The downturn is forcing customers in Japan to scale back purchases of luxury goods, accelerating a long-term shift in consumer attitudes, according to a report by McKinsey, the consultants.
Nomura, Japan's largest brokerage, is considering mergers and acquisitions in order to build its presence in emerging markets such as China and India , where it needs operating licences. Kenichi Watanabe, new chief executive, said on Monday that "the market environment is difficult but [we] consider it a major opportunity" to expand in areas where the company lacks competitiveness.
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