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Fitch Downgrades Ratings for MUFG, Other Japanese Banks

Fitch Ratings said it downgraded ratings for Mitsubishi UFJ Financial Group Inc. and other Japanese banks due to the impact of the coronavirus pandemic.

The downgrades reflect a “weaker and more challenging operating environment for Japanese banks” as a result of the virus, Fitch said. It expects the world economy to contract this year with Japan shrinking by 2.7%.