Japan bank CEOs are paid a fraction of what global rivals make

Jun 29, 2023 | News On Japan

Jun 29, 2023 (themalaysianreserve.com) - The chief executive officers of Japan’s deal-hungry megabanks are earning a fraction of their global peers, showing how the nation still frowns upon outsized pay packages even with profits forecast near a record.

Mitsubishi UFJ Financial Group Inc. CEO Hironori Kamezawa’s total compensation was 257 million yen ($1.8 million) for the year ended in March, including stock awards, according to a filing by Japan’s largest bank. Sumitomo Mitsui Financial Group Inc. CEO Jun Ohta received a total of 186 million yen, while Mizuho Financial Group Inc.’s chief Masahiro Kihara was paid 146 million yen.

The size of their paychecks is dwarfed by compensation in the US and other major markets. JPMorgan Chase & Co. CEO Jamie Dimon was paid $34.5 million last year, while HSBC Holdings Plc CEO Noel Quinn took home $7.1 million. In Singapore, DBS Group Holdings Ltd.’s Piyush Gupta was awarded about $11 million.

The Japanese banks’ relatively meager pay came after they posted some of the highest profits in recent years and embarked on a string of deals to beef up their presence across Wall Street. Culture plays a role in Japan, as lenders tend to be viewed as semi-public entities, while the infusion of government funds during the nation’s financial crisis in the late 1990s has left its mark. ...continue reading

Typhoon No. 25 Threatens Kanto and Izu Islands

Large Typhoon No. 25 was moving northwest over waters south of Japan at 3 p.m. on September 19 and is forecast to strengthen as it approaches Kanto and the Izu Islands from September 20 through September 21, bringing the risk of torrential rain, violent winds and further damage in areas still recovering from last year's typhoon.

Bear Sighting Raises Alarm at Popular Tokyo Hiking Spot

A black bear has been spotted near one of the most popular hiking trails on Mount Takao in western Tokyo, prompting authorities to urge visitors to take precautions ahead of the five-day Silver Week holiday and the approaching autumn foliage season.

Starbucks Considers Selling Majority Stake in Japan Business

Starbucks is considering selling a majority stake in its Japanese business, potentially valued at as much as $3 billion, or about 470 billion yen, as the U.S. coffee chain seeks to concentrate management resources on its struggling North American operations.

Halloween Jumbo Lottery Goes on Sale With 400 Million Yen Top Prize

Japan's Halloween Jumbo Lottery went on sale nationwide on September 16, offering a combined top payout of 400 million yen for the first prize and its adjacent-number prizes.

Shinkansen Introduces New Luxury Private Compartment

A new top-tier "Supreme Class" offering fully private compartments above the level of Green Car service will debut on the Tokaido and Sanyo Shinkansen on October 1, with passengers able to experience the new seating at a demonstration booth at Shin-Osaka Station.

MEDIA CHANNELS

MORE Business NEWS

Yen Strengthens Sharply as Intervention Warning Rattles Market

The yen strengthened by more than 1 yen against the dollar in a short period late on September 18 after the Bank of Japan conducted a rate check, a step commonly taken in preparation for possible intervention in the foreign exchange market.

Nikkei Rallies as BOJ Rate Hike Weakens Yen and Lifts AI Shares

Tokyo stocks rose sharply on September 18, with the Nikkei 225 climbing to around 65,350 in afternoon trading after the Bank of Japan raised interest rates to 1.25%, as the yen weakened and investors bought artificial intelligence and semiconductor-related shares.

BOJ Raises Policy Rate to 1.25% as Yen Weakens

The Bank of Japan raised its policy interest rate from 1.0% to 1.25% on September 18, lifting borrowing costs to their highest level in 31 years as policymakers moved to contain growing inflation risks, but the yen weakened sharply after the decision as markets focused on two dissenting votes and uncertainty over the pace of further increases.

Market Spreads: Understanding Bid-Ask Spreads, Trading Costs and Spread Strategies

A market spread is generally the difference between two market prices. Most commonly, traders use the term to describe the bid-ask spread: the difference between the highest price a buyer is currently prepared to pay and the lowest price a seller is prepared to accept.

Nikkei Rises as Fed Relief Fades Before BOJ Decision

Tokyo stocks rose on September 17, with the Nikkei 225 closing at 64,136, up 213.25 points, as investors bought selected technology, pharmaceutical, insurance and consumer-related shares after the Federal Reserve’s rate hike, though gains were capped by a stronger dollar, renewed yen weakness and caution before the Bank of Japan’s policy decision.

Gas Stations Decline Nationwide, Only 2 Left in Hakone

Hakone, one of the Kanto region's most popular tourist destinations, has been left with just two operating gas stations after a series of closures, prompting the town to provide more than 10 million yen in subsidies to help reopen a shuttered facility.

Halloween Jumbo Lottery Goes on Sale With 400 Million Yen Top Prize

Japan's Halloween Jumbo Lottery went on sale nationwide on September 16, offering a combined top payout of 400 million yen for the first prize and its adjacent-number prizes.

Japan Plans First Major Overhaul of Unlisted Share Inheritance

Japan's National Tax Agency is preparing a major overhaul of the way unlisted shares are valued for inheritance tax, a reform that could significantly affect business succession at profitable, asset-rich companies and would mark the first fundamental revision of the rules since they were introduced in 1964.

< 2 3 4 5 >