Executives at a leading Japanese bank have apologized and taken pay cuts after police arrested an employee who allegedly stole about $9 million worth of valuables from customers’ safe deposit boxes.

A former employee of the MUFG Bank has been arrested for allegedly stealing 20 kilograms of gold bullion worth 260 million yen (US$1.6 million) from customers’ safe deposit boxes.

THE Bank of Japan, after clearly signalling last week’s interest rate hike, may return to its accustomed fuzzy guidance about central bank policy to maintain flexibility when it eventually begins to consider how much tightening is enough.

MUFG's status as Japan's largest bank stock makes it a recipient of favor for overseas investors who expect interest rates in Japan to rise. MUFG has a strong presence in multiple banking markets ...

Japan’s biggest banks are nearing a key valuation level for the first time in almost a decade as investors bet that the Bank of Japan will raise interest rates on Friday and accelerate its normalisation of monetary policy.

The head of Japan's MUFG Bank has promised to review the financial institution's safe deposit box operations following a series of alleged thefts by a former employee.

Out of 19 economists, 18 agreed on prospects of a rate hike, with most pointing to a recent change in tone of the BOJ leadership as driving their expectations.

This was the highest hike in borrowing rates in Japan since the 2008 financial crisis. Bank of Japan headquarters in Tokyo on 29 July 2022 (AP) The central bank had last raised the rates in July ...

The thefts at two branches of MUFG Bank spanned four years and ... according to the bank. The bank, one of Japan's three megabanks, was formed in 2006 by the merger of UFJ Bank and Bank of Tokyo ...

The Bank of Japan, after clearly signalling last week's interest rate hike, may return to its accustomed fuzzy guidance about central bank policy to maintain flexibility when it eventually begins to consider how much tightening is enough.

Giving explicit advance signals, in addition to making the Bank of Japan feel boxed in, could breach Japanese law stipulating the nine-member board must debate and sign off on rate decisions at each policy meeting.

The Japanese stock market on Friday halted the four-day winning streak in which it had accelerated more than 1,500 points or 3.8