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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Japan's Mizuho posts loss, plans to raise funds AFP - Friday, November 14 TOKYO (AFP) - - Japan's Mizuho Financial, hit hard by the credit crunch, said Thursday it hopes to raise up to about three billion dollars to bolster its finances after plunging to a second quarter loss. Mizuho president Terunobu Maeda said the bank needed to raise about 200-300 billion yen (2.1-3.1 billion dollars) to manage the current situation. "I don't think the Japanese economy has hit a bottom for the time being," he told reporters. "The group will be affected by the economic slowdown at least for the next year or two." Mizuho, Japan's second biggest bank, said its net profit plunged 71 percent in the six months to September from a year earlier to 94.58 billion yen (985 million dollars). The bank had posted a 133.0 billion yen profit for the first quarter alone, meaning that it lost about 38 billion yen in the second quarter. Mizuho last month slashed its profit forecast for this financial year by more than half, blaming the falling stock market, rising corporate bankruptcies and the collapse of Wall Street bank Lehman Brothers. A sharp drop in non-interest income "pulled down the overall performance of the group," Maeda said. The bank expects a drop of almost 20 percent in net profit to 250 billion yen for the full financial year to March. Until recently Japan had been seen as relatively resilient to the global financial crisis, which has battered banks worldwide. But Japanese banks are now being squeezed by a plunging stock market and a Japanese economy on the brink of recession. Mizuho said it would issue preferred securities to domestic institutional investors through a subsidiary in the Cayman Islands. It said the securities it will issue would not be convertible into common stock and so would not dilute the value of existing shares. Other Japanese banks are also hoping to raise cash on capital markets to help them weather the turbulence. Mitsubishi UFJ Financial, the Japanese megabank buying a chunk of Wall Street giant Morgan Stanley, said last month that it would tap investors for up to 10.5 billion dollars. Sumitomo Mitsui Financial Group Inc., Japan's third-largest bank, is reportedly also considering a capital hike. 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: China's Economy Mayors, governors prod Congress for financial helpAP - 2 hours 35 minutes ago In bad economy, boat owners abandon their vesselsAP - Friday, November 14 Ferre house owner posts 9-mth loss, sees sales dropReuters - Friday, November 14 IMF 'waiting' for details from Japan on crisis fundingAFP - Friday, November 14 Related Articles: Business Japan to offer up to $100B for IMF bailout fundAP - 1 hour 1 minute ago AMD makeover moves show limited choices in slumpAP - 1 hour 8 minutes ago UPDATE 1-SingTel gets S$1.075 bln in bank financingReuters - 1 hour 13 minutes ago RPT-Nintendo says sold over 800,000 Wii in U.S. in OctReuters - 1 hour 15 minutes ago US Steel lays off 675 workers in US, CanadaAP - 1 hour 37 minutes ago Enlarge Photo Japan's Mizuho posts loss, plans to raise funds Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Ancient 4,300-year-old pyramid discovered in Egypt Your favorite music = happy heart: study Britney Spears's son hospitalized: statement Oil price dives under 55 dollars per barrel in London Earth would be heading to a freeze without CO2 emissions View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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