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Japan Watchdog Recommends Fine for Hong Kong Hedge Fund

Thirty seconds of trading before the market close that drove a stock higher was cited when Japan’s securities watchdog today recommended fining a Hong Kong hedge fund for market manipulation.

Areion Asset Management Co. bought 7.9 million shares of Nitto Denko Corp. in the half-minute before 3 p.m. Tokyo time on Sept. 25 last year, the Securities and Exchange Surveillance Commission said.