押注美债巨亏后日本农林中央金库再陷风险旋涡！合资企业或受美企破产冲击

Core Insights - Norinchukin Bank is facing new scrutiny as its joint venture may suffer from the bankruptcy of First Brands Group, which received $1.75 billion in trade financing from Katsumi Global, a subsidiary of JA Mitsui Leasing, in which Norinchukin Bank and Mitsui & Co. are major shareholders [1] - Earlier this year, Norinchukin Bank reported a massive loss of 1.8 trillion yen (approximately $11.7 billion) due to investments in U.S. Treasury bonds and other overseas bonds, with unrealized losses on its bond holdings amounting to 1.24 trillion yen [1] Group 1 - JA Mitsui Leasing is responsible for its own and its subsidiaries' daily operations, but Norinchukin Bank and Mitsui & Co. have a responsibility to vote on the appointment of management at the board level [2] - JA Mitsui Leasing has approximately 2,000 employees and provides leasing and financing services across multiple industries, with Norinchukin Bank holding a 43.4% stake and Mitsui & Co. holding a 42.3% stake [2] - As of the end of March, JA Mitsui Leasing had total assets of 3.4 trillion yen (approximately $22 billion) and a net profit of 37.4 billion yen [2] Group 2 - JA Mitsui Leasing plans to strengthen collaboration with strategic partners, including Norinchukin Bank and Mitsui & Co., and aims to expand its overseas business, particularly in the North American market [3] - Norinchukin Bank is working to rebuild its $266 billion securities investment portfolio, with a government expert panel recommending enhanced risk management, including the introduction of external directors with market expertise [3] - Despite the risk exposure related to First Brands Group's bankruptcy not indicating a fundamental flaw in Norinchukin Bank's risk management framework, it does present a "reputational risk" [3]