TOKYO, March 12 – Mitsubishi UFJ Financial Group, Japan’s biggest bank, said it will raise nearly $1bn by issuing preferred securities, its latest step to shore up a capital base depleted by a tumbling stock market.

Mitsubishi UFJ said in a statement it will issue Y97.4bn ($1bn) worth of the securities, which are not convertible to common stock and carry dividends of under 5 per cent.