Rakuten Bank CEO Sees BOJ Rate Hike by October Lifting Profit [BNN Bloomberg (Canada)]
RAKUTEN GROUP INC S/ADR (RKUNY)
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Source: BNN Bloomberg
Given the yen's fall against the dollar, the BOJ is likely to take action in October at the latest, Chief Executive Officer Hiroyuki Nagai said in a Bloomberg Television interview with Shery Ahn. “Now that the Bank of Japan has scrapped its negative interest rate policy, earnings and profits for financial institutions will increase significantly as interest rates rise,” Nagai said. “We've already begun to benefit, and we believe we will receive even more benefits than we do now if the BOJ continues to raise rates.” That may boost parent Rakuten Group Inc., which is increasingly relying on revenue from its banking unit to offset losses from a foray into mobile phones. The tech conglomerate has reported losses for five consecutive years as it struggles to turn the business around. Meanwhile, the banking unit's share price has doubled from its initial public offering in April 2023. Read More: Rakuten Considers Combining Financial Units; Shares Jump While Nagai does not expect bi
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