(Bloomberg) -- Norinchukin, Japan’s premier agricultural bank, plans to raise 1.2 trillion yen ($7.7 billion) to boost capital after losses on its bond...
-- Norinchukin , Japan’s premier agricultural bank, plans to raise 1.2 trillion yen to boost capital after losses on its bond holdings swelled.‘It Felt Like We Had Crashed’: Singapore Air Passenger Describes Turbulence TerrorThe bank’s paper losses rose to 2.2 trillion yen as of the end of March 2024 compared with 1.7 trillion yen a year earlier, it said in a statement. The company expects a loss of at least 500 billion yen this fiscal year.
That strategy backfired when interest rates shot up catching out Norinchukin like Silicon Valley Bank and other US lenders that faced losses on their bond holdings last year. For the Japanese bank, a sharp rise in foreign currency funding costs wiped out returns from bonds bought when their yields were lower. -- The rebound in Chinese stocks is set to extend as the gains spread to segments that have trailed the market recovery.
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Norinchukin Weighs $7.7 Billion Fundraise to Cover Bond Loss(Bloomberg) -- Norinchukin Bank is considering raising 1.2 trillion yen ($7.7 billion) to boost capital and cover losses arising from a plan to get rid of...
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