Japan’s SoftBank sinks to losses as investments sour

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Japanese technology company SoftBank Group has dropped into losses as the value of its investments declines. It reported red ink totaling 1.7 trillion yen, or $13 billion, for the fiscal year through March, a reversal from a 4.9 trillion yen profit the year before. Although the company’s portfolio is not directly exposed to the war in Ukraine, global uncertainty and inflation are having a negative impact on investments. Softbank Chief Executive Masayoshi Son said he will become more defensive, focusing on past successes like British semiconductor and software design company Arm. He defended his belief in investing in the “information revolution.”