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(Update) Norinchukin Bank Eyeing 1.2-T.-Yen Capital Boost

(Update) Norinchukin Bank Eyeing 1.2-T.-Yen Capital Boost

   Tokyo, May 19 (Jiji Press)--Japan's Norinchukin Bank is considering boosting its capital by about 1.2 trillion yen, it was learned Sunday.
   The central organization for agricultural, forestry and fisheries cooperatives in Japan is seeing latent losses from its foreign bond investment expand as interest rates abroad, including the United States, remain high, sources familiar with the matter said.
   Due to disposal of the investment loss, Norinchukin Bank expects to slip into the red in the year ending in March 2025 with a consolidated net loss of around 500 billion yen, finding it necessary to bolster its capital base, the sources said.
   Norinchukin Bank uses funds collected by agricultural cooperatives and others as resources for loans to companies in the agriculture, forestry and fisheries industries, and securities investment.
   At the end of last year, the bank's consolidated capital-to-asset ratio stood high at 18.24 pct while its unrealized losses from bond investment reached some 1.9 trillion yen.

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AFP-JIJI PRESS NEWS JOURNAL


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