Japan Said to Survey Banks on Currency Rate Setting Amid Probe
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Japanese authorities are preparing to gather information about how banks set foreign-exchange rates for commercial transactions amid a global probe into rate manipulation, two people with knowledge of the matter said.
The Financial Services Agency and Bank of Japan will present the information to the Financial Stability Board, a group of global regulators that is reviewing currency fixing, the people said, asking not to be named as the matter is private. Banks in Japan have little scope to rig currency rates because they set them individually and don’t make submissions for benchmarks, one of the people said.