Japan's four major banks post losses of $31bn for 2002

Mizuho Financial Group unveiled the largest net loss of ¥2.377 trillion, while UFJ Group made a loss of ¥608.92 billion. Net losses at Sumitomo Mitsui Financial Group (SMFG) and Mitsubishi Tokyo Financial Group (MTFG) were ¥465.4 billion and ¥161.5 billion respectively.

Despite the losses, the major banks managed to maintain their capital adequacy ratios above the 8% minimum as recommended by the Bank for International Settlements, largely due to a round of capital raising exercises earlier i

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