Koyasan Shingon Buddhism, the owner of a cluster of World Heritage Site temples founded in the ninth century, reported losses equal to about a quarter of its assets after bets on the Australian dollar and structured bonds soured.
The group had unregistered losses of ¥1.53 billion on financial assets of ¥5.79 billion for the year ended March 31, according to an April 23 report commissioned by the organization, based in Wakayama Prefecture. The head of the organization, Kosho Shono, resigned Wednesday to take responsibility.
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