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Japan Banking Outlook: Earnings Improvement Hinges On Economic Recovery May 11
Standard & Poors, May 2011
A delay in Japan's economic recovery could undermine efforts by the country's banks to improve their earnings. Standard & Poor's Ratings Services sees the Japanese economy slowing considerably in fiscal 2011 (ending March 31, 2012)--compared with 2.3% GDP growth in fiscal 2010--due to the impact of the Great East Japan Earthquake, which hit northeastern Japan on March 11, 2011. Although we see GDP growth recovering by mid-fiscal year from its plunge in the last quarter of fiscal 2010, any delay in recovery could impair the quality of bank loans. In addition, despite Japanese banks' efforts to diversify their revenue sources, we expect profitability to remain weak compared with other markets, amid sluggish loan demand and low interest rates. Besides the...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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