Breaking News
Close
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Japan shares fall most in five weeks as governance worries spook investors

Stock Markets Sep 27, 2019 08:50
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Japan shares fall most in five weeks as governance worries spook investors

By Stanley White

TOKYO, Sept 27 (Reuters) - Japanese shares fell the most in

almost five weeks on Friday after Kansai Electric Power Co Inc

9503.T revealed payments to executives from an outside

individual, at a time the government is calling for improved

governance to attract foreign investors.

Shares in Apple Inc AAPL.O supplier Japan Display Inc

6740.T also tumbled the most in more than three months after a

Chinese investor withdrew from an 80 billion yen ($742.46

million) bailout of the smartphone screen maker. The Nikkei 225 index .N225 ended down 0.77% at 21,878.90

after briefly touching its lowest since Sept. 11.

At a hastily arranged news conference on Friday, Kansai

Electric President Shigeki Iwane said he and some other

executives had received 320 million yen payments from a person

outside the company over a period of seven years. The revelation came after Kyodo news agency reported the

deputy mayor of a town hosting a Kansai Electric nuclear power

plant had disclosed such payments to tax authorities as a token

of appreciation. The deputy mayor has since died, Kyodo said.

"The news about Kansai Electric suggests this problem goes

right to the top of the organisation, and this problem could get

bigger still," said market analyst Yutaka Masushima at Monex

Securities.

"Of course, there is a risk this leads to a decline in trust

in Japanese stocks. Trust from overseas investors could fall.

We've had other governance problems in the past."

Since taking office in 2012, Prime Minister Shinzo Abe has

enacted policies to improve corporate governance to attract more

foreign investors. However, the effort suffered a blow last year

from an executive pay scandal at Nissan Motor Co Ltd 7201.T .

For the full week, Nikkei shares fell 0.91% for the steepest

weekly decline since Aug. 16, as sentiment for stocks weakened

globally due to concerns about the broader market impact of an

impeachment probe of U.S. President Donald Trump. There were 189 decliners on the Nikkei index against 33

advancers on Friday.

The largest percentage losses in the Nikkei 225 index were

Kansai Electric at 5.71%, followed by Sumitomo Corp 8053.T

losing 4.60% and Chiba Bank Ltd 8331.T down by 4.42%.

The largest percentage gainers were Fanuc Corp 6954.T by

2.23%, followed by Sumco Corp 3436.T at 1.86% and Advantest

Corp 6857.T up by 1.69%.

The broader Topix .TOPX ended down 1.17% at 1,604.25.

The volume of shares traded on the Tokyo Stock Exchange's

main board .TOPX was 1.13 billion, versus an average of 1.16

billion yen over the past 30 days.

($1 = 107.7500 yen)

Apple supplier Japan Display loses out on Chinese funds, bailout

at risk Kansai Electric to hold news conference on reports of

payments report complains of White House cover-up on

Trump-Ukraine scandal ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

Japan shares fall most in five weeks as governance worries spook investors
 

Related Articles

Analysts Positive Following CarMax Earnings Last Week
Analysts Positive Following CarMax Earnings Last Week By Investing.com - Jun 27, 2022

By Sam Boughedda CarMax (NYSE:KMX) reported first-quarter results Friday, topping revenue estimates but missing earnings expectations. The company posted adjusted earnings of $1.56...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Our Apps
DOWNLOAD APPApp store
Investing.com
© 2007-2022 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
  • Sign up for FREE and get:
  • Real-Time Alerts
  • Advanced Portfolio Features
  • Personalized Charts
  • Fully-Synced App
Continue with Google
or
Sign up with Email