Nomura Tops Extel's 33rd Japan Research Team Rankings

Firm leaps from 5th place in 2025 to claim top spot in 2026 survey

Published on Feb. 10, 2026

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Extel (formerly Institutional Investor Research) has announced the results of its 33rd annual Japan Research Team rankings, which evaluate the research capabilities of securities firms and asset managers in the Japanese equity market. In this year's ranking, Nomura Securities, celebrating its 100th anniversary, rose from 5th place in 2025 to claim the top spot in 2026.

Why it matters

The Extel Japan Research Team ranking is a highly regarded industry benchmark that comprehensively evaluates research capabilities, analytical skills, and information provision in the Japanese stock market. Nomura's rise to the top spot reflects the firm's ability to provide valuable, high-quality research that is valued by institutional investors and market participants.

The details

Extel's ranking process involves soliciting opinions from directors of research and heads of investment firms with major securities holdings in Japan. Over 1,045 individuals at 400 firms participated in the 2026 survey, rating firms and individual analysts/economists across various sectors. Nomura achieved 28 published positions in the rankings, up from 23 in 2025. Daiwa Securities Group, Mizuho Securities, and Morgan Stanley rounded out the top 5 firms.

  • Extel conducted the 33rd annual Japan Research Team survey in 2026.
  • Nomura was ranked 5th in the 2025 survey.

The players

Nomura Securities Co., Ltd.

A Japanese securities firm that celebrates its 100th anniversary in 2026 and has risen to the top spot in Extel's 2026 Japan Research Team rankings.

Extel

Formerly known as Institutional Investor Research, Extel is a trusted leader in proprietary benchmark research and rankings for the global investment community.

Daiwa Securities Group

A Japanese securities firm that climbed to 2nd place in the 2026 Extel Japan Research Team rankings.

Mizuho Securities

A Japanese securities firm that tied for 3rd place in the 2026 Extel Japan Research Team rankings.

Morgan Stanley

The only bulge bracket firm closely contesting Japan's domestic teams, Morgan Stanley tied for 3rd place in the 2026 Extel Japan Research Team rankings.

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What they’re saying

“We're extremely honored to place #1 overall in the Extel Japan Research Team, and receive top marks in multiple sectors - particularly important in this milestone year marking our 100th anniversary”

— Masataka Kunugimoto, Senior Managing Director, Nomura Securities Co., Ltd.

“Over the past 30 years, Japan's equities market, and the banking industry that supports it, has undergone profound transformation and experienced a rollercoaster of global investor attention. As a result, demand for credible, independent research and insight has risen and fallen over time.”

— David Enticknap, CEO, Extel

“A shrinking fee pool has intensified competition among firms broking the market, often with fewer resources, yet the buy-side continues to place a high value on equity strategy alongside core sector expertise. Firms that are helping investors navigate this evolving landscape are being clearly recognized and rewarded.”

— Michael Clemons, Director of Japan & Australia, Extel

What’s next

Extel will soon publish the results of several more surveys for Japan, including the 2026 Japan's Top Sales Team, Japan's Corporate Access Provider, Japan's Top Trading Team, Japan's Top Executive Team, and Japan's Top Asset Management Firms.

The takeaway

Nomura's rise to the top of the Extel Japan Research Team rankings highlights the firm's ability to provide valuable, high-quality research that is highly valued by institutional investors and market participants in Japan's evolving equity landscape. This achievement comes as Nomura celebrates its 100th anniversary, underscoring the firm's enduring commitment to supporting investor decision-making through cutting-edge research and analysis.