Japan firms' retained earnings hit record high for 8th straight yr

Japanese companies’ retained earnings in fiscal 2019 hit a record high for the eighth straight year, despite a reduction in profits due to the coronavirus pandemic and the U.S.-China trade row, government data showed Friday.Retained corporate profits in the year through March rose 2.6 percent from fiscal 2018 to 475.02 trillion yen ($4.5 trillion), according to the Finance Ministry’s annual survey. The outcome highlighted Japanese firms’ recent tendency to hoard funds to prepare for future crises.Pretax profits of domestic companies covered in the survey plummeted 14.9 percent from a year earl…

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