Consolidation In Japanese Banking Sector Continues To Hit London

BANKS

LONDON--The consolidation of the Japanese banking sector entered a new phase last week, with news of two further institutions cutting back FX trading activity in London.

Despite the improving outlook for the Japanese economy, several Japanese banks have reduced their presence overseas in recent months in an effort to concentrate on domestic clients in the wake of the "Big Bang" financial deregulation reforms of April last year.

In the latest development, Daiwa Europe and Nikko Bank have joined

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