June 13, 2024

Japan’s Aozora Bank tanks after flagging losses tied to US commercial property

A pedestrian walks past a sign for Aozora Bank Ltd. at the company’s headquarters in Tokyo, Japan, on Friday, May 14, 2010.

Tomohiro Ohsumi | Bloomberg | Getty Images

Shares of Aozora Bank tumbled to their lowest level in eight months Thursday after the Japanese bank warned of a fiscal-year net loss due to its exposure to U.S. office loans.

The Tokyo-based commercial lender said it now expects to post a net loss of 28 billion Japanese yen ($191 million) for the fiscal year ending Mar. 31, a swing from its previous forecast for a net profit of 24 billion yen.

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