Japan’s banks have suffered another difficult year of falling down the Top 1000 World Banks ranking, as declines in Tier 1 capital and slow domestic economic performance weighed heavily on their results. Hampered by slow exports, the country recorded just 1.1% gross domestic product growth for 2022. In addition, the Japanese yen depreciated just over 9% against the US dollar, the base currency of the Top 1000 ranking.
Japan’s largest bank by Tier 1 capital, Mitsubishi UFJ Financial Group (MUFG), slips further down the main ranking this year, falling two places to 14th, after recording an 11.93% decline in Tier 1 capital. It has also plummeted in the overall best-performing banks ranking, falling from first place in 2022 to ninth this year, although it did manage to take second place for liquidity.
