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Losses stemming from U.S. subprime mortgage crisis total over 600 bil. yen at 8 major banks

2, 19. 2008

   Losses suffered by eight major Japanese banks because of the U.S. subprime mortgage crisis total more than 600 billion yen. This came to light as the Mitsubishi UFJ Financial Group (MUFJ), Mizuho Financial Group (FG), Sumitomo Mitsui Financial Group (FG) and other financial groups announced their account settlements for the April-Dec. term of 2007.

   According to the business result announced by MUFJ on Jan. 31, 2008, the losses related to the subprime loan problems reached 55 billion yen. Those of the Aozora Bank and the Chuo Mitsui Trust Holdings amounted to 43 billion yen and 5.7 billion yen, respectively. The losses already revealed were 99 billion yen by Sumitomo Mitsui FG, 29.9 billion yen by Sumitomo Trust & Banking and 22.8 billion yen by Shinsei Bank. The largest loss was 345 billion yen reported by Mizuho FG. The Risona Holdings said it did not suffer any loss as it has no direct investment related to the subprime problems.

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