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TOKYO — Japan’s Financial Services Agency and the Bank of Japan will conduct an investigation of domestic financial institutions, after U.S. investment firm Archegos Capital Management exposed the country’s financial groups to losses, Nikkei has learned.
The financial watchdog, along with the BOJ, will check the transaction risk management systems at financial institutions, in response to transaction losses by Japanese banks, related to Archegos. The agency considers it critical that Japan’s major financial institutions faced a risk of losing several hundred billion yen, or several billion dollars.
Archegos is a family office that manages the personal assets of Bill Huang. Supervisors of such offices are much less scrutinized than hedge funds, which raise funds from various institutions. In principle, a family office is not obliged to register with the financial authorities.
Information disclosures at these offices are scant and understanding what took place with Archegos has become an issue. Credit Suisse Group suffered a loss of 520 billion yen ($4.7 billion) in transactions that appear related to Archegos. Nomura Holdings announced the possibility of a loss of about 220 billion yen.
