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Japan banks' profits deteriorated due to BOJ negative rate policy, lobby group says

·1-min read
Coronavirus disease (COVID-19) outbreak in Tokyo

TOKYO (Reuters) - Japanese banks' profits have deteriorated due to a decline in interest rates caused by the Bank of Japan's negative rate policy, the head of a business lobby group said.

"The profits environment for financial institutions has clearly been in a deteriorating trend," said Kanetsugu Mike, who is also the head of Mitsubishi UFJ Financial Group Inc's banking unit.

The BOJ in December unveiled a plan to examine more effective ways to achieve its 2% inflation target, and said it would announce the findings of the review in March.

(Reporting by Takashi Umekawa; Editing by Kim Coghill)