MUFG sees subprime valuation losses up sixfold

TOKYO, Oct 29 (Reuters) - Mitsubishi UFJ Financial Group Inc (8306.T: Quote, Profile, Research, Stock Buzz), Japan's largest bank, said on Monday it would have to write down the value of its subprime-related investments by as much as 30 billion yen ($260 million), or six times more than previously announced.

The bank said in August it had booked an appraisal loss of 5 billion yen on investments related to the troubled subprime mortgage market. But a spokesman said on Monday that would likely balloon to between 20 billion and 30 billion yen by the end of September.