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Lehman’s Japan affiliates file for bankruptcy protection

Lehman’s Japan affiliates file for bankruptcy protection
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First Published: Wed, Sep 17 2008. 03 08 PM IST
Updated: Wed, Sep 17 2008. 03 08 PM IST
PTI
Tokyo: Two fo the Japan affiliates of the fallen Lehman Brothers Holdings Inc have filed for bankruptcy protection with the Tokyo District Court, an agency said today.
“The two firms — factoring service firm Sunrise Finance Co and Lehman Brothers Mortgage K K, which is in the mortgage-backed lending business — sought protection under the Civil Rehabilitation law on Tuesday as they faced difficulties,” credit research agency Teikoku Databank said.
Amid the spreading fallout of the US investment bank’s failure, Economic and Fiscal Policy Minister Kaoru Yosano called for a calm response.
“It will have a bee-sting effect on the Japanese economy, but Japanese financial institutions will not suffer,” Yosano, who is running in the Liberal Democratic Party’s Presidential election said.
The Japan government injected ¥3 trillion into money markets on 17 September in a bid to mitigate disruptions in the financial markets following the failure of Lehman Brothers Holdings Inc in US.
With the latest move by the Japanese central bank, central banks in major economies, including the US Federal Reserve and the European Central Bank, have funneled a total of ¥39.8 trillion into the markets since Monday.
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First Published: Wed, Sep 17 2008. 03 08 PM IST