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Euromoney, December 10 2020

This is part of the Euromoney 25 Series

In global terms, Japan has had a complicated pandemic.

It was one of the first countries to be hit, one of the first to recover, one of the nations that has faced the most waves, but one where culture has been particularly relevant.

On one hand, it has long been quite normal for people to wear face-masks in Japan; on the other, there are few societies where working from home is less accepted.

As Japan’s biggest and most systemically important bank, MUFG is a barometer for the impact of Covid on the country’s financial system. In April 2020, 70% of the bank’s Japanese staff worked from home, an unprecedented level. Today the figure is around 50%, compared with 80% to 90% of its staff in the US and Europe.

The bank has reported a 30% year-on-year increase in the use of non-face-to-face channels, which has to be a good thing in a country that has tended to resist digital and stuck doggedly to cash, ATMs and branches.

Asked about MUFG’s response to Covid, Takayoshi Futae, chief executive officer of the global commercial banking business unit and chief operating officer for international businesses, highlights lending and social responsibility. So far, the bank has issued around ¥5 trillion ($48 billion) in new lending related to the pandemic.

“And if you include things like commitment lines, we are providing over ¥15 trillion in capital support domestically and overseas,” he says.

Read the full article here

Chris Wright
Chris Wright
Chris is a journalist specialising in business and financial journalism across Asia, Australia and the Middle East. He is Asia editor for Euromoney magazine and has written for publications including the Financial Times, Institutional Investor, Forbes, Asiamoney, the Australian Financial Review, Discovery Channel Magazine, Qantas: The Australian Way and BRW. He is the author of No More Worlds to Conquer, published by HarperCollins.

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