{
  "schema_version": "1.0",
  "slug": "securities/japan-equity-analyst-and-sell-side-research-ecosystem",
  "source_path": "securities/japan-equity-analyst-and-sell-side-research-ecosystem.md",
  "url": "https://finwiki.zksc.io/ja/securities/japan-equity-analyst-and-sell-side-research-ecosystem/",
  "html_url": "https://finwiki.zksc.io/ja/securities/japan-equity-analyst-and-sell-side-research-ecosystem/",
  "alternate_html_urls": {
    "ja": "https://finwiki.zksc.io/ja/securities/japan-equity-analyst-and-sell-side-research-ecosystem/",
    "en": "https://finwiki.zksc.io/en/securities/japan-equity-analyst-and-sell-side-research-ecosystem/"
  },
  "github_url": "https://github.com/jasonhnd/finwiki/blob/main/securities/japan-equity-analyst-and-sell-side-research-ecosystem.md",
  "raw_markdown_url": "https://finwiki.zksc.io/securities/japan-equity-analyst-and-sell-side-research-ecosystem.md",
  "domain": "securities",
  "title": "Japan equity analyst and sell-side research ecosystem",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "Japan equity analyst and sell-side research ecosystem",
    "aliases": [
      "japan-equity-analyst-and-sell-side-research-ecosystem",
      "Japan sell-side research",
      "Japan equity analyst ecosystem",
      "Japan research coverage map",
      "Japan inducement rules research",
      "Japan independent research",
      "日本 セルサイドリサーチ",
      "日本 株式アナリスト ecosystem"
    ],
    "domain": "securities",
    "type": null,
    "created": "2026-05-25",
    "last_updated": "2026-07-30",
    "last_tended": "2026-07-30",
    "review_by": "2026-11-25",
    "confidence": "likely",
    "tags": [
      "securities",
      "market-structure",
      "sell-side-research",
      "analyst",
      "MiFID",
      "inducement",
      "JSAA"
    ],
    "status": "active",
    "canonical_anchor": null,
    "related": [],
    "note": null,
    "sources": [
      "https://www.nomuraholdings.com/jp/",
      "https://www.smbcnikko.co.jp/",
      "https://www.daiwa-grp.jp/",
      "https://www.mizuho-sc.com/",
      "https://www.goldmansachs.com/japan/",
      "https://www.morganstanley.co.jp/",
      "https://www.jpmorgan.com/jp/",
      "https://www.bofa.com/ja-jp/content/japan-disclosures.html",
      "https://www.citigroup.jp/",
      "https://www.fsa.go.jp/policy/kokyakuhoni/kokyakuhoni.html",
      "https://www.jsda.or.jp/",
      "https://www.saa.or.jp/",
      "https://www.fsa.go.jp/common/law/guide/kinyushohin/"
    ]
  },
  "summary": "This page belongs to securities index as the sell-side-research peer of Japan underwriting market structure and Japan asset manager landscape matrix. It explains the analyst-coverage geography that sits between issuer disclosure (TDnet / EDINET adjacency in TSE), distribution (broker / online-broker",
  "headings": [
    "Japan equity analyst and sell-side research ecosystem",
    "Wiki route",
    "TL;DR",
    "Why this ecosystem matters",
    "Nomura",
    "SMBC Nikko",
    "Daiwa",
    "Mizuho Securities",
    "MUMSS / Mitsubishi UFJ Morgan Stanley",
    "Global IB tier in Japan"
  ],
  "body_links": {
    "wikilinks_count": 25,
    "wikilinks": [
      "INDEX",
      "financial-regulators/jsda",
      "foreign-financial-institutions/citigroup-japan",
      "foreign-financial-institutions/jpmorgan-japan",
      "securities-firms/daiwa-sg",
      "securities-firms/goldman-sachs-japan",
      "securities-firms/mizuho-securities",
      "securities-firms/morgan-stanley-japan",
      "securities-firms/nomura-hd",
      "securities-firms/smbc-nikko",
      "securities/INDEX",
      "securities/financial-instruments-business-operators-japan-index",
      "securities/japan-asset-manager-landscape-matrix",
      "securities/japan-best-execution-sor-pts",
      "securities/japan-margin-trading-and-securities-finance",
      "securities/japan-market-infrastructure-map",
      "securities/japan-prime-brokerage-and-institutional-financing",
      "securities/japan-pts-liquidity-data-guide",
      "securities/japan-stock-lending-market-route",
      "securities/japan-underwriting-market-structure",
      "securities/japannext-securities",
      "securities/japannext-sor-routing-deep-dive",
      "securities/odx-start-stb-secondary-market",
      "securities/osaka-digital-exchange",
      "securities/tokyo-stock-exchange"
    ],
    "resolved_wikilinks": [
      "https://finwiki.zksc.io/INDEX.md",
      "https://finwiki.zksc.io/ja/financial-regulators/jsda/",
      "https://finwiki.zksc.io/ja/foreign-financial-institutions/citigroup-japan/",
      "https://finwiki.zksc.io/ja/foreign-financial-institutions/jpmorgan-japan/",
      "https://finwiki.zksc.io/ja/securities-firms/daiwa-sg/",
      "https://finwiki.zksc.io/ja/securities-firms/goldman-sachs-japan/",
      "https://finwiki.zksc.io/ja/securities-firms/mizuho-securities/",
      "https://finwiki.zksc.io/ja/securities-firms/morgan-stanley-japan/",
      "https://finwiki.zksc.io/ja/securities-firms/nomura-hd/",
      "https://finwiki.zksc.io/ja/securities-firms/smbc-nikko/",
      "https://finwiki.zksc.io/ja/domains/securities/",
      "https://finwiki.zksc.io/ja/securities/financial-instruments-business-operators-japan-index/",
      "https://finwiki.zksc.io/ja/securities/japan-asset-manager-landscape-matrix/",
      "https://finwiki.zksc.io/ja/securities/japan-best-execution-sor-pts/",
      "https://finwiki.zksc.io/ja/securities/japan-margin-trading-and-securities-finance/",
      "https://finwiki.zksc.io/ja/securities/japan-market-infrastructure-map/",
      "https://finwiki.zksc.io/ja/securities/japan-prime-brokerage-and-institutional-financing/",
      "https://finwiki.zksc.io/ja/securities/japan-pts-liquidity-data-guide/",
      "https://finwiki.zksc.io/ja/securities/japan-stock-lending-market-route/",
      "https://finwiki.zksc.io/ja/securities/japan-underwriting-market-structure/",
      "https://finwiki.zksc.io/ja/securities/japannext-securities/",
      "https://finwiki.zksc.io/ja/securities/japannext-sor-routing-deep-dive/",
      "https://finwiki.zksc.io/ja/securities/odx-start-stb-secondary-market/",
      "https://finwiki.zksc.io/ja/securities/osaka-digital-exchange/",
      "https://finwiki.zksc.io/ja/securities/tokyo-stock-exchange/"
    ],
    "external_links_count": 0,
    "external_links": []
  },
  "metrics": {
    "nonspace_chars": 16564,
    "word_like_tokens": 2434,
    "inbound_wikilinks_count": 1,
    "last_modified": "2026-07-30"
  }
}