Major banks facing Y1.5 trillion profit drop due to subprime losses

Sunday 06th April, 07:35 AM JST

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7 Comments

thepossum at 09:35 AM JST - 6th April

More finger pointing by Japan here. Why doesn't the nation fess up to the obvious fact... That Japanese business people are not wise ! This same thing happened a few years back when Russian markets experienced a sudden change of fortune. J investors lost millions and whined about it the whole time.

This subprime issue in the US seems to have become (A)a scapegoat and excuse for poor investment habits... gee, why didn't the Japanese invest in other parts of Asia which are seeing booming economies ? and (B) a red-herring being used to divert attention from one of Japan's hugest scandals... Ishihara bank !

Sorry Japan, no sympathy here... you sleep in the bed you make.
Beelzebub at 10:42 AM JST - 6th April

The simple fact is, there is too much money in the world. When animals become overpopulated, they disappear in a mass die-out (or outright extinction). When there's too much money, it loses its value and the corporate CEOs who have bankrupted their companies reward themselves with $64 million as a retirement bonus (as happened with the top man at Bear Stearns).
rjd_jr at 12:56 PM JST - 6th April

Thepossum, no ones insulting anyone or anything here. No need to get worked up over a simple news fact. It's a fact that the sub prime fiasco has impacted many a nation worldwide. This article is only stating the plain fact that banks are facing a huge loss because of their investments overseas. Simple as that, no ones blaming anyone, nothing "anti American," again, just a simple report that banks in Japan are also affected by the sub prime fiasco. There's absolutely nothing wrong with any news blurb mentionning that. I think people here need to stop reading into every little news blurb as some sort of conspiracy or attack against America, its personnel, and its interests, or those of other non Japanese countries.
anderstungtwist at 02:27 PM JST - 6th April

Buying a house is not like buying a goose that lays golden eggs as so many U.S. citizens seem to believe.

It's interesting to hear the data for the year ending March 2008, but how much did they make during the bubble? They must have done pretty well from 2002 to 2007 to make up for these losses.
okapake at 06:42 PM JST - 6th April

But it wasn't a "loss" for the Japan banks, it was a drop in profits! They still made "about 1.5 trillion yen for the year..."

Poor things!
okapake at 06:45 PM JST - 6th April

By the way, that's $15 billion they made!
SuperLib at 01:31 AM JST - 7th April

"Buying a house is not like buying a goose that lays golden eggs as so many U.S. citizens seem to believe."

Actually, more often than not, it is...