Amid a dramatic slowdown in institutional trading volume of Japanese government bonds (JGBs), Mizuho Securities and Mitsubishi UFJ Morgan Stanley Securities maintained their momentum as the market’s leading dealers, according to the results of Greenwich Associates 2013 Japanese Fixed-Income Investors Study.Foreign firms already dominate trading in non-yen bonds. Among Japanese securities firms, only Nomura, with its relatively robust international presence, ranks among the market leaders.This Greenwich Leaders report includes award designations in Japanese Governemnt Bonds, Secondary Yen Investment-Grade Credit Bonds, Interest Rate Swaps, Interest Rate Structured Notes, Credit Linked Notes, and Repackaged Notes. In addition, for both yen and non-yen bonds, Greenwich Quality Leaders are named in Sales, Research and Trading.MethodologyBetween May and July 2013, Greenwich Associates conducted 318 interviews with senior investment professionals in Japan investing in domestic fixed income and 155 interviews with senior investment professionals in Japan investing in international fixed income. Interviews were conducted with banks, investment companies and insurance companies.
