There is a Japanese proverb about perseverance that says it doesn’t matter if you stumble seven times – so long as you get up eight times. As Nomura sets out on what might well be its seventh attempt to build a significant investment bank outside Japan (it’s hard to keep count), its recent performance suggests that it might at last have learnt its lesson.

With little fanfare, Nomura has emerged as one of the most improved investment banks in 2013. For sure, the competition for that accolade has not been particularly tough this year, and Nomura is coming from a relatively low base. But that doesn't change the fact that it is the only big investment bank that is doing better this year on every one of 10 different metrics (covering revenues, costs, profits and profitability) than it did in 2012, according to my analysis.