Japan gov't to issue order to Mizuho over bank system failures

Japan's financial regulators plan to issue a business improvement order to Mizuho Financial Group Inc. and its banking arm Mizuho Bank over a string of system failures this year, sources familiar with the matter said Tuesday.The Financial Services Agency will request that Mizuho submit a work plan for system maintenance and updating, in a rare move to effectively oversee the system of a megabank, the sources said.The move is aimed at preventing further system failures and instability at other financial systems, as well as allaying the concerns of clients.It is extremely rare for the FSA to …READ FULL ARTICLE