Mr Takenaka has only been in charge of the Financial Services Agency, which regulates Japan's banks, for a few weeks.

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Underlining the gravity of the case, Financial Services Minister Shozaburo Jimi said at a news conference in the capital that the regulator, the Financial Services Agency, will now scrutinize operations at all 263 investment-management firms in Japan because of the AIJ investigation.

WSJ: Japanese Fund Loses $2.3 Billion

Chi-X Global, a subsidiary of Instinet, recently received a proprietary trading system license from the Japan Financial Services Agency.

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