Japan Megabanks’ $6.7 Billion Stock Losses May Spur Selloff
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Japan’s biggest banks are poised to accelerate sales of their stock holdings after 534 billion yen ($6.7 billion) in equity investment losses eroded profit.
Combined losses from shareholdings of Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc. more than tripled in the six months ended Sept. 30 from 170 billion yen a year earlier, earnings statements from the Tokyo-based companies showed yesterday.