Shares in Nomura Holdings, Japan’s biggest securities company, dropped 14.3 per cent on Monday and reached their lowest levels in more than 25 years as investors got their first chance to respond to the company’s plans to raise Y300bn ($3.3bn) of fresh capital by selling additional shares.

Nomura’s fall, together with the US delaying the announcement of its bank rescue package, retarded an earlier rally on optimism that government attempts to stimulate the world economy might be having some effect.