Reported 5 months ago
Japanese bank Norinchukin, known as one of the nation's largest institutional investors, plans to raise 1.2 trillion yen ($7.7 billion) of capital and restructure its overseas investment portfolio after facing significant losses on its bond holdings. The bank's losses due to rising interest rates have surged to 2.2 trillion yen as of March 2024, compared to 1.7 trillion yen a year earlier, leading to an expected loss of at least 500 billion yen for the fiscal year. Norinchukin aims to sell off US and European sovereign bonds, consider domestic government bonds, and explore opportunities in bonds, credit, and equity to recover from the fallout. They also plan to increase project financing overseas and focus on generating revenue from asset management to address their financial challenges.
Source: YAHOO