Local News

The Miyazaki Bank of Miyazaki City announced it has revised its non-consolidated earnings projections downward for the year ending March 2009. After several large bankruptcies among prefecture companies, the bank is now forecasting a current loss of 9.5 billion yen, compared to initial expectations of a full-year profit of 1 billion yen. The bank has also modified its initial projection for a net profit to a net loss. It will be the bank’s first loss since the year ended March 2001, and the largest in their history.