Mitsubishi UFJ’s Weak First-Half Results Mask Large Upside From Rising Asset Yields in the Future
We attended Mitsubishi UFJ's analyst presentation after MUFJ reported better-than-expected semiannual results last week. The result, along with recent events including the U.S. election, had a major impact on our estimates. We believe the more severe headwinds for the Japanese bank have been turning into softer tailwinds for its large U.S.-dollar-denominated balance sheet. Furthermore, signs of a higher term premium emerging on its yen-denominated balance sheet are also positive.The semiannual ...
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