Japanese Government Launches On-Site Investigation of Toyota... Toyota and Other Auto Stocks Fall One After Another

[Image source=Yonhap News]

As large-scale fraudulent activities by Japanese automakers such as Toyota Motor Corporation have come to light, the Japanese government has launched on-site investigations of these companies.

According to the Nihon Keizai Shimbun (Nikkei) and Kyodo News on the 4th, employees of the Ministry of Land, Infrastructure, Transport and Tourism began on-site inspections at Toyota's headquarters in Toyota City, Aichi Prefecture, in central Honshu, that morning.

At a press conference, Minister of Land, Infrastructure, Transport and Tourism Tetsuo Saito stated, "We will verify the facts of the fraudulent activities and respond strictly based on the Road Transport Vehicle Act."

Earlier, after it was revealed that Daihatsu, a subsidiary of Toyota, committed large-scale fraud during the acquisition process of the certification called 'type designation,' which is necessary for mass production of automobiles, the Ministry instructed investigations into whether similar cases existed at other companies.

Through this, the Ministry received reports of fraudulent activities in 38 models from five companies: Toyota, Mazda, Yamaha Motor, Honda, and Suzuki. Among these, it announced on the 3rd that shipment suspensions were ordered for six models currently in production.

Meanwhile, news of the Japanese government initiating investigations at Toyota Motor's headquarters caused automobile company stocks to fall across the board on the Tokyo Stock Exchange.

On the 4th, Toyota Motor's stock price dropped 1.29% compared to the previous day, while Honda and Suzuki Motor fell 2.24% and 1.85%, respectively. Yamaha Motor decreased by 0.59%, and Nissan Motor fell 2.21%.

This content was produced with the assistance of AI translation services.