Commentary: Tokyo's Rigged Markets Need Revolution, Not Reform

Prime Minister Ryutaro Hashimoto was livid. At a press conference, he was queried about the new scandal at Nomura Securities Co. Nomura traders had pumped up the price of a stock so an investor with mob connections could profit. The money involved is small, less than $600,000. But what outraged Hashimoto is that Nomura, Japan's most powerful securities firm by far, had played ball with the yakuza before, when it helped a mob boss make a stock killing in 1991. "Why do such things keep happening?" Hashimoto demanded.

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