Clouds lifting for Japan's banks as negative rates stay put

Aug 2, 2016

Clouds lifting for Japan's banks as negative rates stay put

The Bank of Japan’s decision not to drag interest rates further below zero provides relief for the nation’s banks after shrinking lending profits crimped first-quarter earnings. Combined net income at Mitsubishi UFJ Financial Group Inc. and its two mega-bank peers fell 28 percent from ...

Jul 29, 2016

Sharp narrows operating loss to ¥2.52 billion in first quarter

Sharp Corp., restructuring under Taiwan’s Hon Hai Precision Industry Co., reported on Friday a group operating loss of ¥2.52 billion ($24.3 million) for the April-June quarter after another poor performance from its core liquid crystal display business. That’s much smaller than the ¥28.76 billion ...

Jul 29, 2016

Mizuho profit slides 16% on negative interest rate

Mizuho Financial Group, the nation’s second-largest lender, said first-quarter profit dropped 16 percent, as Japan’s negative interest rate hit income from loans and investments and failed to stoke broader borrowing. Mizuho said Friday that April-June net profit fell to ¥132.6 billion ($1.28 billion) from ...

Jul 28, 2016

Komatsu quarterly profit down 52% on weak demand

Construction and mining equipment manufacturer Komatsu Ltd., which last week made a $2.89 billion offer for Joy Global Inc., said first-quarter profit fell 52 percent as demand languished in markets such as the Middle East and Indonesia and the stronger yen crimped overseas revenue. ...

Jul 28, 2016

SoftBank profit rises on proceeds from Alibaba stake sale

SoftBank Group Corp.’s first-quarter profit rose 19 percent as proceeds from selling part of its stake in Alibaba Group Holding Ltd. helped offset losses at Sprint Corp. Net income at the carrier rose to ¥254.2 billion in the three months ended June 30, the ...