Mizuho Financial Group (the 4th largest holding of iShares Japan ETF (ticker: EWJ) to Issue 400 billion Yen of Shares

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Mizuho Financial Group (not traded on U.S. exchanges), the 4th largest holding of iShares Japan ETF (ticker: EWJ) announced it will issue 400 billion yen (US$3.5 billion) of shares for sale, valued at 5% of the company's stock. The news caused Mizuho's shares traded on the Tokyo Stock Exchange to lose 4.37% for the day. There are mixed opinions in Tokyo. Some see this as beneficial to Mizuho as it will have greater access to capital, always an important matter for financial companies. Others however, worry the announcement to issue shares was based on the recent run-up and could result in an oversupply in the market, provoking profit-taking and potentially a large sell-off. For more details see Bloomberg's article.