Japan

Morgan Stanley said it expects to record its highest-ever income from Japan as bets on a shift in the nation's monetary policy fuel a trading revival.

It's a challenge Japan's largest lender must overcome as it focuses on growing its corporate banking presence in the US, said Fumitaka Nakahama, the firm's head of global corporate and investment banking. 

Japan is one of the most cash-centric of all developed nations, with about 80% of consumer transactions conducted with paper or coins, but the pandemic triggered some shifts that Adyen wants to capitalize upon.

Despite Japan being a heavily cash-based economy, e-commerce has created significant opportunities for banks and mobile wallet providers.

Rakuten Inc. plans to raise 242 billion yen ($2.2 billion) by selling shares to investors including Tencent Holdings Ltd., Walmart Inc. and Japan Post Holdings Co., bankrolling expansions into AI, finance and mobile.

Japan has long been known for its heavy use of cash, which is a burden for banks that are trying to move more services online. Maintaining ATMs alone costs about 700 billion yen ($6.6 billion) annually and another 100 billion yen is spent handling cash at branch counters, Nomura Research Institute estimates.

Despite a culture of innovation, cash is still king in Japan. That paradox gives Japan a chance to leap ahead of other countries in payment innovation, says Fime's Takahide Kadoyama.

Chinese e-commerce giant JD.com Inc. said it plans to spin off its JD Logistics shipping business in a listing on the Hong Kong Stock Exchange.

Moscow-based JSC Post Bank has established a merchant acquiring agreement with JCB International to allow JCB cardholders to withdraw cash from all of the bank's ATMs and make payments at Post Bank point-of-sale terminals in Russia.

JCB International has entered an acquiring partnership with Riyad Bank to enable acceptance of JCB cards at merchant terminals and ATMs throughout Saudi Arabia.