Japan Victory Over Mobile Carriers Triggers $34 Billion Rout
- Shares plunge as wireless operator warns it will cut fees
- KDDI, SoftBank also tumble amid government pressure on prices
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NTT Docomo Inc. led a 3.8 trillion yen ($34 billion) stock rout of Japan’s top three mobile carriers after it appeared to cave in to pressure from the government, which has long claimed the nation’s phone bills are among the highest in the world.
Docomo, which said Wednesday it may cut rates 40 percent and “return” 400 billion yen to customers, plunged as much as a record 15 percent in Tokyo trading on Thursday. Rival KDDI Corp. tumbled as much 17 percent, and SoftBank Group Corp. slumped as steeply as 9.1 percent amid concern that they will follow suit.