The Music Just Stopped: Japan Banking Giant Norinchukin To Liquidate $63 Billion In Treasuries & European Bonds To Plug Massive Unrealized Losses Last October, when the wounds from the March 2023 bank failures - which surpassed the global financial crisis in total assets and which sparked the latest Fed intervention, setting the market's nadir over the past 16 months - were still fresh, we made a non-consensus prediction: we said that since the Fed has once again backstopped the US financial system, "the next bank failure will be in Japan.