Echoes of 2009 Crisis Thrust Japanese Bank Norinchukin Back Into Spotlight [Yahoo! Finance Canada]
![Yahoo! Finance Canada](../../../Content/images/providers/Yahoo! Finance Canada.png)
First Citizens BancShares, Inc. - Class A (FCNCA)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg The bank's paper losses rose to 2.2 trillion yen as of the end of March 2024 compared with 1.7 trillion yen a year earlier, it said in a statement. The company expects a loss of at least 500 billion yen this fiscal year. ADVERTISEMENT Norinchukin has become one of Japan's biggest victims of the surge in interest rates in the wake of the Fed's aggressive monetary tightening launched in March 2022. This echoes the bank's plight in 2009 when it racked up billions in losses from investments in overseas securitized products. Faced with years of ultra-low interest rates at home, it followed a strategy similar to other Japanese banks and insurers and invested in Treasuries and other foreign bonds to eke out extra yields. That strategy backfired when interest rates shot up catching out Norinchukin like Silicon Valley Bank and other US lenders that faced losses on their bond holdings last year. For the Japanese bank, a sharp rise in foreign currency funding
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FCNCA
Earnings
- 4/25/24 - Beat
FCNCA
Sec Filings
- 6/12/24 - Form 4
- 6/7/24 - Form SC
- 6/4/24 - Form 4
- FCNCA's page on the SEC website