A Liberal Democratic Party panel approved a bill Thursday to revise the Antimonopoly Law to include harsher criminal penalties for bid-rigging and illegal cartels.
Under the bill, to be submitted to the Diet soon, individuals accused of rigging bids or engaging in illegal cartels could face prison terms of up to five years, compared with three years at present, according to the LDP's research commission on the law.
The Fair Trade Commission plans to toughen penalties to fight the endless stream of illicit business, officials at the antimonopoly watchdog said.
The FTC also said Japan's penalties aren't tough enough by international standards.
In contrast, the revision would also allow the FTC to ease criteria for mergers and acquisitions subject to antitrust investigations, the officials said.