Shares of Japanese automakers have plunged since the country\u2019s\u00a0transport ministry found false data\u00a0used to certify certain models a week ago on Monday.<\/p>\n
Shares of Japan\u2019s largest carmaker\u00a0Toyota\u00a0fell more than 5.4% last week, after the scandal broke on June 3, but is recovering on Monday. The automaker lost 2.45 trillion Japanese yen ($15.62 billion) in market value last week alone.<\/p>\n
Shares of\u00a0Mazda<\/span>, the country\u2019s second largest automaker, fell 7.7% in the same period, and lost 80.33 billion yen, or $511.8 million in market capitalization last week.<\/p>\n The wide ranging\u00a0inspection by the Ministry of Land, Infrastructure, Transport and Tourism ministry also found irregularities in certification applications by other automakers Honda, Suzuki and Yamaha.<\/p>\n Last week,\u00a0Honda\u2019<\/span>s stock fell 5.75%,\u00a0Yamaha Motor<\/span>\u00a0lost 2.2%, while\u00a0Suzuki Motor<\/span>\u00a0inched down 0.3%.<\/p>\n Shares of all those companies were trading higher on Monday. Toyota was up 1.7%, Honda gained 2.13% and Mazda increased 1.7%. Suzuki and Yamaha were also marginally higher.<\/p>\n All five companies had submitted false test data, or in the case of Toyota and Mazda, falsified the vehicles used in crash tests.<\/p>\n Toyota announced on June 3, following the ministry\u2019s investigation report, that it will temporarily halt shipments and sales of three models currently manufactured in Japan, namely the Corolla Fielder, Corolla Axio, and Yaris Cross.<\/p>\n Toyota\u2019s Chairman Akio Toyoda apologized to the company\u2019s customers and stakeholders, acknowledging that seven of its models were \u201ctested using methods that differ from the standards defined by the national authorities.\u201d<\/p>\n Separately,\u00a0Mazda said it had suspended\u00a0the Roadster RF and Mazda 2 from May 30.<\/p>\n Both companies however, said that customers can still continue to drive their cars.<\/p>\n The transport ministry said it will conduct on-site inspections of the five companies where misconduct was reported.<\/p>\n The inspection into Japanese automakers comes after\u00a0Toyota\u2019s\u00a0Daihatsu\u00a0unit said in December it will\u00a0halt\u00a0shipments\u00a0of\u00a0all\u00a0vehicles both overseas and in Japan. It came after an investigation into a\u00a0safety\u00a0scandal\u00a0found issues at some 64 models, including 22 sold under the Toyota brand.<\/p>\n Daihatsu said in April last year it had\u00a0rigged side-collision\u00a0safety\u00a0tests carried out for 88,000 small\u00a0cars, most of which were sold under the Toyota brand.<\/p>\n","protected":false},"excerpt":{"rendered":" Shares of Japanese automakers have plunged since the country\u2019s\u00a0transport ministry found false data\u00a0used to certify certain models a week ago on Monday. Shares of Japan\u2019s largest carmaker\u00a0Toyota\u00a0fell more than 5.4% last week, after the scandal broke on June 3, but is recovering on Monday. The automaker lost 2.45 trillion Japanese yen ($15.62 billion) in market […]<\/p>\n","protected":false},"author":27,"featured_media":34270,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173,249],"tags":[],"class_list":["post-34269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-world-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/34269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=34269"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/34269\/revisions"}],"predecessor-version":[{"id":34271,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/34269\/revisions\/34271"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/34270"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=34269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=34269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=34269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}