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Japan
It will come as no surprise to our regular readers that once again Japan is sitting firmly in the Very Good range – having posted the highest score for any major market in both 2022 and 2023 . With an overall average of 6.39 this country is head and shoulders above the global average and has seen a significant uptick in its average rating since last year ( increasing its overall score by 0.38 ). Where do you start with the superlatives for Japan ’ s scores year-in , year out ? This year every single category has been rated as Very Good , as well as each beating their score from the previous year . Taking a look at client size , respondents cover a wide range of AUMs , but it is those with larger holdings that rate the country the highest . Securities Lending scores highest , a category which - across markets - is largely unloved by the majority of respondents . However , for the Japanese market this category has an almost perfect score sitting at 6.78 . This is closely followed by Relationship Management ( 6.77 ) and Client Service ( 6.65 ). It is not just the data which has seen some interesting changes in the last
12 months . While Japan ’ s interest rate actions have been the talk of markets on a global scale , we also saw – in the securities services space - Japan ’ s Government Pension Investment Fund ( GPIF ) re-enter the realm of lending foreign stocks following a four-year hiatus due to transparency and voting concerns .
Mitsubishi UFJ Trust and Banking Corporation ( MUFG ) For the third consecutive year , MUFG
has seen an increase in its overall average score sitting comfortably at 5.91 . Relationship Management has the highest score , with plenty of praise for how the team is “ keen to support our special requests ”. MUFG believes that its focus on offering a “ white glove client service response focusing on client first approach ” sets it apart from competitors , while “ fluent Japanese staff to communicate with all Japanese based clients ” is a key feature of the bank ’ s offering .
Japan |
Japan 2024 |
Japan 2023 |
Global Average |
Difference to Global |
Account Management |
6.61 |
6.12 |
5.83 |
0.78 |
Asset Safety and risk management |
6.29 |
6.13 |
5.73 |
0.56 |
Asset Servicing |
6.38 |
6.08 |
5.59 |
0.78 |
Cash Management and FX |
6.34 |
5.91 |
5.46 |
0.87 |
Client Service |
6.65 |
6.22 |
5.84 |
0.81 |
Data Services |
6.26 |
5.91 |
5.44 |
0.82 |
Service Innovation |
6.30 |
5.97 |
5.43 |
0.87 |
Liquidity Management |
6.19 |
5.81 |
5.41 |
0.77 |
Pricing |
6.07 |
5.46 |
5.20 |
0.87 |
Regulation and Compliance |
6.23 |
6.08 |
5.57 |
0.66 |
Relationship Management |
6.77 |
6.24 |
6.15 |
0.62 |
Securities Lending |
6.78 |
6.26 |
5.17 |
1.61 |
Technology |
6.25 |
5.97 |
5.33 |
0.93 |
Average |
6.39 |
6.01 |
5.55 |
0.84 |
72 Global Custodian Fall 2024