Core Viewpoint - Norinchukin Bank, a major Japanese financial institution, is facing significant financial exposure due to the bankruptcy of First Brands Group, an American automotive parts supplier, which has raised concerns among Wall Street and U.S. judicial authorities regarding the disappearance of funds [1][3]. Group 1: Bankruptcy of First Brands Group - First Brands Group filed for bankruptcy at the end of September, reporting liabilities between $10 billion and $50 billion, with total financing close to $12 billion [1]. - Raistone, a short-term financing provider, alleged that $2.3 billion (approximately ¥16.38 billion) of funds went missing during the bankruptcy process [1]. - The company's lawyers admitted that approximately $2 billion raised through factoring could not be accounted for, with only $12 million remaining in the bank [1]. Group 2: Norinchukin Bank's Exposure - Norinchukin Bank has a risk exposure of $1.75 billion (approximately ¥12.47 billion) through its joint venture Katsumi, which holds around 210,000 unpaid receivables from First Brands Group [3]. - Katsumi's average receivable per transaction is about $9,000 [3]. - Norinchukin Bank is one of Japan's largest institutional investors, with a history of diversifying investments globally since the late 1990s [3]. Group 3: Financial Losses and Strategic Changes - Earlier in the year, Norinchukin Bank reported a massive loss of ¥1.8 trillion (approximately $11.7 billion) due to investments in U.S. Treasury and overseas bonds [4]. - The bank plans to sell over ¥10 trillion in U.S. Treasury and European bonds by March 2025, following previous misjudgments regarding interest rates [5]. - The bank's chairman indicated that the sale of low-yield assets has improved its profitability, and it will reassess its international investment strategy moving forward [5].
160亿元资金“凭空消失”？美国巨头突然爆雷，知名银行踩坑