Japan’s SoftBank logs $5.9B loss as tech investments tumble

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Japanese investor SoftBank Group has sunk into a deep loss for the October-December quarter, slammed by the global plunge in technology shares. The 783 billion yen, or $5.9 billion, net loss for the fiscal third quarter, was a reversal from a 29 billion yen profit a year earlier. SoftBank invests in hundreds of companies, including mobile carrier SoftBank, web services provider Yahoo, vehicle-for-hire company Didi and Chinese e-commerce giant Alibaba. It also runs the Vision Fund that includes other global investors. Various uncertainties have slammed Japanese companies recently, such as soaring material costs and rising interest rates.