The Tokyo bank's next boss comes from the securities division. That's less telling than, say, if Deutsche Bank puts a credit trader in charge. Japanese executives tend to move around more. Given Mizuho's challenges, though, Tatsufumi Sakai's expertise should prove helpful.
The state has been stealthily reducing its role in industry by allowing private players to gain market share. There's appetite for a more aggressive approach. If national carrier Air India can be sold, look for banks, energy and other assets to follow if Modi wins a second term. This is a Breakingviews prediction for 2018. To see more of our predictions, click here.