The Japanese Banking industry has gone through several changes over the past two decades. Starting in 1989, growth slowed in Japan and Deflation set in for next 16 years. The Asian Financial Crisis and the internet-bubble burst led to failing of banks, infusion of capital from the government, and conservative lending practices. In 2003, the behemoth Resona Bank failed. In 2008, three megbanks control most of the everyday personal and business financial services. They include Mizuho Financial Group (MFG), Mitsubishi UFJ Financial Group (MTU), and Sumitomo Corporation.

During the 2008 Financial Crisis, Nomura Holdings Inc ADR (NMR) and Mitsubishi UFJ Financial Group (MTU) made acquisitions to expand their overseas capital markets operations. They see the economic downturn has an opportunity to gain market share.

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