In 1998, Tokyo built a wall between banks and industry. On 31 March 2026, the FSA started taking it down. Nobody has connected this to the cross-shareholding unwind running in the opposite direction. Keiretsu with extra steps.

https://gyokuro.dev/en/posts/keiretsu-with-extra-steps-en/

#Japan #banks #MUFG #SMFG #FSA #MandA #BOJ #macro