07:03 AM EDT, 06/07/2024 (MT Newswires) -- Mitsubishi UFG Financial (MUFG) and Sumitomo Mitsui Financial ( SMFG ) will sell 1.32 trillion Japanese yen ($8.49 billion) worth of Toyota Motors (TM) shares, Bloomberg reported Friday, citing unnamed people with knowledge of the matter.

Bloomberg reported the Japanese banks will sell their shares gradually and take advantage of Toyota's ( TM ) 1 trillion yen buyback program launched last month.

Mitsubishi holds a stake of about 700 billion yen in Toyota ( TM ), while Sumitomo Mitsui owns about 620 billion yen in shares, Bloomberg reported.

Mitsubishi, Sumitomo Mitsui, and Toyota ( TM ) did not immediately reply to MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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