Japan’s banks get through quake, but tough times are ahead

Japan’s three megabanks — Sumitomo Mitsui Financial Group, Mizuho Financial Group and Mitsubishi UFJ Financial Group — will release their end of year results over the next few days and are expected to confirm they came through the year strongly, despite the earthquake and tsunami that hit the country in March. But projections for the year ahead are gloomy — and only Mitsubishi UFJ is expected to increase profits in the next fiscal year.