Mizuho Restarts ATM’s After Third Day of System Failures

Mizuho Financial Group Inc. (8411), Japan’s third-biggest bank by market value, restarted automated teller machine service nationwide, its third day of system outages following the country’s biggest earthquake on record.

While Mizuho Bank is investigating the exact cause of the disruption, a surge in transactions may have caused the glitch, said the bank’s President Satoru Nishibori at a press conference held in Tokyo today. It may take more time for the system to return to normal operation, he said.

The breakdowns follow a two-day outage of its money transfer system and today’s ATM and Internet service failure after a record 9-magnitude earthquake struck Japan on March 11, leading to power outages. The system failure is not related to the earthquake, Nishibori said.

The Tokyo-based company’s Mizuho Bank unit as of yesterday was unable to complete 440,000 transactions valued at 570 billion yen ($7.2 billion), it said in a statement on its website. Unit spokesman Gaku Deguchi said the system was restarted at 11:30 a.m.

Earlier this week, Prime Minister Naoto Kan appealed for calm as the government worked to help hundreds of thousands of people facing freezing temperatures with no power, while Tokyo Electric Power Co. battled to prevent a nuclear catastrophe at its earthquake-damaged Fukushima plant 220 kilometers (135 miles) north of Tokyo.

To contact the reporter on this story: Takako Taniguchi in Tokyo at ttaniguchi4@bloomberg.net

To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net

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