Current Affairs · International Business

Regarding the joint venture between SMFG (Sumitomo Mitsui Financial Group) and SBI Holdings for wealth management in Japan, which of the following statements is/are incorrect? 1. The SMFG-SBI JV will aim to manage Japanese Yen 10 trillion (about $69 billion) in assets within 5 years by leveraging both group's banking and securities firms. 2. The number of affluent Japanese households (financial assets over 50 million yen) is expected to fall below 2% over the next decade, reflecting a stagnant private wealth market. 3. Japanese policymakers have encouraged individuals to shift their savings toward riskier assets as part of a strategy to support the country's ageing population's social security system.