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Sell-offs pummel corporate Japan's stock portfolios

Pension funds log worst returns in more than eight years

Passersby look at a screen displaying stock prices in Tokyo. The market sell-off has hurt companies' pension funds.   © Reuters

TOKYO -- Crashing stock prices around the world have taken a toll on Japanese companies, whose investment portfolios, cross-shareholdings and pension funds are all taking a beating over coronavirus fears.

Textile giant Toray Industries said Tuesday that it will book an 18.7 billion yen ($173 million) loss from the "significant decline" in the share price of Hong Kong affiliate Pacific Textiles Holdings for the fiscal year ended that day. The loss will mark the one-time amortization of goodwill booked when Toray acquired a stake in the casualwear fabric maker in 2017.

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