Norinchukin Dodges Trump's Market Chaos After Selling Treasuries
Norinchukin Bank's disastrous last fiscal year has had one silver lining for Japan's $300 billion investing giant — it helped shield it from the turmoil unleashed by Donald Trump's tariffs this month.
New Chief Executive Taro Kitabayashi said the bank finished selling off its unprofitable US Treasury holdings by the end of March, thus avoiding the volatility last week as Trump's trade policies whipsawed markets. Through the end of December, the bank had unloaded ¥12.8 trillion of its holdings in US and European government bonds. The bank is not currently doing any large-scale buying or selling of sovereign debt, he said.
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