• JAPAN TOB average return on tangible equity for 2023 was 95.9, a 30.07% decline from 2022.
• JAPAN TOB average return on tangible equity for 2022 was 137.13, a 5.79% decline from 2021.
• JAPAN TOB average return on tangible equity for 2021 was 145.56, a 14.72% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.