SEC action appears to lag significantly in the wake of large losses at banks and brokerage houses. Financial institutions have taken provision of more than $320 billion, the largest potential losses since the Great Depression. SEC has been largely since either lacking resources or lagging behind the market developments.

Gainers & Losers

CSK Holdings led advancers in the Nikkei 225 index shares with a rise of 9.17% followed by increases in Clarion Co. Ltd. of 7.58%, in Nippon Light Metal of 4.97%, in Nitto Boseki Co. of 3.57%, and Ricoh Co. Ltd of 3.27%.

Showa Denko KK led decliners in the Nikkei 225 index shares with a drop of 11.92% followed by losses in Yahoo Japan Corp. of 5.36%, in Sumitomo Trust & Banking of 4.97%, in Fujikura Ltd of 4.91%, and Tokyu Corp of 4.61%.

Mizuho Financial Group fell 4.51%, Mitsubishi UFJ Financial Group shed 3.71% and the Bank of Yokohama edged down 4.10%.

Softbank to issue nonvoting preferred stock

Nikkei news reported that Softbank Corp. is mulling plans to issue nonvoting preferred stock, shares with no voting rights but higher dividends, in order to diversify its funding sources and attract more individual stockholders. Softbank Corp fell 3.32%.