The rapid spread of the new coronavirus has prompted the Bank of Japan to ask major banks how prepared they are for a worsening of the outbreak, people with knowledge of the matter said.
Initial findings from the talks indicate that large financial institutions are well placed to deal with the situation, the people said, asking not to be identified. The lenders have contingency plans involving different office locations that will prevent disruptions to key tasks such as market-related operations, they said.
The risks to the banking system came into focus Thursday when Mitsubishi UFJ Financial Group Inc., the nation's biggest lender, became the first major bank to report an infection in the country.
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