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Mizuho's crash-hit $4bn system to go under unprecedented state oversight

Banking regulator to intervene after 7 ATM and branch failures this year

Mizuho ATMs in Tokyo. (Photo by Suzu Takahashi) 

TOKYO -- Japan's financial regulator will oversee Mizuho Financial Group's troubled computer system for the next few months to prevent new crashes, taking an unprecedented step that follows a series of breakdowns at its retail banking unit this year, Nikkei has learned.

The Financial Services Agency is expected to announce the action as early as this week. The FSA informed Mizuho Bank of its plans on Tuesday.

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