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.

Japan’s biggest banks are nearing a key valuation level for the first time in almost a decade as investors bet that the Bank of Japan will raise interest rates on Friday and accelerate its normalisation of monetary policy.

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.

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

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 ...

Japan Bank Executives Take Pay Cuts After Employee ... The thefts at two branches of MUFG Bank spanned four years and were uncovered last October. The employee, who was dismissed, is believed ...

The Bank of Japan raised interest rates on Friday to their highest since the 2008 global financial crisis and revised up its inflation forecasts, underscoring its confidence that rising wages will keep inflation stable around its 2% target.