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April 28, 2024
 

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BANKS

The plaintiff in the case against Mizuho Bank had sought about ¥33 million in damages, including wages he should have received.
JAPAN / Crime & Legal
Apr 24, 2024
Mizuho ordered to pay ¥3.3 million to ex-employee over labor dispute
The bank had — citing problematic behavior — told him to stay home at reduced pay without any work for five years.
Despite the potential benefits AI might have for bank customers, like finding the best interest rates, there are concerns about the destabilizing effects it may have on financial stability.
COMMENTARY / World
Apr 24, 2024
Generative AI is coming for your bank. Maybe.
Tech investors reckon that supersmart agents will soon upend the business model of traditional banks, but there are caveats.
Signage for MUFG Bank, Mizuho Bank and Sumitomo Mitsui Banking in Tokyo. A coalition of climate groups filed shareholder proposals with the three banks calling for stricter board oversight of climate-related risks.
BUSINESS / Companies
Apr 15, 2024
Climate investors target board oversight of top Japan banks: sources
The proposal marks the first time climate groups have targeted bank boards as a way to pressure the lenders on climate change.
Global banks are responding to increased demand for information about Japan’s companies and markets amid a resurgent stock market.
BUSINESS / Companies
Apr 12, 2024
Global banks ramp up roadshows for clients eager to bet on Japan
Foreign investors bought the most Japanese equities since 2013, last week.
Flames blaze from a chimney at Western Europe's largest liquefied natural gas plant, Hammerfest LNG, in Hammerfest, Norway, on March 14.
ENVIRONMENT / Climate change
Apr 9, 2024
Banks made big climate promises. A new study doubts they work.
Researchers found a reduction in lending to sectors targeted under the pledges was the same as for banks that had not made the same commitment.
Akihiro Fukutome, head of the Japanese Bankers Association, said new takeover guidelines from the industry ministry last year have helped lower psychological hurdles associated with unsolicited bids.
BUSINESS / Companies
Apr 1, 2024
Japan's banks less hesitant with hostile takeovers, lobby chief says
His comments offer evidence of a sea change in Japan — which once shunned hostile bids — that has helped bring it closer to Western-style dealmaking.
Rakuten CEO Hiroshi Mikitani
BUSINESS / Companies
Apr 1, 2024
Rakuten considers combining financial units
A proposed IPO of its securities unit may not proceed if the integration is realized, while the banking arm is expected to remain listed.
International bankers in Tokyo say their compensation remain a fraction of pay in other financial hubs despite booming markets in Japan.
BUSINESS / Companies
Mar 26, 2024
Bonuses at Japan's global banks underwhelm despite booming markets
Bonuses at international investment banks fell by about 10% on average in Tokyo for 2023, bankers and recruiters have said.
The Central business district of Hong Kong. Hong Kong IPOs have dried up as stock prices slump and economic prospects wane.
BUSINESS
Mar 25, 2024
Once high-flying bankers in Hong Kong become a lost generation
The damage is underscored by the barrage of layoffs, the retreat of global capital, and the city’s diminishing role as an international financial center.
The Bank of Japan headquarters in Tokyo. A survey by Bloomberg indicates a majority of analysts surveyed doesn’t expect another rate hike as a base case, but plenty of others are warning that the BOJ may not be finished.
BUSINESS / Economy
Mar 20, 2024
Investors and economists split on whether BOJ will raise rates again
By moving in March instead of the consensus view of April, Gov. Kazuo Ueda secured space to raise borrowing costs again if data supports the case.
Kazuto Inaba, a resident of Tokyo’s Edogawa Ward, was arrested shortly after noon on Tuesday at the Kameido branch of Mizuho bank. He has already confessed to the crime, citing financial difficulties.
JAPAN / Crime & Legal
Mar 13, 2024
Man arrested after robbery attempt at Mizuho Tokyo bank branch
The 57-year-old suspect threatened a desk clerk with a gun-like object, and demanded ¥500 million from him.
Goldman Sachs is exiting transaction banking in Japan, less than a year after announcing plans to enter the business
BUSINESS / Companies
Mar 8, 2024
Goldman Sachs exits Japan transaction banking in sudden reversal
The bank will remain focused on growing its transaction banking operations in the U.S., U.K. and European Union, according to a spokesperson for the firm.
Mitsubishi UFJ Financial Group said it is already managing to enhance its tolerance to an anticipated rise in yen interest rates.
BUSINESS / Markets
Mar 6, 2024
Japan’s biggest bank readies for BOJ shift on rate policy within weeks
Hiroyuki Seki, head of global markets business at Mitsubishi UFJ Financial Group, predicts that the BOJ will raise rates not once but twice by October.
Broad indications are growing that Chinese President Xi Jinping is shifting away from four decades of market-oriented reforms and financial innovation. The most powerful Chinese leader since Mao Zedong has emphasized the Communist Party’s "centralized and unified leadership” of the sector, and pledged to build "a modern financial system with Chinese characteristics” that’s completely different from the West.
BUSINESS / Companies
Mar 5, 2024
China's bankers exit industry amid crackdown on ‘hedonistic’ lifestyles
Finance workers in China are rethinking their career as Chinese President Xi Jinping signals a shift away from market-oriented reform and innovation.
Banks can boost their productivity by as much as 30% using generative AI over the next three years, according to analysis from consultancy firm Accenture.
BUSINESS / Tech
Feb 28, 2024
Bankers will see three-quarters of the workday transformed by AI
The world’s biggest banks have been experimenting with AI, spurred on by the promise that the technology will boost productivity and cut costs.
Toru Nakashima, CEO of Sumitomo Mitsui Financial Group, says he is considering an expansion of the bank’s alliance with Jefferies Financial Group into Asia.
BUSINESS / Companies
Feb 27, 2024
Sumitomo Mitsui may expand Jefferies pact into Asia amid focus overseas
The partners won more than 30 deals since expanding their tie-up last year, in which Sumitomo Mitsui agreed to triple its stake in the U.S. bank.
Gunma Bank's video message in English is geared toward those from overseas who are flocking to Japan to buy up stocks, bonds and real estate as the nation’s assets emerge from decades of slumber.
BUSINESS / Companies
Feb 22, 2024
English video shows Japanese regional banks opening up to overseas investors
Foreigners are flocking to Japan to buy up stocks, bonds and real estate as the nation’s assets emerge from decades of slumber.
In the U.S., proof that inflation remains sticky and the labor market sound has convinced traders to embrace the Federal Reserve’s pushback against market bets on near-term easing.
BUSINESS / Economy
Feb 19, 2024
Cracks start to emerge in global central bank synchronicity
The synchronization among central banks might be about to weaken as domestic drivers take over from global trends in determining price outlooks.
The Aozora Bank headquarters in Tokyo. The bank surprised investors with losses tied to U.S. commercial property, sending shares down by the limit and heightening concern over global banks' exposure to souring real estate bets.
BUSINESS / Companies
Feb 2, 2024
Gamble on U.S. commercial property blows up for Japan’s Aozora
Shares went down by the limit and heightened concern over global banks' exposure to souring real estate bets.
China's rural banking system plays a crucial role in lending to underdeveloped areas, but many had long struggled with weak profits, soured assets and lax governance.
BUSINESS / Economy
Jan 31, 2024
China merges hundreds of rural banks as financial risks mount
But legacy issues — if unresolved — could still cripple the operations of the newly formed institutions and cause bigger problems.
Town to block view of Mount Fuji in response to overtourism
The town government of Fujikawaguchiko, Yamanashi Prefecture, decided to set up a 2.5-meter-high screen to prevent tourists from taking pictures of Mount Fuji looming behind a convenience store.
In Japan, regional revitalization fails to halt population decline
Sakiyama elementary school in Tamba, Hyogo Prefecture, in March .Over the past decade, the government has directed efforts toward policies designed to give young people incentives to base themselves in rural areas.
Number of homeless in Japan hits record low
Homeless people sleep on the street in Tokyo's Shinjuku Ward in August 2021.
Ukraine is far from doomed
When comparing Ukraine’s military situation in 2024 to Europe’s in 1941, Russia’s defeat seems entirely possible.
Japan wants you to spend more with ‘luxury tourism’
Performers play a traditional drum unique to Wajima, Ishikawa Prefecture, in the prefectural capital of Kanazawa on March 16 to mark the extension of the Hokuriku Shinkansen line to Tsuruga Station in Fukui Prefecture.
Japan wants you to spend more with ‘luxury tourism’
Performers play a traditional drum unique to Wajima, Ishikawa Prefecture, in the prefectural capital of Kanazawa on March 16 to mark the extension of the Hokuriku Shinkansen line to Tsuruga Station in Fukui Prefecture.
Theaster Gates’ ambitious ‘Afro-Mingei’ brings Black Chicago to Tokyo
Theaster Gates' “A Heavenly Chord” lines up church pews before seven speakers and a Hammond B3 organ, a type of electric organ prevalent in Black American churches.
Casa del Cibo: A thriving jewel born from Tohoku’s harsh past
When chef Ryohei Ikemi moved to Hachinohe, Aomori Prefecture, and opened Casa del Cibo in 2011, it was the first proper Italian restaurant in the city.
Town to block view of Mount Fuji in response to overtourism
The town government of Fujikawaguchiko, Yamanashi Prefecture, decided to set up a 2.5-meter-high screen to prevent tourists from taking pictures of Mount Fuji looming behind a convenience store.
Kyotographie's strong 12th edition shines light into the margins
Yassine Alaoui Ismaili, who goes by Yoriyas, turned to photography, shooting motion while in motion himself, after an injury forced him to give up his career as a professional breakdancer.

Podcast

From easily navigable train stations to the helpfulness of its municipal staff, Tokyo has earned high praise for its commitment to accessibility for disabled travelers.
[Rebroadcast] Japan is doing better on accessibility than you may think

Longform

Later this month, author Shogo Imamura will open Honmaru, a bookstore that allows other businesses to rent its shelves. It's part of a wave of ideas Japanese booksellers are trying to compete with online spaces.
The story isn't over for Japan's bookstores
By Alex K.T. Martin

SUSTAINABLE JAPAN

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Students ‘study abroad’ on island of Suo Oshima

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