Japanese banks shift money into US to escape Euro crisis

The sovereign debt crisis in the Euro zone sure got Japanese banks worried.

In a Bloomberg report, Annaly Capital Management Inc. Chief Executive Officer Michael Farrell said that Europe’s sovereign debt crisis is pushing Japanese banks to focus more on U.S. money markets,

Farrell said this after having conversations with two Japanese banks in the past weeks.

Bloomberg noted, for instance, that Nomura Holdings Inc. (8604), Japan’s largest brokerage, expects to achieve about 60 percent of its $1.2 billion in planned expense reductions in Europe.

View the full report here.