Ratings agency Moody's has put Nomura on watch for a possible downgrade citing losses in the firm's international capital market division as potentially impacting the rest of the business' growth and outlook.

In a note this morning, Moody's said the impact of ongoing losses from the firm's international capital market activities and the agency's belief in the effectiveness of Nomura's announced cost-cutting programme meant it was no longer confident the Japanese bank would retain its Baa2 rating after a review.