Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Tokyo  >  Mizuho Financial Group, Inc.    8411   JP3885780001

News SummaryMost relevantAll newsSector news 

Mizuho Financial Gr. : Japan bank lobby head: no problem with Tibor structure

share with twitter share with LinkedIn share with facebook
share via e-mail
07/19/2012 | 10:00am CEST

The head of Japan's banking industry lobby said on Thursday he does not see any particular problem with the structure of how the Tokyo interbank offered rate, known as Tibor, is decided.

Yasuhiro Sato, chairman of the Japanese Bankers and president of Mizuho Financial Group, also said at a regular news conference he did not believe Japanese banks were involved in the manipulation of the London interbank offered rate, Libor.

Confidence in Libor, a benchmark that underpins transactions worth trillions of dollars, has been shaken by revelations that bankers manipulated the rate to profit on trades and hide their own borrowing costs during the 2007-09 financial crisis.

The Japanese banking lobby has asked the 18 banks contributing to Tibor to check whether proper procedures are being followed in submitting rates.

"We don't think there's any problem with (Tibor), but we decided on a check given growing public interest in Libor," the association's director, Shin Takagi, told a meeting of ruling party lawmakers on Thursday.

(Reporting by Taiga Uranaka; Editing by Michael Watson)

share with twitter share with LinkedIn share with facebook
share via e-mail
React to this article
06/29 MIZUHO FINANCIAL : Strengthens U.S. Franchise With New Bank Holding Company
06/23 CHANGES OF EXECUTIVE OFFICERS (16 : 00) (html) (pdf/149kb)
06/23 A TEST OF THE POTENTIAL OF BLOCKCHAI : 30) (html) (pdf/41kb)
06/22 MIZUHO : Hires Christopher Nam as Head of Internet and Digital Media Investment ..
06/22 MIZUHO FINANCIAL : A Test of the Potential of Blockchain Technology for Use
06/22 ANNOUNCEMENT : Moody's: Mizuho Financial Group's rating outlook stable; holdings..
06/16 Japan's megabanks step away from JGBs
06/16 MIZUHO FINANCIAL : Receives Regulatory Approval for US Bank Holding Company
06/16DJMIZUHO FINANCIAL : Oil Prices Fall to One-Month Low
06/16 MIZUHO FINANCIAL GROUP RECEIVES REGU : 00) (html) (pdf/42kb)
News chart
Full-screen chart
Income Statement Evolution
More Financials