In this quarterly strategy report, we look to evaluate where we are with regards the bull market conditions, and where those indicators might be headed, factoring in the downside risks, from Trump tariffs and the US economy, BoJ actions, Japanese earnings and valuations.
Remain Risk-On With Market Dynamics Improving Our outlook remains bullish on global equities (MSCI ACWI). We discussed in our latest Int'l Compass (January 9, 2025) how we viewed the pullback as a buying opportunity and we were watching for $116-$117 support to hold on ACWI-US. $116 support held perfectly and we expect upside to continue following 1+ month bull flag breakouts, followed by successful retests of support, on ACWI-US and the S&P 500. We also upgraded Germany to overweight in last w...
Opportunity Within Europe and Japan Our bullish outlook on global equities (MSCI ACWI) remains intact. We view this pullback as a buying opportunity and we are watching for $116-$117 support to hold on ACWI-US; this is an important resistance-turned-support level dating back to July 2024. Europe and Japan are on the cusp of major breakouts above critical resistance levels of 5000-5120 on the EURO STOXX 50 and 2740-2820 on the TOPIX. Europe has been consolidating for nine months, while Japan has...
TOKYO--(BUSINESS WIRE)-- Mitsubishi UFJ Financial Group, Inc. (NYSE:MUFG)(TOKYO:8306)(ISIN:JP3902900004)(MUFG) hereby announces that it has filed its Annual Report on Form 20-F for the fiscal year ended March 31, 2024 (the “Annual Report”) with the U.S. Securities and Exchange Commission on July 30, 2024. The Annual Report includes MUFG’s audited consolidated financial statements prepared under U.S. GAAP as of and for the fiscal year ended March 31, 2024. The Annual Report is available on our website at the following website address: In addition, all shareholders may receive a hard copy o...
TOKYO--(BUSINESS WIRE)-- Mitsubishi UFJ Financial Group, Inc. (NYSE:MUFG)(TOKYO:8306)(ISIN:JP3902900004)(MUFG) hereby announces that it has filed its Annual Report on Form 20-F for the fiscal year ended March 31, 2023 (the “Annual Report”) with the U.S. Securities and Exchange Commission on July 24, 2023. The Annual Report includes MUFG’s audited consolidated financial statements prepared under U.S. GAAP as of and for the fiscal year ended March 31, 2023. The Annual Report is available on our website at the following website address: In addition, all shareholders may receive a hard copy o...
At the beginning of every year we publish our PSA Perspective, a report intended as a long shelf-life look at the year ahead. This year Pelham Smithers discusses Japan's economy, the outlook for the stock market, and some stand-out themes and developments for the year. These include the digital yen and the demise of live action entertainment in Japan. We also update our noted PSA Focus List of stocks. Table of Contents Overview 3 Background: 4 Japan’s Economic Outlook 5 Ja...
TOKYO--(BUSINESS WIRE)-- Mitsubishi UFJ Financial Group, Inc. (NYSE:MUFG)(TOKYO:8306)(ISIN:JP3902900004)(MUFG) hereby announces that it has filed its Annual Report on Form 20-F for the fiscal year ended March 31, 2022 (the “Annual Report”) with the U.S. Securities and Exchange Commission on July 8, 2022. The Annual Report includes MUFG’s audited consolidated financial statements prepared under U.S. GAAP as of and for the fiscal year ended March 31, 2022. The Annual Report is available on our website at the following website address: In addition, all shareholders may receive a hard copy of t...
The general evaluation of MITSUBISHI UFJ FIN (JP), a company active in the Money Center Banks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date January 4, 2022, the closing pri...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
TOKYO--(BUSINESS WIRE)-- Mitsubishi UFJ Financial Group, Inc. (NYSE:MUFG)(TOKYO:8306)(ISIN:JP3902900004)(MUFG) hereby announces that it has filed its Annual Report on Form 20-F for the fiscal year ended March 31, 2021 (the “Annual Report”) with the U.S. Securities and Exchange Commission on July 9, 2021. The Annual Report includes MUFG’s audited consolidated financial statements prepared under U.S. GAAP as of and for the fiscal year ended March 31, 2021. The Annual Report is available on our website at the following website address: In addition, all shareholders may receive a hard copy of t...
TOKYO--(BUSINESS WIRE)-- Mitsubishi UFJ Financial Group, Inc. (NYSE:MUFG)(TOKYO:8306)(ISIN:JP3902900004)(MUFG) hereby announces that it has filed its Annual Report on Form 20-F for the fiscal year ended March 31, 2020 (the “Annual Report”) with the U.S. Securities and Exchange Commission on July 10, 2020. The Annual Report includes MUFG’s audited consolidated financial statements prepared under U.S. GAAP as of and for the fiscal year ended March 31, 2020. The Annual Report is available on our website at the following website address: In addition, all shareholders may receive a hard copy o...
Breakout probability on the rise The probability for a breakout for global equities (MSCI ACWI) has increased in the past week based on several positive technical developments which we highlight below. Still, there are several indicators that continue to tell us we are not yet out of the woods. • Emerging Markets. The MSCI EM index exhibits bullish price and RS reversals -- add exposure/market weight. This is a major positive for both EM and global equities as it is a characteristic consist...
TOKYO--(BUSINESS WIRE)-- Mitsubishi UFJ Financial Group, Inc. (NYSE:MUFG)(TOKYO:8306)(ISIN:JP3902900004)(MUFG) hereby announces that it has filed its Annual Report on Form 20-F for the fiscal year ended March 31, 2019 (the “Annual Report”) with the U.S. Securities and Exchange Commission on July 10, 2019. The Annual Report includes MUFG’s audited consolidated financial statements prepared under U.S. GAAP as of and for the fiscal year ended March 31, 2019. The Annual Report is available on our website at the following website address: In addition, all shareholders may receive a hard copy...
The U.S. Federal Reserve released the 2019 results from the Dodd-Frank Act stress tests, or DFAST, that serve to inform regulators, financial markets, and the general public how institutions' capital would withstand a hypothetical set of adverse economic conditions. All 18 of the banks subject to the stress tests this year performed adequately on the most commonly watched measure, the common equity Tier 1 capital ratio. Results were better than last year, with lower average loss rates, better av...
The U.S. Federal Reserve released the 2019 results from the Dodd-Frank Act stress tests, or DFAST, that serve to inform regulators, financial markets, and the general public how institutions' capital would withstand a hypothetical set of adverse economic conditions. All 18 of the banks subject to the stress tests this year performed adequately on the most commonly watched measure, the common equity Tier 1 capital ratio. Results were better than last year, with lower average loss rates, better av...
Mitsubishi UFJ Financial Group held a briefing for analysts and investors on May 20 to discuss its results for the year ended March. It was Kanetsugu Mike’s first appearance as chief executive of the group since he succeeded chairman Nobuyuki Hirano as CEO in April. We came away with a slightly negative impression as the group seems to lack sufficient urgency about cost reductions, in our view, despite the fact that its consolidated expense ratio rose more than 3 percentage points in the just-...
Mitsubishi UFJ Financial Group is Japan’s largest bank, with an 8.8% share of domestic loans and 11.2% of deposits as of December 2018. In Japan, the environment for banks has been tough for years, and we expect it to remain so. The long-running deflationary environment in the country has led to persistently low demand for loans, with the loan/deposit ratio having declined from 83% in 2000 to around 58% at present. The liabilities/net assets ratio for Japan’s approximately 1 million business...
Mitsubishi UFJ Financial Group’s (MUFG) 40%-owned Acom announced it is provisioning an additional JPY 39.4 billion for future losses on claims of overpaid interest, or kabarai, resulting in a loss of around JPY 15 billion in the March quarter. For MUFG, Acom’s provision should mean additional costs in the March quarter of around JPY 10 billion recognized as “other non-recurring losses†rather than as credit costs. We do not see the loss as likely to put MUFG’s achievement of its full-y...
Mitsubishi UFJ Financial Group’s (MUFG) 40%-owned Acom announced it is provisioning an additional JPY 39.4 billion for future losses on claims of overpaid interest, or kabarai, resulting in a loss of around JPY 15 billion in the March quarter. For MUFG, Acom’s provision should mean additional costs in the March quarter of around JPY 10 billion recognized as “other non-recurring losses†rather than as credit costs. We do not see the loss as likely to put MUFG’s achievement of its full-y...
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