The Financial Services Agency on Tuesday formally asked the Finance Ministry to increase funding by 14.2 percent in fiscal 2005 to enable it to hire more inspectors to monitor financial institutions and markets.

The request includes a petition to hire an additional 76 staffers at the Securities Exchange and Surveillance Commission. The SESC will need a total 2.6 billion yen to cover personnel costs, an increase of 19 percent from the previous year, to help monitor markets, the FSA said.

Along with 35 inspectors to transfer from the FSA, the SESC is hoping for an additional 111 inspectors, on top of a staff of 444.

Manpower is necessary ahead of April, when the SESC will be able to independently fine violators, the FSA said.

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