The head of Mitsubishi UFJ Financial Group has said the Japanese lender could return to the ranks of the global top 10 banks by market value as it benefits from tightening monetary policy after two decades of ultra-low interest rates.
At the height of Japan’s asset bubble in 1989, the world’s four biggest companies were Japanese banks. But their relative size and global competitiveness have declined in line with Japan’s decades of economic stagnation.
“We . . . have a top 10 position within our sights,” said MUFG chief Hironori Kamezawa in an interview with the Financial Times in central Tokyo. MUFG’s market value is $140bn, while JPMorgan, the world’s biggest bank, is valued at $674bn.
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