Wednesday, 20 July 2011

Denso, Hitachi, Mitsubishi Electric Probed by Japan Regulator

Denso Corp. (6902), Mitsubishi Electric Corp. (6503) and Hitachi Ltd. (6501) are under investigation by Japan’s trade regulator in relation to the sale of car parts.
The Japan Fair Trade Commission’s probe concerns the country’s antimonopoly act, Denso said in a statement today. Mitsubishi Electric will cooperate with the agency, said a spokesman who asked not to be named, citing company policy. Tamie Nagamoto, a spokeswoman at Hitachi, said an investigation of the company’s automotive unit started today.

The probe may involve price-fixing pertaining to sales of wipers, radiators, engine starters and alternators, Kyodo News reported without saying where it obtained the information.
Denso, Japan’s largest car-parts maker, declined to specify which auto components are involved in the investigation, spokesman Goro Kanemasu said by phone.
Denso fell 0.2 percent to 2,855 yen as of 1:14 p.m. in Tokyo trading, while Japan’s benchmark Nikkei 225 Stock Average gained 1.1 percent. Hitachi was unchanged at 483 yen, and Mitsubishi Electric gained 1 percent to 935 yen.


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