Local News

The six Kyushu-Yamaguchi Prefecture regional banks have been recording valuation losses on their stock portfolios for the fiscal year ended March 2008, as well as revising their business projections downward. The banks’ holdings have been impacted by the subprime problem in the United States, and deteriorating business conditions for borrowers has resulted in an increase in operating costs. As a consequence, six of the eight financial institutions have sharply revised downward projections for consolidated net profit.