Japanese banks raise bad loan provisions in restructuring push

United Financial of Japan, considered to be the weakest of the four, said provisions for bad loans would likely reach ¥480 billion for the year ending March 31, 2003. Mizuho’s provisions are expected to reach ¥1,040 billion, Mitsubishi Tokyo Financial, which owns Bank of Tokyo Mitsubishi (BOTM), sees provisions rising to ¥460 billion, and Sumitomo Mitsui Banking Corporation (SBMC) expects provisions to be ¥700 billion.

The backdrop of the higher provisions is, however, a drop in Japan’s non

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