Japan's largest banks forecast record profits after Bank of Japan ends negative interest rates.
Japan's biggest banks Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho forecast record profits for the year starting in April, after the Bank of Japan ended its policy of negative interest rates. The banks are benefiting from an earnings boost following the central bank's shift in March, which allows them to earn approximately ¥200 billion annually from the ¥200 trillion at the central bank reserve. MUFG, Japan's largest lender, expects a 0.7% increase in net income to ¥1.5 trillion ($9.6 billion), while SMFG aims for a 10% increase to ¥1.06 trillion and Mizuho expects a 10.5% profit gain to ¥750 billion.
May 15, 2024
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