It was supposed to be a smooth transition for Nomura Holdings Inc.'s new boss. Then the coronavirus struck.

Thanks to the pandemic, Kentaro Okuda, 56, takes the reins of Japan's biggest brokerage on Wednesday with the prospect of deals drying up as bankers keep away from clients, and companies retreating in the face of an impending recession. Increased stock trading is a silver lining, though one unlikely to diminish the challenge of turning around the retail business at home.

This latter piece will demand Okuda's attention as he takes forward a sweeping overhaul of Nomura even with the outbreak creating fresh challenges. Predecessor Koji Nagai, 61, had already engineered a fledgling recovery overseas, but much still remains to be done to cement a restructuring that centers on building more stable earnings from advising corporate clients.