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Nomura is using renewed overseas interest in Japan as an opening to build investor relationships and expand its international business. Its Revisit Japan initiative combines research with visits to institutional investors, but Nomura’s public statements do not show that this outreach alone caused revenue growth. The figures also need careful scope: Group and Wholesale results are not Nomura Asset Management results.

What Nomura means by “Revisit Japan”

Nomura describes Revisit Japan as an effort to communicate its research and meet overseas institutional investors. The stated aim is to encourage investment in Japan and promote its markets. Nomura says the initiative began in March 2022. In an employee interview, the firm said some overseas investors had shown more interest and wanted to visit Japan to understand its economy; that is Nomura’s account of investor response, not an independently measured survey. Nomura’s Revisit Japan interview

The approach is both informational and relationship-based: analysts present their views, while direct meetings give investors a chance to discuss Japan with Nomura staff. It is intended to make the firm a useful connection between global investors and the Japanese market.

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What the outreach has involved

In a 2025 interview, Nomura Holdings CEO Kentaro Okuda said 44 analysts had visited 34 cities in 18 countries and regions, holding more than 1,000 one-on-one meetings. Those are company-reported outreach figures, not a measure of investment raised or new clients acquired. Nomura+ CEO interview, “Nomura’s Business” (March 5, 2025)

Nomura also said its Japan Execution Services business recorded its strongest revenues in ten years in the prior fiscal year. The interview does not establish that Revisit Japan caused that result; the revenue statement and the outreach activity should be read as separate evidence of business activity.

How this fits Nomura’s international strategy

Okuda described Nomura’s global network as a platform connecting Japan with the Americas, EMEA, and Asia. He said more than half of Group revenue came from international business. Separately, he said two-thirds of Wholesale revenue was generated outside Japan. Both are Nomura Holdings figures, and the Wholesale proportion refers specifically to that business rather than to Nomura Asset Management. Nomura+ CEO interview, “Nomura’s Business” (March 5, 2025)

The interview also frames growth in asset management and alternative private assets as a priority. Okuda said, “I believe that our future growth is dependent on our efforts in the asset management alternative private asset space.” Nomura reported that alternative assets under management had tripled to 1.9 trillion yen since the Investment Management division was established in April 2021. This is a Group Investment Management figure; it should not be treated as assets managed solely by Nomura Asset Management. Nomura+ CEO interview, “Nomura’s Business” (March 5, 2025)

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Nomura’s investment case for Japan

Nomura’s Revisit Japan materials connect the market’s longer-term case to price and wage increases and an end to deflation. They also point to the Tokyo Stock Exchange’s March 2023 request for companies to manage with awareness of cost of capital and share price. These are elements of Nomura’s investment narrative, not a guarantee that the changes will continue or produce positive returns. Nomura’s Revisit Japan interview

Nomura Asset Management has also published a historical Japan-investment document discussing economic recovery, relative valuations, and corporate restructuring. Its forecasts and valuation figures relate to 2009–2010 and are not current market estimates. The document warns that investment values can fall, exchange rates can affect value, and investors may not recover their original investment. Nomura Asset Management historical Japan investment document

What the available figures do—and do not—show

  • Outreach: Nomura’s reported visits and meetings show the scale of its engagement effort, not how much investment those meetings generated.
  • Business performance: The reported high for Japan Execution Services is a revenue result, but Nomura did not attribute it to Revisit Japan.
  • Global reach: The international revenue and Wholesale figures describe Nomura Holdings businesses, not Nomura Asset Management alone.
  • Market outlook: Nomura’s explanations of Japan’s potential are the company’s view; they are not independently verified outcomes or a prediction of returns.

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