三菱日联George Goncalves、Agron Nicaj和Tarun Chandanala等人组成的团队在报告中写道，除周三反对 维持利率不变的美联储理事沃勒和米兰外，"联邦公开市场委员会(FOMC)似乎并不急于降息"，他们预 测第二季度将降息50个基点，第三季度降息25个基点。 【三菱日联下调对美联储今年降息次数的预测，料首次将在4月】三菱日联策略师将对美联储今年降息 次数的预测从四次下调至三次，并预计第一次降息将在4月进行。 ...

在长期低息环境中，日欧银行业呈现出多样化的生存路径。日本方面，在银行业金融机构合并重组 的背景下，城市银行通过国际化与综合化经营构建了不依赖净息差的盈利模式，地区银行则依靠本 土深耕与业务多元化保持稳健。欧洲方面，瑞士与法国通过发展非息收入降低对息差的依赖；南欧 国家虽实现危机后修复，但仍面临盈利韧性的考验；荷兰与德国在业务转型有限的背景下，因风控 能力差异而表现悬殊。两地经验表明，银行业在低息环境中没有统一模板，关键在于推动业务结构 转型、全球化资产配置、完善风险管理体系并推进市场化重组。对中国银行业而言，应结合自身资 源禀赋，在业务转型、风险管控、国际化与运营效率之间寻求有效平衡，以应对低息差的长期挑战。 本文将分别剖析日本与欧洲银行业的转型实践，并探讨其对中国的启示。 www.lhratings.com 研究报告 1 低息差环境下的银行业生存图景： 日本与欧洲的转型路径 联合资信 金融评级一部 |吴雨柠 一、 日本篇：低息差环境下的生存智慧 （一） 日本银行业机构概况 日本银行业主要由城市银行、地区银行以及地区银行 II 等构成（图 1.1）。城市银 行规模庞大，总部设于主要城市；地区银行业务范围主要集 ...

Asian equities edged lower as tariff concerns resurfaced after President Donald Trump threatened to raise levies on South Korean goods. The yen held its gains.The Kospi Index, one of the world's best-performing benchmarks this year, fell 0.9%, while the South Korean won weakened after four days of gains. Japanese shares fell for a second day, weighed down by a stronger yen.The yen traded near around 154 per dollar after gaining on the greenback over the past two sessions amid speculation the US may coordina ...

Mitsubishi UFJ Financial Group's (MUFG) trust banking arm aims to double alternative assets under management in its own funds to around 1.6 trillion yen ($10 billion) over four years, an executive sai... ...

Core Viewpoint - Mitsubishi UFJ Financial Group (MUFG) has announced that its registered broker-dealer, MUFG Securities Americas, Inc. (MUSA), has been designated as a Primary Dealer by the Federal Reserve Bank of New York, highlighting MUFG's financial strength and commitment to the U.S. market [1][3]. Group 1: Company Overview - MUFG is one of the world's largest financial groups, with a history spanning over 360 years and a global presence of approximately 2,000 locations in more than 40 countries [6]. - The MUFG Group employs around 150,000 individuals and offers a wide range of services, including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing [6]. - MUFG's shares are traded on the Tokyo, Nagoya, and New York stock exchanges [6]. Group 2: Primary Dealer Designation - MUSA will act as a trading counterparty with the New York Fed, participating in open market operations, supporting U.S. Treasury securities at auctions, and providing market intelligence and analysis [2]. - To qualify as a Primary Dealer, MUFG was required to demonstrate a substantial market-making presence and maintain a back office capable of supporting expected settlement volumes [3]. Group 3: Commitment to the U.S. Market - MUFG has been a significant investor in the U.S. for over 140 years, emphasizing its long-term commitment to the market [3]. - The designation as a Primary Dealer underscores MUFG's role in supporting the stability, liquidity, and efficient functioning of the U.S. Treasury market [3].

Core Insights - The article emphasizes the focus on value investing in Asia, particularly in Hong Kong, targeting stocks with significant discrepancies between market price and intrinsic value [1] - It highlights two main categories of investment opportunities: deep value balance sheet bargains and wide moat stocks, which are characterized by their strong competitive advantages [1] Group 1: Investment Strategy - The research service aims to identify deep value stocks, such as net cash stocks and low price-to-book (P/B) ratio stocks, which are available at a discount [1] - It also seeks wide moat stocks, which are high-quality businesses with sustainable competitive advantages, often referred to as "Magic Formula" stocks [1] Group 2: Market Focus - The primary market of interest is the Asian equity market, with a specific emphasis on Hong Kong-listed stocks [1] - The service provides monthly updates and watch lists to assist investors in tracking potential investment opportunities [1]

Core Insights - The article emphasizes the focus on value investing in Asia, particularly in Hong Kong, targeting stocks with significant discrepancies between market price and intrinsic value [1] - The investment strategy includes identifying deep value balance sheet bargains and wide moat stocks, which are characterized by strong competitive advantages and high-quality business models [1] Group 1: Investment Strategy - The service aims to provide value investors with opportunities in Asia-listed stocks that are undervalued, specifically looking for net cash stocks, low price-to-book (P/B) ratios, and sum-of-the-parts discounts [1] - The approach also includes identifying "Magic Formula" stocks and hidden champions that exhibit strong earnings potential at discounted prices [1] Group 2: Market Focus - The primary market of interest is the Hong Kong equity market, where the analyst has over a decade of experience on both buy and sell sides [1] - Monthly updates and watch lists are provided to keep investors informed about potential investment opportunities [1]

伦敦金属交易所(LME)期铜下跌0.6%，至每吨12,786美元，此前在本周早些时候，受供应收紧和美国关 税不确定性的担忧影响，期铜曾飙升至纪录新高。 1月8日（周四），铜价回落，随着交易商锁定利润，价格跌破每吨13,000美元的关口。 （文华综合） 三菱日联(MUFG)的Soojin Kim表示："虽然铜的长期前景依然看涨，但此轮涨势的速度（去年上涨超过 40%，为2009年以来最强劲的涨幅）已经加大了随着获利了结出现而大幅回调的风险。" ...

Core Viewpoint - The global dollar bond issuance is expected to accelerate following a significant surge to $61 billion on a single day, marking the highest level in nearly a year [1] Group 1: Market Activity - Asian borrowers are actively entering the market, with Japan's two major banks, Sumitomo Mitsui Trust and MUFG, collectively issuing $8 billion in bonds at the beginning of the week [1] - Saudi Arabia completed a $11.5 billion transaction on the same day, contributing to the highest daily issuance of dollar-denominated debt since January 2025 [1] Group 2: Demand and Economic Environment - Demand for dollar bonds remains strong, supported by a relatively stable economic environment in Asia [1] - Omar Slim, Co-Head of Asian Fixed Income at PineBridge Investments, noted that while there may be some widening of spreads due to the current levels and increased issuance, a significant expansion of spreads is not anticipated [1]

NEW YORK, Dec. 31, 2025 /PRNewswire/ -- Mitsubishi UFJ Financial Group (MUFG), one of the 10 largest global financial groups, today announced that Carolyn DuChene has been elected to the board of directors for MUFG Americas Holdings Corporation and the MUFG U.S. Advisory Board, effective January 1, 2026. Ms. DuChene has nearly four decades of experience in bank supervision, regulatory affairs, and risk management. She retired from MUFG in 2025 after serving as Managing Director and Head of Regulatory Operat ...