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.

Bank of Japan Gov. Kazuo Ueda echoed recent comments that have revived market expectations for imminent policy action.

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The Bank of Japan (BOJ) will raise interest rates and adjust the degree of monetary support if improvements in the economy and price conditions continue, Governor Kazuo Ueda said on Wednesday.

The Bank of Japan is expected to raise interest rates at its January meeting as inflation pressures intensify, setting the stage for significant market reactions.

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 ... He graduated from the University of Tokyo with a Bachelor of Science and Mathematics and received a PhD in economics from the Massachusetts ...

At least 60 clients have been victims of the safe deposit box thefts, with the total damage expected to exceed ¥1 billion.

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

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