TOKYO -- Bank of Tokyo-Mitsubishi UFJ received approval from China's central bank to issue yuan-denominated bonds, becoming the second Japanese bank allowed to tap the country's capital market.
The Mitsubishi UFJ Financial Group unit plans to float 1 billion yuan ($154 million) in three-year straight bonds, targeting investors such as major Chinese banks. The Japanese megabank aims to diversify its options for obtaining yuan and create more opportunities to do business with local companies.
