Norinchukin sees $12.6 billion loss in 2024 financial year, CEO resigns

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Norinchukin sees $12.6 billion loss in 2024 financial year, CEO resigns

//business-finance.news-articles.net/content/202 .. ion-loss-in-2024-financial-year-ceo-resigns.html

Published in Business and Finance on Thursday, February 20th 2025 at 11:40 GMT by Reuters

🞛 This publication is a summary or evaluation of another publication
🞛 This publication contains editorial commentary or bias from the source
🞛 This publication contains potentially derogatory content such as foul language or violent themes

Norinchukin Bank, a major Japanese financial institution, announced it expects to incur a loss of approximately 1.5 trillion yen ($12.6 billion) for the fiscal year ending March 2024, primarily due to significant unrealized losses on its bond holdings. This financial setback has led to the resignation of its CEO, Kazuto Oku, effective at the end of March 2025. The bank, which primarily serves agricultural, forestry, and fishing cooperatives, has been impacted by rising interest rates in the U.S. and Europe, causing the value of its bond portfolio to decrease. In response, Norinchukin plans to sell off its foreign bond holdings and shift its investment strategy towards alternative assets like CLOs and real estate funds, aiming to stabilize its financial position.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/norinchukin-sees-126-billion-loss-2024-financial-year-ceo-resigns-2025-02-20/ ]

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Norinchukin sees $12.6 billion loss in 2024 financial year, CEO resigns