BROKING: Lack of interest in local stocks leaves Japanese brokers reeling

Profits at Japan's leading brokerages are being eroded by stiff competition, a sluggish economy and poorly performing stock markets. Nomura, Daiwa and Nikko Cordial have just posted their first quarterly losses in five years. In a bid to buck the trend they are expanding their networks overseas and seeking to create trusts focused on emerging markets. Neha Kumar searches for rays of hope.