An internal ministry of finance paper 10 years ago estimated that if Japan’s biggest life companies demutualized and listed on the Tokyo Stock Exchange they would account for 25% of the Nikkei index.
Today they might not be worth that much – maybe 12% of the index or ¥20 trillion ($153 billion) at the US earnings multiple of 17 times. That is, nearly as much as the biggest 19 banks.
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