Japan’s Financial Watchdog Orders AIJ to Halt Business
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Japan’s financial regulator yesterday ordered AIJ Investment Advisors Co. to stop operations for a month because the Tokyo asset manager’s 183.2 billion yen ($2.3 billion) of client pension funds may be at risk, sparking a nationwide probe of 263 firms.
The Financial Services Agency ordered AIJ to halt business until March 23 “to safeguard investors, as it appears client assets have been adversely affected,” Financial Services Minister Shozaburo Jimi told reporters in Tokyo yesterday. The regulator is investigating “possible losses,” he said.