Can Japan’s megabanks ignore the devil’s whisper?
The last time a financial crisis hit Japan, the fallout was exacerbated by the agonizing slowness with which management disclosed their problems. This time around executives at all three financial groups have told Euromoney that their firms had little to hide; that they had disclosed almost all of their exposure to sub-prime related securities.
According to FSA figures, the sum for all Japanese banks now stands at just over ¥600 billion (about $6 billion), less than the total loss at some US banks but still three times as much as had initially been disclosed.
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