Japan banks hit by subprime crisis

Two of Japan's largest banks have taken significant losses from investments in US mortgage-backed securities.

Sumitomo Mitsui Financial Group (SMFG) said yesterday that it held triple-A rated subprime MBS worth ¥13.5 billion, and had lost ¥200 million due to exposure to US subprime by the end of July. Mitsubishi UFJ said its losses had reached ¥5 billion, on subprime MBS worth ¥280 billion, by the same time. Its shares fell 5.7% on the news. SMFG shares also declined, falling 1% yesterday – the

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