Standard & Poor’s, which lowered U.S. brokerages’ credit ratings this week, said Japan’s major banks are withstanding the subprime mortgage crisis.
Mitsubishi UFJ Financial Group Inc. and other banks’ investments in securities connected to U.S. subprime mortgages pose “no new causes for concern,” the rating company said in a report Wednesday. Their portfolios of such securities are “relatively small compared to those of major overseas financial institutions,” S&P said.
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