Japanese Banks Pick Up the Slack
While U.S. and European banks are tightening their wallets as a result of the recent credit crisis, big banks in Japan are expanding. With a conservative attitude born out of the fires of bad loans from the 1990's through the earlier part of this decade, Japanese banks such as Mitsubishi UFJ Financial Group Inc. (MUFG), and Sumitomo Mitsui Financial Group Inc. (SMFG), have been posting rather slim losses from securities affected by the current plague of U.S. mortgage failings. Thanks to thrifty Japanese savers, and the current position of many U.S. and European lenders, Japanese banks have been stepping in…