Japanese Banks and Life Insurance Firms Secure Latent Profits

Many major Japanese banks and life insurance firms will likely be able to secure latent profits on their holdings of domestic shares at the end of fiscal 2010 year on Thursday as the benchmark Nikkei stock average surged to retake 9,700 on Wednesday.

Of the three megabank groups, Mitsubishi UFJ Financial Group Inc. <8306> and Mizuho Financial Group Inc. <8411> are expected to secure latent profits if the Nikkei stays around 9,000-9,500. The threshold is believed to be at 8,000-9,000 for Sumitomo Mitsui Financial Group Inc. <8316>.

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