Shares in Japanese wireless carriers fell sharply on Monday following an unusual directive by Prime Minister Shinzo Abe urging a reduction in what are some of the world’s highest mobile phone bills.
The government does not have a direct say in mobile phone rates but Mr Abe’s remarks come as smartphone fees account for a rising portion of Japan’s household spending, which has remained sluggish despite stimulus efforts to lift the economy.
NTT Docomo, Japan’s largest mobile phone carrier by subscribers, was hit hardest with a drop of 9 per cent in morning trading, while KDDI fell 6.6 per cent and SoftBank slid 4.9 per cent.
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