Japan's Top Banker Embroiled in Ethics Scandal
Revelations that the Japanese central bank governor, Toshihiko Fukui, owned $90,000 of a stock fund accused in an insider trading scandal have raised an ethics issues for the bank and helped cause not only the biggest sell-off in Tokyo's stock market since 9/11, but also a political firestorm, according to The New York Times.
A Bank of Japan spokesman, Takashi Yoshimura, denied that there is an ethics issue, saying that the bank's ethics guidelines only required employees, including Mr. Fukui, to report internally any purchases or sales of stocks, and any profits, and did not limit where they could invest their money.
In the most understated comment of the year, Mr. Fukui apologized during a meeting of Cabinet members. "I'm sorry," he said. "I have created a fuss."
"At the very least, it is a warning that the bank needs to tighten its ethical standards," said Naoki Iizuka, chief economist at the Dai-Ichi Life Research Institute.
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