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Major Japanese bank Mizuho Financial Group stayed in the red last quarter, posting a 4.49 billion yen ($47.3 million) loss as derivatives trading soured and bad loans surged.
Mizuho Financial Group's first half profit nose-dived 71 percent as the overseas businesses of the Japanese "megabank" got pummeled by the U.S. financial crisis.
Mizuho Financial Group Inc., Japan's second biggest banking group, reported Thursday a 50 percent drop in profit for the fiscal year, taking a beating from U.S. subprime credit problems.
Mizuho Financial Group Inc., Japan's second largest bank, lowered its fiscal 2007 earnings forecast Friday, blaming growing damage from the U.S. credit crisis.
Profits fell at Japanese megabanks Mitsubishi UFJ Financial Group and Mizuho Financial Group in the nine months through December because of exposure to the U.S. subprime mortgage crisis.
Japanese stocks fell 1.2 percent Friday for the sixth straight session, driven down by a news report that Mizuho Financial Group Inc. expected to postpone the planned merger of two brokerages.
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