Japanese Financial Services Minister Kaoru Yosano said on Friday that the government has started to consider revising the current mild penalties for Securities and Exchange Law offenders, Kyodo News reported.

"We have already begun deliberations with the Justice Ministry with an eye to stiffening penalties," Yosano was quoted by Kyodo as addressing a meeting of the House of Councillors' Financial Affairs Committee in response to criticism that current penalties are too lenient.

Some lawmakers from the governing Liberal Democratic Party have been calling recently for tougher penalties for stock market offenders following the securities fraud involving the Livedoor Co. group, saying Japan's Securities and Exchange Law, which stipulates that people who spread false information to manipulate the market or who falsify financial statements face punishment of up to five years in jail or a fine of up to 5 million yen, is too mild.

Kyodo said the lawmakers proposed the penalties to be lifted up to 10 years or so.

Source: Xinhua