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TOKYO, July 29 (Reuters) - Nomura Holdings Inc on Tuesday said quarterly net profit fell 70 percent from a year earlier, missing analyst estimates, as a rally in Tokyo stocks last year gave way to a more cautious view of the country’s recovery prospects.
Japan’s biggest investment banking and brokerage group said its April-June net profit fell to 19.86 billion yen ($195 million) from 65.89 billion yen a year earlier.
Analysts on average expected net profit of 26 billion yen, according to Thomson Reuters SmartEstimates.
$1 = 101.9700 Japanese Yen Reporting by Ritsuko Ando; Editing by Christopher Cushing