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Norinchukin Bank's new CEO, Taro Kitabayashi, stated that Japanese government bonds (JGBs) are now a viable investment option due to rising inflation and interest rates. The bank has shifted its strategy after selling off significant foreign bond holdings, previously comprising 50-60% of its assets, and is now exploring investments in JGBs, equities, and real estate. Despite forecasting a 1.9 trillion yen loss for the fiscal year ending March 2024, it anticipates a modest profit in the following year from new investments.
EUR/USD remains under bearish pressure, trading below 1.0550 amid mixed US economic data, while GBP/USD stabilizes near 1.2650 despite ongoing geopolitical tensions. Norinchukin Bank in Japan anticipates significant losses due to rising global interest rates, prompting asset disposals to mitigate risks. The dollar index holds steady, with gold prices rising significantly.
Norinchukin Bank is facing a significant financial setback, projecting an annual loss exceeding ¥1.5 trillion ($9.7 billion) as it intensifies the sale of unprofitable foreign bonds. The Japanese agricultural lender plans to offload over ¥10 trillion in US and European sovereign bonds this fiscal year, having already disposed of ¥7.5 trillion in the first half to mitigate losses from unfavorable interest rate bets.
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norinchukin bank shifts focus to japanese government bonds amid rising interest rates
11:33 14.04.2025
mixed economic data pressures euro and pound amid global market uncertainty
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15:16 21.11.2024
rinchukin bank reports significant loss amid aggressive foreign bond sell-off
08:12 19.11.2024
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