Japan

The banking group added forestry, palm oil and coal mining to its restricted transactions list.

Mizuho's profits plunged 83% to $877m.

Sumitomo Mitsui projects a net income decrease of 4% to $6.39b in 2019. Bloomberg reported that Japanese megabanks are bracing for another tough year ahead of weakening net income amidst the weakening economy, rising trade tensions, and the sustained monetary easing from the central bank. Also read: Japanese bank woes to persist as ultra-low rates to last until 2020 Whilst both Mizuho and MUFG are expecting profit to increase this year, to $4.3b (JPY470b) and $8.22 (JPY900b),respectively, that’s only after they booked large writedowns that hurt results in the previous period. Meanwhile, Sumitomo Mitsui sees net income slipping about 4% to $6.39b (JPY700b). Net income projections from Sumitomo Mitsui Financial Group (SMFG), Mitsubishi UFJ Financial Group, and Mizuho Financial Group have all missed analysts estimates amidst rising bad loan costs and lesser gains from sales of stock holdings, which used to be its saving grace amidst rock-bottom interest rates. Also read: Japanese banks hit by lower net interest income as loan demand dwindles

In November 2018, the Japanese Bankers Association and Zengin Net launched a new platform—the so-called “more time system.” This extends the operation hours of the Zengin System, the backbone of the nation’s bank payment infrastructure, extending the service hours of financial services related to fund transfers. As a result, together the existing and new system will enable round-the-clock operations 365 days a year, making it possible to confirm the receipt of funds from other banks in real time.

The negative rates will continue to eat away at profitability.

Loans to the real estate sector as a share of GDP hit 14.4% in late 2018.

Ha started his stint in the bank back in 2011.

It will launch in October which coincides with the October consumption tax hike.

MUFG will cut new hires by 45% as it aims to halve the number of teller-operated branches.

Fintech firm PayPay is setting aside $91m of reward points to incentivise usage.

Customers can now deposit larger sums of money.

MUFG Bank and Mizuho Bank will halt international cash remittances from June.

Users can avail of lower fees for foreign currency exchange than credit card or cash.

Underperforming lenders may be requested to close down branches.

They are also calling for commercial banks to expand beyond traditional banking.

Hanko or personal stamps are being phased out.