According to the financial daily Nikkei, Mizuho Financial Group Inc. announced that it expects to post a 580 billion yen net loss due to mounting credit costs as well as investment losses in Merril Lynch & Co.
Sumitomo Mitsui Financial Group also announced a projected net loss of 390 billion yen, blaming rising credit costs and investment losses from Barclays PLC's.
These companies are dragging down investments in foreign financial institutions.
April 24, 2009
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