Japan's Stock Futures Drop in U.S. as Financial Concerns Mount

July 15 (Bloomberg) -- Japanese stock futures fell in the U.S. on concern banks there will collapse amid mounting credit market losses and after a report Japan's top three lenders hold more than $40 billion in Fannie Mae and Freddie Mac debt.

U.S.-traded receipts of Mitsubishi UFJ Financial Group Inc., the country's biggest lender by value, lost 2.4 percent from the closing share price in Tokyo yesterday. Those of Sumitomo Mitsui Financial Group Inc., the second largest, tumbled 2.3 percent.

U.S. financial shares posted their steepest slide in eight years, and Fannie Mae and Freddie Mac slumped in spite of a rescue plan from the Treasury Department. The Nikkei newspaper said today Japan's three largest lenders hold 4.7 trillion yen ($44.2 billion) in debt securities of the mortgage lenders.

Source: Bloomberg

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