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Japan's big banks weigh financing arms makers in break with past

According to Nikkei Asia, the three large Japanese banking groups led by Mitsubishi UFJ, Mizuho and SMBC are seriously weighing the loosening of long-standing ethical restrictions to extend credit to defence-industry companies. The discussion comes as banks face reform pressure following Japan's decision to raise defence spending to 3 percent of GDP. The move would mark a significant break with a half-century post-war banking tradition.