Report: Japan's key banks take $4.7 billion subprime hit

01/31/2008 | MarketWatch

Losses related to U.S. subprime mortgages could cost Japan's four biggest banks ¥500 billion for the year ending March 31, a Tokyo business newspaper reports. The losses represent nearly 30% of the annual profit projected for Mitsubishi UFJ Financial Group Inc., Mizuho Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Sumitomo Trust & Banking Co.

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