Japan's Mizuho Financial lowers profit forecasts on stock declines, global financial crisis

Business Materials 31 October 2008 09:19 (UTC +04:00)

Japan's Mizuho Financial Group Inc. Has lowered profit forecasts for the fiscal year by more than half due to stock declines stemming from the global financial crisis, the Associated Press reported.

Mizuho said Friday it now expects a 250 billion yen ($2.6 billion) group net profit for the fiscal year ending March 2009, down 55 percent from the previous forecast of 560 billion yen.

The major Japanese banking group is also lowering its profit forecast for the April-September fiscal half to 94 billion yen ($959 million), nearly one-third of its earlier estimate of 250 billion yen.

Tokyo-based Mizuho, which is set to announce its earnings results on Nov. 13, said sharp declines on the Japanese stock market has eroded Mizuho's equity investments.