Nomura Excels at Executive Access, Investors Say

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安倍晋三（Shinzo Abe）在去年12月日本大选前夕概述的经济刺激战略，推动了已经出现反弹迹象的股市——而投资者对安倍晋三提议的热情，帮助推动了安倍上台以来股价的飙升。2013年前三个月，日本基准的日经225指数（nikkei225）表现优于所有其他指数，飙升19.3%，超过标准普尔500指数9个百分点以上。

许多注意力集中在所谓安倍经济学的货币宽松和基础设施投资方面，但投资者和分析师正在密切关注另一个因素：旨在促进私人投资的结构性改革承诺，其中包括加强公司治理，加强对公司高管和董事会的问责，以及更灵活的劳动实践。许多市场观察人士认为，首相计划的这一“第三支箭”如果能成功实施，可能对日本经济产生深远影响。

"The policy that will have the most effect on the currency market is structural reform," notes J.P. Morgan's Tohru Sasaki, who captures third-place honors in the newly added Currency & Foreign Exchange sector on the All-Japan Research Team. "Monetary policy may have some impact on the currency, but any impact is unsustainable in a zero-interest-rate environment," the Tokyo-based strategist says. "Market expectations are important for the foreign exchange market, but expectations do not last a long time if there is no real change in economic structure." What Japan needs even more than inflation, he adds, is increased demand for Japanese goods and services; having the latter will spur the former, but demand will rise only if much-needed structural improvements are implemented and Japanese companies become more competitive.

Takuji Aida, who jumps from runner-up to second place in Economics, is optimistic that such modifications will be introduced. "After the establishment of a stable Abe administration following the lower house [parliamentary] elections, we expect the implementation of economic measures based on a growth strategy that includes deregulation, the picking up of corporate activity and accelerated moves to expand total wages," contends the UBS economist, who is headquartered in Tokyo.

客户渴望与日本企业领导人会面，听取他们对变革可能性的看法，以及变革对各自企业的意义。今年，第一次，亚博赞助欧冠asked participants in the broader research survey to indicate which sell-side firms provide the best access to chief executives at the companies they cover. Nomura Securities Co. leads the inaugural lineup of Japan's Top Corporate Access Providers, capturing 25 total team positions in the 28 industry sectors — and finishing first in 15 of them. Bank of America Merrill Lynch claims second place, with 16 spots (four of which are No. 1); while UBS takes third, with 14 positions (and outperforms its peers in three sectors). Domestic firms round out the top five: Daiwa Securities Group wins fourth place, with 13 spots (and two first-place finishes); and Mizuho Securities Group is the No. 5 firm, with 11 spots (none of which is No. 1). These results reflect the opinions of nearly 320 investment professionals at 175 institutions managing an estimated $528.5 billion in Japanese equity assets.

"Investors regard direct communication with management teams as more important now," observes Nomura's Katsushi Saito, No. 1 in Machinery for a fourth straight year — and for the 12th time since 2000 — and a member of the inaugural All-Japan xinyabo体育app Team Hall of Fame. "Client interest in a company's strategy and its management team's execution ability, at a time of great economic uncertainty, has been intensifying ever since the financial crisis began."

In December his firm hosted the 15th annual Nomura Investment Forum (also known as the CEO forum) at the Palace Hotel Tokyo. The event attracted nearly 200 corporate participants from across Asia; the chief executive officers of 44 companies delivered presentations.

Money managers' questions for company leaders tend to cover a wide array of topics, Saito observes. Many want to hear firsthand accounts of their strategies, while others want reassurance that managements have the wherewithal to implement their plans, the Tokyo-based analyst says. For many it comes down to a question of confidence: Do these executives truly believe they will succeed?

同为名人堂成员的山口聪（Atsushi Yamaguchi）也认为，个人交流是非常重要的。山口聪连续11年在金属行业排名第一在东京工作的瑞银（UBS）分析师表示：“投资者想知道一家公司的发展方向。”总经理和这一级别的人无法回答这些问题。”