Daiwa Securities

The Japanese brokerage will target Japanese rental housing and hotels assets that tend to be better insulated from inflation compared with other sectors

It also posts a rise in non-operating income of 21.6 billion yen in the quarter due to Aozora being an equity-method affiliate

Daiwa Securities Group’s profit rose less than analysts estimated as investment banking losses overshadowed gains in the domestic wealth management business.

DAIWA Securities Group said it will increase its stake in Japan’s unprofitable Aozora Bank. The brokerage’s shares tumbled 4.6 per cent.

This will make Daiwa Securities the bank’s biggest shareholder