Page last updated at 07:40 GMT, Wednesday, 19 November 2008

Global liquidity crisis 'is over'

Customers wait at a Tokyo branch of Nomura Securities
Last month Nomura reported its third quarterly net loss in a row

The head of Japan's largest brokerage, Nomura Holdings, has suggested the global liquidity crisis is over.

Nomura chief executive Kenichi Watanabe said the main problem now was how to revive the real economy.

"The next issue depends on how the nations of the world apply financial support," Mr Watanabe said.

He also said that the stronger yen was not necessarily bad for Japanese firms, as it could enable companies to seek overseas acquisitions.

"There are many Japanese firms that consider the yen's strength against the euro, pound and dollar as an opportunity," he said.

According to official data, the Japanese economy is now in recession for the first time since 2001.

Nomura is buying bankrupt Lehman Brothers's European, Asian-Pacific and Middle Eastern operations for $2bn (1.34bn).

But Mr Watanabe said the company was not planning any significant job cuts.

Last month the brokerage reported its third quarterly net loss in a row because of the global financial crisis.

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