As I pointed out in an article last year on March 5, the after-hours transaction in Nippon Broadcasting shares on February 8, 2005 was a “collusive transaction,” in which the timing and price of the sale had been agreed in advance. This was revealed by the Tokyo District Public Prosecutors Office’s investigation. Incidentally, collusive trading is considered a form of market manipulation and is a more serious crime than insider trading.
Well, we knew that from the start.
Really, what were the media outlets that insisted this transaction was legal at the time thinking? I cannot make sense of it. I do not think it would hurt them to reflect and run an apology on their front pages. No, unless they do at least that, Japan’s media will not improve.
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