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One quarter into the fiscal year ending March 2022, Japan's seven major banks achieved 41% of their full-year earnings guidance in April-June, making it likely that some banks will lift guidance when reporting interim earnings in late October or early November. We also expect share buybacks to recommence then, assuming the coronavirus pandemic gradually comes under control.
Mizuho Financial Group is roughly tied with megabank peer Sumitomo Mitsui Financial Group for the status as Japan's second- largest bank after Mitsubishi UFJ Financial Group. As of December 2020, Mizuho's market share of domestic loans was 7.5%, compared with 7.1% for SMFG and 8.5% for MUFG. In Japan, Mizuho has more of a corporate focus than SMFG, which has a larger retail business. Its overseas weighting is slightly smaller than that of MUFG. Unlike its two Japanese megabank peers that own foreign banks outright or hold noncontrolling stakes in local banks overseas, Mizuho expanded in recent years beyond its traditional Japanese borrowers, mainly through its core banking and securities units, focusing on the financing needs of global multinational corporations.
