Considered as the world’s third largest financial hub, Japan has a banking system that can boast of a strong economy. Its banking system is divided into various sectors, with each sector having special functionality and attributes. The main sector is the Central Bank of Japan, that enjoys absolute freedom and creates a major impact on the economy with its decisions. After the Central Bank, there are three Japanese megabanks, and finally money center banks. Online banking is a special banking sector which caters to the requirements of large population. And finally we have regional banks for the various regions of Japan. Let’s take a brief look at each of the banks.
The Central Bank, also known as “Nichigin” has its headquarters in Chuo, Tokyo. The bank was founded during the Meiji Restoration era in 1882, when the Yen was brought out as Japan’s new currency and now more than a hundred years on, it still occupies a powerful hold on the financial sector. The bank had undergone a re-establishment in 1942, only to be facing closure during the war time. However, it soon regained its operations in 1949 and now it is one of the most influential institutions of Japanese economy.
Big Banks
Mizuho Financial Group, the Mitsubishi UFJ Financial Group and the Sumitomo Mitsui Financial Group are known as megabanks of Japan. Mizuho bank has a number of branches and combined assets are estimated to be US dollars $1.44 trillion. This makes it one of the best banks in Japan, with a third rank in banking business and the ninth largest market capitalization of the world. With this status, it also hires 68,000 people from 30 countries worldwide and is currently listed as the 59th largest financial hub. The Mitsubishi, a banking group of Mitsubishi industries takes the lead over Mizuho, with an asset count of US$2.4 trillion. Because it is from the Mitsubishi industry, it receives phenomenal response globally. Not only this, it is ranked as the second largest banking sector worldwide. Sumitomo Mitsui Financial group holds an asset amount of US$1.3 trillion and therefore, is the second leading bank of Japan. Though it doesn’t have such a strong global presence like the other two, it still has 21,816 employees working, even though it was founded recently in 2002.
Major Bank Centers
Money center banks are Resona Holdings, Sumito Trust and Mitsui Trust Holdings, all having a top count on the top 10 banking list of Japan.
Online Banks
Online bankings are mostly subsidiaries of actual banks like Sumitomo, Sony Financial Holdings, 7-Eleven Holdings, and perform only internet banking. These online banks are meant to serve customers through digital banking, as the financial world banks itself on the online world.
Regional Banks
There are regional banks that cater to the needs of people living in rural regions. Out of these Aichi Bank, Akita Bank and Aomori Bank secures the top positions.
Interested in Japan, find what you are looking for at commercial banks guide.
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