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Japan Delivers $9 Billion Blow to Mobile Phone Operators

  • Official says wireless bills have room to fall by about 40%
  • Chief Cabinet Secretary Yoshihide Suga makes comment in speech
Images of Odaiba And Its Vicinity Ahead of GDP Announcement
Photographer: Tomohiro Ohsumi/Bloomberg
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Japan’s wireless carriers tumbled in Tokyo after the government’s spokesman said they have room to cut phone bills by about 40 percent, sparking concern that lawmakers will renew a push for greater competition in a sector dominated by three big players.

The declines wiped about 1 trillion yen ($9 billion) in market value off the three largest carriers combined after Chief Cabinet Secretary Yoshihide Suga made the comment during a speech in Hokkaido, Japan. He said competition isn’t working at the companies. Kyodo News earlier reported the remarks, which were confirmed by Suga’s office.