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.
