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MITSUBISHI UFJ FINANCIAL GROUP, INC

(8306)
  Report
Delayed Japan Exchange  -  02:00 2022-10-07 am EDT
652.70 JPY   -2.25%
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S&P revises down credit rating outlook for Japan's megabanks

04/24/2020 | 07:16am EDT
The S&P Global logo is displayed on its offices in the financial district in New York

S&P Global Ratings on Friday revised to stable from positive its credit rating outlook for Japan's three major banking groups, as the economic strain from the coronavirus pandemic pushes up credit costs and threatens to erode their revenues.

"We revised the outlooks because we expect the economic strain stemming from the COVID-19 pandemic to put prolonged pressure on the asset quality and revenue of the banking groups," S&P said in a statement.

The revisions affect the ratings on core subsidiaries of Japan's three major banking groups and their holding companies, which are Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group, the rating agency said.

"Creditworthiness of the three banking groups has come under pressure as credit costs rise, unrealized gains on marketable securities fluctuate, and impairment risk grows," it said.

Under a stimulus package unveiled to combat the fallout from the virus, the government has urged financial institutions to offer loans at effectively zero interest to small firms suffering that are slumping sales from the pandemic.

The request exposes Japan's commercial banks, many of which were already faced with falling profits from years of ultra-low interest rates, to the risk of being saddled with huge bad loans that could erode their financial health.

The Bank of Japan warned in a report on Tuesday that the coronavirus pandemic, if prolonged, could trigger a negative feedback loop in which a worsening economy threatens to destabilise Japan's financial system.

(Reporting by Leika Kihara;Editing by Elaine Hardcastle)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EURO / JAPANESE YEN (EUR/JPY) -0.27% 141.607 Delayed Quote.9.41%
MITSUBISHI UFJ FINANCIAL GROUP, INC -2.25% 652.7 Delayed Quote.6.85%
MITSUI & CO., LTD. -1.65% 3281 Delayed Quote.22.49%
MIZUHO FINANCIAL GROUP, INC. 0.34% 1602 Delayed Quote.9.13%
SUMITOMO MITSUI FINANCIAL GROUP, INC. -1.22% 4141 Delayed Quote.6.32%
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Analyst Recommendations on MITSUBISHI UFJ FINANCIAL GROUP, INC
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Financials
Sales 2023 4 080 B 28 101 M 28 101 M
Net income 2023 1 041 B 7 167 M 7 167 M
Net Debt 2023 - - -
P/E ratio 2023 7,71x
Yield 2023 4,94%
Capitalization 8 070 B 55 581 M 55 581 M
Capi. / Sales 2023 1,98x
Capi. / Sales 2024 1,95x
Nbr of Employees 143 900
Free-Float 88,9%
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Technical analysis trends MITSUBISHI UFJ FINANCIAL GROUP, INC
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 10
Last Close Price 652,70 JPY
Average target price 859,00 JPY
Spread / Average Target 31,6%
EPS Revisions
Managers and Directors
Hironori Kamezawa President, Group CEO & Representative Director
Tetsuya Yonehana Chief Financial Officer & Representative Director
Hiroki Kameda Group Chief Information Officer
Takayoshi Futae Group Co-COO & GM-Global Commercial Banking
Tsutomu Okuda Independent Outside Director