• Kyodo News


Norinchukin Bank said Wednesday it plunged into the red in fiscal 2008 with a record-setting group net loss of ¥572.10 billion after taking hefty losses on securities investments from the global financial crisis.

Norinchukin, the de facto central bank for agricultural cooperatives, said the loss was its first in 13 years. The bank logged a profit of ¥276.88 billion the previous year.

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