Tuesday, June 20, 2006

JAPANESE CENTRAL BANKER APOLOGIZES -- "Japan's central bank chief apologized to the nation Tuesday and said he would take a pay cut for an investment scandal that has set off calls for his resignation. He also said the bank has set up a committee to review rules for its officials' assets."

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Fukui has come under fire since stating last week that he had invested 10 million yen ($86,000) seven years ago in a fund managed by Yoshiaki Murakami, who was arrested June 5 on suspicion of insider trading.

While Fukui has broken no law, the incident has raised questions about the ethic standards for Japan's financial officials _ and comes at delicate time when the central bank is about to start raising interest rates amid signs of a long-awaited economic recovery here.