The three - Nomura Securities Co., Daiwa Securities Co. and Nikko Securities Co. - also attributed their losses to a sharp fall in brokerage commission revenues in the face of anemic stock trading in Japan, according to Kyodo news.

Among them, Japan's largest brokerage, Nomura, reported a group net loss of 207.26 billion yen, against a profit of 49.71 billion yen a year ago, as it incurred an appraisal loss of 33.71 billion yen on securities holdings. The official added the company decided earlier in the day to pump $ 1.2 billion of equity capital into the US subsidiary to win back confidence in the unit and give a boost to Nomura's global operations.

Nomura said its group pre-tax loss was 231.88 billion yen, against a profit of 48.12 billion yen, on operating revenue of 226.33 billion yen, down47.3 per cent.

The other brokerage firm reporting losses today was Daiwa Securities Co. The broking firm reported a 66.8 billion yen (491 million) loss in the first half ended September.

The company said it took a 37.2 billion yen pre-tax loss with revenue down 18 per cent at 253.4 billion yen. Earnings were hit by losses in the United States and on emerging bond markets, the firm said.

The third broking firm, Nikko posted a group pre-tax loss of 37.67 billion yen, compared with a profit of 283 million yen a year ago.Nomura Downgraded

TOKYO: Moody's Investors Service Inc today said it has lowered the long-term debt ratings of Nomura Securities Co. to `BAA1' from `A3' because of Nomura's heavy losses on international operations. The new rating ranks eighth among the 10 investment-grade ratings, Kyodo news agency reported. The US credit rating agency also lowered the bank financial strength rating of Nomura Bank International Plc, a London-based banking unit, and assigned a negative outlook toall of Nomura's ratings. The rating actions were prompted by "substantial losses and asset quality problems in Nomura's international operations, severe earnings pressure in its domestic activities, intensifying global competition, and an uncertain strategy to address these challenges," it said.