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Japan brokerages sold over $740m in Credit Suisse AT1 bonds

MUFG apparently unloaded vast majority of troubled debt

The value of the bonds issued by Credit Suisse was completely wiped out as part of a deal to have UBS to take over its operations.   © Reuters

TOKYO -- Japanese brokerages have sold over 100 billion yen ($744 million) worth of AT1 bonds from Credit Suisse, an industry group said Wednesday, quantifying the potential losses in Japan resulting from the failed Swiss financial group.

"Altogether, it was more than 100 billion yen, approximately," said Toshio Morita, chairman of the Japan Securities Dealers Association (JSDA).

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