Sumitomo Mitsui Financial Group (TYO:8316) aims to double its sales and trading revenue to 800 billion yen within a few years, Reuters reported on Thursday, citing Arihiro Nagata, head of SMFG's global markets division.

Nagata said current revenue stands at roughly 400 billion yen, adding that doubling that figure is achievable conservatively within six years, fueled by rising interest rates, currency volatility, and record-high Japanese stock prices, the news wire said.

The target reflects Sumitomo Mitsui Financial's effort to catch up with rivals that expanded their market businesses as Japan's interest rates normalize after decades of deflation, the publication said.

Demand for JGBs, yen swaps, and Japanese stocks, including from overseas investors, is surging as the 10-year yield hit a 30-year high of 2.8% and the Nikkei closed above 68,000 for the first time, the report said.

(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.)