In today’s briefing:
- Nuvama: Stellar Start as an Independent Listed Entity
- Part Two: JGB Yields Spike Cause Yen Mayhem
Nuvama: Stellar Start as an Independent Listed Entity
- Nuvama reported its first quarterly result since its listing, as a demerged entity. It reported strong growth across all its business segments.
- Wealth management revenues grew 30% YoY, adjusted for one-off accounting impact. Cyclical recovery in the capital markets segment further helped.
- Nuvama has potential to scale up rapidly and grow its profitability exponentially led by growth and operating leverage. At the current valuation, an investment in Nuvama has potential to triple.
Part Two: JGB Yields Spike Cause Yen Mayhem
- On December 6, 2023, Deputy Gov. Ryozo Himino and other policy board members signalled increasing optimism on price and wage increases.
- Himino said at a press conference following a meeting on Wednesday that exiting the negative rate policy would have relatively little impact on Japan’s economy.
- “We will carefully assess the situation and consider the timing and procedure of how to exit” negative rates.
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