After $12 Billion Bond Losses, Japanese Bank at Risk Again From US Firm's Bankruptcy

Just when Norinchukin Bank began to turn a corner from its $12 billion bond debacle, the Japanese financial giant is facing questions over how its joint venture became the most exposed to the First Brands Group bankruptcy.

Norinchukin and Japanese trading house Mitsui & Co. are the biggest shareholders in JA Mitsui Leasing Ltd., whose wholly-owned unit Katsumi Global extended $1.75 billion in trade financing to First Brands, the auto-parts supplier that filed for Chapter 11 protection last month, Bloomberg News reported.