Subprime Crisis Hits Japan’s Largest Bank
May 20th, 2008 | By Contrarian Profits | Category: Featured, Financial NewsJapan’s largest bank, Mitsubishi UFJ, has announced that its annual profits have plunged 28%, largely due to its exposure to the subprime market.
The bank said its annual subprime-related losses were more than 120 billion yen ($1.15 billion) and that it could lose another $480 million this year because of subprime exposure.
According to a report by Thomson Reuters, the bank’s president, Nobuo Kuroyanagi, said: “Subprime had a very broad effect on us.