A Bank of Japan advisory panel will recommend that the central bank ban its executives from investing in privately placed funds, including the scandal-tainted Murakami fund, the panel chairman said Friday.
Members of the panel, which the central bank set up to study new internal rules, also basically agreed that at least the BOJ governor and two deputy governors should be required to disclose their assets, former Supreme Court Justice Itsuo Sonobe told a news conference.
BOJ Gov. Toshihiko Fukui has been under fire since he revealed in early June that he invested 10 million yen in 1999 in a fund founded by financier Yoshiaki Murakami, who was charged last week with insider trading.
In a bid to restore public trust, the central bank is crafting new in-house regulations with an eye to curbing BOJ executives’ financial transactions, except deposits and government bonds sold to individual investors.
The eight-member panel is expected to decide on other details of the envisioned restrictions and compile a report next Wednesday.
Based on the panel’s recommendation, the central bank will probably formalize an outline of revised internal regulations next Friday, Sonobe said.
In a Diet session on June 13, Fukui acknowledged he invested 10 million yen in the Murakami fund in 1999 when he was chairman of a private think tank.
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