In its coverage of Thursday's Tokyo Stock Exchange activity, Bloomberg has quoted Koji Uchida, asset manager at Mitsubishi UFJ Asset Management Co., as he cautions investing in Japanese banks at this time and as Mitsubishi UFJ Financial Group Inc. (NYSE:MTU) shares lost .54% on the day (down as much as 2.16% intra-day) helping keep major indices down until afternoon trading. Here's what Uchida had to say:
• Profit-taking is continuing for bank stocks, and others as we await earnings results.
• Without any reasons to buy and no direction identified, the market may drop further.
• Bloomberg: Japanese banks such as Mitsubishi UFJ Financial Group Inc. led the [morning trading] decline as some investors deemed gains excessive given the outlook for earnings.
Click here for a link to the Bloomberg article.
MTU 1-yr chart: