Tatsuya Torikoshi

Founded in 1972, Daiwa Capital Markets (Singapore) Ltd. is a subsidiary of Daiwa Securities Group, Inc. that provides brokerage services. The company is based in Singapore, Singapore.

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.