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https://www.wsj.com/articles/japane...ole-11590582336?mod=lead_feature_below_a_pos1
The bank that works for Japan’s farmers and fishermen thought it had found a fertile field to till in America. But after taking a nearly $4 billion hit on debt tied to risky companies, the bank’s chief says he has had enough of one of Wall Street’s favorite crops.
Norinchukin Bank said Wednesday it had unrealized losses of about ¥400 billion ($3.7 billion) on its ¥7.7 trillion ($71 billion) portfolio of collateralized loan obligations as of the end of March.
The bank that works for Japan’s farmers and fishermen thought it had found a fertile field to till in America. But after taking a nearly $4 billion hit on debt tied to risky companies, the bank’s chief says he has had enough of one of Wall Street’s favorite crops.
Norinchukin Bank said Wednesday it had unrealized losses of about ¥400 billion ($3.7 billion) on its ¥7.7 trillion ($71 billion) portfolio of collateralized loan obligations as of the end of March.
