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Ripple's MoneyTap has achieved significant adoption in Japan, with partnerships involving six regional banks, including Shinonome Shinkin Bank and Nagoya Bank, contributing to a $13 billion increase in international remittances. Launched by SBI Holdings, MoneyTap allows instant transactions via QR codes or phone numbers, and now serves millions of users across the country. Remarkably, Ripple has partnered with up to 80% of the Japanese banking industry, highlighting its growing influence in the financial sector.
The Nikkei index rose 1.4% to 39,906.84 points, reaching a two-month high, driven by positive US inflation data that bolstered expectations for a Federal Reserve rate cut. The broader Topix also increased by 1.1% to 2,778.63 points. Market analysts anticipate a Bank of Japan rate hike by January, with its monetary policy decision due next week.
Japan's leading financial firms are vying for roles in what could be the largest buyout deal in history. Itochu Corp. has engaged Daiwa Securities Group Inc., while the founding Ito family has selected SMBC Nikko Securities Inc. as financial advisers for their ¥9 trillion ($58.4 billion) bid to take Seven & i Holdings Co. private.
Assetmark Inc. now holds 493 shares of Assured Guaranty, valued at $39,000, after acquiring 197 additional shares last quarter. Daiwa Securities Group Inc. entered a new position worth approximately $46,000. Institutional investors own 92.22% of the stock, which recently saw UBS Group raise its price target to $95.00, indicating a potential upside. Assured Guaranty reported a quarterly EPS of $2.42, exceeding estimates, despite a 33.3% year-over-year revenue decline.
FineToday Holdings Co., a Japanese personal-care business, has reportedly chosen banks for a potential initial public offering, which could occur before the year's end. The lead underwriters include Daiwa Securities Group Inc., Mizuho Financial Group Inc., SMBC Nikko Securities Inc., and UBS Group AG.
Daiwa Securities Group Inc. reported a remarkable profit increase of over 80% for the three months ending September 30, with net income reaching ¥53.8 billion ($352 million). This surge was driven by gains in wealth and asset management, fueled by heightened investor interest in the stock market. The result significantly exceeded analysts' average forecast of ¥38.8 billion.
Shares of China's solar manufacturers surged this week amid optimism that the government will intervene to address an oversupply issue. Speculation arose that the Ministry of Industry and Information Technology may introduce rules to limit polysilicon production, driving the sector's rally, despite skepticism from analysts at Daiwa Capital Markets and Citigroup.
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