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☆ Yσɠƚԋσʂ ☆@lemmy.ml to World News@lemmy.mlEnglish · 1 year ago

Japan’s Aozora bank loses 33% of its value in two-day stock meltdown. Bank reported massive exposure to US commercial real estate.

www.bloomberg.com

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Japan’s Aozora bank loses 33% of its value in two-day stock meltdown. Bank reported massive exposure to US commercial real estate.

www.bloomberg.com

☆ Yσɠƚԋσʂ ☆@lemmy.ml to World News@lemmy.mlEnglish · 1 year ago
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Japan’s Aozora Loses 33% of its Value in Two-Day Stock Meltdown
www.bloomberg.com
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Japanese lender Aozora Bank Ltd. plunged for a second straight day after saying it would have its first loss in 15 years because of bad loans tied to US property.
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  • TacoButtPlug@sh.itjust.works
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    1 year ago

    They tried to short US real estate? Why? Is there a dip in value I’m missing?

    • Zeppo@sh.itjust.works
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      1 year ago

      The commercial real estate market is pretty screwed at the moment.

    • ☆ Yσɠƚԋσʂ ☆@lemmy.mlOP
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      1 year ago
      • https://www.bisnow.com/national/news/capital-markets/banks-need-to-disclose-more-cre-exposure-sec-122566
      • https://www.americanbanker.com/news/study-44-of-banks-office-loans-are-underwater-amid-soaring-vacancies
      • TacoButtPlug@sh.itjust.works
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        1 year ago

        Ahh ok. That honestly didn’t take as long as I would’ve expected. Wonder how it’ll translate to the housing market.

        • ☆ Yσɠƚԋσʂ ☆@lemmy.mlOP
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          1 year ago

          Main effect on the housing market right now comes from the interest rate hikes. Since people can’t afford to pay the mortgage with such high interest, the market ends up cooling because people can’t sell their homes. I think the commercial housing market is the one that’s the bigger problem though because of increased trend to work from home. Office spaces aren’t renting nearly as much anymore, and that also affects all the businesses that were supported by workers who came to the offices.

  • Zuberi@lemmy.dbzer0.com
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    9 months ago

    deleted by creator

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