Nomura on Thursday unveiled plans to raise up to Y511.3bn ($5.6bn) in new funds in an effort to beat an expected rush by Japanese financial groups to bolster their capital bases before regulatory changes are enacted.

Japan’s largest broker said on Thursday it wanted to have a solid financial base to get ahead of a likely tightening of capital requirements and to be able to make investments in key markets, particularly in the US. “They are being smart to come out before the big rush of bank deals,” said one equity capital markets banker in Tokyo.