Bank losses: a necessary evil
Article Abstract:
Major Japanese banks reported huge losses for the year ended Mar 31, 1999 in a move aimed at convincing investors that they are on their way to recovering from bad-loan problems. Enormous charges for the write-off and disposal of bad loans to the real estate industry were reported by eight of Japan's leading banks and several smaller lenders. A number claimed that they had written off losses on stock portfolios. Sumitomo Bank said it lost $4.6 billion, Sakura Bank and Sanwa Bank each reported a net loss of $3.8 billion, while Fuji Bank recorded a group net loss of $3.4 billion. Most of the banks, however, predict a return to profitability during the current fiscal year that ends Mar 31, 2000.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1999
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Central bank intervenes to pare yen
Article Abstract:
The Bank of Japan has undertaken one of its biggest currency market interventions in months to halt a sudden strengthening of the Japanese yen. Currency traders revealed that they were ordered by the central bank to purchase $5 billion to $10 billion to generate demand for dollars and enhance the supply of yen. The move was undertaken by the central bank as expectations for an improved Japanese economy spread in other foreign exchange markets.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1999
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Japan bad-loan report underestimates scale of the problem, analysts contend
Article Abstract:
Many analysts believe that the Japanese Ministry of Finance has made too low an estimate of the total amount of problem loans with the country's banks. In its report, the ministry stated that bad loans totaled $373.32 billion at the end of Sep. 1995. Critics charge that the report makes mistaken assumptions regarding the amount banks can still recover.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1995
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