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U.S. markets recover from steep losses
TOKYO, Nov. 23 (UPI) -- Japanese financial institutions report more than $1 billion in realized losses and write-downs from investments in U.S. subprime mortgages.
The period covered April through September, based on a survey by the Financial Services Agency, Kyodo said in a Tokyo report Friday.
The FSA said 575 Japanese banks and credit unions held subprime-related products worth $1.2 billion in book value and recognized $985 million in unrealized valuation losses.
Hiroko Ota, the economic and fiscal policy minister, told a news conference, however, that the negative impact on Japanese banks from the U.S. subprime woes has been ''limited'' and ''not so serious.''
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