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Best Bank: Resona Holdings |
When Moody’s upgraded its ratings on Japan’s three mega banks in May to Aa2, it looked for a moment as though their years of underwhelming share price performance might be coming to an end. After all, the Mitsubishi UFJ, Mizuho and Sumitomo Mitsui financial groups hadn’t had such high ratings since 1998. The reporting season that followed, however, was disappointing: net profits for all three were down as fees for sales of investment trusts failed to make up for the steady decline in corporate borrowing.
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