Japan's Aozora Bank hits near 3-year lows as bad U.S. property loans prompt loss forecast
Publishing timestamp: 2024-02-01 23:00:05
Summary
Aozora Bank shares plunged by 18.5% to their lowest levels since February 2021 after the bank downgraded its annual outlook to a loss due to bad U.S. commercial real estate loans. The bank now expects a net loss of 28 billion Japanese yen for the fiscal year ending March 31, compared to its previous forecast of a net profit of 24 billion yen. This downgrade has raised concerns about the strength of U.S. regional banks, as evidenced by New York Community Bancorp's surprise net loss and dividend cut.
Sentiment: NEGATIVE
Tickers: NYCB, .N225, 8304.T-JP,
Keywords: new york, nikkei 225 index, tokyo, new york community bancorp inc, business, united states, asia economy, u.s. economy, real estate, business news, aozora bank ltd,