Japan likes to be different – this is the country that blocked imports of European skis on the basis that local snow was unique – but brokerage results tell a depressingly familiar tale. Nomura, the number one local securities house, posted an $800m pre-tax loss in the first quarter after writing down duff investments and suffering sluggish markets.

The numbers are smaller, but the themes are the same. Following last year’s write-offs on US residential mortgage-backed securities, Nomura has now taken a $600m provision against its exposure to monoline insurers. It has written off almost the same again against Japanese private equity investments and its stake in Fortress, the US hedge fund. Whether this is the end is unclear. Either way, the business climate remains distinctly frosty. Average daily turnover on the Japanese stock market has slumped by almost one-fifth in recent months. Japanese corporate activity is evaporating. There have been just $800m worth of initial public offerings so far this year, according to Thomson Reuters. Adding in secondary issues and convertible bonds brings the tally to a still miserable $8bn.