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Mitsubishi UFJ Financial Group Inc. sees full-year profits falling 11 percent as negative interest rates squeeze loan profitability and the costs of bad loans increase.

The country’s largest bank is targeting net income of ¥850 billion in the year ending March 2017, it said in a statement Monday. That is lower than the ¥982 billion average estimate of nine analysts surveyed by Bloomberg. Profit fell 8 percent to ¥951.4 billion last fiscal year, said Tokyo-based MUFG, which also announced plans to buy back shares.

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