Naotaka Saeki, president of Sanwa Bank, resigned as a counselor to the Bank of Japan on March 13.
Saeki offered to do so when he stepped down as chairman of the Federation of Bankers Associations of Japan in early February, according to Sanwa. The large commercial bank was named in a bribery case involving Finance Ministry officials at that time. Prosecutors recently said Sanwa also bribed a BOJ official.
Counselors are appointed by the finance minister under the BOJ Law and meet once a month to advise the BOJ governor. The central bank now has nine counselors from the private sector, not including Saeki.