The new normal of remote work has yet to reach the traders who deal with the Bank of Japan.
Japan’s central bank does not 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 firms have asked the BoJ whether traders can participate in its operations from outside the office, only to be met with a refusal, sources 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 sources said, asking not to be named because the matter is private. By contrast, the US Federal Reserve and European Central Bank have allowed trading with counter parties at home.
Requiring traders to be on site is hampering the efforts that financial firms have been making to accommodate remote work in a country where long hours in the office were the norm before the crisis. Outmoded workplace practices such as a reliance on physical paperwork have come under the spotlight during the outbreak, prompting Prime Minister Shinzo Abe to call for a review.
The BoJ’s asset purchases are “basically impossible” for financial firms to skip because they represent a rare revenue source in an economy where interest rates are kept around zero or below, said Hideyasu Ban, a Jefferies analyst. Clients’ orders to sell their Japanese government bonds to the central bank may add to pressure to keep people in the office, he said.
Traders at 56 registered financial institutions use BoJ-Net, or the Bank of Japan Financial Network System, from designated office computers to sell bonds to the central bank. Of them, 21 are also primary dealers, using the network to bid at the finance ministry’s debt auctions.
The central bank buys the securities as part of its efforts to pump money into Japan’s ailing economy, usually generating a profit for the sellers. More than ¥200 trillion ($1.9tn/Dh6.97tn) of funds and government bonds were transacted daily over BoJ-Net in 2018, the latest figures show.
The pandemic has prompted the BoJ to make some concessions. It has started to allow financial firms to use designated computers in their backup offices, the sources said. It also offers an option for traders to fax their orders, though the participants viewed that as unrealistic for fast-paced market transactions.
The BoJ declined to comment.
Financial firms need at least two employees in the office if they want to sell government bonds to the central bank: one to enter the amounts at the assigned computers and the other to check their accuracy, according to the sources. In July, the BoJ conducted operations to buy ¥17.9tn of short- or long-term government debt on 14 out of 21 business days.
The primary dealers also needed staff in the office on another five business days last month to take part in the government’s debt auctions.
Japan has made strengthening its digital infrastructure, especially at public agencies, a priority in the wake of Covid-19. “It has become clear that our country has fallen behind other advanced nations,” the government said in its annual policy plan last month.
The central bank’s security concerns are reasonable, according to former BoJ policy board member Takahide Kiuchi. Japan’s economy would face “chaos” if hackers were to interfere with interbank transactions, the Nomura Research Institute economist said.
“But it could eventually face criticism if it keeps giving the cold shoulder to requests from financial firms,” he added. “So I expect it will take a flexible stance to signal it will do what it can.”
THE%20SPECS
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
UAE currency: the story behind the money in your pockets
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Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
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SCORES IN BRIEF
Lahore Qalandars 186 for 4 in 19.4 overs
(Sohail 100,Phil Salt 37 not out, Bilal Irshad 30, Josh Poysden 2-26)
bt Yorkshire Vikings 184 for 5 in 20 overs
(Jonathan Tattersall 36, Harry Brook 37, Gary Ballance 33, Adam Lyth 32, Shaheen Afridi 2-36).
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Lewis Hamilton in 2018
Australia 2nd; Bahrain 3rd; China 4th; Azerbaijan 1st; Spain 1st; Monaco 3rd; Canada 5th; France 1st; Austria DNF; Britain 2nd; Germany 1st; Hungary 1st; Belgium 2nd; Italy 1st; Singapore 1st; Russia 1st; Japan 1st; United States 3rd; Mexico 4th
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
SOUTH%20KOREA%20SQUAD
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Poacher
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THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
UAE rugby in numbers
5 - Year sponsorship deal between Hesco and Jebel Ali Dragons
700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams
Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams
Dh1.8m - Dubai Hurricanes' overall budget for next season
Dh2.8m - Dubai Exiles’ overall budget for next season
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
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CREW
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Trolls World Tour
Directed by: Walt Dohrn, David Smith
Starring: Anna Kendrick, Justin Timberlake
Rating: 4 stars
The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now
Our Time Has Come
Alyssa Ayres, Oxford University Press
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ARGYLLE
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EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
match info
Southampton 2 (Ings 32' & pen 89') Tottenham Hotspur 5 (Son 45', 47', 64', & 73', Kane 82')
Man of the match Son Heung-min (Tottenham)
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
