• REUTERS, KYODO, JIJI

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The Financial Services Agency (FSA) issued an administrative order to Mizuho Bank and Mizuho Financial Group on Wednesday that will allow the financial watchdog to oversee system management at the banking group, a rare punishment following a series of technical failures.

The FSA instructed Mizuho Bank to submit a plan on its system renewal and maintenance it is considering for the time being. The FSA also instructed Mizuho Bank to submit a report on the recent automated teller system glitch by Oct. 29. The agency will decide whether a fresh administrative punishment will be necessary once all inspections are finished, it said.

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