The cut is a sign of the way a deteriorating economy is hurting the business performance of the bank's borrowers. It also highlights banks' high levels of stock holdings, which have plunged in value in the past few weeks.
The bank maintained its revenue forecast at Y1,850bn ($19bn) but said group net profits would be Y180bn rather than the forecast Y480bn.
Such poor results are likely to be shared by other Japanese banks, which have seen their share prices hammered on concerns over their outlook.
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