News from Japan on this lovely Friday is that the country faces around a 1.2 trillion loss because of losses on subprime mortgages.  The subprime mortgage asset loss of ¥1.2 trillion is from 2007 alone.  It seems as if Mizuho will be the hardest hit sustaining over half of the entire country’s losses on subprime mortgages itself.  This news comes when earlier this week the IMF believed the US losses were likely to top $1 trillion (that’s dollars not yen).