InfoAnda - Japan's Mizuho lowers forecasts on stock declines

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Japan's Mizuho lowers forecasts on stock declines By maykjj AP - 2 hours 17 minutes ago TOKYO - Japan's Mizuho Financial Group Inc. said Friday that it has lowered profit forecasts for the fiscal year by more than half due to stock declines stemming from the global financial crisis. Mizuho said it now expects a 250 billion yen ($2.6 billion) group net profit for the fiscal year ending March 2009, down 55 percent from the previous forecast of 560 billion yen. The major Japanese banking group is also lowering its profit forecast for the April-September fiscal half to 94 billion yen ($959 million), nearly one-third of its earlier estimate of 250 billion yen. Tokyo-based Mizuho, which is set to announce its earnings results on Nov. 13, said sharp declines on the Japanese stock market has eroded Mizuho's equity investments. Fears have been growing about the earnings of major Japanese companies set to announce results in the next few weeks amid global crisis. The financial credit problems, which began in the U.S., is expected to weigh particularly on Japanese banks and other financial institutions. The benchmark Nikkei 225 stock average was down 2.7 percent midday Friday. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Philippine stock index soars 4.6 pctAP - 2 hours 6 minutes ago India's Bharti says no plans to give dividendReuters - 2 hours 9 minutes ago Daiichi to move clot prevention drug to phase 3Reuters - 2 hours 10 minutes ago Indonesia's Adaro sees coal output at 42 mln tonnes in 2009Reuters - 2 hours 11 minutes ago Indian shares extend gain to more than 9 pctReuters - 2 hours 14 minutes ago Most Popular – Business Viewed When men see red, they see hot: study Asian stocks soar on US Fed rate cut McCain in defiance as Obama boosted by economic data World's fattest man weds friend's widow Desperate pleas end in despair as starlet's nephew found dead View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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