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Tuesday, 18th January 2011
In General Japan News,

Japan's graduates should 'shun' banking sector

University graduates in Japan should consider a career outside of the banking industry, according to business executives.

Bloomberg News reports that the country's leading financial firms are not on the top ten list of favoured companies to begin a career with. The table placed Mitsubishi Corp at the top, followed by Sony, Rakuten, Toyota and Fast Retailing.

Nomura Holdings, which operates in 18 countries worldwide, was the first financial firm listed - falling from its previous place of 17th to 21st in the list.

BizReach's chief executive officer, Soichiro Minami, believes that the banking industry is facing stronger competition from overseas following the worldwide economic downturn. This has lead to many firms scaling back their graduate plans and employee benefits.

"Weak competitiveness and uncertainty over the new banking rules are reducing the popularity of the financial sector," said Mr Minami.

He added: "Japanese banks haven't been keeping up with firms on Wall Street or in London, while Sony and Toyota still have a strong global presence."

Written by Susan Ballion.