A Bank of Japan panel will recommend that the central bank draw up new rules requiring Policy Board members to disclose their personal assets, panel sources said Wednesday.
The board has nine members, including the governor and two deputy governors.
The ad hoc panel also plans to advise the BOJ to prohibit executives from investing in private investment funds and financial products other than bank deposits and government bonds for individuals, the sources said.
Board members, executive auditors, executive directors and counselors are considered BOJ executives.
The panel has been discussing new internal rules since BOJ Gov. Toshihiko Fukui came under fire for his investment in a fund set up by Yoshiaki Murakami, who was recently charged with insider trading.
The panel will present the recommendations to the Policy Board on Thursday, with the board expected to adopt new internal regulations at a meeting Friday.
The BOJ hopes the new regulations will help it restore public confidence in the central bank, which was shaken by the news of Fukui’s investment, the sources said.
Fukui put 10 million yen into the Murakami fund in 1999 while he was chairman of a private think tank. He kept the money in the fund after he took over as head of the BOJ in 2003.
According to documents he presented to the Diet last month, the value of Fukui’s holdings with the fund had more than doubled to 22.31 million yen as of last Dec. 31.
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