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Japan's top banks expected to hit 9-year profit high of $19bn

U.S. rate hikes boost earnings, but recession risk clouds outlook

Japan's three biggest banking groups are set to release fiscal 2022 earnings Monday. (Photo by Akira Kodaka)

TOKYO -- Japan's three biggest financial groups are expected to report roughly 2.5 trillion yen ($19 billion) in combined annual profits, the highest in nine years, as government support for businesses kept bad loans down and interest margins improved in the U.S.

All three companies -- Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group -- are projected to beat their initial net profit forecasts for the fiscal year ended in March. The banks are scheduled to release results Monday afternoon.

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