Buddhist Temples Post Losses as Aussie, Bond Bets Sours
This article is for subscribers only.
Koyasan Shingon Buddhism, the Japanese owner of a cluster of World Heritage Site temples founded in the 9th century, reported losses equal to about a quarter of its assets after bets in the Australian dollar and structured bonds soured.
The group had unregistered losses of 1.53 billion yen ($15 million) on financial assets of 5.79 billion yen for the year ended March 31, according to an April 23 report commissioned by the organization, based in Wakayama prefecture in western Japan. The head of the organization, Kosho Shono, resigned today to take responsibility, Kyodo News reported.