Japan’s Richest Lose $4 Billion as Equities Plunge
Japan’s
three richest men lost a combined $4.2 billion on paper in the past two
weeks, according to data calculated by the Bloomberg Billionaires
Index.
Japan’s Richest Lose $4 Billion as Equities Plunge
By Patrick Chu -
Jun 3, 2013 9:03 PM PT
Fast Retailing Co. Chairman Tadashi Yanai’s fortune slid 12 percent to $16.4 billion as of yesterday, the wealth of SoftBank Corp. (9984) President Masayoshi Son fell 13 percent to $12.1 billion and Rakuten Inc. (4755) Chief Executive Officer Hiroshi Mikitani’s assets dropped 9 percent to $6.6 billion. Even after the drop, Japan’s biggest stock rally in a quarter century has added almost $9 billion to the three executives’ net worth in 2013.
Unprecedented monetary easing by the Bank of Japan has weakened the yen 17 percent versus the dollar since Dec. 3, helping exporters post higher earnings through March and raise profit targets for the fiscal year that started in April.
The three companies run by the billionaires derive most of their revenue from Japan despite efforts by the trio to diversify geographically. All three men rely on the performance of shares in their companies for all of their wealth, according to data compiled and calculated by Bloomberg.
The Bloomberg Billionaires Index takes measure of the world’s wealthiest people based on market and economic changes and Bloomberg News reporting. Each net worth figure is updated every business day at 5:30 p.m. in New York. The valuations are listed in U.S. dollars.
To contact the reporter on this story: Patrick Chu in Tokyo at pachu@bloomberg.net
To contact the editor responsible for this story: Teo Chian Wei at cwteo@bloomberg.net
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