by Calculated Risk on 11/22/2007 11:36:00 PM

From MarketWatch: Japanese banks suffer 230 bln yen in subprime losses: report

Japanese financial institutions have had to write down about 230 billion yen ($2.13 billion) on holdings linked to the U.S. subprime mortgage market ... Japan's financial regulator, the Financial Services Agency, released the figure late Thursday saying it represented losses suffered by major and regional banks, credit associations and credit cooperatives as of Sept. 30, the Nikkei News reported in its Friday morning edition...

I wonder what will happen when people realize this isn't just a subprime problem?