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Message from President

President & CEO Toshiyasu  Iiyama The Nomura Institute of Capital Markets Research (NICMR) was established in 2004 to undertake research on financial markets and systems.

In this we try to be neutral, professional, and practical. Our aim has been to assist the development of financial markets and the financial services industry by carrying out impartial and objective studies of markets and systems in Japan and the rest of the world and disseminating our findings equally widely in high-quality reports. I think it is probably fair to say that our practice-based studies and policy proposals have had some success, and we have no plans to change this approach.

On the other hand, the conditions in which financial markets operate in Japan and the rest of the world have changed considerably. In Japan, population aging is still in progress and is having a major impact on the economy as well as society. As a mature economy, Japan's biggest resource is its JPY 2,000 trillion in household financial assets and whether this is used effectively will be critical to the country's future. How to utilize digital technology will also hold the key. Financial institutions will have to explore new approaches for survival.

Meanwhile, the rapid development of China and the rest of Asia means that this region is likely to continue to be an engine of global economic growth and their presence will become even more prominent. One issue of concern is the rise of protectionism among nations around the world, and we must continue to watch how the framework of global financial markets will evolve. Since the global financial crisis, financial regulators from around the world have cooperated to strengthen the market framework, but recently we have seen some signs of market fragmentation.

Today, public interest in ESG/SDGs, including climate change risks, is increasing around the world. We must therefore consider how financial and capital markets can contribute to sustainability issues.

We will continue to review such developments and strive to be even more timely in our studies and proposals. As a member of the Nomura Group, a global group based in Asia, we hope to continue to contribute to the development of financial markets in both Japan and the rest of Asia.

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