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.

A former employee of the MUFG Bank has been arrested for allegedly stealing 20 kilograms of gold bullion worth 260 million yen (US$1.6 million) from customers’ safe deposit boxes.

THE Bank of Japan, after clearly signalling last week’s interest rate hike, may return to its accustomed fuzzy guidance about central bank policy to maintain flexibility when it eventually begins to consider how much tightening is enough.

The head of Japan's MUFG Bank has promised to review the financial institution's safe deposit box operations following a series of alleged thefts by a former employee.

The Bank of Japan (BoJ) is the central bank of Japan. Established under the Bank of Japan Act in 1882, it is a juridical entity and neither a government agency nor a private corporation.

Out of 19 economists, 18 agreed on prospects of a rate hike, with most pointing to a recent change in tone of the BOJ leadership as driving their expectations.

TOKYO (Kyodo) -- A former employee of MUFG Bank was arrested Tuesday over the alleged theft of valuables from customers' safe deposit boxes, police investigative sources said.

The thefts at two branches of MUFG Bank spanned four years and ... according to the bank. The bank, one of Japan's three megabanks, was formed in 2006 by the merger of UFJ Bank and Bank of Tokyo ...

A former employee of MUFG Bank was arrested Tuesday over the alleged theft of valuables from customers' safe deposit boxes, police said. Yukari Imamura, 46, is suspected of stealing around 20 kilograms of gold bars worth around 260 million yen deposited by two male customers at the bank's Nerima

The Bank of Japan raised its key policy rate to the highest level since 2008 and took a more bullish view on the strength of inflation.

Wall Street stocks retreated Friday as the market's latest rally lost steam, while the yen pushed higher after the Bank of Japan lifted interest rates.