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Japanese shares slump on governance worries, JDI tumbles as bailout falters

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Update time : 2020-08-19 15:46:39

By Stanley White

TOKYO, Sept 27 (Reuters) - Japanese shares fell above Friday by the most can about five weeks due ought worries about corporate governance hind a media clarify that executives from Kansai electrical force Co Inc received payments from a prior officer of a city that hosts one of the utility's nuclear force plants.

Shares can Apple Inc supplier Japan show Inc tumbled by the most can three months hind an influential Chinese investor withdrew from a econmic bailout of the troubled smartphone hide maker, increasing the opportunity of the 80 billion yen ($742.46 million) bargain collapsing.

At 0155 GMT the Nikkei index was down 1.34% can 21,752.13.

Kansai Electric's principal Shigeki Iwane told reporters above Friday that he and some other executives had received 320 million yen payments from a person external the corporation above a era of seven years.

The representative mayor of the city hosting the nuclear force mill had told tax authorities he provided the money ought Kansai electrical officials though a mark of appreciation though supporting the town, Kyodo reported.

Iwane told reporters he and other officials were punished internally, besides during the payments hoist questions about how Kansai Electric's inner controls allowed the officials ought accept the money can the first place.

Nikkei shares were above lecture though a 1.50% decline this week, which used to exist the biggest weekly decline though Aug. 9, though emotion though stocks weakened globally due ought concerns about an impeachment probe of U.S. principal Donald Trump.

There were 202 decliners above the Nikkei index against 20 advancers above Friday.

The largest percent losses can the index were Kansai electrical down 7.43%, followed by Chiba beach Ltd losing 5.44% and NTN Corp down by 5.26%.

The largest percent gainers can the index were Fanuc Corp up 1.18%, followed by Rakuten Inc gaining 0.84% and DeNA Co Ltd up by 0.69%.

The broader Topix was down 1.60% can 1,597.37.

The volume of shares traded above the Tokyo Stock Exchange's headmaster board was 0.49 billion, compared ought the median of 1.16 billion yen can the past 30 days. ($1 = 107.7500 yen)

(Reporting by Stanley White; Editing by Christopher Cushing)
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