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Japan’s biggest banks have navigated through a year of negative interest rates and choppy financial markets with their profits intact, thanks at least in part to Donald Trump.

When the Bank of Japan announced the policy on Jan. 29 last year, shareholders, analysts and executives gave it a firm thumbs down. Lenders’ shares tumbled in the ensuing months as investors deduced that the BOJ’s move would squeeze already-depressed interest income and do little to spur credit demand.

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