Azumi Says Iran Sanctions Could Be ‘Big Blow’ to Japan Banks

American sanctions on Iran could hurt Japanese banks that do business in the U.S., Finance Minister Jun Azumi said.

“It’s possible that Japan’s financial institutions will have a big blow” and exemptions should be made, Azumi said at a press conference in Tokyo today. President Barack Obama’s measures would deny access to the U.S. financial system for any overseas bank that conducts business with the Central Bank of Iran.