Japan’s life insurance industry, which is already reeling from enormous losses thanks to low interest rates and bad investments, now has a new problem to deal with: the country’s banks are starting to fall over.

As the world’s stock markets begin to weaken, many banks are rumoured to be facing collapse. Reuters said 14 of Japan’s major life insurers hold $238 billion in bank shares and loans, with the banks accounting for about 23% of the insurers’ overall domestic stock portfolios.