Japan Insurers Fall After Aozora Bank Sparks US Property Concern
- A gauge of Japanese insurers was the worst performer on Topix
- Dai-ichi Life and Tokio Marine among biggest drags on subindex
The Aozora Bank Ltd. headquarters in Tokyo.
Photographer: Akio Kon/BloombergThis article is for subscribers only.
Japanese insurers fell on concern over their exposure to US commercial real estate, after panic selling in lender Aozora Bank Ltd. brought investor attention to risks in other companies.
Dai-ichi Life Holdings Inc. dropped 3% and Tokio Marine Holdings Inc. fell 2.3% on Friday, making the insurance sector the worst performer on the Topix index. Aozora Bank lost one-third of its value in two days after saying it expects to post a net loss from a profit earlier, as its aggressive bets on US market for offices turned sour.