The farmers’ bank known to global markets as one of Japan’s most aggressive investors will be more cautious and correct its “imbalances” after it lost $12bn following a big bet on US Treasury bonds, its new chief executive said.
Norinchukin, a co-operative lender that manages the savings of Japan’s farmers and fishermen, was until recently a voracious buyer of US government debt and other global assets, searching for yield away from the low returns available on Japanese bonds.
Taro Kitabayashi, who took over as chief executive in April, told the Financial Times that Norinchukin had taken positions that were too risky.
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