Investor Presentaiton
Megatrends shaping future financial services industry (1)
Prolonged period of super loose monetary policy leading to decline in global liquidity
Central bank balance sheets expand
Indexed, Dec 2010 = 100
500
BoJ
Fed
400
ECB
300
200
100
0
2010
2012
2014
2016
2018
Dealer inventories decline¹
(billions of dollars)
400
300
200
100
0 -
2010
2012
2014
2016
2018
NOMURA
Japanese government bonds and US Treasury liquidity
declines²
7.0%
447
-JGB Turnover Ratio
UST Turnover Ratio
6.0%
234
5.0%
165
4.0%
3.0%
2.0%
1.0%
0.0%
2010
12
Source: Federal Reserve Bank, inventories of government bonds, agency bonds, corporate bonds, commercial paper, etc., held by primary dealers
2. Source: Nomura, based on US SIFMA and AsianBondsOnline
2012
2014
2016
2018
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