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.

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.

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 ...

Japan Bank Executives Take Pay Cuts After Employee ... The thefts at two branches of MUFG Bank spanned four years and were uncovered last October. The employee, who was dismissed, is believed ...

Mitsubishi UFJ Financial Group, known as MUFG, is Japan’s largest banking group, with 8.0% share of domestic loans and 11.6% of deposits as of March 2024. It was also the most global among Japanese banks in terms of the contribution of overseas operations to profits and balance sheet,

Sumitomo Mitsui Financial Group, with a 7.2% share of domestic loans and 9.0% of deposits as of March 2024, is one of Japan’s Big Three banking groups. Compared with its two megabank rivals, SMFG has a greater focus on retail customers and small and medium-size enterprises rather than large corporate clients.

The Bank of Japan raised interest rates on Friday to their highest since the 2008 global financial crisis and revised up its inflation forecasts, underscoring its confidence that rising wages will keep inflation stable around its 2% target.

In a significant move, the Bank of Japan has hiked its interest rates to levels not seen since the global financial crisis of 2008 and in line with economists' expectations. This is the first such increase since July of last year.

The Japanese stock market has moved higher in four straight sessions, gathering more than 1,500 points or 3.8 percent in that span. The Nikkei 225 now rests just beneath the 39