The new unit will serve as a major centre for overseas wholesale operations, such as underwriting Euroyen bonds
issued by Japanese companies.
The loss has stemmed from the investments in euroyen bonds
and mutual funds into which bonds denominated in foreign currencies are incorporated, according to the group, widely known as Nippon Keidanren.
He also said he plans to ask the Investment Trusts Association of Japan to devise stricter guidelines on risk management of money management funds (MMFs) as funds that incorporated euroyen bonds
issued by Enron fell below par value following Enron's financial trouble.
The MMFs, which incorporate euroyen bonds
floated by U.
Some MMFs that incorporated Euroyen bonds
floated by U.
As for massive cancellations of money management funds (MMFs) incorporating euroyen bonds of U.
The Investment Trusts Association of Japan said Thursday that MMFs offered by four Japanese asset management companies had fallen below the par value of 10,000 yen because of the inclusion of euroyen bonds issued by Enron, which filed for court protection from creditors Sunday in one of the biggest bankruptcies in the United States.
Money management funds (MMFs) offered by four Japanese asset management companies have fallen below their par value of 10,000 yen due to the inclusion of euroyen bonds
issued by Enron Corp.
Investors on Thursday canceled more than 1 trillion yen in money management funds (MMFs) incorporating Euroyen bonds
Norinchukin Bank reportedly incurred losses of 4 billion yen on Euroyen bonds
said Tuesday it has incurred a loss of some 15 billion yen on its holding of Euroyen bonds
linked to Russian government bonds.
Asahi officials said the Dutch subsidiary, established in 1989, has raised funds through such methods as issuing Euroyen bonds
worth 2-40 billion-yen range on guarantees provided by the parent company.