Japan's three megabanks each reported a record net profit for fiscal 2024 that ended in March this year as their core banking business performed well due in part to the Bank of Japan's interest rate hike.

The bottom lines for the Mitsubishi UFJ Financial Group, the Sumitomo Mitsui Financial Group and the Mizuho Financial Group came to more than 3.9 trillion yen combined.

The heads of the financial groups expressed concern over a slowdown in the Japanese economy resulting from the Trump tariffs.

S/ Kamezawa Hironori, President and CEO, Mitsubishi UFJ Financial Group / There will be impacts such as passing on higher costs to prices, reduced exports and an overall downward pressure on the global economy.

S/ Nakashima Toru, CEO, Sumitomo Mitsui Financial Group / We must closely watch how much impact the aspect of how long the period of uncertainty will last will have.

S/ Kihara Masahiro, President and CEO, Mizuho Financial Group / There is a high level of uncertainty, so business owners will wait and see rather than take immediate action. This will have an impact.

Despite the concerns, all three groups said in their performance forecasts and targets for the current fiscal year that they expect to further break record-high profits.