In response to a series of illegal stock transactions using information leaked by major securities firms, the Tokyo Stock Exchange Group, Inc. has decided to inspect major securities firms in the country, sources said Thursday.
With its first-ever inspection focusing on the prevention of insider trading, the TSE move will be a step toward restoring trust in the nation's stock market, which is sometimes ironically referred to as an "insider trading heaven."
Insider trading is banned under the Financial Instruments and Exchange Law as the practice harms ordinary investors and significantly damages market credibility.
Most of the country's 50 to 60 major brokerage firms that offer services on capital increases and takeover bids will be subject to the inspections.
This Monday, members of the seminal metal band X Japan were in Odaiba rubbing shoulders with the likes of Brad Pitt, Lady Gaga and AKB48′s Yuko Oshima. The catch? They were all made out of wax. (Japan Times )
The parents of a nightclub worker killed in an arson fire three years ago filed a suit in the Nagoya District Court on Monday seeking damages against top members of the Yamaguchi-gumi organized crime group. (Tokyo Reporter )
Kyodo News said Monday that it has dismissed Satoshi Kondo, 51, deputy chief of its general administration bureau and former personnel affairs division chief, for meeting individually with a female student searching for a job and doing an inappropriate act.
(Jiji Press )