Japanese banks tumbled on Monday, and are trading close to the cheapest on record amid speculation that the central bank will take interest rates further below zero to combat a stronger yen. Members of the Topix Banks Index are trading at about 0.44 times the book value of their assets, close to 0.4323 reached on Feb. 12, which was the lowest since at least 1993, according to data compiled by Bloomberg. Banks are the worst performers on the benchmark Topix this year as negative rates threaten to squeeze loan profitability.
Before it's here, it's on the Bloomberg Terminal. LEARN MORE