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Crisis-stricken Japan dumps $63 billion in U.S. bonds
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Crisis-stricken Japan dumps $63 billion in U.S. bonds
Norinchukin Bank plans to sell approximately ¥10 trillion ($63 billion) in U.S. and European sovereign bonds to mitigate losses from adverse interest rate bets, according to a spokesperson for the Japanese agricultural bank. This bond sale, representing nearly a sixth of the bank’s global portfolio, is scheduled to be completed by the end of March. The bank anticipates reporting a net loss of ¥1.5 trillion for the current fiscal year, tripling …
·London, United Kingdom
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