Japan’s SBI falls on report of manipulation

Japan’s Securities and Exchange Surveillance Commission is considering recommending the Financial Services Agency take administrative action against SBI Securities Co. — Bloomberg

Tokyo: Japanese financial group SBI Holdings Inc fell the most in a year and a half following a report its brokerage arm is suspected of manipulating stock prices for companies that conducted initial public offerings.

The shares dropped as much as 5%, the most since June 2022, in Tokyo yesterday. Japan’s Securities and Exchange Surveillance Commission (SESC) is considering recommending the Financial Services Agency take administrative action against SBI Securities Co, the Nikkei newspaper reported, citing an unidentified person.