Five years ago, I wrote about the Japanese financial sector, arguing that – due to Japan’s crippling structural issues, such as demographic decline and savings culture, as well as monetary policy failures, such as persistent deflation – Japan’s mega-banks like Mizuho Financial Group (MFG), Sumitomo Mitsui Financial Group (SMFG), and Mitsubishi UFJ Financial Group (MUFG) were a potential value trap to investors.

Five years later, not much has changed.

However, aside from the macroeconomic, I honed in on a number of issues that Mitsubishi UFJ in particular faced, highlighting the commodity price risk of MUFG’s project finance credit exposure, an offshore funding crunch, and the impact of negative interest rate policy on the bank’s net interest margin. Today, the shares still remain in a slump, despite a consistently rising dividend even in the face of the coronavirus pandemic.

(Source: Raw data obtained from Yahoo Finance)

With the shares trading at

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The letter — filled with stickers for a 5-year-old boy named William — was mailed at the post office in the Los Angeles community of Sylmar on Aug. 22. It was sent first class, at a cost of 55 cents, and with a promise, according to the U.S. Postal Service website, of “delivery in 1-3 business days.”

The plain white envelope arrived at its destination, a ranch-style house in Austin, Texas, 11 days later.

Another letter, mailed from Malibu to the San Francisco suburb of Millbrae, sat in a Los Angeles processing center for three days and wasn’t delivered for an additional four days after that.

And a letter sent from the Alhambra post office to a residence in Washington, D.C., took four days to get to the mail processing center in the capital, and three more days elapsed before it reached its final destination.

The slow mail service

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Reuters/Lucas Jackson

  • US stocks rose on Thursday as a tech rally offset a surprise jump in weekly jobless claims.
  • New unemployment filings climbed back above 1 million last week after two straight periods of decline.
  • Investors also weighed the stalled talks between Democrats and Republicans on the next coronavirus stimulus package.
  • Shares of mega-cap technology companies such as Apple, Tesla, Facebook, and Microsoft rose, leading the broader market higher.
  • Read more on Business Insider.

US stocks rose on Thursday as a rally in technology stocks offset disappointing labor-market data.

The gains were driven by some of the market’s biggest companies. Apple rose a day after it became the first US-listed company to reach a $2 trillion market capitalization. Tesla also spiked, surpassing $2,000 per share for the first time.

Shares of Facebook, Amazon, Netflix, Alphabet, and Microsoft rose as well, leading the broader market higher.

“The love for

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