Mizuho Financial Group would bear heavy management responsibility if it went ahead with the launch of its two key banks on April 1 despite having been aware that extensive computer problems could occur, Chief Cabinet Secretary Yasuo Fukuda said Monday.
"The Financial Services Agency received a report (from Mizuho) that they had not expected such troubles to happen," the top government spokesman said. "If (Mizuho) made a (false) report to the FSA, it would bear heavy responsibility."
Fukuda criticized the Mizuho group for causing the recent computer problems that have plagued Mizuho Bank, one of the two banks launched April 1, saying there is "no doubt" the troubles seriously undermined the public's faith in Japanese financial institutions.