Japanese auto part makers hit with massive price-fixing fines

China has handed down its biggest-ever fine of RMB1.235 billion (US$201 million) to ten Japanese car part makers as the government steps up its enforcement of an anti-trust law  targeting major corporations, Reuters reported, citing a Wednesday statement by the National Development Reform Commission. Sumitomo Electric (5802.TYO), Denso Corp (6902.TYO) and Mitsubishi Electric (6503.TYO) were among the auto parts makers the NDRC said had colluded to reduce competition and establish favorable pricing on their products. The agreements were in violation of China’s anti-monopoly law and “improperly affected the pricing for auto parts, entire vehicles and bearings”, the NDRC said.