The new normal of remote work has yet to reach the traders who deal with the Bank of Japan.
The central bank doesn’t allow home computers to connect to its network for conducting asset purchases and other market transactions, raising concerns at financial firms as coronavirus cases in Tokyo surge. At least three have asked the BOJ whether traders can participate in its operations from outside the office, only to be met with a refusal, people familiar with the matter said.
The so-called BOJ-Net infrastructure, used for trillions of yen in transactions daily, is connected via dedicated cables to computers at dozens of financial firms so they can trade assets with the central bank or buy bonds from the government. The monetary authority is concerned that allowing access from home would risk cybersecurity, the people said, asking not to be named because the matter is private. By contrast, the U.S. Federal Reserve and European Central Bank have allowed trading with counterparties at home.