TOKYO : Japan Post Holdings said on Friday it booked an impairment loss of 85.1 billion yen ($587.5 million) in the April to June quarter on its stake in beleaguered Japanese e-commerce giant Rakuten Group.Rakuten shares dropped to 499 yen at Friday's close, a level last seen in 2009 and well below the 1,
TOKYO : Japan Post Holdings said on Friday it booked an impairment loss of 85.1 billion yen in the April to June quarter on its stake in beleaguered Japanese e-commerce giant Rakuten Group.
Japanese accounting rules state that companies must register the impairment loss should a holding fall below 50 per cent of the purchase price with no prospect of recovery. The loss amounts to over 50 per cent of Japan Post's 150 billion yen original investment.
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