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Mitsubishi UFJ Financial to raise 1 trillion yen

Mitsubishi UFJ Financial to raise 1 trillion yen

Mitsubishi UFJ Financial Group Inc. says it will raise up to 990 billion yen ($10.6 billion) by issuing new shares.
The giant banking group says it will issue up to 600 billion yen ($6.5 billion) in common shares in the one-year period through Nov. 3, 2009.
It says it will also issue 390 billion yen ($4.2 billion) in a private allocation of preferred shares.
The bank announced the move Monday after the stock market closed with large losses, especially in the banking sector.
The move will help Mitsubishi UFJ secure capital reserves while the outlook for Japan's economy continues to darken, as the country's major exporters are hit by strong gains in the yen.