30 May 2017

News Story: 4 Japanese firms invested heavily in cluster bomb makers - NGO group

Cluster Bomb [Click Image to Enlarge]
Four Japanese financial firms invested heavily in cluster bomb manufacturers between 2013 and 2017, said the Dutch nongovernmental organization (NGO) PAX.

According to a report released by PAX, Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc., Orix Corp. and Dai-ichi Life Insurance Co., Ltd. all invested considerable sums of money into cluster bomb makers up until March 2017 -- with the figures coming to U.S.$914 million, U.S.$606 million, U.S.$354 million and U.S.$40 million, respectively.

The findings revealed that Japan, which in 2008 signed the Convention on Cluster Munitions prohibiting the use, development and production of cluster munitions, had the highest number of its domestic financial institutions investing in cluster bomb makers among other signatory countries.

Between June 2013 and March 2017, PAX carried out an investigation into the transactions of six cluster bomb makers in the United States, China and South Korea. The findings showed that a total of 166 financial institutions across the world invested U.S.$31 billion in these cluster bomb producers during this period.

Read the full story at The Mainichi