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Corporate Scandals Say More About Japan Than the Nikkei

Japan Inc. is reeling from a string of corporate scandals. Meantime, the Nikkei is at a two-decade high. What are investors missing?

The latest misdeed involves Kobe Steel which, despite its name, is one of Japan’s biggest aluminum producers. The company has admitted to falsifying quality data for some of its aluminum and copper products—which, worryingly, are often used in car and airplane-making. Its shares have plunged more than 40% since the announcement on Sunday.

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