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Top Japan banks' upbeat forecast dimmed by U.S. worries

High interest rates and regional bank failures raise red flags in growth market

Japan's three top banks reported their highest combined annual profits in nine years on Monday. (Source photos by Reuters, Jiji and AP) 

TOKYO -- Japan's three biggest banking groups project robust profit growth for the year ending in March, but persistent concern over the U.S. banking system poses a potential risk to their rosy outlook. 

Consolidated net profit at Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group grew 5% to a nine-year high of 2.48 trillion yen ($18.2 billion) in fiscal 2022, thanks to a rise in both domestic and foreign lending along with favorable interest rate spreads abroad.

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