Japan’s Major Banks Post Lower Profits: Japan’s...
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From Times Staff and Wire Reports
Japan’s Major Banks Post Lower Profits: Japan’s largest banks reported weaker profits for the year ended March 31, and bank officials are predicting only a modest recovery for the current year, which will end next March. The banks, Sumitomo, Dai-Ichi Kangyo, Fuji, Sanwa, Bank of Tokyo and Mitsubishi Bank, said profits fell due to the strength of the yen. The banks were also hurt by losses from bad loans to Mexico and increases in loan-loss reserves to cover possible defaults by debtor nations.
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