Japan’s Aozora Bank forecasts first annual net loss since 2009 By Reuters

TOKYO (Reuters) – Japan’s Aozora Bank on Thursday revised down its net income forecast for the financial year to March 31, 2024 to a net loss of 28 billion yen ($190.5 million) as rising U.S. interest rates hit its office loan and foreign bond portfolios.

Aozora had previously forecast a net profit of 24 billion yen ($163.3 million).

This would mark the Japanese bank’s first annual net loss since the year ended March 2009 at the height of the global financial crisis.

Rising U.S. interest rates brought about losses on Aozora’s securities portfolio, which is mostly made up of foreign bonds, and its U.S. office loan portfolio, which has also suffered under the shift to remote work, the bank said in a statement.

($1 = 146.9900 yen)

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