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

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Japan's Norinchukin Bank expects to record a loss of approximately 1.9 trillion yen ($12.66 billion) in the year to March 2025 and its CEO, Kazuto Oku, will step down to take responsibility, it said on Thursday.
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/ ]