June 18, 2020 / 6:42 AM / a month ago

Japan's banks face no immediate threat despite rising credit costs - lobby head

TOKYO, June 18 (Reuters) - Japanese banks are financially robust and there is no immediate threat to the sector and the financial system despite rising credit costs, the head of an industry lobby group said on Thursday.

The remark came after Japan’s three biggest banks - Mitsubishi UFJ Financial Group Inc, Sumitomo Mitsui Financial Group Inc and Mizuho Financial Group Inc - estimated a collective 1.1 trillion yen ($10.3 billion) of credit costs for this fiscal year amid the coronavirus pandemic. (Reporting by Takashi Umekawa; Editing by Chris Gallagher)

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