Japan’s Securities and Exchange Surveillance Commission filed a criminal complaint with the Tokyo District Public Prosecutors Office for suspected market manipulation under the Financial Instruments and Exchange Act involving five Tokyo Stock Exchange-listed shares, including Super Value Co., Ltd. The suspected conduct involved placing successive sell orders below prevailing prices and buy orders above prevailing prices to create a misleading appearance of active trading, alongside matched buying and selling designed to give a false impression of market activity without transferring rights. For Super Value (January 11–24, Reiwa 5), the Commission alleged sales of 268,400 shares and purchases of 292,600 shares through two securities firms, plus additional matched selling of 217,100 shares over nine trading days, with the share price fluctuating between JPY 927 and JPY 1,170. For NC Holdings (January 11–24, Reiwa 5), it alleged sales of 148,500 shares and purchases of 146,900 shares through multiple securities firms, plus matched selling of 102,500 shares over nine trading days. For Avix (January 31 to February 2, Reiwa 5), it alleged sales of 1,908,800 shares and purchases of 1,824,400 shares, plus matched selling of 864,400 shares, with the share price fluctuating between JPY 91 and JPY 111. For Nano Carrier (February 3–14, Reiwa 5), it alleged sales of 900,900 shares and purchases of 912,200 shares, plus matched selling of 436,700 shares, with the share price fluctuating between JPY 200 and JPY 234. For KYORITSU (March 10–27, Reiwa 5), it alleged sales of 1,637,200 shares and purchases of 1,694,100 shares, plus matched selling of 1,051,100 shares, with the share price fluctuating between JPY 130 and JPY 152. The alleged offences are referenced to Article 159 and Article 197 of the Financial Instruments and Exchange Act, with the statutory penalty described as up to 10 years’ imprisonment or a fine of up to JPY 10 million, or both. The Commission noted the case was supported by the Japan Exchange Self-Regulatory Corporation.
Japan Securities and Exchange Surveillance Commission 2026-03-12
Japan Securities and Exchange Surveillance Commission files criminal complaint over alleged market manipulation in five Tokyo Stock Exchange listed stocks
Japan's Securities and Exchange Surveillance Commission filed a criminal complaint for suspected market manipulation involving five Tokyo Stock Exchange-listed shares, including Super Value Co., Ltd. The alleged activities involved placing misleading orders to create a false impression of market activity, with matched buying and selling without transferring rights. The offences, under Articles 159 and 197 of the Financial Instruments and Exchange Act, carry penalties of up to 10 years’ imprisonment or a fine of up to JPY 10 million, supported by the Japan Exchange Self-Regulatory Corporation.