Japan's financial authorities ordered Mizuho Bank and its parent Mizuho Financial Group Inc. Friday to improve their operations and clarify management's responsibility for a series of system failures this year.

The Financial Services Agency, the country's financial watchdog, issued a business improvement order to the companies, while the Finance Ministry ordered the bank to take corrective actions, judging that proper anti-money laundering procedures were not taken in foreign currency remittances during the wake of its eighth system glitch on Sept. 30.

Mizuho Financial President Tatsufumi Sakai and Mizuho Bank President Koji Fujiwara will hold a news conference later in the day to announce a new management lineup.