Established on April 1, 2004, Nomura Institute of Capital Markets Research builds on a tradition begun in 1965 of studying financial and capital markets as well as financial institution systems, structures, and trends. NICMR offers original research and policy proposals by specialists based upon actual business experience. At present, it is becoming rapidly acknowledged that Japan must establish a market mechanism-driven moneyflow structure in order for the country's economy to develop. The main pillar of the new research institution is to contribute to financial system and securities markets reforms in order to establish such a market-structured financial system. NICMR will address not only Japan, but also Western developed countries' market economies in its research on global and up-to-the-minute topics. The research institution's mission includes developing appropriate financial and capital markets policy recommendations for China and other developing nations, based upon fundamentals analysis and comparative studies of Japan and the West's market experiences. NICMR publishes research outputs in a quarterly magazine, Nomura Capital Markets Quarterly (Japanese language publication) and its website (Japanese, English and Chinese-language), both domestic and internationally.