Market Size of Japan Private Banking Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Japan Private Banking Market Analysis
Private Banking Market in Japan is expected to register a CAGR of more than 4% in five years. Japan is considered one of the fastest-growing markets for private banking in Asia. The concept of private banking was alien to the Japanese for many years. Citibank was the first financial institution that introduced private banking to the Japanese and played an essential role in developing private banking in the country. Following Citibank's success, many other financial institutions, both domestic and foreign, entered the industry.
The economic reforms undertaken by the Japanese government also encouraged many financial institutions to provide private banking services to their clients. The COVID-19 pandemic affected all aspects of human life, including the economy. Investments, transactions, and other financial services got a surprising shock as the effects of the pandemic. Japanese banks pursued a dual mission to support national prosperity and growth. This continued their long tradition of serving society and created a positive uplift in national GDP and banking revenues.
