1.   As the debate begins, senior citizens and doctors look positioned to lose the least this year.

2.   As the largest and most sophisticated brokerage in Japan, Nomura stands to lose least as Japan deregulates its financial markets over the next few years.

3.   Nomura, as the largest and most sophisticated brokerage, stands to lose least as Japan deregulates its financial markets over the next few years.

4.   Yet Nomura, as the largest and most sophisticated brokerage, stands to lose least as Japan deregulates its financial markets over the next few years.