Japan banks hit by crisis in subprime

Two of Japan's largest banks have taken significant losses from investments in US mortgage-backed securities.Sumitomo Mitsui Financial Group (SMFG) said On August 14 that it held triple-A rated subprime MBS worth Yen13.5 billion, and had lost Yen200 million due to exposure to US subprime by the end of July. Mitsubishi UFJ said its losses had reached Yen5 billion, on subprime MBS worth Yen280 billion, by the same time. Its shares fell 5.7% on the news.But finance minister Koiji Omi said that