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Emerging-market, energy woes hit home for Japanese banks

MUFG President Nobuyuki Hirano, left.

TOKYO -- Profit at five of Japan's biggest banking groups fell in the year ended March 31 as overseas earnings growth that had propelled them slackened.

This downtrend, which is forecast to continue in the current fiscal year as the effects of the Bank of Japan's negative interest rates set in, marks a reversal from the good times the banks had enjoyed under Abenomics.

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