Japan

MUFG, SMFG, and Mizuho Financial Group’s net profits totaled $3.7b in Q1.

The group’s earnings per share is at around 59 cents or ¥62.83.

The fall was blamed on rising credit-related costs.

MUFG Bank has appointed Rob Ward as its head of project finance and head of ESG finance, the latter being a newly-created role for the Oceania region, according to an announcement.

The regulator has said it may buy up to $112b (JPY12t) in ETFs a year.

These platforms digitalise LC workflow and issuance.

The lender will digitize over 300 million pages of paper forms stored in warehouses.

It will follow-up on the BOJ’s efforts in this field.

The FSA has targeted some local lenders for “intensive dialogue”.

Pandemic-struck companies turn to loans to meet funding needs.

The Financial Services Agency has let go of its bank inspection manual.

NPLs will rise as SME default rates stack up.

The move contrasts the downsizing planned by other global firms HSBC and Deutsche.

It could push Japanese banks to live up to promises of ending the practice.

In the transitional period from the unprecedented emergency to the new normal, the Japanese and APAC financial institutions have stepped up their countermeasures.

Annual default rates of credit card purchase rose to 6% in March from only 4.4% last year.