South Korea's corporate watchdog has slapped a total of 36 billion won in fines on nine Japanese firms for allegedly fixing prices of a key component used in smartphones and many other electrical devices.
 
The Fair Trade Commission (FTC) said on Sunday that Tokin and eight other Japanese firms have colluded to rig prices of capacitors sold in South Korea and other nations, between July 2000 and January 2014.
 
The FTC said the Japanese firms agreed to avoid excessive price cuts and share related information to jointly respond to calls for price cuts, and these cartel activities have affected prices of capacitors worth 737 billion won sold during the cited period to Samsung Electronics, LG Electronics and other local electronic companies.
 
The watchdog said Japanese capacitors account for between 40 percent and 70 percent of the local market depending on the type of product.