BREAKING: Norinchukin Bank, one of #Japan's largest institutional investors, has announced plans to sell approximately 63 billion U.S. dollars in overseas bonds to prevent default after wrong bets on interest rates.

https://www.japantimes.co.jp/business/2024/06/20/companies/japan-norinchukin-bank-losses/

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Brrrrr it’s going to get cold 🥶 💸

I though they said last week they were simply going to write off a loss... I guess its like the months prior that they said they were going to have something like a $3B loss and that has since ballooned.

Sheesh. So much for trusting the banks....