Top Japan Banks
|Date Added: December 06, 2010 03:26:12 PM|
|The Japanese economy has been successful throughout the years primarily due to the success of their thriving banking industry. Unlike many western countries, the Japanese banking industry is not heavily concentrated amongst an elite group of banks. Instead, competition is healthy and the stability and security of the banking industry relies on a diverse group of financial institutions. |
Japanese Banking Operations
Japanese banking operations differ significantly from the operations of western banks located in the U.S., Australia and Europe. Native Japanese banks typically provides services to their clients 5 days per week, Monday through Friday, however foreign banks located within Japan may retain their conventional operating hours. Although Japanese banks are somewhat localized, there are some that have expanded their operations globally (i.e. the Bank of Tokyo currently owns 113 international branches.) The following information outlines basic details about the Japanese banking industry and its top banks.
List of Major Japanese Banks
The top Japanese banks at the moment are (insert the word 'bank' after each bank's title):
• Bank of Kyoto
• Tokyo Tomin
Notice that the above list contains 17 banks, whereas most other developed countries have a core of 10 or less major banks. By promoting consistent competition in the banking industry, the Japanese government has successfully maintained and raised the value of their currency. After the devaluation of the Japanese currency more than three decades ago, Japan has recovered quite well using the aforementioned banking concepts.
Mergers and Foreign Banking in Japan
A number of foreign financial institutions have bank branches, offices and even headquarters located within Japan. For example, Lehman Brother (an American financial institution) has a headquarter office in Japan. Most of the major banks on the list above are in the process of, or have already conducted some sort of significant merger in order to strengthen the Japanese banking industry. Unlike many western countries, the competition in the Japanese banking industry is friendlier, with banks working together towards a common goal more frequently. Foreigners have the right to open an account in Japan as long as they have the appropriate credentials. Unfortunately, foreign cards can only be utilized at certain international ATMs, which are often found in locations like the airport and local post offices.