Public trust in Japan's financial sector is reportedly at risk following a spate of scandals, according to The Japan News.
In June, the Financial Services Agency (FSA) issued business improvement orders to MUFG Bank and its securities affiliates for sharing non-public client information without consent. By July, an MUFG employee was under investigation for insider trading. And in November, Sumitomo Mitsui Trust Bank dismissed a manager for similar misconduct. The bank's president publicly apologized for the incident.
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