For years, it was best known as Japan’s CLO whale — a $357 billion investing giant with seemingly insatiable appetite for yield in an era of rock-bottom interest rates. Now Norinchukin Bank has become one of the biggest casualties of an entirely different financial world — where higher-for-longer borrowing costs are exacting a painful toll on the market’s weakest hands. The agricultural bank surprised the market this week by saying it would sell $63 billion of low-yielding US and European government bonds that had become unprofitable to hold after the firm’s shorter-term funding costs jumped. The unlisted firm warned ... (full story)