Global turmoil causes over Y2 tril loss for Japanese banks

Saturday 07th June, 06:50 AM JST

The requested article has expired, and is no longer available. Any related articles, and user comments are shown below.

11 Comments

MichaelJP at 09:30 AM JST - 7th June

Will the Japanese banks, in their eagerness to emulate their foreign counterparts, also layoff staff?
huberts2 at 11:03 AM JST - 7th June

It is inadequate for the announcement to refer generally to "Japanese Banks". It is more appropriate for the public, investors and bank customers to know which banks have suffered losses and the extent of those losses
some14some at 04:42 PM JST - 7th June

Self inflicted septic injury, losses will swell as it provides golden opportunity to J-bank for misappropriation of funds.
capone at 09:58 PM JST - 7th June

huberts: and you're expecting kyodo to one, point a finger at their compatriots, and two, actually write a story containing facts ?
medievaltimes at 12:52 AM JST - 8th June

I understand that international markets are interlocked to a degree. However, when the bubble burst in the early 90's what happened to the US economy?

Went up.
MPLS2 at 05:42 AM JST - 8th June

went up, but is artifical same with the UK, now that property prices are up in UK, by hook or crook petrol prices need to be maintained at this high level, thus transporttation and food prices and any industry that relies are gasoline (such airline) is affected. we are seeing this in high fuel prices at the pumps and high food prices in supermarkets. Blaming it all on India and China demand is diverting from the real source of the problem.
medievaltimes at 10:04 PM JST - 8th June

MPLS2 - Not sure what you are talking about. In a free market the public decide what the prices of stocks should be regardless of actual value. But if something is over/under valued, the market will correct itself. Its pretty simple.

By the way if you look at the P/E ratios before the bubble, you get a good idea of just how overpriced the J market was. In due time the market will correct itself, and in the early 90's the market did correct itself in a big way.
deemaak99 at 11:06 PM JST - 10th June

2.44 trillion yen loss (USD 20 billion) is a peanut compare the losses in US and Europe.

As of May 2008, combined losses at the US and European financial firms amounted to USD 150 billion and USD 140 billion respectively.

However, Japanese financial firms are the most expose to US credit instrument investments. Other Asian financial firms losses is only about USD 3-4 billion.

Btw, the credit crunch losses at individual Japanese is publicly available. You can easily get the data through various sources such as Bloomberg (type WDCI).
deemaak99 at 11:19 PM JST - 10th June
I just checked the latest data hot off the press. The latest writedown and credit losses are

Worldwide : USD 392 billion US : USD 170 billion Europe : USD 200 billion Asia including Japan : USD 21 billion

Top 3 financial firm with largest writedown 1. Citigroup : USD 42.9 billion 2. UBS : USD 38.2 billion 3. Merrill Lynch : USD 37.1 billion

Writedown and credit losses at Japanese financial firms
1. Mizuho : USD 6 billion
2. Nomura : USD 2.4 billion
3. Mitsubishi UFJ : USD 1.6 billion
4. Sumitomo Mitsui : USD 0.9 billion
5. Sumitomo Trust : USD 0.6 billion
6. Aozora : USD 0.6 billion
7. Shinsei : USD 0.2 billion
islandee at 12:51 AM JST - 11th June

deemaak99: fascinating information. What is its source?
deemaak99 at 02:54 AM JST - 11th June

islandee, it's from Bloomberg. You can type WDCI if you have a BB terminal.