• Kyodo News

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The securities industry watchdog is likely to recommend that the Financial Services Agency impose a surcharge on Futaba Industrial Co., an auto parts maker belonging to the Toyota Motor Corp. group, for padding its earnings, sources said Monday.

Futaba, Japan’s largest manufacturer of automobile mufflers, confirmed that the Securities and Exchange Surveillance Commission has investigating its downward revision of profits by a total of ¥114.8 billion for the five years through fiscal 2007.

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