Recommendation Records in Japan

The Fair Trade Commission issued a recommendation to Iliso Electronics Industry Co., Ltd. for violating the Subcontractor Law by having 34 subcontractors store molds and parts without bearing the costs from June 2024 onward.

The Fair Trade Commission issued a recommendation to HOYA Corporation for violating the Subcontracting Law by providing molds and jigs to 32 subcontractors without charging storage fees, despite not placing long-term orders for parts or prototypes made using those molds.

The Fair Trade Commission issued a recommendation to Diamond Electric Corporation for violating the Subcontract Act by having 23 subcontractors store 650 molds without bearing the storage costs, from August 2024 onward.

The Fair Trade Commission issued a recommendation to Tenryu Kogyo Co., Ltd. for violations of the Subcontracting Law, involving improper reduction of subcontracting payments and unbilled storage costs for molds and parts between November 2024 and September 2025.

The Fair Trade Commission issued a recommendation to Minebea Access Solutions Co., Ltd. on July 10, 2026, under the Subcontractor Payment Delay Prevention Law, regarding violations involving the delegation of transportation and storage costs to subcontractors for automotive parts manufacturing.

The Fair Trade Commission issued a recommendation to Tadano Co., Ltd. for violating the Subcontract Act by requiring subcontractors to store and inventory molds without bearing the associated costs, affecting 50 subcontractors since January 2024.

The Fair Trade Commission issued a recommendation to Noritz Corporation under the old Subcontracting Law, regarding the storage costs of molds for parts supplied to 41 subcontractors.

The Fair Trade Commission issued a recommendation to DAIHEN Corporation for violating the Subcontractor Payment Delay Prevention Law by having 69 subcontractors store 475 molds and related items without bearing the storage costs, from March 2024 onward.

YKK Corporation was advised by the Fair Trade Commission for unilaterally setting subcontracting payments lower than the actual work value for 21 subcontractors between July 4, 2023, and November 27, 2025, by using a calculation method that overestimated work capacity, resulting in payments 9% to 72.5% below the appropriate amount, including some below regional minimum wages.

The Fair Trade Commission issued a recommendation to Alps Alpine Corporation for violating the Subcontracting Law prior to its revision, by unilaterally setting contract prices based on mass production quantities despite significant changes in production costs after mass production had ended.

The Securities and Exchange Surveillance Commission recommended administrative action against moomoo Securities Co., Ltd. for violations related to investor protection, improper registration procedures for NISA products, false disclosures, inadequate customer service, insufficient review of suspicious transactions, poor management of electronic information systems, internal control deficiencies, breach of fiduciary duties, and failure to report suspicious transactions, under the Financial Instruments and Exchange Act on June 5, 2026.

The Fair Trade Commission issued a recommendation to Honda Ibaraki Minami for violating the Subcontract Act by failing to pay transportation costs for vehicle pickup and delivery services performed by subcontractors between September 2024 and September 2025.

The company, Durlac Asset Management Co., Ltd., was advised by the Securities and Exchange Surveillance Commission on June 2, 2026, for significant deficiencies in its management and internal control systems, leading to violations of the Financial Instruments and Exchange Act, including failure to verify and confirm compliance and providing incomplete information to clients.

The Securities and Exchange Surveillance Commission recommended administrative action against Capital Partners Securities Co., Ltd. for violations related to misleading solicitation practices and inadequate measures to prevent violations by affiliated securities intermediaries, under the Financial Instruments and Exchange Act on May 29, 2026.

The Financial Services Agency issued a recommendation to Capital Financial Advisors Co., Ltd. on May 29, 2026, for inadequate management systems ensuring the appropriateness of investment solicitation, leading to repeated violations over many years. The company's representative director, Hiroyuki Samejima, also serving as an internal management officer at CPS Corporation, was involved in these issues.

A recommendation was issued to Share Inc. under the Freelance and Business Transaction Fairness Act on May 19, 2026, for unfair practices involving free trial lessons for 1,674 freelance instructors.

The Securities and Exchange Surveillance Commission issued a recommendation to KuroSai Corporation under the Financial Instruments and Exchange Act on May 19, 2026, regarding 31 transactions where a registered investment advisor secretly bought and sold day-trading stocks for clients without disclosure.

The Securities and Exchange Surveillance Commission recommended administrative action against Takumi Investment Advisory Corporation under the Financial Instruments and Exchange Act.

The Fair Trade Commission issued a recommendation to Ryukyu Warehouse Transport Co., Ltd. for violating the Subcontractor Law by not using the agreed basic freight rate table to calculate subcontracting payments and instead paying a percentage of the amount received from shippers, resulting in a deduction of approximately 37.77 million yen from subcontractor payments.

The Fair Trade Commission issued a recommendation to Ryukyu Warehouse Transport Co., Ltd. for violating the Subcontract Act by not using the agreed basic freight rate table and deducting 37.77 million yen from payments to 16 subcontractors.

The Fair Trade Commission issued a recommendation to Ryukyu Warehouse Transport Co., Ltd. on May 12, 2024, for violating the Subcontractor Law by deducting 37,776,571 yen from payments to 16 subcontractors without using the agreed basic freight rate table, instead calculating payments based on a fixed percentage of amounts paid by shippers.

The Kanto Financial Bureau conducted an inspection of Buddy Capital Co., Ltd. (Shibuya-ku, Tokyo, Corporate Number 6011001137238, CEO Kei Suzuki, Capital 3 million yen, 38 full-time employees, Investment Advisory and Agency Business). As a result, issues related to this financial instruments business operator were identified. On this day, the Securities and Exchange Surveillance Commission advised the Prime Minister and the Commissioner of the Financial Services Agency to take administrative action pursuant to Article 20, Paragraph 1 of the Financial Instruments and Exchange Act.

The Ministry of Economy, Trade and Industry issued a recommendation to Shimano Co., Ltd. on April 2, 2026, for violating the Subcontractor Payment Delay Prevention Law. Shimano, a bicycle parts manufacturer, had been providing free storage of 4,313 molds and conducting inventory checks twice a year for subcontractors, despite not placing orders for the products made with those molds for an extended period, thereby unfairly harming the subcontractors' interests.

The Fair Trade Commission conducted an investigation into Yazaki Parts Co., Ltd. and found violations of Article 4, Paragraph 2, Item 3 of the Subcontract Act (prohibition of unjust requests for economic benefits). Consequently, on March 30, 2024, the FTC issued a recommendation to the company based on Article 7, Paragraph 3 of the Act.

The Fair Trade Commission issued a recommendation to Tokushima Toyota Motor Corporation for violating the Subcontract Act by requiring six subcontractors to perform free transportation services related to vehicle pickup and delivery between July 2024 and September 2025, adversely affecting their interests.

Fujitsu Frontech was issued a recommendation by the Ministry of Economy, Trade and Industry for violating the Subcontract Act by requiring subcontractors to store 2,577 molds and other items free of charge over a long period, despite not placing orders using those molds after May 2024.

Fujitsu Frontech was advised by the Fair Trade Commission for unfairly harming subcontractors by having them store 2,577 molds free of charge, despite not placing orders for the related products since May 2024.

The Fair Trade Commission issued a recommendation to Matsuo Manufacturing Co., Ltd. for violating the Subcontracting Law by unjustly requiring subcontractors to store molds without compensation.

The Securities and Exchange Surveillance Commission advised the Prime Minister and the Commissioner of the Financial Services Agency to take administrative action based on Article 20, Paragraph 1 of the Financial Instruments and Exchange Act.

The Fair Trade Commission issued a recommendation to Nippon Toka Packaging Co., Ltd. for violating the Subcontracting Law by improperly requiring subcontractors to store printing plates and molds without proper orders, thereby unfairly harming their interests.

The Ministry of Economy, Trade and Industry issued a recommendation to Nippon Toka Packaging Co., Ltd. for violating the Subcontracting Law by requiring subcontractors to store printing plates and molds without compensation, despite not placing orders using those items after April 1, 2026.

YKK AP Corporation was advised by the Fair Trade Commission for violating the Subcontract Act by retaining 4,997 molds without charge, despite not placing orders for related products for an extended period.

The Fair Trade Commission issued a recommendation to YKK AP Okinawa Co., Ltd. under the Subcontractors Law in March 2024. The company was found to have stored mold② without charge for an extended period despite not placing orders for parts made with that mold from February 2024 to March 2025, after requesting prior approval for mold retrieval or disposal.

The Fair Trade Commission issued a recommendation to Ryukyu YKKAP Kogyo Co., Ltd. under the Subcontracting Law on March 10, 2024. The company was found to have stored molds and parts without proper agreement from May 10, 2024, to January 30, 2026, despite not placing orders for products using those molds during that period.

The Fair Trade Commission issued a recommendation to TIRAD Corporation on February 24, 2026, for violating the Subcontracting Law by unjustly requiring subcontractors to store molds and jigs without orders over an extended period.

The Small and Medium Enterprise Agency conducted an investigation into TIRAD Corporation and found violations of the Subcontract Act (Article 4, Paragraph 2, Item 3) related to unfair requests for economic benefits. On January 26, 2026, the Agency issued a recommendation to the Fair Trade Commission based on Article 6 of the Act.

The Fair Trade Commission issued a recommendation to Nissan Tokyo Sales Co., Ltd. for violations of the Subcontractor Law, involving unpaid transportation work for vehicle pickup and delivery, and parts pickup from subcontractors between August 2024 and July 2025.

The Fair Trade Commission issued a recommendation to Nagatoya Co., Ltd. for violating the Subcontracting Law by deducting discounts from subcontracting payments between September 2022 and September 2023, reducing the total payments by approximately 54.75 million yen.

The Fair Trade Commission issued a recommendation to Toshiba Industrial Machinery Systems Co., Ltd. for violations of the Subcontract Act related to the unremunerated storage of molds and other manufacturing tools.

The Fair Trade Commission issued a recommendation to Toshiba Hokuto Electronics Co., Ltd. for violations of the Subcontractors Law, involving the unremunerated storage of molds and related parts despite long-term order suspensions.

The Fair Trade Commission issued a recommendation to Toyo Denso Corporation for violations related to subcontractor payment delays and improper handling of manufacturing processes, including classification of inspection types, transfer of costs for product returns and mold storage, and unauthorized retention of molds. The violations involved unperformed or improperly conducted acceptance inspections, charging subcontractors for return shipping and mold storage, and retaining molds without proper orders.

Makita Corporation was issued a recommendation by the Ministry of Economy, Trade and Industry for violating the Subcontractor Payment Delay Prevention Law. The company lent molds to subcontractors and failed to order parts using these molds over a long period, causing undue harm to the subcontractors' interests by having them store 3,214 molds free of charge. Makita also reached agreements on mold storage costs and paid a total of 26,165,689 yen after disposing of some molds and collecting payments from subcontractors.

The Fair Trade Commission issued a recommendation to Makita Corporation for violating the Subcontractor Payment Delay Prevention Law by unjustly harming subcontractors' interests through the free storage of molds used for manufacturing parts, despite not placing orders for extended periods.

The Fair Trade Commission issued a recommendation to Senko Co., Ltd. under the Subcontractor Payment Delay Prevention Law, citing unfair practices involving unpaid loading, unloading, and waiting times for subcontractors in freight transportation operations between December 2022 and November 2025.

The Fair Trade Commission issued a recommendation to Sugimoto Electric Industry Co., Ltd. on December 11, 2025, for violations of the Subcontractor Payment Delay Prevention Law, specifically regarding unjustified deductions from subcontractor payments and the acceptance of returned goods without proper inspection.

The Ministry of Economy, Trade and Industry issued a recommendation to Snik Corporation under the Subcontractor Payment Delay Prevention Law, citing that the company unilaterally set subcontracting payments based on production quantities during mass production without renegotiation, despite increased costs after production volume decreased, and stored molds and other manufacturing tools for free for an extended period.

The Fair Trade Commission issued a recommendation to Snack Co., Ltd. for violations of the Subcontractor Payment Delay Prevention Law. Snack failed to renegotiate prices with subcontractors after production volume decreased significantly, and improperly required subcontractors to store molds without compensation, adversely affecting their interests.

The Fair Trade Commission issued a recommendation to Nany Nihon Unyu Soko Co., Ltd. under the Subcontractor Payment Delay Prevention Law, for reducing payments to six subcontractors without justifiable reasons between June 2024 and September 2025. The total amount of underpaid funds was approximately 18.96 million yen, involving deductions for management fees and payments made via designated bank accounts.

The Fair Trade Commission issued a recommendation to Fukuoka Daihatsu Sales Co., Ltd. for unfairly harming subcontractors by having them provide a total of 76 vehicles free of charge for use as loaner cars for customers from August 2022 to April 2025.

The Kanto Financial Bureau conducted an inspection of Daiichi Premier Securities Co., Ltd., and found issues related to the financial instruments business operator. On the same day, the Securities and Exchange Surveillance Commission recommended that the Prime Minister and the Financial Services Agency Commissioner take administrative action pursuant to Article 20, Paragraph 1 of the FSA Establishment Act.

The Fair Trade Commission issued a recommendation to Nichiko Electric Manufacturing Co., Ltd. for delaying payments to subcontractors and improperly requiring them to store molds without compensation.

The Small and Medium Enterprise Agency conducted an investigation into Nihonko Electric Manufacturing Co., Ltd. and found violations of the Subcontract Act, specifically regarding the unjustified storage of molds and parts for subcontractors without proper orders. On September 29, 2025, the agency issued a recommendation to the company based on the findings.

The Fair Trade Commission issued a recommendation to Mitsubishi Fuso Truck and Bus Corporation on November 13, 2025, regarding violations of the Subcontractor Payment Delay Prevention Law. The company was found to have unreasonably harmed subcontractors by lending molds without charge and requiring annual inventory checks despite not placing orders for the products made with those molds after March 1, 2024. The company also negotiated and paid some costs for these activities to 21 subcontractors.

The Ministry of Economy, Trade and Industry issued a recommendation to Mitsubishi Fuso Truck and Bus Corporation for violating the Subcontractor Payment Delay Prevention Law by unjustly harming subcontractors' interests through unpaid storage and inventory work of molds used for manufacturing truck and bus parts.

The company sets the price for acquiring real estate owned by related parties such as parent companies based on the appraisal value of the property, as stipulated in Article 201, Paragraph 1 of the Act on Investment Trusts and Investment Corporations, with the appraisal value serving as the upper limit for the acquisition amount. When obtaining the appraisal, the company selects a real estate appraiser through an internal approval process based on objective criteria such as industry track record in real estate securitization to ensure neutrality and objectivity, and then provides the property information to the appraiser to obtain an appraisal report.

The Fair Trade Commission issued a recommendation to Toyota Motor East Japan Co., Ltd. for violations related to delaying payments to subcontractors under the Subcontractor Payment Delay Prevention Law. The company was found to have improperly retained 440 molds and tools owned by subcontractors without consent, causing unfair harm to the subcontractors' interests between April 1, 2024, and March 31, 2025, despite not placing orders for the related automotive parts during that period.

Toyota East Japan Corporation was advised by the Ministry of Economy, Trade and Industry under the Subcontractor Payment Delay Prevention Law. The company was reported to have been advised and guided by the Fair Trade Commission regarding violations including unremunerated storage of molds and refusal of acceptance of automotive parts.

The Fair Trade Commission issued a recommendation to Ryonoh Factory Co., Ltd. on October 9, 2025, for violations related to delaying payments to subcontractors under the Subcontractor Payment Delay Prevention Law. The company was found to have entrusted manufacturing of parts for agricultural and construction machinery to subcontractors, including small and medium-sized enterprises, and to have improperly retained molds and jigs without ordering production for extended periods, thereby unfairly harming the interests of the subcontractors.

Olympic Corporation was advised by the Fair Trade Commission for delaying payments to subcontractors under the Subcontractor Payment Delay Prevention Law. Between May 2023 and April 2025, it deducted amounts from subcontractor payments totaling 17,275,530 yen for certain costs.

The Fair Trade Commission issued a recommendation to JTEKT Corporation for violating the Subcontractor Payment Delay Prevention Law by deducting bank transfer fees from subcontractor payments beyond actual costs between December 2022 and November 2024, without just cause.

The Fair Trade Commission issued a recommendation to Shimano Co., Ltd. on September 17, 2025, for violating the Subcontractor Payment Delay Prevention Law. Shimano, a bicycle parts manufacturer, had provided free storage of 4,313 molds and tools to its subcontractors and required biannual inventory checks despite not placing orders for the products made with these molds since December 1, 2023, thereby unfairly harming the subcontractors' interests.

Yodobashi Camera was advised by the Ministry of Economy, Trade and Industry for reducing payments to subcontractors without justified reasons between January 2024 and March 2025, by applying rebates or deducting fixed amounts from subcontracting payments.

The Fair Trade Commission issued a recommendation to Yodobashi Camera for violating the Subcontractor Payment Delay Prevention Law by reducing payments to subcontractors without justifiable reasons between January 2024 and March 2025, totaling approximately 13.49 million yen across six subcontractors.

The Fair Trade Commission issued a recommendation to Iwaki Die Casting Industry Co., Ltd. on August 7, 2025, for violations of the Subcontractor Payment Delay Prevention Law. The company was found to have unilaterally demanded the return of products from subcontractors based on defects that were immediately detectable in accepted lots, without prior agreement on return conditions, and to have borne the costs related to processing and returns, totaling approximately 8.16 million yen for 16 subcontractors.

The Fair Trade Commission issued a recommendation to Misato Kogyo Co., Ltd. for violations related to delayed payments to subcontractors and improper handling of defective products and molds, under the Subcontractor Payment Delay Prevention Law.

The Fair Trade Commission issued a recommendation to Fuji Sashii Co., Ltd. on July 24, 2025, for violations of the Subcontractors Act related to unfair practices involving subcontractors manufacturing aluminum sash components.

The Fair Trade Commission issued a recommendation to Izumi Kogyo Co., Ltd. for violating the Subcontractor Payment Delay Prevention Law by requiring a subcontractor to store molds and jigs without compensation after completing large orders of automotive parts, resulting in unjust harm to the subcontractor's interests. The company paid approximately 5.8 million yen as compensation for the storage costs.

The Fair Trade Commission issued a recommendation to SMK Corporation under the Subcontractor Payment Delay Prevention Law for unfairly harming subcontractors by having them store 823 molds without orders after January 1, 2024.

The Fair Trade Commission issued a recommendation to Nissei Resin Industry Co., Ltd. for violations of the Subcontractor Law related to delaying payments and other conduct.

The Fair Trade Commission issued a recommendation to Iseki Agricultural Machinery Co., Ltd. for violations related to the management and retention of molds and jigs used in manufacturing agricultural machinery, despite not placing orders for parts over an extended period.

The Fair Trade Commission issued a recommendation to Suzuki Jihan Oita for unfairly harming subcontractors by requiring them to provide 25 vehicles free of charge for car repairs between May 2022 and August 2023.

The Fair Trade Commission issued a recommendation to Kayaba Corporation for violating the Subcontractor Payment Delay Prevention Law by requiring subcontractors to store molds and jigs without orders for extended periods, thereby unfairly harming their interests.

The Fair Trade Commission issued a recommendation to Sato Trading Co., Ltd. on April 21, 2025, for violating the Subcontractor Payment Delay Prevention Law by accepting products from subcontractors without conducting quality inspections and citing defects.

The Fair Trade Commission issued a recommendation to Korona Co., Ltd. for violating the Subcontractor Payment Delay Prevention Law by unjustly harming subcontractors' interests through the unrequested long-term storage of molds and jigs used for manufacturing certain products, despite not placing orders using those molds after March 1, 2023.

The Kanto Financial Bureau conducted an inspection of G&D Advisors Inc., a financial instruments business operator, and found issues related to the conduct of the business. On the same day, the Securities and Exchange Surveillance Commission recommended that the Prime Minister and the Financial Services Agency Commissioner take administrative action pursuant to Article 20, Paragraph 1 of the Financial Instruments and Exchange Act.

The Kanto Financial Bureau conducted an inspection of Tachibana Securities Co., Ltd. (Chuo-ku, Tokyo, Corporate Number 7010001049582, President Chiharu Hirose, capital 6.6957 billion yen, 443 full-time employees, First and Second Type Financial Instruments Business). As a result, issues related to this financial instruments business operator were identified. On this day, the Financial Services Agency's Securities and Exchange Surveillance Commission advised the Prime Minister and the FSA Commissioner to take administrative action pursuant to Article 20, Paragraph 1 of the FSA Establishment Act.

The company KBSJ was advised by the Ministry of Economy, Trade and Industry for reducing subcontracting payments by deducting amounts such as 'One Time Bonus' from the agreed subcontracting fee between September 2023 and April 2024.

The Fair Trade Commission issued a recommendation to KADOKAWA LifeDesign on November 12, 2024, for violating the Subcontractors Act by unilaterally applying pre-determined subcontracting prices without consultation after acquiring the Lettuce Club business on April 1, 2024.

The Fair Trade Commission issued a recommendation to KADOKAWA Corporation for violating the Subcontract Act by unilaterally reducing order prices for subcontractors without consultation.

The Fair Trade Commission issued a recommendation to Cover Corporation for violations related to unpaid rework requests from subcontractors during 2022-2023, involving the creation of illustrations and models for online video content.

NICE Corporation was advised by the Fair Trade Commission for reducing subcontract payments without justifiable reasons between November 2022 and May 2024, involving 34 subcontractors and totaling approximately 23.2 million yen.

SANEI Corporation was issued a warning by the Fair Trade Commission for violating the Subcontractor Payment Delay Prevention Law. The violations include deducting 'purchase discounts' from subcontractor payments, lending molds without charge, and conducting inventory checks that unjustly harmed subcontractors' interests. The violations involved 10 subcontractors and 50 mold owners, with some molds being discarded.

The Fair Trade Commission issued a recommendation to Pal System Co-op Federation for violating the Subcontractor Payment Delay Prevention Law by deducting certain amounts from subcontract payments without proper authorization, totaling approximately 27.7 million yen.

The Ministry of Economy, Trade and Industry issued a recommendation to Apple Inc. regarding compliance with Article 5, Paragraph 1 of the Act on Specified Commercial Transactions. The issue involved failure to provide Japanese translations of certain disclosed terms simultaneously, and failure to specify deadlines for translation provision. Although Apple began including a one-month deadline for translations on its website from January 2024, some translations were still not provided after the deadline. The recommendation was based on these violations occurring between March 2021 and December 2023.

The Ministry of Economy, Trade and Industry issued a recommendation to Amazon Japan LLC for non-compliance with the Law on Enhancing Transparency and Fairness of Specific Digital Platforms, regarding inadequate disclosure of fee categories and insufficient prior notification of fee changes.

The Fair Trade Commission has issued a recommendation to Toyota Customizing & Development Co., Ltd. for violations of the Subcontractors Law, specifically regarding the prohibition of return and the prohibition of requesting unjust economic benefits. The violations involved improper storage of molds and parts without orders, adversely affecting subcontractors.

The company was advised by the Ministry of Economy, Trade and Industry under the Subcontractor Payment Delay Prevention Law for violations related to product return practices and storage of molds without orders.

The Fair Trade Commission issued a recommendation to Osaka Sealing Printing Co., Ltd. under the Subcontractor Payment Delay Prevention Law, for unfairly forcing subcontractors to redo designs without cause and paying approximately 9.84 million yen for these reworks.

An investigation into the solicitation of our investment advisory contract concluded that violations of laws were identified.

The Fair Trade Commission issued a recommendation to Mitsui Food Industry Co., Ltd. for delaying payments to subcontractors. Between May 2022 and August 2023, the company deducted amounts from subcontractor payments without justifiable reasons, totaling 9,886,497 yen for six subcontractors.

The Securities and Exchange Surveillance Commission recognized issues related to the registered financial institution and, today, recommended to the Prime Minister and the Commissioner of the Financial Services Agency that administrative sanctions be imposed pursuant to Article 20, Paragraph 1 of the Financial Instruments and Exchange Act.

The Securities and Exchange Surveillance Commission recommended administrative sanctions against the relevant financial instruments business operator due to identified issues.

The Securities and Exchange Surveillance Commission recommended administrative sanctions after identifying issues related to the financial instruments business operator.

Issues related to investor protection in financial product brokerage business.

The Securities and Exchange Surveillance Commission advised the Prime Minister and the Commissioner of the Financial Services Agency to take administrative action under Article 20, Paragraph 1 of the Financial Services Agency Establishment Act.

Our company could not verify the actual business activities of the corporation in question, nor was there any evidence submitted indicating that we provided consulting services commensurate with the fees paid by the corporation. It was observed that Representative Inoue transferred funds from a personal bank account in his own name to a bank account in the corporation's name, then transferred the funds to our company's bank account. As a result, at least approximately 19 million yen transferred by Representative Inoue, which was claimed to be revenue from consulting services obtained from the corporation, was found to be funds contributed from his personal account, and only made to appear as revenue from consulting services. Our company is deemed to have recorded fictitious revenue (sales) related to such consulting services.

The Kanto Financial Bureau conducted an inspection of Asunaro Corporation and found issues related to its financial instruments business. The Securities and Exchange Surveillance Commission recommended administrative sanctions to the Prime Minister and the Financial Services Agency Commissioner based on Article 20, Paragraph 1 of the Financial Instruments and Exchange Act.

The Fair Trade Commission conducted an investigation of Co-op Sapporo and found violations of the Subcontract Act regarding the reduction of subcontract payments. A recommendation was issued to the cooperative on May 22, 2024.

The company conducted stress tests using falsified data despite the deterioration of test results, and did not report based on accurate data. Additionally, the company did not take necessary measures based on the stress test results.

The Kanto Financial Bureau conducted an inspection of AMI Corporation (Chiyoda-ku, Tokyo, Corporate Number 7010001011914, President Kazuhiko Sugawara, capital 32 million yen, one full-time employee, engaged in investment advisory and agency services, hereinafter referred to as 'the Company'). As a result, issues related to the financial instruments business operator were identified. On this day, the Financial Services Agency's Securities and Exchange Surveillance Commission recommended to the Prime Minister and the Commissioner of the Financial Services Agency, pursuant to Article 20, Paragraph 1 of the FSA Establishment Act, that administrative sanctions be imposed.