Japan Watchdog's New Top Man Sees Need for Tougher Punishments

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  • Nation had 'shame culture' instead of big monetary penalties
  • SESC is 'extremely interested' in high-frequency trading

Kiyotaka Sasaki, secretary-general of Japan's Securities and Exchange Surveillance Commission.

Photographer: Akio Kon/Bloomberg

Regulators outside Japan fined UBS Group AG about $1.5 billion for rigging benchmark interest rates. Their counterpart in Tokyo essentially ordered some of the bank’s traders to take a week off.

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