"We sincerely apologise for causing a loss of confidence in this country's securities markets and we deeply regret the inconvenience we have caused all those affected," it said in a statement. Watanabe, who said he would not resign, told reporters that "after reviewing the investigation reports, we acknowledge internal problems". The report by a group of outside lawyers that Nomura hired to investigate its practices catalogued a culture that turned a blind eye to insider trading, which is illegal in Japan but usually carries token fines. Sales staff tipped off clients about share sales and information often flowed freely between sales and Nomura's investment banking and research side, usually barred through a so-called Chinese Wall, the report said. There was little or no training for younger employees about their ethical responsibilities, and "some instances of excessive entertainment of particular clients were found to be contrary to business ethics", it added.