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Nomura chairman: too early to say economy hit bottom

Posted on: June 12, 2009


Reuters – Tuesday, June 9

KYOTO, Japan, June 9 – Recent gains in stocks do not mean the global economy has reached a turning point and will start to recover, the chairman of Japan’s top brokerage Nomura Holdings Inc <8604.T> said.

“It is too early to say we’ve hit bottom,” Junichi Ujiie told reporters on the sidelines of a meeting of the International Monetary Conference in Kyoto, western Japan.

“No one is talking about that.”

Japan’s benchmark Nikkei <.N225> average has recovered about 40 percent from its March lows on signs that the worst has passed for a financial crisis that threw most of the world’s rich countries into recession.

The U.S. S&P 500 index <.SPX> has also rallied 39 percent since hitting a 12-year closing low in March.

Ujiie, who was attending a conference for monetary policy officials and heads of commercial and investment banks in Kyoto, said bankers accept they will have to communicate more with regulators after the U.S. subprime mortgage crisis roiled the industry and the world economy.

“We’re not afraid of over-regulation, but we do need to speak with regulators more closely,” Ujiie said.

“Everyone is searching for the new business model for banking and each person has their own ideas.”

(Reporting by Stanley White, Tetsushi Kajimoto, Shigeo Kodama; Editing by Chris Gallagher)

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