Institutional Investor ranked Morgan Stanley in fourth place in the publication's 2003 All-Japan research poll. The Firm had five #1 (First Team) ranked analysts:

• Toshihiko Ginbayashi (Chemicals)
• Shinji Kakiuchi (Auto Parts)
• Masaharu Miyachi (Software/Business)
• Mitsutoshi Murakata (Plant Engineering & Shipbuilding)
• Atsushi Takagi (Construction)

Nomura Securities and Nikko Citigroup shared the top spot, followed by:

• Deutsche Securities (#3)
• Morgan Stanley (#4)
• UBS Warburg (#5)
• Credit Suisse First Boston (#6)