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EquityPandit

EquityPandit
BUSINESS

Japan’s Biggest Bank Mitsubishi UFJ Posts 70.5% Decline in Q2 Profit

The bank reported a net profit of 117.41 billion yen (USD 841.83 million) for the quarter.

On Monday, Mitsubishi UFJ (NYSE:MUFG) Financial Group Inc, Japan’s largest bank by assets, reported a 70.5 per cent slump in Q2 net profit due to another one-off loss related to the sale of US unit MUFG Union Bank.

Mitsubishi UFJ, which owns about 22 per cent of Morgan Stanley (NYSE:MS), reported a net profit of 117.41 billion yen (USD 841.83 million) for the quarter, against 398.4 billion yen a year earlier.

The Japanese lender maintained its full-year profit forecast of 1 trillion yen, a 12 per cent fall from the previous year when it reported a record profit.

Meanwhile, Mizuho Financial Group, Japan’s third-largest lender by assets, reported a 29.3 per cent increase in Q2 net profit. On the other hand, Sumitomo Mitsui Financial Group Inc, Japan’s second-largest lender, reported an 8 per cent increase in Q2 net profit. It raised its profit outlook as improved economic conditions have boosted lending.

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ECONOMYWORLD

Japan’s Export Growth Cools as Trump Tariffs Take Effect

Dhruva Kulkarni

Japan’s export growth cooled in March as Donald Trump’s tariff campaign began to impact trade flows, starting with steep levies on steel and aluminium.

Exports by value rose 3.9% from a year earlier, driven by cars and chip-making machinery, but missed the expected 4.4% rise. Imports increased 2%, led by medical goods, below the 3.1% forecast.

Despite the slower export pace, Japan maintained a trade surplus of ¥544.1 billion ($3.8 billion), supporting the economy as domestic consumption remains weak under inflationary pressure. However, the outlook is clouded by escalating US trade measures and retaliatory actions from other countries.

Japan’s trade surplus with the US rose for a third month to ¥847 billion. However, concerns are growing that Japanese companies may cut shipments to the US, especially after reports of Jaguar and Audi halting exports. A 25% US tariff on steel and aluminium took effect in March, followed by a similar duty on cars in early April.

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Formal talks between Japan’s trade chief Ryosei Akazawa and US counterpart Scott Bessent began this week, with Japan still seeking tariff relief. Trump briefly joined the discussions, having paused a 24% tariff plan for three months. Still, Japan faces a 10% baseline levy.

Japan’s exports to the US rose just 3.1% in March, down sharply from 10.5% in February. Shipments to China fell 4.8%, and to Europe dropped 1.1%. Japan, unlike others, has chosen not to retaliate.

Analysts warn that Japanese car exports to the US could fall further in April. The yen averaged 149.55 to the dollar in March, slightly weaker than a year ago. While currency issues were expected to come up in trade talks, Akazawa said they weren’t discussed — despite Trump’s past criticism of Japan’s weaker yen boosting exports.

The export slowdown reflects business caution amid global uncertainty — a troubling sign for an economy heavily reliant on external demand. Japan saw modest growth in late 2024, but with weak consumer spending and fragile global markets, economists expect a sharper slowdown in early 2025.

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ECONOMY

Lemon Prices Skyrocket 400% in a Month, What’s Driving the Surge?

Dhruva Kulkarni

Lemon prices have surged nearly four times a month, with retail prices now around Rs 120 per kilogram, raising consumer concerns.

Typically, lemon prices rise in summer, but this year’s sharp increase came early. Wholesale prices in March were around Rs 3,000 per quintal, jumping to Rs 12,000 by mid-April.

Guntur district in Andhra Pradesh, known as the “lemon capital of India,” has seen the steepest price hikes due to stockpiling by exporters, creating a supply shortage.

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The surge in international demand, driven by rising global temperatures, has put pressure on domestic supply chains. India, which exports 18-20% of the world’s lemons, has seen increased global orders, especially from the Middle East.

While trade tensions and tariffs have been a concern, they have had little impact on lemon exports, mainly to countries like the UAE and Saudi Arabia.

Weather disruptions in key lemon-growing states like Gujarat, Maharashtra, and Karnataka have also contributed to the shortage. Prices are expected to remain high until domestic supplies stabilise.

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ECONOMYINDIA

India’s Trade Deficit Rebounds to $21.5 Bn in March After 3-Year Low

Dhruva Kulkarni

India’s merchandise trade deficit widened sharply to $21.54 billion in March, reversing the relief seen in February when it had narrowed to a three-year low of $14.05 billion.

The spike came as imports surged to $64.51 billion from $50.96 billion in February, outpacing the rise in exports, which increased to $41.97 billion from $36.91 billion.

For the full financial year 2024-25, merchandise exports remained largely flat at $437.42 billion. However, non-petroleum exports reached a record high of $374 billion, growing 6% over the previous year. The Commerce Ministry also estimates overall exports for FY25 to be $820 billion, which could be the highest ever.

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On the import front, all major categories saw growth except coal and briquettes. Key increases were seen in petroleum products at $185.78 billion, electronics at $98.73 billion, gold at $58.01 billion, and machinery at $53.55 billion.

Meanwhile, strong export growth was recorded in electronics, garments, tea, plastics, pharmaceuticals, engineering goods, and key agricultural items like coffee, rice, and tobacco.

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ECONOMY

India Plans to Export 40,000 Tonnes of Shrimp to US After Tariff Pause

Dhruva Kulkarni

India’s seafood exporters are preparing to ship 35,000–40,000 tonnes of shrimp to the US after President Trump paused a 26% tariff hike on 9th April, reducing it to 10% and offering relief to the industry.

Around 2,000 delayed containers are now being readied for export under the revised tariff.

Indian shrimp exports to the US currently face a total duty of 17.7%, including countervailing and anti-dumping duties, which exporters typically bear under delivery duty-paid arrangements.

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The 90-day pause allows existing orders to be fulfilled without extra costs.

The US remains India’s top shrimp market, and exporters are urging the government to push for fairer trade terms before the temporary relief ends.

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ECONOMY

India’s Industrial Growth Slows to 2.9% in February on Weak Manufacturing

Dhruva Kulkarni

India’s factory output (IIP) grew 2.9% in February 2025, slowing from 5.2% in January due to weaker growth across key sectors.

Manufacturing and mining growth eased to 2.9% and 1.6%, respectively, while electricity generation improved to 3.6% from 2.4% in January.

Primary goods growth slowed to 2.8% from 5.5%, capital goods rose 8.2% versus 10.3%, and infrastructure/construction goods grew 6.6% from 7.4%.

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Consumer durables grew 3.8%, down from 7.2% in January, while consumer non-durables contracted 2.1% after a 0.3% decline.

The IIP index for February stood at 151.3, with mining at 141.9, manufacturing at 148.6, and electricity at 194.0.

Key manufacturing drivers were basic metals (5.8%), motor vehicles and trailers (8.9%), and non-metallic mineral products (8.0%), supported by increased production of steel, auto components, and cement.

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