Friday, May 2, 2008

The Debts of the Lenders: Japanese banks see 14.4 bln dlrs in subprime losses: report

It is a well known fact that many Asian banks hold sub-prime related assets. What is less well known is the extent of their losses.

Japanese financial institutions together lost more than 1.5 trillion yen (14.4 billion dollars) in the year to March because of the US subprime mortgage crisis, a report said Friday.

The nation's eight major banking groups alone are likely to post a combined subprime-related loss of more than 900 billion yen, the Nikkei newspaper said.