The combined losses incurred by Japan's 673 financial institutions on their holdings of securitized products, including those linked to U.S. subprime loans, amounted to ¥2.44 trillion at the end of March, the Financial Services Agency said Friday.
Of these losses, ¥850 billion was linked to U.S. subprime mortgage-related products and the remaining ¥1.59 trillion was incurred from other securitized products held by banks and other smaller deposit-handling financial firms.
"There were many losses from securitized products not related to the subprime loans," an FSA official told reporters. "This showed that the impact (of the subprime loan crisis) is spreading to various securitized products."