Thursday, September 17, 2009

Trouble in Japan: Aiful, Japan's 3rd Largest Lender, To Reschedule Debt Payments

There is trouble in Japan tonight (it's already day over there). The goldilocks rally may be falling apart. Aiful Corp., Japan’s third-largest consumer lender by revenue, was down 27 percent as it says it cannot pay its debt. Rival Promise Co. was down 12 percent.
The MSCI Asia Pacific slipped 0.8 percent to 117.89 as of 10:36 a.m. in Tokyo.

Bloomberg says: “Uncertainties are clouding the outlook for Japanese financial companies and investors are shunning them,” said Juichi Wako, a senior strategist at Tokyo-based Nomura Holdings Inc. “People want to take profit before a five-day holiday” that begins tomorrow in Japan.
Aiful said it will try to reschedule debt payments after the financial crisis hurt its ability to raise money.
Promise retreated 12 percent to 533 yen. Takefuji Corp. dropped 11 percent to 412 yen.

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