By Sabela Ojea

The ADRs of Japan's largest banks dropped Friday after the country's central bank maintained its policy of negative interest rates.

The Bank of Japan left short-term interest rates unchanged at minus 0.1%, and maintained the cap on 10-year government bond yields at 0.5%, which both hurt the commercial banks's ability to earn profits.

Sumitomo Mitsui Financial Group Inc., Mizuho Financial Group Inc., and Mitsubishi UFJ Financial Group Inc. saw their ADRs trade 7.4%, 5.7% and 7% lower, respectively.

Sumitomo Mitsui Financial's ADRs are on pace to achieve their largest decline since they fell 6.9% on March 18, 2020.

ADRs of Mitsubishi UFJ Financial may see their biggest single-day drop since they slipped 7.2% on June 11, 2020.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

March 10, 2023 14:12 ET (19:12 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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