JAPAN

Brokers Expect Big Earnings Drop: A continued stock market slump and financial scandals have prompted Japan’s major securities companies to slash their earnings estimates for this fiscal year. According to forecasts released by the brokerages, 10 out of 14 big securities firms will post combined pretax losses of $1.65 billion for the fiscal year ending March 31. The four brokerages that expect to be profitable still predict sharp declines in revenue and earnings.