TOKYO (Standard&Poor's) May 25, 2009--Japan's six major banking groups recorded a total accumulated net loss of ¥1,174.9 billion in fiscal 2008 (ended March 31, 2009), the banks' first deficit since fiscal 2003, according to a Japanese-language report published by Standard&Poor's Ratings Services today. The major factors behind the net losses are an increase in losses from sales or depreciation of equity holdings, which stemmed from the fall in the stock market, and an increase in credit costs precipitated by the economic downturn. In addition, the banks' core operating profit fell due to decreased fee income. All the major banking groups forecast that credit costs will decline in fiscal 2009 (ending March 31, 2010) from the previous
