Japan’s biggest banks are nearing a key valuation level for the first time in almost a decade as investors bet that the Bank of Japan will raise interest rates on Friday and accelerate its normalisation of monetary policy.
MUFG, the country’s biggest bank by market capitalisation, is trading above its book value — the point at which investors value the bank as being worth at least as much as the assets on its balance sheet — according to Goldman Sachs data.
Its closest rival, SMFG, is trading at its book value, while Mizuho, the third-largest lender, is close to the same point after the banks’ share prices hit multiyear highs. Analysts said they believed the levels could be sustained as rates rise.
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