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Prosecutors set to indict SMBC Nikko for market manipulation

Securities watchdog also to file complaint against leading Japanese broker

SMBC Nikko Securities is set to face charges for alleged market manipulation.

TOKYO -- Tokyo prosecutors are set to file charges against SMBC Nikko Securities for alleged market manipulation, Nikkei has learned, in developments that could prove scandalous for Japan's financial industry.

The Tokyo District Public Prosecutors Office is already questioning SMBC Nikko officials for a possible violation of the Financial Instruments and Exchange Act. They, together with the Special Investigation Department, on March 4 arrested four SMBC Nikko employees, including Makoto Yamada, general manager of equity trading.

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