TOKYO -- Ten Japanese financial institutions including Sumitomo Mitsui Banking Corp. and Mizuho Bank are preparing to extend emergency loans totaling 400 billion yen ($3.01 billion) to Tokyo Electric Power Co. Holdings, as high fuel costs and a weak yen batter the country's utilities.
The plan, which is still being finalized, includes about 90 billion yen from the state-backed Japan Development Bank, 83 billion yen from Sumitomo Mitsui Banking, 62 billion yen from Mizuho Bank and 39 billion yen from Nippon Life Insurance.
