Japan’s Largest Banks to Buy Back Shares After Profit Soars
- Weaker yen propped up earnings at lenders including MUFG
- Prospect of higher domestic rates is also a tailwind for banks
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Japan’s biggest banks unveiled plans to boost shareholder returns after posting record first-half profits, thanks in part to a cheaper yen.
Mitsubishi UFJ Financial Group Inc. announced a $2.6 billion share buyback program on Tuesday after fiscal second-quarter profit tripled. Sumitomo Mitsui Financial Group Inc. raised its full-year net income forecast and said it plans to spend as much as 150 billion yen ($989 million) repurchasing stock. A day earlier, Mizuho Financial Group Inc. boosted its annual dividend guidance along with its earnings target.