Japan's top three banks have booked big net profit gains in the April to June quarter as stock market rises helped boost their bottom line while the trio ramp up overseas expansion.
Mitsubishi UFJ Financial Group, the country's biggest lender, said Wednesday that its net profit surged 39.6 percent from a year earlier to 255.3 billion yen ($2.6 billion) in the quarter.Mitsubishi's results, mirrored by smaller rivals Mizuho Financial Group and Sumitomo Mitsui Financial Group, come as their stock trading businesses benefited from a surge in the Japanese stock market.
Tokyo's bid to kickstart Japan's lumbering economy with big government spending and massive monetary easing pushed down the yen, helping the country's hard-hit exporters.
That, in turn, saw investors pile into Japan's equity markets, pushing the Nikkei 225 stock index to a five-year high in May although it has slipped from its perch since then.
NewOnJapan
Tokyo's bid to kickstart Japan's lumbering economy with big government spending and massive monetary easing pushed down the yen, helping the country's hard-hit exporters.
That, in turn, saw investors pile into Japan's equity markets, pushing the Nikkei 225 stock index to a five-year high in May although it has slipped from its perch since then.
NewOnJapan
