Nationalisation required for Japanese bank recovery, says Fitch

Despite recent initiatives from three of the four major Japanese banks – Mizuho, Sumitomo Mitsui Financial Group (SMFG) and UFJ – to strengthen capital provisions and write off bad loans, there is little prospect of a meaningful recovery in the near to medium term, said Fitch analyst and report author Reiko Toritani.In January, Mizuho said it expected to post a net loss of around ¥2 trillion in the year to March – making it the largest loss in Japanese corporate history - after drastically i