1、M FoundationInvestor Presentation|JapanJapan Summer School:Decoding Japans Financial Industry Morgan Stanley MUFG Securities Co.,Ltd.+Mia NagasakaEquity Analyst Mia.N +81 3 6836-8406 BanksJapanIndustry ViewIn-LineInsuranceJapanIndustry ViewAttractiveBrokers&Other FinancialsJapanIndustry ViewCautious

2、Navigating the complex structure of the financial industryThis presentation offers an overview of financial sector foundations and key emerging trends.Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research.As a result,investors should be aware that the firm ma

3、y have a conflict of interest that could affect the objectivity of Morgan Stanley Research.Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.For analyst certification and other important disclosures,refer to the Disclosure Section,located a

4、t the end of this report.+=Analysts employed by non-U.S.affiliates are not registered with FINRA,may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company,public appearances and trading securities held by a research analyst acco

5、unt.July 11,2025 06:07 AM GMTM Foundation2M FoundationMorgan Stanley MUFG3Japan financials key debatesMagnitude/pace of earnings improvement in domestic businessStart of a new cycle in global CIB businessRevenue opportunities for wealth management business/mass affluent space provide a major opportu

6、nityUnwinding of cross shareholdingsCapital allocationBanksBrokers&Other FinancialsGlobal capital market cycleIndividuals moving from savings to investing/mass affluent space a major opportunityCompetition intensifying due to new entrantsBusiness opportunity from new technologyShareholder return mea