Sumitomo Mitsui Leads Banks Higher on Cross-Shareholdings Report
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Sumitomo Mitsui Financial Group Inc. rose in Tokyo stock trading after the Nikkei newspaper reported that Japan’s second-biggest bank by market value is preparing to set targets for reducing its shares in other companies.
The shares rose as much as 3.4 percent, the biggest intraday gain in six weeks, and were up 2.2 percent at 11:30 a.m. Friday in Tokyo. Sumitomo Mitsui will release its policy for cross-shareholdings today and set numerical targets later this year, the Nikkei reported, without attribution.