Subprime woes spread to Japan

Mizuho Financial Group may soon report subprime losses of as much as $2.8 billion, Japanese newspapers report. The losses could force Japan's second-largest bank to cut its full-year profit forecast for the second time.

Japan's other three top banks -- Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Sumitomo Trust & Banking -- will take subprime hits totaling approximately $2 billion.