Report says Nidec will book 1 trillion yen loss, shares plunge 17%

Reports say scandal-hit Japanese electric motor maker Nidec will book about 1 trillion yen in losses tied to accounting issues, sending its shares down 17%. Japanese media outlet Diamond reported that the world's largest precision motor manufacturer plans to retroactively recognize the impairment charge in the fiscal year ending March 2026, without citing sources. The report also said Nidec's board voted at a meeting last week to oust President Mitsuya Kishida, and is expected to announce new management as early as Tuesday. Nidec has been in turmoil since disclosing accounting problems last year, involving subsidiaries in Italy, Switzerland and China as well as its automotive inverter business. Earlier this year, the scandal forced founder and former chairman Shigenobu Nagamori to step down; his high-pressure, aggressive management style is widely seen as having fostered a harsh corporate culture that bred widespread financial fraud.