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    Takahiro Yano

    Research Analyst at JPMorgan

    Takahiro Yano is an equity analyst at J.P. Morgan Securities Japan Co., Ltd., with deep expertise covering major Japanese financial institutions, including JAPAN POST BANK, Chiba Bank, AOZORA BANK, and Rakuten Bank. As a lead banking sector analyst, he is a primary point of contact for investment research on listed Japanese banks, informing institutional and global investors. Yano has held the analyst role at J.P. Morgan Securities Japan for several years, with prior roles not publicly catalogued, and is recognized within the industry for his contributions to bank sector coverage but does not have widely published external rankings or proprietary performance metrics. He maintains all applicable regulatory credentials for Japanese equity analysts, including JFSA requirements.

    Takahiro Yano's questions to MITSUBISHI UFJ FINANCIAL GROUP (MUFG) leadership

    Takahiro Yano's questions to MITSUBISHI UFJ FINANCIAL GROUP (MUFG) leadership • Q2 2024

    Question

    Requested clarification on the one-off factors contributing to the high first-half ROE and what the base case ROE is, and asked if there are new drivers for the improvement in domestic corporate lending rates.

    Answer

    The high first-half ROE was influenced by one-off factors like the inclusion of 15 months of Morgan Stanley earnings and the front-loading of Treasury gains. A realistic full-year ROE, considering these factors and the FX impact, is estimated to be around 8%. The improvement in domestic lending spreads is not due to new drivers or anticipation of rate hikes, but rather consistent negotiation on every loan and a focus on high-margin deals like LBO and real estate finance.

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