Kobe Steel’s fabricated data on aluminum to meet customer requirements
Japan is closed this Monday but the steel sector may get a hit on Tuesday. Nikkei reports Kobe steel falsified data on aluminum to meet its customer specifications.
Boeing, Toyota, Mitsubishi Heavy among 200 of its clients that were affected over the past year .19k tons of flat-rolled and extruded aluminum products, 19k units of aluminum casting and forgings as well as 2k tons of copper products are mentioned, representing about 4% of annual sales for these businesses.
We can expect an impact on Kobe’s and per domino effect the peers as the stock market reopens on Tuesday. The correlation equity/FX would call for a bit stronger JPY usually but I doubt
this is reasonable seen the negative shadow this casts over Japan Inc. A relatively quiet weekend on the geopolitical front, never know what tomorrow brings of course, won’t see me buy JPY for now .
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