,281 9,385 9,778 11,780 9,849 8,522 8,445 8,805
Notes: 1. Straight corporate bonds include asset backed bonds. 2. “—” indicates nil.
3. Convertible-type bonds with subscription rights and corporate bonds with share options were previously termed convertible bonds and bonds with preemptive rights before being renamed in accordance with 2002 revisions in the Commercial Code.
Statistical Data
23
(Billion yen)
End of CY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Unit type 1,799 1,945 1,875 1,876 1,287 1,522 1,266 881 1,275 1,479 Open type
(excluding ETFs) 22,522 35,180 49,665 61,029 37,029 46,430 48,588 43,152 47,423 55,456
ETFs 3,113 3,703 4,116 3,878 2,524 2,290 2,610 2,728 4,214 8,090 Total 27,435 40,828 55,657 66,784 40,842 50,243 52,464 46,761 52,913 65,027 Initial fund amount 13,162 21,270 28,133 35,024 14,576 17,827 23,919 23,531 23,824 40,010
Note: Initial fund amount is the sum total of publicly ofered contractual-type stock investment trusts issued during the year. Source: The Investment Trusts Association
Net Assets Held in Publicly Ofered Contractual-type Stock Investment Trusts
(Billion yen)
End of CY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Stock investment
trusts 14,646 24,723 32,186 35,406 24,967 28,976 29,912 27,938 31,297 39,618 Bond investment
trusts 949 919 800 623 587 691 714 604 520 794 Total 15,596 25,643 32,987 36,030 25,555 29,667 30,626 28,542 31,818 40,413 Initial fund amount 7,617 12,964 13,508 14,176 10,526 7,983 8,675 5,930 7,038 14,587
Note: Initial fund amount is the sum total of privately placed contractual-type securities investment trusts issued during the year. Source: The Investment Trusts Association
Net Assets Held in Private Placement Contractual-type Investment Trusts
(Billion yen)
End of CY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Publicly ofered
investment trusts 40,996 55,347 68,927 79,760 52,146 61,455 63,720 57,327 64,063 81,523 Real-estate
investment trusts 1,246 2,050 3,153 3,687 3,968 4,020 3,908 4,109 4,578 6,078 Private placement
investment trusts 15,596 25,643 32,987 36,030 25,555 29,667 30,626 28,542 31,818 40,413 Total 57,839 83,041 105,068 119,478 81,670 95,143 98,255 89,979 100,461 128,014 Initial fund amount 60,958 90,168 102,864 108,333 65,343 63,301 70,374 65,431 64,539 121,827
Note: Initial fund amount is the total of the annual issuance of publicly ofered and private placement contractual-type securities investment trusts. Source: The Investment Trusts Association
Net Assets Held in Investment Trusts
(Billion yen)
End of CY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Stock investment
trusts 27,435 40,828 55,657 66,784 40,842 50,243 52,464 46,761 52,913 65,027 Bond investment
trusts 9,955 11,498 10,576 10,059 8,691 8,755 9,026 8,536 9,302 14,569 Money management
funds 3,606 3,020 2,693 2,917 2,612 2,456 2,229 2,028 1,847 1,925 Total 40,996 55,347 68,927 79,760 52,146 61,455 63,720 57,327 64,063 81,523 Initial fund amount 53,340 77,203 89,356 94,157 54,816 55,318 61,698 59,501 57,500 107,239
Note: Initial fund amount is the sum total of publicly ofered contractual-type securities investment trusts issued during the year. Source: The Investment Trusts Association
Net Assets Held in Publicly Ofered Contractual-type Securities Investment Trusts
Statistical Data
Statistica ata
FACT BOOK
2014
24
(Billion yen)
End of FY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Cash and
deposits 778,591 774,796 775,269 781,791 792,984 804,733 814,891 833,110 847,431 864,879 Bonds 37,248 40,371 43,226 44,521 43,166 41,850 38,172 34,966 32,142 29,185
Stocks and
other equities 134,600 199,551 200,267 115,318 84,958 101,739 106,254 109,789 132,970 148,012 Investment
trusts 38,119 54,724 70,009 66,505 48,417 59,891 62,366 59,309 71,229 78,469 Insurance and
pension reserves 412,903 411,580 419,647 426,780 426,121 417,941 418,672 422,552 431,399 442,363
Others 69,942 71,556 69,689 63,640 59,789 62,711 60,310 60,991 63,561 67,493 Total 1,471,406 1,552,581 1,578,110 1,498,558 1,455,438 1,488,867 1,500,668 1,520,719 1,578,733 1,630,404
Note: Bonds include trust beneiciary rights. Source: Bank of Japan
Household Financial Assets
（％）
End of FY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Cash and
deposits 52.9 49.9 49.1 52.2 54.5 54.1 54.3 54.8 53.7 53.0 Bonds 2.5 2.6 2.7 3.0 3.0 2.8 2.5 2.3 2.0 1.8
Stocks and
other equities 9.1 12.9 12.7 7.7 5.8 6.8 7.1 7.2 8.4 9.1 Investment
trusts 2.6 3.5 4.4 4.4 3.3 4.0 4.2 3.9 4.5 4.8 Insurance and
pension reserves 28.1 26.5 26.6 28.5 29.3 28.1 27.9 27.8 27.3 27.1
Others 4.8 4.6 4.4 4.2 4.1 4.2 4.0 4.0 4.0 4.1 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Note: Bonds include trust beneiciary rights. Source: Bank of Japan
Composition of Household Financial Assets
(Billion yen)
FY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Securities other
than stocks 14,078 13,284 10,051 2,410 －1,651 11,063 3,719 9,998 12,109 3,356 Stocks and
other equities －2,242 －3,330 －98 1,398 2,415 355 －333 －744 －1,728 －684 Foreign securities 2,210 2,678 －949 －1,222 1,396 －613 4,748 －1,832 293 －1,942
Source: Bank of Japan
Investment by Institutional Investors (Insurance Companies and Pension Funds)
(Billion yen)
FY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Securities other
than stocks 8,159 13,820 14,905 11,740 172 2,328 2,267 －1,597 608 4,760 Stocks and
other equities －1,556 －601 －3,261 31 1,561 －1,622 1,455 －9 －1,585 －5,269 Foreign securities －251 1,296 804 2,915 1,112 912 1,133 1,122 84 0
Source: Bank of Japan
Investments by Individual Investors (Household)
Statistical Data
25
(%)
End of FY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Individuals 21.3 19.9 18.7 18.7 20.5 20.1 20.3 20.4 20.2 18.7 Governments 0.2 0.2 0.3 0.4 0.4 0.3 0.3 0.3 0.2 0.2
Financial
institutions 16.9 15.9 15.1 14.6 16.0 15.5 15.6 15.9 15.3 14.7 Pension
trusts 3.9 3.5 3.5 3.5 3.5 3.4 3.2 3.0 2.5 2.1 Investment
trusts 3.8 4.3 4.6 4.8 5.0 4.7 4.4 4.5 4.5 4.8 Insurance
companies 7.4 7.2 7.5 7.5 7.4 7.0 6.4 6.1 5.7 5.2 Business
corporations 22.1 21.3 20.8 21.4 22.6 21.3 21.2 21.6 21.7 21.3 Foreigners 23.3 26.3 27.8 27.4 23.5 26.0 26.7 26.3 28.0 30.8 Securities irms 1.2 1.4 1.8 1.5 1.0 1.6 1.8 2.0 2.0 2.3 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Notes: 1. Governments include central and regional governments.
2. Financial Institutions do not include pension trusts, investment trusts and insurance companies. 3. Figures cover all exchange-listed stocks excluding foreign stocks.
4. Pension trusts include investment assets of pension related funds of welfare pension funds, etc., for which banks operating trust business are appointed as trustee, but do not include those of public pension funds.
5. Treasury shares owned by each listed company are included under the investor type in which the companies are categorized. Source: Tokyo Stock Exchange
Composition of Stockholdings by Type of Investors (market value basis)
(Billion yen)
End of FY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Individuals 84,740 117,977 108,419 76,653 54,345 68,469 63,040 62,838 76,447 83,429 Governments 722 977 1,866 1,567 1,137 1,152 940 793 791 845
Financial
institutions 67,402 94,097 87,678 59,843 42,541 52,628 48,575 49,007 57,843 65,309 Pension
trusts 15,430 20,927 20,185 14,149 9,364 11,697 9,963 9,169 9,580 9,236 Investment
trusts 15,219 25,537 26,865 19,739 13,378 15,956 13,606 13,881 17,034 21,292 Insurance
companies 29,441 42,688 43,452 30,875 19,652 23,728 20,017 18,707 21,468 23,042 Business
corporations 88,077 126,167 121,043 87,649 60,030 72,542 66,031 66,641 81,938 94,752 Foreigners 92,765 155,978 161,400 112,222 62,373 88,295 83,037 81,030 105,849 137,377 Securities irms 4,596 8,198 10,385 6,293 2,711 5,341 5,569 6,240 7,463 10,149 Total 398,396 592,550 581,297 408,992 265,535 339,812 310,783 308,310 378,415 445,434
Notes: 1. Governments include central and regional governments.
2. Financial Institutions do not include pension trusts, investment trusts and insurance companies. 3. Figures cover all exchange-listed stocks excluding foreign stocks.
4. Pension trusts include investment assets of pension related funds of welfare pension funds, etc., for which banks operating trust business are appointed as trustee, but do not include those of public pension funds.
5. Treasury shares owned by each listed company are included under the investor type in which the companies are categorized. Source: Tokyo Stock Exchange
Statistical Data
Statistica ata
FACT BOOK
2014
26
(Institutions)
End of FY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
City banks 7 6 6 6 6 6 6 6 6 5
Trust banks 14 14 14 16 15 14 14 14 12 12
Government-ailiated
inancial institutions 2 2 2 2 2 3 3 3 3 3
Regional
banks 64 64 64 64 64 64 63 64 64 64
Second-tier
regional banks 48 47 46 45 44 42 42 42 41 41
Shinkin
banks 35 37 37 38 39 40 40 40 40 40
Life insurance
companies 17 16 16 12 12 12 12 12 12 10 Non-life insurance
companies 13 13 13 10 8 8 5 5 5 5 Money market
brokers 3 3 3 3 3 3 3 3 3 3
Foreign banks 5 9 8 12 15 15 15 14 14 14
Securities inance
companies 1 1 1 1 2 3 3 3 3 2 Credit
cooperatives 0 2 2 2 3 3 3 3 3 3
Other banks 6 5 5 9 10 10 10 10 11 10
Total 215 219 217 220 223 223 219 219 217 212
Note: Shinkin banks include shinkin banks and Shinkin Central Bank. Source: Japan Securities Dealers Association
Number of Special Members (Registered Financial Institutions) by Category
Securities Industry Overview
(Firms)
End of FY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Regular Members 267 289 308 317 321 305 293 285 261 255
Enrollments 7 30 33 22 25 10 12 9 5 5
Withdrawals, etc. 6 8 14 13 21 26 24 17 29 11
Notes: 1. Withdrawals, etc. includes the decrease in the number of Regular Members due to mergers, etc. 2. The companies that withdrew efective March 31 are included in the withdrawals of the next iscal year. Source: Japan Securities Dealers Association
Regular Members (Securities Firms)
(Persons)
End of CY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 No. of
employees 86,406 87,913 92,661 99,139 99,200 93,308 92,056 88,807 83,056 82,976
Source: Japan Securities Dealers Association
1
Number of Member Firms, etc.
Statistical Data
27
(Oices)
End of FY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Head oice 267 289 308 317 321 305 293 285 261 255 Branches 1,529 1,514 1,534 1,561 1,575 1,550 1,563 1,544 1,491 1,454 Business oices 281 324 372 418 419 387 363 362 387 379
Total 2,077 2,127 2,214 2,296 2,315 2,242 2,219 2,191 2,139 2,088
Source: Japan Securities Dealers Association
Regular Members’ Domestic Oices
(Persons)
End of CY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Regular
Members 69,298 71,965 76,054 81,260 81,198 77,265 75,913 73,410 69,684 70,720 Special
Members 356,353 345,374 357,542 349,261 354,559 360,071 362,095 360,289 354,990 350,703 Financial instruments
intermediary service providers belonging
to Regular Members － 1,144 1,870 2,134 2,056 1,944 2,120 2,422 2,632 2,846
Financial instruments intermediary service providers belonging
to Special Members － 11 13 98,433 99,092 100,658 94,024 96,729 97,226 96,249
Total 425,651 418,494 435,479 531,088 536,905 539,938 534,152 532,850 524,532 520,518
Notes: 1. The JSDA began recording the number of securities sales representatives of inancial instruments intermediary service providers in 2005. 2. Excluding representatives of inancial instruments intermediary service providers that are individuals rather than companies.
Source: Japan Securities Dealers Association
Securities Sales Representatives
(Persons)
CY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Class-1 (No. of
Examinees) 25,452 91,739 74,148 61,716 60,635 61,108 57,099 53,680 83,918 67,586 Class-2 (No. of
Examinees) 61,705 133,648 102,635 85,559 87,647 75,797 60,999 47,644 33,176 27,740 Special Members’
Class-1 (No. of
Examinees) 11,754 14,266 21,715 15,995 15,233 15,575 13,152 12,636 15,352 12,672 Special Members’
Class-2 (No. of
Examinees) 23,666 44,090 75,680 70,160 67,978 108,691 56,103 30,380 20,895 16,737 Total 122,577 283,743 274,178 232,430 231,493 261,171 187,353 144,340 153,341 124,735
Notes: 1. As of April 2004, employees of Special Members became eligible to take the Class-1 and Class-2 sales representative examinations. 2. As of September 2004, JSDA lifted its restrictions (must be an oicer or employee of an association member irm) on eligibility for taking
the Class-2 Sales Representative examination.
3. As of January 2 0 1 2, JSDA lifted its restrictions (must be an oicer or employee of an association member irm, must have qualiied as Class-2 Sales Representative) on eligibility for taking the Class-1 Sales Representative examination.
Source: Japan Securities Dealers Association
Statistical Data
Statistica ata
FACT BOOK
2014
28
(%)
CY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Class-1 75.4 66.8 54.2 52.1 49.9 47.0 42.6 42.3 39.1 40.1 Class-2 72.8 66.5 57.9 58.4 54.9 55.5 53.7 60.1 54.9 54.1
Special Member’s
Class-1 48.9 55.4 49.7 42.8 39.0 38.5 34.8 32.6 30.3 30.1
Special Member’s
Class-2 55.7 55.8 49.9 47.6 42.6 39.9 38.9 41.4 39.5 40.5
Notes: 1. As of April 2004, employees of Special Members became eligible to take the Class-1 and Class-2 sales representative examinations. 2. As of September 2004, JSDA lifted its restrictions (must be an oicer or employee of an association member irm) on eligibility for taking
the Class-2 Sales Representative examination.
3. As of January 2 0 1 2, JSDA lifted its restrictions (must be an oicer or employee of an association member irm, must have qualiied as Class-2 Sales Representative) on eligibility for taking the Class-1 Sales Representative examination.
Source: Japan Securities Dealers Association
Pass Rate of Securities Sales Representative Examination
Operating Expenses of Member Securities Firms
(Billion yen)
FY ended 2005.3 2006.3 2007.3 2008.3 2009.3 2010.3 2011.3 2012.3 2013.3 2014.3
Selling and general
administration costs 2,319 2,793 3,043 3,123 2,761 2,773 2,618 2,286 2,317 2,623 Transaction
expenses 422 536 586 581 523 502 497 400 434 585 Employment
cost 1,105 1,345 1,431 1,390 1,122 1,202 1,104 996 1,008 1,096 Real estate &
equipment costs 262 265 299 325 319 307 284 256 242 246 Data processing &
oice supplies costs 295 314 365 419 424 413 424 385 379 429
Others 233 331 359 407 371 347 306 248 252 265
Financial
expenses Others 436 646 879 705 268 268 240 273 288 Operating
expenses 2,654 3,230 3,689 4,002 3,467 3,041 2,886 2,526 2,590 2,912
Note: 1. Securities irms that were not in business as of the end of March in each year are excluded. 2. Figures for iscal 2013 ended March 2014 are on a preliminary report basis.
Source: Japan Securities Dealers Association
Operating Revenues of Member Securities Firms
(Billion yen)
FY ended 2005.3 2006.3 2007.3 2008.3 2009.3 2010.3 2011.3 2012.3 2013.3 2014.3 Commission 2,221 3,195 2,956 2,830 1,797 2,128 1,898 1,634 1,793 2,460 Trading gain 723 1,078 856 579 435 804 540 636 896 1,098 Financial revenue 434 622 847 1,150 860 417 428 406 439 479
Others 9 15 24 23 62 31 53 33 41 46
Operating Revenues 3,388 4,911 4,686 4,582 3,156 3,381 2,920 2,710 3,171 4,086
Note: 1. Securities irms that were not in business as of the end of March in each year are excluded. 2. Figures for iscal 2013 ended March 2014 are on a preliminary report basis.
Source: Japan Securities Dealers Association
Statistical Data
29
(Billion yen)
FY ended 2005.3 2006.3 2007.3 2008.3 2009.3 2010.3 2011.3 2012.3 2013.3 2014.3 Ordinary
Proits 758 1,699 1,015 657 -243 333 87 217 605 1,190
Note: 1. Securities irms that were not in business as of the end of March in each year are excluded. 2. Figures for iscal 2013 ended March 2014 are on a preliminary report basis.
Source: Japan Securities Dealers Association
Ordinary Proits/Losses of Member Securities Firms
FY ended 2005.3 2006.3 2007.3 2008.3 2009.3 2010.3 2011.3 2012.3 2013.3 2014.3 Net income
(Billion yen) 483 1,136 588 －145 －346 202 －270 －25 456 921
ROE
（％） 8.7 17.7 7.9 －1.9 －5.0 3.1 －4.3 －0.5 7.9 14.2
Note: 1. Securities irms that were not in business as of the end of March in each year are excluded. 2. ROE is after-tax proits divided by average stockholders equity.
3. Figures for iscal 2013 ended March 2014 are on a preliminary report basis. Source: Japan Securities Dealers Association
Net Income/Loss and ROE of Member Securities Firms
(Billion yen)
FY ended 2005.3 2006.3 2007.3 2008.3 2009.3 2010.3 2011.3 2012.3 2013.3 2014.3 Major irms 214 463 332 －267 －110 92 －69 －1 267 432 Foreign irms 91 344 71 －8 －76 22 5 －3 12 11 Other domestic
irms 177 328 183 130 －159 87 －206 －20 177 477
Note: 1. Securities irms that were not in business as of the end of March in each year are excluded.
2. Major securities firms: SMBC Nikko Securities Inc., Daiwa Securities, Co., Ltd., Nomura Securities Co., Ltd., and other securities firms capitalized at a hundred billion yen or more.
3. Figures for iscal 2013 ended March 2014 are on a preliminary report basis. Source: Japan Securities Dealers Association
Net Income/Loss by Type of Member Securities Firms
(%)
FY ended 2005.3 2006.3 2007.3 2008.3 2009.3 2010.3 2011.3 2012.3 2013.3 2014.3 Major irms 9.3 18.2 10.9 －9.7 －4.4 3.5 －2.5 －0.1 10.3 14.0 Foreign irms 10.8 38.2 7.6 －1.2 －16.6 5.5 1.5 －1.2 5.8 6.6 Other domestic
irms 7.4 11.0 5.2 3.2 －4.1 2.5 －6.7 －0.7 6.0 14.7
Note: 1. Securities irms that were not in business as of the end of March in each year are excluded. 2. ROE is after-tax proits divided by average stockholders equity.
3. Major securities firms: SMBC Nikko Securities Inc., Daiwa Securities, Co., Ltd., Nomura Securities Co., Ltd., and other securities firms capitalized at a hundred billion yen or more.
4. Figures for iscal 2013 ended March 2014 are on a preliminary report basis. Source: Japan Securities Dealers Association
FACT BOOK 2014
ctober ,
ttp . sda.or. p en ne sroom act oo . tml - - ayabacho, ihombashi
huo- u, o yo, - apan - -
-Research Div.
Japan Securities Dealers Association
dited&published by
opyright apan ecurities ealers ssociation
