The 2024 outlook for Japan’s retail brokerage industry hinges largely on how regional brokers decide to navigate the trend toward zero commissions on online trades. Under one potential scenario, this trend could prompt more regional brokers to convert into independent financial advisors. Such an outcome would have wide-ranging impacts on the industry’s competitive landscape and functional specialization within the industry.

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About the Author

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  Katsutoshi Takehana

  Group Manager

  Financial Market & Digital Business Research Department