Jtekt Leads Japan Bearing Makers Lower on Price-Fixing Probe
Jtekt Corp. (6473) led Japanese makers of ball bearings lower after the European Commission began an antitrust investigation into the industry on concern that there may have been violations of competition rules.
Jtekt, which said its Dutch unit was inspected by the EU antitrust body, lost 8.5 percent to 744 yen. NSK Ltd. (6471) said its German unit was investigated. NTN Corp. (6472), which said units in France and Germany were probed, and Nachi Fujikoshi Corp., whose German unit was also subject to visits, dropped by at least 5 percent.
NSK plunged 7 percent to 522 yen. NTN tumbled 5 percent to 306 yen.
The commission confirmed on Nov. 8 that antitrust officials inspected companies that make bearings used by automotive and industrial manufacturers over suspected price fixing. It didn’t name the companies in an e-mailed Nov. 8 statement.
To contact the editor responsible for this story: Nick Gentle at firstname.lastname@example.org
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.