Subprime losses double at Japanese banks
Last Updated: Wednesday, February 13, 2008 | 8:55 AM ET
The Associated Press
Subprime-related losses at Japanese banks totalled $5.6 billion US for the fiscal year through December, more than doubling the figure posted in September, Japan's financial watchdog said Wednesday.
The Financial Services Agency also said the banks hold 1.519 trillion yen ($14.17 billion) of subprime-related products, up from 1.407 trillion yen in September.
The FSA loss estimate of 600 billion yen, compared with 276 billion yen the previous year, is broadly in line with forecasts and data issued by Japan's megabanks last month.
Mizuho Financial Group Inc. and Mitsubishi UFJ Financial Group Inc., the country's top two lenders by assets, said in January that subprime losses for the current fiscal year through March will likely grow to a combined 490 billion yen ($4.57 billion).
Japan's third-biggest lender, Sumitomo Mitsui Financial Group Inc., booked subprime losses of 67 billion yen ($625 million) for October-December alone, on top of 32 billion yen ($299 million) for its fiscal first half.
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