Bank of Tokyo abandons JGB primary dealer role
Bank of Tokyo-Mitsubishi UFJ steps back from role citing “business optimisation”
Bank of Tokyo-Mitsubishi UFJ (BTMU) quit as primary dealer for Japanese government bonds (JGBs) on July 13, as banks remain under pressure in Japan's ultra-low rates environment.
The decision was taken as part of a new "business optimisation" process for the bank's sales and trading operations, Mitsubishi UFJ Financial Group, BTMU's parent organisation, said in a statement.
The departure of Japan's largest lender leaves 21 banks as primary dealers in the JGB market. These so-called "special
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