2/10, 8:20 AM (Source: TeleTrader)
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Japan's authorities search Rakuten's premises

Japan's Fair Trade Commission on Monday searched the premises of Rakuten Inc. over its potential violations of antitrust laws.

The e-commerce company previously announced plans to forgo delivery fees for all purchases of ¥3,980 ($36.25) or more from March 18 in an effort to compete with Inc. in Japan. The investigators are probing if the company's decision would be damaging to nearly 50,000 smaller partners, which would have to cover their delivery fees under the proposal.

Rakuten's stock closed the trading session 1.49% lower on the Tokyo Stock Exchange.

Breaking the News / MS