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Japan's Monex Cuts Fin Expenses by Half in Feb'14

Monex Group, the securities expert behind businesses like Japanese Forex broker Monex Inc, has finally managed to reduce costs, according to data revealed a couple of days ago. The report for February 2014 shows that financial expenses for the month amounted to meager JPY 330 million (USD 3.21 million), which is down by 49% from the JPY 641 million recorded in January 2014. 

 
The fall marks a great achievement for the group – this is the first downward movement in costs the broker saw since November 2013 – December and January saw financial expenses rise, in the face of Monex's streamlining efforts. Regarding these, you may recall that the whole campaign about cost reduction started when Monex reported a set of dismal results for the second quarter of its fiscal year – you are perhaps aware that the financial year lasts until the end of March. Back then, at the end of September 2013, the group undertook a program to bring down expenses by JPY 2.69 billion by March 2017. 
 
So far, the efforts have not resulted in the savings expected but the group is definitely working towards that aim. Monex is restructuring and streamlining its operations. At the end of February, the company announced a raft of organizational changes at Monex Inc, including integration of the Quality Management Office and the Operation Planning Office.  This said, however, it's interesting to note that Monex is beefing up its Japanese brokerage – the capital of Monex Inc has just been increased and a new department of customer service is created as of April 1. It would be interesting to see what impact these moves will have on the group's financial costs for March.
 
And although the expenses brought a bit of good news for Monex, the revenues kept sliding in February. At JPY 3.71 billion, they were down 21% from the January result. While we may be skeptical about comparisons of January and February results, we cannot deny the significance of annual comparisons – well, this time the result was unfavourable in this respect too, with total operating revenues in February 2014 falling by 12% from the result seen in February 2013. 
 
Monex's revenues obviously need a boost from the promised launch of several trading platforms like tradable
 
 

About Monex Group Inc.

 
Monex Group Inc is an online securities brokerage providing advanced financial services to individuals and investors. The company is considered a pioneer among Japanese online securities brokers, and its services cover M&A advisory, debt & equity underwriting, asset management focusing on alternative investments, investment education, and other investment banking functions. Monex Group has offices throughout Asia, and the recent acquirement of brokers TradeStation and IBFX opened its way to the US market as well.
TAGS: monex  monex japan  monex forex broker  monex inc  financial expenses  cutting costs  cost reduction  financial report  revenues  japanese forex broker  february 2014  february  revenues  operating revenues 

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