Japanese Fiscal 1999: Bank Profits Down As Foreign Competition Consolidates Position
JAPANESE RESULTS
TOKYO--Profits for most Japanese banks in foreign exchange trading were down last year, as incoming international banks consolidated their position and increased their market share in the sector.
Masamichi Yasuda, chief FX dealer at Bank of Tokyo-Mitsubishi in Tokyo, says the extra competition has meant lower profit margins in forex--despite the volatility of the yen and a recovering economy in Japan.
During the fiscal year ending March 31, 2000 the yen traded between JPY103/$ and JPY125/$.
Compet
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