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Toyota Among Other Japanese Car Makers Suspected of Falsifying Records

Shares of Japanese automakers have largely plunged since the country’s transport ministry found false data used to certify certain models a week ago on Monday.

Shares of Japan’s largest carmaker Toyota (NYSE:TM) fell 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.

Shares of Mazda, the country’s 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.

The wide ranging inspection by the Ministry of Land, Infrastructure, Transport and Tourism ministry also found irregularities in certification applications by other automakers Honda, Suzuki and Yamaha.
Last week, Honda’s stock fell 5.75%, Yamaha Motor lost 2.2%, while Suzuki Motor inched down 0.3%.

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.

Toyota announced on June 3, following the ministry’s 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.

Toyota’s Chairman Akio Toyoda apologized to the company’s customers and stakeholders, acknowledging that seven of its models were “tested using methods that differ from the standards defined by the national authorities.”

TM shares opened Monday and the week up $1.53 to $208.04.