Kyodo economic news summary -5-+
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[May 15, 2008]

Kyodo economic news summary -5-+

(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, May 15_(Kyodo) _ ---------- Mizuho incurs further subprime loss, net profit down 50% in FY 2007

TOKYO - Mizuho Financial Group Inc., the worst hit among Japanese banking groups by the U.S. subprime mortgage crisis, said Thursday its group net profit fell 49.8 percent in fiscal 2007 from a year earlier to 311.22 billion yen.

Mizuho Financial, one of Japan's three mega-banks, posted 645 billion yen in losses on its investments related to risky home loan markets, sharply higher than the 345 billion yen revealed in December.

---------- Aozora sees 93% dive in net profit on subprime loss, GM arm investments

TOKYO - Aozora Bank said Thursday its group net profit dived 92.7 percent in fiscal 2007 from the previous year to 5.93 billion yen due mainly to appraisal losses from the U.S. subprime mortgage fiasco and a bungled investment in a U.S. auto loan company.



In an earnings report for the 12-month period to March 31, Aozora Bank,

---------- April new condo supply in Tokyo slumps 29.7%, down for 8th month



TOKYO - The number of condominiums put up for sale in the Tokyo Metropolitan area in April plunged 29.7 percent from a year earlier to 2,875 units, recording a decline for the eighth straight month due largely to price rises, the Real Estate Economic Institute said Thursday.

The latest figure is the lowest for April since 1993, signaling a cooling in the Japanese condominium market.

---------- S&P raises Malaysia equity market to 'marketweight' from 'underweight'

KUALA LUMPUR - Standard & Poor's on Thursday raised its weighting on Malaysia's equity market to "marketweight" from "underweight," citing fair market values, improved domestic liquidity and more benign external market conditions, but it warned of downside risks from inflation and political uncertainty.

The benchmark Kuala Lumpur Composite Index, which is currently hovering around 1,300 points, is expected to hit 1,400 by year-end, Lorraine Tan, vice president of Standard & Poor's Equity Research, Asia, told a press conference.

Copyright ? 2008 Kyodo News International, Inc.

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