TOKYO -- Norinchukin Bank will sell more than 10 trillion yen ($63 billion) of its holdings of U.S. and European government bonds during the year ending March 2025 as it aims to stem its losses from bets on low-yield foreign bonds, a main cause of its deteriorating balance sheet, and lower the risks associated with holding foreign government bonds.
Finance
Japan's Norinchukin Bank to sell $63bn of U.S. and European bonds
Bank's fiscal 2024 loss expected to reach record-high $9.5bn
Norinchukin Bank CEO Kazuto Oku said the bank "acknowledged the need to drastically change its portfolio management." (Nikkei montage/Source photos by Akitoshi Sugiura and Keiichiro Sato)
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