App Developers Accuse Apple, Google of Violating Japan's New Mobile Law
AAPL sits 38% above its 52-week low of $224.69.
Summary
Japanese and international app developer groups have formally accused Apple and Google of violating Japan's Mobile Software Competition Law, urging the JFTC to take enforcement action. The Mobile Content Forum and Coalition for App Fairness claim both companies are hindering market liberalization by imposing new fees and complicating third-party app store installation. A survey found about 90% of developers are not using the new distribution channels, indicating the law's goals are unmet. The JFTC has responded by saying it will engage in dialogue with the companies first. This adds regulatory pressure in a major market, though no fines or formal charges have been announced yet.
At the time of this announcement, AAPL was trading at $310.28 on NASDAQ in the Technology sector, with a market capitalization of approximately $4.6T. The 52-week trading range was $224.69 to $344.57. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.