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MUFG and Morgan Stanely Japan JV to post $1.7 bln loss-sources

Published 04/20/2011, 10:47 AM
Updated 04/20/2011, 10:56 AM
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TOKYO, April 20 (Reuters) - A Japanese securities joint venture between Mitsubishi UFJ Finacial Group (MUFG) and Morgan Stanley will book a net loss of about 140 billion yen ($1.7 billion) for the year ended in March due mainly to massive bond trading losses, sources familiar with the matter said on Wednesday.

Japan's financial regulator, the Financial Services Agency, is expected to order the venture to submit a report on the loss and its risk management structure, said the sources, who were not authorised to discuss the matter publicly.

The venture, Mitsubishi UFJ Morgan Stanley Securities, is 60 percent owned by MUFG and 40 percent owned by Morgan Stanley. ($1 = 82.580 Japanese Yen) (Reporting by Taiga Uranaka and Noriyuki Hirata; Editing by Nathan Layne)

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