Japanese banks scramble to beef up asset management business amid reforms push

Japanese banks scramble to beef up asset management business amid reforms push

High-rise buildings are seen at the Shinjuku business district during sunset in Tokyo, Japan, March 7, 2017. Picture taken March 7, 2017. REUTERS/Toru Hanai/File Photo

The Japanese government’s reform push for the country’s $5 trillion asset management industry has sparked a series of action plans from top Japanese banking groups to beef up their long-overlooked asset management business.