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Kobe Steel president: There may be more cases of false data

Kobe Steel Ltd.'s data fabrication scandal deepened further as President Hiroya Kawasaki said Oct. 12 that there may be other cases in which data has been falsified, Reuters reported.

Japan's Trade Ministry Director General Akihiro Tada also said Oct. 12 that the bureau was taking the matter seriously as it impacts trust in the nation's manufacturing sector, said a separate Reuters report. The official made the comment before a meeting with Kobe Steel executives.

Kawasaki said the trade ministry had ordered Japan's third-largest steelmaker to report on the result of safety checks within two weeks and on the reasons for the data fabrication and what measures to prevent it in less than a month, added the Reuters report.

Kobe Steel shares recovered slightly Oct. 12 from the sharp losses made since its disclosure. As of 12:02 a.m. ET, the shares were trading 1.14% higher than Oct.11's close at ¥888 per share.

As of Oct. 11, US$1 was equivalent to ¥112.28.