Mitsubishi Tokyo Financial Group, the nation's third-largest banking group, is projecting a 145 billion yen consolidated net loss for the 2001 business year, hit by larger-than-expected credit costs and share price falls.
It had been projecting a 20 billion yen net gain.
Credit costs are projected to rise to 685 billion yen, 42.7 percent higher than the 480 billion yen announced in November. MTFG Senior Managing Director Tadahiko Fujino blamed the stagnant economy for rising loan-loss charges, as well as losses overseas incurred by the failure of large companies, such as U.S. energy giant Enron Corp., and by Argentina's default on its obligations.