Nomura's decision to boost its US fixed income franchise last year has begun to bear fruit, with wholesale revenues in the country now at their highest since it decided to take over Lehman Brothers' domestic business, and even outpacing money earned in its home market in Japan. Growth in the US and a rebound in EMEA during the three-month period to the end of March helped to offset a disappointing quarter in Japan, where the boost to the bank from Abenomics started to ebb. The wholesale business pulled in revenues of ¥199bn (US$1.94bn) in the fourth quarter, marginally up on a year ago and its best quarter for years. Profits fell 6% to ¥33.5bn, amid one-off restructuring costs and a decline in the value of the yen.
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