Mizuho unveiled a complex strategy that involves setting up a two-tier holding company next March.
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They are, from the top, Mitsubishi UFJ, MitsuiSumitomo, Mizuho, Resona, Sumitomo Trust, and ChuoMitsui Trust.
If Mizuho botches many more transactions, depositors might start pulling their money out in droves.
The bank had embarrassed Japan internationally, said Shintaro Ishihara, governor of Tokyo, which is Mizuho's largest depositor.
The group on the euro-denominated issue includes Barclays, Credit Agricole, Mizuho, and Nomura.
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"Price rises will ease, but will not head south, " said Jianguang Shen, chief China economist with Mizuho Securities Asia.
Second was Mizuho with JPY 147.2 billion and MitsuiSumitomo with JPY 137.6 billion.
Since April Mizuho's shares have risen by 40%, SMFG's are up by 25% and MUFJ's have gained around 10%.
Locals, such as Mizuho Corporate Bank and Aozora Bank, are also making loans.
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"The smartphone market has become diverse, but the iPhone still sets the agenda, " said Mizuho Investors Securities analyst Nobuo Kurahashi.
Shares in Mizuho, for example, the world's biggest bank by assets, halved in value, yet spreads on its bonds narrowed.
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"It's not that people want to buy JGBs today, it's that they have to buy, " said Mizuho Securities strategist Teruyoshi Sotome.
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Shares in Mizuho and UFJ, two of the country's biggest banks, have soared by 759% and 771%, respectively, from their low.
"This doesn't have anything to do with Abenomics, " said Yasunari Ueno, chief market economist at Mizuho Securities, referring to the output figures.
Mizuho Corporate Bank calculated the multiplier effects of this public works spending.
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In an emergency move on April 25th, the Bank of Japan extended the interbank settlement system by an hour, for Mizuho's benefit.
Complacency also played its part: utility companies that asked Mizuho to test debit systems before the launch were told this was unnecessary.
According to the bank, staff leaked information about share sales involving energy firm Inpex, Mizuho Financial Group and Tokyo Electric Power in 2010.
James Antos, a banking analyst at Mizuho Securities in Hong Kong, says CMB needs to do better in managing its cost of funding.
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Daisuke Karakama, market economist at Mizuho Corporate Bank, said he does not expect much improvement in prices over the next six to 12 months.
"The economy itself is picking up, although not as strongly as markets have been expecting, " said Yasuo Yamamoto, senior economist at Mizuho Research Institute.
It is reported that the transaction is being funded entirely by loans from four banks: Mizuho Financial, Sumitomo Mitsui Financial, Mitsubishi UFJ and Deutsche Bank.
"The biggest reason for the dollar's fall is the stock market, " said Dai Sato, senior vice president of the forex division at Mizuho Corporate Bank.
Banking shares were among the gainers in Japan, with Sumitomo Mitsui Financial Group up 2.2%, Mizuho Financial Group up 2.9% and Nomura Holdings 2.8% higher.
By placing its credit-card business and systems firm under the holding company, Mizuho would get handy income to help fill holes made by its banking operations.
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"What they're trying to do is to make sure this doesn't have any impact on the market, " Mizuho credit analyst Roger Francis said of the proposed rules.
Ten years ago, it would have been a lot easier to make such loans, when property prices and stockmarkets were higher, says Akihiro Saito of Mizuho Corporate Bank.
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Five-year bonds issued by Citigroup, America's largest financial firm on some measures, and a rather better credit than Mizuho on every measure, trade at about 50bps over Treasuries.
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They have grilled Mizuho's executives in parliament and threatened penalties.
As reported, Deutsche Bank is global coordinator, leading a bookrunning group on the dollar tranche of Bank of America, Barclays, Credit Agricole, Mizuho, Morgan Stanley, and Nomura.
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