Japanese Chief Cabinet Secretary Hayashi giving assurances over troubled Norinchukin Bank

Japanese Chief Cabinet Secretary Hayashi

• financial health of Norinchukin Bank is sufficient

Reports are that the Japanese banking giant Norinchukin Bank is to sell USD 63bln of US and European sovereign bonds during the current fiscal year. Doing so to make up for unrealised losses.

• will dispose of the foreign bonds gradually during the fiscal year ending in March 2025
• the bank expects to report a net loss of 1.5 trillion yen for the current fiscal year, triple the previous estimate of 500 billion yen
• It previously said it will raise 1.2 trillion yen from the agricultural cooperatives that own it

This article was written by Eamonn Sheridan at www.forexlive.com.