FACT BOOK [English] FACT BOOK | 日本証券業協会

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ONTENTS

FACT BOOK

2013

1

2

3

4 Securities Market in 2012

1 Member Firms

11 Performance of Securities Industry

14 Statistical Data

17 Economic Overview

Stock Market

Bond Market

Investment Trusts

Investor Trends

1

11

12

1

1 Member Firms

Regular Members’

Employees

Regular Members’

Domestic Oices

Securities Sales Representatives

Examinees of Securities Sales Representative

Operating Revenues of Member Securities Firms

Operating Expenses of Member Securities Firms

Ordinary Proits/Losses of Member Securities Firms

Net Income/Loss and ROE of Member Securities Firms

Net Income/Loss by Type of Member Securities Firms

ROE by Type of Member Securities Firms

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Securities Market in 2012

01 Securities Market in 2012

1

１ Economic Overview

In 2012, the Japanese economy slowed, un-able to completely shake off the lingering ef-fects of the Great East Japan Earthquake that occurred in the previous year.

In the irst quarter of 2012, Japan’s real GDP grew 1.2%. However, it fell into the minus col-umn for both the second and third quarters be-fore recovering to plus 0.3 % growth in the fourth quarter.

Looking at a breakdown, public demand main-tained positive growth throughout the year. Growth in private demand, however, fell into the negative in the second and third quarters, while net exports registered negative growth that started in the second quarter and continued for the rest of the year.

Refer to page 17▲

In the irst half of iscal 2012, corporate prof-its (ordinary proprof-its) contracted quarter on quar-ter, but then rebounded to inish the iscal year up ¥ 5,200.0 billion from a year earlier, at ¥50,417.6 billion.

The ratio of ordinary proits to sales also rose, climbing 0.6% from the prior iscal year, to 3.9%.

Refer to page 18▲

(CY, uarterly) （%）

Notes: 1. Data is seasonally adjusted.

2. Real GDP igures are comparison with the previous quarter; demand category igures are contribution ratios.

Source: Japanese Cabinet Oice

Public demand Real GDP Net exports

Private demand

12 11

10 09

08

eal DP ro t ate

3.0

2.0

1.0

0.0

-1.0

-2.0

-3.0

-4.0

-5.0

(FY)

(Trillion yen) （%）

Notes: 1. FY 2012 ordinary proits and the ratio of ordinary proits to sales are 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

0 10 20 30 40 50 60

12 11

10 09

08

Ordinary proits (left scale)

Ratio of ordinary proits to sales (right scale)

1.0 1.5 2.0 2.5 3.0 3.5 4.0

12 11

10 09

08

(4)

02 Securities Market in 2012

FACT BOOK

2013

After posting negative growth for four con-secutive years since 2009, the Consumer Price Index (CPI) rose to more or less zero in 2012. Despite continued mild improvement, further recovery was thwarted by weak growth in food industry product prices.

The Corporate Goods Price Index (CGPI) creased 0.9% year on year, relecting the de-cline in crude oil prices up to mid-2012.

Refer to page 18▲

In 2012, employment conditions improved slightly compared with the previous year, with the unemployment rate moving in a range be-tween 4.2% to 4.5% and turning to 4.4% on an annual basis.

The job-ofers to seekers ratio continued to rise at a slow pace, improving to 0.80 times on an annual basis.

“The type of work or job conditions I want are not available” was the main reason given by job seekers for not being employed.

Refer to page 18▲

(CY) (%)

Consumer Price Index (excluding fresh food) Corporate Goods Price Index (inal consumer goods)

Note: Data is annual average.

Sources: Ministry of Internal Afairs and Communications, Bank of Japan 12 11

10 09

08

onsumer Price and or orate oods Price Indices

4.0

2.0

0.0

-2.0

-4.0

-6.0 6.0

(CY)

(%) (Times)

Note: Data is annual average (seasonally adjusted).

Sources: Ministry of Internal Afairs and Communications, Ministry of Health, Labour and Welfare

0.0 1.0 2.0 3.0 4.0 5.0 6.0

Unemployment rate (left scale)

Job-ofers to seekers ratio (excluding new school graduates but including part-time workers, right scale)

0.0 0.2 0.4 0.6 0.8 1.0 1.2

12 11

10 09

08

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03

２ Stock Market

Reviewing the first and second quarters of 2012, the Japanese stock market (Nikkei 225 Stock Average) surged in the irst quarter after expectations of a recovery in the U.S. economy emerged following a recession in concerns about the sovereign debt problem in Europe. Starting the year at ¥8,560, the index rose to ¥10,255 on March 27, 2012. However, entering the new iscal year, the market fell into a downward trend in the second quarter, declining from ¥10,109 on April 2, to hit a low of ¥8,238 on June 4.

In the third quarter, the index moved in a range from ¥8,300 to ¥9,300, then made a strong re-covery in the fourth quarter after Prime Minister Yoshihiko Noda (at the time) expressed to dis-solve the Lower House of the Diet, following which Liberal Democratic Party President Shinzo Abe (at the time) announced his party would ask for unlimited monetary easing and set an infla-tion goal for the economy. The resultant depreci-ation of the yen and rise in stock prices drove the Nikkei 225 Stock Average up from ¥8,796 on October 1 to ¥ 10,395 on December 28, 2012.

The daily average stock trading value of the First Section of the Tokyo Stock Exchange rose for ive consecutive years from 2003 to 2007. However, the trend reversed in 2008, with the igure dropping to ¥1,236.7 billion in 2012.

Behind this reversal were the global econom-ic recession and the financial concerns trig-gered by the Lehman Shock that occurred in September 2008. The resulting decline in stock trading, higher risk aversion among in-vestors because of uncertainty about the di-rection of the economy, and the feeling that the government was stalemated produced the stagnation in trading value.

Refer to page 18▲

(CY) (Yen)

Source: Nihon eizai Shimbun 0

5,000 10,000 15,000 20,000

Stock Price

ikkei 22 Stock

era e

12 11 10 09 08 07 06 05 04 03

(CY) (Billion yen)

0 500 1,000 1,500 2,000 2,500 3,000 3,500

12 11 10 09 08 07 06 05 04 03

Daily era e Stock radin alue of S 1st Section

(6)

04 Securities Market in 2012

FACT BOOK

2013

In 2012, equity inancing (paid-in capital in-crease) by publicly listed companies totaled ¥1,918.6 billion, expanding by ¥393.9 billion from a year earlier.

Looking at issuing categories, public oferings fell ¥540.7 billion from last year, to ¥473.2 bil-lion. Third-party allotments, on the other hand, soared ¥934.2 billion year on year to ¥1,444.9 billion.

Although small in comparison with public of-ferings or third-party allotments, rights offer-ings totaled ¥400 million in 2012, up from no issues in 2011.

Refer to page19▲

In 2012, the number of newly listed compa-nies increased by 16 compacompa-nies from the pre-vious year, to 66 companies. However, total capital raised in conjunction with new listings on exchanges declined ¥89.2 billion, to ¥39.2 billion.

Refer to page 19▲

(CY) (Trillion yen)

Public oferings

Third-party allotments and others

Rights oferings

0 1 2 3 4 5 6 7

12 11 10 09 08 07 06 05 04 03

uity Financin aid in ca ital increase by or orations

Notes: 1. Third-party allotments include private placements.

2. Initial public oferings made in conjunction with the listing of shares on exchanges before April 2007 are not included in the calculations.

Sources: Tokyo Stock Exchange, Osaka Securities Exchange

(CY)

(Companies) (Trillion yen)

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 and the Mothers market of the TSE. Figures for other domestic exchanges are not included. Sources: Tokyo Stock Exchange, Japan Securities Dealers Association

0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4

12 11 10 09 08 07 06 05 04 03

IPO amounts (right scale)

Number of newly listed companies (left scale)

0 25 50 75 100 125 150 175

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05

３ Bond Market

In 2012, the short-term interest rate (uncollateralized over-night call rate) remained stable around the 0.1% level as a re-sult of measures taken by the Monetary Policy Meetings of the Bank of Japan Policy Board.

The long-term interest rate (simple interest yield on newly is-sued 10-year JGBs) moved in a narrow range around 0.9% in the irst quarter of 2012. In the second quarter, the long-term interest rate swung downward as investors’ appetite for risk de-creased after expectations of further quantitative easing by the U.S. Federal Reserve Board receded and the sovereign debt problem in Europe reignited. In the third quarter, the heightened uncertainty in the political situation in Japan and a rise in the U.S. term interest rate fueled an increase in Japanese long-term interest rate in mid-August, with the rate rising to 0.860% on August 16, 2012. Following this rally, the long-term interest rate again slipped into a declining trend when concern over the inances of municipalities in Spain reheated. In the fourth quar-ter, the market began to believe that—propelled into power by the December national election—Shinzo Abe’s Liberal Demo-cratic Party would push strongly forward with its iscal policy expansion and quantitative easing strategies. In reaction, the yen sunk as low as ¥84 to the U.S. dollar on the foreign ex-change market at one point, and the Nikkei 225 Stock Average climbed to ¥10,160. The long-term interest rate also increased, rising to 0.780% on December 19 and again on December 21.

In 2012, the total OTC bond trading volume (including Repos) increased 11.0 % year on year, to ¥8,843.2 trillion. Within this amount, the trading volume of JGBs expanded 11.2%, to ¥8,737.8 trillion. Trading volume of super-long-term and super-long-term JGBs with terms of 10 years or more grew 30.2% from a year earlier, to ¥4,144.2 trillion.

Refer to page 19▲

(CY) (%)

Sources: Bank of Japan, Japan Bond Trading Co., Ltd. 0.0

0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8

12 11

10 09

08

Call rates (uncollateralized overnight, left scale)

Simple yield of newly issued 10-year JGBs (daily average, right scale)

0.6 1.0 1.4 1.8 2.2

on term and S ort term Interest ates

(%)

(CY) (Hundred

trillion yen)

Note: Short-term JGBs are the total of inancial bills, treasury bills and Treasury Discount Bills (since 2009).

Source: Japan Securities Dealers Association 0

20 40 60 80 100 120 140

12 11 10 09 08 07 06 05 04 03

Short-term JGBs Others

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06 Securities Market in 2012

FACT BOOK

2013

In 2012, corporate debt inancing in the Jap-anese market edged down 0.9% year on year, to ¥8.4 trillion.

Straight corporate bond issuance contracted 0.8% from the previous year, to ¥8.4 trillion. Similarly, the issuance of convertible-type bonds with subscription rights decreased 7.7%, to ¥36.8 billion.

Refer to page 20▲

In 2012, public and corporate bond issuance increased 4.7% from the prior year, to ¥202.5 trillion. By category, JGB issuance rose 5.0%, to ¥172.2 trillion; municipal bonds increased 1.8%, to ¥6.7 trillion; Government-guaranteed bonds expanded 49.0%, to ¥4.6 trillion; Fiscal Investment and Loan Program (FILP) agency bonds increased 3.7 % , to ¥ 5.4 trillion; and straight corporate bonds edged down 0.9%, to ¥8.4 trillion.

Looking at the composition of bond issuance by volume, JGBs accounted for the largest share, at 85.1%. The breakdown of other cate-gories was municipal bonds, 3.3 % ; govern-ment-guaranteed bonds, 2.3 % ; FILP agency bonds, 2.7 % ; and straight corporate bonds, 4.2%.

Refer to page 20▲

(CY) (Trillion yen)

0 2 4 6 8 10 12 14

12 11 10 09 08 07 06 05 04 03

Straight corporate bonds

Convertible-type bonds with subscription rights

or orate ond Financin

Note: Straight corporate bonds include asset backed bonds. Source: Japan Securities Dealers Association

om osition of ond Issuance 2012

JGBs

Municipal bonds Gov-guaranteed bonds

FILP agency bonds Straight corporate bonds Others

85.1 （%） 3.3

2.32.7 4.2 2.4

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07

４ Investment Trusts

From 2003 to 2007, net assets of invest-m e n t t r u s t s g r e w a n n u a l l y , r i s i n g t o ¥ 119,478.3 billion, but dropped sharply to ¥81,670.2 billion in 2008. Despite entering a recovery phase since then, net assets of in-vestment trusts had not returned to the 2007 level by the end of 2012, at ¥100,461.2 bil-lion.

Looking at a breakdown of net assets, pub-licly offered investment trusts accounted for ¥ 64,063.7 billion, real-estate investment trusts contributed ¥4,578.9 billion, and private p l a c e m e n t i n v e s t m e n t t r u s t s t o t a l e d ¥31,818.4 billion. While publicly offered and private placement investment trusts had not recovered to 2007 levels, the net assets of real-estate investment trusts surpassed the ¥3,687.0 billion mark hit in 2007.

Refer to page 21▲

The net assets of publicly ofered contractu-al-type securities investment trusts have been recovering since their drop in 2008. Neverthe-less, at the end of 2012, they were still only at ¥64,063.7 billion, up ¥6,736.3 billion from a year earlier.

Looking at a breakdown, net assets of stock investment trusts amounted to ¥52,913.9 bil-lion, net assets of bond investment trusts were ¥9,302.8 billion, and net assets of MMFs totaled ¥1,847.0 billion. Since 2008, in com-parison with the upward trend in stock and bond investment trusts, net assets of MMFs have been almost consistently in decline over the past ive years.

Refer to page 21▲

(End of CY)

(Trillion yen) (Trillion yen)

Note: Initial fund amount is the sum total of all investment trusts issued during the year.

Source: The Investment Trusts Association 0 20 40 60 80 100 120 12 11 10 09 08 07 06 05 04 03

Publicly ofered investment trusts Private placement investment trusts

Real-estate investment trusts

et ssets eld in In estment rusts

0 20 40 60 80 100 120 Initial fund amount

(End of CY) (Trillion yen)

Note: Initial fund amount is the sum total of publicly offered

contractual-type securities investment trusts issued during the year. Source: The Investment Trusts Association

0 10 20 30 40 50 60 70 80 90 100 12 11 10 09 08 07 06 05 04 03

Stock investment trusts Money management funds

Bond investment trusts

et ssets eld in Publicly ered ontractual ty e Securities In estment rusts

0 10 20 30 40 50 60 70 80 90 100 Initial fund amount

(10)

08 Securities Market in 2012

FACT BOOK

2013

Net assets of publicly offered contractual-t y p e s contractual-t o c k i n v e s contractual-t m e n contractual-t contractual-t r u s contractual-t s i n c r e a s e d ¥ 6,152.0 billion from the previous year, to ¥52,913.9 billion in 2012.

By type of publicly offered contractual-type stock investment trusts, net assets of unit-type trusts amounted to ¥1,275.3 billion, net assets of open type trusts (excluding ETFs) were ¥47,423.9 billion, and ETFs totaled ¥4,214.6 billion. Although there were some changes in the net asset amounts among the different types, there was no change in terms of compo-sition, with net assets of open type trusts (ex-cluding ETFs) accounting for around 90% of publicly ofered contractual-type stock invest-ment trusts.

Refer to page 21▲

Net assets of private placement contractual-type securities investment trusts have been in a recovery trend since 2008. At the end of 2012, they totaled ¥ 31,818.4 billion, up ¥3,275.7 billion from last year. Net assets of stock investment trusts accounted for almost all private placement contractual-type securi-ties investment trusts, at ¥31,297.7 billion. Net assets of bond investment trusts totaled ¥520.7 billion.

In contrast with the growth in net assets, ini-tial fund amount of private placement contrac-tual-type securities investment trusts is declin-ing. Compared with initial fund amount of ¥14,176.4 billion at the end of 2007, initial fund amount at the end of 2012 had fallen to half the amount, at ¥7,038.7 billion.

Refer to page 21▲

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

0 5 10 15 20 25 30 35 40 12 11 10 09 08 07 06 05 04 03

Stock investment trusts Bond investment trusts

(Trillion yen) 0 2 4 6 8 10 12 14 16 Initial fund amount (right scale)

et ssets eld in Pri ate Placement ontractual ty e In estment rusts

Note: Initial fund amount is the sum total of publicly offered contractual-type stock investment trusts issued during the year. Source: The Investment Trusts Association

0 10 20 30 40 50 60 70 12 11 10 09 08 07 06 05 04 03 (Trillion yen) 0 5 10 15 20 25 30 35 Initial fund amount (right scale) Unit type

ETFs

(11)

09

５ Investor Trends

Looking at investment trends by type of insti-tutional investors, in iscal 2012, life and non-life insurance companies (insurance compa-n i e s ) a compa-n d p e compa-n s i o compa-n f u compa-n d s e x p a compa-n d e d t h e i r portfolios of securities other than stocks by ¥11,121.2 billion from a year earlier, increas-ing such investments for the fourth consecu-tive year.

In contrast, the insurance companies and pension funds have continued to pull out of stocks and other equities for the past three years. In fiscal 2012, they reduced their in-vestments in equities by ¥1,658.4 billion year on year.

Similarly, insurance companies and pension funds have been drawing down their foreign se-curities portfolios for the past two years. In is-cal 2012, they reduced their holdings of for-eign securities by ¥ 743.9 billion from the previous iscal year.

Refer to page 22▲

Looking at investment trends by individual inves-tors, total investments in securities in iscal 2012 increased ¥ 444.0 billion from fiscal 2011, to ¥270.1 billion.

By category, investments in securities other than stocks moved into the plus column for the year, jumping ¥2,265.7 billion to ¥809.0 billion. Conversely, investment in stocks and other equi-ties dropped ¥846.1 billion from iscal 2011, to minus ¥862.7 billion, while investments in foreign securities declined ¥975.6 billion year on year, to ¥323.8 billion.

Refer to page 22▲

Source: Bank of Japan (FY) (Trillion yen)

Securities other than stocks Foreign securities

Stocks and other equities

-5 0 5 10 15

対外証券投資

株式・出資金

株式以外の有価証券

12 11

10 09

08

In estment by Institutional In estors Insurance om anies and Pension Funds

Source: Bank of Japan (FY) (Trillion yen)

Securities other than stocks Foreign securities

Stocks and other equities

-3 -2 -1 0 1 2 3

12 11

10 09

08

(12)

10 Securities Market in 2012

FACT BOOK

2013

The composition of household financial as-sets has changed little over the past five years. Cash and deposits have comprised the main portion, at more than 54%, while insur-ance and pension reserves have continued to hold around the 28% mark.

Looking at the breakdown at the end of March 2013, cash and deposits accounted for 54.0%, bonds for 2.1%, stocks and other equi-ties for 7.9%, investment trusts for 4.5%, in-surance and pension reserves for 27.6%, and others for 3.9%.

Refer to page 22▲

Stockholdings of all investor categories at the end of March 2013 increased ¥70.1 tril-lion, to ¥378.4 trillion.

Looking at year-on-year stock investment trends by investor category, on a market value basis, holdings by foreigners were up 1.7 per-centage points. Most other categories were down: holdings by inancial institutions by 0.6 percentage points, holdings by pension trusts by 0.5 percentage points, and holdings by in-surance companies by 0.4 percentage points.

Refer to page 23▲

(End of FY) （%）

Note: Bonds include trust beneiciary rights. Source: Bank of Japan

0 10 20 30 40 50 60 70 80 90 100

12 11

10 09

08

Stocks and other equities Others

Bonds

Insurance and pension reserves Cash and deposits

Investment trusts

om osition of ouse old Financial ssets

(End of FY) （%）

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　

0 10 20 30 40 50 60 70 80 90 100

12 11

10 09

08

Financial institutions Insurance companies Securities irms Governments

Investment trusts Foreigners Individuals

Pension trusts Business corporations

(13)

Member Firms

11 Member Firms

2

１ Member Firms

As of March 31, 2013, the number of regular members (securities irms) totaled 261, declin-ing by 24 from a year earlier. The number of regular members decreased for the fourth con-secutive year primarily because many members quit the association due to cessation of their inancial instruments business.

Refer to page 24▲

The number of special members (banks and other registered inancial institutions) as of the end of March 2013 was 217, declining by 2 i-nancial institutions from a year earlier. A break-down by categories shows 6 city banks (un-changed), 12 trust banks (down by 2), 64 regional banks (unchanged), 41 second-tier re-gional banks (down by 1), 40 shinkin banks (unchanged), 12 life insurance companies changed), 5 non-life insurance companies (un-changed) and 11 others (up by 1).

Refer to page 24▲

(End of FY)

(Firms) (Firms)

Note: The companies that withdrew effective on March 31 are included in the withdrawals of next fiscal year.

Source: Japan Securities Dealers Association -30

-20 -10 0 10 20 30

12 11 10 09 08 07 06 05 04 03

Net enrollments and withdrawals （left scale） Regular Members （right scale）

260 270 280 290 300 310 320

e ular Members Securities Firms

(End of FY) (Institutions)

Note: Shinkin banks include shinkin banks and Shinkin Central Bank. Source: Japan Securities Dealers Association

0 50 100 150 200 250

12 11 10 09 08 07 06 05 04 03

Second-tier regional banks Non-life insurance companies Regional banks

Life insurance companies City banks and trust banks

Shinkin banks Other

(14)

Member Firms

12 Member Firms

FACT BOOK

2013

２ Regular Members’ Employees

３ Regular Members’ Domestic Offices

At the end of 2012, the number of employ-ees of member irms was 83,000, declining by about 5,000 from last year. It was the fourth consecutive year that the number of employ-ees has dropped.

Refer to page 24▲

As of the end of March 2013, securities irms had 1,491 domestic branches, a reduc-tion of 53 branches year on year. The number of business offices was 387, up 25 offices from the end of iscal 2011.

As a result, the number of domestic oices including head oices decreased by 52 oices, to 2,139, falling for the fourth consecutive year.

Refer to page 25▲

(End of CY) Source: Japan Securities Dealers Association

75 80 85 90 95 100

12 11 10 09 08 07 06 05 04 03

umber of Securities Firm m loyees

(Thousands)

0 500 1000 1500 2000 2500

12 11 10 09 08 07 06 05 04 03

Head oice Branches Business oices

e ular Members Domestic

ces

(End of FY) (Oices)

(15)

Member Firms

13

４ Securities Sales Representatives

５ Examinees of Securities Sales Representative

At the end of 2012, there were approximate-ly 524,000 securities sales representatives, a decrease of about 8,000 sales representatives year on year.

By membership category, the number of se-curities sales representatives registered by regular members was 69,000, declining about 4,000 from the previous year. The number of securities sales representatives belonging to special members was 355,000, a decrease of about 5,000 sales representatives from a year earlier. Financial instruments intermediary ser-vice providers had about 99,000 securities sales representatives, approximately the same as in the prior year.

Refer to page 25▲

In 2012, the number of candidates taking the sales representative qualiication examina-tion for Class-1 Sales Representative was 83,000, increasing by 30,000 from a year ear-lier, while the number of candidates taking the examination for Class-2 Sales Representative was 33,000, down 14,000 candidates from last year. The number of candidates taking the examination for Special Member’s Class-1 Sales Representative was 15,000, growing by 3,000 from the prior year, while the number of candi-dates taking the examination for Special Member’s Class-2 Sales Representative was 20,000, down 9,000 candidates from the previous year.

Refer to page 25、26▲

(End of CY) 0

100 200 300 400 500 600

12 11

10 09

08 (Thousands)

Regular Members Special Members

Financial instruments intermediary service providers belonging to Regular Members Financial instruments intermediary service providers belonging to Special Members

Note: Excluding inancial instruments intermediary service providers that are individuals rather than companies.

Source: Japan Securities Dealers Association

Securities Sales e resentati es

0 20 40 60 80 100 120

12 11

10 09

08

(Thousands) （%）

Class-1 （Pass rate） Class-2 （Pass rate）

Special Members Class-1 （Pass rate） Special Members Class-2 （Pass rate） Class-1 （No. of Examinees）

Class-2 （No. of Examinees）

Special Members Class-1 （No. of Examinees） Special Members Class-2 （No. of Examinees）

Note: As of January 2012, 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.

0 10 20 30 40 50 60

Securities Sales e resentati e am andidates

(CY)

(16)

Performance of Securities Industry

14 Performance of Securities Industry

3

１ Operating Revenues of Member Securities Firms

２ Operating Expenses of Member Securities Firms

In the iscal year 2012 ended March 2013, total operating revenues of the 253 irms* in the securities industry amounted to ¥3,171.5 billion, increasing ¥460.6 billion, or 17.0%, from the previous year.

The increase can mainly be attributed to the booming domestic stock market and other in-luences arising from heightened expectations for the inancial and economic measures intro-duced by the new government administration and Bank of Japan since the fall of 2012.

Among operating revenues, commissions in-creased ¥157.8 billion, or 9.7%, to ¥1,792.7 billion, while trading gain expanded ¥259.7 bil-lion, or 40.8%, to ¥895.9 billion. Financial rev-enues rose ¥33.7 billion, or 8.3%, to ¥440.3 billion.

*: While there were a total of 261 securities irms at the end of March 2013, 8 domestic securities irms not op-erating because of business suspensions or other rea-sons were excluded from industry igures.

Refer to page 26▲

Operating expenses for the iscal year 2012 ended March 2013 rose ¥65.6 billion, or 2.6%, to ¥2,591.7 billion.

Among operating expenses, transaction ex-penses increased ¥33.8 billion, or 8.4%, to ¥433.9 billion and employment cost climbed ¥13.1 billion, or 1.3%, to ¥1,009.3 billion. On the other hand, real estate and equipment ex-penses contracted ¥13.3 billion, or 5.2%, to ¥242.8 billion and data processing and oice supplies expenses decreased ¥6.2 billion, or 1.6%, to ¥379.1 billion. As a whole, selling and general administrative costs expanded ¥31.6 billion, or 1.4%, to ¥2,317.7 billion. Financial expenses rose ¥ 34.0 billion, or 14.2 % , to ¥274.0 billion.

Refer to page 26▲

0 1 2 3 4 5 13.3 12.3 11.3 10.3 09.3 08.3 07.3 06.3 05.3 04.3

Notes: 1. Securities irms that were not in business as of the end of March in each year are excluded.

2. Figures for iscal 2012 ended March 2013 are on a preliminary report basis.

Source: Japan Securities Dealers Association Commission Financial revenue

Trading gain Others

eratin e enues of Member Securities Firms

(FY ended) (Trillion yen)

2. Figures for iscal 2012 ended March 2013 are on a preliminary report basis.

Source: Japan Securities Dealers Association 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 13.3 12.3 11.3 10.3 09.3 08.3 07.3 06.3 05.3 04.3

Real estate equipment costs Others

Employment cost Financial expenses Transaction expenses

Data processing oice supplies costs

(17)

15

３ Ordinary Profits/Losses of Member Securities Firms

４ Net Income/Loss and ROE of Member Securities Firms

In iscal 2012 ended March 2013, the indus-try posted ordinary proits of ¥603.8 billion, up a substantial ¥386.0 billion from a year earlier.

Refer to page 27▲

Member securities irms recovered proitabili-ty in iscal year 2012 ended March 2013 for the irst time in three years, registering a net income of ¥ 455.8 billion. Return on equity (ROE) was 7.9%, recapturing 8.4 percentage points after the minus 0.5% recorded in the previous iscal year.

Refer to page 27▲ 　

(FY ended) Notes: 1. Securities irms that were not in business as of the end of March in each

year are excluded.

2. Figures for iscal 2012 ended March 2013 are on a preliminary report basis. Source: Japan Securities Dealers Association

-0.5 0.0 0.5 1.0 1.5 2.0

13.3 12.3 11.3 10.3 09.3 08.3 07.3 06.3 05.3 04.3

rdinary Pro ts osses of Member Securities Firms

(Trillion yen)

(FY ended)

(Trillion yen) （%）

-1.0 -0.5 0.0 0.5 1.0 1.5 2.0

13.3 12.3 11.3 10.3 09.3 08.3 07.3 06.3 05.3 04.3

Net income / Loss (left scale) ROE (right scale)

-10 -5 0 5 10 15 20

et Income oss and

of Member Securities Firms

2. ROE is after-tax proits divided by average stockholders equity.

(18)

16 FACT BOOK

2013

５ Net Income/Loss by Type of Member Securities Firms

６ ROE by Type of Member Securities Firms

Looking at net income/loss by irm category for the iscal year 2012 ended March 2013, all types of member securities irms posted prof-its. Major securities firms registered net in-come of ¥265.6 billion, up ¥267.0 billion; for-eign securities firms record net income of ¥12.0 billion, up ¥15.7 billion; and other do-mestic securities irms booked net income of ¥178.1 billion, up ¥198.8 billion.

Refer to page 27▲

Looking at ROE by irm category for the iscal year 2012 ended March 2013, the ROE rose for all types of member securities irms year on year. The ROE of major securities firms was 10.2%, up 10.3 percentage points; the ROE of foreign securities irms was 5.7%, up 6.9 per-centage points; and the ROE of the rest of do-mestic securities irms was 4.0%, up 4.7 per-centage points.

Refer to page 27▲

(FY ended) (Billion yen)

Major irms Foreign irms Other domestic irms

2. Major securities irms: SMBC Nikko Securities Inc., Daiwa Securities, Co., Ltd., Nomura Securities Co., Ltd., and other securities irms capitalized at a hundred billion yen or more.

-300 -200 -100 0 100 200 300

13.3 12.3

11.3 10.3

09.3

et Income oss by y e of Member Securities Firms

-20 -15 -10 -5 0 5 10 15

13.3 12.3

11.3 10.3

09.3 （%）

(FY ended)

2. ROE is after-tax proits divided by average stockholders equity.

(19)

(%)

CY, Quarterly _{(Quarter on quarter)}Real GDP _{Private demand Public demand Net exports}

2003 １Q －0.5 －0.4 －0.2 0.1 ２Q 1.2 0.8 0.2 0.3 ３Q 0.4 0.3 －0.1 0.2 ４Q 1.1 0.9 －0.1 0.3 2004 １Q 1.1 0.3 0.4 0.4 ２Q －0.1 0.3 －0.5 0.2 ３Q 0.2 0.3 0.0 －0.2 ４Q －0.2 0.0 －0.1 －0.1 2005 １Q 0.2 0.1 0.1 0.0 ２Q 1.3 1.2 －0.3 0.4 ３Q 0.4 0.2 0.1 0.1 ４Q 0.2 －0.3 －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 －0.1 －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 0.0 0.2 ３Q －0.4 －0.8 －0.1 0.5 ４Q 0.9 0.3 0.2 0.3 2008 １Q 0.6 0.5 －0.2 0.3 ２Q －1.2 －0.8 －0.5 0.1 ３Q －1.0 －1.1 0.0 0.0 ４Q －3.2 －0.4 0.1 －2.9 2009 １Q －4.1 －3.2 0.3 －1.2 ２Q 1.7 －0.6 0.4 1.8 ３Q 0.1 －0.7 0.3 0.5 ４Q 1.9 1.0 0.2 0.7 2010 １Q 1.3 0.8 0.0 0.5 ２Q 1.0 1.1 －0.1 0.0 ３Q 1.5 1.3 0.1 0.1 ４Q －0.3 －0.3 0.0 －0.1 2011 １Q －2.0 －1.5 －0.2 －0.3 ２Q －0.8 0.1 0.1 －1.1 ３Q 2.7 1.8 0.0 0.9 ４Q 0.2 1.0 －0.1 －0.7 2012 １Q 1.2 0.5 0.6 0.1 ２Q －0.2 －0.2 0.3 －0.3 ３Q －0.9 －0.5 0.2 －0.6 ４Q 0.3 0.1 0.2 －0.1

Notes: 1. Data is seasonally adjusted.

2. Real GDP igures are comparison with the previous quarter; demand category igures are contribution ratios. Source: Japanese Cabinet Oice

Statistica ata

4

Statistical Data

17

１ Economic Overview

Real GDP Growth Rate

(20)

Statistical Data

18 Statistica ata

FACT BOOK

2013

Corporate Proits (all industries and all scales of business)

Fiscal year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Ordinary proits

(Trillion yen) 36.1 44.7 51.6 54.3 53.4 35.4 32.1 43.7 45.2 50.4

Ratio of ordinary

proits to sales (%) 2.7 3.1 3.4 3.5 3.4 2.4 2.3 3.2 3.3 3.9

Notes: 1. FY 2012 ordinary proits and the ratio of ordinary proits to sales are preliminary report igures.

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 (change from the previous year)

(%)

CY 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Consumer price index

(excluding fresh food) －0.3 －0.1 －0.1 0.1 0.0 1.5 －1.3 －1.0 －0.2 －0.1

Corporate goods price index

(inal consumer goods) －0.9 1.3 1.6 2.2 1.8 4.6 －5.3 －0.1 1.5 －0.9

Note: Data is annual average (year on year).

Sources: Ministry of Internal Afairs and Communications, Bank of Japan

(Billion yen)

CY 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

TSE

1st Section 971 1,316 1,874 2,598 3,001 2,320 1,517 1,447 1,394 1,236

Source: Tokyo Stock Exchange

Employment Conditions

CY 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Unemployment rate

(%) 5.2 4.7 4.4 4.1 3.8 4.0 5.1 5.1 4.6 4.4

Job-ofers to Seekers Ratio

(excluding new school graduates but including part-time workers) (Times)

0.64 0.83 0.95 1.06 1.04 0.88 0.48 0.52 0.65 0.80

Note: Data is annual average (seasonally adjusted).

Sources: Ministry of Internal Afairs and Communications, Ministry of Health, Labour and Welfare

２ Stock Market

(21)

Statistical Data

19 Number of Newly Listed Companies and IPO Amounts

CY 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Number of newly

listed companies 120 152 98 113 65 54 23 26 50 66

IPO amounts

(Billion yen) 347 421 402 594 176 43 33 206 128 39

Notes: 1. IPOs include public oferings made when foreign companies list on Japanese exchanges.

2. The igures for the number of new listed companies are for the First and Second Sections and the Mothers market of the TSE. Figures for other domestic exchanges are not included.

Sources: Tokyo Stock Exchange, Japan Securities Dealers Association

(Trillion yen)

CY 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

JGBs 4,836.1 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 Short-term JGBs 1,933.6 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 Super-long-term,

long-term,

medium-term JGBs 2,902.2 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 Others 274.4 303.1 330.5 271.5 206.8 170.0 105.4 100.8 104.4 105.6 Total 5,110.2 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

Note: Short-term JGBs are the total of inancial bills, treasury bills and treasury discount bills (since 2009). Source: Japan Securities Dealers Association

３ Bond Market

OTC Bond Trading (including Repos)

Equity Financing (paid-in capital increase) by Corporations

Billion yen

CY 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Public oferings 653 994 884 1,659 511 362 4,968 3,320 1,014 473 Rights oferings 2 11 4 3 9 0 0 1 － 0 Private placements

and others 2,808 2,150 2,509 1,220 1,626 1,116 1,366 655 510 1,444 Total 3,464 3,156 3,397 2,883 2,147 1,479 6,334 3,977 1,524 1,918

Notes: 1. Third-party allotments include private oferings.

2. Initial public oferings made in conjunction with the listing of shares on exchanges before April 2007 are not included in the calculations. 3. “－” indicates nil. “0” indicates an amount less than 1 unit amount.

(22)

Statistical Data

20 FACT BOOK

2013

Bond Issuance

(Billion yen)

CY 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

JGBs 154,686 175,268 186,155 175,683 140,455 125,751 145,660 165,823 164,064 172,248 Municipal bonds 4,264 5,251 6,152 6,031 5,703 5,873 7,439 7,608 6,654 6,771

Gov-guaranteed

bonds 6,476 8,243 7,821 4,434 4,461 4,494 4,925 4,540 3,153 4,699 FILP agency

bonds 2,457 3,188 4,187 4,493 4,556 4,472 4,599 4,998 5,647 5,439 Straight

corporate bonds 7,727 5,878 7,088 6,857 9,258 9,125 11,493 9,678 8,483 8,409

Others 15,750 15,461 15,760 13,427 12,152 8,825 5,997 5,841 5,397 4,947 Total 191,360 213,289 227,163 210,925 176,585 158,540 180,113 198,488 193,398 202,513

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. Source: Japan Securities Dealers Association

Composition of Bond Issuance

（％）

CY 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

JGBs 80.8 82.2 81.9 83.3 79.5 79.3 80.9 83.5 84.8 85.1 Municipal bonds 2.2 2.5 2.7 2.9 3.2 3.7 4.1 3.8 3.4 3.3

Gov-guaranteed

bonds 3.4 3.9 3.4 2.1 2.5 2.8 2.7 2.3 1.6 2.3 FILP agency

bonds 1.3 1.5 1.8 2.1 2.6 2.8 2.6 2.5 2.9 2.7 Straight

corporate bonds 4.0 2.8 3.1 3.3 5.2 5.8 6.4 4.9 4.4 4.2

Others 8.2 7.2 6.9 6.4 6.9 5.6 3.3 2.9 2.8 2.4 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. Source: Japan Securities Dealers Association

Corporate Bond Financing

(Billion yen)

CY 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Straight

corporate bonds 7,727 5,878 7,088 6,857 9,258 9,125 11,493 9,678 8,483 8,409 Convertible-type

bonds with

subscription rights 72 561 889 1,424 127 653 287 171 39 36 Bonds with

subscription rights －－－－－－－－－－ Total 7,799 6,439 7,977 8,281 9,385 9,778 11,780 9,849 8,522 8,445

Notes: 1. Straight corporate bonds include asset backed bonds. 2. “－” indicates nil.

(23)

Statistical Data

21

(Billion yen)

End of CY 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Unit type 1,161 1,799 1,945 1,875 1,876 1,287 1,522 1,266 881 1,275

Open type

(excluding ETFs) 17,216 22,522 35,180 49,665 61,029 37,029 46,430 48,588 43,152 47,423

ETFs 2,962 3,113 3,703 4,116 3,878 2,524 2,290 2,610 2,728 4,214 Total 21,339 27,435 40,828 55,657 66,784 40,842 50,243 52,464 46,761 52,913

Initial fund

amount 9,643 13,162 21,270 28,133 35,024 14,576 17,827 23,919 23,531 23,824

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 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Stock investment

trusts 9,388 14,646 24,723 32,186 35,406 24,967 28,976 29,912 27,938 31,297 Bond investment

trust 995 949 919 800 623 587 691 714 604 520

Total 10,384 15,596 25,643 32,987 36,030 25,555 29,667 30,626 28,542 31,818

Initial fund

amount 5,221 7,617 12,964 13,508 14,176 10,526 7,983 8,675 5,930 7,038

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

４ Investment Trusts

(Billion yen)

End of CY 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Publicly ofered

investment trusts 37,435 40,996 55,347 68,927 79,760 52,146 61,455 63,720 57,327 64,063 Real-estate

investment trusts 766 1,246 2,050 3,153 3,687 3,968 4,020 3,908 4,109 4,578 Private placement

investment trusts 10,384 15,596 25,643 32,987 36,030 25,555 29,667 30,626 28,542 31,818

Total 48,586 57,839 83,041 105,068 119,478 81,670 95,143 98,255 89,979 100,461

Initial fund

amount 40,935 53,340 77,203 89,356 94,157 54,816 55,318 61,698 59,501 57,500

Note: Initial fund amount is the sum total of all investment trusts issued during the year. Source: The Investment Trusts Association

Net Assets Held in Investment Trusts

(Billion yen)

End of CY 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Stock investment

trusts 21,339 27,435 40,828 55,657 66,784 40,842 50,243 52,464 46,761 52,913 Bond investment

trusts 11,746 9,955 11,498 10,576 10,059 8,691 8,755 9,026 8,536 9,302 Money management

funds 4,350 3,606 3,020 2,693 2,917 2,612 2,456 2,229 2,028 1,847

Total 37,435 40,996 55,347 68,927 79,760 52,146 61,455 63,720 57,327 64,063

Initial fund

amount 40,935 53,340 77,203 89,356 94,157 54,816 55,318 61,698 59,501 57,500

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

(24)

Statistical Data

22 FACT BOOK

2013

(Billion yen)

End of FY 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Cash and

deposits 772,338 778,591 774,796 775,269 781,792 792,952 804,706 814,869 833,068 848,229

Bonds 32,229 37,248 40,371 43,226 44,521 43,166 41,850 38,172 34,966 32,198

Stocks and

other equities 123,751 134,613 199,570 199,007 113,821 83,685 100,600 105,269 106,243 124,333 Investment

trusts 34,054 38,119 54,724 70,009 66,505 48,417 59,892 62,366 59,300 71,215 Insurance and

pension reserves 413,071 412,903 411,580 419,647 426,780 426,121 417,941 418,672 422,552 432,936

Others 76,584 69,777 71,195 70,113 64,294 59,908 63,391 60,707 60,471 61,686 Total 1,452,030 1,471,254 1,552,238 1,577,272 1,497,716 1,454,252 1,488,383 1,500,056 1,516,601 1,570,599

Household Financial Assets

(%)

End of FY 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Cash and

deposits 53.2 52.9 49.9 49.2 52.2 54.5 54.1 54.3 54.9 54.0

Bonds 2.2 2.5 2.6 2.7 3.0 3.0 2.8 2.5 2.3 2.1

Stocks and

other equities 8.5 9.1 12.9 12.6 7.6 5.8 6.8 7.0 7.0 7.9 Investment

trusts 2.3 2.6 3.5 4.4 4.4 3.3 4.0 4.2 3.9 4.5 Insurance and

pension reserves 28.4 28.1 26.5 26.6 28.5 29.3 28.1 27.9 27.9 27.6

Others 5.3 4.7 4.6 4.4 4.3 4.1 4.3 4.0 4.0 3.9 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Composition of Household Financial Assets

５ Investor Trends

(Billion yen)

FY 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Securities other

than stocks 5,852 13,961 13,317 10,137 2,664 －1,269 11,036 3,548 9,723 11,121 Stocks and

other equities －8,408 －2,249 －3,331 －131 1,304 2,031 300 －83 －622 －1,658 Foreign

securities 7,041 2,200 2,673 －952 －1,490 1,251 －1,245 4,435 －2,160 －743

Source: Bank of Japan

Investment by Institutional Investors (Insurance Companies and Pension Funds)

(Billion yen)

FY 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Securities other

than stocks －784 8,159 13,820 14,905 11,740 172 2,329 2,434 －1,456 809 Stocks and

other equities －2,306 －1,556 －601 －3,410 －303 1,860 －1,480 1,587 －16 －862 Foreign

securities －689 －251 1,296 804 2,854 1,058 433 1,504 1,299 323

Source: Bank of Japan

(25)

Statistical Data

23

(%)

End of FY 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Individuals 20.5 21.3 19.9 18.7 18.7 20.5 20.1 20.3 20.4 20.2 Governments 0.2 0.2 0.2 0.3 0.4 0.4 0.3 0.3 0.3 0.2

Financial

institutions 18.3 16.9 15.9 15.1 14.6 16.0 15.5 15.6 15.9 15.3

Pension trusts 4.5 3.9 3.5 3.5 3.5 3.5 3.4 3.2 3.0 2.5

Investment

trusts 3.7 3.8 4.3 4.6 4.8 5.0 4.7 4.4 4.5 4.5 Insurance

companies 8.0 7.4 7.2 7.5 7.5 7.4 7.0 6.4 6.1 5.7 Business

corporations 21.8 22.1 21.3 20.8 21.4 22.6 21.3 21.2 21.6 21.7 Foreigners 21.8 23.3 26.3 27.8 27.4 23.5 26.0 26.7 26.3 28.0

Securities irms 1.2 1.2 1.4 1.8 1.5 1.0 1.6 1.8 2.0 2.0 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

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 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Individuals 75,599 84,740 117,977 108,419 76,653 54,345 68,469 63,040 62,838 76,447 Governments 789 722 977 1,866 1,567 1,137 1,152 940 793 791

Financial

institutions 67,554 67,402 94,097 87,678 59,843 42,541 52,628 48,575 49,007 57,843

Pension trusts 16,581 15,430 20,927 20,185 14,149 9,364 11,697 9,963 9,169 9,580

Investment

trusts 13,602 15,219 25,537 26,865 19,739 13,378 15,956 13,606 13,881 17,034 Insurance

companies 29,566 29,441 42,688 43,452 30,875 19,652 23,728 20,017 18,707 21,468 Business

corporations 80,489 88,077 126,167 121,043 87,649 60,030 72,542 66,031 66,641 81,938 Foreigners 80,604 92,765 155,978 161,400 112,222 62,373 88,295 83,037 81,030 105,849

Securities irms 4,494 4,596 8,198 10,385 6,293 2,711 5,341 5,569 6,240 7,463 Total 369,281 398,396 592,550 581,297 408,992 265,535 339,812 310,783 308,310 378,415

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

(26)

Statistical Data

24 FACT BOOK

2013

(Institutions)

End of FY 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

City banks 7 7 6 6 6 6 6 6 6 6

Trust banks 14 14 14 14 16 15 14 14 14 12

Government-ailiated

inancial institutions 2 2 2 2 2 2 3 3 3 3

Regional banks 64 64 64 64 64 64 64 63 64 64

Second-tier

regional banks 50 48 47 46 45 44 42 42 42 41

Shinkin banks 36 35 37 37 38 39 40 40 40 40

Life insurance

companies 17 17 16 16 12 12 12 12 12 12 Non-life insurance

companies 14 13 13 13 10 8 8 5 5 5 Money market

brokers 3 3 3 3 3 3 3 3 3 3

Foreign banks 4 5 9 8 12 15 15 15 14 14

Securities inance

companies 1 1 1 1 1 2 3 3 3 3 Credit

cooperatives 0 0 2 2 2 3 3 3 3 3

Other banks 4 6 5 5 9 10 10 10 10 11 Total 216 215 219 217 220 223 223 219 219 217

Note: Shinkin banks include shinkin banks and Shinkin Central Bank. Source: Japan Securities Dealers Association

Special Members (Registered Financial Institutions) by Category

Member Firms

(Firms)

End of FY 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Regular

Members 266 267 289 308 317 321 305 293 285 261

Enrollments 8 7 30 33 22 25 10 12 9 5 Withdrawals 23 6 8 14 13 21 26 24 17 29

Notes: 1. Withdrawals include 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 next iscal year. Source: Japan Securities Dealers Association

Regular Members (Securities Firms)

(Persons)

End of CY 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

No. of employees 85,027 86,406 87,913 92,661 99,139 99,200 93,308 92,056 88,807 83,056

Regular Members’ Employees

２

(27)

Statistical Data

25

(Oices)

End of FY 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Head oice 266 267 289 308 317 321 305 293 285 261 Branches 1,511 1,529 1,514 1,534 1,561 1,575 1,550 1,563 1,544 1,491

Business

oices 263 281 324 372 418 419 387 363 362 387

Total 2,040 2,077 2,127 2,214 2,296 2,315 2,242 2,219 2,191 2,139

Regular Members’ Domestic Oices

３

(Persons)

End of CY 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Regular

Members 67,539 69,298 71,965 76,054 81,260 81,198 77,265 75,913 73,410 69,684 Special

Members 362,908 356,353 345,374 357,542 349,261 354,559 360,071 362,095 360,289 354,990

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

Financial instruments intermediary service providers belonging to Special Members

－－ 11 13 98,433 99,092 100,658 94,024 96,729 97,226

Total 430,447 425,651 418,494 435,479 531,088 536,905 539,938 534,152 532,850 524,532

Notes: 1. The JSDA began recording the number of securities sales representatives of inancial instruments intermediary service providers in 2005. 2. Excluding inancial instruments intermediary service providers that are individuals rather than companies.

Securities Sales Representatives

４

(Persons)

CY 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Class-1

(No. of Examinees) 5,544 25,452 91,739 74,148 61,716 60,635 61,108 57,099 53,680 83,918

Class-2

(No. of Examinees) 6,060 61,705 133,648 102,635 85,559 87,647 75,797 60,999 47,644 33,176

Special Members’ Class-1

(No. of Examinees) 22,843 11,754 14,266 21,715 15,995 15,233 15,575 13,152 12,636 15,352

Special Members’ Class-2

(No. of Examinees) 30,434 23,666 44,090 75,680 70,160 67,978 108,691 56,103 30,380 20,895

Total 64,881 122,577 283,743 274,178 233,430 231,493 261,171 187,353 144,340 153,341

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 2012, 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.

Number of Examinees of Securities Sales Representative

(28)

Statistical Data

26 FACT BOOK

2013

(%)

CY 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Class-1 75.2 75.4 66.8 54.2 52.1 49.9 47.0 42.6 42.3 39.1 Class-2 79.9 72.8 66.5 57.9 58.4 54.9 55.5 53.7 60.1 54.9

Special Member’s

Class-1 57.0 48.9 55.4 49.7 42.8 39.0 38.5 34.8 32.6 30.3

Special Member’s

Class-2 66.6 55.7 55.8 49.9 47.6 42.6 39.9 38.9 41.4 39.5

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 2012, 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.

Pass Rate of Securities Sales Representative Examination

(Billion yen)

FY ended 2004.3 2005.3 2006.3 2007.3 2008.3 2009.3 2010.3 2011.3 2012.3 2013.3

Commission 2,046 2,221 3,195 2,956 2,830 1,797 2,128 1,898 1,634 1,792

Trading gain 871 723 1,078 856 579 435 804 540 636 895

Financial

revenue 369 434 622 847 1,150 860 417 428 406 440

Others 7 9 15 24 23 62 31 53 33 42

Operating

revenues 3,294 3,388 4,911 4,686 4,582 3,156 3,381 2,920 2,710 3,171

Notes: 1. Securities irms that were not in business as of the end of March in each year are excluded. 2. Figures for iscal 2012 ended March 2013 are on a preliminary report basis.

Operating Revenues of Member Securities Firms

Performance of Securities Industry

１

(Billion yen)

FY ended 2004.3 2005.3 2006.3 2007.3 2008.3 2009.3 2010.3 2011.3 2012.3 2013.3

Selling and general

administration costs 2,221 2,319 2,793 3,043 3,123 2,761 2,773 2,618 2,286 2,317

Transaction

expenses 379 422 536 586 581 523 502 497 400 433 Employment

cost 1,096 1,105 1,345 1,431 1,390 1,122 1,202 1,104 996 1,009 Real estate &

equipment costs 266 262 265 299 325 319 307 284 256 242 Data processing &

oice supplies costs 270 295 314 365 419 424 413 424 385 379

Others 206 233 331 359 407 371 347 306 248 254

Financial

expenses 285 335 436 646 879 705 268 268 240 274 Operating

expenses 2,506 2,654 3,230 3,689 4,002 3,467 3,041 2,886 2,526 2,591

Operating Expenses of Member Securities Firms

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Statistical Data

27

(Billion yen)

FY ended 2004.3 2005.3 2006.3 2007.3 2008.3 2009.3 2010.3 2011.3 2012.3 2013.3

Ordinary proits 793 758 1,699 1,015 657 －243 333 87 217 603

Ordinary Proits/Losses of Member Securities Firms

３

FY ended 2004.3 2005.3 2006.3 2007.3 2008.3 2009.3 2010.3 2011.3 2012.3 2013.3

Net income

(Billion yen) 508 483 1,136 588 －145 －346 202 －270 －25 455

ROE

(%) 10.1 8.7 17.7 7.9 －1.9 －5.0 3.1 －4.3 －0.5 7.9

Notes: 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.

Net Income/Loss and ROE of Member Securities Firms

４

(Billion yen)

FY ended 2004.3 2005.3 2006.3 2007.3 2008.3 2009.3 2010.3 2011.3 2012.3 2013.3

Major irms 231 214 463 332 －267 －110 92 －69 －1 265 Foreign irms 75 91 344 71 －8 －76 22 5 －3 12

Other

domestic irms 201 177 328 183 130 －159 87 －206 －20 178

Net Income/Loss by Type of Member Securities Firms

５

(%)

FY ended 2004.3 2005.3 2006.3 2007.3 2008.3 2009.3 2010.3 2011.3 2012.3 2013.3

Major irms 11.0 9.3 18.2 10.9 －9.7 －4.4 3.5 －2.5 －0.1 10.2 Foreign irms 9.4 10.8 38.2 7.6 －1.2 －16.6 5.5 1.5 －1.2 5.7

Other

domestic irms 9.4 7.4 11.0 5.2 3.2 －4.1 2.5 －6.7 －0.7 4.0

Notes: 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.

ROE by Type of Member Securities Firms

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F

T BOO

September ,

tt sda or en ne sroom fact book tml

- - ayabacho, Nihombashi Chuo-ku, Tokyo, - Japan

TEL - -

-Researc Div

apan Securities Dealers ssociation

Edited&published by

(31)