Executives at a leading Japanese bank have apologized and taken pay cuts after police arrested an employee who allegedly stole about $9 million worth of valuables from customers’ safe deposit boxes.

(Bloomberg) -- Mitsubishi UFJ Financial Group Inc. said its banking unit chief and other ... executives will take similar pay cuts. Japan’s biggest bank said in November that it had fired ...

Mitsubishi UFJ Financial Group shares rose to their highest intraday level since listing in April 2001, buoyed by growing confidence that modest inflation is taking hold in Japan and that the central bank will keep gradually raising rates.

Giving explicit advance signals, in addition to making the Bank of Japan feel boxed in, could breach Japanese law stipulating the nine-member board must debate and sign off on rate decisions at each policy meeting.

After the BOJ caught markets off guard with December's decision, Governor Kazuo Ueda flagged uncertainty over U.S. economic policy ahead of Donald Trump's return as president as a key reason it had refrained from raising rates. Considered dovish, Ueda's comments pushed down market pricing of January action to 46% from 70%.

Mitsubishi UFJ Financial Group, known as MUFG, is Japan’s largest banking group, with 8.0% share of domestic loans and 11.6% of deposits as of March 2024. It was also the most global among Japanese banks in terms of the contribution of overseas operations to profits and balance sheet,

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