Japanese banks to test digital currency

Japanese banks to test digital currency

A consortium of 74 Japanese firms – including the country’s biggest banks – have set out plans to start testing a private sector digital yen in the coming months. Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group are among the firms from a range of industries backing the tentatively named Digital Currency JPY (DCJPY) project, which…
Japanese regional banks target cost cutting as growth plans trail expectations

Japanese regional banks target cost cutting as growth plans trail expectations

Japanese regional banks need to cut costs more aggressively after efforts to expand revenue sources via expansion did not play out as expected. Some local lenders are thinking about closing branches or streamlining their organization and staff, as programs aimed at increasing revenue — the other side of the profitability equation — struggle to show results, according to bank officials…
Consortium of Japanese firms to test digital currency in coming months, launch in FY2022

Consortium of Japanese firms to test digital currency in coming months, launch in FY2022

A man walks past in front of a sign board of Mitsubishi UFJ Trust and banking Corporation, the asset management unit of Japan‘s Mitsubishi UFJ Financial Group Inc. (MUFG), in Tokyo, Japan July 31, 2017. REUTERS/Issei Kato/Files Register now for FREE unlimited access to reuters.com Register Consortium includes Japan‘s three mega-banks Goal is to distribute digital currency in fiscal 2022…
Consortium of Japanese firms to test digital currency in coming months, launch in FY2022

Consortium of Japanese firms to test digital currency in coming months, launch in FY2022

A man walks past in front of a sign board of Mitsubishi UFJ Trust and banking Corporation, the asset management unit of Japan‘s Mitsubishi UFJ Financial Group Inc. (MUFG), in Tokyo, Japan July 31, 2017. REUTERS/Issei Kato/Files Register now for FREE unlimited access to reuters.com Register Consortium includes Japan‘s three mega-banks Goal is to distribute digital currency in fiscal 2022…
Japanese regional banks target cost cutting as growth plans trail expectations

Japanese regional banks target cost cutting as growth plans trail expectations

Japanese regional banks need to cut costs more aggressively after efforts to expand revenue sources via expansion did not play out as expected. Some local lenders are thinking about closing branches or streamlining their organization and staff, as programs aimed at increasing revenue — the other side of the profitability equation — struggle to show results, according to bank officials…
Combined six-month profits of five Japanese banking groups hit record high

Combined six-month profits of five Japanese banking groups hit record high

The combined net profits of Japan’s five largest banking groups in the April-September period soared 77.4% from a year earlier, the first rise in three years, to hit a record high of ¥1,815 billion, according to their latest earnings reports. The semiannual profit figure exceeded the previous record of ¥1,696.4 billion, set in 2018. In the first half of fiscal…
BOJ chief says he does not view tackling climate change as ‘cost’

BOJ chief says he does not view tackling climate change as ‘cost’

Bank (Finance & Banking Trends) of Japan Gov. Haruhiko Kuroda said Monday that addressing climate change should not be taken as a “cost” as decarbonization efforts can spur innovations and create industries and jobs. Speaking at a financial forum, Kuroda stressed the importance of the financial sector providing support to industries making efforts toward decarbonization, a goal he said is…
Japanese banks gear up to test digital currency

Japanese banks gear up to test digital currency

DIGITAL CURRENCY: The forum proposes a linked, two-tier infrastructure comprising a Common Area and a business Process Area A consortium of more than 70 leading banks, financial services providers and other businesses in Japan is to conduct a series of proof of concept (PoC) trials of a digital currency supported by commercial banks across a range of specific use cases…