Japanese stock market hits 21-year closing high
theguardian.com -- Oct 11
The Nikkei's rally comes despite a big scandal enveloping Japan's third-biggest steel maker, Kobe Steel.

Kobe has shocked Japan, and beyond, by admitting that it has fabricated data on components used in cars, aircraft and space rockets.

The company has sold aluminium and copper products to more than 200 companies, including Boeing, Toyota and Nissan, even though they had failed quality control tests - and falsified data to make it appear that items had passed.

The scandal may stretch back a decade, Kobe says, and involved dozens of staff. It risks damaging Japan's reputation for manufacturing quality.

Today, the company revealed that iron powder results were also faked.

Kobe's share price has now plunged by a third since the company came clean on Sunday, and top officials bowed apologetically to reporters.

News source: theguardian.com
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