Japan megabanks show Asia depreciation concern
Slumping economies and falling currencies could weaken finances of borrowers
Singapore
JAPANESE banks may be starting to regret their biggest increase in overseas lending in 30 years as Asian economies slump and currencies tumble.
Mitsubishi UFJ Financial Group Inc's assets in Asia excluding Japan made up 9.3 per cent of the total as at March 31, the most in at least 10 years, according to its annual report filed in July. The nation's biggest lender said that depreciation could weaken the finances of borrowers. Overdue loans from the region at Sumitomo Mitsui Financial Group Inc rose 77 per cent while those at Mizuho Financial Group Inc increased 24 per cent in the year ended March 31.
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