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Report: Japan's FSA to sanction Suruga Bank for alleged fraud

Japan's Financial Services Agency is expected to sanction Suruga Bank Ltd. for alleged fraud over a failed loan involving a home sharing investment scheme, The Mainichi Shimbun reported May 12.

The FSA has found that Suruga Bank was involved with the falsification of some of the documents that had justified the approval of the loan, the report said.

The regional bank could book losses for the fiscal year ended March 31 over the loans to the shared housing scheme, and the losses for the period could reach tens of billions of yen, with the Japanese regional bank expected to book a profit of ¥43 billion for the fiscal year, The Nikkei reported earlier this month.

As of May 11, US$1 was equivalent to ¥109.40.