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MarketScreener Homepage  >  Equities  >  Tokyo  >  Mitsubishi UFJ Financial Group, Inc.    8306   JP3902900004

MITSUBISHI UFJ FINANCIAL GROUP, INC.

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BOJ's low-rate policy not behind megabank's fee moves - Aso

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12/05/2019 | 09:26pm EST

Japanese Finance Minister Taro Aso said on Friday he did not believe the central bank's negative interest rate policy was behind a megabank's decision to consider implementing fees on some banking services.

Aso made the comment after Mitsubishi UFJ Financial Group (MUFG) confirmed it was weighing such a move, following a report in the Nikkei business daily that the bank was considering fees on dormant accounts and other services.

Years of the central bank's heavy money printing have failed to fire up inflation and crushed long-term interest rates near zero, drawing criticism from financial institutions for narrowing their margins and hurting their profits.

Asked whether ill-effects of the Bank of Japan's negative interest rate policy were affecting individuals through deterioration in financial institutions' profits, Aso said: "I'm not aware of that."

"It costs a certain amount of fees to manage dormant accounts, In that sense, just because some bank is considering imposing fees, that doesn't immediately mean that something's wrong with bank management," he told reporters after a cabinet meeting.

Low interest rates have made it difficult for regional banks, who face a declining population in their regions, to rely on conventional bank management that counts on interest rate differentials.

However, Aso said: "I don't think (the case of) such a big bank as Mitsubishi was caused by low interest rates."

(Reporting by Tetsushi Kajimoto; Editing by Chang-Ran Kim and Muralikumar Anantharaman)

By Tetsushi Kajimoto

Stocks mentioned in the article
ChangeLast1st jan.
MITSUBISHI CORPORATION -0.48% 2891 End-of-day quote.0.52%
MITSUBISHI UFJ FINANCIAL GROUP, INC. -0.10% 582 End-of-day quote.-0.48%
NIKKEI 225 0.70% 24031.35 Real-time Quote.1.63%
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Financials (JPY)
Sales 2020 3 868 B
EBIT 2020 1 137 B
Net income 2020 830 B
Debt 2020 -
Yield 2020 4,33%
P/E ratio 2020 8,93x
P/E ratio 2021 8,07x
Capi. / Sales2020 1,93x
Capi. / Sales2021 1,89x
Capitalization 7 446 B
Technical analysis trends MITSUBISHI UFJ FINANCIAL G
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 727,08  JPY
Last Close Price 582,00  JPY
Spread / Highest target 63,2%
Spread / Average Target 24,9%
Spread / Lowest Target -15,8%
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Managers
NameTitle
Kanetsugu Mike President & Director
Nobuyuki Hirano Co-Chairman
Hironori Kamezawa Group Chief Information Officer
Saburo Araki Vice Chairman
Junichi Okamoto Director
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