Jun Shiota

Daiwa Securities Co. Ltd. (Broker) (Daiwa Broker) is the brokerage division of Daiwa Securities Co. Ltd., which is ultimately held by Daiwa Securities Group, Inc. (TYO: 8601). The firm is headquartered in Tokyo and was founded in 2012. Daiwa Broker provides brokerage services to their clients.

Daiwa Institute of Research Ltd. (DIR) is a research firm located in New York City. They are a subsidiary of the Japanese firm Daiwa Securities Group Co. Ltd. Their research is based on a respect for fundamentals, focusing on determining intrinsic values of companies and industries. DIR is in the first tier of Institutional Investors' All-Japan Research Team survey, as well as in the Nikkei Financial Dailys analyst ranking. DIR is renowned as an opinion leader in the Japanese financial industry. Their economists have been publishing 'Japan's Economic Outlook', based on original econometric modeling, quarterly since 1970. They publish opinion and commentary on economic policies, financial systems and structural problems in capital markets.