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Japan’s Mizuho says to revise contingency plan for system failure after latest glitches By Reuters 

© Reuters. Mizuho Monetary Group’s Chief Govt Officer Tatsufumi Sakai poses for a photograph after an interview with Reuters on the firm’s headquarters in Tokyo

TOKYO (Reuters) -Mizuho Monetary Group Inc will revise its contingency plan for a system failure by the top of June, the lender stated on Monday, after it suffered 4 system glitches throughout a two-week interval from February to March.

Mizuho, Japan’s third largest lender by property, will maintain a information briefing at 0900 GMT, which might be attended by Chief Govt Tatsufumi Sakai, the financial institution stated.

Mizuho reported a large-scale system breakdown on Feb. 28, affecting 4,318 automated teller machines (ATMs) out of 5,395 nationwide, leaving hundreds of financial institution playing cards and passbooks caught contained in the gadgets. The financial institution additionally suffered two minor system glitches at ATMs on March 3 and seven.

The newest problem on March 11 was a {hardware} downside at its information centre, which delayed 263 overseas currency-denominated remittances for company shoppers, price 50 billion yen ($451.6 million).

Mizuho later stated it arrange a third-party committee to analyze the collection of system troubles.

Finance Minister Taro Aso stated the Monetary Companies Company accepted a report from Mizuho on the finish of March. However the content material was not disclosed to the general public.

Mizuho began working its present system in July 2019 after spending greater than 400 billion yen to develop it, following large-scale system glitches in 2002 and 2011.

($1 = 110.7100 yen)

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