According to a Wall Street Journal article yesterday by Yuka Hayashi, "Japan's Banks, With Profits Up, Expand Abroad," (p. C4) Mizuho Financial Group (Tokyo: 8411), a so-called "mega-bank" and Japan's second largest bank "plans to apply to list its shares on the New York Stock Exchange (NYSE:NYX) before the end of September as part of its efforts to bring its accounting in line with global standards."
The Mizuho ads I've seen in the WSJ print edition over the past 9-months or so make sense now.
A quick look at Japanese banks in order of market capitalization size [latest share price in yen, in US$, yield, ttm P/E, market cap]:
1. Mitsubishi UFJ Fin. Grp. (NYSE:MTU) (Tokyo: 8306) 1,530,000 yen (US$13,660), 0.46%, 16.41 ttm P/E, US$141b market cap
2. Mizuho Fin. Grp. (Tokyo: 8411) 910,000 yen (US$8,125), 0.44%, 16.50 ttm P/E, US$97.5b market cap
3. Sumitomo Mitsui Fin. Grp. (Tokyo: 8316) 1,160,000 yen (US$10,357), 0.26%, 12.24 ttm P/E, US$77b market cap
*Data as of 05/24/06 Tokyo close; US$ share price and market cap converted at Y112/US$1; Source: Yahoo! Japan Finance
2-year chart comparing the 3 mega-banks: