Japan

Resona Group wins best bank for small and medium-sized enterprises this year. It rivals the country’s larger banks in terms of the scale of its loan portfolio to the segment and its commitment to these businesses through various products and services.

MUFG Bank is Japan’s best bank for corporates after a period of impressive financial achievement. It has made investments to help foster the development of the country’s startup culture and to help improve sustainability among its corporate community.

After a period that saw the bank achieve solid market share in all core parts of its investment banking business in Japan, Morgan Stanley is named best investment bank in the country this year.

Citi is named best bank for diversity and inclusion in Japan after introducing a range of programmes and benefits for employees with a broad impact.

Following a notable period of growth for Japan’s largest bank by customers, Rakuten Bank wins the best bank for digital solutions award this year.

Rakuten needs money – and lots of it – as its mobile telecommunications arm continues to burn cash. But it is running out of things to sell, while its debt profile is miserable.

Pressure is growing on Japan’s self-imposed caps on government bond yields. Positive rates must be around the corner, but what will that mean for banks and public debt?

MUFG’s vast balance sheet has the potential to make a considerable difference to Japan’s net-zero ambitions. But the bank won’t be pulling back from polluters, arguing that money needs to flow to where emissions are, not away from them.

The enormous re-listing of Arm Holdings is unrepresentative in many ways, but it still contains a valuable lesson for those coming down the pipe.