Yamaguchi Financial to dump more Japan bonds on faster BOJ hikes
Banks and other investors are grappling with soaring bond yields as the central bank seeks to combat inflation in an economy that had previously seen prices sink for years.
Yamaguchi Financial Group, a regional bank, is set to add more Japanese government bonds to its portfolio following the Bank of Japan's faster-than-anticipated interest-rate hikes. The bank had already recorded a $400 million loss from offloading these bonds last fiscal year, believing it had exceeded its loss-cutting goals in advance.
However, the rapid pace of market changes has proven insufficient to maintain the desired financial position. CEO Keisuke Mukunashi revealed this decision in an interview at the company's headquarters in Shimonoseki, commenting that the bank had compressed five years of loss reduction into a single year.
Written by urgent.news from Japan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
