News On Japan

SMBC Nikko employees pumped Koito, Mos Food stocks, sources say

Mar 06, 2022 (Nikkei) - Among the stocks whose prices were allegedly manipulated by four SMBC Nikko Securities employees were Koito Manufacturing and Mos Food Services, Nikkei has learned.

The trading volume of those stocks allegedly surged due to illicit orders, which were allegedly used to avoid large price declines. Other targeted stocks were As One, Fibergate and Keiyo Bank, according to the sources familiar to the matter.

Koito produces lighting equipment for automobiles, aircraft and ships. Mos Food operates a much-loved hamburger chain in Japan. As One is a trading house specializing in the research, industry and medical fields. And Fibergate is an information technology consultancy.

Tokyo prosecutors on Friday arrested the four employees, including two executive officers, on allegations of market manipulation. They were: Trevor Hill, SMBC Nikko's head of equity; Alexandre Avakiants, deputy head of equity; Makoto Yamada, general manager of equity trading; and Shinichiro Okazaki, general manager of structured products.

Prosecutors accuse the suspects of making trades with the intention of manipulating the prices of five stocks, but it had not been known which stocks were targeted. ...continue reading

News On Japan
POPULAR NEWS

Japan began applying a new numerical alcohol threshold for dangerous driving offenses on July 21, introducing a clearer standard for cases involving impaired driving that could lead to fatal accidents.

Prime Minister Sanae Takaichi's government approved its first annual basic economic and fiscal policy on Tuesday, pledging "responsible and proactive fiscal policy" and envisioning about 370 trillion yen in public- and private-sector investment in strategic industries through fiscal 2040.

A covert network of shuttle tankers is carrying crude through the increasingly dangerous Strait of Hormuz as renewed fighting between the United States and Iran disrupts shipping and raises concerns over how Japan will secure the oil it needs.

Russian Deputy Foreign Minister Andrey Rudenko has criticized moves by Japanese and Ukrainian companies to cooperate on drone technology, warning that such ties would be regarded by Moscow as a "clear hostile act."

The rainy season ended in the Kanto-Koshin and Tokai regions on July 20 as strengthening high pressure brought intense heat across Japan, with temperatures forecast to reach 38 C in Kumagaya, Saitama Prefecture, and Kofu.

MEDIA CHANNELS
         

MORE Society NEWS

A police officer fired a warning shot into the air after a 42-year-old woman approached officers while pointing a kitchen knife at them on a street in Eniwa, Hokkaido, on July 17.

A 45-year-old man was arrested early July 20 after allegedly crashing a passenger car into a convenience store in Sagamihara, Kanagawa Prefecture, and walking around the parking lot carrying a kitchen knife and a golf club.

A 42-year-old man was arrested after allegedly driving under the influence and intentionally ramming a motorcycle in Togitsu, Nagasaki Prefecture, leaving its rider seriously injured.

More than a dozen people were injured after a massive rope suddenly snapped during a tug-of-war at a festival in Kitami, Hokkaido, sending participants falling backward onto an asphalt road.

A public housing complex in Aichi Prefecture where about 70% of households are occupied by foreign residents is showing signs of improvement after introducing multilingual communication, foreign-led neighborhood activities and a 3,000-yen fine for residents who skip community cleaning duties.

A fire that broke out at the long-established Echigo Tsurukame sake brewery in a densely populated residential district of Niigata City on July 19 destroyed the brewery and spread to at least six nearby homes, with firefighters still unable to declare the blaze fully extinguished by noon on July 20.

Two people found dead in a collapsed home following a landslide in Ashikaga, Tochigi Prefecture, have been identified as a married couple in their 60s who lived at the property, city officials said.

Bacteria found in excrement on the uniform of a former nurse arrested on suspicion of killing a hospital patient by contaminating his intravenous drip matched bacteria detected in the victim's blood, investigators have found.