Fujitsu's top management will have their pay cut for the next six months thanks to a major computer failure at the Tokyo stock exchange.

Fujitsu was blamed by the exchange for problems that delayed the start of trading until 1.30pm - four-and-a-half hours later than normal and just one-and-a-half hours before the end of the session.

President Hiroaki Kurokawa will see half of his pay deducted for six months while two other company vice presidents, Michiyoshi Mazuka, who is responsible for Fujitsu's systems sector, and Koichi Hironishi, responsible for Fujitsu's financial systems sector, will see a fourth of their pay cut for six months. Four other staff will lose 10 percent of their salary for either three or six months.

Naoyuki Akikusa, chairman, will forgo half of his salary for six months at his own request.

The computer glitch was traced back to the incorrect patching of a file in mid-October during an upgrade to the trading system. A bug was found in an existing program, however Fujitsu provided incorrect instructions as to how to apply a patch, according to the exchange.

The bug didn't reveal itself until the morning of 1 November when the stock and convertible bond trading system crashed while it was being started. The problem hadn't appeared earlier because it was related to a monthly data compression run that occurred on 31 October after trading had finished, the exchange said.

The punishments dished out by Fujitsu closely mirror those imposed on senior executives of the stock exchange. The exchange announced on 11 November that its president, Takuo Tsurushima, will see his pay cut in half for six months and two other executives will lose 30 percent of their pay for six months, it said. Five other staff were also censured.