Japan’s megabanks—Mitsubishi UFJ (MUFG), Sumitomo Mitsui (SMFG), and Mizuho—are pursuing overseas investments, focusing on the US and India amid record earnings and excess capital. The banks aim to boost valuations by deploying cash, particularly in India’s growing economy, where loan demand and IPO activity are surging. MUFG plans to double its loan exposure in India to USD30bn and recently invested USD333m in DMI Finance. SMFG took full control of Fullerton India for USD700m, while Mizuho acquired 15% of Kisetsu Saison Finance for USD145m. In the US, megabanks are expanding corporate and investment banking. Mizuho bought Greenhill & Co. for USD550m, while SMFG strengthened ties with Jefferies Financial Group. MUFG is enhancing collaboration with Morgan Stanley to target mid-sized firms.