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BOJ governor told to resign

Bank of Japan governor Toshihiko Fukui is under pressure to resign from his post following concerns over his involvement in an insider trading scandal, according to local press.

Several Japanese politicians have joined the public in calling for Mr Fukui to resign, after it emerged that he invested large sums of money in an investment fund run by former trade ministry official Yoshiaki Murakami, who was arrested earlier this month after admitting charges of insider trading.

In a poll of the Japanese public conducted by the Kyodo news agency, it was found that nearly half though that Mr Fukui should resign.

The growing uncertainty over the governor's future looks likely to have a significant effect on the currency markets too, with the price of the yen sliding still further against the euro and the dollar.

There are also concerns that the current crisis will delay Bank of Japan's first interest rate increase in nearly six years.

In an attempt to hold on to his job, Mr Fukui has promised to divulge all of the necessary information about profits gained from his investments, although he has publicly refused to resign.