Japan's Securities and Exchange Surveillance Commission recommended that a ¥133.4 million penalty be imposed on Citigroup Global Markets Ltd. for manipulating 10-year government bond futures, which were listed on the Osaka Exchange Inc.

The securities regulator found that on Oct. 26 and 27, 2018, and Oct. 29 and Oct. 30, 2018, a Citigroup Global Markets employee placed spoof orders for bond futures, which misled investors about the securities' value and caused fluctuations in the market. Citigroup Global Markets is a London-based unit of Citigroup Inc.

The Securities and Exchange Surveillance Commission made its recommendation to the prime minister and the commissioner of the financial services agency.

As of March 25, US$1 was equivalent to ¥110.11.