Japan's Mizuho Bank encounters system crashes at branch counters nationwide

Source: Xinhua| 2021-08-20 16:08:05|Editor: huaxia

TOKYO, Aug. 20 (Xinhua) -- Japan's Mizuho Bank on Friday suffered system failures that disabled deposits, withdrawals and transfers services, as well as such functions of its branch counters across Japan, local media reported.

According to Mizuho Financial Group Inc., the major banking group of Japan, Mizuho Trust & Banking Co. also encountered similar malfunctions at its branch counters. However, the internet banking and automatic teller machines of the group were unaffected.

The group said that the failure of a component in the core accounting system was the main reason for the system crashes.

The banking group learned of the problem on Thursday, but it still could not fix the problem in time for normal transactions at the counters on Friday morning.

"We would like to express our deepest apologies for any inconvenience and concern caused," a company spokesperson said.

Japanese Chief Cabinet Secretary Katsunobu Kato told a press conference that the system failure "significantly damages the credibility of financial institutions and is very regrettable."

Kato also mentioned four separate problems that the bank experienced in February and March, which "greatly affected individual and corporate users."

Finance Minister Taro Aso said at a separate news conference that he has yet to receive a detailed report on the failure.

The four earlier system failures happened in about two weeks from Feb. 28 this year, affecting about 80 percent of Mizuho's ATMs across Japan and resulting in more than 5,000 bank cards and bank books being swallowed by the machines.

A third-party panel consisting of lawyers and system management experts said in a report that human errors such as the inadequate deployment of technical staffs and a company culture of hesitating to react during emergency situations to avoid responsibility fueled the system crashes.

The financial group experienced large-scale system failures in April 2002 and March 2011, respectively. Enditem

KEY WORDS: Japan,Mizuho system crashes