Japanese Finance Minister Taro Aso said on Tuesday revelations of accounting problems at Toshiba Corp were “very regrettable”, adding they could lead to a loss of confidence in the country’s corporate governance and stock market.

Aso made the remark after a third-party committee hired by the electronics maker to look into accounting irregularities found that the company had overstated its operating profit by 151.8 billion yen ($1.22 billion) over several years.

“If (Japan) fails to implement appropriate corporate governance, it could lose market trust … It’s very regrettable,” said Aso, who also serves as financial services minister. He declined to comment on how the securities watchdog would deal with the issue.

(Reporting by Tetsushi Kajimoto; Editing by Chang-Ran Kim)

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