Press Conference by ASO Taro, Deputy Prime Minister, Minister of Finance, and Minister of State for Financial Services

(Excerpt)

(Friday, August 20, 2021, 11:20 am to 11:28 am)

[Questions and answers:]

Q.

This is a question for you as the minister in charge of financial affairs. This morning, a system failure was announced by Mizuho Financial Group, Inc. Similar incidents occurred half a year ago and another one occurred again amid their efforts to prevent recurrence. Could you explain your view with regard to the current situation ascertained by the FSA, and the necessity of any administrative disposition or future approaches?

A.

Last time, it was trouble with ATMs, and this time, it is not. Anyway, different computer systems of IBM, Hitachi and Fujitsu, which had been used by respective banks before the merger, were integrated. This system has posed risks of failures. And yet, the bank has repeatedly caused system failures around four times, if I remember correctly. I recall that Industrial Bank of Japan used a system of Hitachi, Dai-Ichi Kangyo Bank used a system of Fujitsu, and Fuji Bank used a system of IBM. Anyhow, upon the merger, they integrated their systems. Now, NTT data participated. But the system have caused various failures despite their efforts. This time, over-the-counter services were suspended. The scale of influence by this failure is completely different from that caused by the failures involving ATMs. This time, clerical work was actually hindered. I heard that the bank is making the utmost efforts to restore the system as promptly as possible to minimize influence on customers. I think that the system failure affected especially the elderly, who are generally not good at using machines skillfully. The bank has to restore the system early and deal with customers meticulously. The FSA would like to keep an eye on the bank's responses.

Q.

Have you made any instructions to the FSA regarding the latest system failure of Mizuho Financial Group, Inc.?

A.

We have just heard about the system failure, and I have not issued specific instructions yet.