Japan

Rakuten Bank is shaking up Japanese financial services by doing what people said could not be done: turning cash-loving Japanese towards digital applications, wallets and smartphone apps.

Notwithstanding the grand ambitions for private wealth management in Japan, it was a tough year for these businesses, all of which saw declines in profitability during our review period in the face of difficult market conditions.

A few foreign investment banks are smiling in Japan right now, benefiting from a new wave of corporate governance and investor activism that has led to conglomerates starting to hive off non-core businesses and focus on what they are really good at. The result: vibrant M&A opportunities.

The combination of Morgan Stanley and MUFG, forged from the global financial crisis, has delivered extraordinarily well in Japan, where the two groups formed a surprisingly successful joint venture that has confounded expectations of insurmountable cultural challenges.

The last 12 months could have been a tricky time for MUFG, with the transition from Nobuyuki Hirano to Kanetsugu Mike in the chief executive and president roles at the group level. But when one meets the two men, one is struck by the similarity: internationally minded and influenced, fluent in English, big thinkers, willing to shake things up.

Corporate social responsibility and sustainability are central to the Bank of America ethos, from the top executives down to the scrupulously regimented office bin policies. The bank’s drive has one of its most important advocates in Reiko Hayashi, the deputy president for Japan and a long-standing figure in the development of the country’s debt capital markets.

The 30th annual Asiamoney Brokers Poll invited chief investment officers, fund managers and investment analysts to take part. Voters represented fund management houses, insurance companies, pension funds, sovereign wealth funds, hedge funds and wealth managers from around the world.

At the forefront of the trend toward a more environmentally friendly financial system, Development Bank of Japan combines making a profit with a commitment to making an impact for good.

Japan's Mizuho is one to watch in the region as it builds on its domestic strength to move into overseas markets.