Mitsubishi UFJ Financial Group Inc. (MTU), Japan’s largest bank, will move forward with its planned investment of $9 billion in Morgan Stanley (MS).

MUFJ  will move forward with the investment of 21% of Morgan Stanley agreed to on Sept. 29, even though paper losses are expected immediately. MUFJ will purchase $3 billion of common stock at $25.25 per share, and $6 billion in preferred shares that carry a conversion price of $31.

In New York trading, common shares of Morgan Stanley dropped to $12.45, which equates to a loss of around $1.5 billion for MUFG.

MUFG still expects to seal the deal on Tuesday, October 14, according to The Wall Street Journal, which cited the MUFG spokesman, Takashi Takeuchi. Takeuchi declined to comment on whether the bank would seek to renegotiate the price.

MUFG may not be able to extract as much worth out of its purchase of Morgan Stanley as it had hoped because the Japanese bank was offered only one seat on the Morgan Stanley board of directors, according to the Journal.

However, MUFG has already gotten U.S. government approval for overseas expansion, approval it was previously denied because of money laundering charges from 2006, according to the Journal.