Moody's weighs downgrade to Japan's Norinchukin on foreign-bond losses
TOKYO -- Moody's Japan is considering a downgrade to Norinchukin Bank, saying Tuesday that expected losses on holdings of foreign bonds "would materially hurt its profitability" this fiscal year.
The bank has forecast a net loss of around 1.5 trillion yen ($9.3 billion) for the year ending March 2025 as it sheds bonds that have dropped sharply in price. It had 2.2 trillion yen in unrealized losses on these assets as of this past March.