Japan's Century-Old Bank Sends Warning to World on Higher-for-Longer Rates
- Japan bank seeks to unload $63 billion in bonds to stem losses
- Firm mulls shift into CLOs, other assets after expected losses
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For years, it was best known as Japan’s CLO whale — a $357 billion investing giant with seemingly insatiable appetite for yield in an era of rock-bottom interest rates.
Now Norinchukin Bank has become one of the biggest casualties of an entirely different financial world — where higher-for-longer borrowing costs are exacting a painful toll on the market’s weakest hands.