Mizuho Bank suffered a series of system failures, and the Financial Services Agency of Japan issued a business improvement order

According to the website of the Japan Broadcasting Association (NHK) on September 22, in view of the successive system failures of Mizuho Bank, the Japan Financial Services Agency issued a business improvement order to Mizuho Financial Group and its subsidiary Mizuho Bank.

In less than two weeks from February to March this year, Mizuho Bank suffered four system failures. In the event of the first failure, some customers were unable to remove their cash cards or passbooks from the cash machine and waited on site for a long time. In August and September, there was another failure of the in-store trading system and cash machine. In view of this, the Financial Services Agency issued a business improvement order against Mizuho Financial Group and its subsidiary Mizuho Bank.

The Japanese Financial Services Agency believes that Mizuho Bank has frequent failures and the situation is very serious, requiring the bank to submit a detailed system maintenance report, closely share information, and will increase supervision and strict countermeasures to prevent similar problems from occurring again.