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ECONOMY > Finance

Fintech companies outrun big banks in profit and valuation

AKIRA YAMASHITA and KYOHEI SUGA, Nikkei staff writers   TOKYO — Fintech companies are overtaking global financial institutions in both earnings and market capitalization in the April-June quarter, as the coronavirus accelerates trends toward a cashless society.   “In the midst of the COVID pandemic, we have seen substantial macro changes that we believe will have a lasting and profoundly….Read more

  • August 30, 2020
  • , Nikkei Asian Review , 10:00 a.m.
  • English Press

ECONOMY

Japan to pitch Osaka, Fukuoka as int’l financial hubs after pandemic

The government has decided to target regional areas such as Osaka and Fukuoka to attract foreign financial institutions, shifting from its Tokyo-focused approach to creating a global financial hub after the coronavirus pandemic, sources familiar with the matter said Tuesday.   The addition of the two areas also comes as China’s recent tightening of its grip over Hong Kong has raised concern about the semiautonomous region’s status as a major financial hub in Asia….Read more

  • August 18, 2020
  • , Kyodo News , 8:47 p.m.
  • English Press

ECONOMY

Major bank groups’ combined profits forecast to hit 11-yr low

Tokyo, May 15 (Jiji Press)–Combined consolidated net profits at five major Japanese banking groups are seen plunging to an 11-year low in fiscal 2020 on ballooning costs to prepare for business failures amid the coronavirus pandemic.     For the year ending in March 2021, their combined profits are estimated at 1.53 trillion yen, down 23.4 pct from the previous year,….Read more

  • May 16, 2020
  • , Jiji Press , 1:17 a.m.
  • English Press

ECONOMY

Aso says Finance Ministry and press are “crying wolf”

By Ryuta Atsumi   In a May 12 press conference, Finance Minister Taro Aso likened the Finance Ministry and press, who had pointed out that Japan may lose financial credibility due to the government’s excessive debt, to the “boy who cried wolf.” The amount of government bonds issued in fiscal 2020 will reach a record high due to the enactment….Read more

  • May 13, 2020
  • , Tokyo Shimbun , p. 6
  • JMH Translation

ECONOMY > Finance

Editorial: Maintain stable financial system to support firms impacted by pandemic

The shock caused by the spread of the new coronavirus could shake the financial system through various channels. To maintain stability, the authorities concerned should take all possible measures.   The Bank of Japan has published its biannual report examining the financial situation. The report pointed out that if the economic slump caused by the spread of the infectious disease….Read more

  • May 8, 2020
  • , The Japan News , 1:23 p.m.
  • English Press

ECONOMY

BOJ announces additional monetary easing steps

Tokyo, April 27 (Jiji Press)–The Bank of Japan announced additional monetary easing measures on Monday to bail the country’s economy out of the coronavirus crisis.   The virus may have a stronger economic impact than that from the global financial crisis of 2008, BOJ Governor Haruhiko Kuroda said at a press conference after the central bank adopted the measures.  ….Read more

  • April 27, 2020
  • , Jiji Press , 10:21 p.m.
  • English Press

ECONOMY

Japan to extend securities report submission deadline amid coronavirus: Finance minister says companies and audit firms must be ‘able to secure sufficient time’

TOKYO — Finance Minister Taro Aso announced on Tuesday that the submission deadline for corporate securities reports will be extended to the end of September in a bid to alleviate the burden on companies as the government’s coronavirus emergency declaration impacts their business.

  • April 15, 2020
  • , Nikkei Asian Review , 6:25 a.m.
  • English Press

ECONOMY

Fintech-based financing thriving in Japan amid virus crisis

Tokyo, March 28 (Jiji Press)–A growing number of small and midsize Japanese companies affected by the coronavirus pandemic are utilizing fintech, or the integration of finance and information technology, as part of their fund procurement efforts.     This is because fintech allows such companies to obtain loans within several days as their borrowing programs are screened swiftly based on account….Read more

  • March 28, 2020
  • , Jiji Press , 9:45 p.m.
  • English Press

ECONOMY > Economic Policy

Small and mid-sized firms seek lifeline through government loans

The government’s emergency lending for small and medium-sized businesses is rapidly increasing as the firms scramble to secure cash flow. The number of loans extended totaled around 15,000 as of March 17, when the latest tally was available, marking an increase of 5,000 cases from the previous day. Meanwhile, the number of inquiries about loan procedures is also rising sharply….Read more

  • March 22, 2020
  • , Nikkei , p. 5
  • JMH Translation

ECONOMY > Finance

Editorial: BOJ, Fed should work hard to ensure easing stabilizes virus-hit economies

The central banks of Japan and the United States have taken emergency monetary easing steps. It can be said they demonstrated their determination to underpin the economy, which is deteriorating as the infectious disease caused by the new coronavirus spreads further.   The U.S. Federal Reserve Board has decided to drastically slash its benchmark interest rate by a full percentage….Read more

  • March 17, 2020
  • , The Japan News , 2:34 p.m.
  • English Press
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