Japan's biggest bank
Mitsubishi UFJ Financial
said it now expects a fiscal-year loss of 260 billion yen ($2.62 billion), a reversal from its previous forecast of a profit of 50 billion yen.
In a statement Friday, the bank said the expected loss for the year ended March 31, was mainly because of impairment losses on marketable equity securities, caused by a collapse in stock prices.
"These decreases were mainly due to an increase in net losses onequity securities caused by further decline in market share prices, and a recording of valuation allowanceagainst deferred tax assets as a result of re-assessing collectability of its deferred tax assets," Mitsubishi UFJ said.