[MFG] Mizuho Financial Group: earnings preview on yen margins and the ¥1.4tn profit plan

Mizuho Financial Group is the Japanese bank holding company built around Mizuho Bank, and it runs five client-based businesses covering individuals and smaller companies, large Japanese corporates, overseas corporates, markets and asset management[1]. According to the Drillr earnings calendar, Mizuho will report on 2026-11-13 for April through September 2026, the first half of the fiscal year ending March 2027, which the company calls the first half of fiscal 2026 (2026年4-9月(截至2026年9月30日的上半财年,公司称2026财年上半年))[2]. In the latest disclosed first quarter, April to June 2026, consolidated gross profits under Japanese GAAP were ¥1.03 trillion, up 34% year on year, including ¥364.1 billion of net interest income; profit attributable to owners of parent was ¥422.9 billion, up 46%, and Mizuho Bank's loan-deposit margin was 1.27%, 0.23 percentage points higher than a year earlier[3]. Mizuho gives only a full-year plan and no separate first-half profit target: after the first quarter it raised its profit plan for the fiscal year ending March 2027 from ¥1.3 trillion to ¥1.4 trillion and guided to a ¥150 annual dividend per share, ¥75 at the interim and ¥75 at year-end[3]. The full-year analyst consensus compiled by Drillr is about ¥1.52 trillion of profit attributable and about ¥122.4 of earnings per share, but only 2 analysts supply the per-share figure, so the sample is very thin[4].

Three things matter most in this Mizuho earnings preview on yen margins and the profit plan. The first is whether the yen margin keeps widening: in the first quarter Mizuho Bank's loan yield was 1.60% and its deposit cost 0.32%, and the combined net business profits of the two domestic businesses, RBC and CIBC, were ¥235.2 billion, up 72%[3]; the half-year figures will show whether deposit costs have started to catch up with loan yields. The second is whether the overseas investment banking business can stop its profit decline: in the first quarter GCIBC gross profits grew only 1.3% while its expenses grew 12.9%, and its net business profits fell 11.7% to ¥95.5 billion[3]; the second quarter will test whether this is a deal-timing issue or costs running ahead of revenue for longer. The third is the quality of the ¥1.4 trillion plan: first-quarter profit already covered 30.2% of the full-year plan, but the markets business, GMC, earned ¥199.7 billion of net business profits, stock-related gains were ¥73.9 billion and credit costs were only ¥6.1 billion[3]; whether first-half profit reaches more than half of the full-year plan, with more of the gain coming from client businesses, will shape how the market judges the plan and the room for further buybacks.

Company Background and Business Structure

Mizuho Financial Group is a bank holding company that does its deposit and lending business mainly through Mizuho Bank and divides the group into five in-house companies by client type[1]. Its fiscal year ends on March 31, and it calls the fiscal year ending March 2027 fiscal 2026[3]. In the United States it reports through 20-F annual reports and 6-K filings: the consolidated statements in the 20-F use US GAAP, while the quarterly 6-K figures and the company's profit plan use Japanese GAAP, so profit figures on the two bases cannot be compared directly[1][3].

The five businesses are fairly evenly sized, and the two domestic businesses together account for about half of gross profits. In the fiscal year ended March 2026, RBC, which serves individuals, small and medium-sized enterprises and middle-market firms in Japan, earned ¥984.6 billion of gross profits; CIBC, which serves large Japanese corporations, financial institutions and public bodies, earned ¥739.2 billion; and GCIBC, which serves the overseas affiliates of Japanese companies and non-Japanese companies, earned ¥856.9 billion[1]. GMC, which takes market risk and runs sales and trading, earned ¥664.8 billion, and AMC, which develops and sells asset management products, earned ¥73.5 billion, for a group total of ¥3.52 trillion[1]. RBC and CIBC together make up about 49% and GCIBC about a quarter, which makes domestic interest rates and overseas investment banking the two main variables in Mizuho's profit.

Mizuho's balance sheet rests on yen deposits, which it deploys into loans and a securities portfolio. At the end of June 2026 consolidated deposits were ¥165.3 trillion, and Mizuho Bank had ¥100.8 trillion of loans and ¥160.3 trillion of deposits[3]. At the same date the consolidated book value of "other securities" was ¥42.8 trillion, including ¥20.6 trillion of Japanese government bonds, ¥14.1 trillion of foreign bonds and ¥3.1 trillion of Japanese stocks, with ¥2.39 trillion of unrealized gains on the stocks[3]. The group is reducing cross-shareholdings under a three-year plan running to March 2028 and sold ¥114.6 billion at acquisition cost last fiscal year; separately, Mizuho Bank and Rakuten Bank signed a capital and business alliance on May 20, 2026, under which Mizuho Bank was to receive 10.52% of Rakuten Bank's common shares on October 1, 2026 in exchange for its Rakuten Card shares[1].

Financial History and Current Position

On the US GAAP basis of the annual report, Mizuho's profit fell and then recovered over the past three fiscal years. Net income attributable to shareholders fell from ¥912.5 billion in the fiscal year ended March 2024 to ¥593.4 billion in the fiscal year ended March 2025, a year with a ¥181.9 billion loss on equity investments, and then rose to ¥1.16 trillion in the fiscal year ended March 2026[1]. Over the same period net interest income grew from ¥1.20 trillion to ¥1.69 trillion, the provision for credit losses rose from ¥47.1 billion to ¥188.5 billion, and the dividend per share increased from ¥105 to ¥145[1].

On the Japanese GAAP basis the company uses for management, the fiscal year ended March 2026 was also a year of expansion driven by higher rates. Consolidated gross profits rose by ¥549.9 billion to ¥3.52 trillion, expenses rose by ¥237.1 billion to ¥2.09 trillion, and consolidated net business profits therefore rose by ¥316.8 billion to ¥1.46 trillion[1]. Profit attributable to owners of parent for that year was ¥1.2486 trillion[4], and the full-year dividend was ¥145 per share, ¥72.50 at the interim and ¥72.50 at year-end[3].

The first quarter of the current fiscal year kept revenue growing faster than expenses, and capital improved at the same time. In April to June 2026 consolidated gross profits were ¥1.03 trillion, up ¥262.0 billion year on year, expenses were ¥505.9 billion, up ¥45.2 billion, consolidated net business profits were ¥532.4 billion and profit attributable was ¥422.9 billion, against ¥290.5 billion a year earlier[3]. At the end of June 2026 consolidated deposits were ¥165.3 trillion, slightly below ¥165.9 trillion at the end of March[3]; the Common Equity Tier 1 ratio on the international standard was 13.51%, 0.35 percentage points higher than at the end of March, and risk-weighted assets were ¥82.2 trillion[5]. Banks are not judged on operating cash flow, and the more direct measure of capital return is the buyback of up to ¥100 billion announced in May 2026, executed from May 18 to August 31[1].

Operating Model

Mizuho's revenue breaks down into margin income, fees and market gains. Consolidated gross profits roughly equal net interest income (the loan-deposit margin times loan balances, plus returns on surplus funds and securities, minus overseas foreign-currency funding costs) plus fee income plus trading and other operating income. Of the ¥1.03 trillion of gross profits in April to June 2026, net interest income was ¥364.1 billion, net fee and commission income ¥266.4 billion, net trading income ¥276.6 billion and net other operating income ¥102.7 billion[3]. By business, the domestic RBC and CIBC earn mainly the yen loan-deposit margin and solution income, GCIBC earns overseas lending margins and capital markets fees, and GMC earns sales and trading and portfolio income[1].

Profit is gross profits minus expenses, adjusted twice more for stock-sale gains and credit costs. Net business profits equal gross profits minus personnel, system and branch expenses, plus equity-method income; profit attributable then adds stock-related gains, subtracts credit costs, adds or subtracts other and extraordinary items and deducts income tax. In April to June 2026 expenses were ¥505.9 billion, equity-method income ¥21.0 billion, net business profits ¥532.4 billion, stock-related gains ¥73.9 billion, credit costs ¥6.1 billion and ordinary profits ¥598.9 billion, leaving ¥422.9 billion of profit attributable[3]. Rate increases reach this chain with a lag: floating-rate loans reprice relatively quickly while deposit rates adjust more slowly, so the margin widens first and the question afterward is whether deposit costs catch up.

A bank's cash flow is set by deposits and funding, so distributable capital is the more meaningful measure. Distributable capital is roughly profit attributable minus the capital needed to support growth in risk-weighted assets; the company's policy is to raise the dividend per share by about ¥5 each year and to decide buybacks based on results, capital adequacy, its share price and growth investment opportunities, using a total payout ratio of 50% or more as a guide[1]. At the end of June the CET1 ratio was 13.51% and risk-weighted assets were ¥82.2 trillion, and these two figures determine how much of profit can be returned to shareholders[5].

Industry and Competitive Position

Mizuho is usually grouped with Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group as one of Japan's three megabank groups, and its large domestic deposit base makes it a direct beneficiary of higher yen rates. In the fiscal year ended March 2026 Mizuho's average domestic loan yield rose 0.28 percentage points to 1.51% while its average domestic deposit rate rose only 0.18 percentage points to 0.36%; over that period the Bank of Japan guided the uncollateralized overnight call rate to around 0.5% in September 2025 and around 0.75% in December 2025, and the 10-year Japanese government bond yield rose from 1.490% to 2.354%[1]. Both RBC and CIBC attributed last year's gross profit growth mainly to better deposit income from higher yen rates[1].

Overseas growth and channel partnerships are Mizuho's two expansion paths beyond the domestic rate tailwind, but overseas efficiency remains a weak spot. Last fiscal year GMC gross profits grew 30.7%, mainly from sales and trading in the Americas, while GCIBC gross profits grew 5.8%, its expenses 10.2% and its net business profits only 0.6%[1]. At home, the Mizuho Bank and Rakuten Bank alliance is framed as a new credit-creation model built on cooperation between a megabank and a digital bank[1]. The disclosures cited here cover only Mizuho and include no peer segment profit or expense data, so Mizuho's overseas profitability cannot be compared numerically with the other two megabanks.

Core Debates

As the Bank of Japan keeps raising rates, can Mizuho keep widening its yen loan-deposit margin and the profits of its two domestic businesses through the first half of the fiscal year?

This question is central because the yen margin is the main source of Mizuho's earnings jump and the most durable part of the full-year plan. RBC and CIBC contribute about half of gross profits; last fiscal year their net business profits grew 69.2% and 23.1% to ¥237.5 billion and ¥499.7 billion, and the company attributed most of the increase to better deposit income from higher yen rates[1]. If the margin keeps widening, the base of the ¥1.4 trillion plan is firmer; if it stalls, the plan leans more on market gains.

The latest evidence shows the margin still widening, but deposit costs have also risen noticeably. In April to June 2026 Mizuho Bank's loan yield was 1.60%, its deposit cost 0.32% and its loan-deposit margin 1.27%, 0.23 percentage points above 1.04% a year earlier, while the deposit cost was 0.15 points above the prior-year 0.17%[3]. Consolidated net interest income was ¥364.1 billion, up 20.8%, and RBC and CIBC together earned ¥235.2 billion of net business profits, against ¥136.6 billion a year earlier[3] and ¥737.2 billion for the whole of last fiscal year[1]. In the same quarter the company lifted its Japanese government bond holdings from ¥14.9 trillion to ¥20.6 trillion, moving surplus funds into higher yields[3].

The transmission path is clear, but the first quarter may be a temporary high. After a policy rate increase, floating-rate loans reprice first and deposit rates follow with a lag, Mizuho Bank's margin widens and surplus deposits move into higher-yielding JGBs, which lifts deposit income at RBC and CIBC, their net business profits and finally consolidated net business profits and profit attributable. The alternative reading is that deposit rates are lagging rather than staying put, so if deposit costs accelerate or deposits move to banks raising rates more aggressively, margin expansion will slow; last fiscal year's average domestic deposit rate was 0.36%[1], which is measured differently from the quarterly deposit cost and cannot settle the trend on its own.

The half-year report can test this debate in three ways. First, whether Mizuho Bank's first-half loan-deposit margin is above the first quarter's 1.27%; second, whether the rise in deposit costs is smaller than the rise in loan yields and deposit balances are stable; and third, whether RBC and CIBC first-half net business profits reach more than twice the first quarter's ¥235.2 billion[3]. If faster deposit-cost increases or deposit outflows leave the margin flat or narrower, or if the two domestic businesses earn less than twice their first-quarter profit in the first half, the current reading that the margin is still widening would be weakened.

Can Mizuho's spending on its overseas corporate and investment banking business start producing revenue growth faster than its costs in the first half of the fiscal year?

Overseas investment banking decides whether Mizuho can keep growing after the rate cycle peaks. GCIBC is Mizuho's second-largest business, contributing about a quarter of gross profits, and it is the main vehicle for expanding investment banking in the Americas[1]. Right now its expenses are growing faster than its revenue and its profit has started to fall, so whether this business turns around will directly shape how the market judges Mizuho's growth outside Japan.

Costs ran further ahead of revenue in the first quarter. Last fiscal year GCIBC gross profits were ¥856.9 billion, up 5.8%, mainly from capital markets income and credit-related fees, but expenses grew 10.2% to ¥510.6 billion and net business profits grew only 0.6% to ¥367.7 billion[1]. In April to June 2026 GCIBC gross profits were ¥232.8 billion, up only 1.3%, expenses were ¥143.8 billion, up 12.9%, and net business profits fell 11.7% to ¥95.5 billion from ¥108.1 billion a year earlier[3].

The financial transmission is direct, but first-quarter weakness may not be a trend. Overseas spending on people and platforms enters GCIBC expenses first and only later shows up in segment gross profits through lending margins, credit fees and capital markets income such as underwriting and M&A advisory, and then in segment and consolidated net business profits. The alternative reading is that capital markets income is recognized when deals close, so a weak first quarter could simply reflect timing, and expenses may also include yen translation effects; if underwriting and M&A revenue recovers in the second quarter, the profit decline would be temporary. The quarterly 6-K does not disclose local-currency growth for the overseas business, so the data cannot yet tell these readings apart.

The half-year report needs to show whether overseas spending is starting to pay off. The points to watch are whether first-half GCIBC gross profit growth returns to at least the pace of expense growth, whether second-quarter net business profits alone exceed the first quarter's ¥95.5 billion, and how the company explains capital markets income and currency effects in expenses[3]. If expense growth stays above 10%, gross profit growth stays below 5% and segment profit keeps falling, the view that the spending is about to pay off would be falsified.

Can Mizuho deliver more than half of its raised ¥1.4 trillion full-year profit target in the first half, with more of the gain coming from client businesses rather than markets and stake sales?

Whether the profit plan is met, and where the increase comes from, directly sets future buyback size and the sustainability of earnings. After the first quarter Mizuho raised its full-year plan from ¥1.3 trillion to ¥1.4 trillion, an increase of 7.6%[3], and it sets dividends and buybacks under a total payout ratio guide of 50% or more[1]. If the increase comes mainly from client businesses, the plan is of higher quality; if it relies mainly on markets and stock-sale gains, it is more exposed to market swings.

First-quarter progress is ahead of pace, but a sizable part came from items that are hard to repeat. First-quarter profit attributable was ¥422.9 billion, up 46%, covering 30.2% of the full-year plan, against ¥1.2486 trillion for the whole of last fiscal year[3][4]. Consolidated net business profits were ¥532.4 billion versus ¥312.0 billion a year earlier; within that, GMC net business profits were ¥199.7 billion, versus only ¥73.5 billion a year earlier, already close to 77% of last fiscal year's full-year ¥259.9 billion[3][1]. In the same quarter the two banks booked ¥35.5 billion of bond-related gains, consolidated stock-related gains were ¥73.9 billion and credit costs were only ¥6.1 billion, compared with an ¥11.4 billion net reversal a year earlier[3].

The quality of the plan depends on how much comes from client businesses versus market gains. Client business profits (RBC, CIBC, GCIBC and AMC) plus GMC market gains make up consolidated net business profits; adding cross-shareholding sale gains and subtracting credit costs gives ordinary profits, and after tax this becomes profit attributable, which sets progress against the ¥1.4 trillion plan and the room for dividends and buybacks under the 50%-plus total payout guide. The alternative reading is that first-quarter market gains and low credit costs are both hard to repeat, so if market income falls back in the second quarter, first-half profit may reach only about half of the plan, and the upgrade would rest more on steady domestic margin growth. The 13.51% CET1 ratio at the end of June provides the capital for buybacks, but their size ultimately depends on profit[5].

The half-year report will test this debate on both the amount and the mix of profit. The points to watch are whether first-half profit attributable is at least twice the first quarter and the full-year plan is kept or raised, the share of GMC net business profits and stock-related gains in first-half profit, and whether credit costs stay low and the company announces a new buyback[3]. If first-half profit is below half of the full-year plan or the plan is cut, or if the plan is met mainly through markets and stock sales while client business growth slows, the current view of the plan's quality would be weakened.

Risks and Falsifiers

The first risk is interest rate risk in the securities portfolio, which hits capital first and could then hit profit. At the end of June 2026 the group's foreign bonds carried ¥363.8 billion of unrealized losses and its Japanese government bonds ¥56.3 billion, and JGB holdings rose by about ¥5.7 trillion in the first quarter, so further rises in long-term rates would widen the paper losses[3]. Unrealized losses go through other comprehensive income and affect capital; if loss-making bonds are sold to rebalance, they become realized bond-related losses that reduce profit directly. If combined unrealized losses on foreign bonds and JGBs at the end of September are not clearly above the roughly ¥420 billion at the end of June, this risk has not materialized.

The second risk is execution on strategic investments and alliances, whose accounting effects have not yet appeared in the financial statements. Mizuho Bank exchanged its Rakuten Card shares for 10.52% of Rakuten Bank's common shares on October 1, 2026[1]; the transaction may produce a one-time gain or loss and will change equity-method income. If the alliance does not bring the expected lending and deposit business, the return on the investment may be lower than hoped. If the half-year report or later materials clearly disclose the transaction's gain or loss without a change to the profit plan, this risk can largely be ruled out.

The third risk is deposit competition, which acts directly on the margin. After rate increases, regional and online banks have raised time deposit rates, so Mizuho may be forced to raise its deposit rates faster or lose demand deposits. Mizuho Bank has about ¥160 trillion of deposits, and each additional 0.05 percentage point rise in deposit cost adds about ¥80 billion of annual interest expense, roughly a third of RBC and CIBC's combined first-quarter net business profits[3]. If the first-half rise in deposit costs is smaller than the rise in loan yields and deposit balances stay stable, this risk has not materialized.

The fourth risk is that overseas expansion costs come first and revenue may lag for a long time. Spending on people and systems for the Americas investment banking platform keeps growing, while capital markets income follows the deal cycle. In the first quarter GCIBC expenses rose ¥16.4 billion year on year while gross profits rose only ¥3.0 billion[3]; if that gap held for the full year, the segment's net business profits would be about ¥50 billion below last fiscal year's ¥367.7 billion[1]. If first-half GCIBC gross profit growth is at least as fast as expense growth, this risk is falsified.

The fifth risk is a fall in market income, which decides whether the first quarter's fast progress can continue. First-quarter GMC profit and bond trading gains were elevated and could drop sharply if rates or market volatility change. GMC earned ¥199.7 billion of net business profits in the first quarter; if the second quarter returned to the prior-year level of ¥73.5 billion, first-half consolidated net business profits would be about ¥126 billion lower, or about ¥90 billion less profit attributable after tax[3]. If first-half GMC net business profits are at least ¥399.4 billion, or client business gains are large enough to offset a fall in market income, this risk has not materialized.

The sixth risk is a rebound in credit costs, the variable most easily underestimated in the first quarter. First-quarter credit costs were only ¥6.1 billion[3], far below last fiscal year's US GAAP provision of ¥188.5 billion[1], and a single large borrower or a turn in the overseas credit cycle could bring concentrated provisions. Each extra ¥50 billion of first-half credit costs would cut pre-tax profit by about ¥50 billion, equal to about 3.6% of the ¥1.4 trillion full-year plan. If first-half credit costs do not exceed ¥30 billion, this risk has not materialized.

What to Watch Next

• Yen margin: Mizuho Bank's loan-deposit margin was 1.27% in April to June 2026, against 1.04% a year earlier. A first-half margin above 1.27% would confirm the widening; a flat or narrower margin would weaken it.
• Deposit costs and balances: the deposit cost was 0.32% and Mizuho Bank deposits were ¥160.3 trillion. A rise in deposit cost smaller than the rise in loan yields, with stable deposits, would confirm the current reading.
• Domestic profits: RBC and CIBC earned ¥235.2 billion combined in the first quarter. First-half profits of ¥470.4 billion or more would confirm; anything less would weaken.
• GCIBC growth gap: first-quarter gross profits grew 1.3% against 12.9% expense growth. Gross profit growth at least matching expense growth would confirm; expense growth above 10% with gross profit growth below 5% would falsify.
• GCIBC quarterly profit: ¥95.5 billion in the first quarter. A second quarter above ¥95.5 billion would confirm.
• Plan progress: first-quarter profit attributable was ¥422.9 billion, or 30.2% of the plan. First-half profit of at least ¥845.8 billion with the plan kept or raised would confirm; less than ¥700 billion or a cut would falsify.
• Market share of profit: GMC earned ¥199.7 billion and stock-related gains were ¥73.9 billion. Client business gains offsetting a fall in market income would confirm the plan's quality.
• Credit costs and buybacks: first-quarter credit costs were ¥6.1 billion. First-half credit costs of no more than ¥30 billion would confirm.

Conclusion

Mizuho's earnings are now driven by three forces, the yen margin, overseas investment banking and market income, and they are not equally durable. First-quarter profit attributable was ¥422.9 billion, up 46%, Mizuho Bank's loan-deposit margin widened to 1.27%, profits at the two domestic businesses rose 72% and the CET1 ratio rose to 13.51%[3][5]. Yet in the same quarter GMC contributed ¥199.7 billion of net business profits while GCIBC profit fell 11.7%[3], so the central unresolved relationship is how much of the ¥1.4 trillion full-year plan rests on repeatable domestic margin income and how much on market gains that are hard to repeat.

Outside views after the first-quarter results lean positive, but they rest on different grounds. According to Kabutan, Daiwa Securities thinks Mizuho's full-year profit attributable will reach ¥1.45 trillion, above the company's raised ¥1.4 trillion plan, and anticipates additional buybacks this fiscal year[6]; this maps to the debate on plan quality and assumes first-half profit reaches roughly twice the first quarter without leaning too heavily on markets and stock sales. According to AASTOCKS, Goldman Sachs raised its earnings forecasts for Japanese banks on the assumption that the Bank of Japan raises rates by 25 basis points each in September 2026 and January 2027, favors rate-sensitive banks with low funding costs and sees Mizuho as having a competitive edge in large-corporate lending and capital markets[7]; this maps to the yen margin debate. Both views share a bet on continued domestic earnings growth, but Daiwa focuses on the full-year profit total while Goldman focuses on whether rate increases keep turning into margin; both are sell-side interpretations rather than facts, and neither addresses overseas investment banking costs running ahead of revenue.

From here, it would take several observations together to materially change the current understanding. If the first-half loan-deposit margin is above 1.27%, deposit costs rise less than loan yields, RBC and CIBC profits reach more than twice the first quarter, GCIBC gross profit growth catches up with expense growth, and first-half profit attributable is at least twice the first quarter with credit costs within ¥30 billion, the view that client businesses carry the profit plan would be clearly strengthened. Conversely, if the margin is flat or narrower, GMC income falls back without client businesses filling the gap, overseas expense growth stays above 10%, or the full-year plan is cut, the current understanding would be clearly weakened.

Sources

[1] MFG 20-F filed 2026-06-26 · 2026-06-26 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001335730&type=20-F&dateb=&owner=include&count=40

[2] Drillr earnings call calendar MFG retrieved 2026-11-04 · 2026-11-04 · Drillr earnings call calendar

[3] MFG Q1 FY2026 6-K filed 2026-07-30 · 2026-07-30 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001335730&type=6-K&dateb=&owner=include&count=40

[4] Drillr analyst estimates MFG fiscal year ending 2027-03-31 retrieved 2026-11-04 · 2026-11-04 · Drillr analyst estimates · https://gateway.drillr.ai/mcp/private

[5] MFG capital adequacy 6-K filed 2026-08-14 · 2026-08-14 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001335730&type=6-K&dateb=&owner=include&count=40

[6] Kabutan on Daiwa Securities view of Mizuho 2026-08-25 · 2026-08-25 · Kabutan(MINKABU PRESS) · https://s.kabutan.jp/news/n202608250722/

[7] AASTOCKS on Goldman Sachs Japanese banks note 2026-09-10 · 2026-09-10 · AASTOCKS · https://www.aastocks.com/tc/stocks/news/aafn-con/NOW.1543787/latest-news/AAFN