Financial watchdog may punish SMBC Nikko for alleged market rigging

Economy Society

Japan's financial watchdog may take punitive action against alleged market manipulation by major Japanese brokerage SMBC Nikko Securities Inc., Shunichi Suzuki, minister in charge of financial services, said Friday. "As the Financial Services Agency, we will take strict measures if necessary, depending on developments in the investigation," Suzuki, who is also finance minister, said. The brokerage's deputy president, Toshihiro Sato, who supervises its equity department, was arrested on Thursday for allegedly placing large buy orders for an individual stock on April 8, 2021, to stabilize the pr...

Kyodo News

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