Nomura, Japan’s largest brokerage, on Friday said it was raising Y300bn ($2.88bn) in fresh funds to enable it to go on the offensive when the investment environment improves, as it unveiled a larger-than-expected loss of Y67.85bn in the year just ended.

Nomura said it had issued Y120bn in subordinated bonds and would raise a further Y180bn through subordinated loans in order to have sufficient cash for investments or hirings when it believes the timing is right.